In the wake of the most significant financial crisis since the Great Depression, the President signed into law on May 20, 2009, the Fraud Enforcement and Recovery Act of 2009, creating the Financial Crisis Inquiry Commission. The Commission was established to "examine the causes, domestic and global, of the current financial and economic crisis in the United States."The 10 members of the bi-partisan Commission, prominent private citizens with significant experience in banking, market regulation, taxation, finance, economics, housing, and consumer protection, were appointed by Congress on July 15, 2009. The Chair, Phil Angelides, and Vice Chair, Bill Thomas, were selected jointly by the House and Senate Majority and Minority Leadership.The FCIC is charged with conducting a comprehensive examination of 22 specific and substantive areas of inquiry related to the financial crisis. These include:  fraud and abuse in the financial sector, including fraud and abuse towards consumers in the mortgage sector; Federal and State financial regulators, including the extent to which they enforced, or failed to enforce statutory, regulatory, or supervisory requirements; the global imbalance of savings, international capital flows, and fiscal imbalances of various governments; monetary policy and the availability and terms of credit; accounting practices, including, mark-to-market and fair value rules, and treatment of off-balance sheet vehicles; tax treatment of financial products and investments; capital requirements and regulations on leverage and liquidity, including the capital structures of regulated and non-regulated financial entities; credit rating agencies in the financial system, including, reliance on credit ratings by financial institutions and Federal financial regulators, the use of credit ratings in financial regulation, and the use of credit ratings in the securitization markets; lending practices and securitization, including the originate-to-distribute model for extending credit and transferring risk; affiliations between insured depository institutions and securities, insurance, and other types of nonbanking companies; the concept that certain institutions are 'too-big-to-fail' and its impact on market expectations; corporate governance, including the impact of company conversions from partnerships to corporations; compensation structures; changes in compensation for employees of financial companies, as compared to compensation for others with similar skill sets in the labor market; the legal and regulatory structure of the United States housing market; derivatives and unregulated financial products and practices, including credit default swaps; short-selling; financial institution reliance on numerical models, including risk models and credit ratings; the legal and regulatory structure governing financial institutions, including the extent to which the structure creates the opportunity for financial institutions to engage in regulatory arbitrage; the legal and regulatory structure governing investor and mortgagor protection; financial institutions and government-sponsored enterprises; and the quality of due diligence undertaken by financial institutions; The Commission is called upon to examine the causes of major financial institutions which failed, or were likely to have failed, had they not received exceptional government assistance.In its work, the Commission is authorized to hold hearings; issue subpoenas either for witness testimony or documents; and refer to the Attorney General or the appropriate state Attorney General any person who may have violated U.S. law in relation to the financial crisis. 

Financial Crisis Inquiry Report: Final Report of the National Commission on the Causes of the Financial and Economic Crisis in the United States

Business & Money

Financial Crisis Inquiry Commission

Economics

Financial Crisis Inquiry commission

In the early 1930s, in the wake of the stock market crash of 1929 and start of the Great Depression, a U.S. Senate committee investigated the causes of that financial crisis, eventually releasing a report (known colloquially as the Pecora Report, after the committee's aggressive counsel Ferdinand Pecora) that set the standard for candid fact-telling and blunt analysis. The Pecora Report's conclusions led directly to the establishment of the Securities and Exchange Commission and much of the regulatory framework governing the U.S. banking system for the next sixty years.   Beginning in the mid-1990s, with the repeal of the Glass-Steagall banking law, and into the first decade of the new century, that regulatory framework was either gutted or ignored, by bankers and regulators alike. The financial meltdown of 2008 was the result--a wholly avoidable, man-made crisis. Such is the first conclusion of the Financial Crisis Inquiry Commission in its Final Report, a 2011 incarnation of the Pecora Report and the most comprehensive accounting to date of the essential facts, causes, and consequences of the 2008 crisis.   The Final Report also concludes that the 2008 crisis was caused by "widespread failures in financial regulation and supervision" by government regulators; that "dramatic failures of corporate governance and risk management at many systematically important financial institutions" were also to blame; and that "excessive borrowing, risky investments, and lack of transparency" also played a part.   This version of the Financial Crisis Inquiry Commission is not the official, government sanctioned version. That version is officially published by Public Affairs and is available from retailers everywhere. Rather, this version is the COMPLETE REPORT including the dissenting views written and filed by several Republican members of the Commission, including Keith Hennessey, Douglas Holtz-Eakin, Bill Thomas and Peter J. Wallison. These commissioners participated in the hearings and discussions of the Commission, but voted against the final findings and conclusions; their dissenting views are included in this version of the Report.   Only time will tell if this Final Report has the lasting regulatory impact of the Pecora Report, or leads to any meaningful legislation or rulemaking whatsoever. But the first step toward solving a problem is to clearly define the problem. And this Report is the clearest definition yet of the causes--and continuing aftershocks and risks--of our most recent financial crisis.

