12:45: And we're back (previously).

Lewis thought due diligence was done "adequately." He kicked the tires, took a look under John Thain's hood. What do you want?

12:53: We didn't say anything about the losses 'cause we didn't want to "shock" or "spook" the markets. I mean, you saw what Merrill was packing, right? Slasher film-status.

Rep Kucinich is back on the fact that Lewis claimed to not remember asking for a letter from the government re: taking on a metric asston of losses, even though an email from Paulson indicates he did.

Kucinich: CEO's should have good memories.

Lewis: I have a good memory, except for the times I black out.

1:20: Elijah Cummings is taking this to a heavy, philosophical place I don't appreciate (these things are for batshit insanity.) "Why didn't you leave this deal on principle?"

This is good: "Tim Bernanke"

"How could a man of your stature go through with this, knowing what you knew? You're not some bank teller." [bank tellers: "hey!"]

Chairman Edolphus makes a good point, which is that we're only getting one side, and need to also interrogate Paulson and Bernanke, which they're planning on doing. Except that they should've grilled them all at the same time, together, which would've been not just hilarious but possibly actually effective, 'cause Lewis isn't going to lie with the Hammer sitting 5 feet away. Also, if they really wanted to get anything out of this, Congress should've made this a traveling show, and performed the hearing at the various scenes of the crime (the meat locker Paulnanke took Lewis to, the trail Paulson was biking riding on during the December 17th phone call, etc).