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HomeFinancial Crisis Inquiry Commission Questioning
Posted by Larry Doyle on January 13th, 2010 11:28 AM |
I did not expect to learn anything riveting from today’s Financial Crisis Inquiry Commission’s questioning of the Wall Street CEOs and I didn’t. Why?
The executives being questioned represent the survivors or are new to the game. Who are they?
Lloyd Blankfein of Goldman Sachs
Jamie Dimon of JP Morgan
John Mack of Morgan Stanley
Brian Moynihan of Bank of America
The Commission will be at work during calendar 2010, but the initial performance will pack the biggest punch and get the most attention. Why? Simply because the media will provide the greatest coverage to the opening round. (more…)
The Financial Crisis Inquiry Commission Should Investigate…
Posted by Larry Doyle on January 11th, 2010 9:28 AM |
Will America ever truly learn what happened on Wall Street that brought our markets, our economy, and our country to its knees?
We should not expect the incestuous Wall Street-Washington partners to implicate themselves and thoroughly expose their shortcomings. A full 16 months since the failure of Lehman Bros. and how much have we truly learned? What change has really occurred? Who has been fired in Washington? Who has been indicted on Wall Street? Will the Financial Crisis Inquiry Commission, charged with investigating the factors which facilitated our economic disaster, truly be effective?
The truth may hurt but if the hard questions are not asked, the failings are not exposed, and those responsible are not held to account, then the lessons will not be learned, and the experience will likely repeat itself.
Will the commission pretend to investigate, but ultimately wilt under the pressure of the incestuous pillars of power? Will the commission rise above the fray, hold people and institutions to account, and make our country proud? Will the commission use its power to subpoena, if need be?
Whom should the commission pursue? What agencies and institutions should the commission target? If I were on the commission, I would recommend pursuing the following targets: (more…)
Congress Establishing Financial Crisis Inquiry Commission
Posted by Larry Doyle on May 21st, 2009 5:18 PM |
The law firm of Wilmer Hale recently released the following statement:
CONGRESS TO ESTABLISH FINANCIAL CRISIS INQUIRY COMMISSION
May 7, 2009By Reginald J. Brown, Jamie Gorelick, Anne Harkavy, Randolph D. Moss, William R. McLucas, Howard M. Shapiro, Michael J. Sharp,Matthew A. Chambers
Yesterday, the House of Representatives passed S. 386, the Fraud Enforcement and Recovery Act of 2009, by a 367-59 vote. Among other things, S. 386 establishes a Financial Crisis Inquiry Commission (the “Commission”), with broad authority to examine the domestic and global causes of the current U.S. financial and economic crisis. The Senate passed a similar bill in late April and final passage, most likely of the House version, is expected soon.
Under both versions of the bill, the Commission will have roughly 18 months to investigate the circumstances that led to the financial crisis and issue a report to Congress with its findings and recommendations. The Commission will have broad investigative authority, including subpoena power, and the ability to refer any evidence of criminal activity to the U.S. Attorney General and state attorneys general. Other key provisions, as described in the House bill, include the following:
Membership:
The Commission will have ten members, who must be private citizens and may not be employed by any government entity. [§ 5(b)(2)(B)] Commission members will be appointed as follows: Three each appointed by the Speaker and Senate Majority Leader; two each appointed by the minority leaders in the House and Senate. [§ 5(b)(1)(A-D)] The Chair and Vice Chair must be from different parties and will be selected jointly by the respective leaders. [§ 5(b)(3)] Members are expected to be prominent U.S. citizens with national recognition and depth of experience in fields such as banking, regulation of markets, taxation, finance, economics, consumer protection and housing. [§ 5(b)(2)(A)] (more…)
