What Caused The Global Financial Crisis according to Nicholas Ryder

The Global Financial Crisis according to Nicholas Ryder

Nicholas Ryder is a Professor in Financial Crime in the Department of Law at the University of the West of England. Ryder is a member of several editorial boards and has published extensively on financial crime including his 2014 book The Financial Crisis and White Collar Crime: The Perfect Storm?

1. Which FCIC View best represents the causes of the Financial Crisis?

Majority Conclusions

2. Which narrative presented by Douglas Elliott and Martin Baily of the Brookings Institute in Telling the Narrative of the Financial Crisis: Not Just a Housing Bubble best represents the causes of the Financial Crisis?

“Everyone” was at fault: Wall Street, the government, and our wider society.

3. I believe the Global Financial Crisis is ongoing.

4. What were the primary causes of the Global Financial Crisis?
There are many factors that contributed toward the financial crisis including weak banking regulation, the deregulation of consumer credit laws, high risk banking, greed, the sub-prime mortgage crisis, securitisation, deregulation of banking laws, convenient credit, irresponsible or predatory lending and weak macroeconomic policies. These provided an economic and financial setting that was exploited by white collar criminals.

5. What still should change as a result of the crisis?
One of the most significant changes that needs to take place is the prosecution of those involved in white collar criminals activities that caused the financial crisis. There has only been one successful prosecution in the US and one in the UK since 2008. Financial regulatory bodies have been preoccupied with imposing media friendly financial sanctions as opposed to starting criminal proceedings.

Compiled by Gary Karz, CFA
Host of InvestorHome

Global Financial Crisis Survey

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