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The Financial Crisis Inquiry Report

Financial Crisis Inquiry Commission

Here is the final report of the Financial Crisis Inquiry Commission into the causes of the global financial crisis of 2007-2009. Two thorough Dissenting Statements accompany the final report. The report is a chronological compendium of the review of millions of pages of documents, the interviews of hundreds of leaders, CxOs, financial experts and academics, as well as common people, home- and business-owners who were also significantly affected by the financial meltdown. - Summary by Mario Pineda

Genre(s): Business & Economics

Language: English

Keyword(s): wall street (5), financial crisis (1), mortgage crisis (1), financial meltdown (1), 2007 financial crisis (1), global financial crisis (1), great recession (1), fcir (1), fcic (1)

Section	Chapter	Reader	Time
Play 00	Preface	Joanne Turner	00:08:03
Play 01	Conclusions of the Commission	Joanne Turner	00:38:05
Play 02	Conclusions of the Commission, concluded	Joanne Turner	00:22:59
Play 03	Ch. 1. Before Our Very Eyes, part 1	Joanne Turner	00:38:26
Play 04	Ch. 1. Before Our Very Eyes, part 2	Joanne Turner	00:45:54
Play 05	Ch. 1. Before Our Very Eyes, part 3	Joanne Turner	00:17:57
Play 06	Ch. 2. Shadow Banking: Commercial Paper and Repos	Joanne Turner	00:30:09
Play 07	Ch. 2. Shadow Banking: The Savings and Loan Crisis	Joanne Turner	00:18:16
Play 08	Ch. 3. Securitization and Derivatives: Fannie Mae and Freddie Mac	Joanne Turner	00:20:26
Play 09	Ch. 3. Securitization and Derivatives: Structured Finance	Joanne Turner	00:12:11
Play 10	Ch. 3. Securitization and Derivatives: The Growth of Derivatives	Joanne Turner	00:25:53
Play 11	Ch. 4. Deregulation Redux: Expansion of Banking Activities	Joanne Turner	00:19:24
Play 12	Ch. 4. Deregulation Redux: Long-Term Capital Management	Joanne Turner	00:12:00
Play 13	Ch. 4. Deregulation Redux: Dot-Com Crash	Joanne Turner	00:12:11
Play 14	Ch. 4. Deregulation Redux: The Wages of Finance	Joanne Turner	00:13:26
Play 15	Ch. 4. Deregulation Redux: Financial Sector Growth	Joanne Turner	00:08:47
Play 16	Ch. 5. Subprime Lending: Mortgage Securitization	Joanne Turner	00:17:04
Play 17	Ch. 5. Subprime Lending: Greater Access to Lending	Joanne Turner	00:06:19
Play 18	Ch. 5. Subprime Lending: Subprime Lenders in Turmoil	Joanne Turner	00:05:33
Play 19	Ch. 5. Subprime Lending: The Regulators	Joanne Turner	00:19:20
Play 20	Ch. 6. Credit Expansion: Housing, A Powerful Stabilizing Force	Joanne Turner	00:19:39
Play 21	Ch. 6. Credit Expansion: Subprime Loans, Buyers Will Pay A Premium	Joanne Turner	00:18:12
Play 22	Ch. 6. Credit Expansion. Citigroup: Invited Regulatory Scrutiny	Joanne Turner	00:04:42
Play 23	Ch. 6. Credit Expansion. Federal Rules: Intended to Curb Unfair or Abusive Lending	Joanne Turner	00:12:52
Play 24	Ch. 6. Credit Expansion. States: Long-Standing Position	Joanne Turner	00:04:02
Play 25	Ch. 6. Credit Expansion. Community-Lending Pledges: What We Do Is Reaffirm Our Intention"	Joanne Turner	00:10:44
Play 26	Ch. 6. Credit Expansion. Bank Capital Standards: "Arbitrage"	Joanne Turner	00:05:45
Play 27	Ch. 6. Commission Conclusions on Chapter 6	Joanne Turner	00:01:18
Play 28	Ch. 7. The Mortgage Machine. An Irresistible Profit Opportunity	Joanne Turner	00:10:21
Play 29	Ch. 7. The Mortgage Machine. Mortgages: A Good Loan	Joanne Turner	00:32:56
Play 30	Ch. 7. The Mortgage Machine. Federal Regulators: Immunity from Many State Laws is a Significant Benefit	Joanne Turner	00:06:49
