Regulatory framework fails to prevent abuses from "summary" of The Money Culture by Michael Lewis
The rules were clear: don't cheat, don't lie, don't steal. But somehow, despite the strict regulatory framework in place, abuses still managed to slip through the cracks. It was as if the very system designed to prevent wrongdoing had become complicit in allowing it to happen. The regulators were supposed to be the watchdogs, the guardians of integrity in the financial world. Yet, time and time again, they seemed to turn a blind eye to the abuses happening right under their noses. Perhaps they were overwhelmed by the sheer complexity of the financial system, or maybe they were too cozy with the very institutions they were meant to oversee. In the end, it didn't really matter why the regulatory framework failed to prevent abuses. What mattered was the impact it had on ordinary people who were left to bear the brunt of the consequences. The financial crisis of 2008 was a stark reminder of just how devastating those consequences could be. As the dust settled and the world tried to make sense of what had happened, one thing became cle...
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