The Financial Crisis Inquiry Report

von

Gelesen von LibriVox Volunteers

3.5

Here is the final report of the Financial Crisis Inquiry Commission into the causes of the global financial crisis of 2007-2009. Two thorough Dissenting Statements accompany the final report. The report is a chronological compendium of the review of millions of pages of documents, the interviews of hundreds of leaders, CxOs, financial experts and academics, as well as common people, home- and business-owners who were also significantly affected by the financial meltdown. - Summary by Mario Pineda

Kapitel

Select a chapter to play

Preface 8:03 Gelesen von Joanne Turner
Conclusions of the Commission 38:05 Gelesen von Joanne Turner
Conclusions of the Commission, concluded 22:59 Gelesen von Joanne Turner
Ch. 1. Before Our Very Eyes, part 1 38:26 Gelesen von Joanne Turner
Ch. 1. Before Our Very Eyes, part 2 45:54 Gelesen von Joanne Turner
Ch. 1. Before Our Very Eyes, part 3 17:57 Gelesen von Joanne Turner
Ch. 2. Shadow Banking: Commercial Paper and Repos 30:09 Gelesen von Joanne Turner
Ch. 2. Shadow Banking: The Savings and Loan Crisis 18:16 Gelesen von Joanne Turner
Ch. 3. Securitization and Derivatives: Fannie Mae and Freddie Mac 20:26 Gelesen von Joanne Turner
Ch. 3. Securitization and Derivatives: Structured Finance 12:11 Gelesen von Joanne Turner
Ch. 3. Securitization and Derivatives: The Growth of Derivatives 25:53 Gelesen von Joanne Turner
Ch. 4. Deregulation Redux: Expansion of Banking Activities 19:24 Gelesen von Joanne Turner
Ch. 4. Deregulation Redux: Long-Term Capital Management 12:00 Gelesen von Joanne Turner
Ch. 4. Deregulation Redux: Dot-Com Crash 12:11 Gelesen von Joanne Turner
Ch. 4. Deregulation Redux: The Wages of Finance 13:26 Gelesen von Joanne Turner
Ch. 4. Deregulation Redux: Financial Sector Growth 8:47 Gelesen von Joanne Turner
Ch. 5. Subprime Lending: Mortgage Securitization 17:04 Gelesen von Joanne Turner
Ch. 5. Subprime Lending: Greater Access to Lending 6:19 Gelesen von Joanne Turner
Ch. 5. Subprime Lending: Subprime Lenders in Turmoil 5:33 Gelesen von Joanne Turner
Ch. 5. Subprime Lending: The Regulators 19:20 Gelesen von Joanne Turner
Ch. 6. Credit Expansion: Housing, A Powerful Stabilizing Force 19:39 Gelesen von Joanne Turner
Ch. 6. Credit Expansion: Subprime Loans, Buyers Will Pay A Premium 18:12 Gelesen von Joanne Turner
Ch. 6. Credit Expansion. Citigroup: Invited Regulatory Scrutiny 4:42 Gelesen von Joanne Turner
Ch. 6. Credit Expansion. Federal Rules: Intended to Curb Unfair or Abusive Lending 12:52 Gelesen von Joanne Turner
Ch. 6. Credit Expansion. States: Long-Standing Position 4:02 Gelesen von Joanne Turner
Ch. 6. Credit Expansion. Community-Lending Pledges: What We Do Is Reaffirm Our Intention" 10:44 Gelesen von Joanne Turner
Ch. 6. Credit Expansion. Bank Capital Standards: "Arbitrage" 5:45 Gelesen von Joanne Turner
Ch. 6. Commission Conclusions on Chapter 6 1:18 Gelesen von Joanne Turner
Ch. 7. The Mortgage Machine. An Irresistible Profit Opportunity 10:21 Gelesen von Joanne Turner
Ch. 7. The Mortgage Machine. Mortgages: A Good Loan 32:56 Gelesen von Joanne Turner
Ch. 7. The Mortgage Machine. Federal Regulators: Immunity from Many State Laws is a Significant Benefit 6:49 Gelesen von Joanne Turner
Ch. 7. The Mortgage Machine. Wall Street Was Very Hungry For Our Product 17:23 Gelesen von Joanne Turner
Ch. 7. The Mortgage Machine. Moody's: Given A Blank Check 16:09 Gelesen von Joanne Turner
