Thursday, December 18, 2014

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.

Joseph N. DiStefano
About this blog

PhillyDeals posts raw drafts and updates of Joseph N. DiStefano's columns and stories about Philly-area finance, investment, commercial real estate, tech, hiring and public spending, which he's been writing since 1989, mostly for the Philadelphia Inquirer.

DiStefano studied economics, history and a little engineering at Penn, taught writing at St. Joe's, and has written the book Comcasted, more than a thousand columns, and thousands of articles, and raised six children with his wife, who is a saint.

Reach Joseph N. at or 215 854 5194.

Joseph N. DiStefano
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