WASHINGTON – WASHINGTON (AP) — A panel investigating the roots of the financial crisis says it is calling Treasury Secretary Timothy Geithner to testify about financial companies that escaped regulation.
The Financial Crisis Inquiry Commission says it will hear from Geithner at a hearing next Thursday about the so-called "shadow banking system." Other witnesses include former Treasury Secretary Henry Paulson and former Bear Stearns CEO James Cayne.
Bear Stearns was sold to JPMorgan Chase & Co. in 2008 after two hedge funds it owned suffered massive losses on subprime mortgage investments. Geithner helped arrange the sale as the president of the Federal Reserve Bank of New York.
The bipartisan panel was created by Congress to investigate and report on the causes of the financial crisis.
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