The former head of the US Federal Reserve has denied that regulators failed to foresee the problems which caused the global credit crunch.
Alan Greenspan said they had not acted on concerns about complex and risky financial deals because only very wealthy people invested in them.
...."We did know what was going on and the reason we didn't stop them was that to a large extent these types of questionably egregious actions are taken by people who have their own money invested," he said.
"Hedge funds, who are presumably the largest culprit of all of this, are organisations in the US in which wealthy investors invest.
"I must admit that I do not have considerable concern about their net worth going from 40 million to five million, which in many cases is what's happened."