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Instead of looking at articles from the New York Times in 1999, why not look at the present? For example:

S.E.C. Concedes Oversight Flaws Fueled Collapse

Small portion of the article:

"The chairman of the Securities and Exchange Commission, a longtime proponent of deregulation, acknowledged on Friday that failures in a voluntary supervision program for Wall Street’s largest investment banks had contributed to the global financial crisis, and he abruptly shut the program down.

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.

Nice try

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