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MyUSTINET News: Private, Public Failures Blamed For Crisis
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Private, Public Failures Blamed For Crisis
Tuesday, 25-Jan-2011 8:34PM United Press International
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WASHINGTON, Jan. 25 (UPI) -- A U.S. commission has concluded failures by private industry and "public stewards" were the main causes of the 2008 financial crisis, The New York Times says.

SAVE MONEY ON TRAVEL DEALS

The newspaper reported Tuesday it had examined the final report of the Financial Crisis Inquiry Commission, expected to be released Thursday as a 576-page book. The commission will say the meltdown was "avoidable" and was caused by corporate mismanagement, unduly risky behavior on Wall Street and failures on the part of government regulators.

The commission report singles out former Federal Reserve Board Chairman Alan Greenspan and current Chairman Ben Bernanke and concludes U.S. regulators "lacked the political will" to hold to account the financial institutions they are responsible for regulating, the Times said.

The report also finds fault with a decision in 2000, toward the end of President Bill Clinton's administration, to protect certain derivatives from regulation, calling that "a key turning point in the march toward the financial crisis." The commission determined that mortgage lending practices and risky investments in securities backed by the packaging and sale of loans contributed to the crisis.

"The greatest tragedy would be to accept the refrain that no one could have seen this coming and thus nothing could have been done", the commission concluded. "If we accept this notion, it will happen again."

The commission conducted extensive hearings in 2009, with testimony from more than 700 witnesses.

Six of the panel's 10 members, all appointed by Democrats, have endorsed the final report, the Times said. Three members appointed by Republicans will issue a dissent and a fourth Republican appointee has prepared his own dissent, blaming the crisis on policies intended to expand homeownership.

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Tuesday 25-Jan-2011 8:34PM United Press International
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WASHINGTON Jan. 25 (UPI) -- A U.S. commission has concluded failures by private industry and "public stewards" were the main causes of the 2008 financial crisis The New York Times says.

SAVE MONEY ON TRAVEL DEALS

The newspaper reported Tuesday it had examined the final report of the Financial Crisis Inquiry Commission expected to be released Thursday as a 576-page book. The commission will say the meltdown was "avoidable" and was caused by corporate mismanagement unduly risky behavior on Wall Street and failures on the part of government regulators.

The commission report singles out former Federal Reserve Board Chairman Alan Greenspan and current Chairman Ben Bernanke and concludes U.S. regulators "lacked the political will" to hold to account the financial institutions they are responsible for regulating the Times said.

The report also finds fault with a decision in 2000 toward the end of President Bill Clinton's administration to protect certain derivatives from regulation calling that "a key turning point in the march toward the financial crisis." The commission determined that mortgage lending practices and risky investments in securities backed by the packaging and sale of loans contributed to the crisis.

"The greatest tragedy would be to accept the refrain that no one could have seen this coming and thus nothing could have been done" the commission concluded. "If we accept this notion it will happen again."

The commission conducted extensive hearings in 2009 with testimony from more than 700 witnesses.

Six of the panel's 10 members all appointed by Democrats have endorsed the final report the Times said. Three members appointed by Republicans will issue a dissent and a fourth Republican appointee has prepared his own dissent blaming the crisis on policies intended to expand homeownership.

- - - - - - - - - - - - - - - - - - - -
Related News Topics:

High-priority business news
Banks and S
News covering industry

 BREAKING STORIES

Egypt cuts access to Internet

British unions discuss strategy

Schumer says GOP would privatize SoSec

Obama's Irish heritage celebrated

Kim named son reluctantly brother says

Pence: No presidential bid in 2012

Violent protests continue to grip Egypt

ANC appeals for calm over Mandela's health

Yemenis protest against government

Top Obama YouTube questions: Legalize pot

Police say 15-year-old Elizabeth Ennen strangled

Tunisia seeks arrest of ex-president

U.S. offers support in Tunisia elections

Libertarians call Obama GOP hypocrites

Unions: Trade deals can threaten jobs

Early polls give Obama speech thumbs up

Obama: Government spending unsustainable

Parties mix on State of the Union night

Less than half do well in science subjects

Embassies bomber given life in prison

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MyUSTINET News: Private, Public Failures Blamed For Crisis
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Tuesday, 25-Jan-2011 8:34PM United Press International
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WASHINGTON, Jan. 25 (UPI) -- A U.S. commission has concluded failures by private industry and "public stewards" were the main causes of the 2008 financial crisis, The New York Times says.

