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...Nonetheless, on Wednesday, in front of the Financial Crisis Inquiry Commission (FCIC), the bank executives tried to paint a picture that the failures that caused the crisis were missteps by management, sometimes even themselves, but not the result of faulty regulation. Lloyd Blankfein, CEO of Goldman Sachs, told the panel, "After the shocks of recent months and the associated economic pain, there is a natural and appropriate desire for wholesale reform. We should resist a response, however, that is solely designed around protecting us from the 100-year storm." (See the top 10 crooked CEOs...
...Even Jamie Dimon, CEO of JPMorgan Chase, who has seemed to be more open to new regulations, sought to deflect attention away from lax regulation as the sole cause of the crisis. "I want to be clear that I do not blame the regulators," Dimon testified. "The responsibility for the company's actions rest with the company's management...
...times, the top executives did contend that regulation might have been too loose leading up to the crisis, but they stressed that that was no longer the case. All thought that the government needed the power to resolve large troubled institutions. Brian Moynihan, CEO of Bank of America, said the resolution authority could be based on the way the Federal Deposit Insurance Corp. closes down smaller banks, which involves auctioning off troubled institutions to stronger competitors, often with a government guarantee for risky assets. Also questioned by the panel was Morgan Stanley's chairman, John Mack. (See 25 people...
...wake of the financial crisis as Goldman Sachs. Once seen as one of the best-run companies in America, in the past year more and more people have come to view Goldman's outsized profits as a product of backdoor dealings and market manipulation. AIG's former CEO Hank Greenberg recently blamed Goldman for bankrupting the insurance company. (Goldman, not surprisingly, does not concur with Greenberg's version of events.) Goldman received $12.9 billion when the government bailed out the insurer. Goldman has also been accused by critics of making large profits by betting against mortgage bonds the investment bank...
...CEO of Thailand's Kasikornbank Banthoon Lamsam, who graduated from Harvard Business School in 1977, ran the eighth section of the 2008 Olympic Summer Games torch relay in Bangkok...