Crisis caused by negligence and incredible stupidity - By Duncan A. MacDonald

<blockquote>"The crisis is the result of well-documented gross negligence, deceit, corruption and incredible stupidity by highly educated, richly rewarded bankers, not to mention their agents and regulators."</blockquote>


Crisis caused by negligence and incredible stupidity

From Mr Duncan A. MacDonald.
Published: October 24 2008 03:00 | Last updated: October 24 2008 03:00
Source

Sir, John Reed’s explanation of the credit crisis as “two misjudgments ... honestly made” (Letters, October 21) is preposterous. The crisis is the result of well-documented gross negligence, deceit, corruption and incredible stupidity by highly educated, richly rewarded bankers, not to mention their agents and regulators. Thanks to their incompetence, millions of Americans are terrified of losing their homes, jobs, pensions and life savings. To add insult to injury, the culprits have been given a massive bail-out, most of which will be used to propel our national addiction to debt into another bubble. I am ashamed of what my former industry has done. Instead of defending it, Mr. Reed should also be ashamed.

Duncan A. MacDonald,
Floral Park, NY, US
Former General Counsel, Citibank Cards, Europe & North America

Copyright The Financial Times Limited 2008