Ch. 7. The Mortgage Machine. Fannie Mae and Freddie Mac: Less Competition in the Marketplace 13:09 Gelesen von Joanne Turner
Ch. 7. The Mortgage Machine. Commission Conclusions on Chapter 7 3:24 Gelesen von Joanne Turner
Ch. 8. The CDO Machine 7:50 Gelesen von Joanne Turner
Ch. 8. We Created the Investor 22:21 Gelesen von Joanne Turner
Ch. 8. Bear Stearns' Hedge Funds: It Functioned Fine Up Until One Day It Just Didn't Function 10:33 Gelesen von Joanne Turner
Ch. 8. Citigroup's Liquidity puts: A Potential Conflict of Interest 10:51 Gelesen von Joanne Turner
Ch. 8. AIG:Golden Goose for the Entire Street 10:28 Gelesen von Joanne Turner
Ch. 8. Goldman Sachs: Multiplied the Effects of the Collapse in Subprime 17:16 Gelesen von Joanne Turner
Ch. 8. Moody's: Achieved Through Some Alchemy 18:33 Gelesen von Joanne Turner
Ch. 8. SEC: It's Going to be an Awfully Big Mess 19:27 Gelesen von Joanne Turner
Commission Conclusions on Chapter 8 2:55 Gelesen von Joanne Turner
Chapter 9. The Bubble, "A Credit-induced Boom" 15:00 Gelesen von Joanne Turner
Mortgage Fraud: Crime-facilitative environments 22:31 Gelesen von Joanne Turner
Disclosure and due diligence: A Quality Control Issue in the Factory 24:27 Gelesen von Joanne Turner
Regulators: markets will always self-correct 14:56 Gelesen von Joanne Turner
Leveraged Loans and Commercial Real Estate: You've Got to Get Up and Dance 11:08 Gelesen von Joanne Turner
Lehman: From Moving to Storage 7:47 Gelesen von Joanne Turner
Fannie Mae and Freddie Mac: Two Stark Choices 11:36 Gelesen von Joanne Turner
2006: Increase Our Penetration into Subprime. 2007: Moving deeper into the credit pool 12:30 Gelesen von Joanne Turner
Affordable housing goals: "GSEs cried bloody murder forever." The impact of the goals 17:05 Gelesen von Joanne Turner
Commission Conclusions on Chapter 9 1:39 Gelesen von Joanne Turner
Ch. 10. CDO Managers: "We Are Not A Rent-A-Manager" 9:52 Gelesen von Joanne Turner
Ch. 10. Credit Default Swaps: "Dumb Question" 24:17 Gelesen von Joanne Turner
Citigroup: "I Do Not Believe We Were Powerless" 18:04 Gelesen von Joanne Turner
AIG: "I'm Not Getting Paid Enough to Stand on These Tracks" 8:42 Gelesen von Joanne Turner
Merrill Lynch: "Whatever It Takes" 12:28 Gelesen von Joanne Turner
Regulators: "Are Undue Concentrations of Risk Developing?" 7:29 Gelesen von Joanne Turner
Moody's: "It Was All About Revenue" 23:34 Gelesen von Joanne Turner
Commission Conclusions on Chapter 10 2:20 Gelesen von Joanne Turner
Ch. 11. The Bust. Delinquencies: "The Turn of the Housing Market" 29:56 Gelesen von Joanne Turner
Ch. 11. Rating Downgrades: "Never Before" 8:04 Gelesen von Joanne Turner
Ch. 11. CDOs: "Climbing the Wall of Subprime Lending" 4:50 Gelesen von Joanne Turner
Ch. 11. Legal Remedies: "On the Basis of the Information" 10:10 Gelesen von Joanne Turner
Ch. 11. Losses: "Who Owns Residential Credit Risk?" 13:22 Gelesen von Joanne Turner
Commission Conclusions on Ch. 11 2:33 Gelesen von Joanne Turner
Early 2007: Spreading Subprime Worries 7:02 Gelesen von Joanne Turner
Ch. 12. Goldman: Let's be Aggressive 13:59 Gelesen von Joanne Turner
Bear Stearns's Hedge Funds 16:01 Gelesen von Joanne Turner
Rating Agencies 4:27 Gelesen von Joanne Turner
AIG: Well Bigger 7:39 Gelesen von Joanne Turner
Commission Conclusions on Ch. 12 0:56 Gelesen von Joanne Turner
Chapter 13 Summer 2007: Disruptions in Funding Intro 2:06 Gelesen von Cbteddy
Ch 13 IKB of Germany "Real Money Investors" 5:42 Gelesen von Cbteddy