Play 31	Ch. 7. The Mortgage Machine. Wall Street Was Very Hungry For Our Product	Joanne Turner	00:17:23
Play 32	Ch. 7. The Mortgage Machine. Moody's: Given A Blank Check	Joanne Turner	00:16:09
Play 33	Ch. 7. The Mortgage Machine. Fannie Mae and Freddie Mac: Less Competition in the Marketplace	Joanne Turner	00:13:09
Play 34	Ch. 7. The Mortgage Machine. Commission Conclusions on Chapter 7	Joanne Turner	00:03:24
Play 35	Ch. 8. The CDO Machine	Joanne Turner	00:07:50
Play 36	Ch. 8. We Created the Investor	Joanne Turner	00:22:21
Play 37	Ch. 8. Bear Stearns' Hedge Funds: It Functioned Fine Up Until One Day It Just Didn't Function	Joanne Turner	00:10:33
Play 38	Ch. 8. Citigroup's Liquidity puts: A Potential Conflict of Interest	Joanne Turner	00:10:51
Play 39	Ch. 8. AIG:Golden Goose for the Entire Street	Joanne Turner	00:10:28
Play 40	Ch. 8. Goldman Sachs: Multiplied the Effects of the Collapse in Subprime	Joanne Turner	00:17:16
Play 41	Ch. 8. Moody's: Achieved Through Some Alchemy	Joanne Turner	00:18:33
Play 42	Ch. 8. SEC: It's Going to be an Awfully Big Mess	Joanne Turner	00:19:27
Play 43	Commission Conclusions on Chapter 8	Joanne Turner	00:02:55
Play 44	Chapter 9. The Bubble, "A Credit-induced Boom"	Joanne Turner	00:15:00
Play 45	Mortgage Fraud: Crime-facilitative environments	Joanne Turner	00:22:31
Play 46	Disclosure and due diligence: A Quality Control Issue in the Factory	Joanne Turner	00:24:27
Play 47	Regulators: markets will always self-correct	Joanne Turner	00:14:56
Play 48	Leveraged Loans and Commercial Real Estate: You've Got to Get Up and Dance	Joanne Turner	00:11:08
Play 49	Lehman: From Moving to Storage	Joanne Turner	00:07:47
Play 50	Fannie Mae and Freddie Mac: Two Stark Choices	Joanne Turner	00:11:36
Play 51	2006: Increase Our Penetration into Subprime. 2007: Moving deeper into the credit pool	Joanne Turner	00:12:30
Play 52	Affordable housing goals: "GSEs cried bloody murder forever." The impact of the goals	Joanne Turner	00:17:05
Play 53	Commission Conclusions on Chapter 9	Joanne Turner	00:01:39
Play 54	Ch. 10. CDO Managers: "We Are Not A Rent-A-Manager"	Joanne Turner	00:09:52
Play 55	Ch. 10. Credit Default Swaps: "Dumb Question"	Joanne Turner	00:24:17
Play 56	Citigroup: "I Do Not Believe We Were Powerless"	Joanne Turner	00:18:04
Play 57	AIG: "I'm Not Getting Paid Enough to Stand on These Tracks"	Joanne Turner	00:08:42
Play 58	Merrill Lynch: "Whatever It Takes"	Joanne Turner	00:12:28
Play 59	Regulators: "Are Undue Concentrations of Risk Developing?"	Joanne Turner	00:07:29
Play 60	Moody's: "It Was All About Revenue"	Joanne Turner	00:23:34
Play 61	Commission Conclusions on Chapter 10	Joanne Turner	00:02:20
Play 62	Ch. 11. The Bust. Delinquencies: "The Turn of the Housing Market"	Joanne Turner	00:29:56
Play 63	Ch. 11. Rating Downgrades: "Never Before"	Joanne Turner	00:08:04
Play 64	Ch. 11. CDOs: "Climbing the Wall of Subprime Lending"	Joanne Turner	00:04:50
Play 65	Ch. 11. Legal Remedies: "On the Basis of the Information"	Joanne Turner	00:10:10
Play 66	Ch. 11. Losses: "Who Owns Residential Credit Risk?"	Joanne Turner	00:13:22
Play 67	Commission Conclusions on Ch. 11	Joanne Turner	00:02:33
Play 68	Early 2007: Spreading Subprime Worries	Joanne Turner	00:07:02
Play 69	Ch. 12. Goldman: Let's be Aggressive	Joanne Turner	00:13:59
Play 70	Bear Stearns's Hedge Funds	Joanne Turner	00:16:01
Play 71	Rating Agencies	Joanne Turner	00:04:27
Play 72	AIG: Well Bigger	Joanne Turner	00:07:39
Play 73	Commission Conclusions on Ch. 12	Joanne Turner	00:00:56
