Wall Street and the Financial Crisis: Anatomy of a Financial Collapse
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Serial Number
Levin Center Identifier
Document Date
2011-04-13
Report Length
646 pages
Policy Agendas Project Major Code
Policy Agendas Project Minor Code
Additional, Minority, Dissenting Views
Report Type
Found Using Methodology
Yes
Subcommittee(s)
Commission(s)
Idependent Author(s)
Brief Executive Summary
The Permanent Subcommittee on Investigations of the Senate Committee on Homeland Security and Governmental Affairs investigated the origins of the 2008 financial crisis. The purpose was to construct a record of the facts of the crisis, identify the causes of the crisis, and provide recommendations for preventing such a crisis in the future. The Subcommittee found that the crisis was a result of many factors, primarily high risk lending, regulatory failure, inflated credit ratings, and investment bank abuses. These findings were supported by case studies of Washing Mutual Bank, the Office of Thrift Supervision, Moody's and Standard & Poor's Credit Rating Systems, and Goldman Sachs and Deutsche Bank.