Exclusive outtakes from industry leaders
Angelides: People make mistakes, take Alan Greenspan and Captain of Titanic
Phil Angelides, Financial Crisis Inquiry Commission chairman, says he’d rather see some taking of responsibility than hear another “I’m sorry.”
“Personally I don’t see my role as … to obtain apologies. What I don’t hear is a sense of responsibility and self-assessment about what occurred. There seems to be a disconnect between the practices that people undertook and the financial collapse,” he said at the Reuters Global Financial Regulation Summit.
“I’m struck by the extent to which all fingers point away generally from the person testifying,” Angelides said.
And it’s not just Wall Street executives that he’s talking about.
“When Alan Greenspan came in front of us he said he’d been 70 percent right, 30 percent wrong. Well, you know, the captain of the Titanic was probably 99 percent right and one percent wrong. It’s the enormity of the mistake that matters,” he said.
(He is of course referring to the former chairman of the Federal Reserve who could do no wrong until the financial crisis hit, sinking his star along with the markets).
Was Greenspan asleep at the wheel?
“Well certainly on subprime lending. He was either asleep at the wheel or he made a conscious decision to turn his back, one of the two. I mean, there’s two answers, and neither are particularly good ones,” Angelides said.
(OUCH! If he throws punches in the commission report like he does in interviews, it might make for an interesting read…)
Photo credit: Reuters/Jason Reed (Angelides at Reuters Summit)