Gee, no one could have figured out that voluntary supervision wouldn't work. All we've heard from Washington & elsewhere is that regulation is bad & deregulation is good. It seems that the American public voted in the ReThugs so they could experience The Great Depression for themselves. I suppose they wanted to see how the riff-raff live. Or, complete with a tin foil hat, I could speculate that this is all about subjugation. It would be, of course, immoral not to speculate.
No shit, Dick Tracy. Emphasis mine.“The last six months have made it abundantly clear that voluntary regulation does not work,” he said in a statement. The program “was fundamentally flawed from the beginning, because investment banks could opt in or out of supervision voluntarily. The fact that investment bank holding companies could withdraw from this voluntary supervision at their discretion diminished the perceived mandate” of the program, and “weakened its effectiveness,” he added.