The “Untouchable” of the Congress

The “Untouchable” of the Congress

While the credibility of Greece in the international community gets repeatedly hooks from every possible angle, a member of the Greek community in the U.S. has been asked to restore credibility on Wall Street. This is Phil Angelides, who has shouldered the difficult task to investigate, as he is the head of the Special Committee appointed by the U.S. Congress, the causes of economic crisis.

That means that huge economic factors, including those of Goldman Sachs, have already been or will be facing the Greek-American who is waiting to receive a convincing explanation.

Born in 1953 in Sacramento in a family of Greek immigrants, Phil Angelides has shown from an  early age his dynamic in policy, right after studying at Harvard. He stood by the side of Michael Dukakis in 1988, working hard in the campaign of the Greek candidate for the presidency. He surpassed that defeat and also that in 2006, from the «Terminator» Arnold Schwarzenegger in the election for governor of California.

And if anyone believes that those two defeats would be a hindrance to his CV, he is wrong. The take over of the duty of «cleaning up» the Wall Street, didn’t surprise anyone, and as the U.S. media wrote, «When you are leading the reforms, you should expect that someday you will have to apply your principles in practice.»

Phil Angelides, did not even have to prove his pioneering spirit. This has became clear in California, where in times of stock market euphoria he was one of the few in government offices of the state as responsible for public property, who spoke about transparency in investment and urged as no one else so as to ensure property for CalPERS and CalSTRS, the first and the third largest of America’s Pension Funds.

Elected from 1999 to 2007 in this position, he managed to exclude from the public portfolios the banks which were involved in a conflict of interest, thus saving what could not be rescued. And even if some people called him «obstacle» to development, Angelides has not ceased to insist on his perspective, and this resulted to his vindication and now he has the responsibility to bring up in public, the causes of the financial collapse, to identify those responsible, and to ensure that the past mistakes won’t be repeated.

Those who know him admire him about how he treats the golden boys of the giant brokers which collapsed or needed a few tens of billions of dollars from the government “package” so as to stand to their feet. The doctrine is simple: “Everyone can express his opinion, but facts are facts.”

Don’t let your mind ticks you that his CV is so small or minimal. In his professional career as the owner of a Real Estate company he built up a community standard for many others, which provided cheap homes in medium and small financial classes.  He is resident of Sacramento and he has three daughters, Megan, Adrianna and the Christina, and there is always – distinctively, at his side, his wife Julie who is his largest supporter.