CHAPTER 43THE FINANCIAL AND BANKING INDUSTRY: Investing in Our Stakeholders
The captains of finance and the public stewards of our financial system ignored warnings and failed to question, understand and manage evolving risks within a system essential to the well-being of the American public. Theirs was a big miss, not a stumble.
—The Financial Crisis Inquiry Commission Final Report,1 January 2011
A RAPIDLY CHANGING INDUSTRY; AN URGENT NEED TO REBUILD TRUST
In the fall of 2007, Americans were feeling pretty good about the economy. Despite two wars financed solely with debt and with the federal budget surplus of 2000 a distant memory, many Americans were confident about the future and spending more than they earned. Interest rates were ...
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