by Bobby Maldonado

The Financial Crisis Inquiry Commission report was released at a 10 a.m. today.  The commission's majority placed blame for the crisis on almost everybody.  The commission's dissenting opinion said: “The majority’s approach to explaining the crisis ... is too broad.  Not everything that went wrong during the financial crisis caused the crisis, and while some causes were essential, others had only a minor impact. ... The majority’s almost 550-page report is more an account of bad events than a focused explanation of what happened and why.”  The Chamber's executives immediately responded following the release of the report.  “The report released by the Financial Crisis Inquiry Commission is yet another missed opportunity to produce an objective, non-partisan look at how to strengthen our financial regulatory system in order to prevent the next financial crisis” said David Hirschmann, president and CEO of the Chamber’s Center for Capital Markets Competitiveness.  Lisa Rickard, president of the Chamber’s Institute for Legal Reform said, “[G]iven the connection of some on the Commission to the securities class action trial lawyers, the end result will undoubtedly be even more job-killing lawsuits—lawsuits that harm investors and benefit only the lawyers who file them.”