Mr. Greenspan admitted that he had put too much faith in the self-correcting power of free markets and had failed to anticipate the self-destructive power of wanton mortgage lending.
“Those of us who have looked to the self-interest of lending institutions to protect shareholders’ equity, myself included, are in a state of shocked disbelief,” he told the House Committee on Oversight and Government Reform.
1 comment:
Again, where are the shareholders and Boards of Directors in these instances.
Have Boards forgotten that they get paid very healthy sums for oversight and control?
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