Time for change
The US has been at the centre of the storm raging through financial markets over the past year, and the country's regulators have been tasked with stemming the fallout from the crisis. John Dugan, comptroller of the currency, discusses the regulatory response to the turmoil, the failure of Lehman Brothers and likely changes in regulation. By Mark Pengelly
Risk: There have been various dislocations in markets over the past year. What do you think has been the most challenging problem?
John Dugan (JD): The big thing that has happened is the drying up of liquidity in the market, particularly for securitised products. The ripple effects have caused these surprising, very violent liquidity storms that have brought companies to their knees. It hasn't all been about liquidity - it can be hard to sort out losses from the inability to meet obligations
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