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Complete FCIC Report

Tyler Durden's picture





 

THE FINANCIAL CRISIS INQUIRY REPORT: FINAL REPORT OF THE NATIONAL COMMISSION ON THE CAUSES OF THE  FINANCIAL AND ECONOMIC CRISIS IN THE UNITED STATES (pdf)

 

 


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Thu, 01/27/2011 - 11:13 | Link to Comment unwashedmass
unwashedmass's picture

yeah, and,...

i'm sure the calls are already into the media to make sure that this is a one day story.

ain't no way these boys are parting with a dime of the multi-generational wealth they stole.

Thu, 01/27/2011 - 11:32 | Link to Comment whatz that smell
whatz that smell's picture

SnP 1300, bitchez!

Thu, 01/27/2011 - 11:50 | Link to Comment hedgeless_horseman
hedgeless_horseman's picture

Trichet Says ECB Will Do What Is Needed on Inflation

Bernanke Asks 'Are You Threatening Me?'

http://noir.bloomberg.com/apps/news?pid=20601109&sid=azfVgRrKiILk&pos=10 

Thu, 01/27/2011 - 12:01 | Link to Comment Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Stock Market crashing!!!!!!!

I hope the bears are hungry.

Thu, 01/27/2011 - 18:51 | Link to Comment Pat Hand
Pat Hand's picture

What are you talking about?

Thu, 01/27/2011 - 11:16 | Link to Comment unwashedmass
unwashedmass's picture

 

if bank of america is cratering and there are no buyers, does it fall?

good question in this market....

take a look.

Thu, 01/27/2011 - 11:23 | Link to Comment MiddleMeThis
MiddleMeThis's picture

So if BAC is my mortgage lender and they fail, does that mean I no longer have to pay my mortgage?  *sigh*  I really need to get out from under those criminals.

Thu, 01/27/2011 - 11:28 | Link to Comment Alcoholic Nativ...
Alcoholic Native American's picture

Screw waiting, you don't even have to pay your mortgage now!

Think of it has hush "discretionary spending" money. Everybody's doing it.

ONLY CHUMPS PAY THEIR BILLS

*****stares at the float*****

Thu, 01/27/2011 - 11:33 | Link to Comment downrodeo
downrodeo's picture

lol, exactly! You gave them plenty of bailout money already, albeit unwillingly. They have enough from you as it is; just tell them to suck it.

Thu, 01/27/2011 - 11:46 | Link to Comment MachoMan
MachoMan's picture

Not as easy when the federal government is a shareholder...

Thu, 01/27/2011 - 11:49 | Link to Comment Vashta Nerada
Vashta Nerada's picture

FNMA has been buying all of the mortgages they can.  They have bought virtually all loans closed in the past two years. 

Thu, 01/27/2011 - 11:53 | Link to Comment unwashedmass
unwashedmass's picture

 

I trade BAC on a daily basis, against the computers, i know....

but today, the unloading is truly stunning, massive sells going on

did something happen or come out that i missed?

Thu, 01/27/2011 - 15:15 | Link to Comment MachoMan
MachoMan's picture

My home loan was purchased by fannie and is serviced by BAC!

Thu, 01/27/2011 - 13:57 | Link to Comment MiddleMeThis
MiddleMeThis's picture

True, true; so then technically THEY owe me!  Right?  LOL!

Thu, 01/27/2011 - 14:02 | Link to Comment downrodeo
downrodeo's picture

Well, of course. They don't exist without your business and/or bailout money. However, as MachoMan pointed out above, it will be difficult to get them to see it that way...

Thu, 01/27/2011 - 11:45 | Link to Comment MachoMan
MachoMan's picture

Offhand, my guess is that your note/mortgage have been offloaded to third parties (probably plural) and BAC is still your servicer...  if so, another servicer will be appointed and you'll likely get to keep paying.

However, practically speaking, if the invalid assignments (ibanez) trail back to BAC, then through the ensuing chaos of BAC's failure, your little case might get lost in the plot.  If you were to say, contest the new servicer's ability to collect your note payments, then it may just be that the real party in interest can't be found (since it won't exist)...  In short, there would have to be a determination amonst all the assignees as to who owns the shit after putbacks ensue...

My guess is that a bankruptcy trustee will be more than happy to keep collecting your payments...  and, when BAC is sold via firesale to a principal actor in the fraud and/or the federal government (not sure that isn't redundant), then they'll come pounding on your door for the payments...  However, that is not to say that you cannot work out an arrangement with them for a significant reduction in principal for the trouble they caused you :)

The debt remains long after the car (or house in this case) is forgotten.

