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Regulators, too, should be able to detect outsize trades and other telltale signs of proprietary trading, Mr. Volcker said, and "if you see those telltale signs, there's no question the regulator ought to get in there to supervise, ought to go in there and raise questions".
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They created a list of answers to the 20 questions the regulator posed in its consultation paper that users could copy, paste and email to it in just three clicks.
This reduced demand on students because they were "not required to demonstrate skills such as synthesis and analysis, which can only be tested with more complex questions", the regulator said.
But it is a serious question whether the regulator will have the clout to actually compel the information, disclosures or actions that seem appropriate during times of exuberance.
"We've answered all the questions the regulators have about this," Mr. Thomson said yesterday.
A pattern emerged immediately; the comments in support of Free Basics that Facebook had submitted did not address the questions the regulators had asked.
An investor with a 10% stake was questioned by the regulator but denied any alliance with EdF.
Two months later, the New York Fed staff huddled again, after lawmakers questioned why the regulator had failed to rein in banks that manipulated key interest rates.
Two months later, the New York Fed staff members huddled again, after lawmakers questioned why the regulator had failed to rein in banks that manipulated benchmark interest rates.
Ultimately, this is also the question the N.C.A.A., the regulator and commercializer of university athletics that have become a multibillion-dollar entertainment industry, should be asking itself.
A university received a £900,000 emergency loan from the higher education regulator in England this year, it has been revealed, in a move that calls into question claims by the regulator that it would not bail out struggling institutions.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com