Bernanke to Address Financial Crisis Inquiry Panel

August 30, 2010 - 5:09 PM
Federal Chairman Ben Bernanke will testify this week about his role in the bank bailouts that sent billions of taxpayer dollars to banks deemed "too big to fail."
Washington (AP) - Federal Chairman Ben Bernanke will testify this week about his role in the bank bailouts that sent billions of taxpayer dollars to banks deemed "too big to fail."
 
A spokesman for the Financial Crisis Inquiry Commission says Bernanke will testify Thursday before the bipartisan panel. The FCIC is investigating the roots of the financial panic that rocked Wall Street and the global economy starting in late 2008.
 
The banks were considered "too big to fail" because of fears their collapse could bring down other financial players. Bernanke was a key architect of the bailouts.
 
The hearings also will include testimony from Federal Deposit Insurance Corp. Chairman Sheila Bair and Dick Fuld, who was CEO of Lehman Bros. when it filed for bankruptcy protection.