How ridiculously childish and naïve can we allow our bank regulators to be?

Sir, Lex reports, on January 2, that now the credit rating agencies will “have to register, meet corporate governance standards and accept supervisory oversight, [which] should make it easier to sue agencies if they issue grossly negligent or deliberately erroneous ratings”.

And I just have to ask: And so now, when we are supposed to trust the credit rating agencies even more than before, something which can only mean digging ourselves deeper in the hole we’re in, who is going to rate the credit rating agencies’ financial capacity to make up for calamitous mistakes like the AAA ratings awarded to the securities collateralized with lousily awarded mortgages to the subprime sector in the USA? 

The naïveté of our bank regulators is just mindboggling.

Tax-payers, caveat emptor, “Our banks are regulated by the Basel Committee and the Financial Stability Board"!