Greenspan “Shocked” to See Banks Were Gambling
Alan Greenspan, who led the Federal Reserve for 18 years and pushed through the Gramm-Leach-Bliley Act that led to the expansion of banks into the brokerage, insurance, and investment banking businesses.
According to his testimony to Congress today, Greenspan was “shocked, shocked” that he was wrong to believe “banks in operating in their self-interest would be sufficient to protect their shareholders and the equity in their institutions.” Suuure, we believe you Greenspan, just as we all believed Captain Renault in the film Casablanca.
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