An interview with Professor Roubini:
"It is clear that the Anglo-Saxon model of supervision and regulation of the financial system has failed.
It relied on self-regulation that, in effect, meant no regulation; on market discipline that does not exist when there is euphoria and irrational exuberance; on internal risk management models that fail because – as a former chief executive of Citi put it – when the music is playing you gotta stand up and dance."
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