Financial Crisis Inquiry Commission Charged to Investigate Financial Crisis

New Deal 2.0: Todays Opening Remarks from Financial Crisis Inquiry Commission Chairman Phil Angelides

“This bipartisan commission has been given a critical mission; one that is of clear national importance, and one that must be conducted without politics or partisanship of any kind: to examine the causes of the financial and economic crisis that has gripped this country, and to report our findings to the Congress, the President, and the American people. Its a challenge that is, in many respects, daunting and complex, but at its core, simple and straightforward. We have been called upon to conduct a full and fair investigation in the best interests of the nation pursuing the truth, uncovering the facts, and providing an unbiased, historical accounting of what brought our financial system and our economy to its knees. This is what the American people deserve and this is what we are obliged to do. In this critical instance, if we do not learn from history, we are unlikely to fully recover from it.”

New York Times Editorial: Facts and the Financial Crisis – “Just days before the meeting, Mr. Angelides announced the hiring of the commissions executive director, Thomas Greene, a chief assistant attorney general in California. Mr. Greene has performed ably in various cases, including those involving antitrust issues against Microsoft and civil prosecutions of Enron. But he will need to hire tough Wall Street experts to assist him. He may also find himself hobbled by restraints on his subpoena power, because the commission rules, written by Congress, require that Democrats and Republicans on the commission agree before subpoenas can be issued.”

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