US Financial Crisis Inquiry Commission

Here is the report of the inquiry commission set up by the US government to look into the causes of the financial crisis of 2008.
http://www.bbc.co.uk/news/business-12297002


It concluded that the crisis was caused by a number of factors:

• Failures in financial regulation, including the Federal Reserve's failure "to stem the tide of toxic mortgages"
• A breakdown in corporate governance that led to "reckless" actions and excessive risk taking by financial institutions
• Households taking on too much debt
• A lack of understanding of the financial system on the part of policymakers
• Fundamental breaches in accountability and ethics "at all levels".

My comments

It is frank and direct to the point - no hiding of the truth.