The trouble is when they're managing money for other people who done have a say - pension funds or whatever - and the government wants to have some way to regul

The trouble is when they're managing money for other people who done have a say - pension funds or whatever - and the government wants to have some way to regulate them. Because not restricting then from "dangerous" things would bad, whether or not it actually helps. (And with the way things went bad when the regulation stopped working, maybe it even does help?)