Credit Crisis Reality TV: Upcoming Hearings

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 |  Includes: AIG, LEH, MCO
by: Paul Kedrosky

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 (NYSE: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.