The official U.S. government report on what caused the financial crisis released Thursday cast blame on Goldman Sachs for fueling the subprime mortgage bubble, Merrill Lynch for not telling investors about the true state of its financial condition and the Federal Reserve for failing to stop troubling practices.
The report from the Financial Crisis Inquiry Commission, a congressionally appointed panel that has spent the past 18 months investigating the causes of the financial crisis, spares virtually no one in assigning culpability for the worst financial calamity in generations.
Released to the public online and in the form of a 633-page paperback, the report at first does not appear to contain any major revelation that would fundamentally alter the narrative of the crisis that has been written by journalists and authors in numerous publications. But it weaves together many different strains, fueled by the commission's subpoena power, which allowed it to garner the testimony of dozens of insiders and review the internal documents of federal regulators and banks alike.
"This report exposes facts, identifies responsibility, unravels myths and helps us understand how this crisis could have been avoided. It is our best attempt to record history, not to rewrite it, nor allow it to be rewritten," said commission chairman Phil Angelides, the former treasurer of California, at a news conference Thursday morning.
The commission said it referred potential violations of law to the Justice Department or to state attorneys general, but did not provide more specifics.
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