Which of the following statements is true concerning so-called "shadow-banking?"

I: A significant amount of financing is being done in the "shadow banking" sector

II: The regulatory structure of shadow banking has kept pace with the financial innovation of the past twenty-five years

III: It is illegitimate to place any blame for the U.S financial crisis of 2008-2008 on shadow banking, since this crisis would likely have occurred anyway

A: I only

B: II only

C: III only

D: I & III only

E: II & III only