Harpo, the bright star in the Marx Intellectual Sky, muses that a 99% VaR means 2.33 std's,

Question:

Harpo, the bright star in the Marx Intellectual Sky, muses that a 99% VaR means 2.33 std's, so the Basel number k = 3 stipulates a capital of just 7 std's. Yet, Harpo wonders, Philippe Jorion writes that almost every year some market moves by 10 std's. Thus, Basel is inadequate. Right?