Barons of Wall Street to face crisis panel

[demoleft]

Source: reuters

WASHINGTON (Reuters) – The chief executives of Wall Street's biggest firms, swimming in bonuses but sinking fast in public esteem, will troop to Capitol Hill on Wednesday to face questioning about the global financial crisis.

With U.S. unemployment near a 26-year-high after the worst recession in decades, public fury is growing over the crisis, taxpayer bailouts and huge bonuses for bankers at firms such as Goldman Sachs and JPMorgan Chase.

The CEOs of both firms, and others, will testify at the first hearing of the Financial Crisis Inquiry Commission, created by Congress to examine the roots of the 2008 banking and capital markets debacle that shook the world.

The commission's hearing could fuel popular resentment of the banks and at the government's role in rescuing a powerful industry seen by many Americans as greedy and irresponsible.


Read more: http://news.yahoo.com/s/nm/20100113/bs_nm/us_financial_commission

[ixion]

1. will face a very tough questioning, and then

it's off to the club for cigars and brandy. :puke:

[phantom power]

2. Yeah, this is almost certainly just more theater.

Ooooo a "Panel!" Bet they're quaking in their Italian leather loafers.

[tom_paine]

3. More dog-and-pony show for the idiots.

Oh sure, the bosses of Congress are going to take a VERY hard grilling from their bought-and-paid-for employees.

:rofl:

[shadowknows69]

4. I'd think I'd rather see them face a firing squad at this point.

Because though the numbers are never counted that way; these jackals feast on the corpses of the lives they trample to get their inexhaustible wealth and power. They have killed many innocents in their time. They have turned the American Dream into a nightmare for all but the elite few.

[existentialist]

5. They probably really believe that they are

entitled to those bonuses and that what they are doing is essential for the economy.

I think it was Lord Acton (probably among numerous others) who stated that those who have power and privilege can always come up with rationalizations for their positions, perks, and privileges.


Unfortunately, they will probably persist in that delusion until forced out of it. One must hope that removal of this bonuses, significant salary reductions, some judicious firings, and a thorough investigation followed by criminal and civil actions where appropriate will do the trick.

Unfortunately again, they will probably fight every step of the way forcing escalations that are in no one's interest, including not in theirs, and we'll be lucky if there isn't blood in the streets before this is straightened out.

And, unfortunately, most in politics have been drinking a lot of the same kool aid as have the bankers.

[pinniped]

6. They have absolutely nothing to worry about.

Just think Godfather II, where Michael had the senator in his pocket.

[ShortnFiery]

8. Yes, distractions galore ... Hey, lookie here!

Michelle's got a new hair-do! :crazy:

[Mari333]

7. look at these smug mugs on them. they know they arent in trouble