There’s one question that’s been raised quite a lot in recent months: Where were state and local regulators, industry watchdogs, and our elected leaders when the foundations of the current credit crisis were being laid by rogue — and not-so-rogue — elements in the financial services industry? While some say they were simply asleep at the switch, others believe the reasons are more nefarious. In a post last week, “The Newest Banana Republic?” I drew attention to a Center for Public Integrity

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