Ch 13 Countrywide: "That's our 9/11" 8:29 Gelesen von Cbteddy
Ch 13 BNP Paribas: "The ringing of the bells" 4:40 Gelesen von Cbteddy
Ch 13 SIVs: "An Oasis of Calm" 4:04 Gelesen von Cbteddy
Ch 13 Money funds and other investors: "Drink[ing] from a fire hose" 6:19 Gelesen von Cbteddy
Commission conclusions on Chapter 13 1:39 Gelesen von Cbteddy
Chapter 14 Late 2007 to early 2008: Billions in subprime losses (Intro) 2:42 Gelesen von mpinedag
Ch 14 Merrill Lynch: "Dawining awareness over the course of the summer" 11:50 Gelesen von mpinedag
Ch 14 Citigroup: "That would not in any way have excited my attention" 22:26 Gelesen von mpinedag
Ch 14 AIG's dispute with Goldman: "There could never be losses" 32:30 Gelesen von mpinedag
Ch 14 Federal Reserve: "The discount window wasn't working" 7:47 Gelesen von mpinedag
Ch 14 Monoline Insurers: "We never expected losses" 9:16 Gelesen von mpinedag
Commission Conclusions on Chapter 14 1:15 Gelesen von mpinedag
Chapter 15 March 2008: The fall of Bear Stearns (Intro) 3:48 Gelesen von Cbteddy
Ch 15 "I requested some forbearance" 4:06 Gelesen von Cbteddy
Ch 15 "We were suitably skeptical" 3:56 Gelesen von Cbteddy
Ch 15 "Turn into a death spiral" 9:15 Gelesen von Cbteddy
Ch 15 "Duty to protect their investors" 11:06 Gelesen von Cbteddy
Ch 15 "The Government would not permit a higher number" 4:42 Gelesen von Cbteddy
Ch 15 "It was heading to a black hole" 2:49 Gelesen von Cbteddy
Commission Conclusions on Chapter 15 1:16 Gelesen von Cbteddy
Chapter 16 March to August 2008: Systemic Risk Concerns (Intro) 2:38 Gelesen von mpinedag
Ch 16 The Federal Reserve: "When people got scared" 8:36 Gelesen von mpinedag
Ch 16 JP Morgan: "Refusing to unwind...would be unforgiveable" 5:16 Gelesen von mpinedag
Ch 16 The Fed and the SEC: "Weak liquidity position" 7:39 Gelesen von mpinedag
Ch 16 Derivatives: "Early stages of assessing the potential systemic risk" 7:12 Gelesen von mpinedag
Ch 16 Banks: "The markets were really, really dicey" 26:35 Gelesen von mpinedag
Commission Conclusions on Chapter 16 1:19 Gelesen von mpinedag
Chapter 17 September 2008: The takeover of Fannie Mae and Freddie Mac (Intro) 3:28 Gelesen von Cbteddy
Ch 17 "A good time to buy" 5:04 Gelesen von Cbteddy
Ch 17 "The only game in town" 3:30 Gelesen von Cbteddy
Ch 17 "It's a time game...be cool" 6:38 Gelesen von Cbteddy
Ch 17 "The idea strikes me as perverse" 3:58 Gelesen von Cbteddy
Ch 17 "It will increase confidence" 8:45 Gelesen von Cbteddy
Ch 17 "Critical unsafe and unsound practices" 6:22 Gelesen von Cbteddy
Ch 17 "They went from zero to three with no warning in between" 7:31 Gelesen von Cbteddy
Ch 17 "The worst-run financial institution" 3:37 Gelesen von Cbteddy
Ch 17 "Wasn't done at my pay grade" 1:16 Gelesen von Cbteddy
Commission Conclusions on Chapter 17 2:26 Gelesen von Cbteddy
Chapter 18 September 2008: The bankruptcy of Lehman (Intro) 4:37 Gelesen von mpinedag
Ch 18 "Get more conservatively funded" 7:17 Gelesen von mpinedag
Ch 18 "This is not sounding good at all" 3:38 Gelesen von mpinedag
Ch 18 "Spook the market" 11:07 Gelesen von mpinedag
Ch 18 "Imagination hat" 8:19 Gelesen von mpinedag
Ch 18 "Heads of family" 3:38 Gelesen von mpinedag
Ch 18 "Tell those sons of bitches to unwind" 3:20 Gelesen von mpinedag
Ch 18 "This doesn't seem like it is going to end pretty" 8:02 Gelesen von mpinedag
Ch 18 "The only alternative was that Lehman had to fail" 3:48 Gelesen von mpinedag
