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Are Half of the FCIC Interviews Being Withheld For National Security?

Our Tom Adams was interviewed in December and his conversation was not posted. Why would this be? His position is contrary to the report’s narrative; is that why he was excluded? Or is there a less nefarious reason why he and many others were left on the cutting room floor: that they weren’t name brands? For my taste, far too many of the well known individuals included in the roster were economists who were simply not close enough to what happened to provide much in the way of new perspective. Given in my experience of doing research into complex topics (and prosecutors echo my views), the most insightful commentary rarely comes from the top brass but instead from operating level managers. The lack of analysis in the report (except on the role of the GSEs) gives some support to our theory that the Commission and staff were short on people who understood tradecraft in the relevant markets. That make it likely that they could have overlooked the significance of information provided to them by market participants. The fact that the Commission appears to have focused on better known names suggests that they have held back material that included key bits of information that people who understood the products and markets could use to either connect dots or confirm theories they have had about the crisis.

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