• Financial Crisis Inquiry Commissioner Peter Wallison Questions Warren Buffet.

    On June 2, 2010 Warren Buffett testified at a hearing before the Financial Crisis Inquiry Commission. Commission member Peter Wallison asked Buffett several good questions and got very good answers. I copied that portion of the C-SPAN video that has those questions and answers. I hope you find it interesting.

    published: 11 Apr 2011
  • What Caused the 2008 Financial Collapse? Finance Industry: Goldman Sachs, JP Morgan (2010)

    The term financial innovation refers to the ongoing development of financial products designed to achieve particular client objectives, such as offsetting a particular risk exposure (such as the default of a borrower) or to assist with obtaining financing. Examples pertinent to this crisis included: the adjustable-rate mortgage; the bundling of subprime mortgages into mortgage-backed securities (MBS) or collateralized debt obligations (CDO) for sale to investors, a type of securitization; and a form of credit insurance called credit default swaps (CDS). The usage of these products expanded dramatically in the years leading up to the crisis. These products vary in complexity and the ease with which they can be valued on the books of financial institutions. CDO issuance grew from an estimat...

    published: 17 Sep 2014
  • Heated exchange as CEO of investment bank testifies, protest

    (28 Apr 2010) TRUE DATE CREATED = 28-04-2010 1. Goldman Sachs CEO Lloyd Blankfein being sworn in for testimony at a Capitol Hill hearing, push in to Senator Carl Levin 2. Wide shot of Senate panel 3. SOUNDBITE: (English) Lloyd Blankfein, Goldman Sachs CEO: "The people who were coming to us for risk in the housing market wanted to have a security that gave them exposure to the housing market, and that''s what they got. The unfortunate thing, and it''s unfortunate but it doesn''t, is that the housing market went south very quickly after some of these securities, not all of them because some of them were done early, but they went. And so people lost money in it, but the security itself delivered the specific exposure that the client wanted to have." 4. SOUNDBITE: (English) Senator Carl...

    published: 24 Jul 2015
  • Introduction to the Financial Crisis Inquiry Commission

    The Financial Crisis Inquiry Commission is a bipartisan commission that has been given a critical non-partisan mission — to examine the causes of the financial crisis that has gripped the country and to report our findings to the Congress, the President, and the American people. Hopefully, the Commission's work can help rebuild the American people's belief in a financial system that puts Americans to work, fulfills their goals and provides the foundation for a new era of broadly shared prosperity.

    published: 12 Jan 2010
  • Financial crisis inquiry begins

    Will commission lead to legislation and criminal prosecution, or just more cathartic theater? Political economist Tom Ferguson and McClatchy Newspapers Economics Correspondent Kevin G. Hall sit down with Real News Network Senior Editor Paul Jay to discuss the opening act of the new US government commission.

    published: 14 Jan 2010
  • Lloyd Blankfein Question at FCIC Hearing 1/13/2010.mov

    Lloyd Blankfein, CEO of Goldman Sachs appears with other chairmen appear before the Financial Crisis Inquiry Committee on 1/13/2010 for questioning

    published: 14 Jan 2010
  • Peter Schiff: FCIC is a sham!

    The Financial Crisis Inquiry Commission report on the 2008 financial crisis will spread the blame all around to everyone from federal regulators to corporate overseers to all kinds of government officials. But is it all for show? Peter Schiff, the president of Euro Pacific Capital argued the entire commission was a $10 million sham designed to conclude the government's own pre-conceived notions. The report said the crisis was the result too few government regulations, when in fact government regulations caused the problem, he contended.

    published: 27 Jan 2011
  • Former AIG chief tells panel he did his best to estimate losses ahead of crisis

    (30 Jun 2010) 1. Mid of Financial Crisis Inquiry Commission Chairman Phil Angelides banging gavel to open hearing, UPSOUND: (English) Phil Angelides: "Good morning. Welcome to the hearing of the Financial Crisis Inquiry Commission." 2. Former head of American International Group (AIG) Financial Products division Joseph Cassano (left), Senior Vice President and Chief Risk Officer of AIG Robert Lewis (centre), and former President and Chief Executive Officer of AIG Martin Sullivan being sworn in 3. Wide of hearing with Cassano, Lewis and Sullivan sitting down 4. Mid of Cassano, Lewis and Sullivan at witness table 5. Wide of hearing 6. SOUNDBITE: (English) Joseph Cassano, former head of Financial Products division, American International Group (AIG): ++AUDIO STARTS ON PREVIOUS SHOT++...

    published: 24 Jul 2015
  • Alan Greenspan takes on Congress: Financial Crisis and the Federal Reserve

    Watch Alan Greenspan testify before the commission after the Financial Crisis of 2008. All rights of this video go to the original source.

    published: 08 Oct 2016
  • Financial Crisis Commission Divided Over Causes, Culprits Behind Meltdown

    Read the Transcript: http://to.pbs.org/erZZ1R A bipartisan commission charged with investigating the causes of the financial crisis released its findings Thursday, but the members' conclusions fell along party lines. Judy Woodruff speaks with the chairman, Phil Angelides, and Douglas Holtz-Eakin, who was part of the dissenting Republican minority.

    published: 28 Jan 2011
  • June 2, 2010 - Heather Murren, Financial Crisis Inquiry Commissioner Asks Warren Buffet A Question

    During a June 2, 2010 Financial Crisis Inquiry Commission Hearing Heather Murren asks Warren Buffett a question relating to investment reserch independence and how incentives relate to research quality. (Look up: Heather Murren on Wikipedia)

    published: 11 Apr 2011
  • Sen. Carl Levin grills Goldman Sachs Department Head Dan Sparks. "How Goldman got Comfortable?"

