Charles Brown received from Senator Levin: >> Extreme greed was the driving force of the crisis. And, it will happen >> again unless we change the rules. >> >> Our hearings are based on a year-long bipartisan investigation >> conducted by the Subcommittee. The first hearing focused on the role >> of high risk loans, using Washington Mutual Bank as a case history. It >> showed how the bank originated and sold hundreds of billions of >> dollars in high risk loans to Wall Street in return for big fees, >> dumping toxic mortgages into the U.S. financial system like polluters >> dumping poison in a river. >> >> The next three hearings will look at the role of regulators, credit >> rating agencies, and investment banks in contributing to the financial >> crisis. The Subcommittee will present additional case histories to >> examine each stage of the assault. >>
So extreme greed was the driving force, which will be remedied by a change of the rules. But that would appear to implicitly recognize that the existing rules were a fundamental part of the problem, so that would necessitate an investigation of why the Congress chose the rules that it did, which would necessitate an investigation of the role of Congress in contributing to the financial crisis. But the role of Congress is not on the investigation agenda. Quis custodiet ipsos custodes? David Shemano _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
