It is indeed true that we can make a case for prudential regulation of the financial markets. In theory we can at least. The bigger question, the one that all too rarely gets asked, is whether the prudential financial regulation we do get is worth having. The answer there isn’t so clear. Or, if I’m allowed to descend into opinion, it’s obvious that it isn’t.
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Big financial institutions including Blackstone and Jupiter Asset Management have set strict caps on client lunches in the latest sign that the days of the City’s famously lavish wining and dining could be coming to an end.