From Mr Jérôme Guillet.

Sir, It was oddly fitting that Alan Greenspan should argue in favour of continued self-regulation of the financial sector ("We will never have a perfect model of risk", March 17) on the very day that self-regulation demonstrated its absolute failure, as the only solution to avoid complete market panic and collapse was seen to be public intervention in the form of massive Fed guarantees over Bear Stearns liabilities.