Question: were the 8 bank execs sworn in before their testimony today?

[CTyankee]

If so, any out and out lies they tell leave them vulnerable for contempt of Congress, right?

[ck4829]

1. They don't need to be sworn in

Lying to Congress is a crime, no matter the circumstances.

But, they'll probably be like the oil executives who lied in front of Congress and still got away... if only they used steroids.

[FiveGoodMen]

2. "if only they used steroids" -- or smoked pot.

[CTyankee]

4. Then why are some people testifying before a Congressional committee sworn in and others not?

It seems to me there is a reason...

[ck4829]

5. If someone is sworn in and lies, then they can be charged with perjury

But lying to Congress is a crime of it's own.

[CTyankee]

7. Are swearing in procedures only in place when Congress is holding investigatory hearings, not

what they had today? I'm curious. There was that famous photo of tobacco execs standing and swearing to tell the truth, as I recall. Perhaps the Wall ST. guys wanted to avoid THAT but why would the committee (and Chairman Frank) allow it?

I'm just a little confused here...sorry...

P.S. does Frank's committee have subpoena power? If not, why not?

[ck4829]

8. I think you are right

They probably only swear people in when it's to investigate.

[CTyankee]

9. And subpoena power? I remember at the start of Watergate the Congressional

committee initially looking into the scandal did not have such power and therefore no key witnesses showed up. The Senate Watergate Committee either had or obtained subpoena power and the rest is history...

[ORDagnabbit]

3. right and then they demanded an audit of the federal reserve. LOL

[sad sally]

6. No, telling the truth was optional

Was interesting the hush that came over the CEO panel when they were asked what their salaries and compensation was in 2007...boo hoo, most went from double/triple digits in 2007 down to a measly $1 million now...poor babies.

[KharmaTrain]

10. Not This Round...This Was "Damage Control"

...or so the bankers thought. They came voluntarily cause they know that if they didn't, they wouldn't get more bailout cash. They let the committee play whack-a-mole, got in their limos, went to the club and had a good laugh.

From what it sounded, I suspect we'll see these guys back in the future...and yes, under oath...in investigations about the missing billions in the first round of TARP funds.

If anything, Barney set a trap for them. While not under oath, those statements they made can be used in future proceedings.

Watching yesterday reminded me of when they brought in the Tobacco company execs who all swore under oath that their products weren't dangerous. They sure lived to regret that picture...



Cheers...

[Spazito]

11. I don't think they were sworn in...

Barney Frank made a joke in reference to them not being sworn in, I don't remember the context in which the joke was made.