In short, part of the reason the market, and specific financial institutions in particular, has fallend so quickly is because the SEC relaxed rules or stopped enforcing existing measures that protected the market. Specifically, they apparently stopped pursuing naked short selling (which is illegal) and they stopped the uptick rule. These two things exacerbated, and some could argue -- caused -- the mess we're in now and the calamitous fall of AIG, Lehman, and WaMu, to name just a few.
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