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

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

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  • 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.”
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