    I took this clip from C-Span. In 2010 a series of congressional hearings were conducted about the causes of the 2008 Financial Crisis. Goldman Sachs was then under investigation for fraud. The Executives in this panel are Dan Sparks, Fabrice Tourre , Mike Swenson, and Joshua Birnbaum.

    published: 03 Jun 2015
  • The Financial Crisis Was Avoidable

    Financial Crisis Inquiry Commission Report released January 27, 2011 concludes: "The financial crisis was avoidable.The crisis was the result of human action and inaction, not of Mother Nature or computer models gone haywire. The captains of finance and the public stewards of our financial system ignored warnings and failed to question, understand, and manage evolving risks within a system essential to the well-being of the American public. Theirs was a big miss, not a stumble." In over 500 pages the Commission Report explains what caused the financial crisis but missed the important part - How do we do to prevent another one. You can download the Report here: http://www.scribd.com/doc/135230498/Financial-Crisis-Inquiry-Commission-Report FAIR USE NOTICE: This video may contain copyri...

    published: 29 Jan 2011
  • FINANCIAL CRISIS INQUIRY COMMISSION REPORT SHOWS LAROUCHE WAS RIGHT THE OTHERS WRONG!

    PLEASE COMMENT., FAVORITE, SHARE, LIKE, TWEET AND ALL THAT. WE CAN WIN THIS WAR IF YOU HELP.

    published: 29 Jan 2011
  • Govt. Inquiry: Financial Crisis Was Avoidable

    From the New York Times: According to the conclusions of a federal inquiry, the 2008 financial crisis was an "avoidable" disaster caused by widespread failures in government regulation, corporate mismanagement and heedless risk-taking by Wall Street. The commission that investigated the crisis casts a wide net of blame, faulting two administrations, the Federal Reserve and other regulators for permitting a calamitous concoction: shoddy mortgage lending, the excessive packaging and sale of loans to investors and risky bets on securities backed by the loans.

    published: 05 Feb 2011
  • 2008 Financial Crisis: Credit Rating Agencies commit fraud/ incompetence

    http://www.thesoapboxroadshow.com/ Introductory Statement by Chairman Carl Levin - From Senate Committee hearings. The credit rating agencies are; Moody's, Standard and Poors, and Fitch....QUOTE: "Concluding a two-year bipartisan investigation, Senator Carl Levin, D-Mich., and Senator Tom Coburn M.D., R-Okla., Chairman and Ranking Republican on the Senate Permanent Subcommittee on Investigations, today released a 635-page final report (PDF, 6MB) on their inquiry into key causes of the financial crisis. The report catalogs conflicts of interest, heedless risk-taking and failures of federal oversight that helped push the country into the deepest recession since the Great Depression." http://levin.senate.gov/newsroom/supporting/2011/PSI_WallStreetCrisis_041311.pdf

    published: 09 May 2011
  • US financial crisis was 'avoidable'

    Wall Street executives, US regulatory agencies, and the US federal reserve are all being blamed in a new report into the causes of the 2008 financial meltdown. The country's presidential commission also concluded the financial meltdown could have been avoided altogether. But even as it wraps up its two year inquiry, the 10-member panel remains sharply divided over the causes. The report reflects the views of six Democrats - while the four Republicans have written dissenting opinions. It also lays much of the blame on what it says are the "reckless" practices of financial firms like Fannie Mae, AIG and Bear Stearns. It says poor controls led to excessive borrowing and risky investments on mortgages. It also faults "weak" government regulators like the Securities and Ex...

    published: 27 Jan 2011
  • Financial Crisis Inquiry Commission Report - 3/3

    Financial Crisis Inquiry Commission (FCIC) Report Angelides: "People Want To Know How This Happened and Why It Happened." February 11, 2011 • 12:44 PM In his second interview with WNYC's Brian Lehrer, cut short because of breaking developments in Egypt, FCIC head Phil Angelides continued to promote circulation of the FCIC's Final Report (which continues to get scant coverage in the media), and called for more aggressive federal action to deal with the continuing foreclosure crisis. Asked about the coming second wave of foreclosures, Angelides said that what's driving this is the high level of prolonged unemployment, and also the inability of homeowners to modify their mortgages. The complex securitization process makes it very hard to unwind these mortgages and establish ownership, Angeli...

    published: 11 Feb 2011
  • The 2008 Financial Crisis: Crash Course Economics #12

    Today on Crash Course Economics, Adriene and Jacob talk about the 2008 financial crisis and the US Goverment's response to the troubles. So, all this starts with home mortgages, and the use of mortgages as an investment instrument. For years, it seemed like the US housing market would go up and up. Like a bubble or something. It turns out it was a bubble. But not the good kind. And the government response was...interesting. Anyway, why are you reading this? Watch the video! More Financial Crisis Resources: Financial Crisis Inquiry Report: http://www.gpo.gov/fdsys/pkg/GPO-FCIC/pdf/GPO-FCIC.pdf TAL: Giant Pool of Money: http://www.thisamericanlife.org/radio-archives/episode/355/the-giant-pool-of-money Timeline of the crisis: https://www.stlouisfed.org/financial-crisis/full-timeline htt...

    published: 21 Oct 2015
  • Peter Schiff Responds to Financial Crisis Inquiry Commission

    The only thing FCIC need to do was read his book, Schiff says.

    published: 28 Jan 2011
  • Phil Angelides: "Why the Financial Crisis Was Not the Perfect Storm and Could Have Been Prevented"

