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The Mistakes of the US Regulators
The regulators have in the US made one big mistake, which is under regulate small banks. The moral hazard at the SDB case was also very high because these guys didn't hedge their interest rate risk properly. So they basically used the loophole that was in regulation to take an extremely large amount of risk. But Europe on the other hand, to answer your question, I mean in Europe we do a lot of things suboptimally. Let's say when it comes to finance or banking, but regulation is much, much tighter.