SAVE MONEY ON TRAVEL DEALS

The newspaper reported Tuesday it had examined the final report of the Financial Crisis Inquiry Commission, expected to be released Thursday as a 576-page book. The commission will say the meltdown was "avoidable" and was caused by corporate mismanagement, unduly risky behavior on Wall Street and failures on the part of government regulators.

The commission report singles out former Federal Reserve Board Chairman Alan Greenspan and current Chairman Ben Bernanke and concludes U.S. regulators "lacked the political will" to hold to account the financial institutions they are responsible for regulating, the Times said.

The report also finds fault with a decision in 2000, toward the end of President Bill Clinton's administration, to protect certain derivatives from regulation, calling that "a key turning point in the march toward the financial crisis." The commission determined that mortgage lending practices and risky investments in securities backed by the packaging and sale of loans contributed to the crisis.

"The greatest tragedy would be to accept the refrain that no one could have seen this coming and thus nothing could have been done", the commission concluded. "If we accept this notion, it will happen again."

The commission conducted extensive hearings in 2009, with testimony from more than 700 witnesses.

Six of the panel's 10 members, all appointed by Democrats, have endorsed the final report, the Times said. Three members appointed by Republicans will issue a dissent and a fourth Republican appointee has prepared his own dissent, blaming the crisis on policies intended to expand homeownership.

- - - - - - - - - - - - - - - - - - - -
Related News Topics:

High-priority business news
Banks and S
News covering industry

 BREAKING STORIES

Egypt cuts access to Internet

British unions discuss strategy

Schumer says GOP would privatize SoSec

Obama's Irish heritage celebrated

Kim named son reluctantly, brother says

Pence: No presidential bid in 2012

Violent protests continue to grip Egypt

ANC appeals for calm over Mandela's health

Yemenis protest against government

Top Obama YouTube questions: Legalize pot

Police say 15-year-old Elizabeth Ennen strangled

Tunisia seeks arrest of ex-president

U.S. offers support in Tunisia elections

Libertarians call Obama, GOP hypocrites

Unions: Trade deals can threaten jobs

Early polls give Obama speech thumbs up

Obama: Government spending unsustainable

Parties mix on State of the Union night

Less than half do well in science subjects

Embassies bomber given life in prison



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Tuesday, 25-Jan-2011 8:34PM United Press International
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POLL: Your Opinion

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WASHINGTON, Jan. 25 (UPI) -- A U.S. commission has concluded failures by private industry and "public stewards" were the main causes of the 2008 financial crisis, The New York Times says.

SAVE MONEY ON TRAVEL DEALS

The newspaper reported Tuesday it had examined the final report of the Financial Crisis Inquiry Commission, expected to be released Thursday as a 576-page book. The commission will say the meltdown was "avoidable" and was caused by corporate mismanagement, unduly risky behavior on Wall Street and failures on the part of government regulators.

The commission report singles out former Federal Reserve Board Chairman Alan Greenspan and current Chairman Ben Bernanke and concludes U.S. regulators "lacked the political will" to hold to account the financial institutions they are responsible for regulating, the Times said.

The report also finds fault with a decision in 2000, toward the end of President Bill Clinton's administration, to protect certain derivatives from regulation, calling that "a key turning point in the march toward the financial crisis." The commission determined that mortgage lending practices and risky investments in securities backed by the packaging and sale of loans contributed to the crisis.

"The greatest tragedy would be to accept the refrain that no one could have seen this coming and thus nothing could have been done", the commission concluded. "If we accept this notion, it will happen again."

The commission conducted extensive hearings in 2009, with testimony from more than 700 witnesses.

Six of the panel's 10 members, all appointed by Democrats, have endorsed the final report, the Times said. Three members appointed by Republicans will issue a dissent and a fourth Republican appointee has prepared his own dissent, blaming the crisis on policies intended to expand homeownership.

