Feeds: Email, RSS & Twitter

Get Our Videos By Email


8,300 Unique Visitors In The Past Day


Powered by Squarespace


Search The Archive Of 15,000 Videos




Hank Paulson Is A Criminal - Pass It On

"The Federal Reserve Is A Ponzi Scheme"

Get Our Videos By Email


Bernanke's Replacement: Happy Hour In Santa Cruz

Must See: National Debt Road Trip

"Of Course We're Not Going To  Payback the Chinese."

Dave Chappelle On White Collar Crime

Carlin: Wall Street Owns Washington

SLIDESHOW - Genius Signs From Irish IMF Protest

SLIDESHOW - Airport Security Cartoons - TSA

Most Recent Comments
Cartoons & Photos
« Worst Trader In The HISTORY Of The World: Chinese Central Bank Chief Loses $430 Billion On U.S. Treasuries | Main | Roubini: Bernanke's QE Fantasy Will Fail, Double-Dip Odds Now 50% (CNBC VIDEO) »

WATCH LIVE: Financial Crisis Hearings (Wachovia's Robert Steel, Lehman's Dick Fuld Both Testifying)

Some background, live video of the hearings and prepared statements from the guilty.





Essential Dick Fuld & Lehman background:



  • Text below was written by C-Span

Former Wachovia executive Robert Steel told a panel investigating the 2008 subprime mortgage crisis that he was directed by U.S. bank regulator Sheila Bair to sell Wachovia. Later, ex. Lehman CEO will blame financial regulators for being denied government bailout aid.  

Steel told a 10-member Financial Crisis Inquiry Commission (FCIC) panel this morning that in 2008 he was ordered by the Federal Deposit Insurance Corporation (FDIC) to sell his company to avoid a banking system collapse. In testimony to the committee, Steel said that Wachovia didn’t need government support if negotiations with Citigroup continued but “Chairman Bair directed Wachovia to commence negotiations with Citigroup” or he was told the “FDIC was prepared to exercise its powers to effect an open bank assisted transaction.” 

The commission is meeting today to hear from Steel, Former Lehman Brothers chairman and CEO Dick Fuld and government regulators on how the 2008 banking bailout deal was accomplished. The two-day hearing also looks into the concept of "too big to fail" -- the idea that some banking businesses are so important to the nation, that it would be disastrous if they were allowed to fail.

Former Lehman Brothers chairman and CEO Dick Fuld will appear later today and is expected to blame government regulators for not providing bailout aid when "support [was] given to each of its competitors and other nonfinancial firms." Fuld will also state that the same regulators relied on “flawed information” when assessing Lehman's financial state, which he claims ultimately led the firm's "forced" bankruptcy.

Federal Reserve Chairman Ben Bernanke and Federal Deposit Insurance Corp. Chairman Sheila Bair are scheduled to testify tomorrow.





PrintView Printer Friendly Version

EmailEmail Article to Friend

Reader Comments (4)

Sep 1, 2010 at 2:05 PM | Registered CommenterDailyBail
If anyone wants to watch and post comments here that would be great...i'm busy putting other stories together so i can't do it...
Sep 1, 2010 at 2:09 PM | Registered CommenterDailyBail
It's great to hear from you and see what you've been up to. In your blog I feel your enthusiasm for life. thank you. kesayr kesayr - <a href="http://www.nikeshoxchaussures.eu">shox nz pascher</a>.
Apr 13, 2012 at 1:59 PM | Unregistered Commentertkblge tkblge

PostPost a New Comment

Enter your information below to add a new comment.

My response is on my own website »
Author Email (optional):
Author URL (optional):
All HTML will be escaped. Hyperlinks will be created for URLs automatically.