Third, how giant mortgage lenders such as Countrywide Financial switched regulators so to fall under the lax oversight of the Office of Thrift Supervision, which was funded by fees paid by the regulated banks (and which also supervised AIG's derivative unit).

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But that accord was promptly rejected as too lax by the Constitutional Court, so the politicians, in consultation with the church, had to tighten it.

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With hindsight, it appears too lax, given that the same problems have resurfaced so rapidly.

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The bright Leeds sunshine and flat surface gave little assistance to the bowlers, but England's fielding in general was unusually lax and tactics with the ball that previously proved so effective did not work.

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So I think the beginning is to confirm him and reward both his acknowledgment of the past lax regulation and his service since the financial meltdown.

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