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RegulatorsBy Michael D. Greenberg, JD, PhD1

We do want to have regulators who set the rules. For example, there has to be transparency. One of the things that’s clear about JP Morgan Chase and was true about AIG: they didn’t know what their losses were. If the rules that we had talked about had been in place, and they will be shortly, then they would not have been surprised by losses that were first ‘a tempest in a teapot,’ and then $2 billion, and then $5 to 6 billion. That’s our job: to put rules in place that govern the way things work.

—Barney Frank2

Regulators serve as the long arm of government, acting to set and enforce legal standards ...

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