From Felix Salmon at Reuters:
(Picture from Stephen Foley)
“When it comes to natural disasters,” says Rob Cox today, “there’s no such thing as too much preparation.” He then goes on to extend the analogy:
In advance of Sandy’s march through Manhattan, thousands
of sandbags have been stacked in front of the downtown headquarters of
Goldman Sachs. It is a picture whose metaphorical value should not be
lost on regulators, policymakers, shareholders and the bankers
themselves: when the flood comes, there can never be too many sandbags,
or capital, to prevent a wipeout....
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