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Prior to the rally, seven anti-China protestors were arrested in Hanoi after unfurling a banner and shouting "Boycott the Beijing Olympics" through a loudhailer at a market. A Vietnamese American was deported for planning protests against the torch, while a prominent blogger, Điếu Cày (real name Nguyễn Văn Hải), who bl... |
Hong Kong: The event was held in Hong Kong on May 2. In the ceremony held at the Hong Kong Cultural Centre in Tsim Sha Tsui, Chief Executive Donald Tsang handed the torch to the first torchbearer, Olympic medalist Lee Lai Shan. The torch relay then traveled through Nathan Road, Lantau Link, Sha Tin (crossed Shing Mun R... |
There were several protests along the torch relay route. Members of the Hong Kong Alliance in Support of Patriotic Democratic Movements in China, including pro-democracy activist Szeto Wah, waved novelty inflatable plastic Olympic flames, which they said symbolised democracy. They wanted accountability for the Tiananme... |
The Color Orange democracy group, led by Danish sculptor Jens Galschiøt, originally planned to join the Hong Kong Alliance relay and paint the "Pillar of Shame", a structure he built in Hong Kong to commemorate the 1989 Tiananmen Square protests. However, Galschiøt and two other people were denied entry to Hong Kong on... |
Macao: The event was held in Macau on May 3. It was the first time that the Olympic torch had traveled to Macau. A ceremony was held at Macau Fisherman's Wharf. Afterward, the torch traveled through Macau, passing by a number of landmarks including A-Ma Temple, Macau Tower, Ponte Governador Nobre de Carvalho, Ponte de ... |
A Macau resident was arrested on April 26 for posting a message on cyberctm.com encouraging people to disrupt the relay. Both orchidbbs.com and cyberctm.com Internet forums were shut down from May 2 to 4. This fueled speculation that the shutdowns were targeting speeches against the relay. The head of the Bureau of Tel... |
China: The torch returned to China for the first time since April. The torch arrived in Sanya, Hainan on May 4 with celebrations attended by International Olympic Committee (IOC) officials and Chinese big names like Jackie Chan. The entire relay through Mainland China was largely a success with many people welcoming th... |
The coverage of the events by the media came under scrutiny during the relay. Chinese media coverage of the torch relay has been distinct in a number of ways from coverage elsewhere. Western reporters in Beijing have described Chinese media coverage as partial and censored (for example when Chinese media did not broadc... |
In response to pro-Tibet and pro-human rights protests, the Chinese media focused on the more disruptive protesters, referring for example to "a very small number of 'Tibet independence' secessionists and a handful of so-called human rights-minded NGO activists" intent on "disrupting and sabotaging the Beijing Olympic ... |
Xinhua and CCTV quoted relay spectators who condemned the protests, to a greater extent than most Western media, but did not quote any alternate viewpoints, providing no coverage of support for the protests by some ordinary citizens in Western countries. It quoted athletes who expressed pride at taking part in the rela... |
Reports on the Delhi relay were similarly distinct. Despite intended torchbearers Kiran Bedi, Soha Ali Khan, Sachin Tendulkar and Bhaichung Bhutia all withdrawing from the event, the official Chinese website for the relay reported "Indian torchbearers vow to run for spirit of Olympics", and quoted torchbearers Manavjit... |
Some Western media have reported on Chinese accusations of Western media bias. The Daily Telegraph published an opinion piece by the Chinese ambassador to the United Kingdom, Fu Ying, who accused Western media of "demonising" China during their coverage of the torch relays. The Telegraph also asked its readers to send ... |
On April 17, Xinhua condemned what it called "biased coverage of the Lhasa riots and the Olympic torch relay by the U.S.-based Cable News Network (CNN)". The same day, the Chinese government called on CNN to "apologise" for having allegedly insulted the Chinese people, and for "attempting to incite the Chinese people a... |
On April 19, the BBC reported that 1,300 people had gathered outside BBC buildings in Manchester and London, protesting against what they described as Western media bias. Several days earlier, the BBC had published an article entitled "The challenges of reporting in China", responding to earlier criticism. The BBC's Pa... |
On April 20, the People's Daily published a report entitled "Overseas Chinese rally against biased media coverage, for Olympics". It included images of Chinese people demonstrating in France, the United Kingdom, Germany and the United States. One picture showed Chinese demonstrators holding a sign which claimed, incorr... |
On April 4, it was reported that the Chinese government appeared to be running an anti-CNN website that criticizes the cable network’s coverage of recent events. The site claims to have been created by a Beijing citizen. However, foreign correspondents in Beijing voiced suspicions that Anti-cnn may be a semi-government... |
