Credit Crisis Reality TV: Upcoming Hearings

The next few weeks of C-Span will be like a new credit crisis reality TV show. Just look at all the upcoming hearings that will likely be broadcast:

October 8, 2008: Causes and Effects of the Lehman Brothers (LEH) Bankruptcy
House, Committee on Oversight and Goverment Reform (Waxman)

Hearings to examine the regulatory mistakes and financial excesses that led to the bankruptcy filing by Lehman Brothers.

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October 9, 2008: Causes and Effects of the AIG Bailout
House, Committee on Oversight and Goverment Reform (Waxman)

Hearings to examine the regulatory mistakes and financial excesses that led to the government bailout of AIG. 

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October 16, 2008: The Regulation of Hedge Funds
House, Committee on Oversight and Goverment Reform (Waxman)

Five fund managers who earned over $1 billion last year have been invited to testify about the role of hedge funds in the financial markets and their regulatory and tax status. The five witnesses are John Alfred Paulson, President, Paulson & Co., Inc.; George Soros, Chairman, Soros Fund Management LLC; Philip A. Falcone; Senior Managing Director, Harbinger Capital Partners; James Simons, Director, Renaissance Technologies LLC; and Kenneth C. Griffin, Chief Executive Officer and Managing Director, Citadel Investment Group.

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October 22, 2008: The Breakdown of Credit Rating Agencies
House, Committee on Oversight and Goverment Reform (Waxman)

The CEOs of the nation’s three largest credit rating agencies have been invited to testify about the role of the credit rating agencies in the financial excesses on Wall Street. The three witnesses are Deven Sharma, President, Standard & Poor’s; Raymond W. McDaniel, Chairman and Chief Executive Officer, Moody’s Corporation (MCO); and Stephen Joynt, President and Chief Executive Officer, Fitch Ratings.

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October 23, 2008: The Role of Federal Regulators
House, Committee on Oversight and Goverment Reform (Waxman)

Former Federal Reserve Chairman Alan Greenspan, former Treasury Secretary John Snow, and current SEC Chairman Christopher Cox have been invited to testify about the role and responsibility of federal regulators in the Wall Street financial crisis.

As an aside, all of the above hearings are at 2154 Rayburn House Office Building if you're in the DC area. Should be fun.

Comments

[Duude:]

These would be interesting to view if it weren't for the fact that Waxman has a long history of using these types of hearings as his personal bully pulpit. He has already reached his conclusions, developed questions designed to prove his conclusions are correct, and will use his powers as chairman to block any revelations that disagree with his conclusions. What ever happened to investigation? Why isn't he holding any hearings on the changes made to CRA scoring back in the 1990s or investigate the congressional hearings on Fannie Mae/Freddie Mac oversight and reform? That won't happen. He'd lose all his friends in Congress.

2008 Oct 04 11:14 AM

[OldNavySailor:]

Say, is the Department of Justice going to charge someone with conspiracy to commit fraud? I realize that stupidity and greed are not felonies, but given the magnitude of wealth lost and national debt increase, surely a crime has been committed!

Unless the entire U.S. Government is corrupt, somebody has to go to jail!

2008 Oct 04 12:36 PM

[mediapro:]

Am I wrong, or do I hear the Freddie/Fannie mantra as the last gasp of trickle-down, Friedmanites as the ONLY cause for this great meltdown...duude?

2008 Oct 04 03:05 PM

[Distressed ...:]

Tthis should be interesting, this article will be sent to my email

2008 Oct 05 07:47 PM

[robert.b.fe...:]

I'm looking forward to the ongoing reality show of a bunch of people going on trial ala Enron. Put it in prime time and have a audience segment to phone, text or log on to vote on sentences for the convicts. How about the new vice president presiding over a hearing or no hearing show for the house senate members who would surely be implicated in all of this.

2008 Oct 05 09:48 PM

[Karl:]

I am definitely going to need more popcorn.

2008 Oct 06 11:23 AM