Financial Crisis Survivors
Andrew Ross Sorkin offers some unsettling insight into the psychology of the finance CEOs left standing:
The one thing I would say is, to the extent that some of these companies have come out the other side and exist today, many of the executives now consider themselves survivors. That's the word they often use. Like a cancer survivor. Maybe that's deserved for some, but I'm not sure they all appreciate that their survival was in large part paid for by taxpayers. My worry is that, longer-term, some of those who feel like survivors will be emboldened to take on additional risk in the future.
It's easy to mistake surviving for winning, and thinking it a reflection on your skill rather than the product of the trillions of dollars the federal government pumped into the system. The folks at Goldman Sachs are presumably feeling pretty good about themselves. But there was a time when the folks at Lehman and Bear Stearns were feeling pretty good, too.
Posted by: Drew_Miller_Hates_IDs_That_Dont_Allow_Spaces | October 6, 2009 10:46 AM | Report abuse
Posted by: visionbrkr | October 6, 2009 11:13 AM | Report abuse
Posted by: bdballard | October 6, 2009 12:28 PM | Report abuse
Posted by: paul314 | October 7, 2009 1:02 PM | Report abuse
The comments to this entry are closed.