Will the Financial Crisis Inquiry Commission ‘Name Names’?
Posted by Larry Doyle on January 26, 2011 9:25 AM |
Tomorrow the Financial Crisis Inquiry Commission will release its widely anticipated report investigating the causes of our financial crisis. While many on Wall Street would like to promote the fact that the financial crisis was nothing more than ‘the perfect storm,’ we know that is not the case. The New York Times has received a preview of the FCIC’s report and highlights the fact that the Financial Crisis Was Avoidable, Inquiry Finds,
The 2008 financial crisis was an “avoidable” disaster caused by widespread failures in government regulation, corporate mismanagement and heedless risk-taking by Wall Street, according to the conclusions of a federal inquiry.
The commission that investigated the crisis casts a wide net of blame, faulting two administrations, the Federal Reserve and other regulators for permitting a calamitous concoction: shoddy mortgage lending, the excessive packaging and sale of loans to investors and risky bets on securities backed by the loans.
“The greatest tragedy would be to accept the refrain that no one could have seen this coming and thus nothing could have been done,” the panel wrote in the report’s conclusions, which were read by The New York Times. “If we accept this notion, it will happen again.”
While the panel, the Financial Crisis Inquiry Commission, accuses several financial institutions of greed, ineptitude or both, some of its gravest conclusions concern government failings, with embarrassing implications for both parties.
I look forward to the FCIC’s report. Indications going around the blogosphere are that the commission may recommend that certain activities went beyond pure greed and incompetence. To that end, though, the commission owes our nation specifics in terms of names. Not the names of institutions. Not the names of agencies. Not the names of financial firms. The commission owes our nation the names of specific individuals involved in the activities and failures which may require indictments and prosecution.
Will the FCIC name names? Not what. Who!!
So many Americans continue to suffer from the pain and anguish inflcted by the greed and incompetence embedded in the Wall Street-Washington incestuous relationship.
America deserves nothing less than the total truth, real transparency, and unbridled integrity from the Financial Crisis Inquiry Commission.
I repeat, not merely the “what” BUT much more importantly the “who”.
Will the FCIC ‘name names?’
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I have no affiliation or business interest with any entity referenced in this commentary. The opinions expressed are my own and not those of Greenwich Investment Management. As President of Greenwich Investment Management, an SEC regulated privately held registered investment adviser, I am merely a proponent of real transparency within our markets so that investor confidence and investor protection can be achieved.