What to make of the first hearing of the Financial Crisis Inquiry Commission?
Those expecting fireworks were disappointed. We got a little bit of heat when Chair Phil Angelides took Goldman CEO Lloyd Blankfein to task for betting against securities his firm helped package and sell.
But there was no scourging, no primal screaming. Those who are angry about this crisis did not find an outlet here.
So what did we learn? We learned that the commission is digging into documents. There were repeated requests for documents. Documents about risk management, about mortgage markets, about almost every big issue in the financial collapse. The bankers are going to be spending a lot of time with their files. (OK, the bankers' lawyers will be spending time with files.)
This might help us answer the question that was posed by JP Morgan Chase CEO Jamie Dimon at today's hearing. He wondered what this crisis took everyone by surprise:
Comments
It is simply amazing to me that these guys can cause the financial ruin of a company (and all the people that hold money with them via stocks or policies or whatever) and get paid millions of dollars for it! Any other business doesn't work like that, why can they?
Traffic
Regulation by the Fed
is what they said?
Better dead
than Red;
but better shred the Fed!
Orange
you green
with envy that you are Red
not dead?
STOP THE S.O.B.s!
Selfish Obscene Bankers' Bonuses!
America needs a champion to STOP the S.O.B.s.
Obama should create an immediate Executive Order
to STOP the S.O.B.s The bankers would scream and holler and they might even sue the government. Then their FRAUD could be examined in a PUBLIC COURT with a jury of AMERICAN CITIZENS.
WE could fill the vacancies at the Guantanamo Bay
Resort with Bankers.
The bankers deserve a SPEEDY TRIAL for FRAUD,
NOT MORE S.O.B.s.
OC Grammy
Nightly Business News
Ok!, since the start of 2010, here is my assessment of your new format and new presenter on PBS New York at 6:30 PM.
The visuals are not very good at all.
A) The white borders around each Company entry are too big and thick. The glare of the whiteness by the white lights behind the cameras blurred the borders and their reflection on my TV screen causes eye strain. It is an ordeal to attempt to read the titles and numbers.
The narration is not good at all.
B) Paul’s new replacement to narrate the blinded information I think his name is Tom (He spoke so fast that it did not matter). “Tom” employment contract must be based upon the number of words he spiels out in his allotted time. He talks too fast I cannot understand few; if any his garble words.
Be not concerned, about my observation I decided to read the Wall Street Journal my leisure.
J Duffy
Financial Crisis Inquiry Commission-about time-will anyone be prosecuted for financial crimes against the American People? Maybe a select few will be thrown under the bus but the peoples' anger will not be pacified. There is blame aplenty at every level. The greed and corruption at the corporate and federal level are destroying this country. I hope more people take the time to learn how The Federal Reserve works. No matter your political leanings there is one conclusion--END THE FED!!! They really do create
money just by typing numbers into a computer. Up there at the top of the pyramid nobody has to work or compete for some money/numbers. It's all about power and control up there. We are being duped.
My wife,3 young children and myself are victims of a 'Ponzi scheme'.This one is the 'Bruce Friedman' scheme out of L.A.I even signed a insurance contract with Jackson National Life (Lansing,MI) for $600,000 to cover the amount of the Equity removed from the value of my house.Jackson National Life has put it in writing that my $600,000 contract with them is only worth $60,000 !My wife and I have been paying our Mortgage since Mar. 4th 2009 since the SEC moved in to liquidate DLG(the co.owned by Bruce Friedman).If the government doesn't help us with this serious problem we will lose our home and business.Please let President Obama know we live in Hawaii and we urgently need his help.
The big bankers just don't get it. They have ruined alot of us by their ridiculous gambling of corporate assets causing a almost total meltdown of our system, get bailed out by their buddies and now find nothing wrong with millions of dollars of bonus's. Those at the top need to be thrown out. If they pulled this stunt in China they would had their lives taken from them. Shame on them!!! Thanks to Phil Gramm the gates were opened so they could leverage out 36 to 1. Thanks to Barney Frank and Chris Dodd they were allowed to loan money to poor people without jobs or the ability to pay back loans with no doc loans. Now Dimon still says that we don't need Glass-Stegal. Who wants his opinion. He is a part of the overall problem. These guys are all part of a banking frat house. Who protects the little guy who has to compete with people selling short stocks that they don't own. No one has changed this problem. Bankers don't deserve bonus's when they lose money. Bonuses are supposed to be extra pay when extra results have been accomplished. These guys just don't get it.