The Financial Crisis Inquiry Report: The Final Report of the National Commission on the Causes of the Financial and Economic Crisis in the United States

Education & Reference

CreateSpace Independent Publishing Platform

On Monday, September 15, 2008, the Dow Jones Industrial Average fell more than 500 points, the largest single-day point drop since the 9/11 terrorist attacks. These drops would be exceeded on September 29—the day that the House of Representatives initially voted against the $700 billion Troubled Asset Relief Program (TARP) proposal to provide extraordinary support to financial markets and firms—when the Dow Jones fell 7% and financial stocks fell 16%. For the month, the S&amp;P 500 would lose $889 billion of its value. And specific institutions would take direct hits...

The Financial Crisis Inquiry Report: Final Report of the National Commission on the Causes of the Financial and Economic Crisis in the United States

The definitive report on what caused America's economic meltdown- and who was responsible. 
 The financial and economic crisis has touched the lives of millions of Americans who have lost their jobs and their homes, but many have little understanding of how it happened. Now, in this very accessible report, readers can get the facts. Formed in May 2009, the Financial Crisis Inquiry Commission (FCIC) is a panel of 10 commissioners with experience in business, regulations, economics, and housing, chosen by Congress to explain what happened and why it happened. This panel has had subpoena power that enabled them to interview people and examine documents that no reporter had access to. 
 The FCIC has reviewed millions of pages of documents, and interviewed more than 600 leaders, experts, and participants in the financial markets and government regulatory agencies, as well as individuals and businesses affected by the crisis. 
 In the tradition of The 9/11 Commission Report, The Financial Crisis Inquiry Report will be a comprehensive book for the lay reader, complete with a glossary, charts, and easy-to-read diagrams, and a timeline that includes important events. It will be read by policy makers, corporate executives, regulators, government agencies, and the American people

The Financial Crisis Inquiry Report, Authorized Edition: Final Report of the National Commission on the Causes of the Financial and Economic Crisis in the United States

BN Publishing

The definitive report on what caused America's economic meltdown— and who was responsible. The financial and economic crisis has touched the lives of millions of Americans who have lost their jobs and their homes, but many have little understanding of how it happened. Now, in this very accessible report, readers can get the facts. Formed in May 2009, the Financial Crisis Inquiry Commission (FCIC) is a panel of 10 commissioners with experience in business, regulations, economics, and housing, chosen by Congress to explain what happened and why it happened. This panel has had subpoena power that enabled them to interview people and examine documents that no reporter had access to. The FCIC has reviewed millions of pages of documents, and interviewed more than 600 leaders, experts, and participants in the financial markets and government regulatory agencies, as well as individuals and businesses affected by the crisis. In the tradition of The 9/11 Commission Report, The Financial Crisis Inquiry Report will be a comprehensive book for the lay reader, complete with a glossary, charts, and easy-to-read diagrams, and a timeline that includes important events. It will be read by policy makers, corporate executives, regulators, government agencies, and the American people.

In the revealing interview, Mr. Buffett discusses how he missed predicting the crisis and its effect on the financial system. He also shares thoughts on some of the main players, like Jamie Dimon and Ken Lewis; the logic behind the investments he made in late 2008, and how close the system came to collapse. He also talks about what he calls "the single most important decision in evaluating a business", his thoughts on the US dollar and Moody's, and why he sold Freddie Mac and Fannie Mae.

