Rodge Cohen on the Causes of the Financial Crisis (The Deal and The Am Law Daily)November 9, 2009
The Deal interviewed Rodge Cohen about his thoughts on the causes of the financial crisis and the developments in bank regulatory issues. In the clip, he noted that the Glass-Steagall Act, the repeal of which some have attributed to the cause of the financial crisis, had nothing to do with big bank failures, such as Lehman Brothers and Bear Stearns. "So much of the origin of the problem was the unregulated mortgage bankers and brokers who basically, ultimately, polluted the system." Mr. Cohen stressed the need to have comprehensive regulation in the financial services industry, "We clearly need a resolution regime which is more attuned to the exigencies of a situation in which large financial institutions are in jeopardy." A November 10 article in The Am Law Daily, "Rodge Cohen: Glass-Steagall Repeal Not Responsible for Financial Crisis," recapped Rodge's interview with The Deal.