Paulson says U.S. lacked tools to tackle crisis: report (Reuters)

Treasury Secretary Henry Paulson speaks during a Captains of Industry lecture in New York December 18, 2008. (Lucas Jackson/Reuters)Reuters – Outgoing U.S. Treasury Secretary Henry Paulson said the U.S. government had to battle the financial crisis without the tools needed to do the job effectively, the Financial Times newspaper reported on Wednesday. Paulson also said any future regulatory overhaul needed to ensure that financial system infrastructure could allow for the failure of large institutions.

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