Comments on: Guest Post by Jonathan Westrup: Major Regulatory Reform? http://www.irisheconomy.ie/index.php/2009/03/02/guest-post-by-jonathan-westrup-major-regulatory-reform/ Wed, 16 May 2012 22:25:19 +0000 http://wordpress.org/?v=2.6.3 By: karl deeter http://www.irisheconomy.ie/index.php/2009/03/02/guest-post-by-jonathan-westrup-major-regulatory-reform/#comment-1808 karl deeter Mon, 02 Mar 2009 20:58:19 +0000 http://www.irisheconomy.ie/?p=929#comment-1808 can i ask some of the people here to tell me this: on what exact point did regulation fail in your opinion, within the existing law, not operationally or systemically. because if it failed on a point of law then there need only be punishment as a response, if it failed operationally then new laws are not the solution, a better run organisation is. if it failed systemically then is more regulation the answer or do we need to rethink the whole system? From what I can see, other than increasing capital adequacy there was not much that any regulator could have done in the run up to this to prevent a breakdown. - under the current system that is. One thing that is blindingly missing is an ability for industry people to report other, I have to be frank here, when there is abuse in the market people know about it, but how do you keep your job while also reporting your boss to the regulator? That alone would solve many problems - but that is operational really. just a point worth noting. can i ask some of the people here to tell me this: on what exact point did regulation fail in your opinion, within the existing law, not operationally or systemically.

because if it failed on a point of law then there need only be punishment as a response, if it failed operationally then new laws are not the solution, a better run organisation is.

if it failed systemically then is more regulation the answer or do we need to rethink the whole system? From what I can see, other than increasing capital adequacy there was not much that any regulator could have done in the run up to this to prevent a breakdown. - under the current system that is.

One thing that is blindingly missing is an ability for industry people to report other, I have to be frank here, when there is abuse in the market people know about it, but how do you keep your job while also reporting your boss to the regulator? That alone would solve many problems - but that is operational really. just a point worth noting.

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