General Session #8: Causes and Responses to the Financial Crisis (ethics)

Neil Barofsky addresses the causes of the financial crisis and the varying responses aimed at averting fiscal disaster. From banks that were “too big to fail” and white collar crime issues to an overall lack of transparency and an effective block of regulatory reforms, he discusses what led up to the crisis that caused one of the worst recessions in U.S. history. Mr. Barofsky then explains the responses to the crisis―from Congress, the President, and Wall Street―and addresses the logic that led to the formation of the Troubled Asset Relief Program (TARP). In his presentation, he takes the complicated issues of where we were as a nation and where we are now in relation to our current fiscal environment and explains the ramifications of our most recent financial crisis. Mr. Barofsky will also address:

• What went wrong here from an ethics standpoint?
• Who had ethical accountability and why? Were there different levels of accountability throughout the system? (Product manufacturers, investment banks financial services firms, traders, brokers / advisors)
• What could have been done differently? How did ethical decision making and motives play a part in the breakdown of the system? How will they have to play a part going forward if we are to avoid this again?