Thu, 01/27/2011 - 13:55 | Link to Comment downrodeo
downrodeo's picture

The main question in my mind on this subject is who would be able to afford to buy B of A and all of their toxic crap? I suppose it would just be split up into a million little pieces and sold off like you said. The price would probably have to be pennies on the dollar though. Much pain and confusion ahead.

Thu, 01/27/2011 - 15:17 | Link to Comment MachoMan
MachoMan's picture

This is the last act of the play, where the spoils from the wealth gap get converted to real assets and/or are directly convertible to real assets...  obviously they have balanced portfolios of real wealth, but this is the last act... 

Thu, 01/27/2011 - 14:02 | Link to Comment MiddleMeThis
MiddleMeThis's picture

I have no intention of defaulting.  I was just making an off-handed joke.  Although I certainly wouldn't mind NOT having a mortgage payment.

Thu, 01/27/2011 - 11:17 | Link to Comment snowball777
snowball777's picture

The only relevant seven words:

 

"We conclude this financial crisis was avoidable."

 

Thu, 01/27/2011 - 11:21 | Link to Comment Misean
Misean's picture

Probably had to do with snow...

Thu, 01/27/2011 - 12:02 | Link to Comment Oh regional Indian
Oh regional Indian's picture

Maybe it has something to do with the fact that all four top "staff" are jewish?

Edelberg, Cohen, Seefer and Feldberg.......???

Monkey threw 4 darts to head up the "Investigation" and all four turned out to be Jewish?

Come come! Dead give-away right there.

ORI

http://aadivaahan.wordpress.com/2011/01/27/wisdom-for-warriors-6/

 

 

Thu, 01/27/2011 - 16:50 | Link to Comment hardcleareye
hardcleareye's picture

'.

Thu, 01/27/2011 - 16:48 | Link to Comment hardcleareye
hardcleareye's picture

Lots of valid reasons to be critical of the report, Jewish sounding names is not a one of them. Is that the extent of your intellectual abilities?

Thu, 01/27/2011 - 11:23 | Link to Comment taraxias
taraxias's picture

And the most relevant words missing:

"we conclude the next financial crisis is unavoidable" 

Thu, 01/27/2011 - 16:36 | Link to Comment hardcleareye
hardcleareye's picture

That is implicit in the report.

Thu, 01/27/2011 - 11:18 | Link to Comment buzzsaw99
buzzsaw99's picture

I don't have to read it. Nobody at the tbtf are going to jail. zirp 4evah. bailouts when needed. Bonuses to continue. That is all.

Thu, 01/27/2011 - 11:23 | Link to Comment Andrewoldbullio...
Andrewoldbullionjackson's picture

i already read it in "The Panic of 1819" by Murray Rothbard

Thu, 01/27/2011 - 11:24 | Link to Comment downrodeo
downrodeo's picture

and they explained it all in only about 555 pages? They must have had the best minds in the world working on that one!

Thu, 01/27/2011 - 11:50 | Link to Comment Oh regional Indian
Oh regional Indian's picture

It's called Brevity down. 

Which of course is the soul of wit.

To Whit, this is a witty report.

A malter witty report as it were.

Pocketa pocketa ta pocketa...

ORI

http://aadivaahan.wordpress.com/2011/01/26/a-ha-ahahaha/

Thu, 01/27/2011 - 13:47 | Link to Comment downrodeo
downrodeo's picture

wit indeed. they didn't hold back on that at all. The best way to reinforce a lie: form a commission.

Thu, 01/27/2011 - 11:25 | Link to Comment SpeakerFTD
SpeakerFTD's picture

Hard to make out the small words in the cloud on a blackberry but I don't see the word "fraud" at all. That pretty much sumd up the value of the report for me.

Thu, 01/27/2011 - 11:25 | Link to Comment Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Where is, "Piece of sh*t collateralized mortgages"?

Thu, 01/27/2011 - 11:27 | Link to Comment Caviar Emptor
Caviar Emptor's picture

This report is as relevant today as a detailed study of the South Sea Bubble of 1720. 

SSDD

Thu, 01/27/2011 - 11:27 | Link to Comment slow_roast
slow_roast's picture

Did Angelo Mozilo pen this report?

Thu, 01/27/2011 - 14:05 | Link to Comment downrodeo
downrodeo's picture

Not unless they're installing word processors in the tanning beds these days...

