Lessons unheeded

The clear rightward slant of Lord's presentation came as little surprise given her past work on the US Senate Banking Committee under Phil Gramm, the former Republican lawmaker now himself a vice-chairman at UBS. (Gramm played a key role in the move to loosen financial regulations via the Gramm-Leach-Bliley Act, which laid the groundwork for widespread use of derivatives in the 1990s.)

But given the events in the financial services industry of the past year and the ongoing shakiness of economic r