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Confessions of the London regulator
June 10th, 2009
This just in, from the Financial Times:

"The City regulator will put less emphasis on maintaining London’s competitiveness in relation to other financial centres, its head said on Tuesday, in a striking acknowledgement that the approach had undermined the stability of the financial system.

Lord Turner, chairman of the Financial Services Authority, said that prudential regulation of institutions and the financial system had suffered as regulators in many countries had in the past put too much focus on the attractiveness to the financial industry of their home markets."

That is quite a confession. The regulator of the...
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