Thu, 01/27/2011 - 11:30 | Link to Comment nate28jf
nate28jf's picture

"Fannie Risk" - what these crooks should be feeling if anybody ever prosecuted them.

Thu, 01/27/2011 - 11:31 | Link to Comment Cookie
Cookie's picture

OT

Egypt; heavyweight joins the fray

http://www.bbc.co.uk/news/world-africa-12300164

 

 

Thu, 01/27/2011 - 11:40 | Link to Comment DonnieD
DonnieD's picture

The government calls the protests "illegal". I don't think the deomonstrators are too concerned with following the governments rules at this point.

Thu, 01/27/2011 - 11:54 | Link to Comment Bob
Bob's picture

US soldier on another thread said that Egypt had requested US assistance and a short time later posted he had received "new orders",  sounded like he was shipping out . . .

Thu, 01/27/2011 - 11:58 | Link to Comment Alcoholic Nativ...
Alcoholic Native American's picture

No doubt off to go fight for freedom and democracy.

Thu, 01/27/2011 - 12:13 | Link to Comment Bob
Bob's picture

Our involvement while the whole world is watching will put al qaeda and muslim antipathy into a whole new perspective.

New perspective for most of us, at least.

Thu, 01/27/2011 - 13:24 | Link to Comment aerojet
aerojet's picture

Doin' right ain't got no end...

Thu, 01/27/2011 - 18:57 | Link to Comment Lord Koos
Lord Koos's picture

Got to secure the Suez canal.

Thu, 01/27/2011 - 11:34 | Link to Comment Contra_Man
Contra_Man's picture

Judge orders treatment for drug addiction for Stanford | Business | Dallas Business, Tex...

So remember, the next time you wish avoid going to trial after being accused of stealing FIFTY BILLION in a ponzi scheme here or over there, just state for the courts psychological representative how you're "feeling a little blue" and "down in the dumps" and how being depressed requires access to prescription medication prescribed to you in such high doses you become not fit to stand trail (anywhere) and get moved to a nice medical facility.  Nice plea bargaining if you can get it!   

Most likely you won't get that choice of plea option, but maybe it is just another way for the STreet(s) to hide incompetent feeder-funding counter-parties who are still stuck holding the invisible bag of loan losses that likely will never see the "unsealed" light of day.

Thu, 01/27/2011 - 11:38 | Link to Comment Michael
Michael's picture

I saw the picture of the beating he got in prison. Beat the living shit out of that guy.

One can only hope the bigger ponzi schemers on Wall Street get the same.

Thu, 01/27/2011 - 11:34 | Link to Comment FunkyMonkeyBoy
FunkyMonkeyBoy's picture

"S&P's Chambers says US fiscal situation is better than Japan, says US is more willing to rein in deficits than Japan"

- I nearly laughed my ass off. The US is willing to rein in deficits???? What a joke, they've literally done the opposite, print and spent, print and spent...

... black is white, white is black.

 

Thu, 01/27/2011 - 11:39 | Link to Comment Alcoholic Nativ...
Alcoholic Native American's picture

Well to be fair, the huge majority of our spending got cuked into wallstreet blackhole of profits for a global investor class and CEO bonuses. So it was almost like Austerity!

Thu, 01/27/2011 - 11:36 | Link to Comment DonnieD
DonnieD's picture

I'd like to see a chart showing the constant recycling of bank employees to the government and vice-versa. Include how much money they've made if available.

I think this would crystallize the problem for most people that don't have the financial aptititude to understand the government sponsored bank fraud.

Thu, 01/27/2011 - 11:38 | Link to Comment whatz that smell
whatz that smell's picture

initialize

   parse := [word cloud]

       success ~~ (if it walk, talk, and quack like a dip, buy it)

EndOfFile

Thu, 01/27/2011 - 11:37 | Link to Comment dick cheneys ghost
dick cheneys ghost's picture

here is my report: BANKS ARE CROOKED, SEND THEM TO JAIL.

ONLY TOOK 14 SECONDS. NO CHARGE

Thu, 01/27/2011 - 11:39 | Link to Comment Cognitive Dissonance
Cognitive Dissonance's picture

The sole purpose of this document is to find scapegoats, deflect blame and create the appearance that someone knows what happened, what's going on now and that people are "fixing" the problem.

One of the oldest tricks in the book of public myth making and Ponzi perpetuation, 21st Century style.