The Beijing Olympic Organizing Committee sent out a team of 30 unarmed attendants selected from the People's Armed Police to escort the flame throughout its journey. According to Asian Times, sworn in as the "Beijing Olympic Games Sacred Flame Protection Unit" during a ceremony in August 2007, their main job is to keep... |
In China, a call to boycott French hypermart Carrefour from May 1 began spreading through mobile text messaging and online chat rooms amongst the Chinese over the weekend from April 12, accusing the company's major shareholder, the LVMH Group, of donating funds to the Dalai Lama. There were also calls to extend the boy... |
In response to the demonstrations, the Chinese government attempted to calm the situation, possibly fearing the protests may spiral out of control as has happened in recent years, including the anti-Japanese protests in 2005. State media and commentaries began to call for calm, such as an editorial in the People's Dail... |
In Japan, the Mayor of Nagano, Shoichi Washizawa said that it has become a "great nuisance" for the city to host the torch relay prior to the Nagano leg. Washizawa's aides said the mayor's remark was not criticism about the relay itself but about the potential disruptions and confusion surrounding it. A city employee o... |
The Olympic Flame is supposed to remain lit for the whole relay. When the Torch is extinguished at night, on airplanes, in bad weather, or during protests (such as the several occasions in Paris), the Olympic Flame is kept alight in a set of 8 lanterns.[citation needed] |
A union planned to protest at the relay for better living conditions. Hong Kong legislator Michael Mak Kwok-fung and activist Chan Cheong, both members of the League of Social Democrats, were not allowed to enter Macau. |
Chinese media have also reported on Jin Jing, whom the official Chinese torch relay website described as "heroic" and an "angel", whereas Western media initially gave her little mention – despite a Chinese claim that "Chinese Paralympic athlete Jin Jing has garnered much attention from the media". |
Two additional teams of 40 attendants each will accompany the flame on its Mainland China route. This arrangement has however sparked several controversies. |
The ultimate substantive legacy of Principia Mathematica is mixed. It is generally accepted that Kurt Gödel's incompleteness theorem of 1931 definitively demonstrated that for any set of axioms and inference rules proposed to encapsulate mathematics, there would in fact be some truths of mathematics which could not be ... |
Whitehead's most complete work on education is the 1929 book The Aims of Education and Other Essays, which collected numerous essays and addresses by Whitehead on the subject published between 1912 and 1927. The essay from which Aims of Education derived its name was delivered as an address in 1916 when Whitehead was p... |
Rather than teach small parts of a large number of subjects, Whitehead advocated teaching a relatively few important concepts that the student could organically link to many different areas of knowledge, discovering their application in actual life. For Whitehead, education should be the exact opposite of the multidisc... |
Whitehead did not begin his career as a philosopher. In fact, he never had any formal training in philosophy beyond his undergraduate education. Early in his life he showed great interest in and respect for philosophy and metaphysics, but it is evident that he considered himself a rank amateur. In one letter to his fri... |
Whitehead was unimpressed by this objection. In the notes of one his students for a 1927 class, Whitehead was quoted as saying: "Every scientific man in order to preserve his reputation has to say he dislikes metaphysics. What he means is he dislikes having his metaphysics criticized." In Whitehead's view, scientists a... |
Perhaps foremost among what Whitehead considered faulty metaphysical assumptions was the Cartesian idea that reality is fundamentally constructed of bits of matter that exist totally independently of one another, which he rejected in favor of an event-based or "process" ontology in which events are primary and are fund... |
In Whitehead's view, then, concepts such as "quality", "matter", and "form" are problematic. These "classical" concepts fail to adequately account for change, and overlook the active and experiential nature of the most basic elements of the world. They are useful abstractions, but are not the world's basic building blo... |
To put it another way, a thing or person is often seen as having a "defining essence" or a "core identity" that is unchanging, and describes what the thing or person really is. In this way of thinking, things and people are seen as fundamentally the same through time, with any changes being qualitative and secondary to... |
Whitehead pointed to the limitations of language as one of the main culprits in maintaining a materialistic way of thinking, and acknowledged that it may be difficult to ever wholly move past such ideas in everyday speech. After all, each moment of each person's life can hardly be given a different proper name, and it ... |
A second problem with materialism is that it obscures the importance of relations. It sees every object as distinct and discrete from all other objects. Each object is simply an inert clump of matter that is only externally related to other things. The idea of matter as primary makes people think of objects as being fu... |
