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Monday, March 9, 2009
News In his own words: Ken Lewis
Posted By Rhiannon Fionn-Bowman on Mon, Mar 9, 2009 at 9:30 AM
You know how, when people are in trouble, they'll re-tell their story over and over again, hoping it sticks and you'll see the situation through their tinted glasses, letting go of your own good sense and shrugging off the reason you were ticked at them in the first place; hoping if they talk long enough you'll just tune them out, nodding in agreement, praying they'll shut up?
That's what this makes me think of:
The story of our economic crisis mirrors every great market bubble in history. Clearly, banks were key participants, but they were not alone. Mortgage lenders, borrowers, regulators, policy makers, appraisers, rating agencies, investors and investment bankers all played a role in pushing economic excesses forward. The institutions that gave in completely to the frenzy are no longer with us. Those that balanced the need to compete with the need to lend prudently survive today and are helping to stabilize the system.
Read the rest of Ken Lewis' Op-Ed in today's Wall Street Journal here.
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