Gaillard, Norbert; Michalek, Richard J. - In: The failure of financial regulation : why a major …, (pp. 111-151). 2019
greater leniency from regulators and financial gatekeepers towards systemic banks. Examining the rise of the “too big to fail …” (TBTF) banking behemoths, we question how moral hazard came to dominate banking culture and how the developing financial … explore how financial gatekeepers - US regulators, credit rating agencies (CRAs), and the Federal Reserve - became "lenient …