Thu, 01/27/2011 - 11:46 | Link to Comment Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Like the Warren commission whose head had his wife run around with the man they were seeing into.  Also, Dulles was fired by Robert and Jack, what was he doing on the committee?  Gerald Ford, Sarah Palin's better half, looks a little out of place in those photos.  Why was Robert eyeing Johnson in the White House at their first meeting after his brother's murder? 

6 out of 10 commissioners from the September 11th bombing have stated they did not receive enough information to properly deduce the official story was correct.  Yeah, these commissions just do a wonderful job, don't they?

Thu, 01/27/2011 - 11:59 | Link to Comment A_MacLaren
A_MacLaren's picture

For sheople, more wool for your eyes.

Pay no attention to the man (system) behind the curtain.

Thu, 01/27/2011 - 14:05 | Link to Comment streetman
streetman's picture

Amen.  We won't ever know the truth until we haul Congress to testify in front of Congress.  As if...

Thu, 01/27/2011 - 16:27 | Link to Comment hardcleareye
hardcleareye's picture

I found it interesting reading, much of what is said in the report has been said many times at ZH.  Perhaps I have misunderstood?

 

Thu, 01/27/2011 - 11:45 | Link to Comment BennyBoy
BennyBoy's picture

Final Report, meet Dustbin of History.

Thu, 01/27/2011 - 11:43 | Link to Comment Caviar Emptor
Caviar Emptor's picture

US Biological Weapons base went on lockdown

http://www.bbc.co.uk/news/world-us-canada-12295554

Thu, 01/27/2011 - 12:37 | Link to Comment Bob
Bob's picture

What a coincidence.  Wonder how security of those Pakistani nukes is holding up. 

Thu, 01/27/2011 - 11:44 | Link to Comment VFR
VFR's picture

Hilarious,

even quotes Men in Black as an excuse

William Martin, the vice chairman and chief executive officer of Service ?st Bank
of Nevada, told the FCIC that the desire for a “high and quick return” blinded people
to fiscal realities. “You may recall Tommy Lee Jones in Men in Black, where he holds a
device in the air, and with a bright flash wipes clean the memories of everyone who
has witnessed an alien event,” he said

Thu, 01/27/2011 - 11:49 | Link to Comment gwar5
gwar5's picture

And so it begins.... calls for IMF to be regulator and "enforcer". NWO banking? Just what the Davos report wanted.

Sarkozy says IMF should supervise global imbalances | Reuters

 

FYI, about the "Bancor"

Bancor: The Name Of The Global Currency That A Shocking IMF Report Is Proposing

Thu, 01/27/2011 - 20:54 | Link to Comment Lord Koos
Lord Koos's picture

Well sure, Banking Corporations, what a lovely name.  At least that way, everyone know who the real government is.

Thu, 01/27/2011 - 11:50 | Link to Comment TruthInSunshine
TruthInSunshine's picture

FUCK THE MOTHERFUCKING BANKS & THIS PONZI SCHEME

Thu, 01/27/2011 - 11:57 | Link to Comment Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Yup we should let them all fail.  This system of 'usury economics' is worthless and is going to kill humanity's ability to further generations.

Thu, 01/27/2011 - 12:03 | Link to Comment TruthInSunshine
TruthInSunshine's picture

I should explain my outburst.

I just spoke with an elderly woman whose family business was one of my clients a few years back.

She has over 7 digits at Bank of America, and they're paying her .002% money market.

Before anyone says "well, she's senile..." blah, blah, blah...that's not the point.

She needs to be liquid, and the obvious choice is short term treasuries, because she needs to be secure, also (yes, that yield is shit, also - I am aware).

I advised her that FDIC insurance is only 250k per qualified party on each account (they can be stacked), and that this is a criminal yield.

This is what Ben Bernanke has wrought.

I will say it now...we're going to have a collapse in this country, and a major financial crisis very soon. By soon, I mean within months or maybe a year, at most.

Savers, retirees and many people who were prudent and fiscally responsible are getting reamed, while the dope dealers like Goldman are getting whatever they want on a silver plate.

I'm a patient and deliberate person, but even I am getting pissed off.

Thu, 01/27/2011 - 12:55 | Link to Comment Thunder Dome
Thunder Dome's picture

TURN THAT SHIT UP!!!

Thu, 01/27/2011 - 16:21 | Link to Comment hardcleareye
hardcleareye's picture

+++++

Thu, 01/27/2011 - 11:51 | Link to Comment XRAYD
XRAYD's picture

Everyone is guilty, so no one is.

