The panel created by Congress to investigate the causes of the financial crisis that devastated the capital markets in 2008 has issued its final report, concluding that the crisis was avoidable, with plenty of blame to go around.
Widespread failures in financial regulation, breakdowns in corporate governance, excessive borrowing and risk by households and Wall Street, ill-prepared policy makers, and systemic breaches in accountability and ethics were all among the causes, according to the Financial Crisis Inquiry Commission.
