Friday, May 22, 2015

Greenspan, Rubin, Citi officials grilled in subprime probe

Financial Crisis Inquiry Commission grinds on

Greenspan, Rubin, Citi officials grilled in subprime probe

As the nonpartisan, underfunded Financial Crisis Inquiry Commission prepared this morning for former Fed chairman Alan Greenspan's testimony today and a long list of ex-Citigroup officials culminating with former CEO Charles Prince and his former top lieutenant, ex-US Treasury secretary Ronald Rubin, tomorrow, the group issued preliminary reports suggesting its staff blames loan sales (e.g., the top five home loan securitizers all failed), loose regulation of Fannie Mae and Freddie Mac, and complex Federal Reserve bank regulation more than national housing policy and the Community Reinvestment Act in the subprime-lending blow-up.

More on the hearings here, reports hereAP story here.

About this blog

PhillyDeals posts drafts, transcripts and updates of Joseph N. DiStefano's columns and stories about Philly-area business, which he's been writing since 1989.

DiStefano studied economics, history and a little engineering at Penn and taught writing at St. Joseph's. He has written thousands of columns and articles for the Inquirer, Bloomberg and other media, wrote the book Comcasted, and raised six children with his wife, who is a saint.

Reach Joseph N. at JoeD@phillynews.com, distefano251@gmail.com, 215.854.5194 or 302.652.2004.

Reach Joseph N. at JoeD@phillynews.com or 215 854 5194.

Joseph N. DiStefano