In July, I signed a letter urging the Financial Crisis Inquiry Commission (FCIC) to undertake a rigorous investigation into the origins of the 2008 financial crisis.
The FCIC was appointed by Congress in the wake of last year’s financial crisis. It is supposed to play the same role as the Pecora Commission played after the Great Depression. Cynthia Kouril wrote a great series of diaries here at FDL on the Pecora Commission, if you need a reminder about what the Pecora Commission did (Pecora in Perspective: Everything Old is New Again — the Pecora Commission Redux, (June 10, 2009, with links at end of the article to other articles in the series). See also my Reining in the Financial Services Sector.
Tomorrow and Thursday, this new commission, the FCIC, will hold its first hearings. CEOs of the nation’s top banks will testify first: Lloyd Blankfein of Goldman Sachs, James Dimon of JPMorgan Chase, John Mack of Morgan Stanley, and Brian Moynihan of Bank of America. Other critical players will follow.
We need to watch as much of the hearings as possible – they will be broadcast both days on CSPAN — and to go to New Deal 2.0 to learn more.
The New Deal 2.0 folks promise analysis of the commission’s work from Bill Black, Frank Partnoy, Eliot Spitzer, Tom Ferguson, Marshall Auerback, Jeff Madrick and other bloggers. Roosevelt Institute fellow Mike Konzcal will be live-blogging the hearings at New Deal 2.0.
For more information:
User’s Guide to the FCIC Hearings
The time has come for us to understand exactly how people and institutions pushed our nation into the worst financial disaster since the Great Depression. I really hope you will follow the Commission’s work.
Please share this information with everyone you know.
This information was adapted from an email from Rob Johnson, Director of the Roosevelt Institute Financial Reform Initiative, and
Lynn Parramore, Editor of New Deal 2.0
Bob in AZ