Ch 18 "A calamity" 12:42 Gelesen von mpinedag
Commission Conclusions on Chapter 18 2:30 Gelesen von mpinedag
Chapter 19 September 2008: The bailout of AIG (Intro) 5:14 Gelesen von Cbteddy
Ch 19 "Current liquidity position is precarious" 6:56 Gelesen von Cbteddy
Ch 19 "Spillover effect" 10:50 Gelesen von Cbteddy
Ch 19 "Like a gnat on an elephant" 5:18 Gelesen von Cbteddy
Commission Conclusions on Chapter 19 3:07 Gelesen von Cbteddy
Chapter 20 Crisis and Panic (Intro) 7:45 Gelesen von mpinedag
Ch 20 Money market funds: "Dealers weren't even picking up their phones" 10:36 Gelesen von mpinedag
Ch 20 Morgan Stanley: "Now we're the next in line" 13:07 Gelesen von mpinedag
Ch 20 Over-the-counter derivatives "A grinding halt" 6:26 Gelesen von mpinedag
Ch 20 Washington Mutual "It's yours" 4:16 Gelesen von mpinedag
Ch 20 Wachovia "At the front end of teh dominoes as other dominoes fell" 18:26 Gelesen von mpinedag
Ch 20 TARP "Comprehensive approach" 18:03 Gelesen von mpinedag
Ch 20 AIG "We needed to stop the sucking chest wound in this patient" 10:19 Gelesen von mpinedag
Ch 20 Citigroup "Let the world know we will not pull a Lehman" 11:15 Gelesen von mpinedag
Ch 20 Bank of America "A shotgun wedding" 13:17 Gelesen von mpinedag
Commission Conclusions on Chapter 20 2:45 Gelesen von mpinedag
Chapter 21 The Economic Fallout (Intro) 4:17 Gelesen von Cbteddy
Ch 21 Households "I'm not eating, I'm not sleeping" 12:15 Gelesen von Cbteddy
Ch 21 Businesses "Squirrels storing nuts" 9:54 Gelesen von Cbteddy
Ch 21 Commercial real estate: "Nothing's moving" 5:09 Gelesen von Cbteddy
Ch 21 Government: "State struggled to close shortfalls" 8:06 Gelesen von Cbteddy
Ch 21 The financial sector: "Almost triple the level of three years earlier" 3:18 Gelesen von Cbteddy
Ch 22 Foreclosures on the rise: "Hard to talk about any recovery" 6:39 Gelesen von mpinedag
Ch 22 Initiatives to stem foreclosures "Persistently disregard" 6:37 Gelesen von mpinedag
Ch 22 Flaws in the process: "Speculation and worst-case scenarios" 5:39 Gelesen von mpinedag
Ch 22 Neighborhood effects: "I'm not leaving" 5:26 Gelesen von mpinedag
Commission Conclusions on Chapter 22 1:01 Gelesen von mpinedag
Dissenting Statement - Causes of the financial and economic crisis - Intro 1:19 Gelesen von Cbteddy
Dissenting Statement - Causes of the financial and economic crisis - How our approach differs from others? 7:09 Gelesen von Cbteddy
Dissenting Statement - Causes of the financial and economic crisis - Stages of the crisis 2:26 Gelesen von Cbteddy
Dissenting Statement - Causes of the financial and economic crisis - The ten essential causes of the financial and economic crisis 6:10 Gelesen von Cbteddy
Dissenting Statement - Causes of the financial and economic crisis - The credit bubble: global capita flows, underpriced risk, and Federal Reserve policy 8:30 Gelesen von Cbteddy
Dissenting Statement - Causes of the financial and economic crisis - The housing bubble 8:35 Gelesen von Cbteddy
Dissenting Statement - Causes of the financial and economic crisis - Turning bad mortgages into toxic financial assets 7:28 Gelesen von Cbteddy
Dissenting Statement - Causes of the financial and economic crisis - Big bank bets and why banks failed 9:32 Gelesen von Cbteddy
Dissenting Statement - Causes of the financial and economic crisis - Two types of systemic failure 13:52 Gelesen von Cbteddy
Dissenting Statement - Causes of the financial and economic crisis - The shock and panic 6:39 Gelesen von Cbteddy
