Kohn testimony - "New regulator admits 'cops weren't on the beat'"

[WhiskeyGirl]

The former vice-chairman of the Federal Reserve has apologised for mistakes made in the handling of the financial crisis saying he had "deep regret" for the "pain that was caused to millions of people".

Appearing before a Parliamentary committee Tuesday, Donald Kohn told MPs that while he accepted some of the blame for the crisis, others were more at fault.

"Most of the blame should be on the private sector: the people that bought and sold those securities, on the credit-rating agencies that rated them. But I also agree the cops weren't on the beat," he said.

When a crime is committed, and the cops are all at Dunkin Donut, is it still a crime?

Mr Kohn's remarks come ahead of his taking up his role as a member of the Bank of England's new Financial Policy Committee (FPC), the body charged with avoiding a repeat financial crisis by monitoring and acting to remove systemic risks to the UK's financial system.

The job rotation continues abroad?

...Mr Kohn said: "The regulators were not as alert to the risks as they could have been and, to the extent they saw the risks, were not as forceful in bringing them to the attention of management, or taking actions, as they could have been. All this with 20/20 hindsight, obviously."

Can the same minds that ignore the problems before (Barney 'freddie/fannie' are sound...) really be expected to fix them?

read more here - http://www.telegraph.co.uk/finance/financialcrisis/8518967/New-regulator-admits-cops-werent-on-the-beat.html

How many of those regulators worked at the risky places before becoming regulators?  Any conflicting interests? 

Why aren't they taking those risky players to task?  Sending them to jail?

Didn't any of them produce financial statements? 

[WhiskeyGirl]

From the comments -

treepower
1 hour ago

Unbelievable.  This guy wasn't just snoozing when the banks raided the vault, he held the bags and loaded the ammo for them.  Yet this is the kind of sheriff we need over here, where the banks are already running the town?

This is incompetence at best, or corruption - another placeman for the villains.