Law360, New York (January 27, 2011, 1:30 PM EST) -- Despite claims that the 2008 financial crisis was an unpredictable tsunami, a congressional commission said Thursday it was caused by failures at the U.S. Securities and Exchange Commission, among other regulators, and excessive risk-taking by companies including American International Group Inc. and Citigroup Inc.
In a 633-page report, the Financial Crisis Inquiry Commission said the housing bubble was inflated by regulators' failure to stem the tide of bad mortgages and regulate over-the-counter derivatives, failed corporate governance at major financial institutions, and excessive borrowing by individuals....
Financial Crisis Was Preventable, Report Says
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