The financial crisis of 2008 was avoidable and largely caused by corporate mismanagement, risk-taking and inept regulation, says the US government.
The official report into the meltdown is due tomorrow, writes the Guardian, but according to leaks in the New York Times it will conclude: "The greatest tragedy would be to accept the refrain that no one could have seen this coming and thus nothing could have been done. If we accept this notion, it will happen again." Regulators "lacked the political will" to oversee and hold accountable institutions they were supposed to oversee, whilst politicians paid little attention to regulations, the financial crisis inquiry commission's report concludes. In addition, it says finance chiefs wer...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes