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This week the commission to investigate the causes of the financial crisis will hold its first public hearing. First up to be accused of causing massive foreclosures, nearly bankrupting our financial system and robbing us all of our retirement savings: Wall Street CEOs. On Wednesday, four top financial executives are scheduled to testify in front of the commission, including Bank of America's recently appointed chief Brian Moynihan, Goldman Sachs' Lloyd Blankfein, JPMorgan's Jamie Dimon and Morgan Stanley's John Mack...
...FCIC tend to underwhelm. James Madison University political-science professor Glenn Hastedt, who has written about the 9/11 commission, says politicians shouldn't wait for the FCIC to come up with its conclusions before enacting financial reforms. He says the 9/11 commission did little more than reassure the public that the government was aware of terrorism. "What is the main goal here? If it is to educate and reassure, commissions do that very well," says Hastedt. "But don't look to the FCIC for solutions. Commissions don't do that very well." (See the best business deals...
...difference between the 9/11 commission and the FCIC is the transparency of the process. The 9/11 commission, because it involved national security, held many of its hearings in private and then at the end produced a massive report. The FCIC says it will hold most of its hearings in public, and will quickly release any information it uncovers. Two members of the panel, Keith Hennessey and Byron Georgiou, have their own blogs. Last week, Hennessey, who was a White House economics adviser to President George W. Bush, asked readers what he should be asking bank CEOs. (See the worst business...
...suggested any limitations to me on how I and other commissioners can interact with the press and public," says Hennessey, who plans to continue to blog while on the commission. "I'm interested in the maximum amount of transparency that is consistent with getting our work done...
...solely humanitarian. Then in September, German forces called in a U.S. air strike in Kunduz in northern Afghanistan to destroy oil tankers that had been hijacked by the Taliban. Some 140 people were killed, many of them civilians. That changed the perception of the mission among the German public and politicians alike. Franz Josef Jung, who was Defense Minister at the time of the bombing, resigned over the controversy, but other German officials declared that the event galvanized the country's commitment to being a full partner in the conflict, despite the inherent brutality of any war. "We have made...