Self regulate? They all had the same toxic securities on their books. Why else won't the banks trade with each other? The only banks lending money to each other are those daisy chaining money back and forth who have had government money injected.
The banks, always retained the "risk" in the products that they used to "mitigate" risks. It's just that they kept these securities off of their balance sheets or in mark-to-myth pricing.
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