January 14, 2010

U.S. Bankers Testify, Nation Cringes

Top U.S. bankers continue to testify in Washington this week, attempting to explain their failure to anticipate the global economic crisis they did so much to lead us into, and their explanations are leaving many people shaking their heads.

One after another, these bankers zigged and zagged and claimed they were not aware of the coming financial storm, and were not thinking about the subprime mortgage crisis until they "read about it in the papers." But with many outside of their field having seen it cominhg for some time, it was difficult to accept the idea that they, in the best position of all to know and to do something about it, had no way to see the error of their ways as they kept making huge money while driving us off the cliff.

The testimony came from the Chairman of Goldman Sachs, Lloyd Blankfein, CEO of JP Morgan Chase James Dimon, John Mack, Chairman of Morgan Stanley, and CEO of the Bank of America Brian Moynihan. Gordon Gecko was unable to attend.

U.S. Bankers Testify, Nation Cringes

Four major Wall Street bankers have been called upon to justify their actions regarding the global economic crisis that struck sometime around mid-2008. This is the first time that the four executives, all of them from some of the top financial firms of the United States, have been called upon to state reasons of their apparent lack of foreknowledge about the recession, whereas in normal circumstances, they should have known the approximate time of the beginning of the financial meltdown...

U.S. Bankers Testify, Nation Cringes

Posted at January 14, 2010 8:59 AM