Financial System Failed the Test of the Marketplace
Roger Altman, CEO of Evercore Partners | May 15, 2008
Former Fed chairman, Paul Volcker, blames this year’s financial crisis on the lenders’ and investors’ attempting to revise the age-old fundaments of finance. ++ Despite the euphoric effect of bubbles, parties involved in the financial system must remember that the further a rubber band is stretched, the harder it will snap back into its former position. ++ Credit rating agencies, securities companies, and banking regulators must, in the future, not be lulled into complacency but rather remember this crisis and heed its example.
