BUSINESS

Pelosi Favors Probe Modeled On Pecora Commission

07/10/2009 05:12 am ET | Updated May 25, 2011

Wall Street may be heading for the deepest investigation of its practices since a congressional panel's probe of abuses following the 1929 stock market crash.

House Speaker Nancy Pelosi plans to push for a comprehensive inquiry, saying that three-quarters of Americans want to know what led to the bankruptcy of Lehman Brothers Holdings Inc. and the collapse of Bear Stearns Cos. and Merrill Lynch & Co. She favors one patterned after Senate Banking Committee hearings led by Ferdinand Pecora starting in 1933, according to her spokesman, Nadeam Elshami.

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