Governor of Bank of England should have done more

Mervyn King, governor of the Bank of England admitted to the BBC this spring that he should have done more to warn of the worldwide financial crash in 2008.

“Why did the Bank of England not do more to prevent the disaster? We should have. But the power to regulate the banks had been taken away from us in 1997,” he said, speaking of his role in the U.K.

He said also that he did what he could publishing reports about the risks of a system in which banks had become too important to fail, but he should have “shouted from the rooftops” as the situation became increasingly critical.

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