More on how this is looking from TPM Reader JL, from the financial services industry …
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.
