The High Price of Low Regulation 0
‘Twasn’t the fly. Nor was it Senator Schumer who killed Cock Robin. It was the failure-to-regulatory agency:
“The thrift’s high-risk business strategy warranted more careful and much earlier attention” from regulators, according to the report distributed by the Treasury’s Office of the Inspector General.
IndyMac’s “nontraditional” loans and “insufficient underwriting” helped lead to its seizure by regulators in July, according to the audit. The FDIC estimated last month that IndyMac’s failure would cost the insurance fund $8.5 billion to $9.4 billion, up from its prediction in July of $4 billion to $8 billion.
Moral: You don’t just need cops. You cops who actually walk there beat.
