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

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...