    Phil Angelides, Chairman, Financial Crisis Inquiry Commission July 2009 - February 2011 "Why the Financial Crisis Was Not the Perfect Storm and Could Have Been Prevented" presented at The UMKC Law Review Symposium on FCIC and the Crisis: Preventing the Next Financial Meltdown Friday, November 11, 2011 UMKC School of Law, Kansas City, MO http://www.neweconomicperspectives.org @deficitowl

    published: 06 Mar 2012
  • How Housing Policy Caused the Financial Crisis

    The 2008 financial crisis "proved that financial markets are not self-regulating," says political scientist Francis Fukuyama in a recent interview with the website TheBrowser: "[Peter Wallison] lays it all at the door of Fannie and Freddie and government intervention. It seems to me transparently designed to exonerate free markets...I like free markets...[but] that particular conclusion I just find astonishing." Fukuyama isn't alone in depicting Wallison as an uncomprimising ideologue who thinks government deserves all the blame. New York Times columnist Joe Nocera called Wallison's work "loony" and accused him of helping to concoct "what has since become a Republican meme." Even pro-free market economist Russ Roberts took Wallison to task for downplaying the role of investment banks in ...

    published: 12 Mar 2012
  • Financial Crisis Inquiry Commission Report - 1/3

    Financial Crisis Inquiry Commission (FCIC) Report Angelides: "People Want To Know How This Happened and Why It Happened." February 11, 2011 • 12:44 PM In his second interview with WNYC's Brian Lehrer, cut short because of breaking developments in Egypt, FCIC head Phil Angelides continued to promote circulation of the FCIC's Final Report (which continues to get scant coverage in the media), and called for more aggressive federal action to deal with the continuing foreclosure crisis. Asked about the coming second wave of foreclosures, Angelides said that what's driving this is the high level of prolonged unemployment, and also the inability of homeowners to modify their mortgages. The complex securitization process makes it very hard to unwind these mortgages and establish ownership, Angeli...

    published: 11 Feb 2011
  • The Whitewash Commission: Inside Stories from the Financial Crisis Inquiry Commission

    A mini documentary about the FCIC: Peter Wallison, commissioner of the FCIC, and Ed Pinto, former chief credit officer for Fannie Mae, talk about the true purpose of the Financial Crisis Inquiry Commission.

    published: 28 Jun 2015
developed with YouTube
Financial Crisis Inquiry Commissioner Peter Wallison Questions Warren Buffet.
9:53

Financial Crisis Inquiry Commissioner Peter Wallison Questions Warren Buffet.

  • Order:
  • Duration: 9:53
  • Updated: 11 Apr 2011
  • views: 41890
videos
On June 2, 2010 Warren Buffett testified at a hearing before the Financial Crisis Inquiry Commission. Commission member Peter Wallison asked Buffett several good questions and got very good answers. I copied that portion of the C-SPAN video that has those questions and answers. I hope you find it interesting.
https://wn.com/Financial_Crisis_Inquiry_Commissioner_Peter_Wallison_Questions_Warren_Buffet.
What Caused the 2008 Financial Collapse? Finance Industry: Goldman Sachs, JP Morgan (2010)
3:23:52

What Caused the 2008 Financial Collapse? Finance Industry: Goldman Sachs, JP Morgan (2010)

  • Order:
  • Duration: 3:23:52
  • Updated: 17 Sep 2014
  • views: 54784
videos
The term financial innovation refers to the ongoing development of financial products designed to achieve particular client objectives, such as offsetting a particular risk exposure (such as the default of a borrower) or to assist with obtaining financing. Examples pertinent to this crisis included: the adjustable-rate mortgage; the bundling of subprime mortgages into mortgage-backed securities (MBS) or collateralized debt obligations (CDO) for sale to investors, a type of securitization; and a form of credit insurance called credit default swaps (CDS). The usage of these products expanded dramatically in the years leading up to the crisis. These products vary in complexity and the ease with which they can be valued on the books of financial institutions. CDO issuance grew from an estimated $20 billion in Q1 2004 to its peak of over $180 billion by Q1 2007, then declined back under $20 billion by Q1 2008. Further, the credit quality of CDO's declined from 2000 to 2007, as the level of subprime and other non-prime mortgage debt increased from 5% to 36% of CDO assets.[118] As described in the section on subprime lending, the CDS and portfolio of CDS called synthetic CDO enabled a theoretically infinite amount to be wagered on the finite value of housing loans outstanding, provided that buyers and sellers of the derivatives could be found. For example, buying a CDS to insure a CDO ended up giving the seller the same risk as if they owned the CDO, when those CDO's became worthless. This boom in innovative financial products went hand in hand with more complexity. It multiplied the number of actors connected to a single mortgage (including mortgage brokers, specialized originators, the securitizers and their due diligence firms, managing agents and trading desks, and finally investors, insurances and providers of repo funding). With increasing distance from the underlying asset these actors relied more and more on indirect information (including FICO scores on creditworthiness, appraisals and due diligence checks by third party organizations, and most importantly the computer models of rating agencies and risk management desks). Instead of spreading risk this provided the ground for fraudulent acts, misjudgments and finally market collapse.[120] In 2005 a group of computer scientists built a computational model for the mechanism of biased ratings produced by rating agencies,[121] which turned out to be adequate to what actually happened in 2006–2008.[citation needed] Martin Wolf further wrote in June 2009 that certain financial innovations enabled firms to circumvent regulations, such as off-balance sheet financing that affects the leverage or capital cushion reported by major banks, stating: "...an enormous part of what banks did in the early part of this decade – the off-balance-sheet vehicles, the derivatives and the 'shadow banking system' itself – was to find a way round regulation." http://en.wikipedia.org/wiki/Financial_collapse_of_2007%E2%80%932008
https://wn.com/What_Caused_The_2008_Financial_Collapse_Finance_Industry_Goldman_Sachs,_Jp_Morgan_(2010)
Heated exchange as CEO of investment bank testifies, protest
3:00