Warren Buffett's Interview With the Financial Crisis Inquiry Commission (FCIC)

Buffett, Warren

Investing

This edition is the COMPLETE Official Government Edition, containing 662 pages, officially released to the Public by the US Government. *** Copies of this edition are printed and distributed in the US by SoHo Books *** How did it come to pass that in 2008 our nation was forced to choose between two stark and painful alternatives either risk the collapse of our financial system and economy, or commit trillions of taxpayer dollars to rescue major corporations and our financial markets, as millions of Americans still lost their jobs, their savings, and their homes? The Commission concluded that this crisis was avoidable. It found widespread failures in financial regulation; dramatic breakdowns in corporate governance; excessive borrowing and risk-taking by households and Wall Street; policy makers who were ill prepared for the crisis; and systemic breaches in accountability and ethics at all levels. Here we present what we found so readers can reach their own conclusions, even as the comprehensive historical record of this crisis continues to be written. The Financial Crisis Inquiry Commission deliveres the results of its investigation into the causes of the financial and economic crisis. The Commission concluded that the crisis was avoidable and was caused by: -- Widespread failures in financial regulation, including the Federal Reserve s failure to stem the tide of toxic mortgages; -- Dramatic breakdowns in corporate governance including too many financial firms acting recklessly and taking on too much risk; -- An explosive mix of excessive borrowing and risk by households and Wall Street that put the financial system on a collision course with crisis; -- Key policy makers ill prepared for the crisis, lacking a full understanding of the financial system they oversaw; -- And systemic breaches in accountability and ethics at all levels. Despite the expressed view of many on Wall Street and in Washington that the crisis could not have been foreseen or avoided, there were warning signs. The greatest tragedy would be to accept the refrain that no one could have seen this coming and thus nothing could have been done. If we accept this notion, it will happen again said Phil Angelides, Chairman of the Commission. The Commission s report also offers conclusions about specific components of the financial system that contributed significantly to the financial meltdown. Here the Commission concluded that: collapsing mortgage-lending standards and the mortgage securitization pipeline lit and spread the flame of contagion and crisis, over-the-counter derivatives contributed significantly to this crisis, and the failures of credit rating agencies were essential cogs in the wheel of financial destruction. The Commission also examined the role of government sponsored enterprises (GSEs), with Fannie Mae serving as the case study. The Commission found that the GSEs contributed to the crisis but were not a primary cause. They had a deeply flawed business model and suffered from many of the same failures of corporate governance and risk management seen in other financial firms but ultimately followed rather than led Wall Street and other lenders in purchasing subprime and other risky mortgages. The Commission s report, which was delivered to the President and Congress, contains the data and evidence collected in the Commission s inquiry, the conclusions of the Commission based on that inquiry, and accompanying dissents. The Commission s conclusions were drawn from the review of millions of pages of documents, interviews with more than 700 witnesses, and 19 days of public hearings in New York, Washington, D.C., and communities across the country that were hit hard by the crisis.

Finance

SoHo Books

The Financial Crisis Inquiry Report, published by the U.S. Government and the Financial Crisis Inquiry Commission in early 2011, is the official government report on the United States financial collapse and the review of major financial institutions that bankrupted and failed, or would have without help from the government. The commission and the report were implemented after Congress passed an act in 2009 to review and prevent fraudulent activity. The report details, among other things, the periods before, during, and after the crisis, what led up to it, and analyses of subprime mortgage lending, credit expansion and banking policies, the collapse of companies like Fannie Mae and Freddie Mac, and the federal bailouts of Lehman and AIG. It also discusses the aftermath of the fallout and our current state. This report should be of interest to anyone concerned about the financial situation in the U.S. and around the world. THE FINANCIAL CRISIS INQUIRY COMMISSION is an independent, bi-partisan, government-appointed panel of 10 people that was created to "examine the causes, domestic and global, of the current financial and economic crisis in the United States." It was established as part of the Fraud Enforcement and Recovery Act of 2009. The commission consisted of private citizens with expertise in economics and finance, banking, housing, market regulation, and consumer protection. They examined and reported on "the collapse of major financial institutions that failed or would have failed if not for exceptional assistance from the government." News Dissector DANNY SCHECHTER is a journalist, blogger and filmmaker. He has been reporting on economic crises since the 1980's when he was with ABC News. His film In Debt We Trust warned of the economic meltdown in 2006. He has since written three books on the subject including Plunder: Investigating Our Economic Calamity (Cosimo Books, 2008), and The Crime Of Our Time: Why Wall Street Is Not Too Big to Jail (Disinfo Books, 2011), a companion to his latest film Plunder The Crime Of Our Time. He can be reached online at www.newsdissector.com.

