A psychologist who analysed the apologies he heard from Wall Streeters in front of the FCIC this week is not moved.When Chuck Prince, Greenspan, and Robert Rubin all stood in front of the FCIC this week, they offered statements that sounded kind of like apologies. But here’s what they actually mean, translated by a psychologist for Psychology Today.
Greenspan: “I was right 70 per cent of the time, but I was wrong 30 per cent of the time.”
Translation: Sorry I’m not infallible.
Prince: “I’m sorry that the financial crisis has had such a devastating impact on our country. . . . And I’m sorry that our management team, starting with me, like so many others, could not see the unprecedented market collapse that lay before us.”
Translation: Sorry my team failed to see into the future.
Robert Rubin: “We all bear responsibility for not recognising this, and I deeply regret that.”
Translation: Sorry everybody was wrong.
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