Congress enacted statutory Prompt Corrective Action rules that discriminate against smaller banks and make it difficult for regulators to use judgment during times of severe financial distress.
While I believe we had a strong case on the merits, enforcing and collecting on any judgment against those entities in India would have been difficult to say the least.
The present public uncertainty has allowed Mr Berlusconi's coalition to pass legislation first to make it difficult to prosecute him and finally to bar him from judgment.
Before I move to an overview of the articles and the response you'll hear over the next couple of days, I want to suggest to you an approach to one of the most difficult questions that you face: How does one sitting in judgment on a case like this assess the reliability of what he or she hears and sees?