Money Facts Archive Get the real facts that will shape your future by having them delivered to your Inbox!

TIME article "Hearings to Begin on Causes of Financial Crisis" by Stephen Gandel - Monday, January 11, 2010:

"Let the finger-pointing begin.

This week the commission to investigate the causes of the financial crisis will hold its first public hearing. First up to be accused of causing massive foreclosures, nearly bankrupting our financial system and robbing us all of our retirement savings: Wall Street CEOs. On Wednesday, four top financial executives are scheduled to testify in front of the commission, including Bank of America's recently appointed chief Brian Moynihan, Goldman Sachs' Lloyd Blankfein, JPMorgan's Jamie Dimon and Morgan Stanley's John Mack.

Washington commissions and hearings are often yawn-inspiring affairs. But this one, officially called the Financial Crisis Inquiry Commission (FCIC), could trigger some fireworks in part because of the severe damage caused by the financial-industry meltdown. What's more, the commission's chair Phil Angelides, a Democrat and former California state treasurer, has already come out swinging against Wall Street, calling the bonuses financial firms are planning to hand out soon for last year 'unjustifiably wrong.' So it's no real surprise that the first ones to be in the hot seat are the bankers themselves..."

Read more:

http://www.time.com/time/business/article/0,8599,1952702,00.html?xid=rss-topstories#ixzz0cSAbFoKp

You can't help but wonder if there are people who really think this country's state of financial affairs was not the product of sheer greed and corruption by those with power and control.

Now the people who let it happen on their watch want to orchestrate a witch-hunt. This, of course, is proper protocol for playing the "blame game" (and avoiding responsibility or accountability) in Washington.

It will also be a big waste of time.

- Ed Smith, Publisher
The EHS Letter Manual