Financial crisis inquiry begins + Causes of the 2008 Financial Collapse

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TheRealNews
January 13, 2010

Financial crisis inquiry begins

On Wednesday, January 13th, the CEOs of the United States’ four largest banks went under oath to answer questions about their role in the financial crisis of 2008. It marked the opening day of a new government inquiry into the causes of the financial crisis. The inquiry has the power to subpoena for information and recommend criminal investigations, but will it put these tools to work?

Thomas Ferguson is a political scientist and author who studies and writes on politics and economics, often within an historical perspective. He is a Political Science professor at the University of Massachusetts Boston. He is also a a contributing editor of The Nation. He is also the author of several books, the recent of which is Golden Rule: The Investment Theory of Party Competition and the Logic of Money-Driven Political System

Kevin G. Hall, the former South America correspondent, is now the bureau’s national economics reporter. During his career he has reported from Mexico City, Saudi Arabia, Miami, Los Angeles and Washington, D.C., for the Journal of Commerce and United Press International. He speaks Spanish and Portuguese.

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Causes of the 2008 Financial Collapse

C-SPAN
Jan 13-14, 2010

Financial Crisis Inquiry Commission

The heads of the surviving, large Wall Street investment banks testified before the Financial Crisis Inquiry Commission – a group chartered by Congress to look into the causes of the 2008 financial collapse. Public Hearing: “Causes and Current State of the Financial Crisis” Day 1 of 2 Chairman: Phil Angelides

Panel 1: Financial Institution Representatives 9a-12:15/12:30p…followed by 30 minute break Lloyd C. Blankfein, Chairman of the Board & Chief Executive Officer Goldman Sachs Group, Inc. James Dimon, Chairman of the Board and Chief Executive Officer JPMorgan Chase & Company John J. Mack, Chairman of the Board Morgan Stanley Brian T. Moynihan, Chief Executive Officer and President Bank of America Corporation

3 hours, 23 minutes

via Causes of 2008 Financial Collapse, Financial Institution Representatives – C-SPAN Video Library

Panel 2: Financial Market Participants

1 hours, 16 minutes

approx 12:45-3/3:15p…followed by 10 minute break Michael Mayo, Managing Director and Financial Services Analyst Calyon SecuritiesUSA Inc. J. Kyle Bass, Managing Partner Hayman Advisors, L.P. Peter J. Solomon, Founder and Chairman Peter J. Solomon Company

via Causes of 2008 Financial Collapse, Financial Market Participants – C-SPAN Video Library

Panel 3: Financial Crisis Impacts on the Economy

1 hours, 35 minutes

approx 3:25-5/6p Dr. Mark Zandi, Chief Economist and Co-founder Moody’s Economy.com Dr. Kenneth T. Rosen, Chair, Fisher Center for Real Estate and Urban Economics University of California, Berkeley Ms. Julia Gordon, Senior Policy Counsel Center for Responsible Lending C.R. “Rusty”Cloutier, President and Chief Executive Officer MidSouth Bank, N.A. and Past Chairman of the Independent Community Bankers Association

via 2008 Financial Collapse Impacts on the Economy – C-SPAN Video Library

Causes of 2008 Financial Collapse, Day 2

(available Jan. 14, 2010)

9a Public Hearing: “Causes and Current State of the Financial Crisis” Day 2 Chairman: Phil Angelides Panel 1: Current Investigations into the Financial Crisis – Federal Officials (9a-12/12:15p) Eric H. Holder, Jr., Attorney General U.S. Department of Justice Lanny A. Breuer, Assistant Attorney General, Criminal Division Sheila C. Bair, Chairman U.S. Federal Deposit Insurance Corporation Mary L. Schapiro, Chairman U.S. Securities and Exchange Commission Panel 2: Current Investigations into the Financial Crisis – State and Local Officials (approx 12:25-3/4p) Lisa Madigan, Attorney General State of Illinois John W. Suthers, Attorney General State of Colorado Denise Voigt Crawford, Commissioner Texas Securities Board and President, North American Securities Administrators Association, Inc. Glenn Theobald, Chief Counsel Miami-Dade County Police Department, Chairman, Mayor Carlos Alvarez Mortgage Fraud Task Force 9a Public Hearing: “Causes and Current State of the Financial Crisis” Day 2 Chairman: Phil Angelides Panel 1: Current Investigations into the Financial Crisis – Federal Officials (9a-12/12:15p) Eric H. Holder, Jr., Attorney General U.S. Department of Justice Lanny A. Breuer, Assistant Attorney General, Criminal Division Sheila C. Bair, Chairman U.S. Federal Deposit Insurance Corporation Mary L. Schapiro, Chairman U.S. Securities and Exchange Commission Panel 2: Current Investigations into the Financial Crisis – State and Local Officials (approx 12:25-3/4p) Lisa Madigan, Attorney General State of Illinois John W. Suthers, Attorney General State of Colorado Denise Voigt Crawford, Commissioner Texas Securities Board and President, North American Securities Administrato9a Public Hearing: “Causes and Current State of the Financial Crisis” Day 2 Chairman: Phil Angelides Panel 1: Current Investigations into the Financial Crisis – Federal Officials (9a-12/12:15p) Eric H. Holder, Jr., Attorney General U.S. Department of Justice Lanny A. Breuer, Assistant Attorney General, Criminal Division Sheila C. Bair, Chairman U.S. Federal Deposit Insurance Corporation Mary L. Schapiro, Chairman U.S. Securities and Exchange Commission Panel 2: Current Investigations into the Financial Crisis – State and Local Officials (approx 12:25-3/4p) Lisa Madigan, Attorney General State of Illinois John W. Suthers, Attorney General State of Colorado Denise Voigt Crawford, Commissioner Texas Securities Board and President, North American Securities Administrators Association, Inc. Glenn Theobald, Chief Counsel Miami-Dade County Police Department, Chairman, Mayor Carlos Alvarez Mortgage Fraud Task Force rs Association, Inc. Glenn Theobald, Chief Counsel Miami-Dade County Police Department, Chairman, Mayor Carlos Alvarez Mortgage Fraud Task Force

via Causes of 2008 Financial Collapse, Day 2 – C-SPAN Video Library

see

Dennis Kucinich to Introduce “Responsible Bankers Act”

Dennis Kucinich: This Just Signals The FED That It’s Business As Usual!

Goldman’s Cayman casino

Emails implicate Treasury Secretary Geithner in cover-up of AIG deal to bail out the banks by Barry Grey

Wall Street Will Be Back For More by Chris Hedges

6 thoughts on “Financial crisis inquiry begins + Causes of the 2008 Financial Collapse

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  6. Predatory Lending is a major contributor to the economic turmoil we are currently experiencing.

    Here is an example of what I am talking about:
    Scott Veerkamp / Predatory Lending (Franklin Township School Board Member.)

    Please review this information from U.S. Senator Jeff Merkley regarding deceptive lending practices:
    “Steering payments were made to brokers who enticed unsuspecting homeowners into deceptive and expensive mortgages. These secret bonus payments, often called Yield Spread Premiums, turned home mortgages into a SCAM.”

    The Center for Responsible Lending says YSP “steals equity from struggling families.”
    1. Scott collected nearly $10,000 on two separate mortgages using YSP and junk fees. 2. This is an average of $5,000 per loan. 3. The median value of the properties was $135,000. 4. Clearly, this type of lending represents a major ripoff for consumers.

    http://merkley.senate.gov/newsroom/press/release/?id=A09C6A80-537A-4EB1-83C5-31925F046B6F

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