Financial Institutions Caused this Crisis Says Wells Fargo’s Kovacevich
Sunday, August 30th, 2009 at
3:41 am
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 …
Tagged with: banking • ethics • financial crisis • SIEPR
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Good summary of our situation.
Wells Fargo is the worst of the worst
One of the greatest speech I ever heard.
Good joke!