And he argued that regulators would make matters worse rather than better if they tried to uncover every single loss.
As voters complained to lawmakers, regulators made it more difficult for insurers to raise rates.
Our concerns are that this is not a way a regulator should be making regulations.
The regulators made the rules, and the accountants promised to obey them, but no one seems to have checked to be sure that was happening.
In the past, the regulators had made clear that they would only consider possession of 51.01 percent of a company's shares effective control.
Work had already stopped for the day by the time the regulators made their recommendation.
Regulation can be strong even if the regulator could make a better hash of their role.
Mr. Citron said he hoped regulators would make the rules clear.
But more recently, regulators have made competition a condition for approving the biggest mergers.