Former President Bill Clinton now says he had an inadvertent role in the credit crisis and the
In fact, it was a huge mistake, Clinton said in an interview with Bloomberg News. But he blames former
“Their argument was that derivatives didn’t need transparency because they were ‘expensive and sophisticated,’ and only a handful of people buy them, and they don’ t need any extra protection,” Clinton said.
“The flaw in that argument was that, first of all, sometimes people with a lot of money make stupid decisions and make [them] without transparency,” Clinton continued, noting that while derivatives make up 1% of financial products, the overwhelming amount of money invested in them effectively threatened to destroy the world economy.