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Hey, Wha' Happened? Washington Panel to Begin Meltdown Inquiry
Former California treasurer Phil Angelides, now the chairman of a new, ten-member commission may hold the answers to the $5 million dollar questions- what caused the financial meltdown of 2008 and were big financial firms (and their government regulators too) criminally responsible for it?
Appointed by the Democrats to lead the Financial Crisis Inquiry Commission (why not just anoint them the Crisis Zsars?) the group will examine the conduct of top officials at firms we all knew and loved- Lehman, Citi, AIG, Bear, Fannie and Freddie too.
The panel plans to detail the findings ahead of its December 2010 deadline, hoping to spur congressional debate on the issues. I mean, what else does Congress really do anyway?
Let me reiterate the costs for all this- $5 million. I don't care how much the dollar is getting hammered, this is still awfully expensive, considering I know a few people, (some even bloggers), who would do these deeds for free (and clicks, of course).
"We must move forward on our work as quickly as possible so that it is as relevant as possible to the policymakers in Congress," notes Angelides.
The commission helds its first public meeting today, some four months after being established as part of a mortgage fraud bill.
Armed with a $5 million budget and the power to subpoena records, the commission is the first independent (yet publicly funded) accounting for what caused the markets to collapse a year ago.
The whole idea just doesn't sit right with me. Must we really spend $5 million for these answers? Will it really change policy? And please, the guy's a former treasurer for California, and we know how financially sound California is... But I digress.
The commission promises to hold nothing back. A coalition of liberal activist groups urged Angelides "The commission should name names. The public has a right to know who the people and institutions are that acted in an irresponsible manner -- especially if they are still in positions of authority or influence..." noted in a letter published by the Associated Press.
The activists even setup a toll-free tip line and dedicated website http://www.TellTheCommission.com to encourage whistle blowers to come forward.
Yeah, go get'em.
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I suspect they'll determine that Oswald acted alone.
lol....this is the brevity-is-the-soul-of-wit version of my comments....
Ah yes, they smell blood. Just wait until they get their first taste of it. No holds barred means do not bother putting a lock on your livestock's door.
Wasn't Angelides a residential real estate developer?
$5 million dollar questions- what caused the financial meltdown of 2008 and were big financial firms (and their government regulators too) criminally responsible for it?
ALL OF THEM - where do i collect my $5 million?
Being delivered by black helicopters.
Good lord... Angelides??? That guy is such a freaking hack.
But Phil is a "hacks" hack... a professional long term hack at that... Political Hack Hall of Fame material...
I believe he is the guy who made CalPERS invest with socially responsibility. Yeah, that worked out. Now all us CA citizens get to pay bunches more taxes....
He should be one of the perps being grilled by the panel, not heading it.
Why is this phrased in past tense...it isn't "what happened" because it is still going on! The taxpayers today bought $1 billion of FREQUNT FLYER MILES in a bailout for American Airlines (and those holding bets on their inevitable demise.)
Wheeew! I'm releaved to know that there will be a thourough investigation and revealing outcome to this. Maybe now I can sleep at night.
Try warm milk. It helps me.
"the group will examine the conduct of top officials at firms we all knew and loved- Lehman, Citi, AIG, Bear, Fannie and Freddie too."
I'm more interested in hearing from GS and the other usual suspects. In other words, from the living, not just the dead.
i would love to hear from barney frank,
chris dodd, charlie rangel to say nothing
of regulator crooks...
let's not show prejudice against banksters -
politicians and bureaucrats are crooks too
And what happens if names such as Nancy Pelosi, Chuck Grassley and Barney Frank start popping up? I don't see this as anything other than deflecting blame away from Washington and maybe throwing a couple banksters under the bus to pacify the masses.
I think it's all Madoff's fault. Might as well scape the only goat that's already been scalped.
Don't forget Lehman...they engaged in so much criminal behavior that they were forced to default. Since no one else defaulted they haven't committed any crimes so they can ignored.
What is the tip line for? All the information for a conspiracy case (the one they used for the mafia, I forget the technical term) is there already.
It's a charade like every other damn thing.
American's are too fat and stupid to pick up pitchforks and rebel. Most can't get find a city without a garmin and probably know more about Paula Abdul than any elected official.
http://levellers.files.wordpress.com/2009/09/americans-world.gif?w=797&h=525
LOL, so true.
That map pretty much just read my mind.
That's too funny, but in general is probably true.
and when the commission publishes its findings that the economic crisis resulted from systemic flaws as opposed to criminal actions, a fringe conspiracy movement will emerge whose members will be known as "Economic Truthers"
Ha! that's good. I don't think there has ever been a post Renaissance period where the word 'truth' has held such negative weight.
They'll blame it all on Bernie!
link provided at the end redirects you to an a**hole running for Senate in MA.
" And please, the guy's a former treasurer for California, and we know how financially sound California is... "
Not only that, my dear Travis, Angelides owes every dime of his personal wealth, every campaign financed, every political victory to mega developer and scamster Angelo Tsakopoulos. So there are clearly portions of this crises Phil Baby won't be going any where near.
Phil is about as unconnected to Wall Street and complex finance as you can get, except for all the crappy bonds and investments Wall Street sold him as Ca. Treasurer. Not exactly the kind of qualifications you want for this job. While running against Arnold last time, his campaign headquarters was a dark no activity building (read no campaign workers, no volunteers...hell, no lights on!) dive in midtown down the street from a really bad Sac pizza parlor...
Just the kind of clown you want tackling the biggest engineered financial fraud in 79 years. A not too knowledgeable crony clown. Having seen Calif. treasurers over the last 40 years... the job only means you listen to what bond salesmen tell you. Smells like a Pelosi crony appointment since Pelosi's husband is up to his eyeball in bad SF CRE investments...
Just think of Leon Panetta at CIA...
The FED is closet full of skeletons. I mean full of skeletons. To figure them out would require a team of abnormal psychologists, mathematicians, criminal attorneys, criminal judges and computer hackers and you'd have to invent the field of forensic historian.
http://www.nytimes.com/2009/09/16/us/16coin.html?_r=3&hpw
Don't you just love how the FED LOVES to always say government property government property when it's no more connected to the government than Sears Roebuck is.
Fill me in, was there some kind of meltdown in 2008? Now we have a HARD deadline of December 2010 to determine if there was a problem. How about we release the results after November 2012.
American's are too fat and stupid to pick up pitchforks and rebel. Most can't get find a city without a garmin and probably know more about Paula Abdul than any elected official.
Kiss my (__|__)!
Don't under estimate the people that do not
Have memberships to your exclusive
world. Paula Abdul is brain dead! Paula's brain death was caused by an unfortunate accident with a pitch fork which was held by Simon.
Yah, just like the 30's. We'll never learn. Wasted time on this while the really big issues are ignored! Instead of innovation we get mental masturba....
we get mental masturba....
Stimulating ones mental juices,may cause a pre mature
Malfucktion. I do enjoy focusing on bigger issues. The 30's do not reflect on today's economic melt down at all. The Dynamics between the 30's and the 21st century are not remotely similar. When one pulls their head out from a damn history book, the comparisons are absurd.
actually 5m usd is chump change. surely there are enough knowledgeable folks who could provide plenty of incindiary information for less but as far as government processes go this is just enough money to cover up the problem....
this will be another warren commission report with enough lies to fool the vast majority but of such branzeness to cause the informed to burn with anger when not laughing with hysteria....
i would save the money to torture at guantanamo nancy pelosi, harry reid, george bush, ben bernanke, alan greedscam, and kenyan rockefeller sock puppet barry soetoro mubrak hussein obama.....