In fact, Whitehead describes any entity as in some sense nothing more and nothing less than the sum of its relations to other entities – its synthesis of and reaction to the world around it. A real thing is just that which forces the rest of the universe to in some way conform to it; that is to say, if theoretically a ... |
Isabelle Stengers wrote that "Whiteheadians are recruited among both philosophers and theologians, and the palette has been enriched by practitioners from the most diverse horizons, from ecology to feminism, practices that unite political struggle and spirituality with the sciences of education." Indeed, in recent deca... |
Early followers of Whitehead were found primarily at the University of Chicago's Divinity School, where Henry Nelson Wieman initiated an interest in Whitehead's work that would last for about thirty years. Professors such as Wieman, Charles Hartshorne, Bernard Loomer, Bernard Meland, and Daniel Day Williams made Whiteh... |
But while Claremont remains the most concentrated hub of Whiteheadian activity, the place where Whitehead's thought currently seems to be growing the most quickly is in China. In order to address the challenges of modernization and industrialization, China has begun to blend traditions of Taoism, Buddhism, and Confucia... |
Deleuze's and Latour's opinions, however, are minority ones, as Whitehead has not been recognized as particularly influential within the most dominant philosophical schools. It is impossible to say exactly why Whitehead's influence has not been more widespread, but it may be partly due to his metaphysical ideas seeming... |
One philosophical school which has historically had a close relationship with process philosophy is American pragmatism. Whitehead himself thought highly of William James and John Dewey, and acknowledged his indebtedness to them in the preface to Process and Reality. Charles Hartshorne (along with Paul Weiss) edited th... |
In physics, Whitehead's thought has had some influence. He articulated a view that might perhaps be regarded as dual to Einstein's general relativity, see Whitehead's theory of gravitation. It has been severely criticized. Yutaka Tanaka, who suggests that the gravitational constant disagrees with experimental findings,... |
This work has been pioneered by John B. Cobb, Jr., whose book Is It Too Late? A Theology of Ecology (1971) was the first single-authored book in environmental ethics. Cobb also co-authored a book with economist Herman Daly entitled For the Common Good: Redirecting the Economy toward Community, the Environment, and a Su... |
Another model is the FEELS model developed by Xie Bangxiu and deployed successfully in China. "FEELS" stands for five things in curriculum and education: Flexible-goals, Engaged-learner, Embodied-knowledge, Learning-through-interactions, and Supportive-teacher. It is used for understanding and evaluating educational cu... |
Whitehead has had some influence on philosophy of business administration and organizational theory. This has led in part to a focus on identifying and investigating the effect of temporal events (as opposed to static things) within organizations through an “organization studies” discourse that accommodates a variety o... |
Beginning in the late 1910s and early 1920s, Whitehead gradually turned his attention from mathematics to philosophy of science, and finally to metaphysics. He developed a comprehensive metaphysical system which radically departed from most of western philosophy. Whitehead argued that reality consists of processes rath... |
Alfred North Whitehead was born in Ramsgate, Kent, England, in 1861. His father, Alfred Whitehead, was a minister and schoolmaster of Chatham House Academy, a successful school for boys established by Thomas Whitehead, Alfred North's grandfather. Whitehead himself recalled both of them as being very successful schoolma... |
In 1918 Whitehead's academic responsibilities began to seriously expand as he accepted a number of high administrative positions within the University of London system, of which Imperial College London was a member at the time. He was elected Dean of the Faculty of Science at the University of London in late 1918 (a po... |
The two volume biography of Whitehead by Victor Lowe is the most definitive presentation of the life of Whitehead. However, many details of Whitehead's life remain obscure because he left no Nachlass; his family carried out his instructions that all of his papers be destroyed after his death. Additionally, Whitehead wa... |
In addition to numerous articles on mathematics, Whitehead wrote three major books on the subject: A Treatise on Universal Algebra (1898), Principia Mathematica (co-written with Bertrand Russell and published in three volumes between 1910 and 1913), and An Introduction to Mathematics (1911). The former two books were a... |
At the time structures such as Lie algebras and hyperbolic quaternions drew attention to the need to expand algebraic structures beyond the associatively multiplicative class. In a review Alexander Macfarlane wrote: "The main idea of the work is not unification of the several methods, nor generalization of ordinary alg... |
Whitehead and Russell had thought originally that Principia Mathematica would take a year to complete; it ended up taking them ten years. To add insult to injury, when it came time for publication, the three-volume work was so massive (more than 2,000 pages) and its audience so narrow (professional mathematicians) that... |
