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Behaviour revealed in the Panama Papers highlights the failures of regulatory regimes that were either oblivious to, or unwilling to act against, Mossack Fonseca, the law firm from whose database the documents have been leaked.
In response to a wave of opposition demands that he apologize for his failings as chancellor of the exchequer, he has insisted that Britain's financial woes, and the world's, came "from America," as though Britain was as much a victim as it was a perpetrator of its ills through the venality of its own financial institutions and its failures of regulatory oversight.
WHILE Europe's austerity-minded governments and inflation-averse central bank must take much of the credit for the euro area's current economic problems, the crisis has been fanned by failures of regulatory reform and integration that have made adjustment much harder than it needs to be.
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It was a failure of regulatory behavior.
In the area of public-oriented corporate governance, failure of regulatory delegation is apparent in a number of areas.
The problem isn't simply greed, isn't simply ignorance, isn't a failure of regulatory diligence, but a systemic flaw in how our economy finances itself.
The failure of regulatory T cells as a result of reduced exposure to microorganisms in the natural environment during early childhood has been associated with the development of certain allergic conditions, autoimmune disorders (e.g., type I diabetes and multiple sclerosis), and inflammatory bowel diseases.
The root causes were a failure of monetary policy (the Fed kept its short-term interest rate too low between 2001 and 2004), a failure of regulatory oversight (the Federal Reserve and the S.E.C. were "asleep at the switch") and a failure of intellectual rigor (economists claimed that the enlightened self-interest of bankers and shareholders would suffice to prevent such a crisis).
Frank L. Raiter, who retired from S.&P. in 2005 as head of its residential mortgage rating group, said a failure of regulatory oversight led managers to "believe that the increasing revenues and profits they were enjoying were the result of superior management skill and insight rather than the oligopoly granted them" by regulators and by low interest rates.
–Systemic failure of regulatory systems.
--Systemic failuregulatorylatory systems.
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