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Showing posts from April 8, 2010

'Maestro' Greenspan out to protect his legacy

Business Times - 09 Apr 2010


'Maestro' Greenspan out to protect his legacy

By LEON HADAR
WASHINGTON CORRESPONDENT

THEY were hoping that the 'maestro' would provide some light about how the policies of the US central bank may have helped create the conditions for the devastating financial crisis that almost brought down the entire American economy. But then, in an emblematic moment, Alan Greenspan ended up leaving them literally in the dark.

It is the Broadway producer's worst nightmare: The power goes off on the stage and interrupts the leading actor in the middle of his performance. Indeed, the Capitol Hill hearing room went dark at 11.44am on Wednesday during the most dramatic show of this political season in Washington, DC.

The former Federal Reserve chairman was beginning to respond to a question from panel chairman Phil Angelides during the Congressional hearing by the Financial Crisis Inquiry Commission (FCIC) and . . . oops . . . power was off for 23 minutes,…