From Mr Dominic Freud.

Sir, Peter Wallison of the American Enterprise Institute, a conservative think-tank, argues that “the most telling argument against the return of Glass-Steagall is that, even if it had been fully in force in 2008, nothing would have been different” (Letters, June 14).

Even if you accept this to be true, it is not an argument against the return of the Glass-Steagall Act; it’s more a logical argument for the strengthening of such regulation, a position that I doubt the learned gentleman was trying to forward.

Dominic Freud, Managing Partner, Freud Pizenberg Independent Advisors, New York, NY, US

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