THE FINANCIAL CRISIS INQUIRY REPORT
FINAL REPORT OF THE NATIONAL COMMISSION ON THE CAUSES OF THE FINANCIAL AND ECONOMIC CRISIS IN THE UNITED STATES
Submitted by THE FINANCIAL CRISIS INQUIRY COMMISSION
OFFICIAL EDITION
Review
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.”
Product Description
The definitive report on what caused America's economic meltdown— and who was responsible
The financial and economic crisis has touched the lives of millions of Americans who have lost their jobs and their homes, but many have little understanding of how it happened. Now, in this very accessible report, readers can get the facts.
Formed in May 2009, the Financial Crisis Inquiry Commission (FCIC) is a panel of 10 commissioners with experience in business, regulations, economics, and housing, chosen by Congress to explain what happened and why it happened. This panel has had subpoena power that enabled them to interview people and examine documents that no reporter had access to.
The FCIC has reviewed millions of pages of documents, and interviewed more than 600 leaders, experts, and participants in the financial markets and government regulatory agencies, as well as individuals and businesses affected by the crisis.
In the tradition of The 9/11 Commission Report, The Financial Crisis Inquiry Report is THE comprehensive book for the lay reader, complete with a glossary, charts, and easy-to-read diagrams, and a timeline that includes important events. It will be read by policy makers, corporate executives, regulators, government agencies, and the American people.
About the Author
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.
CONTENTS
COMMISIONERS
COMMISIONER VOTES
COMMISSION STAFF LIST
PREFACE
CONCLUSIONS OF THE FINANCIAL CRISIS INQUIRY COMMISSION
PART I: CRISIS ON THE HORIZON
CHAPTER 1: BEFORE OUR VERY EYES
PART II: SETTING THE STAGE
CHAPTER 2: SHADOW BANKING
CHAPTER 3: SECURITIZATION AND DERIVATIVES
CHAPTER 4: DEREGULATION REDUX
CHAPTER 5: SUBPRIME LENDING
PART III: THE BOOM AND BUST
CHAPTER 6: CREDIT EXPANSION
CHAPTER 7: THE MORTGAGE MACHINE
CHAPTER 8: THE CDO MACHINE
CHAPTER 9: ALL IN
CHAPTER 10: THE MADNESS
CHAPTER 11: THE BUST
PART IV: THE UNRAVELING
CHAPTER 12: EARLY 2007 - SPREADING SUBPRIME WORRIES
CHAPTER 13: SUMMER 2007 - DISRUPTIONS IN FUNDING
CHAPTER 14: LATE 2007 TO EARLY 2008 - BILLIONS IN SUBPRIME LOSSES
CHAPTER 15: MARCH 2008 - THE FALL OF BEAR STEARNS
CHAPTER 16: MARCH TO AUGUST 2008 - SYSTEMIC RISK CONCERNS
CHAPTER 17: SEPTEMBER 2008 - THE TAKEOVER OF FANNIE MAE AND FREDDIE MAC
CHAPTER 18: SEPTEMBER 2008 - THE BANKRUPTCY OF LEHMAN
CHAPTER 19: SEPTEMBER 2008 - THE BAILOUT OF AIG
CHAPTER 20: CRISIS AND PANIC
PART V: THE AFTERSHOCKS
CHAPTER 21: THE ECONOMIC FALLOUT
CHAPTER 22: THE FORECLOSURE CRISIS
DISSENTING VIEWS
BY KEITH HENNESSEY, DOUGLAS HOLTZ-EAKIN, AND BILL THOMAS
BY PETER J. WALLISON
APPENDIX A: GLOSSARY
APPENDIX B: LIST OF HEARINGS AND WITNESSES
NOTES
INDEX
SPECIAL KINDLE EDITION
Especially formatted for Kindle's Interactive Table of Contents
FINAL REPORT OF THE NATIONAL COMMISSION ON THE CAUSES OF THE FINANCIAL AND ECONOMIC CRISIS IN THE UNITED STATES
Submitted by THE FINANCIAL CRISIS INQUIRY COMMISSION
OFFICIAL EDITION
Review
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.”
Product Description
The definitive report on what caused America's economic meltdown— and who was responsible
The financial and economic crisis has touched the lives of millions of Americans who have lost their jobs and their homes, but many have little understanding of how it happened. Now, in this very accessible report, readers can get the facts.
Formed in May 2009, the Financial Crisis Inquiry Commission (FCIC) is a panel of 10 commissioners with experience in business, regulations, economics, and housing, chosen by Congress to explain what happened and why it happened. This panel has had subpoena power that enabled them to interview people and examine documents that no reporter had access to.
The FCIC has reviewed millions of pages of documents, and interviewed more than 600 leaders, experts, and participants in the financial markets and government regulatory agencies, as well as individuals and businesses affected by the crisis.
In the tradition of The 9/11 Commission Report, The Financial Crisis Inquiry Report is THE comprehensive book for the lay reader, complete with a glossary, charts, and easy-to-read diagrams, and a timeline that includes important events. It will be read by policy makers, corporate executives, regulators, government agencies, and the American people.
About the Author
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.
CONTENTS
COMMISIONERS
COMMISIONER VOTES
COMMISSION STAFF LIST
PREFACE
CONCLUSIONS OF THE FINANCIAL CRISIS INQUIRY COMMISSION
PART I: CRISIS ON THE HORIZON
CHAPTER 1: BEFORE OUR VERY EYES
PART II: SETTING THE STAGE
CHAPTER 2: SHADOW BANKING
CHAPTER 3: SECURITIZATION AND DERIVATIVES
CHAPTER 4: DEREGULATION REDUX
CHAPTER 5: SUBPRIME LENDING
PART III: THE BOOM AND BUST
CHAPTER 6: CREDIT EXPANSION
CHAPTER 7: THE MORTGAGE MACHINE
CHAPTER 8: THE CDO MACHINE
CHAPTER 9: ALL IN
CHAPTER 10: THE MADNESS
CHAPTER 11: THE BUST
PART IV: THE UNRAVELING
CHAPTER 12: EARLY 2007 - SPREADING SUBPRIME WORRIES
CHAPTER 13: SUMMER 2007 - DISRUPTIONS IN FUNDING
CHAPTER 14: LATE 2007 TO EARLY 2008 - BILLIONS IN SUBPRIME LOSSES
CHAPTER 15: MARCH 2008 - THE FALL OF BEAR STEARNS
CHAPTER 16: MARCH TO AUGUST 2008 - SYSTEMIC RISK CONCERNS
CHAPTER 17: SEPTEMBER 2008 - THE TAKEOVER OF FANNIE MAE AND FREDDIE MAC
CHAPTER 18: SEPTEMBER 2008 - THE BANKRUPTCY OF LEHMAN
CHAPTER 19: SEPTEMBER 2008 - THE BAILOUT OF AIG
CHAPTER 20: CRISIS AND PANIC
PART V: THE AFTERSHOCKS
CHAPTER 21: THE ECONOMIC FALLOUT
CHAPTER 22: THE FORECLOSURE CRISIS
DISSENTING VIEWS
BY KEITH HENNESSEY, DOUGLAS HOLTZ-EAKIN, AND BILL THOMAS
BY PETER J. WALLISON
APPENDIX A: GLOSSARY
APPENDIX B: LIST OF HEARINGS AND WITNESSES
NOTES
INDEX
SPECIAL KINDLE EDITION
Especially formatted for Kindle's Interactive Table of Contents
