Raw Meat is a quoteblog by Aaron Swartz.

Basically, the issue here is that for the last four years in the UK, we’ve had an angry mob going “hey! we want to string up some bankers!”, and a banking regulator going “yeah! we feel your pain! we have increased the Basel 3 CET1 ratio requirement by 2.5 percentage points!”

And the mob goes “we want to string up some bankers!”. And the regulator goes “what, wasn’t that enough? OK, we have introduced a 60-day projected outflows minimum funding threshold and we’re requiring liquidity buffer stocks to be held on a solo as well as consolidated basis!”

And the mob goes “string them up and confiscate their bonuses!” and the regulator goes “is there no satisfying you people? well all right, we are going to require a conditional ring-fencing methodology to be applied to the stable funding ratio! surely that’s strict enough!”

And “what do you want, blood? OK we’ll give you blood! We’re changing the netting conventions on positive replacement value of derivatives so that they’re counted against the Basel leverage regulation! Surely now nobody can say we’re being soft on bankers!”