Financial Institutions Caused this Crisis Says Wells Fargo's Kovacevich

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 on March 13. SIEPR: http://siepr.stanford.edu

Category:

Education

Tags:

• banking
• financial crisis
• SIEPR
• ethics

[wellsfargoinjustice]

Wells Fargo is the worst of the worst

[pamelbia2011]

No other can be blamed but the financial institutions. Leave the customers out of this.

[xinecallaw]

Great description, but you left out one significant cause of our crisis. Bush was faced with an extremely difficult choice, it was either start the Draft or create the right atmosphere that would make people enlist if they want to provide for their family. Now keep in mind they had NO intention of it getting this bad. They used methods to get FAST results, but they couldnt stop it after it fillel its purpose. This isnt a conspiracy theory its an unfortunate truth & I wish I never picked up on it

[franciscoxavier99]

perhaps the irrational consumism and the greed of the capitalistic system ended up in this unbeatable economic crisis with social issues to consider for the rest of the open market trade approach history

[ConfusedinUSA]

They are a horrible institution. The words they speak are shallow and with no meaning...in fact lies. One more unethical instution who had to whine to the tax payers; I for one will smile happily when/if they go out of business...Damn Bush/Obama for even helping them with my money.

[phddddd]

Good joke!

[kamal9385]

One of the greatest speech I ever heard.

[capiercey]

Good summary of our situation.