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He agrees in retrospect that "lowballing" of Libor rates was improper, although he didn't think so at the time.
However, he admitted that taking the information cumulatively, "the likelihood that lowballing was occurring should have been considered.
Tuesday's report said the watchdog "did not respond rapidly to clues that lowballing might be occurring".
"The F.S.A. did not respond rapidly to clues that lowballing might be occurring," Adair Turner, chairman of the Financial Services Authority, said in a statement on Tuesday.
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Until now, the accounting rules have permitted governments to factor in actuarial assumptions and smoothing techniques that greatly lowballed the benefits' cost.
That's probably lowballing it, too, given there were an estimated 15 black female sexual abuse victims for every one who officially reported an incident, according to a report released by the Department of Justice in 2006.
And that estimate is probably lowballing the problem, the researchers said: CRL's research only extends through February 2011, and it excludes both loans originated outside the given time-frame and loans that are not yet seriously delinquent.
But as they have become widespread, concerns have grown that insurers are lowballing their reserves and adding a large amount of hidden leverage to the life insurance industry.
But he probably confirmed Rudakov's suspicions (and those of Gorby) that De Beers was lowballing the country on the value of its gems.
Their claim was based on the allegation that BP publicly "lowballed" the amount of oil flowing from its Macondo well into the Gulf of Mexico.
One study found that Americans lowballed their water use by a factor of two.
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CEO of Professional Science Editing for Scientists @ prosciediting.com