The 12 Bankers Responsible For The Financial Crisis
Rolling Stone: Meet the bankers and brokers responsible for the financial crisis — and the officials who let them get away with it
The Enabler: ALAN GREENSPAN
WAS Chairman of the Federal Reserve (1987–2006)
WHAT HE DID Pushed for sweeping power to regulate Wall Street — and then failed to use it. Fueled “irrational” bubble with low interest rates.
WORST MOVE Called derivatives like CDOs “extraordinarily useful”; regulating them would be a “mistake.”
The Bagman: ROBERT RUBIN
WAS Treasury secretary (1995–1999)
WHAT HE DID Opposed regulation of credit swaps; fought to overturn Glass-Steagall Act, leading to creation of Citigroup, where he later made $115 million.
WORST MOVE Asked Treasury to pressure ratings agencies to delay downgrading Enron, a Citigroup debtor.
NOW Still on Citi’s board; mentor of Treasury Secretary Geithner.
NOW ADMITS He was “partially” wrong to not impose tougher oversight.
