When realizing the culture that Regulators existed under in 2008, it was developed over nearly a decade of loose and fast financial environment. The 'idea' was that huge financial institutions were able to discern their own best interests. So, when the banks want to point a finger at Regulators, that is simply scapegoating. There are absolutely no other parties responsible for the collaspe except the investment banks themselves. And what did they do in order to receive TARP funds? They had to change their legal standing. Yes? So, the Regulators were nothing but 'toys' to the investment banks. The banks didn't have to take anything they stated seriously, besides, there were almost instructed to get out of the way of ? progress ? !
And the "Stress Test?"
It is NOT a mechanism to stop the idiocy of Wall Street. It only monitors it. It has no authority to control, but, only to measure. It is empty policy.
