• The human misery caused to millions of people by extensive job losses, business failures,
foreclosures, the destruction of neighbourhoods, the loss of personal savings, personal
hardships and individuals loss of self-esteem and self-respect. TurningWinston Churchill’s
most famous quote on its head, you could say that never in business history has so much
been ruined for so many by so few. When giving testimony to the Financial Crisis Inquiry
Commission in Washington, DC, in January 2010, Brian T. Moynihan, CEO and President
of Bank of America, stated: “Over the course of this crisis, we as an industry caused a lot
of damage. Never has it been clearer how mistakes made by financial companies can affect
Main Street, and we need to learn the lessons of the past few years.”