Geithner hits out at UK's soft regulation pre-crisis

US Treasury secretary Tim Geithner yesterday panned the UK's "light touch" regulation in the build up to the financial crisis.

He said the UK's strategy of implementing soft rules to lure new business from abroad "ended tragically". "The UK's experiment in a strategy of light touch regulation to attract business to London from New York and Frankfurt ended tragically," he said in a speech in Atlanta. "That should be a cautionary note for other countries deciding whether to try to take advantage of the rise in standards in the United States." Geithner also warned European regulators to take a tough stance on banks and match the US on financial regulation to stop emerging markets from undercutting global rule...