Pecora in Perspective: A New Commission is Born!

Phil Angelides

Chairman Phil Angelides

Two weeks ago, I discussed how a new Pecora Commission could start hiring staff, rolling up sleeves, and getting to work as soon as the first four commissioners were in place. Well, guess what?

Nancy Pelosi and Harry Reed just named the first six commissioners. Republican House and Senate leaders will name the remaining four commissioners, including the vice chair.

So far, we have Chairman Phil Angelides, the former State Treasurer of California and former gubernatorial candidate, Brooksley Born, who was the head of the Commodities Futures Trading Commission during the Clinton Administration and who was described by the Washington Post as the "Cassandra of the Derivatives Crisis" (commentors Nelson Algren , MarcH, and Argeec get their wish), and we have John W. Thompson, formerly Chairman of the Board at Symantec. Thompson was on Obama’s short list to be Secretary of Commerce.

Those first three are Pelosi’s picks. Harry Reed’s picks are former Senator and Florida Governor Bob Graham, Heather Murren, former Managing Director for Global Research and Economics at Merrill Lynch, and currently the Chairman of the Board for the Nevada Cancer Institute, and, last but not least, Las Vegas attorney Byron Georgiu.

Let’s hope they all get to work right away. Good luck and godspeed to them all.

This is the sixth part of a continuing series on the original Pecora Commission and its relevance today. Previous posts can be found here: part one, part two, part three, part four, part five.

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