NEW YORK - Most financial transactions are dependent upon trust, but the last two decades of deregulation have eroded that trust and created a global crisis of confidence, according to experts who met last week at a global forum in the heart of New York's financial district.

"Our existing financial system has failed spectacularly," said Lord Adair Turner of Ecchinswell, chairman of the UK Financial Services Authority, at a Chatham House forum held at Chase Manhattan Plaza. "We have been through 20 years of almost limitless deregulation. In hindsight, deregulation was the wrong thing to do."

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