Play 74	Chapter 13 Summer 2007: Disruptions in Funding Intro	Cbteddy	00:02:06
Play 75	Ch 13 IKB of Germany "Real Money Investors"	Cbteddy	00:05:42
Play 76	Ch 13 Countrywide: "That's our 9/11"	Cbteddy	00:08:29
Play 77	Ch 13 BNP Paribas: "The ringing of the bells"	Cbteddy	00:04:40
Play 78	Ch 13 SIVs: "An Oasis of Calm"	Cbteddy	00:04:04
Play 79	Ch 13 Money funds and other investors: "Drink[ing] from a fire hose"	Cbteddy	00:06:19
Play 80	Commission conclusions on Chapter 13	Cbteddy	00:01:39
Play 81	Chapter 14 Late 2007 to early 2008: Billions in subprime losses (Intro)	mpinedag	00:02:42
Play 82	Ch 14 Merrill Lynch: "Dawining awareness over the course of the summer"	mpinedag	00:11:50
Play 83	Ch 14 Citigroup: "That would not in any way have excited my attention"	mpinedag	00:22:26
Play 84	Ch 14 AIG's dispute with Goldman: "There could never be losses"	mpinedag	00:32:30
Play 85	Ch 14 Federal Reserve: "The discount window wasn't working"	mpinedag	00:07:47
Play 86	Ch 14 Monoline Insurers: "We never expected losses"	mpinedag	00:09:16
Play 87	Commission Conclusions on Chapter 14	mpinedag	00:01:15
Play 88	Chapter 15 March 2008: The fall of Bear Stearns (Intro)	Cbteddy	00:03:48
Play 89	Ch 15 "I requested some forbearance"	Cbteddy	00:04:06
Play 90	Ch 15 "We were suitably skeptical"	Cbteddy	00:03:56
Play 91	Ch 15 "Turn into a death spiral"	Cbteddy	00:09:15
Play 92	Ch 15 "Duty to protect their investors"	Cbteddy	00:11:06
Play 93	Ch 15 "The Government would not permit a higher number"	Cbteddy	00:04:42
Play 94	Ch 15 "It was heading to a black hole"	Cbteddy	00:02:49
Play 95	Commission Conclusions on Chapter 15	Cbteddy	00:01:16
Play 96	Chapter 16 March to August 2008: Systemic Risk Concerns (Intro)	mpinedag	00:02:38
Play 97	Ch 16 The Federal Reserve: "When people got scared"	mpinedag	00:08:36
Play 98	Ch 16 JP Morgan: "Refusing to unwind...would be unforgiveable"	mpinedag	00:05:16
Play 99	Ch 16 The Fed and the SEC: "Weak liquidity position"	mpinedag	00:07:39
Play 100	Ch 16 Derivatives: "Early stages of assessing the potential systemic risk"	mpinedag	00:07:12
Play 101	Ch 16 Banks: "The markets were really, really dicey"	mpinedag	00:26:35
Play 102	Commission Conclusions on Chapter 16	mpinedag	00:01:19
Play 103	Chapter 17 September 2008: The takeover of Fannie Mae and Freddie Mac (Intro)	Cbteddy	00:03:28
Play 104	Ch 17 "A good time to buy"	Cbteddy	00:05:04
Play 105	Ch 17 "The only game in town"	Cbteddy	00:03:30
Play 106	Ch 17 "It's a time game...be cool"	Cbteddy	00:06:38
Play 107	Ch 17 "The idea strikes me as perverse"	Cbteddy	00:03:58
Play 108	Ch 17 "It will increase confidence"	Cbteddy	00:08:45
Play 109	Ch 17 "Critical unsafe and unsound practices"	Cbteddy	00:06:22
Play 110	Ch 17 "They went from zero to three with no warning in between"	Cbteddy	00:07:31
Play 111	Ch 17 "The worst-run financial institution"	Cbteddy	00:03:37
Play 112	Ch 17 "Wasn't done at my pay grade"	Cbteddy	00:01:16
Play 113	Commission Conclusions on Chapter 17	Cbteddy	00:02:26
Play 114	Chapter 18 September 2008: The bankruptcy of Lehman (Intro)	mpinedag	00:04:37
Play 115	Ch 18 "Get more conservatively funded"	mpinedag	00:07:17
Play 116	Ch 18 "This is not sounding good at all"	mpinedag	00:03:38
Play 117	Ch 18 "Spook the market"	mpinedag	00:11:07
Play 118	Ch 18 "Imagination hat"	mpinedag	00:08:19
Play 119	Ch 18 "Heads of family"	mpinedag	00:03:38
Play 120	Ch 18 "Tell those sons of bitches to unwind"	mpinedag	00:03:20
Play 121	Ch 18 "This doesn't seem like it is going to end pretty"	mpinedag	00:08:02
Play 122	Ch 18 "The only alternative was that Lehman had to fail"	mpinedag	00:03:48