 

Everyone is responsible, so no one was irresponsible.

 

There are two reports - a Democratic version and a Republican version, so the other side did it.

Thu, 01/27/2011 - 12:21 | Link to Comment Hellholeratrace
Hellholeratrace's picture

The conclusions read okay until this:


"In making these observations, we deeply respect and appreciate the efforts made

Secretary Paulson, Chairman Bernanke, and Timothy Geithner, formerly president

of the Federal Reserve Bank of New York and now treasury secretary, and so

many others who labored to stabilize our financial system and our economy in the

most chaotic and challenging of circumstances."

Thu, 01/27/2011 - 12:22 | Link to Comment tellsometruth
tellsometruth's picture

just heard the chair of the report on Bloomberg say we are still at risk and because nothing has changed... but before that before that they had on B of A Ceo on with some upperlip issues, herp outbreak looking...

Thu, 01/27/2011 - 12:22 | Link to Comment jal
jal's picture

 

 

When is mainstream going to wake up.

Since when is it acceptable to blame the "cops" for what the bad people are doing?

 

You know ...

its not the fault of the rapist. Its her fault.

Its the fault of the cops that you are a dope addict

Its the fault of the cops that you are a thief.

Its the fault of the cops for not stopping you from stealing.

NOW you are accepting ...

Its the fault of the REGULATORS that there was fraud and stealing of the savings by the banksters. Those savings were just begging to be taken.

jal

 

Thu, 01/27/2011 - 16:18 | Link to Comment hardcleareye
hardcleareye's picture

 

And if I was to use your example, it would be like having the cop holding the rape victim down while rape took place (guys get raped too, so don't say it was "her fault") or the dope addict shooting up while the cop supervised or the thief stealing while the cop held the door open.....

Now do you understand!!!! 

Thu, 01/27/2011 - 12:27 | Link to Comment belogical
belogical's picture

Seems a bit foolish. Most anyone on this web page could have told you this a year or more ago. They have already done the financial reform, surprising if you think about it. They completed it before the the committee even finished looking into it.

We need prosecutions and campaign finance reform to stop industries and corporations from influencing gov't. We need to fire all regulators in a host of industries and start those agencies over again with strict conflict of interest rules and no revolving door between gov't and industry. Finally we need to audit the FED. Hold accountable any crimes and severely limit its scope of influence in our society  

Thu, 01/27/2011 - 16:04 | Link to Comment hardcleareye
hardcleareye's picture

You need to end your post with "... and they lived happily ever after.  The End".  If only fairy tales could come true.   ;)  (I share your opinion but it's not going to happen)

Thu, 01/27/2011 - 12:30 | Link to Comment PY-129-20
PY-129-20's picture

I will start my own bank. I call it the "Freddie Krueger Bank" and our slogan is: "Where your dreams come true."

Thu, 01/27/2011 - 12:47 | Link to Comment TruthInSunshine
TruthInSunshine's picture

FUITARG Bank.

'Fuck You In The Ass Real Good' (bailed out by Bernanke WITH OUR FUCKING MONEY; alive to rape and pillage some more before being bailed out again by that cocksucker).

Thu, 01/27/2011 - 12:44 | Link to Comment SwingForce
SwingForce's picture

I'd rather read "The Greatest Trade" again.

Thu, 01/27/2011 - 12:54 | Link to Comment Eureka Springs
Eureka Springs's picture

Hey, Where's the cloud full of words like LOOTING, FRAUD, justice system, FBI, no bail, trillions of dollars, frog-march, orange jumpsiuts, life in GITMO, rope, lampposts?

 

I guess that cloud is just to dark to see.

Thu, 01/27/2011 - 13:05 | Link to Comment whatz that smell
whatz that smell's picture

you can't see the cloud 'cause you're blogging it, grasshopper.

Thu, 01/27/2011 - 13:06 | Link to Comment Forgiven
Forgiven's picture

Shouldn't the word "RISK" be higher in the word cloud?

Thu, 01/27/2011 - 13:30 | Link to Comment JR
JR's picture

This is banana republic Tunisia-type corruption.

Goldman Sachs Got Billions From AIG for Its Own Account, Crisis Panel Finds | Huffington Post today…

Goldman Sachs collected $2.9 billion from the American International Group as payout on a speculative trade it placed for the benefit of its own account, receiving the bulk of those funds after AIG received an enormous taxpayer rescue, according to the final report of an investigative panel appointed by Congress.

