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WASHINGTON -(Dow Jones)- Phil Angelides, the chairman of the newly formed Financial Crisis Commission, pledged Wednesday to leave no stone unturned as part of the body's investigation into the events that led to the monumental collapse of the financial markets last year.
He said that he would not let partisan bickering derail the commission's efforts, citing as an example the panel established in the wake of the attacks of Sept. 11, 2001.
"Our job here is to do a thorough inquiry to ascertain the facts as to what brought down the nation's financial system," Angelides said, in an interview. "I go into this with the belief that the mission is so important that it can and must transcend" partisanship.
Angelides was named Wednesday along with nine other representatives of the political, regulatory and business communities to conduct a thorough analysis of the greatest collapse in the nation's financial system since the market crash that precipitated the Great Depression.
He said that the panel wouldn't hesitate to issue subpoenas to ensure they received full cooperation from potential witnesses from the private and public sector.
Some in Congress have been critical of the commission's creation, suggesting it could be outpaced by efforts by the Obama administration and lawmakers to overhaul the financial regulatory framework. These efforts are already well underway, and most expect them to be implemented before the end of next year.
We do need a Commission to sort out this mess, and get to the underlying roots of what caused the crisis.
However, I am willing to bet that 99.9% of what transpired to bring us to this point was done within a legal framework.