The Peoples Democratic Party (PDP) Presidential candidate , Atiku Abubakar strategic team has consulted 92 years old former chairman of United State Federal Reserves, Alan Greenspan who was blamed for US financial crisis in 2007.
Alan was seen in photograph with Atiku’s strategists who attended the Dubai meeting, Senator Ben Murray Bruce and Reno Omokiri.
Senator Bruce in his tweet claimed that “Reno omokri and I Meeting now with Alan Greenspan, one of the greatest ever economists and former Chairman of the US Federal Reserve Bank who I invited to Nigeria to help the PDP and Atiku implement our #letsgetnigeriaworkingagain agenda.”
However, investigation into Alan profile shown that he contributed to global financial crisis in 2007.
Alan Greenspan was the chairman of the US Federal Reserve between 1987 and 2006, and many economists blamed him for the financial crisis.
The main criticism levelled at Mr Greenspan is that he kept interest rates too low for too long, encouraging a bubble in house prices to grow between 2002 and 2006.
He later told a Congressional hearing that he had “made a mistake in presuming” that financial firms could regulate themselves.
It could be recalled that during a feisty exchange on Capitol Hill, he told the House oversight committee that he regretted his opposition to regulatory curbs on certain types of financial derivatives which have left banks on Wall Street and in the Square Mile facing billions of dollars worth of liabilities.
“I made a mistake in presuming that the self-interests of organisations, specifically banks and others, were such that they were best capable of protecting their own shareholders and their equity in the firms,” said Greenspan.
Greenspan was born in New York City on March 6, 1926. After studying music at Juilliard, Greenspan embarked on a career in financial consulting.
He advised several presidents before his 1987 appointment as chairman of the Federal Reserve Board by Ronald Reagan. Greenspan remained in this position until 2006, shaping United States monetary policies over a span of two decades.
