Here’s the Poll Result for the Top 25 People to blame for the Financial Crisis.
1. Angelo Mozilo – Co-founder and former head of Countrywide
2. Phil Gramm – Chairman of the Senate Banking Committee from 1995 through 2000
3. Alan Greenspan – Former chairman, Federal Reserve
4. Chris Cox – Former chairman, Securities and Exchange Commission
5. American Consumers
6. Hank Paulson – Former Secretary of the Treasury
7. Joe Cassano – Founding member, AIG?? financial-products unit
8. Ian McCarthy – CEO, Beazer Homes
9. Frank Raines – Former chairman and CEO, Fannie Mae
10. Kathleen Corbet – Former CEO, Standard & Poor??
11. Dick Fuld – Former CEO, Lehman Brothers
12. Marion and Herb Sandler – Former heads, World Savings Bank
13. Bill Clinton – Former U.S. President
14. George W. Bush – Former U.S. President
15. Stan O??eal – Former CEO, Merrill Lynch
16. Wen Jiabao – Premier, China
17. David Lereah – Former chief economist, National Association of Realtors
18. John Devaney – Hedge fund manager
19. Bernie Madoff – Ponzi scheme orchestrator
20. Lew Ranieri – Father of mortgage-backed securities
21. Burton Jablin – Programmer at Scripps Networks, which owns HGTV
22. Fred Goodwin – Former chairman and CEO, Royal Bank of Scotland
23. Sandy Weill – Former chairman and CEO, Citigroup
24. David Oddsson – Former Prime Minister, Iceland
25. Jimmy Cayne – Former chairman and CEO, Bear Stearns
As with any crisis and catastrophe, the first natural instinct is to point fingers, and then cross those same fingers hoping that it will go away. Very seldom do we see people taking up responsibility (in other words, taking the blame) and work something out together.
For instance, in a scam, it always take 2 hands to clap. A scam can never work if the victims does not fall for it. So, technically speaking, it is not so fair to only blame the scammer in a successful scam. Of course, you can argue that the scammer is the one who masterminded the ‘evil scheme’, while the victim is innocent. But wait a minute, how can the victim be innocent if they don’t have the element of ‘greed’, which is what makes them susceptible to the scam in the first place.
Hence, I don’t agree with all these finger-pointing activities. It distracts the rebuilding effort. Yes, it’s good entertainment, but like any witch hunts in history, it doesn’t help or contribute to solving the problem, but merely gives everyone a feel-good effect. And then, you realize life has to go on.