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Greenspan, ex-Citi CEO to answer to crisis panel

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WASHINGTON | Wed Mar 31, 2010 3:04pm EDT

WASHINGTON (Reuters) - Former Federal Reserve Chairman Alan Greenspan and ex-Citigroup (C.N) Chief Executive Chuck Prince will appear next month before a U.S. panel investigating the roots of the financial crisis that brought global markets to their knees in 2008.

The Financial Crisis Inquiry Commission, a 10-member panel appointed by Congress, will focus in on bailed-out financial supermarket Citigroup as it holds a public hearing on April 7-9.

The hearing generally will explore the role that subprime lending, securitization and mortgages giants Fannie Mae and Freddie Mac played in the crisis.

The panel will also hear from Robert Rubin, former Treasury secretary and former Citigroup director; Comptroller of the Currency John Dugan; and former Fannie Mae CEO Daniel Mudd, among others.

The FCIC is holding public hearings and meeting behind closed doors with financial industry players to piece together the causes and impact of the financial meltdown.

It is tasked with issuing a report by December 15, detailing the crisis that peaked in late 2008 after the collapse of former investment banking giant Lehman Brothers.

The report will serve as a public record of the historic event and will not likely include thorough recommendations for reform, which Congress is currently considering and hopes to have completed this year.

(Reporting by Karey Wutkowski, editing by Maureen Bavdek)

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Comments (3)
TheMarketTruth wrote:

They are just cust chasing the tail here to keep the seats in the theater full. How about passing S604 and get to the top of this by auditing the Federal reserve as they knew of the problems yet refused to do anything about it. In fact they have planned this mess to then gain more power and more assets by crashing the market. Look at how the main member/owner of the US central bank, the Rothschild family, crashed the stock market in England to then reap huge financial benefits once the truth came out. Having the USA crisis panel just chasing the tail of this mess is simply Kabuki theater.

Mar 31, 2010 4:19pm EDT  --  Report as abuse
tbink wrote:

Many people have been hurt by this, many of them should have known better than to borrow so much money and leave themselves exposed to repossession. Having said that which is painful, how is it that the organisations making those decisions to lend have in the main been baled out whilst ordinary folks have lost so much?
Where is their redress?

Apr 01, 2010 3:27am EDT  --  Report as abuse
wjrood wrote:

Lending money to someone you should know has little ability to repay, then selling that loan to an unsuspecting 3rd party is fraud, plain and simple. Add to that buying CDSs against the bad loans you wrote (without keeping the loans), you should be hung, drawn and quartered.

Apr 01, 2010 5:46pm EDT  --  Report as abuse
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