Last Updated: Thu Jan 27, 2011 19:08 pm (KSA) 16:08 pm (GMT)

US must accept blame for financial crisis: panel

Risky mortgage lending spurred the US credit crunch problem which later caused the 2009 financial crisis
Risky mortgage lending spurred the US credit crunch problem which later caused the 2009 financial crisis

The United States as a nation must accept blame for causing the financial crisis that engulfed the global economy and cost millions of jobs, a U.S. government-appointed panel reported Thursday.

After 18 months spent reviewing millions of pages of documents, interviewing more than 700 witnesses, and holding 19 days of public hearings, the Financial Crisis Inquiry Commission concluded bankers, lawmakers and regulators all contributed to the ethical and professional failings that plunged the world into financial panic.

But, it said, the American public, which over decades had saddled itself with unserviceable debt, was also at fault.

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