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I've just outlined a really scary scenario that under current regulations could be repeated again. A few smart investment bankers who come up with some attractive derivative securities, and make a lot of money finding counterparties to take the sides of the derivatives, can make all this happen again. Once the investment bankers set up the securities, find counterparties to buy them and take their generous fees, they're finished. They have no further exposure. And I assure you that the counterparties, the bank regulators, the public accountants, the rating agencies and the financial analysts won't be able to figre it out next time any better than this time."
So you see no viable way of avoiding repeat scenarios? That is as frustrating as it is frightening.
