Frank Motech, Mr Chairman, Lehman Brothers discussed on KNX Programming
Is eight thirty seven. Motech a bunny continues as Frank Motech on this ten year anniversary of the biggest bankruptcy in US history. During the two thousand eight financial crisis the collapse of investment Bank. Lehman Brothers is signed to take a look back at the tough lessons learned as we look to the future. And who better to help us do that then fill Angelina? He's the former California state treasurer who headed up the financial crisis inquiry commission. Mr Chairman, thank you very much. Joining us this weekend. You of course, led the effort to examine exactly what happened. Give us your thoughts on this big anniversary. Here's what's have concerned to me normally as human beings. We learn from the consequences of our behavior. But if you look at the financial crisis of two thousand eight the great irony of the crisis is that Wall Street whose reckless risk taking drove the financial system over the cliff suffered very few of any consequences for its actions across the country. Millions of people lost their jobs and their homes, cities and towns across the country were devastated and middle class. Families saw trillions of dollars of household wealth wiped away, but for the big banks, they barely skipped a beat, and they really paid no legal economic or political price for the misconduct that led to the crisis after the big banks were rescued by a multi trillion dollars taxpayer bailout Wall Street quickly returned to profitability compensation on Wall Street.