The following call for a new version of the Pecora Commission escaped by notice till now. William Black was a senior regulator during the S&L debacle and is now an associate professor at the U. of Missouri. In "Why is Geithner Continuing Paulson's Policy of Violating the Law?" (Feb. 23, 2009) he wrote:
This blog called months ago for a modern version of the Pecora Commission. Senator Shelby of Alabama has joined that call recently.
Britain ruled the world's financial system throughout the 19th century. It had no banking crises.
The U. S. has had two major banking crises in the past twenty-or-so years. Why?
The fixes proposed are alleged by Mr. Black to be illegal and also designed to allow criminals to avoid prosecution: