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Events on Thursday 23 October 2008 1
2008Financial crisis — Greenspan finds "a flaw"The collapse of Lehman Brothers in September 2008 triggers the worst financial crisis since the Great Depression. The crisis is driven precisely by the instruments and practices Greenspan had championed: unregulated derivatives, excessive leverage, subprime mortgage securitisation and the faith that financial institutions would self-regulate their risk. Testifying before the House Oversight Committee on 23 October 2008, Greenspan makes his most significant public statement since leaving the Fed: 'I have found a flaw. I don't know how significant or permanent it is. But I have been very distressed by that fact.' The admission is extraordinary.