US: regulatory overhaul needed

At a US congressional hearing of the committee of oversight and government reform on October 23, speakers called for far-reaching regulatory change. These included greater scrutiny of derivatives, increased capital charges on securitised products and the need for an all-powerful national regulator.

Committee chairman Henry Waxman said regulatory failure was the single factor linking the huge losses at American International Group, the collapse of Lehman Brothers and the weaknesses of credit