NEWS
CPIC Chairman: Lessons from the Financial Crisis
James Chanos, the chairman of the Coalition of Private Investment Companies, and Robert Sloan, of S3 Partners, discuss lessons from the financial crisis on CNBC’s Squawk Box on November 12.
“Accounting matters a lot. Messieurs Glass and Steagall may have had it right. Compromising financial statements. Shooting the messengers. The rating agencies, and what went wrong,” Chanos said in listing some of the lessons he’s identified.
“The real root causes of what happened aren’t being directly addressed,” said Chanos. “Now, very worrisome to me, as a consumer of financial information, is that we’re compromising the integrity of the numbers that are provided to obfuscate bad news.”
