Report: Financial Crisis was Avoidable

Wednesday, 26 January 2011 | by Pat's Picks

It’s a front page headline in the New York Times that grabs your attention: “Financial Crisis was Avoidable.” Times’ Washington writer Sewell Chan examines the conclusions of a federal inquiry, which is to be officially released tomorrow. The report concludes the 2008 crisis was the result of needless risk-taking by Wall Street and failures in regulation. In the mortgage market, Chan selects the excellent phrase “calamitous concoction” to describe shoddy mortgage lending, excessive packaging of loans and risky bets on securities.

The Financial Crisis Inquiry Commission report will be released here tomorrow.

SOURCE: New York Times