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Article: Central banks hailed for tackling financial crisis.
- Article from:
- Gulf Daily News (Manama, Bahrain)
- Article date:
- September 28, 2009
CopyrightCOPYRIGHT 2009 Al Bawaba (Middle East) Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: ARTHUR MACDONALD Pictures: JAYACHANDRAN
MANAMA: The US Federal Reserve and global central banks were yesterday praised for how they handled the global financial crisis.
Speaking at a gala dinner of the Bahrain Association of Bankers at the Ritz Carlton Hotel and Spa last night, JP Morgan Asset Management chief executive officer Jes Staley told more than 250 guests that the global economic system was on the verge of a systematic breakdown.
"This crisis was not about confidence alone," he said.
"There were mistakes made by many banks, including mine, as well as those by regulators, by policy-makers and by individuals, who took on ...