Tuesday, April 6, 2010

US panel to delve deeper into causes of financial meltdown

http://www.independent.co.uk/news/business/news/us-panel-to-delve-deeper-into-causes-of-financial-meltdown-1937545.html

So actually we're wasting the money on the commission findings because they don't count anyway? Is that because Congress now finally fully understands the depth of this financial crisis and how it got to be that way and that's why they don't need to reference this report to make their decisions?

The men often painted as the biggest villains of the credit crisis will be hauled before a panel investigating the causes of the financial meltdown this week.


But as Alan Greenspan, the former chairman of the Federal Reserve, and Robert Rubin and Chuck Prince from the bailed-out bank Citigroup prepare to face questions, doubts are setting in that the inquiry commission will achieve more than sporadic moments of political theatre.

Even its leaders have taken to complaining that the commission is underfunded and overstretched for the task of rooting out all the causes of the crisis. And it now appears that Congress could pass a package of financial reforms by the summer, months before the commission puts out its report and recommendations for avoiding a repeat of the meltdown.
The second hearings of the Financial Crisis Inquiry Commission (FCIC) begin tomorrow with testimony from Mr Greenspan