Phil Angelides

“It was a race to the bottom, to see who could take on the most risk, who could make the most money, who could pay themselves the most. It was a race with no speed limits, and it resulted in a horrific crash.”

“This was an avoidable crisis. The captains of finance and the public stewards of our financial system ignored warnings and failed to question, understand, and manage evolving risks within a system essential to the well-being of the American people.”

“The greatest tragedy would be to accept the refrain that no one could have seen this coming and thus nothing could have been done. If we accept this notion, it will happen again.”

“This is a story of greed, this is a story of stupidity, this is a story of people who were running Wall Street who had no idea what they were doing.”

“Like a tragedy foretold, the crisis was not a natural disaster, but the result of human actions and inactions.”

“We have a choice in this state. We can either help the criminals or we can help the victims. And I have made the choice to help the victims.”