Friday, October 03, 2008 Corporate Accountability Committee to Hold Hearings on Collapse of Lehman Brothers and AIGChairman Henry A. Waxman announced that the Oversight Committee will hold two days of hearings to examine the regulatory mistakes and financial excesses that led to the bankruptcy filing by Lehman Brothers and the government bailout of AIG.
"Lax oversight and reckless investments on Wall Street are causing massive disruption throughout our economy," said Chairman Waxman. "Our hearings will examine what went wrong and who should be held to account."
The Committee's scheduled September 25 hearing with Lehman CEO Richard Fuld will be moved to October 6, 2008. It will be followed by a second hearing on October 7, at which former AIG CEOs Robert B. Willumstad, Martin J. Sullivan, and Maurice R. Greenberg will be invited to testify.
The following witnesses have been invited to testify:
o DAY 1: Causes and Effects of the Lehman Brothers Bankruptcy
o Dr. Luigi Zingales, Professor of Finance, University of Chicago
o Dr. Robert F. Wescott, President, Keybridge Research LLC
o Nell Minow, Chairman of the Board and Editor, The Corporate Library
o Gregory W. Smith, General Counsel, Colorado Public Employees' Retirement Association
o Richard S. Fuld, Jr., Chairman and Chief Executive Officer, Lehman Brothers Holdings
o DAY 2: Causes and Effects of the AIG Bailout
o Eric R. Dinallo, Superintendent, New York State Insurance Department
o Lynn E. Turner, former chief accountant, Securities and Exchange Commission
o Robert B. Willumstad, former Chief Executive Officer, AIG
o Martin J. Sullivan,former Chief Executive Officer, AIG
o Maurice R. Greenberg, former Chief Executive Officer, AIG
Amusingly, while several of the letters inviting witnesses to testify are on the Committee's site, Fuld's isn't. Perhaps it was in language not fitting for publication on a public website.
We will, of course, endeavor to liveblog anything involving Fuld. (Anyone have odds on Fuld appearing?)
Letter To Robert B. Willumstad [House Committee On Oversight And Government Reform]
Posted by guest , Oct 05, 2008 9:29PM
Fuld is showing. He is not a criminal on the lamb...no way he risks a contempt of congress charge with all that is going on.
But his testimony will be measured as hell! No way he takes the chance of perjuring himself or getting screwed in subsequent testimony...i'd like visual if he has counsel at his side.
Odds he takes the 5th on any question?
- The Great Santini
Posted by guest , Oct 05, 2008 10:03PM
Tel Aviv Stock Exchange plunging. (First major market to open since Bush signed the bailout)
http://www.jpost.com/servlet/Satellite?pagename=JPost%2FJPArticle%2FShowFull&cid=1222017460012
Posted by guest , Oct 05, 2008 10:18PM
Henry Waxman:
The looks of a kid-toucher, and the brains of a tri-some.
Posted by guest , Oct 05, 2008 11:39PM
http://oversight.house.gov/documents/20080918144840.pdf
Posted by guest , Oct 06, 2008 12:11AM
@4
Thanks! I thought it must be out there somewhere.
Posted by ep , Oct 06, 2008 12:13AM
"Posted by guest, Oct 05, 2008 11:39PM
http://oversight.house.gov/documents/20080918144840.pdf"
Thank you!
Posted by guest , Oct 06, 2008 12:13AM
The American justice system never ceases to amaze me. Oversight, what oversight?? It's just an opportunity for air-time hungry politicians to add their two cents worth in the whole debacle.
None of these politicians (with the exception of Jon Corzine perhaps) have the faintest clue of these CDO's and how things have gotten so out of hand.
As another blogger has said, it's a case of the blind leading (or judging) the blind.
I think the days of the Great American Century has just ended before our eyes. Not that the US of A will become a third world nation as many have said. It's just that the US hegemony on world affairs is well and truly over. It's not necessarily a bad thing given the heavy burden that came with that status.
Posted by guest , Oct 06, 2008 1:03AM
Show trials! All those campaign contributions to all those Democrats and now look -- the first hint of some small "problems" and they protect their own political careers first.
And you can't even trust the media to let people know the politician's part in all this. They're too busy publishing DNC press releases as "news" and covering for Obama (their candidate) to help you folks out. Awwwwwww...