The Most Responsible and Most Apologetic About The Financial Crisis


housing bubbleFunny chart from the New York Times. It measures how apologetic many of the people who caused the crisis are for their roles. Jimmy Cayne was rated the most apologetic, and Angelo Mozilo  the least apologetic. I will list the titles below of the following people from left to right, for readers unfamiliar with them.

I have a poll at the end for who you think is the most responsible I will allow multiple answers to this poll.

Angelo Mozilo: Former Chairman and CEO of Countrywide(subprime lender bought by Bank of America in 2008 . Condé Nast Portfolio ranked Mozilo second on their list of “Worst American CEOs of All Time”. Mozilo is currently under investigation by the SEC for insider trading and securities fraud.

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Ken Lewis: Former CEO of Bank of America. He approved of the disastrous acquisition of Merrill Lynch by Bank of America the day before Lehman Brothers filed for bankruptcy.

Henry Killinger: Former CEO of Washington Mutual. The bank was seized by the Office of Thrift Supervision and FDIC in 2008, making “WaMu” the largest bank failure in US history.

Robert Rubin: Former Secretary of Treasury for Bill Clinton, and former Chairman of Citigroup. Rubin was blamed for pushing Clinton to repeal the Glass-Stegall Act.

Stanley O’Neal: Former President, Chairman  and CEO of Merrill Lynch. Merrill Lynch likely would have collapse had in not been bought by Bank of America in 2008. CNBC includes O’Neal in their list of “Worst American CEOs of All Time”.

Llyod Blankfein: Current CEO and Chairman of Goldman Sachs. Goldman Sachs was sued SEC for allegedly fraudulently selling collateralized debt obligations tied to subprime mortgages.

Alan Greenspan: Former Chairman of the Federal Reserve under President Regan, Clinton and Bush. Is criticized for his low interest rate policy in 2003-2004 which may have contributed to the housing bubble. He is also blamed for his laissez faire economic policies which contributed to the financial crisis.

Richard Fuld: Former Chairman and CEO of Lehman Brothers. Lehman Brothers declared bankruptcy in September 2008. Lehman Brothers was by far the largest firm in US history to declare bankruptcy. CNBC named Fuld at the top of its list of “Worst American CEOs of All Time”

Charles Prince: Former CEO and Chairman of Citigroup. The bank would have collapsed had the Government not bailed them out to the tune of $45 billion. Guardian City editor Julia Finch identified Prince as one of 25 people at the heart of the financial meltdown.

Jimmy Cayne: Former CEO of Bear Sterns. Bear Sterns was near collapse when they were rescued by the New York Federal Reserve and JP Morgan in March 2008. CNBC named Cayne as one of the “Worst American CEOs of All Time”.[2

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