FCIC

Ben Bernanke at the FCIC: live blog, part 2 Read more

Alan Rappeport, an economics and business reporter for the FT, will provide rolling coverage of Ben Bernanke’s questioning by the Financial Crisis Inquiry Commission panel today. Alan’s coverage on this blog will start at about 2pm UK time, 9am EST. Read more

By Alan Rappeport, economics and business reporter

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2:35pm – 10 minute break until the next panel.

2:32pm – It does seem that your firm and other firms were engaged in activities that put the financial system at risk, Mr Angelides said. Mr Cayne, in hindsight, agreed. The more verbal Mr Schwartz spreads the blame but said Bear played a role.

2:29pm – Back to Mr Angelides, the chair rejects the notion that 99.9 per cent of the world had no idea that the housing market was near collapse. He said that a bank like bear would never tell investors that it had no idea about the future and that there were plenty of clues that housing was overvalued. Read more