Phil Angelides

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  • President Barack Obama, accompanied by Treasury Secretary Timothy Geithner, as he announces a new fee on big banks to recover up to $120 billion in taxpayers' money used to prop up corporations during the economic crisis, Thursday, Jan. 14, 2010, at the White House in Washington. (AP Photo/Charles Dharapak)

    BLANKLEY: Kangaroo court for the banks

    As a general rule, diagnosis should precede treat -ment, but last week, we saw in both the legislative and executive branches examples of the treatment-before-diagnosis" mentality. In Congress, the first hearing of the congressionally created Financial Crisis Inquiry Commission was held under the chairmanship of Phil Angelides, former California treasurer and former chairman of the California Democratic Party. The commission was "mandated" by law to report back to Congress by December 2010 "with a series of conclusions about what occurred, and recommendations as to how to avoid future market breakdowns. (Disclosure: I provide professional advice to some financial institutions.)


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