Posted on 09/17/2009 9:27:07 AM PDT by NormsRevenge
WASHINGTON – The chairman of a new congressionally appointed panel has promised a no-holds barred investigation into last year's devastating economic collapse.
The inquiry will look into whether any of the nation's biggest financial firms and the regulators in charge of monitoring them were guilty of criminal misconduct.
Phil Angelides, appointed this year by Democrats to lead the 10-member Financial Crisis Inquiry Commission, said the group will examine the conduct of top officials at such firms as Lehman Brothers, Citigroup, AIG and Bear Stearns, as well as mortgage buyers Freddie Mac and Fannie Mae.
(Excerpt) Read more at news.yahoo.com ...
What am I saying? It's the rats investigating themselves.
Move along folks, nothing to see.
“Phil Angelides, appointed this year by Democrats”
The red warning flags are flying high on this one.
mark
We gonna investigage Obama’s involvement with ACORN, who is possibly the largest offender of pushing fraudulent loans?
Po’ guy needs a job? lol
PS - Nothing has changed. Bad loans are still being mandated by the FDIC. The next time this bubble bursts, the whole house of cards is coming down.
BUSH'S FAULT!
Here is what Congress is asking the FCIC to look into:
http://www.pbs.org/nbr/blog/2009/09/the_financial_crisis_inquiry_c.html
Functions of the Commission.—The functions of the Commission are—
(1) to examine the causes of the current financial and economic crisis in the United States, specifically the role of—
(A) fraud and abuse in the financial sector, including fraud and abuse towards consumers in the mortgage sector;
(B) Federal and State financial regulators, including the extent to which they enforced, or failed to enforce statutory, regulatory, or supervisory requirements;
(C) the global imbalance of savings, international capital flows, and fiscal imbalances of various governments;
(D) monetary policy and the availability and terms of credit;
(E) accounting practices, including, mark-to-market and fair value rules, and treatment of off-balance sheet vehicles;
(F) tax treatment of financial products and investments;
(G) capital requirements and regulations on leverage and liquidity, including the capital structures of regulated and non-regulated financial entities;
(H) credit rating agencies in the financial system, including, reliance on credit ratings by financial institutions and Federal financial regulators, the use of credit ratings in financial regulation, and the use of credit ratings in the securitization markets;
(I) lending practices and securitization, including the originate-to-distribute model for extending credit and transferring risk;
(J) affiliations between insured depository institutions and securities, insurance, and other types of nonbanking companies;
(K) the concept that certain institutions are “too-big-to-fail” and its impact on market expectations;
(L) corporate governance, including the impact of company conversions from partnerships to corporations;
(M) compensation structures;
(N) changes in compensation for employees of financial companies, as compared to compensation for others with similar skill sets in the labor market;
(O) the legal and regulatory structure of the United States housing market;
(P) derivatives and unregulated financial products and practices, including credit default swaps;
(Q) short-selling;
(R) financial institution reliance on numerical models, including risk models and credit ratings;
(S) the legal and regulatory structure governing financial institutions, including the extent to which the structure creates the opportunity for financial institutions to engage in regulatory arbitrage;
(T) the legal and regulatory structure governing investor and mortrgagor protection;
(U) financial institutions and government-sponsored enterprises; and
(V) the quality of due diligence undertaken by financial institutions;
(2) to examine the causes of the collapse of each major financial institution that failed (including institutions that were acquired to prevent their failure) or was likely to have failed if not for the receipt of exceptional Government assistance from the Secretary of the Treasury during the period beginning in August 2007 through April 2009
And what about Goldman Sachs, who was paid back dollar for dollar by the tax payer when AIG failed, and who saw its competitor, Lehman, go bust? What a charmed life this corporation has led during the financial melt-down. Of course, having most of the Fed and Treasury owning stock in the company because they previously worked there didn’t hurt.
?
What about THIS year's?
How about ACORN, the entire Democrat party, Barack Obama, Bill Ayers, where all this scam to rob the nation, and indeed the WORLD of wealth in order to give loans to unqualified do nothing "minorities"?
Fat chance. This is just burying the issue under more layers of democrat political corruption.
“Ladies and gentlemen, thank you for coming. We have a lot of work in front of us as we begin our study of this financial meltdown. Let’s get started. So, in conclusion, this was Bush’s fault. Now begins the hard part — how can we piece together enough evidence to make the case of this?”
Financial commission starts recession inquiry
http://thehill.com/business-a-lobbying/59207-financial-commission-starts-recession-inquiry
By Silla Brush - 09/17/09 11:29 AM ET
The special commission charged by Congress to investigate the financial crisis got fully under way on Thursday as lawmakers vow to pass major new financial regulations this fall.
The commission will hold public hearings, seek documents and look into the actions of public officials and private companies in an effort to uncover the roots of a meltdown that pushed the economy to the brink of another depression.
“If we do not learn from history, we are unlikely to fully recover from it,” said Phil Angelides, the commission’s chairman and former candidate for governor of California. “We must write a history that is factual, substantive and understandable. If we do this right, our work can serve as an antidote.”
—snip—
Think they will report CitiBank in bed with ACORN doing so many sub-prime loans?
