It’s Time the Bad Guys Pay for the Financial Meltdown: Bring On the Class Actions!


The Financial Crisis Inquiry Commission’s report concludes that ineffective regulators and big banks were the primary causes of the financial meltdown. (The “dissenting” minority report frames things differently but in fact identifies many of the same causes. A third report, authored by a commissioner who is an American Enterprise Institute fellow, is as ideologically driven as that think tank is, and is sharply at odds with the other two in assigning most of the blame to the federal government’s housing policy.)

But as detailed as the 400-plus page majority report is, many more nitty-gritty details of the ugly reality underlying the meltdown will come to light, because the Commission is posting an enormous trove of documents online, including much that hasn’t been made public before. That library, which the website notes will soon grow with the addition of an “interactive timeline; audio files; transcripts and notes for interviews conducted by the commission; staff data project files; and additional documents and emails added to the archive” will prove an invaluable resource for people who want to sue the banks, among others. And as large as it is, the blog Naked Capitalism reports, the commission could have gotten — and thus shared — so much more.

Still, what the commission will be publishing is more than enough to make banks and associated companies nervous, as the Blog of the Legal Times reported Thursday.

See full article from DailyFinance: