Financial Crisis Inquiry Report: Final Report of the National Commission on the Causes of the Financial and Economic Crisis in the United States

Financial Crisis Inquiry Report: Final Report of the National Commission on the Causes of the Financial and Economic Crisis in the United States

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By (author) United States. Financial Crisis Inquiry Commission

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  • Publisher: PublicAffairs,U.S.
  • Format: Paperback | 512 pages
  • Dimensions: 137mm x 208mm x 41mm | 590g
  • Publication date: 10 February 2011
  • Publication City/Country: New York
  • ISBN 10: 1610390415
  • ISBN 13: 9781610390415
  • Edition: 1
  • Edition statement: Authorized ed.
  • Illustrations note: figures
  • Sales rank: 152,902

Product description

The most devastating financial crisis since the Great Depression has cost the jobs, homes and savings of millions of people. In 2008 the US government stepped in to rescue a faltering financial system, propping up some of the largest and most powerful financial firms on Wall Street. Two years later everyone is still wondering what exactly prompted a calamity of such magnitude. To answer this question, US Congress created the Financial Crisis Inquiry Commission in May 2009 and directed it to "examine the causes, domestic and global, of the current financial and economics crisis in the United States." Lawmakers appointed a 10-member panel with expertise in business, economics regulation and housing to conduct an investigation and then report to the President, the Congress and the American people. Vested with subpoena power, the Commission spent more than a year conducting unprecedented interviews with more than 700 eyewitnesses to the crisis and its aftermath, including current and former government officials, chief executives of the nation's biggest banks, and individuals across the nation who have been affected by the crisis. The Commission examined millions of pages of documents. Many have never before been made available to investigators, journalists or to the public. In addition, it held public hearings in Washington, D.C. and New York City, as well as in communities across America hard hit by the financial crisis. The result is the Commission's revealing and substantive account of the events that led to the most damaging financial earthquake in a generation.

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Author information

The Financial Crisis Inquiry Commission was created by Congress in May 2009 to investigate the roots of the financial crisis. Its members include Chairman Phil Angelides, Vice Chairman Hon. Bill Thomas and Commissioners Brooksley Born, Byron S Georgiou, Senator Bob Graham, Keith Hennessey, Douglas Holtz-Eakin, Heather H Murren CFA, John W Thompson and Peter J Wallison.

Review quote

"Slate," December 2010 "With those books, you'll never need to read anything that emerges from the FCIC. But if you do, read the good stuff: the interviews in which it grilled executives from Wall Street and the housing industry. The commission called in the loan-makers and bankers that caused the crisis and forced them to answer questions about their businesses--all for the public record. (It also subpoenaed thousands of pages of documents from Wall Street firms, though it is not clear if it will make those public.) There's no need to get the narrative from the FCIC. But if you want, say, to hear former Lehman CEO Dick Fuld try to defend himself, that's the place to go.""NPR's Morning Edition""The majority report reads a lot like a book, and a bit of a potboiler at that. The commission conducted hundreds of hours of interviews, with industry insiders, policymakers, whistle-blowers and regulators. And the pages of the majority's report are strewn with quotes from these interviews -- foreboding, eye-popping quotes.""New York Times," February 2, 2011 "The report is full of fascinating information, rich detail and fine documentary evidence." "New York Times," January 30, 2011"The report still makes for compelling reading because so little has changed as a result of the debacle, in both banking and in its regulation." "Minneapolis"" Star-Tribune," January 29, 2011"At 662 pages, the FCIC report amounts to a sweeping forensic examination of a crisis that the commission says could have been avoided. The conclusions are written with style and infused with an appropriate tone of outrage, buttressed by more than 700 interviews (including one with Minnesota lawyer Prentiss Cox) and millions of documents." "New York Times," February 13, 2011 "full of fascinating detail"" New York Times," February 17, 2011"Actually, the report -- and the online archive of testimony, interviews and documents that are now available -- is a treasure trove of invaluable information about the causes and consequences of the Great Recession." "New York"" Review of Books," April 28, 2011"The most comprehensive indictment of the American financial failure that has yet been made...The definitive history of this period." "Forbes," April 18, 2011"The report is very comprehensive, is well written and provides study material for much more extensive analysis.""CHOICE," August 2011 "Anyone interested in studying the causes of the financial crisis that reached a critical mass in 2008 must read this report... It is a Herculean research effort that deserves recognition."