In order to reform regulations we need first to reform the regulators.
Sir John Dizard is calling the bluff of the regulators in “The inside story of reforms is that there is no story” February 17. Well done! Now in order to have a chance to make truly worthwhile reforms there are two things that must happen.
First we need a totally new crop of regulators, most especially in the headquarters of the Basel Committee as those currently there have dug themselves so deep in their framework they have no earthly chance of getting out of it. As an example they cannot even visualize a world without “trustworthy” credit rating agencies when we all know well that no one but God should be given so much trust.
Second there must be some type of accountability. For instance the thousands of licensed professionals involved in generating those masses of lousy mortgages to the subprime sector should, as a bare minimum, have their license revoked for five years.
First we need a totally new crop of regulators, most especially in the headquarters of the Basel Committee as those currently there have dug themselves so deep in their framework they have no earthly chance of getting out of it. As an example they cannot even visualize a world without “trustworthy” credit rating agencies when we all know well that no one but God should be given so much trust.
Second there must be some type of accountability. For instance the thousands of licensed professionals involved in generating those masses of lousy mortgages to the subprime sector should, as a bare minimum, have their license revoked for five years.
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