70 years from now, i do not think we are going to be talking about think fcic report and the phil angelides narrative and the six democratic appointees and the three dissenting republicans who broke -- who wrote one report. to me, it was a missed opportunity to truly understand the crisis. i think that is what the american people want. that is the type of inquiry i would like to have on the state bailout issue on securitization where we can actually have some agreement. these things are not republican versus democrat issues. it is really what is best for the average person in this country today. their ability to access credit and insure their taxpayer dollars are safe and secure and we will not have bailout going forward. it is a missed opportunity. >> time for one quick question. >> the adjustment to being in the majority, what does it mean to have british stakes to what york -- to have greater stake in what your party does? >> been a minority in the house, a minority inebeing the house, you are reacting. this first month of being in the majority as a lot of work trying to figure out what

commission chairman phil angelides says the bottom line is that the financial crisis didn't have to happen. >> the captains of finance and the public stewards of our financial system ignored warnings, and importantly failed to question, to understand, and to manage the evolving risks in a financial system that is so essential to the well being of our country. theirs was a big miss, not a stumble. >> susie: the commission has posted hundreds of documents online. in one, federal reserve chairman ben bernanke says only one of the country's big financial firms was on solid footing during the crisis. but he doesn't say which one. >> susie: so tom, 12,000 on the dow, 1300 on the s&p during trading hours but didn't close there. psychologist who study investor behavior say that there is some worries about round number whence it comes to these milestones so didn't happen today. maybe it's tomorrow or next week. >> tom: maybe, lots of after hours news that we mentioned at the top of the program could put a bit of a bid into the market by tomorrow. we'll have to wait and see. but clearly those big ro

phil angelides is the chairman. and he joins us now. >> thank you. >> woodruff: let's start with wall street and the financial institutions. what were the mistakes that were made by the people there. >> what we found in our report which, by the way, is some a some 500-page report detailed based on 700 interviews, 19 public hearings and reviews of millions of pages of documents is on wall street we found dramatic breakdowns in corporate governance and risk management. we found astounding instances where corporate executives didn't know the risks their companies were taking or did know what they were taking and did so knowingly. so, for example, at a.i.g., most of the major executives of that company had no idea of the risks associated with their $80 billion bet on subprime mortgages, and we saw this in a number of institutions from fannie mae and freddie mac to citigroup. >> woodruff: and you're saying they should have known? that the information was available to them? >> should have known absolutely. and i think we