Financial Crisis Study Reveals Systemwide Breakdown

Law360, New York (May 10, 2011, 3:42 PM EDT) -- The Financial Crisis Inquiry Commission’s chair told the Senate Banking Committee Tuesday that the financial crisis was an avoidable, man-made calamity caused by a breakdown in regulation and government supervision coupled with rampant failures in corporate governance and an epidemic of risky borrowing.

Everybody played their part, Phil Angelides, chair of the Financial Crisis Inquiry Commission, told the group of lawmakers.

"Financial executives and the public stewards of our financial system ignored warnings and failed to question, understand and manage evolving risks within a system so...
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