The Financial Crisis Inquiry Commission is underway, having held several big-name hearings, but the NYT reports that the panel — lead by politician Phil Angelides — isn’t doing so hot.There’s been infighting, a lack of direction perhaps, and the resignation of a top investigator.
The most glaring part, though, was this:
…a few commissioners said they were concerned that Mr. Angelides was more interested in holding prominent hearings than in selecting a few targets for deep examination. For example, the chief executives of four Wall Street banks testified in January, and Alan Greenspan, the former Federal Reserve chairman, will testify on Wednesday. The commission has issued no subpoenas even though it has the power to do so.
So basically, they think Angelides is all doing this for show, which is actually one of the worst things you can say, and yet totally plausible given that Angelides does not currently hold any elected office, having failed to win the California governorship in 2006.
Is his motivation to raise his profile? Quite plausibly, but then, we’re not sure what anyone else really expected from this. Only if you thought this was going to be where the truth really came out, will you be disappointed.
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