October 05, 2010
Phil Angelides, former California state treasurer and now head of the Financial Crisis Inquiry Commission, says he just doesn’t understand how Wall Street executives can claim they never saw the meltdown coming. In his view, the evidence was sitting in plain view, especially in places like Florida and California where bad home loans were piling up. The big banks must have known full well what was going on because they were buying these loans. Yet, as Angelides stated, “We’ve heard for a year how folks on Wall Street and people in Washington didn’t see it coming.”