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Regulators need open communication with firms so that better decisions can be made sooner. Mr Macris should have explained the position more squarely, especially when he knew the synthetic credit portfolio’s losses had worsened.

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    In which movie did this phrase get tattooed on someone back: "I never wish to be parted from you from this day on"?
    A Memento
    B After We Collided
    C The Ultimate Life
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