This is not to say that Whitehead's thought was widely accepted or even well-understood. His philosophical work is generally considered to be among the most difficult to understand in all of the western canon. Even professional philosophers struggled to follow Whitehead's writings. One famous story illustrating the lev... |
However, Mathews' frustration with Whitehead's books did not negatively affect his interest. In fact, there were numerous philosophers and theologians at Chicago's Divinity School that perceived the importance of what Whitehead was doing without fully grasping all of the details and implications. In 1927 they invited o... |
Wieman's words proved prophetic. Though Process and Reality has been called "arguably the most impressive single metaphysical text of the twentieth century," it has been little-read and little-understood, partly because it demands – as Isabelle Stengers puts it – "that its readers accept the adventure of the questions ... |
It must be emphasized, however, that an entity is not merely a sum of its relations, but also a valuation of them and reaction to them. For Whitehead, creativity is the absolute principle of existence, and every entity (whether it is a human being, a tree, or an electron) has some degree of novelty in how it responds t... |
Since Whitehead's metaphysics described a universe in which all entities experience, he needed a new way of describing perception that was not limited to living, self-conscious beings. The term he coined was "prehension", which comes from the Latin prehensio, meaning "to seize." The term is meant to indicate a kind of ... |
Whitehead describes causal efficacy as "the experience dominating the primitive living organisms, which have a sense for the fate from which they have emerged, and the fate towards which they go." It is, in other words, the sense of causal relations between entities, a feeling of being influenced and affected by the su... |
In higher organisms (like people), these two modes of perception combine into what Whitehead terms "symbolic reference", which links appearance with causation in a process that is so automatic that both people and animals have difficulty refraining from it. By way of illustration, Whitehead uses the example of a person... |
Whitehead makes the startling observation that "life is comparatively deficient in survival value." If humans can only exist for about a hundred years, and rocks for eight hundred million, then one is forced to ask why complex organisms ever evolved in the first place; as Whitehead humorously notes, "they certainly did... |
Whitehead's idea of God differs from traditional monotheistic notions. Perhaps his most famous and pointed criticism of the Christian conception of God is that "the Church gave unto God the attributes which belonged exclusively to Caesar." Here Whitehead is criticizing Christianity for defining God as primarily a divin... |
It should be emphasized, however, that for Whitehead God is not necessarily tied to religion. Rather than springing primarily from religious faith, Whitehead saw God as necessary for his metaphysical system. His system required that an order exist among possibilities, an order that allowed for novelty in the world and ... |
God's consequent nature, on the other hand, is anything but unchanging – it is God's reception of the world's activity. As Whitehead puts it, "[God] saves the world as it passes into the immediacy of his own life. It is the judgment of a tenderness which loses nothing that can be saved." In other words, God saves and c... |
Whitehead thus sees God and the world as fulfilling one another. He sees entities in the world as fluent and changing things that yearn for a permanence which only God can provide by taking them into God's self, thereafter changing God and affecting the rest of the universe throughout time. On the other hand, he sees G... |
For Whitehead the core of religion was individual. While he acknowledged that individuals cannot ever be fully separated from their society, he argued that life is an internal fact for its own sake before it is an external fact relating to others. His most famous remark on religion is that "religion is what the individ... |
However, while Whitehead saw religion as beginning in solitariness, he also saw religion as necessarily expanding beyond the individual. In keeping with his process metaphysics in which relations are primary, he wrote that religion necessitates the realization of "the value of the objective world which is a community d... |
Overall, however, Whitehead's influence is very difficult to characterize. In English-speaking countries, his primary works are little-studied outside of Claremont and a select number of liberal graduate-level theology and philosophy programs. Outside of these circles his influence is relatively small and diffuse, and ... |
Historically Whitehead's work has been most influential in the field of American progressive theology. The most important early proponent of Whitehead's thought in a theological context was Charles Hartshorne, who spent a semester at Harvard as Whitehead's teaching assistant in 1925, and is widely credited with develop... |
