Regulation is often several steps behind practice

Banks need more capital, not more rules

by Allan H. Meltzer 

The J.P. Morgan mistakes that resulted in a loss of $2 billion or more have awakened some senators to the fact that the Dodd-Frank financial-regulation legislation of 2010 did not prevent errors of judgment and investment losses. But the politicians have drawn the wrong conclusion. They claim that more regulation will protect the public. That's wrong...

http://www.hoover.org/news/daily-report/117636