Good man, Mr Greenspan

Well at least someone’s putting their hands up. From this morning’s Financial Times:

Alan Greenspan, the former Federal Reserve chairman, said on Thursday the credit crisis had exceeded anything he had imagined and admitted he was wrong to think that banks would protect themselves from financial market chaos.

“I made a mistake in presuming that the self-interest of organisations, specifically banks and others, was such that they were best capable of protecting their own shareholders,” he said.

Good man (though he does qualify his responsibility a little later in the story). Now maybe we’ll see as much candour from the FT itself. (Though with panto season looming, I am tempting to add, ‘Oh no we won’t!’)

More of RJ Robinson at http://richardjrobinson.blogspot.com/

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