Comments | the_recession: Financial Crisis Inquiry Commission: Meltdown Was "Avoidable"

cieldumort in the_recession

Financial Crisis Inquiry Commission: Meltdown Was "Avoidable"

Jan 26, 2011 13:17

NYT
Financial Crisis Was Avoidable, Inquiry Concludes

The 2008 financial crisis was an “avoidable” disaster caused by widespread failures in government regulation, corporate mismanagement and heedless risk-taking by Wall Street, according to the conclusions of a federal inquiry.

The commission that investigated the crisis casts a wide net ( Read more... )

file under "duh!", derivatives, collateralized debt, subprime, global financial trainwreck of 2007-?, fraud, anatomy of a meltdown, bank runs, federal reserve, alan greenspan, bear stearns, citigroup, deregulation, ben bernanke, lehmann, bush administration

Comments 2

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cieldumort January 27 2011, 08:38:13 UTC

srsly

nebris January 28 2011, 00:01:05 UTC

In contrast, the report penned by the six Democrats on the panel said the evidence showed that the GSEs were not at the forefront of the riskiest sub-prime lending, but instead they followed the lead of Wall Street firms.

Nor was President Clinton's "Community Reinvestment Act" a significant factor in subprime lending, the report said, although "community lending commitments not required by the [act] were clearly used by lending institutions for public relations purposes".

http://www.bbc.co.uk/news/business-12297002