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Vampire Squid? Big Government? Crisis report splits

Vampire Squid? Big Government? Crisis report splits
On Monday January 24, 2011, 5:29 pm EST
By Kevin Drawbaugh and Dave Clarke

WASHINGTON (Reuters) – Three competing, politically charged tales of the financial crisis will emerge this week when a U.S. congressional panel finally concludes its 20-month investigation.

The Financial Crisis Inquiry Commission has failed to produce a consensus explanation of the 2007-2009 banking debacle, as it was asked to do in May 2009.

Instead, the 10-member panel has fractured along the same ideological fault lines that divide much of political Washington. Three reports will be issued by commission members on Thursday, each conforming with a familiar political slant.

The divisiveness that split the commission is also in evidence in the rollout of financial reforms that followed the crisis. The setting of position limits for commodity markets has been delayed, for instance, and Republicans are threatening to withhold funding for agencies implementing the reforms

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