Heated exchange as CEO of investment bank testifies, protest

  • Order:
  • Duration: 3:00
  • Updated: 24 Jul 2015
  • views: 230280
videos
(28 Apr 2010) TRUE DATE CREATED = 28-04-2010 1. Goldman Sachs CEO Lloyd Blankfein being sworn in for testimony at a Capitol Hill hearing, push in to Senator Carl Levin 2. Wide shot of Senate panel 3. SOUNDBITE: (English) Lloyd Blankfein, Goldman Sachs CEO: "The people who were coming to us for risk in the housing market wanted to have a security that gave them exposure to the housing market, and that''s what they got. The unfortunate thing, and it''s unfortunate but it doesn''t, is that the housing market went south very quickly after some of these securities, not all of them because some of them were done early, but they went. And so people lost money in it, but the security itself delivered the specific exposure that the client wanted to have." 4. SOUNDBITE: (English) Senator Carl Levin, Subcommittee Chairman of Homeland Security Committee: "You don''t believe it''s relevant to a customer of yours that you are selling a security to that you are betting against that same security. You just don''t think it''s relevant and needs to be disclosed. Is that the bottom line?" 5. SOUNDBITE: (English) Lloyd Blankfein, Goldman Sachs CEO: "Yes, and the people who are selling it in our firm wouldn''t even know what the firm''s position is." 6. Blankfein sitting before Senate panel 7. SOUNDBITE: (English) Senator Carl Levin, Subcommittee Chairman of Homeland Security Committee: "You are taking a position against the very security that you are selling and you are not troubled?" Blankfein: "Senator, again." Levin: "And you want people to believe to trust you?" Blankfein: "Senator I think people do trust us." Levin: "Why, I wouldn''t trust you. If you came to me and wanted to sell me securities and you didn''t tell me that you have a bet against that same security, you don''t think that affects my thinking?" 8. Wide shot of protesters in prison uniforms with Goldman officials'' names around their necks 9. SOUNDBITE: (English) Senator Claire McCaksill, Homeland Security Committee: ++starts on pan of witnesses++ "We have spent a lot of time going through all these documents, and let me just explain in very simple terms what synthetic CDOs are. They are instruments that are created so that people can bet on them. It''s the la-la-land of ledger entries. It''s not investment in a business that has a good idea. It''s not assisting local governments and building infrastructure. It''s gambling, pure and simple, raw gambling." 10. Witnesses seated at table 11. SOUNDBITE: (English) Michael Swenson, Managing Director, Structured Products Group Trading, Goldman Sachs: "We did not cause the financial crisis, specifically to the mortgage desk, which is what I''m here to speak about. You have two panels in subsequent meetings to speak about that, about the Goldman Sachs and our businesses. We, I do no think that we did anything wrong." 12. Mid shot of clerk taking notes STORYLINE: Defending his company under blistering criticism, the CEO of Goldman Sachs testily told sceptical US senators on Tuesday that customers who bought securities from the Wall Street giant in the run-up to a national financial crisis came looking for risk. Lloyd Blankfein and other Goldman executives were lambasted by lawmakers for "unbridled greed" in an often-electric daylong showdown between Wall Street and Congress - with expletives frequently undeleted. Unrepentant, five present and two past Goldman officials unflinchingly stood by their conduct before a Senate investigatory panel and denied helping to cause the financial near-meltdown that turned into the worst recession since the Great Depression. "Unfortunately, the housing market went south very quickly," Blankfein told sceptical senators. "So people lost money in it." You can license this story through AP Archive: http://www.aparchive.com/metadata/youtube/b26ad6044e5469084381560537c68384 Find out more about AP Archive: http://www.aparchive.com/HowWeWork
https://wn.com/Heated_Exchange_As_Ceo_Of_Investment_Bank_Testifies,_Protest
Introduction to the Financial Crisis Inquiry Commission
2:30

Introduction to the Financial Crisis Inquiry Commission

  • Order:
  • Duration: 2:30
  • Updated: 12 Jan 2010
  • views: 12224
videos
The Financial Crisis Inquiry Commission is a bipartisan commission that has been given a critical non-partisan mission — to examine the causes of the financial crisis that has gripped the country and to report our findings to the Congress, the President, and the American people. Hopefully, the Commission's work can help rebuild the American people's belief in a financial system that puts Americans to work, fulfills their goals and provides the foundation for a new era of broadly shared prosperity.
https://wn.com/Introduction_To_The_Financial_Crisis_Inquiry_Commission
Financial crisis inquiry begins
10:25

Financial crisis inquiry begins

  • Order:
  • Duration: 10:25
  • Updated: 14 Jan 2010
  • views: 4712
videos
Will commission lead to legislation and criminal prosecution, or just more cathartic theater? Political economist Tom Ferguson and McClatchy Newspapers Economics Correspondent Kevin G. Hall sit down with Real News Network Senior Editor Paul Jay to discuss the opening act of the new US government commission.
https://wn.com/Financial_Crisis_Inquiry_Begins
Lloyd Blankfein Question at FCIC Hearing 1/13/2010.mov
6:22

Lloyd Blankfein Question at FCIC Hearing 1/13/2010.mov

  • Order:
  • Duration: 6:22
  • Updated: 14 Jan 2010
  • views: 50571
videos
Lloyd Blankfein, CEO of Goldman Sachs appears with other chairmen appear before the Financial Crisis Inquiry Committee on 1/13/2010 for questioning
https://wn.com/Lloyd_Blankfein_Question_At_Fcic_Hearing_1_13_2010.Mov
Peter Schiff: FCIC is a sham!
6:19

Peter Schiff: FCIC is a sham!

