FOX Business’ Charlie Gasparino spoke with Phil Angelides, chairman of the Financial Crisis Inquiry Commission, yesterday. Next week, the commission will begin the next phase of its work, when it holds public hearings on the rating agencies’ role in the financial crisis.
Angelides stated that the vast majority of the information the committee and its staff of about 40 investigators have found don’t fall even close to what could be considered illegal.
“Most of what we see is not illegal activity,” he said. “What we are seeing is something that is actually more profound. These guys didn’t think they were doing anything wrong because the use of risk to make money was universally celebrated on Wall Street.”