This morning, the Financial Crisis Inquiry Commission (FCIC) released a report on the causes of the 2008 financial and economic crisis. At the event, the Commission is delivering the results of its inquiry and its conclusions as to the causes of the crisis based on this inquiry.
In a statement from the commission, it said that the financial crisis was avoidable. They blamed both Wall Street and government officials for not spotting the warning signs of the crisis.
In the course of its research and investigation, the Commission reviewed millions of pages of documents, interviewed more than 700 witnesses, and held 19 days of public hearings in New York, Washington and communities across the country that were hit hard by the crisis.
The FCIC’s main report, which will be released later today, is a conclusive 567 page book detailing the causes of the recession including reasons involving the lack of adequate risk management by financial institutions and the government being unprepared to manage the fallout.
The Commission's six Democratic appointees support the causes presented in the report while the remaining Republican members will issue an additional two reports. The report with accompanying dissents will be delivered to the Pres. Obama and Congress today.