Boy, they must be really pannicking now!

[Rubber Duck]

"We need to rethink the regulatory framework that governs our financial system," Schumer writes. He says it may be time to consider replacing the current alphabet soup of overlapping federal regulatory agencies, such as the Securities and Exchange Commission and the Commodity Futures Trading Commission, with the U.K. model of "a single strong, effective financial regulator, focused on results and not rules, with the power to act."

http://money.cnn.com/2008/03/27/news...ion=2008032909

Looks like they are trying to emulate our FSA that got so heavily critisized for the Northern Rock fiasco.