Financial Crisis Inquiry Commission Report
"...Conclusions
How did it come to pass that in 2008 our nation was forced to choose between two stark and painful alternatives — either risk the collapse of our financial system and economy, or commit trillions of taxpayer dollars to rescue major corporations and our financial markets, as millions of Americans still lost their jobs, their savings, and their homes?

The Commission concluded that this crisis was avoidable. It found widespread failures in financial regulation; dramatic breakdowns in corporate governance; excessive borrowing and risk-taking by households and Wall Street; policy makers who were ill prepared for the crisis; and systemic breaches in accountability and ethics at all levels. Here we present what we found so readers can reach their own conclusions, even as the comprehensive historical record of this crisis continues to be written..."
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GOVERNMENTAL RESCUES OF “TOO-BIG-TO-FAIL” FINANCIAL INSTITUTIONS
"This preliminary staff report is submitted to the Financial Crisis Inquiry Commission (FCIC)
and the public for information, review, and comment. Comments can be submitted through
the FCIC’s website, www.fcic.gov.

This document has not been approved by the Commission.

The report provides background factual information to the Commission on subject matters
that are the focus of the FCIC’s public hearing on September 1, 2010. In particular, this
report provides information on governmental rescues of “Too-Big-to-Fail” financial institutions. Staff will provide investigative findings as well as additional information on these subject matters to the Commission over the course of the FCIC’s tenure.

Deadline for Comment: September 30, 2010"