The panel Congress assigned with the daunting task of figuring out what lead to the financial meltdown held another round of hearings last week. Citigroup and Alan Greenspan faced the commissions’ wrath but what will all this grilling add up to? Criticism of the commission’s work, from within and outside Congress, is stacking up and what promised to be an equitable, bipartisan examination of the root causes of the financial meltdown have now been plagued by infighting on the commission itself. Will the commissions’ report (expected to be massive) offer any new insights or help foster new regulations (Congress and Treasury are already moving forward on reforms)? Patt asks the chairman for a view from the inside.
Phil Angelides, chairman, Financial Crisis Inquiry Commission