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July 2, 2015 By Richard Bowen

What Caused the 2008 Financial Crisis? Interview by NCPA

Ethical leadership speaker Richard Bowen is profiled by the NCPA.
The National Center for Policy Analysis interviewed financial crisis expert Richard Bowen to determine the causes of the mortgage meltdown of 2008.

 

The National Center for Policy Analysis Financial Crisis Initiative has honored Richard by inviting him to be part of their task force investigating the events which led up to the 2008 financial debacle. The NCPA interviews with Richard are included below.

Richard comments, “I’m deeply honored and humbled to be part of this initiative. NCPA is building a strong reputation as America’s Think Tank, with a strong emphasis on civil liberties and developing  and promoting  private, free-market alternatives to government regulation and control. Focusing on the causes of this  situation, and most especially the egregious lack of ethics and transparency that were at its core, is my life’s mission. I ‘m devoted to making sure this does not ever happen again.”

Attorney General Loretta Lynch has called the behavior of the banks involved in the financial debacle, “a brazen display of collusion,” that harmed “countless consumers, investors, and institutions around the globe — from pension funds to major corporation’s including the bank’s own customers.”

Richard says, “Of the recent criminal felony charges several of the TBTF banks were charged with, what’s tragic is the bankers themselves still do not see their actions as theft.” According to J.P. Morgan’s CEO, Jamie Dimon, “these actions” are “a great disappointment to us” and “we demand and expect better of our people.”

Really? Actions show this is exactly the kind of behavior J.P. Morgan expects of their people.

Better yet is Citigroup’s CEO, Michael Corbat ‘s comments, “It’s an embarrassment to our firm and stands in stark contrast to Citi values.”

Well, I can sure attest to Citi’s lack of values! I’m the former resident expert on that one.

Will keep you in the loop regarding NCPA’s progress. It has some sound experts behind it. Click on the NCPA links below for the video interviews I’m on.

Regards,

Richard

Ethical leadership speaker Richard Bowen is profiled by the NCPA.

According to NCPA, “the Financial Crisis Initiative is accumulating talent from scholars and practitioners nationwide to finally come to consensus on two central questions of 2008:

What were the major causes of the financial crisis?
What policies can and should be implemented to prevent a reoccurrence?

To answer these questions, the NCPA experts, (including Richard),  will focus their attention on how government policy and financial service firms may have interacted. They will pay particular attention to how the lack of ethics and transparency may have contributed to the problems.  They will also review past and subsequent legislative and regulatory policies to test their efficacy and value.

Research studies, articles, videos and other means will culminate in two major summits in the spring of 2016, one to be held in Dallas and the other in our nation’s capital. Communicating and advocating sound economic policies should lead to the prevention or mitigation of future crises such as those we recently experienced here and which were exported worldwide.”

(See more at: http://www.ncpa.org/financial-crisis/.)

 

Related Articles:

National Center for Policy Analysis: Financial Crisis

If you Ain’t Cheating

Customers Can Hold Banks Accountable! Santa Cruz says NO! to TBTF Banks
Toward Accountability… Maybe Just a Small Step

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Richard Bowen is widely known as the Citigroup whistleblower. As Business Chief Underwriter for Citigroup during the housing bubble financial crisis meltdown, he repeatedly warned Citi executive management and the board about fraudulent behavior within the organization. The company certified poor mortgages as quality mortgages and sold them to Fannie Mae, Freddie Mac and other investors.

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What People Are Saying About Richard M. Bowen

William D. Cohan"Richard Bowen is one of my heroes. His is a story of human fortitude at its best and Wall Street at its worst."

~ William D. Cohan, NY Times Best Selling Author
2017-06-30T10:08:59+00:00
"Richard Bowen is one of my heroes. His is a story of human fortitude at its best and Wall Street at its worst." ~ William D. Cohan, NY Times Best Selling Author
https://www.richardmbowen.com/testimonials/2556/

Eileen McDonnell"Richard Bowen reinforced my motto that "there is no right way to do a wrong thing.” Long after his presentation, the conversation has continued about personal responsibility and the courage to challenge things that appear to be wrong. We encourage this dialog and rely on it to help make our business stronger."

