Financial Crisis Inquiry Commission

The Financial Crisis Inquiry Commission has held a meeting with Wall Street big shots on Wednesday and starts its year-long investigation into the economic crisis the country is still sinking in.

The CEOs of Bank of America, Goldman Sachs, JP Morgan Chase, and Morgan Stanley met the Financial Crisis Inquiry Commission today and testified in front of the commissioners. Financial Crisis Inquiry Commission chairman Phil Angelides said in statement that the American nation is angry and they had a right to be. He told the four CEOs that the nation is still fighting to ‘stay afloat’ while America’s biggest financial institutes are making huge profits from the bailout they received from the government.

The bankers present in the Financial Crisis Inquiry Commission meeting admitted that as financial institutions they had made mistakes and understand the ‘anger’ of their countrymen. The head of Morgan Stanley, John Mack, testified in front of the Financial Crisis Inquiry Commission that the economic crisis was a very strong ‘wakeup call’ for them.

Financial Crisis Inquiry Commission is a 10-member committee founded by the Congress to investigate the economic crisis of 2007-2009. The Financial Crisis Inquiry Commission will investigate the matter and will present its report on December 31, 2010 to the Congress. This commission is modeled on Pecora Commission which was established to investigate the Great Depression in 1930s. Financial Crisis Inquiry Commission is also nicknamed ‘New Pecora Commission.’ The commission comprise of three members nominated by House Speaker Nancy Pelosi and Majority Leader Harry Reid each, and two members nominated by Minority Leader Boehner of Ohio and Mitch McConnell of Kentucky each.

The first meeting of Financial Crisis Inquiry Commission was held in September 2009 with an opening statement by the Congress.

Financial Crisis Inquiry Commission