Former California treasurer Phil Angelides, now the chairman of a new, ten-member commission may hold the answers to the $5 million dollar questions- what caused the financial meltdown of 2008 and were big financial firms (and their government regulators too) criminally responsible for it?
Appointed by the Democrats to lead the Financial Crisis Inquiry Commission (why not just anoint them the Crisis Czars?) the group will examine the conduct of top officials at firms we all knew and loved- Lehman, Citi (C), AIG, Bear, Fannie (FRE) and Freddie (FNM) too.
The panel plans to detail the findings ahead of its December 2010 deadline, hoping to spur congressional debate on the issues. I mean, what else does Congress really do anyway?
Let me reiterate the costs for all this- $5 million. I don't care how much the dollar is getting hammered, this is still awfully expensive, considering I know a few people, (some even bloggers), who would do these deeds for free (and clicks, of course).
"We must move forward on our work as quickly as possible so that it is as relevant as possible to the policymakers in Congress," notes Angelides.
The commission helds its first public meeting today, some four months after being established as part of a mortgage fraud bill.
Armed with a $5 million budget and the power to subpoena records, the commission is the first independent (yet publicly funded) accounting for what caused the markets to collapse a year ago.
The whole idea just doesn't sit right with me. Must we really spend $5 million for these answers? Will it really change policy? And please, the guy's a former treasurer for California, and we know how financially sound California is... But I digress.
The commission promises to hold nothing back. A coalition of liberal activist groups urged Angelides "The commission should name names. The public has a right to know who the people and institutions are that acted in an irresponsible manner -- especially if they are still in positions of authority or influence..." noted in a letter published by the Associated Press.
The activists even setup a toll-free tip line and dedicated website http://www.TellTheCommission.com" to encourage whistle blowers to come forward.
Yeah, go get'em.
