Greenspan, Rubin, and a Roomful of Hypocrites

[Ahmed]

Greenspan, Rubin, and a Roomful of Hypocrites
By Morgan Housel
April 9, 2010

"There is a lot of amnesia that's emerging, apparently," former Federal Reserve Chairman Alan Greenspan told the Financial Crisis Inquiry Commission on Wednesday. He's appalled that we don't remember the Alan Greenspan who fought for more regulation and led a crusade to stomp out predatory lending. And we don't. Because he didn't. Greenspan's testimony, along with cameos by former Treasury Secretary Robert Rubin and Citigroup (NYSE: C) executive Tom Maheras, are classic examples of soaking up adulation and nine-figure paydays during the run-up of a bubble only to plead ignorance after it pops. I'd like to have sympathy for these people. But every time we hear their side, it's the same story. They didn't know. They were blindsided. It was someone else's fault. They tried to warn, but no one would listen. What's sad is they were the first to accept full responsibility for the bubble's success on the way up, but largely claim ignorance now that the cat's out of the bag. I'd call that hypocrisy."


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Congressman Charles Lindbergh stated the following upon the passing of the Federal Reserve Act, December 23 1913:

    "The Act establishes the most gigantic trust on earth. When the President signs this Bill, the invisible government of the monetary power will be legalized.......The greatest crime of the ages is perpetrated by this banking and currency bill."