“As I have suggested, it was the most-regulated institutions in the financial system that were in fact the most disaster-prone: big banks on both sides of the Atlantic, not hedge funds. It is more than a little convenient for America’s political class to have the crisis blamed on deregulation and the resulting excesses of bankers. Not only does that neatly pass the buck it also creates a justification for more regulation. But the old Latin question is apposite here: quis custodiet ipsos custodes? Who regulates the regulators?”

 

Excerpt From: Ferguson, Niall. “The Great Degeneration.” Penguin Group, USA, 2013-05-15. iBooks.

This material may be protected by copyright.

Check out this book on the iBookstore: https://itunes.apple.com/us/book/the-great-degeneration/id580664133?mt=11

print