The Findings released by the Financial Crisis Inquiry Commission in January were, frankly, a bit of a letdown. Unable to agree on what caused the crisis, the ten commissioners issued three separate reports, none of which broke much new ground. But the commission’s decision to concurrently release the materials it gathered during its 18-month probe–much of it highly confidential–has set off some fireworks.
Among the most eye-opening of the thousands of items posted on the FCIC Web site: bank examiners’ letters to ailing banks before and during the crisis that criticize their risk-management procedures, derivatives exposure, and subprime lending practices. How rare is it for such letters, issued by the Office of the Comptroller of the Currency and the Federal Reserve Bank of New York, to become public? Extremely. They’re not subject to Freedom of Information Act requests, can’t be produced by banks during discovery, and can be viewed, but not copied, by congressional committees.
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