Financial Crisis Inquiry Commission Announces Witness List For First Public Hearing Next Week
Blankfein, Dimon, Mack and about 15 more are scheduled to testify before the panel which includes Brooksley Born among its commissioners. Cynically, I am inclined to believe it will be a useless charade conducted by a panel without power. However, the inclusion of Brooksley Born offers some hope for those seeking an honest examination of the events.
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From the Huffington Post:
Next week, the Financial Crisis Inquiry Commission (FCIC)-- the bi-partisan 10-member panel established by Congress to examine the causes of the financial crisis -- will hold its first public hearings featuring a selection of the nation's top bank executives -- Lloyd Blankfein of Goldman Sachs, Jamie Dimon of JPMorgan Chase, John Mack of Morgan Stanley and Brian Moynihan of Bank of America.
Last night the FCIC released the full witness list for the first public hearing. List and press release below:
The Commission will begin its thorough examination of the root causes of the crisis, hearing testimony on the causes and current state of the crisis from top leaders of both private and public sector entities.
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When: Wednesday, January 13, 2010: 9:00 a.m. ET
Thursday, January 14, 2010: 9:00 a.m. ET
Where: 1100 Longworth House Office Building, Washington, DC
Day One
Panel 1: Financial Institution Representatives
Mr. Lloyd C. Blankfein, Chairman of the Board and Chief Executive Officer
Goldman Sachs Group, Inc.
Mr. James Dimon, Chairman of the Board and Chief Executive Officer
JPMorgan Chase & Company
Mr. John J. Mack, Chairman of the Board
Morgan Stanley
Mr. Brian T. Moynihan, Chief Executive Officer and President
Bank of America Corporation
Panel 2: Financial Market Participants
Mr. Michael Mayo, Managing Director and Financial Services Analyst
Calyon Securities (USA) Inc.
Mr. J. Kyle Bass, Managing Partner
Hayman Advisors, L.P.
Mr. Peter J. Solomon, Founder and Chairman
Peter J. Solomon Company
Panel 3: Financial Crisis Impacts on the Economy
Dr. Mark Zandi, Chief Economist and Co-founder
Moody's Economy.com
Dr. Kenneth T. Rosen, Chair, Fisher Center for Real Estate and Urban Economics
University of California, Berkeley
Ms. Julia Gordon, Senior Policy Counsel
Center for Responsible Lending
C.R. "Rusty" Cloutier, President and Chief Executive Officer
MidSouth Bank, N.A. and Past Chairman of the Independent Community Bankers Association
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Day Two
Panel 1: Current Investigations into the Financial Crisis - Federal Officials
Honorable Eric H. Holder, Jr., Attorney General
U.S. Department of Justice
Honorable Lanny A. Breuer, Assistant Attorney General, Criminal Division
U.S. Department of Justice
Honorable Sheila C. Bair, Chairman
U.S. Federal Deposit Insurance Corporation
Honorable Mary L. Schapiro, Chairman
U.S. Securities and Exchange Commission
Panel 2: Current Investigations into the Financial Crisis - State and Local Officials
Honorable Lisa Madigan, Attorney General
State of Illinois
Honorable John W. Suthers, Attorney General
State of Colorado
Ms. Denise Voigt Crawford, Commissioner
Texas Securities Board and President, North American Securities Administrators Association, Inc.
Mr. Glenn Theobald, Chief Counsel
Miami-Dade County Police Department, Chairman, Mayor Carlos Alvarez Mortgage Fraud Task Force
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About the Financial Crisis Inquiry Commission (FCIC)
The bi-partisan 10-member Financial Crisis Inquiry Commission was created by Congress and is charged with examining the causes of the financial meltdown. It is also examining causes of the collapse of major financial institutions that failed or would likely have failed had they not received exceptional government assistance. The Commission is comprised of Chairman Phil Angelides, Vice Chairman Bill Thomas, and Commissioners Brooksley Born, Byron Georgiou, Robert Graham, Keith Hennessey, Doug Holtz-Eakin, Heather Murren, John W. Thompson, and Peter Wallison. Findings and conclusions are to be presented in a formal report to Congress and the President by December 15, 2010.
Jan 11, 2010 at 3:24 PM
Reader Comments (5)
DB reports...The bi-partisan 10-member Financial Crisis Inquiry Commission was created by Congress and is charged with examining the causes of the financial meltdown.
