Let the games begin!
Wall Street may be heading for the deepest investigation of its practices since a congressional panel’s probe of abuses following the 1929 stock market crash.
House Speaker Nancy Pelosi plans to push for a comprehensive inquiry, saying that three-quarters of Americans want to know what led to the bankruptcy of Lehman Brothers Holdings Inc. and the collapse of Bear Stearns Cos. and Merrill Lynch & Co. She favors one patterned after Senate Banking Committee hearings led by Ferdinand Pecora starting in 1933, according to her spokesman, Nadeam Elshami.
Pelosi Wall Street Probe Follows Pecora After Crash [Bloomberg]
Please let Maxine run this.
I hope they add Fannie to this investigation.
California should parole Manson and release him at the general aviation terminal at SFO
Pelosi gets that Fatima Blush orgasm look on camera — made for live TV
@1 killed it.
also, unless i missed the news from the past say … 15 months. i’m perfectly well aware of how the lehman/bear stearns/merrily lynch/citi/JPM/BAC clusterfuck happened. in fact, she can watch it here:
http://www.pbs.org/wgbh/pages/frontline/meltdown/view/
someone probe the government
@6
Rush Limbaugh
@5
pbs is not a valid source, i.e. the average american avoids it like SARS. the average voter likes to be spoonfed, i.e. cable news
But no Lobby reform? or Tort reform? Congress has a collective IQ of 10 WTF?
Don’t Hate! Go Legislate!
I really hate Politicians
what, exactly, do you mean when you say “weekend prosties included if i’ll chair the commission”?
75% of Americans want to know what led to Lehman’s bankruptcy? hahaha! I wonder what happened to the other 25%? That should be a thread discussion of its own!
75% Americans wish Pelosi would just go away…or so say my sources.
Seriously, how much time / money / resources will be wasted on this? Al we will get out of it is hours upon hours of mindless chatter on TV that no one wants to listen to and then some 1000 page report on it that no one will want to read. Can’t wait.
if Nancy Pelosi is lookin for a “probe” I’m up for it! I’d tap that paesana soupchicken in a minute!
http://www.urbandictionary.com/define.php?term=soup+chicken
I think we should start a fund to compensate the next Wall Streeter who gets called in front of these maroons for calling Pelosi Et. Al out on their idiotic, hypocritical bullsh!t.
Pelosi: “Why are you cutting off credit to my constituents? Why are you wasting so much money on bonuses and private planes?”
Wall Street Guy/Gal: “I could ask the same question of you, Mrs. Pelosi…”
Crowd: “Ohhhhhh sheeeeeeeiiiiiit!” *pound*
I could walk outside right now and poll 10 people about Pelosi and 10 people would suggest she go away.
Why not probe Nancy about her son working with BofA, Countrywide, JPM or why she had to have so many children? Or why she feels it necessary to judge others so harshly?
This is just the result of polling that all policians do to find ‘hot button’ issues they can have a ‘hearing’ on to help boost their image/numbers with constituents to get re-elected.
She’s just setting up an easy bully pulpit for the 2010 election cycle democrats she wants to give a boost to.
This is what we have to look forward to for the next few years until the GOP cuts off the hillbilly Palin/Limbaugh/Glen Beck crowd and figures out how to win elections in a Post-Obama world.
Pelosi wants to investigate. Would it be more rich if Barney Frank led the way, and if Chuck Schumer and Chris Dodd in the Senate led their own investigation.
Somebody needs to remind these people where their campaign money comes from.
@11, I call bullshit that the percentage is even 50%.
@11 and 18
I will be willingly to go out on a limb here and say ONLY 25% of Americans could tell you what LEH was, and that it went bankrupt.
Of those 25% i would bet less than 1% could tell you the difference between an investment bank and a bank holding company.
I believe Maxine Waters does not fall within that 1%. But i was really hoping for some of her crazy today.
I don’t believe 75% of Americans are even literate.
@19
Oh the irony of your last statement and your first statement….
I didn’t know that GULF of ADEN,pirate’s haven, is the extension of Wall Street until I saw Erin Burnett doing show there.
In fact, I waited for Erin to interview one.
So it’s like NY’s Wall Street has its own bunch of PIRATES!
This story broke Mon or Tues and it is typical Capitol Hill bullshit. Pelosi is not calling for an independent investigation. She has been enjoying the graft via contributions benefit so much she wants a congressional investigation that will be staffed by congressional meatballs. She is lame, and this is her lame effort to pacify. Remember, she has to protect Dodd, Frank, Schumer and a host of other ass hats besides herself.
19- So true. I was talking with a science PhD student recently about Wall Street and he started talking about “Morgan Stearns.” Was he referring to JP Morgan in the manner in which Dealbreaker talks about Bank of Amerillwide? Or, did he think that was actually the name of a real company? Sadly, the context of his remarks leads me to think the second scenario is the case. All that the average American knows is that they’re pissed off that other people are richer than them.
@23 No! They are pissed off that a bunch of asshats bribed a bunch of congressional whores to destroy the whole financial system and now they are being asked (not asked! Told!) Their money will be used to bail the collective cluster fuck out!!!!
Sheesh! No one cares that someone gets paid a lot so long as it isn’t with THEIR money. The fact that you can’t comprehend that is rehensible!
Why don’t they investigate all the fraudulent mortgage brokers? The folks with a degree in landscaping who miraculously overnight are driving around in expensive cars peddling products (and the associated rules/math that goes into them) they didn’t even understand?
Those guys are long gone with their cash. Claw that shit back!
-mrp
I’d like to use Rosetta Stone to learn Aramaic then have someone teach me about theoretical physics in said language.
See how ridiculous that sounds, Nancy?
@25
Yeah, the following is anecdotal, but big deal:
I knew this guy in Seattle about six years ago, he had just failed out of University of Montana and he was working for this (long since defunct) “mortgage broker”. Within a few months he was a “team leader” pulling in 750K conservatively. Shit was straight out of boiler room.
Anywho, the mansion he lived in on Mercer Island and the THREE brand new cars (Lexus, Expedition, Benz) he had have all been foreclosed/repo’d.
Last time I talked to him he was living with his dad. He was also bitching about how it was the banks fault for lending him money for shit they knew he couldn’t afford.
The dude that owned that mortgage chop shop (at least on paper) od’d in Negril.
Pink, the money Joe-sixer made from the housing bubble is so long gone that it may as well never have existed in the first place…