In my remarks at the School of Business at the University at Albany, I argued that the conditions causing the turmoil in the financial markets were long in the making and that these causes should not be conflated with the particular troubles in the mortgage markets.
3  Pursuant to regulation issued by the Bank of Mexico in accordance with its law, the Federal Treasury and Pemex must carry out all of their foreign currency transactions with the central bank. Proceeds from Pemex transactions have largely been the source of international reserves accumulated by the Bank of Mexico.