- - - - - - - - - - - - - - - - - - - -
Related News Topics:

High-priority business news
Banks and S
News covering industry

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 BREAKING STORIES

Egypt cuts access to Internet

British unions discuss strategy

Schumer says GOP would privatize SoSec

Obama's Irish heritage celebrated

Kim named son reluctantly, brother says

Pence: No presidential bid in 2012

Violent protests continue to grip Egypt

ANC appeals for calm over Mandela's health

Yemenis protest against government

Top Obama YouTube questions: Legalize pot

Police say 15-year-old Elizabeth Ennen strangled

Tunisia seeks arrest of ex-president

U.S. offers support in Tunisia elections

Libertarians call Obama, GOP hypocrites

Unions: Trade deals can threaten jobs

Early polls give Obama speech thumbs up

Obama: Government spending unsustainable

Parties mix on State of the Union night

Less than half do well in science subjects

Embassies bomber given life in prison

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 SECTION: TOP U.S. NEWS
Search The Web:
DOMAIN NAMES
AS LOW AS $2.99 YR.
Private Public Failures Blamed For Crisis
Tuesday 25-Jan-2011 8:34PM United Press International
USTINET NEWS

 » Front Page

 » Top Stories

 » U.S. News

    Government

    Focus U.S.A.

    The White House

    U.S. Politics

    Social Issues

    Local Editions

 » World

 » Politics

 » Business

 » Sports

 » Health

 » Tech/Science

 » Living/Entertainment

 » Off Beat Stories

 » News Photos

 » Weather


Special Editions

 » Iraq & Conflict

 » Israel/Palestine

 » Crimes & Laws


MultiMedia

 » Interactive Features

 » News Photos


POLL: Your Opinion

 » What Do You Think




WASHINGTON Jan. 25 (UPI) -- A U.S. commission has concluded failures by private industry and "public stewards" were the main causes of the 2008 financial crisis The New York Times says.

SAVE MONEY ON TRAVEL DEALS

The newspaper reported Tuesday it had examined the final report of the Financial Crisis Inquiry Commission expected to be released Thursday as a 576-page book. The commission will say the meltdown was "avoidable" and was caused by corporate mismanagement unduly risky behavior on Wall Street and failures on the part of government regulators.

The commission report singles out former Federal Reserve Board Chairman Alan Greenspan and current Chairman Ben Bernanke and concludes U.S. regulators "lacked the political will" to hold to account the financial institutions they are responsible for regulating the Times said.

The report also finds fault with a decision in 2000 toward the end of President Bill Clinton's administration to protect certain derivatives from regulation calling that "a key turning point in the march toward the financial crisis." The commission determined that mortgage lending practices and risky investments in securities backed by the packaging and sale of loans contributed to the crisis.

"The greatest tragedy would be to accept the refrain that no one could have seen this coming and thus nothing could have been done" the commission concluded. "If we accept this notion it will happen again."

The commission conducted extensive hearings in 2009 with testimony from more than 700 witnesses.

Six of the panel's 10 members all appointed by Democrats have endorsed the final report the Times said. Three members appointed by Republicans will issue a dissent and a fourth Republican appointee has prepared his own dissent blaming the crisis on policies intended to expand homeownership.

- - - - - - - - - - - - - - - - - - - -
Related News Topics:

High-priority business news
Banks and S
News covering industry

 BREAKING STORIES

Egypt cuts access to Internet

British unions discuss strategy

Schumer says GOP would privatize SoSec

Obama's Irish heritage celebrated

Kim named son reluctantly brother says

Pence: No presidential bid in 2012

Violent protests continue to grip Egypt

ANC appeals for calm over Mandela's health

Yemenis protest against government

Top Obama YouTube questions: Legalize pot

Police say 15-year-old Elizabeth Ennen strangled

Tunisia seeks arrest of ex-president

U.S. offers support in Tunisia elections

Libertarians call Obama GOP hypocrites

Unions: Trade deals can threaten jobs

Early polls give Obama speech thumbs up

Obama: Government spending unsustainable

Parties mix on State of the Union night

Less than half do well in science subjects

Embassies bomber given life in prison

via ClariNet.
 
 
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