US Panel Blames Corporate Greed, Fed and SEC, Among Others, For 2008 Financial Meltdown

In addition to pointing the finger at the Federal Reserve, the Securities and Exchange Commission and the Office of the Comptroller of the Currency, the report notes that the nation’s five largest investment banks had only $1 in capital to cover every $40 or so in assets. That meant that a 3 percent drop in the value of the assets could have wiped them out, but this scary situation was hidden by bookkeeping that relied on devices such as derivatives and off-balance-sheet entries, the newspaper recounts.

For full article: Click US Panel | ABA Journal

Advertisements

About sikoralaw

Sikora Law has operations in Michigan and Ohio. With a network of attorney relationships in multiple states, we combine the friendly familiarity of a small firm with the institutional knowledge and capabilities generally only found at a large firm. Sikora Law has the resources to deal with your situation with the right lawyer – or the right team of lawyers – and provide reliable, comprehensive, and responsive legal representation . We combine experience, creativity, and technology to efficiently and effectively protect our clients' interests and meet their goals.
This entry was posted in Property Law and tagged , , , , , , , , , . Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s