Stephen Kerr

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The global financial crisis of 2008 thrust into the spotlight the undercapitalization of many foreign banks. Financial institutions became insolvent and were either dissolved or received taxpayer-funded bailouts. International regulators criticized globally issued forms of Tier 1 capital — that is, other than common shares — for not effectively absorbing losses before taxpayers. It was clear that the global financial system needed an overhaul. Enter Basel III, the more aggressive, younger sibling of Basel I…