Global supervision: Capitalists united

Rhineland Funding Capital Corporation’s legal home is in the tax-haven of Jersey. The US is the source of Rhineland’s funding and the destination of its investments. But it was the German financial regulator, Bafin, which took responsibility when some of those investments got into trouble. It arranged for a group of German banks to rescue Rhineland’s parent, IKB Deutsche Industriebank. The IKB story, and the subsequent tremors in many markets around the world, provides an excellent example of b...