~ Eileen McDonnell, Chairman, CEO, & President, Penn Mutual
2015-02-13T19:51:19+00:00
"Richard Bowen reinforced my motto that "there is no right way to do a wrong thing.” Long after his presentation, the conversation has continued about personal responsibility and the courage to challenge things that appear to be wrong. We encourage this dialog and rely on it to help make our business stronger." ~ Eileen McDonnell, Chairman, CEO, & President, Penn Mutual
https://www.richardmbowen.com/testimonials/711/

Ben Stein"Richard Bowen, you are a star and a hero."

~ Ben Stein, Economist and Political Commentator
2015-02-13T19:50:26+00:00
"Richard Bowen, you are a star and a hero." ~ Ben Stein, Economist and Political Commentator
https://www.richardmbowen.com/testimonials/712/

Jim Farrell"Richard's speech at the April Financial Executives International dinner was informative, interesting, riveting, and fast moving.  The feedback from members was overwhelming positive, and Richard received one of the few standing ovations given by our membership."

~ Jim Farrell, Program Chairman, Dallas Chapter, Financial Executives International
2014-12-28T19:48:17+00:00
"Richard's speech at the April Financial Executives International dinner was informative, interesting, riveting, and fast moving.  The feedback from members was overwhelming positive, and Richard received one of the few standing ovations given by our membership." ~ Jim Farrell, Program Chairman, Dallas Chapter, Financial Executives International
https://www.richardmbowen.com/testimonials/532/

Dennis McCuistion"Richard Bowen has been there, done that, and has the scars to prove it, and his message of corruption at the highest levels of industry and government needs to be heard. I only wish that more bankers had the courage that Bowen exhibits. He is not only one of the most talented bankers I have ever met, he has more integrity than all the bankers on Wall Street put together. If his former employer had listened to him taxpayers would not have had to bail out Citi for the third time in the last 30 years."

~ Dennis McCuistion, Host of the McCuistion TV program
2014-12-28T19:48:06+00:00
"Richard Bowen has been there, done that, and has the scars to prove it, and his message of corruption at the highest levels of industry and government needs to be heard. I only wish that more bankers had the courage that Bowen exhibits. He is not only one of the most talented bankers I have ever met, he has more integrity than all the bankers on Wall Street put together. If his former employer had listened to him taxpayers would not have had to bail out Citi for the third time in the last 30 years." ~ Dennis McCuistion, Host of the McCuistion TV program
https://www.richardmbowen.com/testimonials/533/

Betty Garrett"Richard Bowen is a dynamic, entertaining speaker and story-teller - a CPA with a great personality!"

~ Betty Garrett, Garrett Speakers International
2014-12-28T19:47:50+00:00
"Richard Bowen is a dynamic, entertaining speaker and story-teller - a CPA with a great personality!" ~ Betty Garrett, Garrett Speakers International
https://www.richardmbowen.com/testimonials/531/

fred-timmons"I believe Richard Bowen is the only keynote speaker to ever receive a standing ovation from the Texas Society of CPA’s at any of its annual conferences."

~ Fred Timmons, Chairman of The Texas Society of CPA's
2014-12-28T19:47:22+00:00
"I believe Richard Bowen is the only keynote speaker to ever receive a standing ovation from the Texas Society of CPA’s at any of its annual conferences." ~ Fred Timmons, Chairman of The Texas Society of CPA's
https://www.richardmbowen.com/testimonials/530/

Presentation Topics

Playing for High Stakes: The Principles and Practice of Ethical Leadership

Dark Citi: The Story of a Whistleblower

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Now an ethical leadership speaker, Richard Bowen was Citigroup's Business Chief Underwriter during the housing bubble.

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