James Cayne and Alan Schwartz, who served as chief executive officers at Bear Stearns before the firm collapsed in 2008, will testify on May 5 along with former Securities and Exchange Commission Chairman Christopher Cox, the commission said today in an e-mail statement.
Since recent events have demonstrated the government’s inability to ask the right questions, and we want to actually get something out of this thing, let’s come up with a few now to send their way. I’ll start: Mr. Cayne. When confronted about the fact that your office smelled like pot, you attributed the scent of marijuana to “a new leather couch in my office,” and later demanded a fellow executive come take a whiff, asking him, and I quote, “does the couch smell like pot or not?” Did you realize at the time just how genius that was or, in a rare moment of self-awareness combined with a seriously paranoid trip,* did you sweat bullets figuring no one would buy it?
Geithner, Bear Stearns Executives to Testify for Crisis Panel [Bloomberg via DI]
*That’s the last time you buy from a degenerate first year in the alley behind 383 Madison.