  • Order:
  • Duration: 6:19
  • Updated: 27 Jan 2011
  • views: 17293
videos
The Financial Crisis Inquiry Commission report on the 2008 financial crisis will spread the blame all around to everyone from federal regulators to corporate overseers to all kinds of government officials. But is it all for show? Peter Schiff, the president of Euro Pacific Capital argued the entire commission was a $10 million sham designed to conclude the government's own pre-conceived notions. The report said the crisis was the result too few government regulations, when in fact government regulations caused the problem, he contended.
https://wn.com/Peter_Schiff_Fcic_Is_A_Sham
Former AIG chief tells panel he did his best to estimate losses ahead of crisis
2:10

Former AIG chief tells panel he did his best to estimate losses ahead of crisis

  • Order:
  • Duration: 2:10
  • Updated: 24 Jul 2015
  • views: 2091
videos
(30 Jun 2010) 1. Mid of Financial Crisis Inquiry Commission Chairman Phil Angelides banging gavel to open hearing, UPSOUND: (English) Phil Angelides: "Good morning. Welcome to the hearing of the Financial Crisis Inquiry Commission." 2. Former head of American International Group (AIG) Financial Products division Joseph Cassano (left), Senior Vice President and Chief Risk Officer of AIG Robert Lewis (centre), and former President and Chief Executive Officer of AIG Martin Sullivan being sworn in 3. Wide of hearing with Cassano, Lewis and Sullivan sitting down 4. Mid of Cassano, Lewis and Sullivan at witness table 5. Wide of hearing 6. SOUNDBITE: (English) Joseph Cassano, former head of Financial Products division, American International Group (AIG): ++AUDIO STARTS ON PREVIOUS SHOT++ "You have read my written submission, I will not repeat it here. Although my perspective diverges in important ways from the popular wisdom." 7. Mid of witness table 8. SOUNDBITE: (English) Bill Thomas, Commission Vice Chairman: ++AUDIO STARTS ON PREVIOUS SHOT++ "You were in this business fairly fast and furious prior to your recognition that you had dug a hole that you could not climb out of, in essence, so you stopped digging." 9. SOUNDBITE: (English) Joseph Cassano, former head of Financial Products division, American International Group (AIG): ++STARTS ON MID OF WITNESS TABLE++ "One way of looking at this is to say that we, early on in 2005, we took the decision to run down our portfolio." 10. SOUNDBITE: (English) Bill Thomas, Commission Vice Chairman: ++AUDIO STARTS ON PREVIOUS SHOT++ "I'm more interested in 02, 03, 04 - when you were running it up?" 11. SOUNDBITE: (English) Joseph Cassano, former head of Financial Products division, American International Group (AIG): "This was extremely remote risk business and it is not the credit risk here that eventually became the issue at hand. These, my point has been that the underwriting standards and the credit risks within these transactions have to date been supported and still perform." 12. Mid of witness table 13. SOUNDBITE: (English) Robert E. Lewis, Senior Vice President and Chief Risk Officer, American International Group (AIG): "As it turned out, we were wrong about how bad things could get. What ended up happening was so extreme that it was beyond anything we had planned for." 14. SOUNDBITE: (English) Phil Angelides, Chairman, Financial Crisis Inquiry Commission: "To be fair, derivatives have a legitimate purpose to help hedge against risk, but much of what has been traded in recent years especially synthetic securities is just bet upon bet upon bet. They don't build a factory, they don't start a business, they don't add a job. These securities may have been synthetic, but they destroyed real people's real life savings." 15. Wide of hearing STORYLINE: A former top executive of American International Group (AIG) publicly testified for the first time in Washington on Wednesday, saying he disagreed with the "popular wisdom" about his division's failings that ultimately led to a US government 182 billion (b) bailout of the company. AIG, one of the world's largest insurance companies, was brought to the brink of collapse during the global financial crisis. Joseph Cassano, who led AIG's key Financial Products division, said he did his "very best" to estimate the losses accurately ahead of the financial crisis. He was speaking at the Financial Crisis Inquiry Commission, a special bipartisan panel created by Congress to investigate the issues surrounding the crisis. Cassano declined to read his testimony at the hearing, as it had already been posted on AIG's website. In response, Cassano said his unit had already decided to run down the portfolio of derivatives in 2005. You can license this story through AP Archive: http://www.aparchive.com/metadata/youtube/abf5fab4a21c919d84b69c2086ca0247 Find out more about AP Archive: http://www.aparchive.com/HowWeWork
https://wn.com/Former_Aig_Chief_Tells_Panel_He_Did_His_Best_To_Estimate_Losses_Ahead_Of_Crisis
Alan Greenspan takes on Congress: Financial Crisis and the Federal Reserve
53:54

Alan Greenspan takes on Congress: Financial Crisis and the Federal Reserve

  • Order:
  • Duration: 53:54
  • Updated: 08 Oct 2016
  • views: 1018
videos
Watch Alan Greenspan testify before the commission after the Financial Crisis of 2008. All rights of this video go to the original source.
https://wn.com/Alan_Greenspan_Takes_On_Congress_Financial_Crisis_And_The_Federal_Reserve
Financial Crisis Commission Divided Over Causes, Culprits Behind Meltdown
13:59

Financial Crisis Commission Divided Over Causes, Culprits Behind Meltdown

  • Order:
  • Duration: 13:59
  • Updated: 28 Jan 2011
  • views: 766
videos
Read the Transcript: http://to.pbs.org/erZZ1R A bipartisan commission charged with investigating the causes of the financial crisis released its findings Thursday, but the members' conclusions fell along party lines. Judy Woodruff speaks with the chairman, Phil Angelides, and Douglas Holtz-Eakin, who was part of the dissenting Republican minority.
https://wn.com/Financial_Crisis_Commission_Divided_Over_Causes,_Culprits_Behind_Meltdown
June 2, 2010 - Heather Murren, Financial Crisis Inquiry Commissioner Asks Warren Buffet A Question
2:27

