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2 months ago
List the principal conclusions of the majority of members of The Financial Crisis Inquiry Commission (FCIC).
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Business and Its Environment
Edition: 7th
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2 months ago
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The principal conclusions of the majority were:
1. This financial crisis was avoidable.
2. Widespread failures in financial regulation and supervision proved devastating to the stability of the nation's financial markets.
3. Dramatic failures of corporate governance and risk management at many systemically important financial institutions was a key cause of this crisis.
4. A combination of excessive borrowing, risky investments, and lack of transparency put the financial system on a collision course with crisis.
5. The government was ill prepared for the crisis, and its inconsistent response added to the uncertainty and panic in the financial markets.
6. There was a systematic breakdown in accountability and ethics.
7. Collapsing mortgage-lending standards and the mortgage securitization pipeline lit and spread the flame of contagion and crisis.
8. Over-the-counter derivatives contributed significantly to this crisis.
9. The failures of the credit rating agencies were essential cogs in the wheel of financial destruction.
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