IMF Official: World's Regulatory Supervision Shockingly Inadequate

From Tom Abate at the San Francisco Chronicle: Financial leaders dissect meltdown

"What is quite shocking," [John Lipsky, a senior official of the International Monetary Fund] said, is how inadequate the world's regulatory supervisors were in curbing the lax lending standards at the heart of the housing and credit bubbles.

Shocked? Hmmm ...