By JIM KUHNHENN, Associated Press Writer Jim Kuhnhenn, Associated Press Writer – 22 mins ago
WASHINGTON – Two blocks from the Treasury, where the government not long ago scrambled to save a collapsing financial system, a team of investigators armed with subpoena powers is preparing the official narrative of the crisis and what went wrong.
As Washington focuses on Congress' regulatory response to the 2008 Wall Street meltdown, the Financial Crisis Inquiry Commission that Congress created last spring has been an afterthought.
On Wednesday and Thursday, the commission will hold its first public hearings featuring a gallery of the nation's top bank executives — Lloyd Blankfein of Goldman Sachs, Jamie Dimon of JPMorgan Chase, John Mack of Morgan Stanley and Brian Moynihan of Bank of America.
"The irony here is it's as if there was an earthquake and the only buildings standing today are the buildings that were at the epicenter of the earthquake," the commission's chairman, Phil Angelides, said in an interview Thursday. "You have millions of people unemployed, millions have lost their homes, and Wall Street is having a record year with record profits and record bonuses. People want to understand why."
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