We have too many ineffective regulators: the OCC, Fed, OTC, FHFA, SEC, FDIC, and more. Watching the regulatory system is like watching bad doubles tennis players. No one hits the ball thinking the other guy will get it. Investment banks are not suffering from too much regulation. The global capital markets are suffering from too little competent regulation where it counts most.
Page 205 of Dear Mr. Buffett: What an Investor Learns 1,269 Miles from Wall Street by Janet Tavakoli.
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