While the Financial Crisis Inquiry Commission (FCIC) is due to release on Thursday its final report on the causes of the financial and economic crisis, an advanced preview of the report reviewed by The New York Times showed that the FCIC concluded the financial crisis was avoidable.
The Times reports that the FCIC "casts a wide net of blame, faulting two administrations, the Federal Reserve and other regulators for permitting a calamitous concoction: shoddy mortgage lending, the excessive packaging and sale of loans to investors and risky bets on securities backed by the loans."
The FCIC report also include accompanying dissents, which will be delivered to the President and Congress and will be available to the public that day on the FCIC's website.
During the course of its research and investigations, the FCIC says that it reviewed millions of pages of documents, interviewed more than 700 witnesses, and held 19 days of public hearings in New York, Washington, D.C., and communities across the country that were hit hard by the financial crisis.
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