Wall Street CEOs ‘splain the crisis

U.S. moneyCEOs of four big Wall Street Banks were summoned to Washington to explain to the new Financial Crisis Inquiry Commission what role their institutions played in the Crash of ’08.  At one point, Goldman Sachs’ CEO Lloyd Blankfein got blasted for likening some of the crisis to a hurricane or similar acts of God.  Law Professor Tamar Frankel, an authority on securities law and author of “Trust and Honesty: America’s Business Culture at a Crossroad,” says it all about risk.

“Goldman’s CEO noted that management ‘manages’ risk — risk to shareholders, employees, communities, and the country.  It’s time management joined the risk takers and took the risk of its own actions.”

Contact Tamar Frankel, 617-353-7737, tfrankel@bu.edu

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