In the wake of the most significant financial crisis since the Great Depression President Obama signed into law on May 20, 2009, the Fraud Enforcement and Recovery Act of 2009, creating the Financial Crisis Inquiry Commission. The Commission was established to "examine the causes, domestic and global, of the current financial and economic crisis in the United States."
The 10 members of the bi-partisan Commission, prominent private citizens with significant experience in banking, market regulation, taxation, finance, economics, housing, and consumer protection, were appointed by Congress on July 15, 2009. The Chair, Phil Angelides, and Vice Chair, Bill Thomas, were selected jointly by the House and Senate Majority and Minority Leadership.
The FCIC is charged with conducting a comprehensive examination of 22 specific and substantive areas of inquiry related to the financial crisis.
January 13-14, 2010
Opening Remarks
Phil Angelides -
Chairman, Financial Crisis Inquiry Commission -
Opening Remarks (PDF)
Bill Thomas -
Vice Chairman, Financial Crisis Inquiry Commission -
Opening Remarks (PDF)
Day 1: Panel 1: Financial Institution Representatives
Mr. Lloyd C. Blankfein -
Chairman of the Board and Chief Executive Office,
Goldman Sachs Group, Inc.
Testimony (PDF) | Video
Mr. James Dimon -
Chairman of the Board and Chief Executive Officer,
JPMorgan Chase & Company
Testimony (PDF) | Video
Mr. John J. Mack -
Chairman of the Board,
Morgan Stanley
Testimony (PDF) | Video
Mr. Brian T. Moynihan -
Chief Executive Officer and President,
Bank of America Corporation
Testimony (PDF) | Video
Day 1: Panel 2: Financial Market Participants
Mr. Michael Mayo -
Managing Director and Financial Services Analyst,
Calyon Securities (USA) Inc.
Testimony (PDF) | Video
Mr. J. Kyle Bass -
Managing Partner,
Hayman Advisors, L.P.
Testimony (PDF) | Video
Mr. Peter J. Solomon -
Founder and Chairman,
Peter J. Solomon Company
Testimony (PDF) | Video
Day 1: Panel 3: Financial Crisis Impacts on the Economy
Dr. Mark Zandi -
Chief Economist and Co-founder,
Moody's Economy.com
Testimony (PDF) | Video
Dr. Kenneth T. Rosen -
Chair, Fisher Center for Real Estate and Urban Economics,
University of California, Berkeley
Testimony (PDF) | Video
Ms. Julia Gordon -
Senior Policy Counsel,
Center for Responsible Lending
Testimony (PDF) | Video
C.R. "Rusty" Cloutier -
President and Chief Executive Officer, MidSouth Bank, N.A.,
Past Chairman, Independent Community Bankers Association
Testimony (PDF) | Video
Day 2: Panel 1: Current Investigations into the Financial Crisis — Federal Officials
Honorable Eric H. Holder, Jr. -
Attorney General,
U.S. Department of Justice
Testimony (PDF) | Video
Honorable Lanny A. Breuer -
Assistant Attorney General, Criminal Division,
U.S. Department of Justice
Testimony (PDF) | Video
Honorable Sheila C. Bair -
Chairman,
U.S. Federal Deposit Insurance Corporation
Testimony (PDF) | Video
Honorable Mary L. Schapiro -
Chairman,
U.S. Securities and Exchange Commission
Testimony (PDF) | Video
Day 2: Panel 2: Current Investigations into the Financial Crisis — State and Local Officials
Honorable Lisa Madigan -
Attorney General,
State of Illinois
Testimony (PDF) | Video
Honorable John W. Suthers -
Attorney General,
State of Colorado
Testimony (PDF) | Video
Ms. Denise Voigt Crawford -
Commissioner, Texas Securities Board and President,
North American Securities Administrators Association, Inc.
