Wednesday, December 10, 2008

De-blaming it on deregulation

Ever heard the tragedy of the commons, regulation edition? Here's one.

"We're so, so, so not deregulated. The institutions that are falling are some of the most heavily regulated in the world. Investment banks are regulated by the SEC, the Federal Trade Commission, state attorney generals, and state banking commissions. But too many regulators are as bad as no regulators -- none of them feels responsible since a failure can be blamed on all the others..."

That's Ken Kurson, writing in Esquire, this month issue.

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