http://en.wikipedia.org/wiki/Federal_Reserve_System#cite_note-91
His report states, "Our review of lessons learned from the crisis reveals a culture that is too risk-averse to respond quickly and flexibly to new challenges." One supervisor said, "Within three weeks on the job, I saw the capture set in." When asked to remove the quotation from his report, Beim refused. He claims, "They didn't give an argument. They were embarrassed." The report further quotes Fed employees saying, "Until I know what my boss thinks I don't want to tell you," as well as, "no one feels individually accountable for financial crisis mistakes because management is through consensus." Unsurprisingly, one of the recommendations listed in his report encourages a "sustained effort to overcome excessive risk-aversion and get people to speak up when they have concerns, disagreements or useful ideas. Encourage a culture of critical dialogue and continuous questioning."
His report states, "Our review of lessons learned from the crisis reveals a culture that is too risk-averse to respond quickly and flexibly to new challenges." One supervisor said, "Within three weeks on the job, I saw the capture set in." When asked to remove the quotation from his report, Beim refused. He claims, "They didn't give an argument. They were embarrassed." The report further quotes Fed employees saying, "Until I know what my boss thinks I don't want to tell you," as well as, "no one feels individually accountable for financial crisis mistakes because management is through consensus." Unsurprisingly, one of the recommendations listed in his report encourages a "sustained effort to overcome excessive risk-aversion and get people to speak up when they have concerns, disagreements or useful ideas. Encourage a culture of critical dialogue and continuous questioning."
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