Harvey Pitt: Crisis Caused By Debt, Greed, and Idiocy

Former SEC chairman Harvey Pitt showed up on CNBC to weigh in on Sunday night’s financial apocalypse. He blamed debt and greed.

“I think there are serious problems with how we’ve gotten to where we are…It’s a result of people over leveraging and not following best-business practices…People who invested in these markets were over-leveraged 100 to 1…no one understood how much leverage that was…the problem is that these were bad biz decisions and no transparency and there has to be transparency going forward.”

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