Telegraph's Philip Aldrick: "banking boom was due in large part to a failure of regulation"

There are some observations that bear repeating and the Telegraph's Philip Aldrick provided one:

the banking boom was due in a large part to a failure of regulation.

Regular readers know the specific failure was regulators failed to ensure that there was transparency into all the corners of finance.

Instead, the regulators allowed huge, opaque areas to develop in the financial system.  Examples of these opaque areas are bank balance sheets (according to the Bank of England's Andrew Haldane, they are 'black boxes') and structured finance securities (according to your humble blogger, they are 'brown paper bags').