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Financial Institutions Caused this Crisis

PR_mp's Profile Uploaded by Manasi Sinari, 8 year(s) ago .
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Categories: Business
Tags: Richard Kovacevich, Stanford Institute
 
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The current financial crisis was caused by financial institutions themselves, not by their customers, Richard Kovacevich, MBA 67, chairman of Wells Fargo, told a Stanford audience. Financial institutions exhibited a total disregard for basic risk management fundamentals and even common sense. It was fueled by greed, lapses in ethical behavior, and was unchecked by the ratings agencies he told a gathering of business and academic leaders at the day-long program organized by the Stanford Institute for Economic Policy Research
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