Monday, November 23,  10:26 am

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Long before "crisis" and "meltdown" became part of the financial industry's daily lexicon, federal regulators found risk-management weaknesses at financial institutions but did not "appreciate their magnitude" or demand they rein in those risks, the Government Accountability Office told a Senate panel Wednesday.

The GAO, Congress' independent investigative arm, spent three months examining how the government's financial regulators performed and in a 35-page report concluded that bank executives underestimated risks and relied on weak models and stress tests.

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