Oct. 23 (Bloomberg) -- Former Federal Reserve Chairman AlanGreenspan said a ``once-in-a-century credit tsunami'' hasengulfed financial markets and conceded that his free-marketideology shunning regulation was flawed.
``Yes, I found a flaw,'' Greenspan said in response togrilling from the House Committee on Oversight and GovernmentReform. ``That is precisely the reason I was shocked because I'dbeen going for 40 years or more with very considerable evidencethat it was working exceptionally well.''
Greenspan said he was ``partially'' wrong in opposingregulation of derivatives and acknowledged that financialinstitutions didn't protect shareholders and investments as wellas he expected.
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