Process theology typically stresses God's relational nature. Rather than seeing God as impassive or emotionless, process theologians view God as "the fellow sufferer who understands", and as the being who is supremely affected by temporal events. Hartshorne points out that people would not praise a human ruler who was ... |
In fact, process theology is difficult to define because process theologians are so diverse and transdisciplinary in their views and interests. John B. Cobb, Jr. is a process theologian who has also written books on biology and economics. Roland Faber and Catherine Keller integrate Whitehead with poststructuralist, pos... |
Whitehead also described religion more technically as "an ultimate craving to infuse into the insistent particularity of emotion that non-temporal generality which primarily belongs to conceptual thought alone." In other words, religion takes deeply felt emotions and contextualizes them within a system of general truth... |
Margaret Stout and Carrie M. Staton have also written recently on the mutual influence of Whitehead and Mary Parker Follett, a pioneer in the fields of organizational theory and organizational behavior. Stout and Staton see both Whitehead and Follett as sharing an ontology that "understands becoming as a relational pro... |
Moreover, a conflict of interest between professional investment managers and their institutional clients, combined with a global glut in investment capital, led to bad investments by asset managers in over-priced credit assets. Professional investment managers generally are compensated based on the volume of client as... |
The first visible institution to run into trouble in the United States was the Southern California–based IndyMac, a spin-off of Countrywide Financial. Before its failure, IndyMac Bank was the largest savings and loan association in the Los Angeles market and the seventh largest mortgage originator in the United States.... |
IndyMac reported that during April 2008, Moody's and Standard & Poor's downgraded the ratings on a significant number of Mortgage-backed security (MBS) bonds including $160 million of those issued by IndyMac and which the bank retained in its MBS portfolio. IndyMac concluded that these downgrades would have negatively ... |
Senator Charles Schumer (D-NY) would later point out that brokered deposits made up more than 37 percent of IndyMac's total deposits and ask the Federal Deposit Insurance Corporation (FDIC) whether it had considered ordering IndyMac to reduce its reliance on these deposits. With $18.9 billion in total deposits reported... |
When home prices declined in the latter half of 2007 and the secondary mortgage market collapsed, IndyMac was forced to hold $10.7 billion of loans it could not sell in the secondary market. Its reduced liquidity was further exacerbated in late June 2008 when account holders withdrew $1.55 billion or about 7.5% of Indy... |
On July 11, 2008, citing liquidity concerns, the FDIC put IndyMac Bank into conservatorship. A bridge bank, IndyMac Federal Bank, FSB, was established to assume control of IndyMac Bank's assets, its secured liabilities, and its insured deposit accounts. The FDIC announced plans to open IndyMac Federal Bank, FSB on July... |
Initially the companies affected were those directly involved in home construction and mortgage lending such as Northern Rock and Countrywide Financial, as they could no longer obtain financing through the credit markets. Over 100 mortgage lenders went bankrupt during 2007 and 2008. Concerns that investment bank Bear S... |
In September 2008, the crisis hit its most critical stage. There was the equivalent of a bank run on the money market funds, which frequently invest in commercial paper issued by corporations to fund their operations and payrolls. Withdrawal from money markets were $144.5 billion during one week, versus $7.1 billion th... |
Economist Paul Krugman and U.S. Treasury Secretary Timothy Geithner explain the credit crisis via the implosion of the shadow banking system, which had grown to nearly equal the importance of the traditional commercial banking sector as described above. Without the ability to obtain investor funds in exchange for most ... |
This meant that nearly one-third of the U.S. lending mechanism was frozen and continued to be frozen into June 2009. According to the Brookings Institution, the traditional banking system does not have the capital to close this gap as of June 2009: "It would take a number of years of strong profits to generate sufficie... |
There is a direct relationship between declines in wealth and declines in consumption and business investment, which along with government spending, represent the economic engine. Between June 2007 and November 2008, Americans lost an estimated average of more than a quarter of their collective net worth.[citation need... |
In November 2008, economist Dean Baker observed: "There is a really good reason for tighter credit. Tens of millions of homeowners who had substantial equity in their homes two years ago have little or nothing today. Businesses are facing the worst downturn since the Great Depression. This matters for credit decisions.... |
Several commentators have suggested that if the liquidity crisis continues, an extended recession or worse could occur. The continuing development of the crisis has prompted fears of a global economic collapse although there are now many cautiously optimistic forecasters in addition to some prominent sources who remain... |
