Financial Finger-Pointing Turns to Regulators
Louise Story, Gretchen Morgenson
New York Times, 22 November 2011
In the whodunit of the financial crisis, Wall Street executives have pointed the blame at all kinds of parties — consumers who lied on their mortgage applications, investors who demanded access to risky mortgage bonds, and policy makers who kept interest rates low and failed to predict a housing market collapse.
But a new defense has been mounted by a bank executive: my regulator told me to do it.
