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Coming on TV: Congressional probe into financial crisis

Business Times - 14 Jan 2010


Coming on TV: Congressional probe into financial crisis

By LEON HADAR
WASHINGTON CORRESPONDENT

IT is a production that will not cost as much as the American science-fiction epic film Avatar. And it is probably not going to attract as large a television audience as the reality shows American Idol and The Biggest Loser.

But the televised hearings of the Congressional Financial Crisis Inquiry Commission (FCIC), which holds its first public hearings on Capitol Hill today, could prove to be one of the most dramatic spectacles of the season, offering some of Washington's leading investigators an opportunity to confront Wall Street's top financial executives, and examine the root causes of the 2008 financial crisis.

The year-long investigation by the FCIC, a bi-partisan 10-member panel established by Congress and which was allocated US$8 million for its work, has been compared to the work done by the 9/11 Commission which Congress formed in order to examin…