With all new financial reforms and regulations on the horizon, one needs to wonder, what the hell were the regulators doing through all of this? Here is the testimony of a real regulator, with a proven track record of cleaning up messes created by fraud in the banking system. Perhaps, all we really need, is more regulators like Mr Black.

April 20, 2010 — Bill Black's eye-popping opening statement at House Financial Services hearing on Lehman Bros. failure.

http://www.youtube.com/wa...

For more see his written statement to the Committee [pdf].