Gobias reports (the truth) This is not a bipartisan commission. "Although the newly established commission has subpoena authority…“the final bill requires that for it to do so, at least one of the commission’s Republicans must vote in favor — a change from the original language, which required only a majority vote or the agreement of the chair and vice chair…Republicans threatened to withdraw their support for the whole idea of a commission if this change wasn’t made.”
Is it Pecora in nature?
Gobias reports - Too early to say. "The Commission is technically in the Legislative Branch. The purpose is “to examine the causes, domestic and global, of the current financial and economic crisis in the United States.” We are required to issue a report to the President and to the Congress on December 15, 2010. The Commission Members cannot be Members of Congress, nor government employees of any sort. They are supposed to be “prominent United States citizens with national recognition and significant depth of experience in such fields as banking, regulation of markets, taxation, finance, economics, consumer protection, and housing.”
10 members. Here is the full roster, along with the Congressional leader who appointed each:
6 DEMOCRATS
4 REPULICANS
(Chairman) Phil Angelides (Pelosi, chosen as Chair by Pelosi and Reid
(Vice Chairman) Former Rep. Bill Thomas (Boehner, chosen as Vice-Chair by Boehner and McConnell)
Brooksley Born (Pelosi)
Byron Georgiou (Reid)
Former Senator Bob Graham (D-FL) (Reid)
me: Keith Hennessey (McConnell)
Doug Holtz-Eakin (McConnell)
Heather Murren (Reid)
John Thompson (Pelosi)
Peter Wallison (Boehner)
10 members. Here is the full roster, along with the Congressional leader who appointed each:
6 DEMOCRATS
4 REPULICANS
(Chairman) Phil Angelides (Pelosi, chosen as Chair by Pelosi and Reid) Think California and Pelosi on this one. As California State Treasurer he used the state’s pension funds to invest in clean energy and the fight against global warming – seeding the “green tech” investment revolution. Next on Obama’s agenda, the JOLLY GREEN GIANT TAX. This is the kind of guy that can ring Pelosi’s bell, he’s got the green thumb. Al Gorelioni endorsed Phil for governor of California, he ran against the Terminator and got terminated. Think tax the rich, government run health care, and Barbara Boxer (sorry, delete horrible image and move on).
(Vice Chairman) Former Rep. Bill Thomas (Boehner, chosen as Vice-Chair by Boehner and McConnell) REPUBLICAN PLANT / connections got him the job. Think President Bush, tax cuts, and watchdog. The elephant in the room.
Brooksley Born (Pelosi) Good pick Nancy! Brooksley warned us about over-the-counter financial derivatives products, such as credit default swaps. Not Janet Tavakoli but a good pick.
Byron Georgiou (Reid) Attorney (President of a Carbon Emission Reduction Company) Next on Obama’s agenda, the JOLLY GREEN GIANT TAX.
Former Senator Bob Graham (D-FL) (Reid) DEMOCRAT PLANT / connections got him the job. Bob “Big Government” Graham is all you need to know. Also heavy into academia (Haaaarvard).
Keith Hennessey (McConnell) WILDCARD – I like what I see so far.
Doug Holtz-Eakin (McConnell) WILDCARD – Academia to politics like our friend Bernanke. Most likely DB’s favorite as he is a fellow for Peterson Institute. He will need to be watched closely.
Heather Murren (Reid) ex Merrill Lynch (Hmmmm – that may be enough said – ML may have left her with bad habits and in need of an ethics course and brain washing)
John Thompson (Pelosi) Chairman of the Board of Directors of Symantec (heavy into the Green Movement) Corporation, a leading security software provider. Next on Obama’s agenda, the JOLLY GREEN GIANT TAX.
Peter Wallison (Boehner) WILDCARD - This guy is well connected for over 40 years. I like him because he thinks GAAP (accounting principles) needs to be rethought and reworked in today’s business.
*MINUS* 98, that is.
I mean PLEASE. Goldman Sachs has CLEARLY demonstrated that it holds the reign of power across all three branches of American government; legislative, judiciary and executive. Matt Taibbi's description of it as "a vampire squid" wrapped around our faces and sucking us dry is brilliantly descriptive in its accuracy. Goldman willl NEVER tolerate any meaningful investigations or inquiries into how we got to where we are right now financially.
NEVER.
and gobias...let me say again...great legwork on this story....very helpful and something i didn't have time to do...