Alan Greenspan to Testify on Subprime Lending, Securitization, and GSEs, Wednesday, April 7

BRAINTREE, Mass., April 6 /PRNewswire/ --

WHO: Former Federal Reserve Chairman Alan Greenspan

WHAT: Financial Crisis Inquiry Commission (FCIC) hearing.

WHEN: 9 a.m., EDT, Wednesday, April 7, 2010

WHERE: Rayburn House Office Building, Room 2123, Washington, D.C.

TOPIC: Subprime Lending and Securitization and Government-Sponsored Enterprises (GSEs) - Day 1

Alan Greenspan will be questioned by the Financial Crisis Inquiry Commission on April 7, 2010. Phil Angeles, Commission chairman said beforehand: "The fact is that the Fed, as the main regulator, had the power to impose rules that would apply to everybody. We need to peel the veil from these events so that the American people find out what really happened." (Financial Times, April 5, 2010)

Frederick Sheehan sent his book Panderer to Power: The Untold Story of How Alan Greenspan Enriched Wall Street and Left a Legacy of Recessions to the 10 members of the FCIC. In his accompanying letter, Sheehan lists the parties that profited from subprime lending and GSE expansion, and, how they were connected to each other. Chapter 22 of Panderer to Power ("The Mortgage Machine") describes in detail the inflation of the subprime market and motivations of the parties.

See Sheehan's blog, Aucontrarian.com, to read the letter to the SEC.

Frederick Sheehan is the author of Panderer to Power: The Untold Story of How Alan Greenspan Enriched Wall Street and Left a Legacy of Recession (McGraw-Hill, 2009). He is co-author of Greenspan's Bubbles: The Age of Ignorance at the Federal Reserve (McGraw-Hill, 2008).  Mr. Sheehan was Director of Asset Allocation Services at John Hancock Financial Services in Boston.

SOURCE Aucontrarian.com