Well, well, well...

Mr. Greenspan has admitted that the de-regulation (or lack of regulation) on deriritives has largely contributed to this meltdown. He was "shocked" that company heads failed to manage these appropriately on their own.

Full article here

"Greenspan reiterated his ``shocked disbelief'' that financial companies failed to execute sufficient ``surveillance'' on their trading counterparties to prevent surging losses. The ``breakdown'' was clearest in the market where securities firms packaged home mortgages into debt sold on to other investors, he said."