Digital News Report – Bankers faced the Financial Crisis Inquiry Commission in an effort to justify what some call risky behavior with other people’s money. The commission is looking to ways to prevent another financial disaster.
“People are angry,” commission Chairman Phil Angelides said. Angelides explained that Americans were angry with the bonuses paid to executives while “receiving trillions of dollars in government assistance while so many families are struggling to stay afloat has only heightened the sense of confusion.”
Goldman Sachs executive, Lloyd Blankfein, tried to explain why executives at his firm need to take risks. “We regret the consequence that people have lost money in it.”
“I’m just going to be blunt with you,” Angelides responded. “It sounds to me a little bit like selling a car with faulty brakes and then buying an insurance policy on the buyer of those cars.”
By: Tina Brown