The Dirty Dozen

The Enabler
ALAN GREENSPAN

WAS Chairman of the Federal Reserve (1987-2006)
WHAT HE DID Pushed for sweeping power to regulate Wall Street — and then failed to use it. Fueled "irrational" bubble with low interest rates.
WORST MOVE Called derivatives like CDOs "extraordinarily useful"; regulating them would be a "mistake."
NOW ADMITS He was "partially" wrong to not impose tougher oversight.

The Pioneer
SANDY WEILL

WAS CEO of Citigroup (1998-2003)
WHAT HE DID Created the first too-big-to-fail company, Citigroup. Led the boom in subprime mortgages.
RECENTLY Celebrated $45 billion taxpayer bailout of Citi by taking Mexican vacation on Citigroup jet, complete with $13,000 carpets, pillows made from Hermés scarves, and Baccarat crystal glassware.

The Ideologue
PHIL GRAMM

WAS Senate Banking Committee chair (1995-2000)
KNOWN AS "High priest of deregulation"
WHAT HE DID Pushed repeal of Glass-Steagall Act, leading to rise of megabanks.
WORST MOVE Wrote law that exempted disastrous CDS deals from all regulation.
NOW ADMITS Nothing. Says there is "no evidence" his laws caused crash, which he dismissed as a "mental recession."