June 2, 2010 - Heather Murren, Financial Crisis Inquiry Commissioner Asks Warren Buffet A Question

  • Order:
  • Duration: 2:27
  • Updated: 11 Apr 2011
  • views: 1806
videos
During a June 2, 2010 Financial Crisis Inquiry Commission Hearing Heather Murren asks Warren Buffett a question relating to investment reserch independence and how incentives relate to research quality. (Look up: Heather Murren on Wikipedia)
https://wn.com/June_2,_2010_Heather_Murren,_Financial_Crisis_Inquiry_Commissioner_Asks_Warren_Buffet_A_Question
Sen. Carl Levin grills Goldman Sachs Department Head Dan Sparks. "How Goldman got Comfortable?"
13:06

Sen. Carl Levin grills Goldman Sachs Department Head Dan Sparks. "How Goldman got Comfortable?"

  • Order:
  • Duration: 13:06
  • Updated: 03 Jun 2015
  • views: 43105
videos
I took this clip from C-Span. In 2010 a series of congressional hearings were conducted about the causes of the 2008 Financial Crisis. Goldman Sachs was then under investigation for fraud. The Executives in this panel are Dan Sparks, Fabrice Tourre , Mike Swenson, and Joshua Birnbaum.
https://wn.com/Sen._Carl_Levin_Grills_Goldman_Sachs_Department_Head_Dan_Sparks._How_Goldman_Got_Comfortable
The Financial Crisis Was Avoidable
6:32

The Financial Crisis Was Avoidable

  • Order:
  • Duration: 6:32
  • Updated: 29 Jan 2011
  • views: 101
videos
Financial Crisis Inquiry Commission Report released January 27, 2011 concludes: "The financial crisis was avoidable.The crisis was the result of human action and inaction, not of Mother Nature or computer models gone haywire. The captains of finance and the public stewards of our financial system ignored warnings and failed to question, understand, and manage evolving risks within a system essential to the well-being of the American public. Theirs was a big miss, not a stumble." In over 500 pages the Commission Report explains what caused the financial crisis but missed the important part - How do we do to prevent another one. You can download the Report here: http://www.scribd.com/doc/135230498/Financial-Crisis-Inquiry-Commission-Report FAIR USE NOTICE: This video may contain copyrighted material. Such material is made available for educational purposes only. This constitutes a 'fair use' of any such copyrighted material as provided for in Title 17 U.S.C. section 107 of the US Copyright.
https://wn.com/The_Financial_Crisis_Was_Avoidable
FINANCIAL CRISIS INQUIRY COMMISSION REPORT  SHOWS LAROUCHE WAS  RIGHT THE OTHERS WRONG!
10:43

FINANCIAL CRISIS INQUIRY COMMISSION REPORT SHOWS LAROUCHE WAS RIGHT THE OTHERS WRONG!

  • Order:
  • Duration: 10:43
  • Updated: 29 Jan 2011
  • views: 356
videos
PLEASE COMMENT., FAVORITE, SHARE, LIKE, TWEET AND ALL THAT. WE CAN WIN THIS WAR IF YOU HELP.
https://wn.com/Financial_Crisis_Inquiry_Commission_Report_Shows_Larouche_Was_Right_The_Others_Wrong
Govt. Inquiry: Financial Crisis Was Avoidable
3:56

Govt. Inquiry: Financial Crisis Was Avoidable

  • Order:
  • Duration: 3:56
  • Updated: 05 Feb 2011
  • views: 578
videos
From the New York Times: According to the conclusions of a federal inquiry, the 2008 financial crisis was an "avoidable" disaster caused by widespread failures in government regulation, corporate mismanagement and heedless risk-taking by Wall Street. The commission that investigated the crisis casts a wide net of blame, faulting two administrations, the Federal Reserve and other regulators for permitting a calamitous concoction: shoddy mortgage lending, the excessive packaging and sale of loans to investors and risky bets on securities backed by the loans.
https://wn.com/Govt._Inquiry_Financial_Crisis_Was_Avoidable
2008 Financial Crisis: Credit Rating Agencies commit fraud/ incompetence
4:02

2008 Financial Crisis: Credit Rating Agencies commit fraud/ incompetence

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  • Duration: 4:02
  • Updated: 09 May 2011
  • views: 15227
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http://www.thesoapboxroadshow.com/ Introductory Statement by Chairman Carl Levin - From Senate Committee hearings. The credit rating agencies are; Moody's, Standard and Poors, and Fitch....QUOTE: "Concluding a two-year bipartisan investigation, Senator Carl Levin, D-Mich., and Senator Tom Coburn M.D., R-Okla., Chairman and Ranking Republican on the Senate Permanent Subcommittee on Investigations, today released a 635-page final report (PDF, 6MB) on their inquiry into key causes of the financial crisis. The report catalogs conflicts of interest, heedless risk-taking and failures of federal oversight that helped push the country into the deepest recession since the Great Depression." http://levin.senate.gov/newsroom/supporting/2011/PSI_WallStreetCrisis_041311.pdf
https://wn.com/2008_Financial_Crisis_Credit_Rating_Agencies_Commit_Fraud_Incompetence
US financial crisis was 'avoidable'
1:49

US financial crisis was 'avoidable'

