Wall Street Journal columnist David Weidner has some choice words for Phil Angelides and the Financial Crisis Inquiry Commission this morning. In short, he thinks the commission is just spinning its wheels, issuing worthless subpoenas and basically sputtering out. Perhaps they should take up Debrahlee’s cause.
The commission is in full treadmill mode now, trudging the same ground over and over. It's short of revelations, insight and fireworks. It meanders from one thoroughly worn-out topic to the next. Its investigators have come up empty in their search for a mythic smoking gun. Its hearings produce tired observations: ratings companies are conflicted, banks bet against their clients, lending standards were lax, incentives fueled reckless behavior.
Then there's my favorite epiphany scoured from two days of testimony last month: a system of unregulated shadow banks -- hedge funds, credit and finance companies, private equity -- played a significant role. Next up: the commission will look into how oil may be fouling the Gulf of Mexico.