The fact that a significant slice of the proceeds secured by Goldman through the AIG bailout landed in its own account--as opposed to those of its clients or business partners-- has not been previously disclosed. These details about the workings of the controversial AIG bailout, which eventually swelled to $182 billion, are among the more eye-catching revelations in the report to be released Thursday by the bipartisan Financial Crisis Inquiry Commission.

The details underscore the degree to which Goldman--the most profitable securities firm in Wall Street history--benefited directly from the massive emergency bailout of the nation's financial system, a deal crafted on the watch of then-Treasury Secretary Henry Paulson, who had previously headed the bank.

"If these allegations are correct, it appears to have been a direct transfer of wealth from the Treasury to Goldman's shareholders," said Joshua Rosner, a bond analyst and managing director at independent research consultancy Graham Fisher & Co., after he was read the relevant section of the report. "The AIG counterparty bailout, which was spun as necessary to protect the public, seems to have protected the institution at the expense of the public."  More at…

http://www.huffingtonpost.com/2011/01/26/goldman-sachs-aig-backdoor-bail...

Thu, 01/27/2011 - 14:01 | Link to Comment streetman
streetman's picture

The FCIC is an epic fail, and of course purposeless since Dodd-Frank was passed before anyone had a chance to read the (worthless) results.  They started with a hypothesis and excluded data (tons) that didn't confirm it.  It was all greedy bankers, lack of regulation, evil derivatives, and predatory lending...never the unintended consequences of failed government policies.

Phil Angelides is a politician, period, and this document is nothing more than propaganda which seeks to advance a very particular agenda.

Skip the noise and go straight to the brilliant and fact-filled dissenting opinions, which include an expose of the political capture of the FCIC.

 

Thu, 01/27/2011 - 15:54 | Link to Comment hardcleareye
hardcleareye's picture

Thank you for drawing my attention to the dissenting opinions.  I enjoyed the reread, reviewing it with your comments in mind. 

However, I must respectfuly disagree with your conclusions.  It would appear to me that the " propaganda which seeks to advance a very particular agenda." is to be found in the dissenting opinions, aka "friends of the Banksters and Greenspan" section!

Thu, 01/27/2011 - 17:29 | Link to Comment streetman
streetman's picture

Thanks for commenting, and I do hear you.  Certainly the parts where, rather than Wall Street, it's really all the fault of GSE's, CRA, etc., is too limited in its indictment.  But I do think the greatest trick the politicians have pulled on all of us is to have (very successfully) deflected any blame on their part on to the greedy Walls Street bankers, absent regulators, predatory mortgage lenders, i.e., the usual suspects.  It's great hyperbole, makes great headlines, and stirs the masses to revolt, but the truth is much more complex.  Our elected officials (any party) believe in one thing; political expediency, which means when things go wrong it's everyone else's fault.  Honestly, if they really were expecting something substantive to come out of FCIC wouldn't they have waited for the results before passing sweeping regulations?

I knew, unfortunately, not to expect too much as soon as Phil Angelides was named to the Commission, and the rest of the panel was stacked with "experts" based on their declared political leanings, in both directions.  As to which of the opinions is more right or wrong, we will as you say, have to respectfully disagree, I side more with the dissenters.  But one thing we might agree on is that the process was extremely flawed.  Check out Yves' post on Naked Capitalism, she is no lover of either party and thinks the whole thing, including the dissenting opinions, is a waste of time.  But even Yves does quote dissenting Commissioner Peter Wallison on the methodology of the process:

"From the beginning, the Commission’s investigation was limited to validating the standard narrative about the financial crisis—that it was caused by deregulation or lack of regulation, weak risk management, predatory lending, unregulated derivatives, and greed on Wall Street. Other hypotheses were either never considered or were treated only superficially. In criticizing the Commission, this statement is not intended to criticize the staff, who worked diligently and effectively under difficult circumstances and did extraordinarily fine work in the limited areas they were directed to cover. The Commission’s failures were failures of management."

Thu, 01/27/2011 - 14:51 | Link to Comment deepsouthdoug
deepsouthdoug's picture

Where is the word fraud in that word cloud?  I didn't squint to look at every word, but.............

Thu, 01/27/2011 - 16:29 | Link to Comment Hugh_Jorgan
Hugh_Jorgan's picture

If you want one for posterity, the full downloadable report is available here:

http://www.fcic.gov/report

(I had to right-click and "Save Link As" because it showed the PDF as damaged in my browser.)

 

 

Do NOT follow this link or you will be banned from the site!