By the time we get the real results it will be too late.
I see a "Not guilty" verdict in the near future...
Wrong-O! This "commission" report will just solidify, in the minds of the media and therefore most of the public, that "It's all Bush's fault".
Missing from the list: investigate the effect of the government’s insuring of mortgages known to be risky. The authors of that long list would likely claim that one of the items covers this.
I listened to an interview by a Harvard economist. He said that the financial institutions still believe that the government will bail them out of future messes, even though the government says no we won’t. Result: the institutions continue to engage in risky behavior.
Sham Angelides Commission Will Protect ACORN
by Phil Kerpen
Congress’s official investigation into the financial crisis, the so-called Financial Crisis Inquiry Commission, will convene its first meeting today. Unfortunately, Nancy Pelosi’s handpicked chairman of the commission Phil Angelides, has deep ties to radical left-wing politics, including the Van Jones-connected Apollo Alliance, which he chairs, and ACORN, which is an Apollo member and endorsed and actively supported his gubernatorial campaign. His selection proves the commission will be a politicized attempt to advance a left-wing agenda through a revisionist history of the financial crisis. It also assures that ACORN and other community organizers who forced banks to make reckless loans in the name of affordable housing will be let off the hook.
(Excerpt) Click Here for Full Article NOTE: Take a good look at this picture as this is the guy in charge appointed by Pelosi who is a friend of Jones.
I agree. The purpose of this investigation is subterfuge.
““Phil Angelides, appointed this year by Democrats”
The red warning flags are flying high on this one.”
Yup! A member of the gang investigating the gang. NOT holding my breath for any beneficial results here.
Like minds! You beat by a minute point.08! ;^)
The same people are sitting in the same congress and banks and wall street and the same SEC....oh yeah, this will be a real ‘investigation’...all sarcasm intended.
I hope they look into what both parties did. Glass Steagal repealed under Clinton, and changes to leverage at banks etc during Bush years. Since both parties aren’t willing to do what is right, only hammer the other, I don’t trust this at all.
...rubber stamps for committee members....rubber hip boots for everyone elese.
Well part of it was Bush’s fault, but this will be a whitewash, and nobody from the Clinton/Bush/Obama regimes will get in trouble.
I have little faith in a committee appointed by Congress.
Maybe Glenn Beck or those two young people who posed as a pimp and a prostitute should look into this.
That's what I was thinking...wait a bit and we can get two for one.
Let me give you two names to start. Bwarney Frank and Chris Dud.
After posting the BigGovernment.com article on my Blog, Democrats for Sale, I decided to see if I could find a connection between Angelides and Soros. Low and behold I found it and posted it on my blog:
Take a good look at the picture of Angelides who is heading the investigation and ask yourself why choose this man who donated $75300 in ‘reported’ Political Contributions for 2008 to liberal Democrats including $4,000 to the MN Recount Fund. Was it at the request of George Soros who wanted Sen Coleman out of the Senate? What is the Soros connection to Angelides and the Apollo Alliance? We discovered the answer at Front Page Magazine:
Soros failed to achieve his goal in 2004 but he went on working to create new elements of the network, such as the Apollo Alliance. Four years later the Shadow Party was able to elect a candidate who had spent his entire political career in the bowels of this movement. Obama’s electoral success was made possible by the wide latitude he was given by the press and the public, partly because he was the first African-American with a chance to be president and partly because his campaign was deliberately crafted to convey the impression that he was a tax-cutting centrist who intended to bring Americans together to find common solutions to their problems. When confronted with his long-term associations and working partnerships with anti-American racists like Jeremiah Wright and anti-American radicals like William Ayers, he denied the obvious and successfully side-stepped its implications.
http://frontpagemag.com/readArticle.aspx?ARTID=36267
Next we decided to look at Angelides connection to the Apollo Alliance and discovered the following from Grist.org:
In the past few years, he’s (Angelides) turned his attention to the nexus of environmental work and the labor movement, and took over as the chairman of Apollo Alliance in July 2007. The alliance, a coalition of business, environmental, labor, and community groups, aims to ignite a “clean energy revolution” similar to the Apollo space program of the 1960s.
http://www.grist.org/article/Angelides-in-the-outfield-
If anyone thinks anything important will come out of this investigation except an attack on the Bush Administration, we have swamp land for sale in Arizona. This is a sham and BigGovernment.com has shown the light of truth on the sham perpetrated by Pelosi, Reid, and Obama.
Let’s skip to the Executive Summary: Bush’s fault. Just in time for the 2010 elections. Could Liberals be any more loathsome?
Actually, they had a target date of november 2010 , but you know they will put a rush and then a hush on it. (besides, who do they have that isn’t already working on other stuff?)
I agree, they are Rat bastards!
Ethics IST Verboten ..
The Vanguard of the Green are nothing but Reds in disguise.
well-funded. “noble-caused”. the effete elite..
I’d rather a group of people that are successfully running functional, responsible banks be doing this.
All we’re gonna find out is how little Chris Dodd and Barney Fwank had to do with all this....and, oh, BTW “its all Bush’s fault”....
Exactly. Greens = Communist! It is so easy to find and yet the MSM ignore.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.