Today's Financial Crisis Inquiry Commission hearing on credit rating agencies promises to shed quite a bit of light on one of the most profitable and corrupt businesses in Corporate America. more »
The Financial Crisis Inquiry Commission examines the collapse of Bear Stearns, the Wall Street brokerage firm that ended up being merged with JPMorgan Chase during the heart of the financial crisis. Bear Stearns argues that unsubstantiated rumors precipitated its collapse, but commissioners help make the case that it was Bear Stearns own business practices, forged in a deregulated environment, that laid it low.
The Financial Crisis Inquiry Commission examine the actions of Fannie Mae and Freddie Mac, the two semiprivate institutions that together are the backbone of mortgage financing. The two agencies are favorite targets of the right, but will there be an equally tough progressive critique of the actions of the actions of the highly paid executives who run these companies? Taxpayers are going to lose a ton of money on Fannie and Freddie, as a result of decisions made during and after the financial crisis, but what other options have policymakers really had?
The Financial Crisis Inquiry Commission hearings continue to be a boring mess, peppered with a few moments of significant insight. Throughout most of yesterday's hearing featuring the nation's top bank regulator, Comptroller of the Currency John Dugan, Commissioners treated their witness as a credible expert, rather than a culpable catalyst of the crash. more »
Alan Greenspan's testimony before the Angelides Commission certainly provided a target-rich environment, as they say in the Pentagon. Unfortunately the Commission missed all its targets, leaving the American public as undefended from financial depradation and ruin as it was before the hearing began. It was almost anticlimactic when the power failed during the final fifteen minutes of Greenspan's appearance. The light had left the room long before then. more »
The Office of the Comptroller of the Currency (OCC) is the top bank regulatory agency in the United States. It oversees the largest banks in the country, and completely failed to regulate them effectively in the years leading up to the Great Financial Crash of 2008. more »
Robert Rubin and Chuck Prince ran the financial giant Citigroup in the years leading up to the Great Financial Crash of 2008. Together, their leadership proved so disastrous that the company was forced to beg for one of the largest bailouts in economic history. more »
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