In a report released today, the Financial Crisis Inquiry Commission found that “reckless” Wall Street firms, an abundance of cheap credit and “weak” federal regulators caused the crisis.
“This financial crisis could have been avoided. Let us be clear,” chairman Phil Angelides said at the Washington press conference marking the official release of the report. “The record is replete with evidence of failures. None of what happened was an act of God.”
Former California treasurer Angelides confirmed that the bipartisan panel appointed by Congress to investigate the financial crisis concluded that several financial industry figures appear to have broken the law and has referred multiple cases to state or federal authorities for potential prosecution.