The Financial Crisis Inquiry Report


Lu par LibriVox Volunteers

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 (32 hr 52 min)

Chapitres

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