An Early Call
Opinion, the conservative Heritage Foundation, in a hurry – Oct 08
October 23, 2008
Why an Independent Financial Markets Commission Is Needed Now
by Dave Mason
The current financial crisis has many causes; there is plenty of blame to go around. While immediate action was necessary to stabilize the banking system, policymakers need a better understanding of the roots of the crisis before making permanent changes. Depression-era regulatory structures must be brought in line with a globalized 21st-century economy, but hasty changes could do more harm than good. An Independent Commission on Financial Markets--similar to the 1987 Brady Commission, but chartered by Congress--could provide Congress and the next Administration with the information necessary to make informed decisions about financial regulatory and market restructuring. Appointing a commission now would avoid losing the three months until the next President takes office and allow the commission to work in concert with the newly elected President's transition team.
The Financial Truth Commission
Published: July 28, 2009
So the public has every right to ask whether the newly formed Financial Crisis Inquiry Commission — created by Congress to investigate the meltdown — can be counted on to put the public interest ahead of political loyalties, professional ties and ideological biases.
The men and women on the panel are accomplished in their fields — business, law, economics and academia — and many have past government experience. They have been chosen to perform a service that is crucial to restoring trust in the markets and in the government; their findings will also inform regulatory reform efforts.
The 10 members — six chosen by the Democratic leadership, four by the Republican leadership — also have long partisan histories and at least one has strong ties to the financial industry.
Counting the beginning of the crisis as September 7, 2008, the
Federal takeover of Fannie Mae and Freddie Mac, gives the 311 days in the table.
If you want to count from the Lehman bankruptcy on September 15, knock off a
Phil Agnelides, 56
1974: Harvard University, majoring in government, a Coro Foundation Fellow
1975-1983: CaliforniaÕs Housing and Community Development Agency
1986: formed his own investment and management business which include the environmentally-responsible new town of Laguna West in California
1999-2007: California treasurer, advocated greater investment in socially and environmentally conscious biz and bid for California governor in 2006
Brooksley Born, 69
1961: Standford University majoring in English
1964: Standford law degree
1996-1999: chairwoman of the CFTC. Her attempt to regulate the derivatives market is thwarted by Greenspan, Rubin and Levitt.
Bob Graham, 73
1959: Political science from the university of Florida
1962: LLB from Harvard Law School
1979-1987: governor of Florida
1987-2005: U.S. Senator of Florida
Heather Murren: early 40s
1988: John Hopkins University, also CFA
1990s-2002: Analyst at Merrill Lynch covering consumer poroducts equity research, for six years sheÕs included in IIÕs All-American research team.
2003: co-founder and chairman of Nevada Cancer Institute, a 502©(3) organization.
Her husband is CEO of MGM Mirage in Las Vegas, which is majority-owned (37 or 39%) by billionaire Kirk Kerkorian.
Bryon Georgiou, around 60
1970: Stanford University major in social thought and institutions on Alfred Sloan scholarship
1974: Harvard law school, magna cum laude
1975-1980: California agricultural labor relations board
1980-1983: legal affairs secretary to California governor Edmund Brown Jr.
1983-1994: managing partner and co founder of san diego law firm Georgiou, tosdal, Levine & smith, a firm that has dropped GeorgiouÕs name (600 B Street #2300 San Diego, California 92101 (619) 239-7200)
2000- :of counsel with law firm Coughlin SToia, Geller, Rudman & Rubbins, supposedly involved in EnronÕs investor recoveries.
John Thompson, 60
BA at Florida A&M University
MA: in management science from MITÕs Sloan School of Management
1999-2008: CEO and Chairman of software co Symantec
2008: retired as CEO
Thompson and his wife were big fundraisers for President Barack Obama, responsible for at least $196,000 in campaign or inaugural coffers, supposedly was in the running for U.S. secretary of commerce in Jan.
Bill Thomas, 68
Keith Hennessey: looks like in his 40s
He runs his blog at http://keithhennessey.com/category/about-this-blog/
his twitter page: http://twitter.com/KeithHennessey
LL.B., Harvard Law School
B.A., Harvard College
Cochair, Pew Financial Reform Task Force, 2009
Member, Financial Crisis Inquiry Commission, 2009
Member, Shadow Financial Regulatory Committee, 1991-present
Member, Advisory Committee on Improvements to Financial Reporting, U.S. Securities and Exchange Commission, 2007-2008
Counsel to President Ronald Reagan, 1986-87
General Counsel, U.S. Treasury Department, 1981-85
Partner, Roger & Wells, 1977-81
Special Assistant to Governor Nelson A. Rockefeller; Counsel during Rockefeller's Vice Presidency, 1972-76
Douglas J. Holtz-Eakin:
1989-1990: senior staff economist in President George H. W. BushÕs Council of Economic Advisers. 2001-2002: chief economist in the PresidentÕs Council of Economic Advisers under President George W. Bush
2003-2005: director of the Congressional Budget Office
2007-2008: senior fellow at the Peterson Institute for International Economics
2008: serves as policy director for John McCainÕs 2008 bid for president of the United States.