Greenspan plays Claude Rains

Having taken in the former Fed chairman's extraordinary testimony on Capitol Hill, David Gaffen at MarketBeat summarizes this way:

Indeed, former Federal Reserve Chairman Alan Greenspan proclaimed himself “shocked, shocked” to find that gambling was taking place in these financial markets. (He even used the word “shocked,” saying that “those of us who have looked to the self-interest of lending institutions to protect shareholders’ equity (myself especially) are in a state of shocked disbelief.”

[CUT]

The Maestro dismissed the idea that he was responsible, but the truth lies not in the stars, Dear Alan, but in ourselves, and more than likely that Mr. Greenspan’s easy credit policies pursued in the wake of the technology wreck and as the housing bubble developed were more responsible than any lack of regulatory efforts.