Now on booktv Thomas Stanton argues the main difference between companies that successfully made it through the 2008 financial crisis and those that didnt was the willingness of upper management to listen to feedback before making decisions. This is about an hour and 15 minutes. Good afternoon and welcome to the cato institute. I am the director of Financial Regulation studies at cato. I am also honored to serve as moderator for todays book form. Reading press coverage of the financial crisis one comes across phrases such as banks did this and banks did that. These generalities, there was no response to the financial crisis or events that preceded it. To confirm took different approaches and several ceos and their boards made poor decisions, others made good decisions, prudent decisions and sometimes brilliant decision that not only saved their firms but about and to gain market share come out stronger than ever. In my own riding i tend to place considerable emphasis on the poor Public
To make the most of that. There are many people who work on this topic who have helped move forward on the agenda but louise is one of the man deserves a lot of credit. We have been talking with philip auerswald, the coming prosperity, how entrepreneurs are transforming the global economy. His most recent book. Booktv of location at george mason university. Tell us what you think of our programming this weekend. You can freeze us at booktv, comment on our facebook call or send us an email, booktv, nonfiction books every weekend on cspan2. At the end of world war ii we had twelve million men under arms. We have 2,000 flag officers and generals. Today we have 1,000 flag officers and generals and 1. 2 million under arms. The ratio is totally out of whack. We almost have an admiral for every ship in the navy. Not a captain, and admiral. What we have done is go through and look at areas where we could not necessarily save all of the money but we could transfer responsibilities that are not
Incentive to take risk and i have a chapter on the book on organizational structure and how to that can shape risk taking. Id like to go to the other side of the equation. Theres a section in the book, and i would imply this to the regulators as well and everybody and Board Members the power of simple questions. In other words, there are certain simple questions you, when you ask them and pursue the answers you learn something. In the late 2000s fannie mae took a large hit for an ordinary company not large for them because they were such a big company on manufacturing housing loan. In 2003, the chief Credit Office at fannie mae wrote a report saying one of the lessons is you cant trust the aaa rating because we bought aaa pieces on the mobile home loans and they createred on us. Craters on us. Again, if somebody starts to ask questions and say why arent you doing Due Diligence on what youre buying regardless of whether it has a rating and remember underneath the rating in terms of the
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