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Sullivan & Cromwell LLP managing partner Rodgin Cohen says that the origin of the financial crisis was actually unregulated mortgage bankers and brokers, and not the abolition of Glass-Steagall
11/10/09
Sullivan & Cromwell LLP managing partner Rodgin Cohen says that one of the myths of the Great Recession is that the abolition of Glass-Steagall was responsible for the financial crisis. Cohen says the origin of the financial crisis was actually unregulated mortgage bankers and brokers.
1 comment
Comment from: linda [Visitor]
I believe he is right. An origin of the big mess were the GSE's (Fannie and Freddy) who acted in the shadow zone between fully private, unregulated markets and government regulation. With all the actions taking place now in supporting various enterprises and sectors we will not get out of this vicious circle. We have to get used - in such environment - to much heavier cycles.
By the way: this page is a great source of information. If you take your time it is something like an online university
By the way: this page is a great source of information. If you take your time it is something like an online university
11/10/09 @ 07:21
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