FCIC - Government Hearings

  • 2008 1023 - GOV (House) - The Financial Crisis and the Role of Federal Regulators - [PDF-117p, VIDEO-CSPAN]
    • Greenspan, Cox, John Show

2009

2010

  • 2010 0113 - FCIC - Hearing - Causes of 2008 Financial Collapse, Day 1 - [PDF-248p]
    • Financial Market Participants - [VIDEO-CSPAN]
    • Financial Institution Representatives - [VIDEO-CSPAN]
      • WITNESSES: PANEL ONE
        • LLOYD C. BLANKFEIN, CHAIRMAN AND CEO, GOLDMAN SACHS
        • JAMES DIMON, CHAIRMAN AND CEO, JPMORGAN CHASE
        • JOHN J. MACK, CHAIRMAN OF THE BOARD, MORGAN STANLEY
        • BRIAN T. MOYNIHAN, CEO AND PRESIDENT, BANK OF AMERICA

  • 2010 0114 - FCIC - Hearing - Causes of 2008 Financial Collapse, Day 2 - [PDF-169p]
    • Federal Officials - [VIDEO-CSPAN] 
    • State and Local Officials - [VIDEO-CSPAN]

  • 2010 0407 - FCIC - Hearing - 2008 Financial Crisis and Investment Banks, Day 2 - [PDF-371p]
    • Panel 1 (Hank Paulson) - [PDF-p, VIDEO-CSPAN]

  • 2010 0505 - FCIC - Hearing - The Shadow Banking System - [PDF-369p]
    •  [VIDEO-CSPAN]

  • 2010 0506 - FCIC - Hearing - 2008 Financial Crisis and Investment Banks, Day 2 - The Shadow Banking System - [PDF-329p]
    • Session 1 (Hank Paulson) - [VIDEO-CSPAN]
    • Session 2 (Tim Geithner) - [VIDEO-CSPAN]
      • 2010 0810 - FCIC - Hearing - Letter - To Tim Geithner from FCIC - Thank you for testifying on May 6, 2010 in front of the Financial Crisis Inquiry Commission and agreeing to provide additional assistance.
        • Toward that end, please provide written responses to the following additional questions and any additional information by August 24, 2010.1 10p
        • Geithner's Response - <WishList>
    • Session 3 () -  

  • 2010 0602 - FCIC - Hearing - Credibility of Credit Ratings, the Investment Decisions Made Based on Those Ratings, and the Financial Crisis - [PDF-510p]
    • Panel 1 - [VIDEO-CSPAN] 
    • Panel 2 - [VIDEO-CSPAN]


  • 2010 0701 - FCIC - Hearing - 2008 Financial Crisis and Derivatives, Day 2 - [PDF-313p]
    • Executives Panel - [VIDEO-CSPAN]
      • AIG and Goldman Sachs Executives
        • AIG: Bensinger, Forster, Habayeb
        • Goldman Sachs: Viniar, David Lehman
    • Regulators Panel - [VIDEO-CSPAN]
      • Eric Dinallo (NY Insurance Regulator), Gary Gensler (CFRC), Clarence Lee (OTS)
      • 21:00 - How come we didn't see this? - Bill Thomas (FCIC), Gensler (CFTC)
      • 37- Dinallo, Born (FCIC) -
        • Born - Some have suggested that the real problem at AIG related to the Securities Lending program.
        • 41:00 - Dinallo - AIG Companies were fully solvent, wasn't the reason for the Bailout
        • Run on AIG Life, general economy, RMBS - Doubling down on real estate
        • Dinallo - Asset Liability Matching - Statutory Account vs Mark to Market
        • 44:00 -  Dinallo - Run, consumer lack of confidence in insurance products, liquidity problem
      • 53:00 - Wallison, Dinnallo - AIG company could do CDS because of AIG Life Rating,  Big Miss, Rating Company, 
      • 1:22 - Clarence Lee (Retired ), Keith Hennessey (FCIC)
        • Did they understand these risks? Cassano, etc
        • Probability, demands, liqudity,  understood the risks... low probability... willing to take them
        • 1:27 - Eric Dinallo - Collateral, no reserves, liquidity miscalculation, ratings downgrades
        • 1:31 - Keith Hennesey (FCIC) - AIG FP "got away" with it because they were part of the larger AIG Insurance Company.  Dinallo - Yes, I have written that. Dilapidated house example.  not really insurance
      • 1:33 - Hennessey - What would have happened if the Fed had not Bailed out AIG?
        • 1:35 - Dinallo - History, Geitner, Full blown Credit crisis, AIG Insurance Companies generally good.  AIG Asia Run - Singapore.... Could have undermined the 3rd Leg (Insurance)
      • 1:37 - Douglas J. Holtz-Eakin (FCIC) - How would this have affected Construction Bonds?
        • 1:37 - Dinallo - Problem for Insurance Companies is non-renewal of premiums.
      • 1:41 - Gensler - Mispriced.   Definition.  Underestimating and lack of preparation for bad things happening.  "underestimated risk" . Liqudity Risk, Correlation Risk, Tail Risk, Black Swan?  Credit Risk, "house of cards built on a housing bubble", confidence was shot, if I just had more time, nobody will hand you more chips,
      • 1:47 - Peter Wallison (FCIC) - Nobody saw this coming, not even Warren Buffet. 
      • 1:57 - Dinallo - 4 buckets - Derivatives are based on those 4 buckets... there is no 5th bucket. 36 to 1 leverage. no rules
      • 1:36 - Born/ Dinallo - Deregulation, Regulators, Capital Requirements, CFMA - Told Wall Street you don't have to reserve, unregulated, Regulation vs Enforcement, 

  • 2010 0901 - FCIC - Hearing - "Too Big to Fail": Expectations and Impact of Extraordinary Government Intervention and The Role of Systemic Risk in the Financial Crisis - [PDF-274p]
  • 2010 0902 - FCIC - Hearing - "Too Big to Fail": Expectations and Impact of Extraordinary Government Intervention and The Role of Systemic Risk in the Financial Crisis - [PDF-196p]

2011

  1. Financial Crisis Inquiry Commission Final Report