Dissenting Statement - Causes of the financial and economic crisis - The system freezing 3:50 Gelesen von Cbteddy
Financial Crisis Inquiry Commission - Dissenting Statement - Intro 23:30 Gelesen von mpinedag
Financial Crisis Inquiry Commission - Dissenting Statement - Summary 7:41 Gelesen von mpinedag
Financial Crisis Inquiry Commission - Dissenting Statement - 1. Government policies resulted in an unprecedented number of risky mortgages 15:59 Gelesen von mpinedag
Financial Crisis Inquiry Commission - Dissenting Statement - 2. The great housing bubble and its effects 13:03 Gelesen von mpinedag
Financial Crisis Inquiry Commission - Dissenting Statement - 3. Delinquency rates on nontraditional mortgages 4:20 Gelesen von mpinedag
Financial Crisis Inquiry Commission - Dissenting Statement - 4. The origin and growth of subprime PMBS 7:58 Gelesen von mpinedag
Financial Crisis Inquiry Commission - Dissenting Statement - 5. What was known about NTMs prior to the crisis? 17:17 Gelesen von mpinedag
Financial Crisis Inquiry Commission - Dissenting Statement - 6. Conclusion 4:40 Gelesen von mpinedag
Financial Crisis Inquiry Commission - Dissenting Statement - II. How 27 million NTMS precipitated a financial crisis - Intro 3:26 Gelesen von Cbteddy
Financial Crisis Inquiry Commission - Dissenting Statement - II. How 27 million NTMS precipitated a financial crisis - How failures among NTMs were transmitted to the financial system 3:21 Gelesen von Cbteddy
Financial Crisis Inquiry Commission - Dissenting Statement - II. How 27 million NTMS precipitated a financial crisis - The defaults begin 34:12 Gelesen von Cbteddy
Financial Crisis Inquiry Commission - Dissenting Statement - III. The US government's role in fostering the growth of the NTM market - Intro 9:00 Gelesen von Cbteddy
Financial Crisis Inquiry Commission - Dissenting Statement - III. The US government's role in fostering the growth of the NTM market - 1. HUD's central role 7:34 Gelesen von Cbteddy
Financial Crisis Inquiry Commission - Dissenting Statement - III. The US government's role in fostering the growth of the NTM market - 2. The decline of mortgage underwriting standards 35:58 Gelesen von Cbteddy
Financial Crisis Inquiry Commission - Dissenting Statement - III. The US government's role in fostering the growth of the NTM market - 3. The affordable housing goals were the sole reason that the GSEs' acquired so many NTMs, part 1 27:41 Gelesen von mpinedag
Financial Crisis Inquiry Commission - Dissenting Statement - III. The US government's role in fostering the growth of the NTM market - 3. The affordable housing goals were the sole reason that the GSEs' acquired so many NTMs, part 2 28:32 Gelesen von mpinedag
Financial Crisis Inquiry Commission - Dissenting Statement - III. The US government's role in fostering the growth of the NTM market - 4. Competition between the GSEs and FHA for subprime and alt-a mortgages 10:15 Gelesen von mpinedag
Financial Crisis Inquiry Commission - Dissenting Statement - III. The US government's role in fostering the growth of the NTM market - 5. Enlisting mortgage bankers and subprime lenders in affordable housing 5:10 Gelesen von mpinedag
Financial Crisis Inquiry Commission - Dissenting Statement - III. The US government's role in fostering the growth of the NTM market - 6. The community reinvestment act 22:13 Gelesen von mpinedag
Financial Crisis Inquiry Commission - Dissenting Statement - IV. Conclusion 2:37 Gelesen von mpinedag