Fed, Greenspan blamed for crisis by bulk of crisis commission

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The Federal Reserve and former Fed chairman Alan Greenspan were on Thursday blamed for their failures in keeping watch over the state of regulation in the United States, which was cited in a report by the Financial Crisis Inquiry Commission (FCIC) as a key cause of the crisis.

The FCIC said there had been ample warnings of the crisis, such as in the explosion of subprime lending and securitisation that regulators and Washington had failed to act upon. "The prime example is the Federal Reserve's

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