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Modern history's greatest regulatory failure

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At www.ft.com

The degree of leverage that these institutions took on is indefensible. The average large securities firm was leveraged 27 to one in mid-2007. They were not regulated by any prudential supervisor. In effect, they regulated themselves. The lack of transparency was stunning. Many big lenders did not disclose off-balance-sheet risks. In some cases, they did not understand these risks themselves.

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At www.ft.com


 

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Biggest Ponzi scheme in the history of the world.... by Laudyms on Thursday, Sep 18, 2008 at 3:01:21 PM