Financial Crisis Commission Chair: Will Leave No Stone Unturned

Financial Crisis Commission Chair: Will Leave No Stone Unturned

WASHINGTON -(Dow Jones)- Phil Angelides, the chairman of the newly formed Financial Crisis Commission, pledged Wednesday to leave no stone unturned as part of the body's investigation into the events that led to the monumental collapse of the financial markets last year.

He said that he would not let partisan bickering derail the commission's efforts, citing as an example the panel established in the wake of the attacks of Sept. 11, 2001.

"Our job here is to do a thorough inquiry to ascertain the facts as to what brought down the nation's financial system," Angelides said, in an interview. "I go into this with the belief that the mission is so important that it can and must transcend" partisanship.

Angelides was named Wednesday along with nine other representatives of the political, regulatory and business communities to conduct a thorough analysis of the greatest collapse in the nation's financial system since the market crash that precipitated the Great Depression.

He said that the panel wouldn't hesitate to issue subpoenas to ensure they received full cooperation from potential witnesses from the private and public sector.

So do you think this is actually going to lead to something or are they just puffing out their chests all gun hoe just to get shot down and blocked from doing their job?

This part of the article stands out to me.

Some in Congress have been critical of the commission's creation, suggesting it could be outpaced by efforts by the Obama administration and lawmakers to overhaul the financial regulatory framework. These efforts are already well underway, and most expect them to be implemented before the end of next year.

I would love to see some of the crooks in Washington get caught up in this investigation, unfortunately I think it is all wishful thinking.

[edit on 15-7-2009 by Hastobemoretolife]

Just another commission to spend millions and millions of US hard earned taxpayers money only to go after a few peons in the process.

If this commission really wants to leave no stone unturned, then they ought to turn over the big one on Capitol Hill first.

Their job???

Their so-called job is to attempt to baffle everyone with BS because they certainly won't be able to dazzle us with brilliance.

It's all just another government 'front', designed to let the sheeple know just how 'concerned' our 'leaders' are with the current state of affairs.

There'll be a lot of blustering, nothing will happen or come of it, and everyone will be happy.

Isn't it all just wonderful!

[edit on 7/15/2009 by billybobh3]

[edit on 7/15/2009 by billybobh3]

reply to post by jam321


I don't think there is a crane or machine big enough to lift that stone, and even if they did I don't think there is a cure for all the diseases you'll probably get infected with.

I agree though Nothing is going to come of this.

reply to post by billybobh3



Of course nothing is going to come from this, its all a bunch of feel good political mumbo jumbo.

We've all seen this show before.

I don't know enough about the Financial Commission. If it was modeled after the Pecora Commission, then this would be a positive.

William Black just had a recent article about the need for a Pecora Commission:

www.newdeal20.org...

Black, who was involved in sorting out the S & L crisis, recently had an interview with Bill Moyers on PBS. Great find:

www.pbs.org...

We do need a Commission to sort out this mess, and get to the underlying roots of what caused the crisis. Those involved criminally need to be held accountable and sent to prison.

We do need a Commission to sort out this mess, and get to the underlying roots of what caused the crisis.

IMO, the root cause is greed. I agree that if somebody was involved that they need to be held accountable. However, I am willing to bet that 99.9% of what transpired to bring us to this point was done within a legal framework.

Compliments of Congress and many other government entities.

However, I am willing to bet that 99.9% of what transpired to bring us to this point was done within a legal framework.

Not according to Black. He is calling a spade a spade - In this case, he firmly believes that there was a deliberate intention on the part of certain individuals - mortgage company CEO's for instance - to commit fraud.

A Pecora Commission is definitely needed. Listen to the links I posted - Black talks straight talk.