• We've all heard a lot about the junk bond crisis.
    • Is the next crisis going to be junk illustrations?

--  Judy Faucett

1991 - SOA - Illustrations, Society of Actuaries - 20p

  • 2009 - AP - Reflections on Northern Rock: The Bank Run that Heralded the Global Financial Crisis, Hyun Song Shin - 34p
  • Insurance and Systemic Risk) - [PDF-181p,
    • (p42) - Bill Posey (R-FL) - It is clear that if your testimony today was true, very few of you need any more useless bureaucratic regulation.
      • And who would have ever thought that, after the S&L crisis, so relatively shortly after the S&L crisis, with all the additional regulation that was put in place following the crisis, that we would again find ourselves in this hole of a financial crisis.
      • I mean, if regulation would have solved the problem, we wouldn’t be here today,  because brighter minds, creative lawmakers threw a bunch of regulation into the S&L crisis, and obviously it didn’t do anything.
      • And why we would think that we could be successful in trying to advance, out-think a creative risk-taker, kind of defies logic.
      • I think the answer is to hold people who harm people accountable.
      • You know, we pretty much, I think, agree that the cause of the crisis that we’re in now has been caused by greed. 
    • (p42) - And, I mean, if regulation would take care of it, the SEC’s 1,100 attorneys would have prosecuted Bernard Madoff 10 years ago when his scheme was exposed to them, and they refused to take any action.