Financial Crisis Inquiry Commission Release Forthcoming

The Financial Crisis Inquiry Commission will deliver its report on the causes of the financial crisis, which has devastated our economy and so many families, on January 27 to the President, Congress and the American people. The report will contain facts and evidence from the Commission’s more than year-long investigation – including 19 days of public hearings, an analysis of hundreds of thousands of documents and interviews with more than 700 witnesses. The report will also include the Commission’s findings and conclusions as to the causes of the financial crisis based on this inquiry.

I fear Michael Hirsh may have been correct that Angelides wasted his first hearing by calling in the biggest Wall Street CEOs. That made good press but, as one observer noted, it was like “making Richard Nixon the first witness in the Watergate hearings.” Better to start with those on the front line. Hopefully, that mistake was overcome in further investigations by the Commission. Real reforms during the Depression didn’t really take shape until after Pecora delivered his report. Perhaps the Commission’s report will have a simila response. One can hope.

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