Investors Should Control Financial Regulation

From the Financial Times:

One of the biggest lessons of the financial crisis is that investment bankers cannot be trusted.

Self-regulation and “principles-based” regulation clearly failed in theory and in practice. These bankers have also gained too much influence in the governments and entities that are supposed to be regulating them. Asking Hank Paulson, Timothy Geithner et al, who have the ear of the bankers, to oversee them, is akin to asking the wolves to guard the chicken coop.

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