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Panel finds financial crisis was avoidable

Panel finds financial crisis was avoidable

The government-appointed panel investigating the roots of the financial crisis says the meltdown occurred because government officials and Wall Street executives ignored warning signs and failed to manage risks.
The Financial Crisis Inquiry Commission says in its final report released Thursday that the crisis could have been avoided. Instead, the U.S. fell into the deepest recession since the 1930s and millions of Americans lost their jobs, the congressionally appointed panel concludes in its report.
The Bush and Clinton administrations, the current and previous Federal Reserve chairmen, and Treasury Secretary Timothy Geithner all bear some responsibility for allowing the crisis to happen, the panel says.


Updated : 2021-07-26 02:47 GMT+08:00