Reckless bank activity leading up to the global financial crisis of 2008 resulted in great hardships that affected lives of ordinary people. Too-big-to-fail banks, by now cliches, that held the economy at ransom put the spotlight on the adequacy of the regulatory framework and indeed capitalism itself. In Lord Turner's words, "the financial crisis had challenged the intellectual assumptions on which previous regulatory approaches were largely built", It remains to be seen whether tighter regulation that framed things like Basel III and the Volcker rule will do the job of preventing another crisis and its related human fallouts.

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