Daniel K Tarullo: The evolution of capital regulation Speech by Mr Daniel K Tarullo, Member of the Board of Governors of the Federal Reserve System,at the Clearing House Business Meeting and Conference, New York, 9 November 2011.
*  *  *  A little over three years ago, Lehman Brothers ignited the dry tinder of a badly overleveraged financial system that was too dependent on continuous, significant increases in housing prices and too opaque for supervisors, investors, analysts, and often participants themselves to understand.