Testimony (PDF) | Video
Mr. Glenn Theobald -
Chief Counsel, Miami-Dade County Police Department;,
Chairman, Mayor Carlos Alvarez Mortgage Fraud Task Force
Testimony (PDF) | Video
February 26-27, 2010
Session 1: Interconnectedness of Financial Institutions; “Too Big to Fail”
Randal Kroszner -
Norman R. Bobins Professor of Economics, University of Chicago
Bio | Testimony (PDF) | Presentation (PDF) | Video
Session 2: Macroeconomic Factors and U.S. Monetary Policy
Pierre-Olivier Gourinchas -
Associate Professor of Economics, University of California, Berkeley
Bio | Testimony (PDF) | Presentation (PDF) | Video
Session 3: Risk Taking and Leverage
John Geanakoplos -
James Tobin Professor of Economics, Yale University
Bio | Testimony (PDF) | Presentation (PDF) | Video
Session 4: Household Finances and Financial Literacy
Annamaria Lusardi -
Joel Z. and Susan Hyatt Professor of Economics, Dartmouth University; Research Associate at the National Bureau of Economic Research
Bio | Testimony (PDF) | Presentation (PDF) | Video
Session 5: Mortgage Lending Practices and Securitization
Chris Mayer -
Paul Milstein Professor of Real Estate, Columbia University; Visiting Scholar at the Federal Reserve Bank of New York and Research Associate at the National Bureau of Economic Research
Bio | Testimony (PDF) | Presentation (PDF) | Video
Session 6: Government-Sponsored Enterprises and Housing Policy
Dwight Jaffee -
Willis Booth Professor of Banking, Finance, and Real Estate; Co-Chair, Fisher Center for Real Estate and Urban Economics, University of California, Berkeley
Bio | Testimony (PDF) | Presentation (PDF) | Video
Session 7: Derivatives and Other Complex Financial Instruments
Markus Brunnermeier -
Edwards S. Sanford Professor of Economics, Princeton University
Bio | Testimony (PDF) | Presentation (PDF) | Video
Session 8: Firm Structure and Risk Management
Anil Kashyap - Edward Eagle Brown Professor of Economics and Finance and Richard N. Rosett Faculty Fellow, University of Chicago
Bio | Testimony (PDF) | Video
Session 9: Shadow Banking
Gary Gorton -
Professor of Finance, School of Management, Yale University
Bio | Testimony (PDF) | Video
April 7-9, 2010
The Federal Reserve
Mr. Alan Greenspan -
Former Chairman,
Board of Governors of the Federal Reserve System
Testimony (PDF) | Video
Subprime Origination and Securitization
Mr. Richard Bitner -
Managing Director of Housingwire.com,
Author, "Confessions of a Subprime Lender: An Insider's Tale of Greed, Fraud & Ignorance"
Testimony (PDF) | Video
Mr. Richard Bowen -
Former Senior Vice President and Business Chief Underwriter,
CitiMortgage Inc.
Testimony (PDF) | Video
Ms. Patricia Lindsay -
Former Vice President, Corporate Risk,
New Century Financial Corporation
Testimony (PDF) | Video
Ms. Susan Mills -
Managing Director of Mortgage Finance,
Citi Markets & Banking, Global Securitized Markets
Testimony (PDF) | Video
Citigroup Subprime-Related Structured Products and Risk Management
Mr. Murray C. Barnes -
Former Managing Director, Independent Risk,
Citigroup, Inc.
Testimony (PDF) | Video
Mr. David C. Bushnell -
Former Chief Risk Officer,
Citigroup, Inc.
Testimony (PDF) | Video
Mr. Nestor Dominguez -
Former Co-Head, Global Collateralized Debt Obligations,
Citi Markets & Banking, Global Structured Credit Products
Testimony (PDF) | Video
Mr. Thomas G. Maheras -
Former Co-Chief Executive Officer,
Citi Markets & Banking
Testimony (PDF) | Video
Citigroup Senior Management
Mr. Chuck Prince -
Former Chairman of the Board and Chief Executive Officer,
Citigroup, Inc.
Testimony (PDF) | Video
Mr. Robert Rubin -
Former Chairman of the Executive Committee of the Board of Directors,
Citigroup, Inc.
Testimony (PDF) | Video
Office of the Comptroller of the Currency
Mr. John C. Dugan -
Comptroller,
Office of the Comptroller of the Currency
Testimony (PDF) | Video
Mr. John D. Hawke Jr. -
Former Comptroller,
Office of the Comptroller of the Currency
Testimony (PDF) | Video
Fannie Mae
Mr. Robert J. Levin -
Former Executive Vice President and Chief Business Officer,
Fannie Mae
Testimony (PDF) | Video
Mr. Daniel H. Mudd -
Former President and Chief Executive Officer,
Fannie Mae
Testimony (PDF) | Video
Office of Federal Housing Enterprise Oversight
Mr. Armando Falcon Jr. -
Former Director,
Office of Federal Housing Enterprise Oversight
Testimony (PDF) | Video
Mr. James Lockhart -
Former Director,
Office of Federal Housing Enterprise Oversight
Testimony (PDF) | Video
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