Phil Angelides said today the Financial Crisis Inquiry Commission is probably the last hope for uncovering the causes of what's now called the Great Recession. A former Treasurer of the State of California and a Democrat, Angelides chairs the bipartisan commission established by Congress. In its first public meeting today, the commission got tough with the heads of America's four biggest banks, JPMorgan Chase, Bank of America, Morgan Stanley and Goldman Sachs. At one point, Goldman Sachs' Lloyd Blankfein compared the financial crisis to "earthquakes" and other "acts of God," to which Agnelides responded, "These were acts of men and women." Are the right questions being asked? Can the commission help prevent another financial disaster?
Wall Street and a Disaster of a Different Kind
- Andrew Ross Sorkin - columnist for New York Times; and founder and editor-at-large of DealBook, NYT’s online daily financial report
- Brad Sherman - US House of Representatives (D-CA) - @BradSherman
- William Black - former federal financial regulator
- John Gapper - Associate Editor and Business Columnist, Financial Times