I actually like the principles based system as a tool once someone has been found doing something wrong. As a deterrent not much help, but then again if people cannot follow 11 principles how can they be expected to read an follow a huge rule book!! Everyone was at fault from the banks constructing CDO's to package up the mortgages they should never have sold and leveraging even more, to the ratings agencies that rated these structures, to the pension companies pushing banks to take more and more risk to drive up profits and as i have said the man in the street that was blindly happy as long as his went up in value..anyways i am going to exit this chat now i did not realize i was deling with ex car salesmen , mortgage brokers/estate agents, this site is not safe!! :-)
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