Factbox: Conclusions of U.S. financial crisis panel

WASHINGTON (Reuters) - A divided U.S. investigative panel released on Thursday a wide-ranging assessment of what caused the financial crisis that rocked global markets from 2007-2009.

The 10-member Financial Crisis Inquiry Commission was created by Congress to deliver a bipartisan report on the origins of the crisis, but it failed to deliver a consensus view.

The main report was endorsed only by the commission's six Democratic members, undermining its impact as the post-crisis Dodd-Frank banking reforms of 2010 are being implemented.

A competing minority report from three Republican commission members was also issued. Another report, from a fourth Republican, was also released.

Below are the main points of the Democrats' majority report:

* We conclude this financial crisis was avoidable.

* We conclude widespread failures in financial regulation and supervision proved devastating to the stability of the nation's financial markets.

* We conclude dramatic failures of corporate governance and risk management at many systemically important financial institutions were a key cause of this crisis.

* We conclude a combination of excessive borrowing, risky investments, and lack of transparency put the financial system on a collision course with crisis.

* We conclude the government was ill prepared for the crisis, and its inconsistent response added to the uncertainty and panic in the financial markets.

* We conclude there was a systemic breakdown in accountability and ethics.

* We conclude collapsing mortgage-lending standards and the mortgage securitization pipeline lit and spread the flame of contagion and crisis.

* We conclude over-the-counter derivatives contributed significantly to this crisis.

* We conclude the failures of credit rating agencies were essential cogs in the wheel of financial destruction.