The world crisis is the largest fraud? A U.S. commission to investigate the case

On Wednesday the U.S. Senate voted for creation of an independent dedicated commission to investigate into the worst ever economic crisis in the history of the nation. On a vote of 92-4, the Senate approved the measure as an amendment to a bipartisan bill headed toward anticipated passage that would crack down on financial fraud. Both the House and the Senate would have to pass the legislation before it could be signed into law by the U.S. President Barack Obama.

"The only way to get an objective evaluation of where mistakes were made is to create an independent commission of experts to ask what went right, what went wrong and what could we have done to prevent this," said Republican Senator Johnny Isakson, a chief sponsor of the measure.

"The commission ... will investigate wrongdoing and help establish rules to help shore up our national economy and ensure this never happens again," said Democratic Senator Kent Conrad, another chief sponsor.

The new bipartisan arrangement to be called as the Financial Markets Commission will consist of 10 members who will be selected by congressional Democratic and Republican leaders from experts in the financial sector. The commission members will not include members of the Congress.

The model of the commission will replicate that of 9-11 Commission set to investigate into the September 11, 2001 attacks. It would have the subpoena power and the authority to refer to the U.S. attorney general and state attorneys general any evidence that institutions or individuals violated the law. The commission would be given 18 months for investigation at the end of which it would report its findings and recommendations to Congress.