In 2009, the Guardian has identified 25 people - bankers, economists, central bankers and politicians - whose work has led the world into the worst economic crisis since the Great Depression. On the fifth anniversary of the credit crunch, what do they do?
Central bankers
-called subprime borrowers were cannon fodder for the biggest boom and bust in U.S. history. The housing collapse brought the global economy to its knees. was given the honor of knighthood in 2002 for his "contribution to global economic stability," but in 2008, during a congressional hearing investigating the causes of the financial crisis, Greenspan has finally admitted that "erred in assuming" that financial firms could be resolved. "You find that your vision of the world, your ideology was not right, it did not work?" Henry Waxman, chairman of the commission, said. "Absolutely, precisely," Greenspan. 'You know, this is precisely the reason I was shocked, because I've been going for 40 years or more with very considerable evidence that it works exceptionally well. "
After leaving the Fed in 2006, Greenspan joined Pimco, the largest bond investor, as a special adviser. Co-founder of Pimco, Bill Gross, said Greenspan had contributed to the company "billions of dollars'' in its advisory role.
Gross
Greenspan said: "brilliance" is a saver of "a lot of money for us.'' 'He created and saved billions of dollars for Pimco and'' Gross said in 2008 . He also advised Deutsche Bank and hedge fund billionaire John Paulson.Greenspan has also found time to criticize the program's current Fed Chairman, Ben Bernanke, quantitative easing. "I stayed away from commenting on the Fed's policy," said U.S. television earlier this month. "Let me say this, however, the data show that the expansion of assets has had little impact on economy, for an important reason, we have created a significant increase in the assets of the Fed's balance sheet and a large billion and an average increase in excess reserves. "
Mervyn King, governor of the Bank of EnglandAt its first meeting, the Chair of the Bank's monetary policy committee of the rate of interest (MPC) fell to a record low of 3.5% after the war. King's ambition as governor was to make the Bank "boring". If only this was the case.
been slow to respond to the crisis and initially refused to follow Greenspan to inject money into the system. The Treasury Select Committee (TSC) told me I should have known that the housing bubble to become unstable and should have been "more proactive" to moisten. just two weeks, the King finally admitted that the financial crisis is the result of "big mistakes" politicians and not just because of the greed of bankers.investment in Government Conference International in London in preparation for the Olympics, said: "We saw the beginning of the crisis, we met at the International Monetary Fund (IMF), but nothing to solve collectively, and do not think it was a problem that could be solved individually. "
More recently, the king facing the TSC to explain why the bank failed to identify the scandal Libor rate setting which is prior to the credit crisis and Bob Diamond last month resigned as Barclays CEO after King Diamond did not know and have confidence in the Bank. In the reorganization of the regulatory response to the financial crisis, the Governor of the Bank of England has emerged stronger than ever. However, the king will retire next summer, with the former Cabinet Secretary Sir Gus O'Donnell and Lieutenant Governor Paul Tucker favorites to replace him. policyBill Clinton, former U.S. President
current politicians plan to help prevent another crisis ringfence bank financial "risk" divisions "casino banking departments of the bank street more pedestrian. Clinton 13 years ago repealed the Glass-Steagall who had done exactly that. Clinton Movement, which came after a fierce lobbying by bankers, announced the birth of superbanks and the risk of pump priming high.also signed the Commodity Futures Modernization Act, which exempted credit default swaps from regulation. Around the same time Clinton has also increased in 1977, President Carter Community Reinvestment Act - forcing lenders to take a more holistic approach to poor borrowers who try to enter the housing ladder
Gordon Brown, former Prime Ministerextravaganza Brown as Chancellor was that there was "deleted Tory boom and bust." He did not. His first term was spent ministerial chair largest raid since the Great Depression. In his last speech before becoming a great Prime Minister just before the start of the crisis the bankers praised for his role in the creation of a "new golden age for the city of London."
To encourage foreign bankers working in the city fell low tax rate for non-freedom and "light-touch" regulation that meant they could get away with much more elsewhere in London.
Brown is currently working on projects to improve the levels of child poverty and education worldwide, with organizations like the United Nations.
George W. Bush, former U.S. PresidentThe collapse occurred in the Bush administration. While Clinton started the ball rolling with subprime, Bush has failed to provide much stricter regulations, the bar of the Sarbanes-Oxley introduced after the Enron scandal. And do not do much to stop the increase in loans to "Ninjas" [no income, no job seekers]. Nouriel Roubini, the economist who earned the nickname Dr Doom for his prediction that the crisis was about to hit, blame Bush. Obama "inherited a mess," said Roubini. "We're lucky that this Great Recession does not turn into another Great Depression."
