Philanthropists of the world, we need a great prize for the competition to pick out bank regulations that work

Sir, Gillian Tett writes about: ‘a fashion among philanthropists for handing out big prizes [and] today, four-fifths of all prize money are ‘incentives’, to spur innovation in different fields” “The prizes for invention that leave everyone a winner” July 4

I have for quite sometime hoped for a competition to be held to find the best bank regulations, and a generous monetary prize on top of the honor would help a lot.

I can guarantee the winning proposition would include such crazy notion as allowing banks to leverage their equity over 60 times to 1 when buying AAA rated securities or lending to the Greek government.

I can guarantee the winning proposition would not include such crazy notion as basing capital requirements on credit risk, the risk already most cleared for by bankers.

I can guarantee the winning proposition would not include such crazy notion as impeding the fair access to bank credit to those most in need of bank credit, like SMEs and entreprenuers.

@PerKurowski