US guts Basel II, JP Morgan guns for version III

Three US agencies published final rules for risk-based capital on Tuesday, bringing in the Collins Amendment of Dodd-Frank and leaving Basel II dead in the water in the US. Meanwhile, Barry Zubrow, chief risk officer of JP Morgan, told Congress that the right level of capital was "about what JP Morgan" had going into the crisis — and roundly rejected any surcharge for systemically important institutions under Basel III.