Play 123	Ch 18 "A calamity"	mpinedag	00:12:42
Play 124	Commission Conclusions on Chapter 18	mpinedag	00:02:30
Play 125	Chapter 19 September 2008: The bailout of AIG (Intro)	Cbteddy	00:05:14
Play 126	Ch 19 "Current liquidity position is precarious"	Cbteddy	00:06:56
Play 127	Ch 19 "Spillover effect"	Cbteddy	00:10:50
Play 128	Ch 19 "Like a gnat on an elephant"	Cbteddy	00:05:18
Play 129	Commission Conclusions on Chapter 19	Cbteddy	00:03:07
Play 130	Chapter 20 Crisis and Panic (Intro)	mpinedag	00:07:45
Play 131	Ch 20 Money market funds: "Dealers weren't even picking up their phones"	mpinedag	00:10:36
Play 132	Ch 20 Morgan Stanley: "Now we're the next in line"	mpinedag	00:13:07
Play 133	Ch 20 Over-the-counter derivatives "A grinding halt"	mpinedag	00:06:26
Play 134	Ch 20 Washington Mutual "It's yours"	mpinedag	00:04:16
Play 135	Ch 20 Wachovia "At the front end of teh dominoes as other dominoes fell"	mpinedag	00:18:26
Play 136	Ch 20 TARP "Comprehensive approach"	mpinedag	00:18:03
Play 137	Ch 20 AIG "We needed to stop the sucking chest wound in this patient"	mpinedag	00:10:19
Play 138	Ch 20 Citigroup "Let the world know we will not pull a Lehman"	mpinedag	00:11:15
Play 139	Ch 20 Bank of America "A shotgun wedding"	mpinedag	00:13:17
Play 140	Commission Conclusions on Chapter 20	mpinedag	00:02:45
Play 141	Chapter 21 The Economic Fallout (Intro)	Cbteddy	00:04:17
Play 142	Ch 21 Households "I'm not eating, I'm not sleeping"	Cbteddy	00:12:15
Play 143	Ch 21 Businesses "Squirrels storing nuts"	Cbteddy	00:09:54
Play 144	Ch 21 Commercial real estate: "Nothing's moving"	Cbteddy	00:05:09
Play 145	Ch 21 Government: "State struggled to close shortfalls"	Cbteddy	00:08:06
Play 146	Ch 21 The financial sector: "Almost triple the level of three years earlier"	Cbteddy	00:03:18
Play 147	Ch 22 Foreclosures on the rise: "Hard to talk about any recovery"	mpinedag	00:06:39
Play 148	Ch 22 Initiatives to stem foreclosures "Persistently disregard"	mpinedag	00:06:37
Play 149	Ch 22 Flaws in the process: "Speculation and worst-case scenarios"	mpinedag	00:05:39
Play 150	Ch 22 Neighborhood effects: "I'm not leaving"	mpinedag	00:05:26
Play 151	Commission Conclusions on Chapter 22	mpinedag	00:01:01
Play 152	Dissenting Statement - Causes of the financial and economic crisis - Intro	Cbteddy	00:01:19
Play 153	Dissenting Statement - Causes of the financial and economic crisis - How our approach differs from others?	Cbteddy	00:07:09
Play 154	Dissenting Statement - Causes of the financial and economic crisis - Stages of the crisis	Cbteddy	00:02:26
Play 155	Dissenting Statement - Causes of the financial and economic crisis - The ten essential causes of the financial and economic crisis	Cbteddy	00:06:10
Play 156	Dissenting Statement - Causes of the financial and economic crisis - The credit bubble: global capita flows, underpriced risk, and Federal Reserve policy	Cbteddy	00:08:30
Play 157	Dissenting Statement - Causes of the financial and economic crisis - The housing bubble	Cbteddy	00:08:35
Play 158	Dissenting Statement - Causes of the financial and economic crisis - Turning bad mortgages into toxic financial assets	Cbteddy	00:07:28
Play 159	Dissenting Statement - Causes of the financial and economic crisis - Big bank bets and why banks failed	Cbteddy	00:09:32
Play 160	Dissenting Statement - Causes of the financial and economic crisis - Two types of systemic failure	Cbteddy	00:13:52
Play 161	Dissenting Statement - Causes of the financial and economic crisis - The shock and panic	Cbteddy	00:06:39
