September 21, 2013 — By Phil Angelides, Special to the Sacramento Bee. Five years ago this week, the nation’s financial system unraveled due to recklessness on Wall Street and regulatory failure in Washington. The fallout from the financial crisis cost millions of Americans their jobs, homes and life savings, and resulted in deep and lasting damage to … Continue reading
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On the 5th Anniversary of the Financial Crisis, 5 Critical Must Do’s – No. 1
On this day five years ago, Secretary of the Treasury Henry Paulson officially unveiled the $700 billion Troubled Asset Relief Program (TARP). The program, originally intended to purchase toxic assets from banks, was initially used to inject capital into nine big financial institutions – Bank of America, Citigroup, JP Morgan Chase, Wells Fargo, Goldman Sachs, … Continue reading
On the 5th Anniversary of the Financial Crisis, 5 Critical Must Do’s – No. 2
Five years ago today, financial contagion and panic spread as investors withdrew hundreds of billions of dollars from money market funds and as insurance giant AIG, brought down by its disastrous credit default swap and securities lending bets, was rescued with a taxpayer bailout of $85 billion – a bailout that would eventually grow to … Continue reading
On the 5th Anniversary of the Financial Crisis, 5 Critical Must Do’s – No. 3
Five years ago today, the nation plummeted into financial panic as Lehman Brothers filed for bankruptcy and other major financial institutions teetered on the edge of collapse. September 14th and September 15th of 2008 presaged a sweeping and massive bailout of Wall Street and a downward spiral that would leave our country economically wounded for … Continue reading
On the 5th Anniversary of the Financial Crisis, 5 Critical Must Do’s – No. 4
Five years ago this week, the financial system came unhinged due to years of recklessness on Wall Street and regulatory neglect in Washington. The American people paid a terrible price – persistent and widespread unemployment, millions of foreclosures, and household wealth and retirement savings wiped away. Yet, little, if anything, has changed on Wall Street … Continue reading
On the 5th Anniversary of the Financial Crisis, 5 Critical Must Do’s – No. 5
Five years ago this week, the financial system unraveled due to recklessness on Wall Street and regulatory failures in Washington. The American people paid a terrible price – persistent and widespread unemployment, millions of foreclosures, and household wealth and retirement savings wiped away. Yet, little, if anything, has changed on Wall Street and the biggest … Continue reading
Phil Angelides 