The Financial Crisis Inquiry Commission’s Final Report: Five years ago this week, the Financial Crisis Inquiry Commission (FCIC), which conducted the nation’s official inquiry into the causes of the financial and economic crisis of 2008, made public the results of its investigation. On January 27, 2011, the FCIC presented its final report to the President … Continue reading
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
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
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
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
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
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
April 29, 2013 – Bloomberg’s Elliot Blair Smith reports: “Former fashion jewelry saleswoman Rebecca Gonzales and former Chief Executive Officer Ron Johnson have one thing in common: J.C. Penney Co. (JCP) no longer employs either. The similarity ends there. Johnson, 54, got a compensation package worth 1,795 times the average wage and benefits of a U.S. department store worker when … Continue reading
December 7, 2013 – Phil Angelides tells Steve Paikin why no one has been prosecuted for involvement in the 2008 financial crisis. Click here to watch.
January 22, 2013 – FRONTLINE presents The Untouchables and investigates why Wall Street’s leaders have escaped prosecution for any fraud related to the sale of bad mortgages in their feature. Phil Angelides was chairman of the Financial Crisis Inquiry Commission, which was created by Congress in 2009 to investigate the causes of the crisis. In its report, … Continue reading
Phil Angelides 