Former Federal Reserve Chairman Alan Greenspan tried to explain his version of the reasons for the global economic crisis to a congressional panel, while expressing shock and disbelief that the problems had spread so far.

In testimony before the House Committee on Oversight and Government Reform at a hearing on the role of federal regulators in the financial crisis, Greenspan noted that subprime mortgages were the root of the problem, but indicated that the real crisis stemmed from the uncontrolled securitization of those mortgages.

Register or login for access to this item and much more

All Accounting Today content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access