04-13-2011 - Senate Investigations Subcommittee Releases Levin-Coburn Report On the Financial Crisis : Senator Carl Levin: News Release

04-13-2011 - Senate Investigations Subcommittee Releases Levin-Coburn Report On the Financial Crisis : Senator Carl Levin: News Release

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Senate Investigations Subcommittee Releases Levin-Coburn Report On the Financial Crisis
levin.senate.gov

WASHINGTON – Concluding a two-year bipartisan investigation, Senator Carl Levin, D-Mich., and Senator Tom Coburn M.D., R-Okla., Chairman and Ranking Republican on the Senate Permanent Subcommittee on Investigations, today released a 635-page final report (PDF, 6MB) on their inquiry into key causes of the financial crisis. The report catalogs conflicts of interest, heedless risk-taking and failures of federal oversight that helped push the country into the deepest recession since the Great Depression.

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“Using emails, memos and other internal documents, this report tells the inside story of an economic assault that cost millions of Americans their jobs and homes, while wiping out investors, good businesses, and markets,” said Levin. “High ...risk lending, regulatory failures, inflated credit ratings, and Wall Street firms engaging in massive conflicts of interest, contaminated the U.S. financial system with toxic mortgages and undermined public trust in U.S. markets. Using their own words in documents subpoenaed by the Subcommittee, the report discloses how financial firms deliberately took advantage of their clients and investors, how credit rating agencies assigned AAA ratings to high risk securities, and how regulators sat on their hands instead of reining in the unsafe and unsound practices all around them. Rampant conflicts of interest are the threads that run through every chapter of this sordid story.”See More
7 hours ago

New York Millionaires Offer to Pay Extra Taxes to Offset Budget Cuts

New York Millionaires Offer to Pay Extra Taxes to Offset Budget Cuts

New York Millionaires Offer to Pay Extra Taxes to Offset Budget Cuts


Julie Shapiro
First Posted: 03/25/11 10:10 AM Updated: 03/25/11 10:10 AM

MANHATTAN -- Millionaires across New York State are banding together to ask for more taxes.

About 100 wealthy New Yorkers, including actor Mark Ruffalo, say they want to do their part to help the state out of its budget crisis, and they are encouraging Gov. Andrew Cuomo to extend the so-called millionaire's tax.