US bankers asked to testify on the recession and meltdown
January 15th, 2010 - 12:22 am ICT by Aishwarya Bhatt
Washington DC, Jan 14 (THAINDIAN NEWS) Four top-notch Wall Street bankers have been asked to talk about their actions regarding the global economic recession and meltdown that struck the world in 2008. The four executives who had been called on by the Financial Crisis Inquiry Commission in Capitol Hill are the Chairman and Chief Executive Officer of the Goldman Sachs Group Incorporated, Lloyd Blankfein, CEO and Chairman of the JP Morgan Chase and Company James Dimon, John Mack, Chairman of Morgan Stanley, and the CEO and President of the Bank of America Brian Moynihan.
The Chairman of the Inquiry Commission, Phil Angelides said that this investigation was pending since a long time, as the public outage and frustration has been growing over the increasing rate of unemployment and foreclosures. Perhaps the 4 top-notch Wall Street bankers can talk about their actions and what they did in order to foresee the economic crisis that has shaken America and the world too.
This is the first time that all the four executives, from some of the top financial firms of the United States, have been called upon to state the obvious and the hidden reasons of their apparent lack of foreknowledge about the recession. It is believed that in normal circumstances, they should have known the approximate time of the beginning of the recession itself and they should have warned the government and also outlined steps in order to cushion the adverse effects of the global meltdown.
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Tags: apparent lack, approximate time, bank of america, chief executive officer, foreknowledge, global economic recession, global meltdown, goldman sachs, goldman sachs group, goldman sachs group incorporated, inquiry commission, james dimon, john mack, jp morgan, jp morgan chase, jp morgan chase and company, lloyd blankfein, morgan stanley, phil angelides, top notch