quote: "The Federal Reserve was clearly the steward of lending standards in this country. They chose not to act. The Federal Reserve Bank of New York certainly could have reined in what was being done in some of the large money-center banks in New York. I mean, on and on and on, regulator after regulator, they either chose not to act or turned a blind eye to what was actually going on. So it’s less about a particular individual than a systematic sense of deregulation and inaction by those who were in power to take action."