Emile Woolf: Keeping an eye out

If the regulators had been on the ball, a seemingly endless stream of bailouts might have been prevented, says Emile Woolf

The Queen’s question about the credit crisis was wonderfully simple: ‘If these things were so big, why did no one see them coming?’ The answer given by Mervyn King, governor of the Bank of England, in a recent interview is that many people did see the crisis coming, but no one knew when.