Summit Notebook

Exclusive outtakes from industry leaders

Angelides: People make mistakes, take Alan Greenspan and Captain of Titanic

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Phil Angelides, Financial Crisis Inquiry Commission chairman, says he’d rather see some taking of responsibility than hear another “I’m sorry.”

REGULATION-SUMMIT/“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.

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