Widespread deception across many institutional roles caused the financial crisis

Evidence

A comprehensive Senate report on the business practices that spawned the financial crisis implicated a wide array of contributing factors (Final Report, 2011). They include misleading and predatory mortgage lenders; investment banks that engaged in deceptive practices, including a lack of transparency and disclosure of the scope of risks being undertaken; credit rating agencies with conflicts of interest; and neglectful regulators who sided with the institutions they were overseeing or sought to join them as lobbyists. Lawmakers with close ties to the financial industry were also highly significant players among this diverse cast of enablers. — Albert Bandura, Moral Disengagement, 1552

Categorization

• corroborated: 2 independent passages support this claim — Albert Bandura, Moral Disengagement: How People Do Harm…, 1552