The Future of Business Leadership

" That -- former Fed Chairman Alan Greenspan testified earlier today saying he's been a state of shock disbelief that banks didn't do a better job. Up protecting shareholders does our next guest. Agree Paul Bennett is dean at Dartmouth tuck school of business country's best business school according to four. He also serves on the board of General Mills and BJ's wholesale club. -- pond why did the markets work in this case of south of regulating themselves it just and again with Greenspan is stock. That's enough."

" A lot a lot of economists and others that I know that talk about these things affect a lot of all the time."

" Believed. And still believe that in the long run markets -- the best way to handle. All of these economic situations but obviously in this case -- were not enough I really believe that the complexity. And the global nature of the inter active nature of all of this actually outstripped. Our ability to analyze and understand that and a comprehensive way. And certainly regulators who you would expect some people who would have a model. To model all of this -- to make determinations on the systematic basis I don't think they did that that's to me the most shocking book. We'll shocking report is that doesn't seem like it was anybody's job. To put a comprehensive model while -- work on there all the time and warn people for an advance that these risky behaviors. We're going to cascade into this type of disaster and so. I think that markets work but I think it's possible to innovate in such a way of such -- fundamental thing is this this money system. That basically. There weren't able to understand what what the government's done a free markets dead as we know it or not. Not at all I think -- money and the banks and everything else I know before kind of and we're kind of in the panic stage now. I think the liquidity crisis has been calm down. But we're kind of panic stage and equity markets. But I think that. That we need and I hope we get to. Much better analysis especially long term comprehensive analysis of the danger for the systematic failure I don't think people knew it seems to me. That the regulators. Work learning on the job and that kind of stumbled into the final solution. Without really understanding it completely. And that's a shocking thing you you we all would have expected that something so important. That they would have they would figured out earlier and had -- a more regular way of approaching it."

" I hear more more than people who work on Wall Street in the investment business now blaming Washington. For creating this problem did the growth and Fannie Mae and Freddie Mac oh we had to keep up with that. Come on isn't isn't there more blame to go around it should they discount them. Look in the mirror."

" Well the people and that many that -- I've talked to in the firms that that work close to the top and all the wrong. Didn't completely understand I think there was this element. Very few people on boards -- the upper level. -- willing to challenge. The genius is that the lower level who worked for the evening tremendous returns it happens in bubbles there's innovation and people oh now is that. Is that some type of ethical failure not to challenge not to say -- understand. This risk level I think there's an ethical issue here there it is."

" Finley go what what was that sarbanes Oxley for that didn't we are just go through this back in 2012002. With Enron. And how did we end up with an even bigger bubble what that just a little taste of debate a bubble that way they're different bubbles I think."

" WorldCcom and Enron were really ethical. Situations where individuals you that they were probably doing something that really stretched reality. I'm not sure the people in this bubble. Were there wasn't that kind of personal ethical violation -- thing if this was a blindness. To the overall effect of this and and I think that. We're going to get regulations and we're going to get market discipline going forward that will keep this this extraordinary risk taking."

" in and in check but also we're gonna get villains and is that going to hurt their business of."

" Run in a business school -- think people rather be engineers and going to business. The engineers have to be part of businesses that I think. Business management is here to stay. And talk has been a business over a 108 years. Through all kinds of impressions then and recessions and we're going to continue. And I think it won't let go up during a recession. Only this bird and it will it does go up. Initially. But what really draws people to a great business school. -- the prospects for a future of leadership and business. And that's going to come back and the future for our business in America's bright. Well after a period of adjustment I think so obviously yes."

" is -- me the band has come back anytime he's the gain of Dartmouth tuck school fifth."