The A-List: Lorenzo Bini Smaghi: Do not trust politicians to supervise Europe’s banks
Bank supervisory authorities that are not sufficiently independent, and are too closely associated with the political authorities, are generally under pressure to delay the identification of insolvent banks, for the fear that taxpayers would get upset.
http://link.ft.com/r/M2ZOXX/RPPY67/5CE1H7/HYCOUM/87XFSM/GX/h?a1=2012&a2=12&a3=3