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  • Duration: 1:49
  • Updated: 27 Jan 2011
  • views: 3716
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Wall Street executives, US regulatory agencies, and the US federal reserve are all being blamed in a new report into the causes of the 2008 financial meltdown. The country's presidential commission also concluded the financial meltdown could have been avoided altogether. But even as it wraps up its two year inquiry, the 10-member panel remains sharply divided over the causes. The report reflects the views of six Democrats - while the four Republicans have written dissenting opinions. It also lays much of the blame on what it says are the "reckless" practices of financial firms like Fannie Mae, AIG and Bear Stearns. It says poor controls led to excessive borrowing and risky investments on mortgages. It also faults "weak" government regulators like the Securities and Exchange Commission and US Central Bank - for failing to rein in the banks they supervised. Singled out is former Federal Reserve Chairman Alan Greenspan - for backing de-regulation practies that accelerated the sub-prime mortgage crisis. Lobbyists are also being heavily blamed. Al Jazeera's Nick Spicer reports.
https://wn.com/US_Financial_Crisis_Was_'avoidable'
Financial Crisis Inquiry Commission Report - 3/3
10:40

Financial Crisis Inquiry Commission Report - 3/3

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  • Duration: 10:40
  • Updated: 11 Feb 2011
  • views: 424
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Financial Crisis Inquiry Commission (FCIC) Report Angelides: "People Want To Know How This Happened and Why It Happened." February 11, 2011 • 12:44 PM In his second interview with WNYC's Brian Lehrer, cut short because of breaking developments in Egypt, FCIC head Phil Angelides continued to promote circulation of the FCIC's Final Report (which continues to get scant coverage in the media), and called for more aggressive federal action to deal with the continuing foreclosure crisis. Asked about the coming second wave of foreclosures, Angelides said that what's driving this is the high level of prolonged unemployment, and also the inability of homeowners to modify their mortgages. The complex securitization process makes it very hard to unwind these mortgages and establish ownership, Angelides said, adding, "we've created a very tangled web." Saying that more aggressive federal action is needed, Angelides pointed out that in the 1930s, Franklin Roosevelt created a home-ownership assistance program, under which thousands of federal agents were sent out to help people negotiate with their banks. Angelides again urged people to go to the website, download the report, or purchase it from Public Affairs press or the GPO. "This is an important story: of what happened to this country, how we came to the verge of financial collapse, and hopefully there will be lessons learned here, so we do not repeat this... I think it shows there's a tremendous hunger in this country still -- anger, confusion, about what it is that brought us to the point where 4 million families have lost their homes, and 13 million families may; $11 trillion in life savings were wiped away, and 26 million of our fellow Americans are out of work. People want to know how this happened and why it happened."
https://wn.com/Financial_Crisis_Inquiry_Commission_Report_3_3
The 2008 Financial Crisis: Crash Course Economics #12
11:25

The 2008 Financial Crisis: Crash Course Economics #12

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  • Duration: 11:25
  • Updated: 21 Oct 2015
  • views: 1082638
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Today on Crash Course Economics, Adriene and Jacob talk about the 2008 financial crisis and the US Goverment's response to the troubles. So, all this starts with home mortgages, and the use of mortgages as an investment instrument. For years, it seemed like the US housing market would go up and up. Like a bubble or something. It turns out it was a bubble. But not the good kind. And the government response was...interesting. Anyway, why are you reading this? Watch the video! More Financial Crisis Resources: Financial Crisis Inquiry Report: http://www.gpo.gov/fdsys/pkg/GPO-FCIC/pdf/GPO-FCIC.pdf TAL: Giant Pool of Money: http://www.thisamericanlife.org/radio-archives/episode/355/the-giant-pool-of-money Timeline of the crisis: https://www.stlouisfed.org/financial-crisis/full-timeline http://www.economist.com/news/schoolsbrief/21584534-effects-financial-crisis-are-still-being-felt-five-years-article Crash Course is on Patreon! You can support us directly by signing up at http://www.patreon.com/crashcourse Thanks to the following Patrons for their generous monthly contributions that help keep Crash Course free for everyone forever: Fatima Iqbal, Penelope Flagg, Eugenia Karlson, Alex S, Jirat, Tim Curwick, Christy Huddleston, Eric Kitchen, Moritz Schmidt, Today I Found Out, Avi Yashchin, Chris Peters, Eric Knight, Jacob Ash, Simun Niclasen, Jan Schmid, Elliot Beter, Sandra Aft, SR Foxley, Ian Dundore, Daniel Baulig, Jason A Saslow, Robert Kunz, Jessica Wode, Steve Marshall, Anna-Ester Volozh, Christian, Caleb Weeks, Jeffrey Thompson, James Craver, and Markus Persson -- Want to find Crash Course elsewhere on the internet? Facebook - http://www.facebook.com/YouTubeCrashCourse Twitter - http://www.twitter.com/TheCrashCourse Tumblr - http://thecrashcourse.tumblr.com Support Crash Course on Patreon: http://patreon.com/crashcourse CC Kids: http://www.youtube.com/crashcoursekids
https://wn.com/The_2008_Financial_Crisis_Crash_Course_Economics_12
Peter Schiff Responds to Financial Crisis Inquiry Commission
6:19

Peter Schiff Responds to Financial Crisis Inquiry Commission

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  • Duration: 6:19
  • Updated: 28 Jan 2011
  • views: 433
videos
The only thing FCIC need to do was read his book, Schiff says.
https://wn.com/Peter_Schiff_Responds_To_Financial_Crisis_Inquiry_Commission
Phil Angelides: "Why the Financial Crisis Was Not the Perfect Storm and Could Have Been Prevented"
34:44

Phil Angelides: "Why the Financial Crisis Was Not the Perfect Storm and Could Have Been Prevented"

