The head of the Financial Crisis Inquiry Commission, Phil Angelides, stopped by the office this morning. I think the idea of this commission is a very good thing. I continue to feel that something wrong happened in the run up to the financial crisis that was not just the result of a group miss-think but actual bad actors, and without a commission with subpoena power to get to the bottom of things it is likely that we will never have real regulatory reform and will probably start seeing CDOs of CDSes (you don’t want to know what these things are, but look it up if you like) again real soon.

But Angelides’ visit underscored just how hard his job is. Here’s why: