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> The knee-jerk urge to paint big banks as shady criminals will only intensify, not mitigate, the regulatory pressure.

This knee jerk urge is an excellent heuristic: big banks seem to act in shady, criminal ways whenever they think they can get away with it.

It's even worse than this. They actively pay compliance companies to make their criminal activity look legitimate enough to pass audits or find out where they can ship it to that has a more favourable legal environment.

I'm disgusted to say that I work in the financial services sector in the UK. Every time the FCA introduces regulations, many people bail out of the financial services market because the loopholes and illegality they built their businesses on are no longer usable. God forbid any legitimacy.

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