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Time blames Bush, Clinton, 23 others

world Updated: Feb 16, 2009 08:20 IST

PTI
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Former US Presidents George W Bush and Bill Clinton, and Chinese Premier Wen Jiabao are on the list of '25 People to Blame for the Financial Crisis', compiled by

Time

magazine.

The list also features former Federal Reserve Chairman Alan Greenspan, past Securities and Exchange Commission Chief Chris Cox, former Treasury Secretary Hank Paulson and 'American Consumers', among others.

"Time's picks for the top 25 people to blame for the financial crisis include everyone from former Federal Reserve Chairman Alan Greenspan and former President George W Bush to the former CEO of Merrill Lynch and you -- the American consumer," the magazine said in an accompanying report published online.

New York financier Bernie Madoff, who has confessed to swindling funds to the tune of 50 billion dollars, former Merrill Lynch chief executive Stan O' Neal, former boss of Royal Bank of Scotland Fred Goodwin and former Iceland President David Oddsson are also on the list.

Pointing out that Bush embraced a governing philosophy of deregulation, the magazine said it trickled down to federal oversight agencies, which in turn "eased off on banks and mortgage brokers".