Financial Crisis Inquiry Commission

On Wednesday, November 9, 2011 Phil Angelides was interviewed on Bloomberg TV about the Financial Crisis Inquiry Commission that he chaired.  During that interview at 3:12 PM EST he stated, "The economy is run to benefit the lenders."  Isn't that similar to saying: the economy is run to benefit the citizens.  Isn't it our money in the banks?  Who does Phil want the economy to benefit?  The only other option is for the economy to benefit the state.  An organization he has worked for his entire life.  I can only explain Phil arrogance by assuming after so many years it appears a Public employee forgets he was hired to provide a service to the citizenry, not the other way around. 

He continually harped on the compensation system of bank employees as a primary reason for the Global Financial Crisis. It seems only fair to gather information about his compensation and retirement benefits.  Let's lay it out on the table Phil.  How much life time compensation do you receive for your "public service?"  Don't forget the perks!  State Treasurer is probably equivalent to a Vice President in charge of retirement funding at a firm like Aetna.  Let's compare your compensation and see if it is equivalent?

Grating to me as a citizen who pays his salary, is his myopic analysis of the fairness of the Financial Crisis Inquiry Commission.  This Commission made up of 9 out of 10 Public officials is so biased as to be invalid.  The appropriate thing to do would be to hire 9 Managers from Bear Sterns, Countrywide Mortgage, Lehman or Merrill Lynch and form a new committee headed by Phil and see if they come to the same conclusion.  I am just guessing, but I suspect 9 out of 10 would place the blame on the government policies of lowering loan standards. 

I think this is such a good idea that if you had a position at one of the major firms in the mortgage meltdown of 2007 and want to help please email me by adding a comment to this blog.  We can form our own Financial Crisis Inquiry Commission.  We can do it all online.  We will just read the transcripts of the testimony collected by the FCIC and come to our own conclusions.  I will do the writing for the effort.  All the information is on a website hosted by Stanford University.