Financial meltdown investigators come to Central Valley
August 26, 2010
• Will hold hearings in Bakersfield and Sacramento
• Want to hear from the victims of the meltdown
The federal Financial Crisis Inquiry Commission, which is trying to get to the bottom of what and who caused the Great Recession, is coming to the Central Valley.
It plans two Valley field hearings. The first will be in Bakersfield on Sept. 7 and the other in Sacramento on Sept. 23.
The times and locations have not been announced.
In all, the commission plans hearings in four communities around the country significantly affected by the financial crisis. The commission says it wants to hear directly “people on the ground about the causes and effects of the financial and economic crisis in their communities.”
The two other field hearings are planned for Las Vegas, Nev., on Sept. 8 and Miami, Fla., on Sept. 21.
The bi-partisan 10-member Financial Crisis Inquiry Commission was created by Congress and is charged with examining the causes of the financial meltdown. It is also examining causes of the collapse of major financial institutions that failed or would likely have failed had they not received exceptional government assistance.
The Commission is comprised of Chairman Phil Angelides, a former California state treasurer, Vice Chairman Bill Thomas, a former congressman from Bakersfield, and Commissioners Brooksley Born, Byron Georgiou, Robert Graham, Keith Hennessey, Doug Holtz-Eakin, Heather Murren, John Thompson, and Peter Wallison.
Findings and conclusions are to be presented in a formal report to Congress and the President by Dec. 15.