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Author Topic: Financial Crisis Inquiry Commission De$tined to Fail?  (Read 1302 times)
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WhiskeyGirl
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« on: April 06, 2010, 12:29:08 PM »

Is the Financial Crisis Inquiry Commission destined to fail?  Short funded to ensure failure?  Designed to let criminals off the hook?

WASHINGTON, April 6 (UPI) -- Members of a congressional panel investigating the recent U.S. financial crisis said limited time and a small budget had affected their wide-ranging inquiry.

Phil Angelides, chairman of the Financial Crisis Inquiry Commission, said the panel has a Dec. 15 deadline to produce a report and an $8 million budget that is far less than the $38 million spent on an investigation of the fall of Lehman Brothers, The New York Times reported Tuesday.

"We are limited by time," said the commission's vice president, Bill Thomas,

Another member of the commission, Keith Hennessey, a former economic adviser to President George W. Bush, said, "We lost a fair amount of time on the front end."

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Commission members said Thomas and Angelides bickered over whether to release preliminary reports before the Dec. 15 deadline. Others said Angelides was focused more on public hearings than in-depth investigations.

Hmmm...release preliminary reports before elections?

Focus on hearings and NOT REAL INVESTIGATIONS? 

Hearings for show purposes?  Do hearings result in wrong doers/criminals being held accountable?  Or, are hearings for show?

Why not real investigations?  Find the out the wrongdoers?  Those who tricked America?  Created the mass private profits, and the MASSIVE PUBLIC DEBT?

http://www.upi.com/Business_News/2010/04/06/Financial-crisis-panel-off-to-a-slow-start/UPI-84351270570084/

Destined to fail?   
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WhiskeyGirl
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« Reply #1 on: April 06, 2010, 12:32:39 PM »

"Anonymously, Members Of The Financial Crisis Commission Are Stabbing Its Leader In The Back"

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The most glaring part, though, was this:

...a few commissioners said they were concerned that Mr. Angelides was more interested in holding prominent hearings than in selecting a few targets for deep examination. For example, the chief executives of four Wall Street banks testified in January, and Alan Greenspan, the former Federal Reserve chairman, will testify on Wednesday. The commission has issued no subpoenas even though it has the power to do so.

So basically, they think Angelides is all doing this for show, which is actually one of the worst things you can say, and yet totally plausible given that Angelides does not currently hold any elected office, having failed to win the California governorship in 2006.

Read more: http://www.businessinsider.com/phil-angelides-2010-4#ixzz0kL2YvbVO
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It doesn't do any good to hate anyone,
they'll end up in your family anyway...
WhiskeyGirl
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« Reply #2 on: April 06, 2010, 12:37:12 PM »

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Reform School
by Gary Weiss Apr 06 2010
The Financial Crisis Inquiry Commission isn't living up to its potential. Here's how to make the commission tougher and more effective and reduce the odds of another crisis.

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Cox and Greenspan were both placed in their crucial jobs even though it was no secret that they worshiped the goddess of laissez-faire economics, Ayn Rand. In fact, Greenspan was one of her closest associates from the early 1950s through her death in 1982. He wrote essays for the Objectivist Newsletter on regulation that today read like Simon Legree expounding on civil-rights legislation.

Neither Pitt nor Cox is on the witness list Wednesday, nor any of the other top SEC honchos who ran the agency into the ground over the past two decades, nor any of the congressmen responsible for allowing them to do so.

As long as we’re putting Congress on the hot seat, let’s not forget Phil Gramm, Jim Leach, and Thomas J. Bliley. It was these three gents, former Republican congressmen from Texas, Iowa, and Virginia, respectively, who introduced the 1999 legislation that repealed Glass-Steagall, the New Deal legislation that separated investment from commercial banks. The result, as economist and Nobel laureate Joseph Stiglitz has pointed out, was that “the culture of investment banks was conveyed to commercial banks, and everyone got involved in the high-risk gambling mentality.” Mr. Gramm, Mr. Leach, and Mr. Bliley, take the stand.

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And let’s not forget Larry Summers. He’s now director of the National Economic Council. Back in 1999, when he was Treasury Secretary, he, Greenspan, and Arthur Levitt, Clinton’s grotesquely overrated SEC chairman, served on the president’s Working Group on Financial Markets. They joined forces to torpedo an effort by the Commodity Futures Trading Commission to impose regulation on complex derivatives.

Are they puttling Glass-Steagall back?  Making the problem bigger?

All show pony?  Bark?  No bite?

more here - http://www.portfolio.com/industry-news/banking-finance/2010/04/06/this-is-how-to-fix-the-obama-financial-crisis-inquiry-commission/index1.html
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All my posts are just my humble opinions.  Please take with a grain of salt.  Smile

It doesn't do any good to hate anyone,
they'll end up in your family anyway...
Edward
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« Reply #3 on: April 06, 2010, 01:41:21 PM »

Nothing will come of any of this in my humble opinion.

All the people on this commission are getting paid and they should just be happy with that and fill out the forms and write a nice report so they can get new jobs with even higher pay.

This nation was Sold Out years ago and We are all slaves with no hope.
jmho
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