Actually, there were NO rules where it matter most on this occasion.
Nobody was regulating - at all - the market for Credit Default Swaps ... because the geniuses in the Clinton administration allowed themselves to be bullied by the nice, honorable people Rob thinks work on Wall Street into ruling that CDS were NEITHER insurance products NOR securities.
There's your crony capitalism, Russ.
Tut, tut, Jeremy! You are being somewhat misrepresentational(?) or, at the very least, giving way to extreme memory distortion. I quote what I wrote:
"Yes, some people have been driven by greed and hubris, but by no means the entire industry. It's so easy to knock a whole sector for the sins of part."