The conventional wisdom has it that the Financial Crisis Inquiry Commission ”” the bipartisan group of wise men and women charged with uncovering what caused our recent economic meltdown and telling us what should be done to prevent a recurrence ”” is woefully out-of-touch and out-of-date. A Times article last month suggested that “an exodus of senior employees” from the commission and “internal disagreements” among those remaining could hamper efforts to produce a meaningful and useful report, which is due to be published in December.
But the conventional wisdom is often wrong, and this time will be no exception. I predict that not only will the commission’s report ”” and accompanying documents ”” reveal numerous causes of the crisis that others have overlooked, but also that it will have a significant impact on the regulations that still must be written by the Securities and Exchange Commission and the Treasury as part of the implementation on the Dodd-Frank financial reform law. In fact, the inquiry commission may have already played an essential role in beginning to bring fraudsters to justice.
Excellent post! Thanks for sharing. Hope that everyone reads the whole thing.