Update From Financial Crisis Commission Hearings

Live-Blogging The Bankers  (Absolute MUST READ for laughs)

Blankfein Response on Role Was ‘Troublesome,’ Angelides Says

Michael Mayo testimony: Banks an 'Industry on Steroids'

Bank CEOs: We Didn't Foresee Severity of  Crisis

Blankfein Says He Wasn’t Asked to Take AIG Haircut

Blankfein's prepared statement

Kyle Bass' prepared statement (excellent)

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(Adding more links as we find them)

Comments

[James H]

Everyone who's interested should check out Kyle Bass's prepared testimony. It's awesome. Among the gems:

"If they are to exist going forward, Fannie and Freddie should be 100% government-owned, and the government should simply issue mortgages to the population of the United States directly since this what is essentially already happening today, with the added burden of supporting a privately-funded and arguably insolvent capital structure."

[absolutely. why should the bailed out bondholders be allowed to bleed us white?]

"The fact that the taxpayer was essentially forced (in the spirit of systemic risk reduction) to buy EQUITY in Citigroup rather than be senior to existing creditors/bondholders is an affront to the US taxpayer."

[indeed. every move made by Fedtreasuryadministration has been at our expense and unnecessarily so.]

There are other good points on how banks profit from the implicit TBTF guarantee and how SIV's and other off-balance sheet accounting should be banned outright.

Bravo to Kyle Bass.

[DailyBail]

nice summary james...

bass gets it right...