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Wall Street and the Financial Crisis: The Role of Bank Regulators

Permanent Subcommittee on Investigations

Location: Room 106, Dirksen Senate Office Building



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Member Statements

Agenda

The Permanent Subcommittee on Investigations hearing, "Wall Street and the Financial Crisis: The Role of Bank Regulators," was the second in a series of Subcommittee hearings examining some of the causes and consequences of the recent financial crisis. The second hearing focused on the role of bank regulators in the financial crisis, using as a case history oversight efforts by the Office of Thrift Supervision (OTS) and the Federal Deposit Insurance Corporation (FDIC) with respect to Washington Mutual Bank and its affiliate, Long Beach Mortgage Company. Washington Mutual Bank, the nation’s largest thrift with $300 billion in assets, $188 billion in deposits and 43,000 employees, was closed by OTS on September 25, 2008, and immediately sold by FDIC to JPMorgan Chase, resulting in the largest bank failure in U.S. history.

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Witnesses

Panel 1

Panel 2

  • MR. JOHN REICH
    Former Director
    Office of Thrift Supervision
    Alexandria, VA
    Download Testimony (38k)
  • MR. DARREL DOCHOW
    Former West Regional Director
    Office of Thrift Supervision
    Issaquah, WA
    Download Testimony (32k)
  • MR. LAWRENCE CARTER
    Former Examiner-in-Charge (2004-2006), Current National Examiner
    Office of Thrift Supervision
    Washington, DC
    Download Testimony (274k)

Panel 3

  • MR. JOHN CORSTON
    Acting Deputy Director, Large Institutions and Analysis Branch
    Federal Deposit Insurance Corporation
    Washington, DC
    Download Testimony (430k)
  • MR. J. GEORGE DOERR
    Deputy Regional Director, Division of Supervision and Consumer Protection
    Federal Deposit Insurance Corporation
    San Francisco, CA
    Download Testimony (428k)

Panel 4