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Financial Crisis Inquiry Commission

BUSINESS
July 14, 2011 | By Jim Puzzanghera, Los Angeles Times
A Republican member of the bipartisan commission that investigated the causes of the nation's financial crisis tried to use the panel's findings to derail the sweeping overhaul of financial industry regulations, according to internal emails released by Democrats. Democrats on the House Oversight Committee said a review of more than 400,000 documents showed that Peter Wallison urged his GOP colleagues on the Financial Crisis Inquiry Commission "to use their positions on the commission to help House Republicans in their efforts to repeal the Dodd-Frank Act. " "It's very important, I think, that what we say in our separate statements not undermine the ability of the new House GOP to modify or repeal Dodd-Frank," Wallison wrote in an email to Republican Commissioner Douglas Holtz-Eakin in November.
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BUSINESS
September 4, 2012 | By Jim Puzzanghera
WASHINGTON - Phil Angelides , who chaired the government commission that investigated the financial crisis, said the Justice Department should pursue more criminal cases against Wall Street executives to restore the faith of average Americans in U.S. markets. "Restoring that faith will require bringing a renewed sense of urgency to the mortgage securities fraud investigation, and a willingness to follow the evidence wherever it leads - even to criminal prosecutions of bank executives and mortgage lenders of any size," Angelides, the former California state treasurer, wrote in an opinion article Tuesday in Politico . "Americans need to know that law breaking at the highest levels will not be countenanced or allowed to jeopardize our financial system and economy," he said.
BUSINESS
January 27, 2011 | By Jim Puzzanghera, Los Angeles Times
A federal commission created to investigate the financial crisis is pointing the finger at nearly everyone, from overextended homeowners to reckless executives and timid regulators. "The crisis was the result of human action and inaction, not of Mother Nature or computer models gone haywire," the Financial Crisis Inquiry Commission said in its majority report to Congress. "To paraphrase Shakespeare, the fault lies not in the stars, but in us. " Despite assigning widespread blame, the Democratic majority's 525-page account also asserts that the near-meltdown didn't have to happen.
BUSINESS
April 27, 2012 | By Walter Hamilton, Jim Puzzanghera and Andrew Tangel, Los Angeles Times
Calls for reforming Wall Street pay packages reverberated across Washington and the financial district following the disclosure that 50 Lehman Bros. employees were awarded nearly $700 million in the year before the investment bank collapsed. Lawmakers and other experts said disclosure at major banks and other financial institutions should be beefed up significantly, in part to spotlight potential risks that employees may be taking in their pursuit of super-sized paychecks. The Times reported Friday that dozens of lesser-known traders and others at Lehman were allotted pay ranging from $8.2 million to $51.3 million in 2007, including one person who earned more than the chief executive and 42 people who were awarded at least $10 million.
BUSINESS
January 14, 2010 | By Jim Puzzanghera
They admitted making mistakes and they regretted the economic devastation their decisions wrought, but the heads of four major financial firms wouldn't take direct blame for the massive meltdown in some tough questioning today by a government panel investigating the causes of the financial crisis. "We did eat our own cooking, and we choked on it," John Mack, chairman of Morgan Stanley, said about the large bets his industry made on the continued rise in housing prices. The high-profile appearance Wednesday of Mack and other Wall Street titans at the first public hearing of the Financial Crisis Inquiry Commission came as President Obama prepared to announce Thursday a new levy on banks to help recoup expected losses from the $700-billion bailout fund.
BUSINESS
September 2, 2010 | By Jim Puzzanghera, Los Angeles Times
The former chief executive of Lehman Bros. came out swinging at federal officials Wednesday, blaming them for failing to give the beleaguered investment banking firm the extraordinary help it gave to its rivals — aid that would have saved it from the 2008 collapse that helped trigger the worldwide financial crisis. A defiant Richard S. Fuld Jr. sparred with Federal Reserve officials during a hearing before a congressionally appointed panel investigating the financial crisis.
BUSINESS
April 17, 2010 | Michael Hiltzik
There comes a point in every man-made disaster when the guilty parties are identified and brought to book. That way the victims can at least snatch from the wreckage some confidence that lessons have been learned and mistakes recognized. If Friday's federal fraud lawsuit against Goldman, Sachs & Co. over its role in the subprime mortgage meltdown signals the start of that process, all we can say is: Finally . Goldman, like other big Wall Street banks, has taken the position that the crisis was something of a natural disaster.
BUSINESS
September 17, 2009 | Jim Puzzanghera
A special commission to determine the causes of the financial crisis is trying to pattern itself after the bipartisan panel that investigated the 2001 terrorist attacks -- but some Republicans say the deck already is stacked against them. The 10-person commission meeting for the first time today consists of six people selected by Democrats and four by the GOP, a departure from the even split on the so-called 9/11 commission. And it's headed by longtime loyalists from each party, which some worry could lead to partisan disputes as the Financial Crisis Inquiry Commission tackles the politically explosive task of what triggered the worst economic meltdown since the Great Depression.
BUSINESS
June 8, 2010 | By Nathaniel Popper and Tom Petruno, Los Angeles Times
Goldman Sachs Group Inc., already under fire for its actions leading up to the financial crisis, came under attack from a federal commission that accused it of refusing to divulge information, including documents detailing its controversial bets on the mortgage market. Saying it had been stonewalled, the federal commission investigating the financial crisis on Monday took the unusual step of issuing a subpoena to Goldman that demanded information about the investment bank's role before and during the mortgage meltdown and credit crunch.
BUSINESS
July 2, 2010 | By Jim Puzzanghera, Los Angeles Times
Executives at Goldman Sachs Group Inc. on Thursday defended the investment bank's aggressive pursuit of billions of dollars in payments from American International Group Inc. in 2008, which critics said added to the deep financial problems of the insurance giant and led to a $182-billion federal bailout. Goldman and AIG sparred over the value of mortgage bonds behind complex financial derivatives for more than a year before the government rescued AIG in September 2008, executives from the two companies told the Financial Crisis Inquiry Commission.
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