Wall Street Fix Is In at Bank-Crisis Coroner: Jonathan Weil
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When Fannie Mae hired former U.S. Senator Warren Rudman in 2004 to investigate how its accounting practices had gone awry, his law firm’s final report took 17 months to complete and cost the company more than $60 million.
Compare that with the enormous task before the Financial Crisis Inquiry Commission, the 10-member investigative panel formed last year by Congress and headed by former California Treasurer Phil Angelides. The deadline for its final report is Dec. 15, less than 11 months away, and its budget is $8 million. Yet it’s supposed to be covering far more ground, and it’s still just getting started.