Bankster CEOs in orange jumpsuits doing the perp walk?
The Financial Crisis Inquiry's report is due Thursday morning, and apparently there will be referrals to Federal and state authorities for prosecution. Civil cases for small fry will be, of course, a cover-up in the classic style. "We need to look forward!"
So, in that case, we just need to keep pushing. If Obama doesn't want to send any "savvy businessmen" to jail, so much the worse for him.
The Financial Crisis Inquiry Commission has failed to produce a consensus explanation of the 2007-2009 banking debacle, as it was asked to do in May 2009.
Instead, the 10-member panel has fractured along the same ideological fault lines that divide much of political Washington. Three reports will be issued by commission members on Thursday, each conforming with a familiar political slant.
The crisis panel's six Democrats, including Chairman Phil Angelides, will offer a report focused on the greed and power of Wall Street, a lack of effective regulation and the "shadow banking" system, said people familiar with the document.
Republican commission member Peter Wallison will offer his own dissenting report that largely blames the crisis on the housing policy of "big government." This well-worn GOP view is shared by conservative foes of Fannie Mae (FNMA.OB) and Freddie Mac (FMCC.OB), the troubled giants of mortgage finance.
Three other Republican commission members will offer a separate account of the crisis. People familiar with it said it will downplay the banks' culpability and clout and stress a confluence of global trends in tracing the origins of the devastating crisis that peaked in late 2008.
And analysts focus on "headline risk":
"We are less interested in the official report, given the partisan divide, but believe the source documents create significant headline risk for the big banks, the housing enterprises and the regulators. The issue is how much will be released and when will it be released," said MF Global research analyst Jaret Seiberg.
Yes, the source documents will be very interesting.