U.K. Financial Services Authority Chairman Adair Turner said tougher regulations aimed at strengthening the banking system can only reduce the frequency of financial crises and taxpayer-funded bailouts.
Financial Services Authority Chairman Adair Turner gave his first indication that he is interested in succeeding Bank of England Governor Mervyn King as he laid out proposals to reshape London’s finance industry.
Adair Turner , chairman of the U.K. Financial Services Authority, said changes to the financial system must go beyond the symptoms of the credit crisis and address the need for radical structural reform.
Henry Kravis, the king of rough-and- tumble leveraged buyouts, picked up a phone at his home in Palm Beach, Florida, and called the chief executive officer of one of Spain’s biggest producers of building materials.
Central banks may fail to slow a real estate boom by raising interest rates, forcing them to use financial regulations instead to prevent a bubble, former U.K. Financial Services Authority Chairman Adair Turner said.