Play 162	Dissenting Statement - Causes of the financial and economic crisis - The system freezing	Cbteddy	00:03:50
Play 163	Financial Crisis Inquiry Commission - Dissenting Statement - Intro	mpinedag	00:23:30
Play 164	Financial Crisis Inquiry Commission - Dissenting Statement - Summary	mpinedag	00:07:41
Play 165	Financial Crisis Inquiry Commission - Dissenting Statement - 1. Government policies resulted in an unprecedented number of risky mortgages	mpinedag	00:15:59
Play 166	Financial Crisis Inquiry Commission - Dissenting Statement - 2. The great housing bubble and its effects	mpinedag	00:13:03
Play 167	Financial Crisis Inquiry Commission - Dissenting Statement - 3. Delinquency rates on nontraditional mortgages	mpinedag	00:04:20
Play 168	Financial Crisis Inquiry Commission - Dissenting Statement - 4. The origin and growth of subprime PMBS	mpinedag	00:07:58
Play 169	Financial Crisis Inquiry Commission - Dissenting Statement - 5. What was known about NTMs prior to the crisis?	mpinedag	00:17:17
Play 170	Financial Crisis Inquiry Commission - Dissenting Statement - 6. Conclusion	mpinedag	00:04:40
Play 171	Financial Crisis Inquiry Commission - Dissenting Statement - II. How 27 million NTMS precipitated a financial crisis - Intro	Cbteddy	00:03:26
Play 172	Financial Crisis Inquiry Commission - Dissenting Statement - II. How 27 million NTMS precipitated a financial crisis - How failures among NTMs were transmitted to the financial system	Cbteddy	00:03:21
Play 173	Financial Crisis Inquiry Commission - Dissenting Statement - II. How 27 million NTMS precipitated a financial crisis - The defaults begin	Cbteddy	00:34:12
Play 174	Financial Crisis Inquiry Commission - Dissenting Statement - III. The US government's role in fostering the growth of the NTM market - Intro	Cbteddy	00:09:00
Play 175	Financial Crisis Inquiry Commission - Dissenting Statement - III. The US government's role in fostering the growth of the NTM market - 1. HUD's central role	Cbteddy	00:07:34
Play 176	Financial Crisis Inquiry Commission - Dissenting Statement - III. The US government's role in fostering the growth of the NTM market - 2. The decline of mortgage underwriting standards	Cbteddy	00:35:58
Play 177	Financial Crisis Inquiry Commission - Dissenting Statement - III. The US government's role in fostering the growth of the NTM market - 3. The affordable housing goals were the sole reason that the GSEs' acquired so many NTMs, part 1	mpinedag	00:27:41
Play 178	Financial Crisis Inquiry Commission - Dissenting Statement - III. The US government's role in fostering the growth of the NTM market - 3. The affordable housing goals were the sole reason that the GSEs' acquired so many NTMs, part 2	mpinedag	00:28:32
Play 179	Financial Crisis Inquiry Commission - Dissenting Statement - III. The US government's role in fostering the growth of the NTM market - 4. Competition between the GSEs and FHA for subprime and alt-a mortgages	mpinedag	00:10:15
Play 180	Financial Crisis Inquiry Commission - Dissenting Statement - III. The US government's role in fostering the growth of the NTM market - 5. Enlisting mortgage bankers and subprime lenders in affordable housing	mpinedag	00:05:10
Play 181	Financial Crisis Inquiry Commission - Dissenting Statement - III. The US government's role in fostering the growth of the NTM market - 6. The community reinvestment act	mpinedag	00:22:13
Play 182	Financial Crisis Inquiry Commission - Dissenting Statement - IV. Conclusion	mpinedag	00:02:37

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