Financial Crisis Inquiry Commission Chairman Phil Angelides Tells Fox Business "I Am Not Crying Tears For Wall Street"

Financial Crisis Inquiry Commission (FCIC) Chairman Phil Angelides spoke with FOX Business Network's (

) Liz Claman about the United States economy and the state of Wall Street three years after the collapse of Lehman Brothers. Angelides said that “the country has really taken a hit but Wall Street has barely skipped a beat.” He went on to say that while bank executives are complaining about regulations “I am not crying tears for Wall Street right now. Three years later we are still paying a terrible price.” Excerpts from the interview are below, courtesy of Fox Business Network.

“Not at all. In fact I think it protects our nation's interests. I am not crying tears for Wall Street right now. Three years later we are still paying a terrible price.”

“The country has really taken a hit but Wall Street has barely skipped a beat. The top 10 banks in this country control 77% of the banking assets, they had profits of 62 billion dollars last year, they are healthy enough to be paying billions in dividends so while the country is struggling, there has been very little consequence for the Wall Street firms that recklessly drove our economy over the cliff.”

“My concern is employing a reasonable regulatory regime is going very slowly. Most of the Dodd Frank regulations are not yet in place. A little constraint on our banking industry in terms of reckless practices is good. We ought to be doing anything to push banks that ought to be out there lending to get this economy going again and that they are not doing as they should be.”