The Brookings Institution reported in June 2009 that U.S. consumption accounted for more than a third of the growth in global consumption between 2000 and 2007. "The US economy has been spending too much and borrowing too much for years and the rest of the world depended on the U.S. consumer as a source of global deman... |
Some developing countries that had seen strong economic growth saw significant slowdowns. For example, growth forecasts in Cambodia show a fall from more than 10% in 2007 to close to zero in 2009, and Kenya may achieve only 3–4% growth in 2009, down from 7% in 2007. According to the research by the Overseas Development... |
The World Bank reported in February 2009 that the Arab World was far less severely affected by the credit crunch. With generally good balance of payments positions coming into the crisis or with alternative sources of financing for their large current account deficits, such as remittances, Foreign Direct Investment (FD... |
The output of goods and services produced by labor and property located in the United States—decreased at an annual rate of approximately 6% in the fourth quarter of 2008 and first quarter of 2009, versus activity in the year-ago periods. The U.S. unemployment rate increased to 10.1% by October 2009, the highest rate s... |
European regulators introduced Basel III regulations for banks. It increased capital ratios, limits on leverage, narrow definition of capital (to exclude subordinated debt), limit counter-party risk, and new liquidity requirements. Critics argue that Basel III doesn’t address the problem of faulty risk-weightings. Majo... |
The U.S. recession that began in December 2007 ended in June 2009, according to the U.S. National Bureau of Economic Research (NBER) and the financial crisis appears to have ended about the same time. In April 2009 TIME magazine declared "More Quickly Than It Began, The Banking Crisis Is Over." The United States Financ... |
Advanced economies led global economic growth prior to the financial crisis with "emerging" and "developing" economies lagging behind. The crisis completely overturned this relationship. The International Monetary Fund found that "advanced" economies accounted for only 31% of global GDP while emerging and developing ec... |
Krugman's contention (that the growth of a commercial real estate bubble indicates that U.S. housing policy was not the cause of the crisis) is challenged by additional analysis. After researching the default of commercial loans during the financial crisis, Xudong An and Anthony B. Sanders reported (in December 2010): ... |
In a Peabody Award winning program, NPR correspondents argued that a "Giant Pool of Money" (represented by $70 trillion in worldwide fixed income investments) sought higher yields than those offered by U.S. Treasury bonds early in the decade. This pool of money had roughly doubled in size from 2000 to 2007, yet the sup... |
The collateralized debt obligation in particular enabled financial institutions to obtain investor funds to finance subprime and other lending, extending or increasing the housing bubble and generating large fees. This essentially places cash payments from multiple mortgages or other debt obligations into a single pool... |
By September 2008, average U.S. housing prices had declined by over 20% from their mid-2006 peak. As prices declined, borrowers with adjustable-rate mortgages could not refinance to avoid the higher payments associated with rising interest rates and began to default. During 2007, lenders began foreclosure proceedings o... |
Lower interest rates encouraged borrowing. From 2000 to 2003, the Federal Reserve lowered the federal funds rate target from 6.5% to 1.0%. This was done to soften the effects of the collapse of the dot-com bubble and the September 2001 terrorist attacks, as well as to combat a perceived risk of deflation. As early as 2... |
Bernanke explained that between 1996 and 2004, the U.S. current account deficit increased by $650 billion, from 1.5% to 5.8% of GDP. Financing these deficits required the country to borrow large sums from abroad, much of it from countries running trade surpluses. These were mainly the emerging economies in Asia and oil... |
The Fed then raised the Fed funds rate significantly between July 2004 and July 2006. This contributed to an increase in 1-year and 5-year adjustable-rate mortgage (ARM) rates, making ARM interest rate resets more expensive for homeowners. This may have also contributed to the deflating of the housing bubble, as asset ... |
Testimony given to the Financial Crisis Inquiry Commission by Richard M. Bowen III on events during his tenure as the Business Chief Underwriter for Correspondent Lending in the Consumer Lending Group for Citigroup (where he was responsible for over 220 professional underwriters) suggests that by the final years of the... |
In separate testimony to Financial Crisis Inquiry Commission, officers of Clayton Holdings—the largest residential loan due diligence and securitization surveillance company in the United States and Europe—testified that Clayton's review of over 900,000 mortgages issued from January 2006 to June 2007 revealed that scar... |
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