Financial world waits for return of regulatory oversight
Former FDIC chairman says government's job is to keep greed in check.
by John Morgan, Financial Planning Magazine
May 6, 2009— Most financial transactions are dependent upon trust, but the last two decades of deregulation have eroded that trust and created a global crisis of confidence, according to experts who met last week at a global forum in the heart of New York's financial district.
"Our existing financial system has failed spectacularly," said Lord Adair Turner of Ecchinswell, chairman of the UK Financial Services Authority, at a Chatham House forum held at Chase Manhattan Plaza. "We have been through 20 years of almost limitless deregulation. In hindsight, deregulation was the wrong thing to do."
At last month's Group of Twenty summit in London, world leaders agreed that sweeping new changes must be made to national and international regulations...
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Industry Braces for New Age of Regulatory Oversight, by John Morgan, Financial Planning Magazine, May 6 2009
Posted: May 14, 2009
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