Phil Angelides? OMG They do manage to keep their friends employed. Yuck

Well, Brooksley Born seems to be popular with the Pups.

Thanks Cynthia.

Wow – good news indeed. Thanks for your reporting and your leadership on this important issue.

Should we call it the Born Again Commission?

Brooksley Born is, of course, a great choice. Two of Reid’s choices are from Nevada. Come on. Georgiu sounds like he might be a surprise but it is too early to tell. I don’t think anyone who was considered for Commerce is a good choice at all and I don’t understand the selection of Angelides either.

So one good choice and one maybe out of 6. Meanwhile expect a stack of whack jobs from the Republicans.

I’m pleased with the appointment of Angelides – I think he will get a lot accomplished.

Agreed

Phil as chairman? On the Pecora Commission? Ehhh, notsomuch

Checked wiki. She sounds very qualified and certainly experienced. I’m always delighted when anyone in DC knows anything. Hoping this commission will do good work.
Thanks for the post.

icami, here’s one of the advantages GS and JP Morgan had in CDS’

US officials target Markit in credit derivatives inquiry

The US Government has begun an investigation into the credit derivatives market by asking about 15 dealers for detailed information on trading and pricing over several years.

Markit, which supplies information to financial markets around the world, is also being investigated by US government officials trying to find out if its owners have unfair access to statistics related to the credit default swaps (CDS) market.

The inquiry is attempting to determine whether the banks that own Markit have disproportionate access to the information that it provides.

Markit, which is based in London, said: “Markit has been informed of an investigation by the Department of Justice into the credit derivatives and related markets. Markit strives to enhance the transparency and efficiency in the credit derivatives market by making all our independent data products commercially available to all market participants.”

Its major shareholders include JPMorgan, Bank of America, Royal Bank of Scotland (RBS) and Goldman Sachs. JPMorgan, RBS and Goldman Sachs all declined to comment on the investigation yesterday.[…]

post yesterday from bill black: Flaws inherent in the current commission, and how to minimize them

sorry for the drive by, but this link is very relevant.

I have lots of problems with Spitzer but if he had been named to this commission it would have put the fear of God into Wall Street. Wall Street’s reaction to this group probably won’t even rate a yawn. Although another CFTC alumnus, I would have liked to see Michael Greenberger named.

To remind, these were Bill Black’s recommendations:

“Jack Blum and Saul Wisenberg (Dem., Rep) as counsel. Hire Dick Newsom and Chris Seefer as your key investigators.” also elizabeth warren

http://firedoglake.com/2009/03…..nt-1863916

Bill Black, Robert Johnson, Simon Johnson (even), Meredith Whitney,one of the following Krugman, Stiglitz, Baker, or Galbraith, a good prosecutor with lots of experience with fraud. I already get the impression that this is not going to be Pecora Redux.

A TPM reader weighs in:

Thanks David for posting the members of the commission that will investigate the financial crisis.
Not telling you anything you don’t know, but it looks like this will come down to Brooksley Born vs. Peter Wallison. Born, of course, was the former head of CFTC who argued vehemently that her agency should regulate derivatives, an idea that was deep-sixed by Bob Rubin with an assist from Larry Summers. Wallison is the AEI scholar who promoted the canard that Fannie and Freddie are the prime culprits in the subprime fiasco. Should be interesting. I’d put the odds of a consensus report coming out of the commission at about zero.

Hugh, it depends. When I was at the Dept of Investigations, the real work got done when the “names” got out of the way and let the lawyers and investigators and forensic accountants do their jobs.

One of the things I like about being a federal prosecutor was how not political you work was. You called ‘em as you saw ‘em.

I don’t think I’m the only person on the planet that spent the formative years of their career absorbing that culture.

That being said, I would give my eyeteeth to have input into that investigation. There are SOOOOO many things I would want to look into. Really dig in all the way up to my elbows.

One of the things I like about being a federal prosecutor was how not politcal you work was.

How long ago was that? Seems like it musta been the Dark Ages. Certainly not how it is today.

Reagen admin and Bush the first–yes, back when dinosaurs roamed the earth

Just as I suspected. I’m sorry that my cynicism was supported. Would have liked to have been wrong on that one.

Ecahn, I don’t think anybody who has worked in the Srub Admin can really remember how it is supposed to be.

I think that’s why they ought to go back to someone who is not tainted

That’s “shrub” admin

Well in the Bill Black piece selise linked to, he says that politically chosen commissioners just get in the way of real investigation. They try to tone things down. They seek compromise. If compromise isn’t possible, they leak, back stab, and otherwise try to sabotage the work of the commission.

Brooksley Born is a person for anyone following this that deserves to be there. But it is always a bad sign, if you have been following this, to go Who? when names of commissioners are released.

This is what I have seen too. the point of the Commission names is to ward off all the politicos so something can actually get done without interference from lobbyists and special pleaders.

masaccio,

as Bill Black who worked on the commission investigating the S&L crisis pointed out, this is precisely what didn’t happen.

Hugh, if you are willing to keep your head down and your chin up, you cCAN do a meaningful investigation despite all that. Believe me, been there, done that.

Don’t despair just yet. It can be done if there is strong staff.

Remeber Pecora was the 4th staff counsel. the first 3 did not speak truth to power. Only Pecora refuse to take no for an answer, As I explained Here

Cynthia,

What do you believe are the chances of Born and staff overcoming obstructions and fleshing out corruption ala Pecora? And who are the findings reported to?

these were Bill Black’s recommendations:

“Jack Blum and Saul Wisenberg (Dem., Rep) as counsel. Hire Dick Newsom and Chris Seefer as your key investigators.” also elizabeth warren

Oh, yes please: Elizabeth Warren!

Cynthia, thanks for this commentary. We need to keep this commission in view and on the front burner!

Bob in HI

Technically, the findings are reported to Congress, but I suspect that the final report will be pritned and available tot he public, like the 9-11 Commission report, and the Starr report

Thank you so much for this report! I look forward to reading more about it and I see Jane has the right source to do just that. Much appreciated.

Yes, get Spitzer on it, and Bair, too, if she is not too busy closing banks.

Potential Conflicts Of Interest For New Pecora Commissioners
By Brian Beutler – July 15, 2009, 5:26PM

“At a glance, none of the newly named members of the Financial Crisis Inquiry Commissioners come as a terrible surprise. Several of their names had been floated in news reports and rumors in the weeks leading up to today’s announcements. But there are a couple potential conflicts of interest worth pointing out.

. . .

“On the Republican side, commission vice chairman Bill Thomas–a former Republican Congressman from California–raised $1.8 million for his campaigns from financial, insurance, and real estate interests, according to the Center for Responsive Politics. . . .

“On the Democratic side, former Florida Senator and Governor Bob Graham raised $2.1 million for his campaigns from similar interests, including tens of thousands from employees and PACs of Citibank, Bank of America, and Goldman Sachs.”

Link.