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Who should head the U.S. probe of the financial meltdown?   May 10, 2009  LA Times

The list of possible candidates to chair a federal investigation of the financial-system debacle now includes retired Supreme Court Justice Sandra Day O'Connor, former Federal Reserve Chairman Paul Volcker and former Securities and Exchange Commission Chairman Arthur Levitt, Bloomberg News reports, citing unnamed sources.

Congress wants to name a panel modeled on the one that investigated the cause of the early-1930s market crash that fed the Great Depression. That probe, spearheaded by Senate counsel Ferdinand Pecora in 1933, led to major financial reforms including the creation of the Securities and Exchange Commission. Along the way it also made for great theater as Pecora called in the leading bankers of the era, including Charles E. Mitchell and Albert H. Wiggin, to testify about their roles in the meltdown.

The House and Senate have passed separate bills to create a commission, but still have to reconcile their differences before sending the legislation to President Obama.

From Bloomberg:

    Discussions over who will lead the panel, as well as the group's other members, continue and no decisions have been made, people familiar with the matter said.

    The commission is likely to have the power to subpoena witnesses and spend more than a year delving into the issue.

A lot of things can change in a year.

"It is not necessary to have hope in order to persevere."

by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Sun May 10th, 2009 at 11:59:43 PM EST
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