Bush politics in self-imposed exile and has stood by its absence in the campaign of Mitt Romney to become the next president. "He enjoys his life in Texas. It does not seek the limelight. Y is strongly concentrated in the center of Bush, "recently said his spokesman. He" did not intend to adopt, at least not right now, "added the spokesman.
The former president wrote a book, Decision Points, the 14 most important decisions of his presidential race. The former president has received $ 7 million to 1.5 million copies.Senator Phil Gramm
"Some people consider subprime lending and see evil. Subprime loans I look and see the American dream in action," Gramm during a debate in the Senate in 2001. Another quote dynamite. "When I am on Wall Street and I realize that it is the nerve center of American capitalism and I realize that capitalism has done for American workers, for me, it is a holy place." was Gramm who had fought hard for deregulation, and contributed to the drafting of the law that allowed the creation of financial giants like Citigroup and Bank of America.
He remains unrepentant. Just a few weeks ago Gramm, who went to work for UBS Investment Bank in Switzerland until earlier this year and is now a visiting professor at the American Enterprise Institute, said: "I see no evidence that allowing them to join through holdings had something to do with the financial crisis and no one has ever presented any evidence to suggest that did. " Sandy Weill, however, a man with hands on experience in managing a large too fail, the bank and the former chairman and CEO of Citigroup, begs to differ . Last week, Weill said, "I probably should do is go and investment banking separate banking, banks must deposit institutions, banks made loans and commercial real estate loans and banks do something will not risk taxpayers' money, which is not too big to fail. "
Weill added. "The world has changed with the collapse of the housing market and real estate bubble ... so I do not think it is a little more (for large investment and retail combined) "
Wall Street / Banks Abby Cohen, Goldman Sachs strategist Homebear market? Cohen seems to have heard of the term. She made a name for itself in the 1990s as bullest bulls during the Internet bubble, and it is hard to remember when it was on the rise since.
It remains today a bull. "If we were to look only at the estimated fair value during the next year to three years, we believe yields are about 8-10% in the stock market are reasonable," he told Bloomberg last week.
Kathleen Corbet
, former CEO of Standard & Poorcredit rating agencies
, which S & P is the largest, a triple-A ratings to mortgage-backed securities that proved toxic and have been accused of conflict of interest because the issuers of obligations are paid by assessments. As an analyst at S & P, wrote in an email: "[A bond] could be structured by cows and we would." Another analyst emailed to a colleague. "Hopefully we are all wealthy and retired by the time this house of cards falters" Corbet resigned after a wave of criticism in 2007. Since then, he has created a company to invest in technology, energy and of course, financial services companies. She has a tumblr, but it's still really blog.Maurice "Hank" Greenberg, former CEO of AIG insurance group
Although AIG bailout took a multibillion dollar U.S. Treasury and the Federal Reserve after his massive credit default turned sour, 100 executives of AIG, where spending $ 444,000 on a golf course and spa in California. "Have you heard of anything more outrageous?" Said Elijah Cummings, a Democrat said. "They were getting their manicures, pedicures, facials, their, massages, while the American people are paying the bill."
Greenberg, now 87, began - and is running CV Starr & Co., a private equity firm named after the founder of AIG Cornelius Vander Starr. Son of Hank Scott is helping to seize sovereign wealth funds and the super-rich money to buy good plans should last decade.Andy Hornby
, former head of HBOSFormer child prodigy British company that became the top of its 800-strong class at Harvard and became chairman of Asda at the age of 32 years was the man running HBOS when he had to be rescued by Lloyds. His reputation took a blow to the FSA, the regulator seeks HBOS guilty of "serious misconduct" in the context of their taxpayer bailout and rescue by Lloyds. But there is a very busy man. After the demise of HBOS was installed as CEO of Alliance Boots (who resigned last year without reward) and is currently Executive Director of Coral bookmakers and Executive Chairman of online and mail order pharmacy pharmacy2U business.
Fred Goodwin, former head of RBS
Fred "less" was stripped of his knighthood earlier this year that public anger over its role in the onset of the financial crisis has reached the boiling point. Goodwin, who has been called "the world's worst banker", Royal Bank of Scotland brought to its knees by a series of ambitious acquisitions too. A series of 20 shots RBS become a world leader, but Goodwin was not satisfied and just before the financial crisis hit led an acquisition of $ 100 billion of the Dutch bank ABN Amro.
RBS reported the largest annual loss in UK corporate history and had to be rescued by the government worth £ 45.5bn. Currently, 82% of state property.
Goodwin again made headlines recently when he was accused of a crisis in the largest law firm in Scotland, architect, RMJM, where he served as an advisor. Approximately 80 employees have left the company after a battle over unpaid fees.
Adam Applegarth
, the former boss of Northern Rock 
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