I wonder why

The BBC loyally report that:

"Chancellor Alistair Darling is to announce later that he does not plan fundamental reform of the way UK financial institutions are regulated.

Mr Darling will say the current regulatory system is not to blame for the credit crunch, according to speech extracts released by the Treasury."

Now why might Alistair Darling say that?

"The existing tripartite system, which was introduced by Prime Minister Gordon Brown when he was chancellor, relies on the Financial Services Authority, the Treasury and the Bank of England to regulate financial institutions. "

Oh yes, that would explain it.