Thursday, November 20, 2008

Quote of the Day

There is an anonymous quote in the Wall Street Journal (un-gated version available here) from one individual close to Citigroup matters: "You would think the regulators would want to exercise some leadership and protect the integrity of the financial-services world."

What about overpaid executives exercising some of their own leadership and actually fulfilling their fiduciary responsibilities? No matter who you point the finger at for causing the credit crunch (The Fed, Fannie/Freddie, or Wall Street) there is no denying that decision makers at banks bought the toxic assets that are leading to their firms' demise.