The financial crisis that crippled the economy could happen again, Phil Angelides, chairman of the Financial Crisis Inquiry Commission (FCIC) told CNBC Thursday.
Blaming regulators for lacking backbone and corporate management for being imprudent, Angelides said it was "striking how little has changed" since the crisis came to a close.
Although these factors are not at play due to the recession, Angelides said that "a lot of the same risk factors are there."
Angelides emphasized that in the time leading up to the financial crisis, the U.S. Treasury, the Federal Reserve and the Federal Reserve Bank of New York were "always behind the 8 ball because they really didn't understand the system they were overseeing."
"The lack of knowledge, the lack of understanding by our regulators, the riskiness of our corporate leaders, almost sent us over the cliff."