That's what economist Stephen Cecchetti, the guest on Tuesday's Planet Money podcast, had to say in an interview about the Basel Committee.
NPR's Jacob Goldstein and Alex Bloomberg were investigating the committee, mostly because it seems so secretive. They didn't really come away with a lot, but I still think the podcast is worth a listen, if only to hear the description of the meeting place -- a round room with no windows -- and the bordering-on-contempt with which Cecchetti takes their endeavors to learn more.
And there's the usual backpedaling -- regulations and legislation are important for limiting banks...but can't be guaranteed to enforce anything. Give it a listen, and check out the accompanying blog post as well to see what you can cull from their findings.