The big news of the day is that the Financial Crisis Inquiry Commission kicked off proceedings in earnest today. Apparently they are planning to spank all of the CEOs of the major banks, or at least give them a timeout and take away their milk and cookies.
Both FT Alphaville and The Atlantic had interesting articles about testimony that was heard or should be heard.
The FT Alphaville article is about rethinking the incentives embedded in the system, which seems like a really good idea regardless of one’s political persuasion. The Atlantic’s article is about the amount of leverage that banks were allowed (and still are) to take on—quite eye-opening.
Posted by Mike Moody 
