FCIC

The United States faces another financial crisis, says a governmental official. Phil Angelides, chairman of the Financial Crisis Inquiry Commission (FCIC), said that the financial crisis that crippled the economy could happen again.

He blamed regulators for lacking backbone and corporate management for being imprudent. Angelides said it was "striking how little has changed" since the crisis came to a close.

The Financial Crisis Inquiry Commission, who probes the financial crisis, subpoenaed Goldman Sachs Group over its failure to hand in the relevant documents to the panel. Instead of providing the necessary files and grant interviews in connection with the panel's probe Goldman flooded the panel with 2.5 billion pages of records.

Responding to the panel’s request for the documents the company produced 5 terabytes of records, with each terabyte containing 500 million pages of digitized records, FCIC Chairman Phil Angelides told reporters on a conference call.