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  • Duration: 34:44
  • Updated: 06 Mar 2012
  • views: 347
videos
Phil Angelides, Chairman, Financial Crisis Inquiry Commission July 2009 - February 2011 "Why the Financial Crisis Was Not the Perfect Storm and Could Have Been Prevented" presented at The UMKC Law Review Symposium on FCIC and the Crisis: Preventing the Next Financial Meltdown Friday, November 11, 2011 UMKC School of Law, Kansas City, MO http://www.neweconomicperspectives.org @deficitowl
https://wn.com/Phil_Angelides_Why_The_Financial_Crisis_Was_Not_The_Perfect_Storm_And_Could_Have_Been_Prevented
How Housing Policy Caused the Financial Crisis
5:46

How Housing Policy Caused the Financial Crisis

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  • Duration: 5:46
  • Updated: 12 Mar 2012
  • views: 17071
videos
The 2008 financial crisis "proved that financial markets are not self-regulating," says political scientist Francis Fukuyama in a recent interview with the website TheBrowser: "[Peter Wallison] lays it all at the door of Fannie and Freddie and government intervention. It seems to me transparently designed to exonerate free markets...I like free markets...[but] that particular conclusion I just find astonishing." Fukuyama isn't alone in depicting Wallison as an uncomprimising ideologue who thinks government deserves all the blame. New York Times columnist Joe Nocera called Wallison's work "loony" and accused him of helping to concoct "what has since become a Republican meme." Even pro-free market economist Russ Roberts took Wallison to task for downplaying the role of investment banks in causing the crisis. So who is Peter Wallison? He's a scholar at The American Enterprise Institute and was a leading member of the 10-person Financial Crisis Inquiry Commission, a government-created body charged with looking into the causes of the 2008 meltdown. After a year of hearings and deliberation, the commission produced its official report which laid most of the blame on deregulation and private sector avarice. Wallison publicly broke with the commission over the report. "Instead of pursuing a thorough study," says Wallison, "the commission's majority used its extensive statutory investigative authority to seek only the facts that supported its initial assumptions - that the crisis was caused by 'deregulation' or lax regulation, greed and recklessness on Wall Street, predatory lending in the mortgage market, unregulated derivatives, and a financial system addicted to excessive risk taking." Wallison published his version of what caused the crisis in a 93-page dissent, which argues that the meltdown was largely a consequence of government housing policy that underwrote unsustainable economic activity. He draws heavily on the research of Fannie Mae's former chief credit officer, Edward Pinto, which found that federal housing agencies drastically underreported the number of high-risk mortgages on their books. According to Wallison and Pinto, there were about 28 million high-risk mortgages in the U.S. in 2008; roughly 70 percent of those mortgages were owned by government-sponosored enterprises such as Fannie Mae and Freddie Mac. Wallison sat down with Reason Foundation's Anthony Randazzo in January to talk about the causes of the 2008 financial crisis, what to do about Fannie Mae and Freddie Mac, and why he's not guilty of trying to "exonerate" Wall Street banks. This interview was excerpted from a much-longer conversation, a transcript of which can be found here, here, and here. Produced, shot, and edited by Jim Epstein. About 6 minutes. Go to http://Reason.tv for downloadable versions and subscribe to Reason.tv's YouTube Channel to receive automatic updates when new material goes live.
https://wn.com/How_Housing_Policy_Caused_The_Financial_Crisis
Financial Crisis Inquiry Commission Report - 1/3
10:47

Financial Crisis Inquiry Commission Report - 1/3

  • Order:
  • Duration: 10:47
  • Updated: 11 Feb 2011
  • views: 1008
videos
Financial Crisis Inquiry Commission (FCIC) Report Angelides: "People Want To Know How This Happened and Why It Happened." February 11, 2011 • 12:44 PM In his second interview with WNYC's Brian Lehrer, cut short because of breaking developments in Egypt, FCIC head Phil Angelides continued to promote circulation of the FCIC's Final Report (which continues to get scant coverage in the media), and called for more aggressive federal action to deal with the continuing foreclosure crisis. Asked about the coming second wave of foreclosures, Angelides said that what's driving this is the high level of prolonged unemployment, and also the inability of homeowners to modify their mortgages. The complex securitization process makes it very hard to unwind these mortgages and establish ownership, Angelides said, adding, "we've created a very tangled web." Saying that more aggressive federal action is needed, Angelides pointed out that in the 1930s, Franklin Roosevelt created a home-ownership assistance program, under which thousands of federal agents were sent out to help people negotiate with their banks. Angelides again urged people to go to the website, download the report, or purchase it from Public Affairs press or the GPO. "This is an important story: of what happened to this country, how we came to the verge of financial collapse, and hopefully there will be lessons learned here, so we do not repeat this... I think it shows there's a tremendous hunger in this country still -- anger, confusion, about what it is that brought us to the point where 4 million families have lost their homes, and 13 million families may; $11 trillion in life savings were wiped away, and 26 million of our fellow Americans are out of work. People want to know how this happened and why it happened."
https://wn.com/Financial_Crisis_Inquiry_Commission_Report_1_3
The Whitewash Commission: Inside Stories from the Financial Crisis Inquiry Commission
20:18

The Whitewash Commission: Inside Stories from the Financial Crisis Inquiry Commission

  • Order:
  • Duration: 20:18
  • Updated: 28 Jun 2015
  • views: 298
videos
A mini documentary about the FCIC: Peter Wallison, commissioner of the FCIC, and Ed Pinto, former chief credit officer for Fannie Mae, talk about the true purpose of the Financial Crisis Inquiry Commission.
https://wn.com/The_Whitewash_Commission_Inside_Stories_From_The_Financial_Crisis_Inquiry_Commission
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