The financial regulatory front lies concentrated in Basel and not fragmented in nations.

Gillian Tett feels that the pending war between the regulators and the “too big to fail” will keep on pending because the first are “badly hampered by being fragmented along national lines”, “Why the idea of ‘living wills’ is likely to die a quiet death” August 14.

She is wrong. The main sources of “too big to fail” growth resides squarely in the regulations coming out of Basel, and the real problem is that the regulators do not know how to handle Basle without risking amputating a part of themselves in the process, or worse, without prematurely using up their last “it was the Basel Committee’s fault” excuse card.