Welcome the regulation - Peter Valentine

Only a few days ago I was complaining that there seemed to be little or no action on advancing regulation of the EU financial markets - and the others as well of course. But yesterday it seems Lord Turner was being criticised and today Mr Barnier is expecting some significant battles with hedge funds and private equity companies, both of which have far more malevolent powers than justified by my man in the street. Of course it is often the fact that they work in secrecy and have no loyalties except to their bottom line results that makes them ever more dangerous.
 
Human beings have many admirable features including developing vivid and imaginative solutions or schemes to make the surrounding systems work for them, but unfortunately that means the devil takes the hindmost and we ordinary folks find ourselves in thrall to systems we do not understand, run by people we do not know, or have even heard of. Of course we humans are also blighted by being greedy and always ready to make the rules work in ways they were not intended.
 
So, if we accept our venality and our seemingly infinite skills at "using" the system it is blindingly obvious that there must be regulation to protect citizens and national economies and other fabrics of our lives. Those that call for self regulation or shout out their attacks on proper regulation cannot be trusted to put the needs of citizens and economies ahead of their organisations' thirst for profits.
 
If you are a Treasurer of a local charity or Club I am sure that you prepare accounts on good principles and welcome an independent audit to question you as necessary before signing off your accounts.You do not shout about self regulation and blame the auditor for questioning you, on the contrary you welcome it.
 
Stick to your guns Mr Barnier and Lord Turner - may the Force Go With You!