Who were behind The Great Recession (2008)?

Mahalakshmi P - Infobite Aug 7, 2020

Who were behind The Great Recession (2008)?

The Great Recession 2008 is considered one of the World's greatest economic downfall that costs the world Trillions of Dollars and Millions of people losing their jobs.

The greed and thirst for money, power, and out-of-control financial industry in United States of America caused The Global Recession in 2008.

The crisis was not an accident. It started when:

  • Private institutions saw gain over public loss.
  • The American Government turned into Wall Street Government.
  • Government supported deregulation in financial sectors.
  • Financial innovations turned into weapons of mass destruction.
  • Rating Agencies turned into puppets for money.
  • Introducing subprime mortgage rate / predatory loans.
  • Lack of investigation on the financial frauds.

The major institutions behind the crisis were,

Investment Banking Companies:

  • Goldman Sachs
  • Lehman Brothers
  • Morgan Stanley
  • Bear Stearns
  • Citigroup
  • JP Morgan
  • Merrill Lynch

Insurance Companies:

  • AIG (or AIGFP)
  • MBIA

Rating Agencies:

  • Moody's
  • Standard & Poor's
  • Fitch

Read Next: How The Great Recession started?