Financial Crisis Inquiry Commission Hearing: Investment Banks and the Shadow Banking System

Financial Crisis Inquiry Commission Hearing, The Shadow Banking System, May 5-6, 2010

Testimony of Christopher Cox, Former Chairman, U.S. Securities and Exchange Commission before the Financial Crisis Inquiry Commission, May 5, 2010: “The shadow banking system helped to spread this contagion to institutions in every sector from commercial banks and thrifts such as Wachovia, Washington Mutual, and IndyMac, to investment banks such as Bear Stearns and Lehman Brothers, to the government-sponsored enterprises Fannie Mae and Freddie Mac, as well as the nation’s largest insurance company, AIG. And as the bank and non-bank failures in Europe and Asia have made clear, regulated and unregulated enterprises around the world were susceptible as well.”

Financial Crisis Inquiry Commission Hearing: Investment Banks and the Shadow Banking System

Thank you!