GREENSPAN Were you wrong?

Greenspan “shocked” at credit system breakdown
Reuters –

WASHINGTON (Reuters) – Former Federal Reserve Chairman Alan Greenspan told Congress on Thursday he is “shocked” at the breakdown in US credit markets and said he was “partially” wrong to resist regulation of some securities.

“My question is simple: Were you wrong?” Committee Chairman Henry Waxman

Greenspan said he was “partially” wrong in the case of credit default swaps, complex trading instruments meant to act as insurance against default for bond buyers.

  • RELATED LINK
Greenspan Uses The Bush Excuse: Financial Crisis Was ‘Broader Than Anything I Could Have Imagined’»
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  1. December 16th, 2011
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