Understanding Basel III, What is different after June 2013
by George Lekatis
His speech is interesting. We can even find more about meritocracy:
"A meritocracy is a system in which the people who are the luckiest in their health and genetic endowment; luckiest in terms of family support, encouragement, and, probably, income; luckiest in their educational and career opportunities; and luckiest in so many other ways difficult to enumerate—these are the folks who reap...