FCIC Delays Report Despite Republican Opposition
Cites 'Very Powerful Interests' Seeking To Undermine Investigations
Shahien Nasiripour
HuffPost
First Posted: 11-17-10
The bipartisan panel created to investigate the roots of the financial crisis voted Wednesday to delay the Dec. 15 publication of their report despite Republican opposition, foreshadowing disagreements that are sure to arise when the commission attempts to reach a consensus on the causes of the worst financial crisis since the Great Depression.
The Financial Crisis Inquiry Commission's 6-to-3 vote came after the panel's four Republicans argued privately against the decision to ignore the statutory deadline set by Congress. One of the Republicans, former Congressional Budget Office Director Douglas Holtz-Eakin, was unable to participate in the vote, though he made his dissent known. The report will now be released in January.
The move comes on the heels of revelations that the nation's biggest mortgage companies employed possibly-fraudulent tactics in trying to foreclose on distressed homeowners. The recent disclosures by the likes of Bank of America, JPMorgan Chase and Ally Financial that they used flawed documentation practices sparked inquiries by all 50 state attorneys general, as well as federal prosecutors and federal regulators, among others. Those investigations are ongoing.
The crisis commission is also looking into the matter, said Phil Angelides, the panel's Democratic chairman. The Republicans on the panel are resisting further inquiries, according to people familiar with the matter. Angelides said in an interview that "there are very powerful interests" seeking to undermine the panel's investigation.
(More here.)
Shahien Nasiripour
HuffPost
First Posted: 11-17-10
The bipartisan panel created to investigate the roots of the financial crisis voted Wednesday to delay the Dec. 15 publication of their report despite Republican opposition, foreshadowing disagreements that are sure to arise when the commission attempts to reach a consensus on the causes of the worst financial crisis since the Great Depression.
The Financial Crisis Inquiry Commission's 6-to-3 vote came after the panel's four Republicans argued privately against the decision to ignore the statutory deadline set by Congress. One of the Republicans, former Congressional Budget Office Director Douglas Holtz-Eakin, was unable to participate in the vote, though he made his dissent known. The report will now be released in January.
The move comes on the heels of revelations that the nation's biggest mortgage companies employed possibly-fraudulent tactics in trying to foreclose on distressed homeowners. The recent disclosures by the likes of Bank of America, JPMorgan Chase and Ally Financial that they used flawed documentation practices sparked inquiries by all 50 state attorneys general, as well as federal prosecutors and federal regulators, among others. Those investigations are ongoing.
The crisis commission is also looking into the matter, said Phil Angelides, the panel's Democratic chairman. The Republicans on the panel are resisting further inquiries, according to people familiar with the matter. Angelides said in an interview that "there are very powerful interests" seeking to undermine the panel's investigation.
(More here.)
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