We asked five law professors to answer two questions. The one they answered here was this: If the Dodd-Frank law had existed a year before Lehman failed, would it have made a difference for the investment bank? (For the second question, click here.)
One note before we begin. Christine King, a retired equity analyst, offered this caveat on all financial regulation: “Bankers will always find ways to circumvent the letter of the law. Regulators are like the suburbanite who believes that she can keep the squirrels out of the bird feeder. They’re doomed to fail. A person buys a cleverly engineered product and spends an hour setting it up, but there are thousands of squirrels out there spending every waking minute trying to figure out how to get in.”
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