Skip to comments.Bankers apologize for actions that led to crisis (but 'they seemed appropriate at the time')
Posted on 01/13/2010 2:51:03 PM PST by NormsRevenge
WASHINGTON Challenged by a skeptical special commission, top Wall Street bankers apologized Wednesday for risky behavior that led to the worst financial crisis since the Great Depression. But they still declared it seemed appropriate at the time.
The bankers whose companies collectively received more than $100 billion in taxpayer assistance to weather the crisis offered no regrets for executive pay that is now likely to increase as a result of their survival. They did say they are correcting some compensation practices that could lead to excessive risk-taking.
The tension at the first hearing of the Financial Crisis Inquiry Commission was evident from the outset.
"People are angry," commission Chairman Phil Angelides said. Reports of "record profits and bonuses in the wake of receiving trillions of dollars in government assistance while so many families are struggling to stay afloat has only heightened the sense of confusion," he said.
(Excerpt) Read more at news.yahoo.com ...
When will the real perpetrators of this crime step forward and apologize?
When will the UAW apologize for losing their home market to foreign makes?
I worked in a mortgage loan servicing department and even the customer service clerks just out of high school knew what was going to happen when banks started allowing second mortgages for revolving loans. Then banks started lending full value - that was inconceivable to us. We just shook our heads in disgust and then the big bank mergers got us all laid off!
When will the politicians apologize?
This was a strange bunch of people to invite.
Neither Wells Fargo nor JPMorgan Chase made subprime loans, and JPM did not even create, buy, or sell subprime securities.
Goldman bought and sold subprime securities, but were most careful not to actually get stuck with them, and of course was not involved in issuing mortgages.
They really should have invited Citi, the only surviving major subprime lender and loan packager. Wachovia and WaMu are no longer around to be invited.
Who is more deserving of our scorn: The banker guys who, when free money was handed out, took some, or the politicians who taxed us to hand it out in the first place.
They won’t apologize. From the article: “Dimon said a crucial blunder was “how we just missed that housing prices don’t go up forever.””
Crucial blunder? Nonsense! I know a lot of people who saw this coming a long time ago and they know next to nothing about finance, but they do have a modicum of common sense.