There are two ways regulators can keep tabs on proprietary traders and their equivalents who can win big betting their firm's capital or lose even bigger and threaten the world financial system.
We can have a part-time lapdog, which is surely what the banks want, or a guard dog who keeps an eye on them 24/7. Given everything that happened in the run-up to September 2008 -- and in the two years since -- it's pretty clear what we need, though it remains up in the air what we'll get.
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