FSA's Turner: We're not clever enough to spot problems

Turner likened the global financial system to "some incredibly complicated waterbed" where regulators attempt to plug a leak on one side only for a new one to spring up on the other. "We're just not clever enough to see it," Turner said in an interview with Prospect magazine. Turner also hit out at what he said was deliberate action by some influential policymakers in the US to starve its regulators of funds. He is worried the American financial industry is succeeding to dissuade lawmakers from pressing ahead with a sweeping reform of Wall Street known as the Dodd-Frank Act. "Wh...