2008 Financial Crisis


  • Economic Stabilization Act of 2008 (P.L. 110-343):
    • Allowed the Secretary of the Treasury to purchase and insure “troubled assets” to help promote the strength of the economy and financial system.
      The act established two organizations to provide broad oversight of the program—a Financial Stability Oversight Board and a Congressional Oversight Panel.
    • Placed audit responsibilities for the program with two individuals—a new special inspector general for the Troubled Asset Relief Program and the comptroller general. In 2010, Congress called on GAO to report annually, identifying “areas of potential duplication, overlap, and fragmentation, which, if effectively addressed, could provide financial and other benefits.”

2021 - CRS - Congressional Oversight Manual - 127p

  • (EESA) - Emergency Economic Stabilization Act
  • Banking on Robbery: The Role of Fraud in the Financial Crisis, by Louise Francis - 54p

  • 2008 0316 - Bear Stearns collapse and merger with JPMorgan Chase
  • 2008 0914 -  Merrill Lynch was sold to Bank of America 
  • 2008 0915 - Lehman Brothers filed for Chapter 11 bankruptcy protection
    • Lehman Brothers - Long Term Capital Management hedge fund collapsed in 1998
  • 2008 0916 (Tuesday) -  AIG - the Federal Reserve provided an $85 billion two-year loan 
  • 2008 12/10-11 - Bernie Madoff tells sons, gets arrested next day.
  • 2009 - OECD - Insurance Companies and the Financial Crisis, by Sebastian Schich - 31p
  • 2009 10 - IMF / FSB / BIS - Guidance to Assess the Systemic Importance of Financial Institutions, Markets and Instruments: Initial Considerations— Background Paper - 46p
  • 2009 - SOA - The Financial Crisis and Lessons for Insurers, Society of Actuaries - 94p
  • 2011 0413 - GOV Report - Wall Street and the Financial Crisis: Anatomy of a Financial Collapse - 646p
    • Carl Levin, Chairman and Tom Coburn, Ranking Minority Member