Pecora Commission To Be Named This Week?

By Bill Scher

Created 06/29/2009 - 5:01pm

Word is circulating in Washington that members for the Financial Crisis Inquiry Commission will be named this week.

The commission is supposed to resemble the 1930s Pecora commission that dug into the culprits behind the Great Depression [1] and laid the groundwork for major bank reform. But that will only be true if the commission is run by aggressive seekers of truth, independent of the financial industry, willing to use their subpoena power, knowledgeable enough to have warned us of impeding crisis in the first place despite market cheerleading from the political and media establishments.

Will the maximum sentence given to Bernie Madoff, after he ruined the lives of many, put a renewed spotlight on the need for tough reforms?