Fed Official: Mistakes Were Made (No Kidding) By Michael J. Panzer

March 05, 2008

It's not often that regulators -- or any public officials, for that matter -- acknowledge their mistakes. Unfortunately, when they do, the revelations usually come well after the fact, which is not much use to anyone.

More importantly, those mea culpas often serve to make matters worse, because they end up justifying a dramatic response -- often a tightening of the screws -- that proves ill-timed, to say the least. In "Fed Admits Missteps on Banks," the Wall Street Journal's Damian Paletta details one such example.

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