The Financial Crisis Inquiry Report: The Final Report of the National Commission on the Causes of the Financial and Economic Crisis in the United States Including Dissenting Views

Cosimo Inc

The Financial Crisis Inquiry Report, published by the U.S. Government and the Financial Crisis Inquiry Commission in early 2011, is the official government report on the United States financial collapse and the review of major financial institutions that bankrupted and failed, or would have without help from the government. The commission and the report were implemented after Congress passed an act in 2009 to review and prevent fraudulent activity. The report details, among other things, the periods before, during, and after the crisis, what led up to it, and analyses of subprime mortgage lending, credit expansion and banking policies, the collapse of companies like Fannie Mae and Freddie Mac, and the federal bailouts of Lehman and AIG. It also discusses the aftermath of the fallout and our current state. This report should be of interest to anyone concerned about the financial situation in the U.S. and around the world.

The Financial Crisis Inquiry Report: The Final Report of the National Commission on the Causes of the Financial and Economic Crisis in the United States, Including Dissenting Views

Schechter, Danny

Cosimo Reports

** This official edition contains more than 100 pages of dissenting views not printed in the commercial version ** In the wake of the most significant financial crisis since the Great Depression, President Obama signed into law an Act that established the Financial Crisis Inquiry Commission to "examine the causes, domestic and global, of the current financial and economic crisis in the United States. This bipartisan Commission was given a critical non-partisan mission - to examine the causes of the financial crisis that has gripped the country and to report its findings to the Congress, the President, and the American people.In the course of its research and investigation, the Commission reviewed millions of pages of documents, interviewed more than 700 witnesses, and held 19 days of public hearings in New York, Washington, D.C., and communities across the country that were hit hard by the crisis. Its final report includes the results of the Commission's inquiry and the Commission's conclusions as to the causes of the financial crisis based on this inquiry.

The Financial Crisis Inquiry Report: FULL Final Report (Includiing Dissenting Views) Of The National Commission On The Causes Of The Financial And Economic Crisis In The United States

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See the best price to sell, buy, or rent books by Financial Crisis Inquiry Commission. BookScouter helps to compare book prices from 25+ online bookstores and 30+ buyback vendors with a single search.

Financial Crisis Inquiry Report: Final Report of the National Commission on the Causes of the Financial and Economic Crisis in the United States

The Financial Crisis Inquiry Report: The Final Report of the National Commission on the Causes of the Financial and Economic Crisis in the United States

The Financial Crisis Inquiry Report: Final Report of the National Commission on the Causes of the Financial and Economic Crisis in the United States

The Financial Crisis Inquiry Report, Authorized Edition: Final Report of the National Commission on the Causes of the Financial and Economic Crisis in the United States

The Financial Crisis Inquiry Report: The Final Report of the National Commission on the Causes of the Financial and Economic Crisis in the United States

Warren Buffett's Interview With the Financial Crisis Inquiry Commission (FCIC)

The Financial Crisis Inquiry Report: Final Report of the National Commission on the Causes of the Financial and Economic Crisis in the United States

The Financial Crisis Inquiry Report: The Final Report of the National Commission on the Causes of the Financial and Economic Crisis in the United States Including Dissenting Views

The Financial Crisis Inquiry Report: The Final Report of the National Commission on the Causes of the Financial and Economic Crisis in the United States, Including Dissenting Views

The Financial Crisis Inquiry Report: FULL Final Report (Includiing Dissenting Views) Of The National Commission On The Causes Of The Financial And Economic Crisis In The United States