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So who is to blame for this financial fiasco?
That’s the question we’ve begun investigating.
We’ve put together a list of the Ten Most Wanted: Culprits of the Collapse.
#6 on our list: Former Federal Reserve Chariman Alan Greenspan. CNN's Tom Foreman reports.

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Ben S. Bernanke
Chairman, Federal Reserve
Wall Street Journal Op-Ed

The necessary policy tools are in place.

As Americans well know, the challenges we now face in the financial markets and in the economy are both extraordinarily complex and historic in scope. I firmly believe, however, that with the actions policy makers are announcing today, we will be able to meet those challenges.

Our strategy will continue to evolve and be refined, and we will adapt to new developments and the inevitable setbacks. But we will not stand down until we have achieved our goals of repairing and reforming our financial system, and thereby restoring prosperity to our economy.

Over the past year, the Federal Reserve has actively used all its powers and authority to try to help our economy through this difficult time. Central banks around the world have also consulted closely and cooperated in unprecedented ways to reduce strains in financial markets and to bolster our economies. We will continue to do so. However, clearly the time had come for a more comprehensive and broad-based solution.

Keep reading

_____________________________________________________________________________

So who is to blame for this financial fiasco?
That’s the question we’ve begun investigating.
We’ve put together a list of the Ten Most Wanted: Culprits of the Collapse.
#7 on our list: Former U.S. Senator Phil Gramm. CNN's Tom Foreman reports

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AC360's ongoing report on culprits of the collapse. CNN's Joe Johns reports on Lehman Brothers' Richard Fuld.

When assessing Richard Fuld, former CEO of the now bankrupt Lehman Brothers, one Wall Street watcher put it bluntly: "Either he should have known that the company was in difficult circumstances or if he did know and didn't tell, it creates another problem. On the one hand he is either a liar or else on the other hand, he is stupid." That from Sean Egan of Egan-Jones Ratings, who evaluates companies like Lehman for investors.

Fuld was at the helm of Lehman Brothers as it raked in record profits during the housing bubble and then last month filed the largest bankruptcy in U.S. history. Lehman's startling demise helped touch off a panic in the financial industry that is still rocking the markets and the economy today.

A 158-year-old firm like Lehman going under sure sent a signal that no one was untouchable. The government mulled over stepping in to save the company but ultimately decided Lehman was too flawed to rescue.

The attacks on Fuld are, like our national debt, growing by the second. In a scathing Congressional question and answer session last week, Fuld denied the charge that he purposely misled the public about Lehman's problems.

Keep reading

_____________________________________________________________________________

So who is to blame for this financial fiasco?
That’s the question we’ve begun investigating.
We’ve put together a list of the Ten Most Wanted: Culprits of the Collapse.
#8 on our list: SEC Chairman Chris Cox. CNN's Joe Johns reports

_____________________________________________________________________________

So who is to blame for this financial fiasco?
That’s the question we’ve begun investigating.
We’ve put together a list of the Ten Most Wanted: Culprits of the Collapse.
#9 on our list: Lehman Brothers' Richard Fuld. CNN's Joe Johns reports

_____________________________________________________________________________

So who is to blame for this financial fiasco?
That’s the question we’ve begun investigating.
We’ve put together a list of the Ten Most Wanted: Culprits of the Collapse.
#10 on our list: AIG's Joe Cassano. CNN's Joe Johns reports