One by one, they come before the committees to confess, wring hands, sometimes stonewall but always promise to do better. The banks, hedge funds, auditors and regulators have all been there. As the latest arrival confesses, so those that did earlier have already moved on, got the rearguard action going, chipping away at concessions made to reform. Business as usual is what counts; witness the British hedge funds who just the other day won the support of the G20 to halt European restrictions on their activities.
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