Wall Street Was `Flying Blind' With Credit Derivatives, Angelides Says

Securities firms and regulators were uninformed about the risk of derivatives that contributed to the credit freeze in 2008, the chairman of the Financial Crisis Inquiry Commission said.

“When clarity mattered most, Wall Street and Washington were flying blind,” Chairman Phil Angelides said today in opening remarks of a hearing into derivatives.

To contact the reporter on this story: Hugh Son in New York at hson1@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.