Legal Studies and Business Ethics Papers

Document Type

Journal Article

Date of this Version

2013

Publication Source

Georgetown Journal of Law & Public Policy

Volume

11

Start Page

301

Last Page

315

Abstract

Who bears responsibility for the financial crisis? The list of possible culprits is unmanageably long and at times internally inconsistent, as it includes subprime mortgages and over-zealous mortgage originators; risk-happy investment bankers and the ineffectual ratings agents who rubber-stamped the bankers' exotic products; and neoconservatives hell-bent on deregulation along with liberal politicians cowering before entities they allowed to become too big to fail.1 Nonetheless the question of responsibility seems to demand an answer not only for purposes of arriving at lessons that might avert a future crisis but also for answering a second question that seems a natural corollary of the first—viz., who bears responsibility for funding the bailouts necessitated by the financial crisis? More specifically, who in the United States bears responsiblity for funding the bailouts undertaken by the U.S. government?

Copyright/Permission Statement

Originally published by the Georgetown Journal of Law & Public Policy © 2013 The Author.

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Date Posted:28 June 2018