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German regulator admits flaws

Germany&rsquo;s financial markets regulator BaFin has admitted that it did not do enough to identify the problems in banks that led to the financial crisis.<br /><br />BaFin president Jochen Sanio said: &ldquo;We as controllers did not see how much trash had built up at banks around the globe.&rdquo; But he added that BaFin had not possessed the legislative tools to take action.