Bill Seidman's Brilliant Advice To Regulators

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In his 1993 memoir, the late Bill Seidman offered some great words of wisdom to regulators:

“Instruct regulators to look for the newest fad in the industry and examine it with great care. The next mistake will be a new way to make a loan that will not be repaid.”

That pretty much says it all, no?

(via Calculated Risk)

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