Wednesday, January 13, 2010

Bankers to Commission: Screw You

The First Public Hearing of the Financial Crisis Inquiry Commission was held on January 13, 2010 at the Longworth House Office Building in Washington, DC. "The Commission..has been given a mission to examine the causes of the financial crisis and to report findings to the Congress, the President, and the American people."

According to the New York Times, "The heads of Wall Street’s largest banks faced skeptical questions on Wednesday about executive pay and the failures of regulation from the bipartisan commission established to examine the causes of the biggest downturn since the Depression. Tensions flared as commission members retraced the events leading to the near-collapse of the financial system in 2008 and pressed bankers on whether they or their employees had acted unethically."

This is inaccurate. There were no skeptical questions. There was no tension. No one pressed the bankers on anything. They lied at will, without fear of being contradicted. It was as if the bankers were being questioned by their employees.

I know. I was there.

Nothing to see here, people. Move on.