The official report into the meltdown is due tomorrow, writes the Guardian, but according to leaks in the New York Times it will conclude: “The greatest tragedy would be to accept the refrain that no one could have seen this coming and thus nothing could have been done. If we accept this notion, it will happen again.”
Regulators “lacked the political will” to oversee and hold accountable institutions they were supposed to oversee, whilst politicians paid little attention to regulations, the financial crisis inquiry commission’s report concludes.
In addition, it says finance chiefs were guilty of questionable practices and incompetence.
In a further blow to the financial industry, the panel has reportedly concluded financial industry figures may have broken the law in the run-up to the crisis and several legal cases could now be passed to authorities for further investigation.
