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Regulators are focused on making the financial system safer.
It's making the financial world harder and harder to understand.
He also offers prescriptions for making the financial markets safer.
Some analysts see the downgrades as only one step toward making the financial system safer.
From Antwerp to Italy, separatists are making the financial case for going it alone.
These measures are important in making the financial sector as a whole more socially responsible.
Maiden Lane III bought up the debts, making the financial institutions whole and allowing A.I.G. to tear up the swaps.
Major banks have railed against it, saying it will eat into profits without making the financial system much safer.
Mr Mallaby's answer is that hedge funds are doing good for everyone by making the financial markets more efficient.
Yet Wall Street still faces permanent pressures on profitability, particularly stricter regulations aimed at making the financial system safer.
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"The FSA can go about its real business of protecting consumers, and making the financial-services market more accessible, for the first time since it was established [in 1998]," says Mr Gomi.Some have criticised the FSA's recent actions.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com