FCIC Set To Question Bank CEOs In Search For 'Accountability' In Financial Crisis

NPR:

Top executives from four of the biggest banks that got federal bailouts are likely to face tough questions Wednesday from a commission charged by Congress to do the most thorough investigation yet into the causes of the financial crisis.

Read the whole story: NPR

Comments

[NeoconGal]

12:29 AM on 01/18/2010

We don't need no stinkin accountability.

[munki]

12:33 PM on 01/14/2010

If they are really sincere... we did not have this day of economy meltdown...

Why? Risks were there...

If they did not see it forthcoming... they are NOT qualified to be CEOs and
moreover... bonuses ... not a penny

Sorry... Make PRIORITIES straight...

Do not play with OPM < Other People's Money...

Do you remember Danny DeVito's movie and few more?

They knew and CEOs - you knew RISKS...

How are you going to explain this?

[dkart]

12:21 AM on 01/14/2010

/Goldman Sachs

Go Figure

The best and the brightest only sold junk derivatives to "sophisticated" buyers therefore “Caveat emptor.” Apparently buyer beware doesn’t apply when the best and the brightest are the buyers of insurance on those same products.

[Godfearing]

04:25 PM on 01/13/2010

Consumer spending is the whole key to the financial downfall. Craft stores, bath towel stores, card stores, among other carry no products that are necessities. State lotteries and casino that were legalized by lobbyist from the Republican party are draining the pockets of many American citizens.
All is lost until we make a giant adjustment to this problem. www.liamstrategies.com

[Lisa Ryder]

12:11 PM on 01/13/2010

CALLER - Why should we borrow our own money from a private consortium of bankers? Isn't this why we had a revolution, created a separate sovereign nation and a Bill of Rights? MR. SUPINSKI - (Declined to answer). CALLER - Has the Federal Reserve ever been declared constitutional by the Supreme Court? MR. SUPINSKI - I believe there has been court cases on the matter. CALLER - Have they been Supreme Court Cases? MR. SUPINSKI - I think so, but I am not sure. CALLER - Didn't the Supreme Court declare unanimously in A.L.A. Schechter Poultry Corp. vs. U.S. and Carter vs. Carter Coal Co. the corporative-state arrangement an unconstitutional delegation of legislative power? ["The power conferred is the power to regulate. This is legislative delegation in its most obnoxious form; for it is not even delegation to an official or an official body, presumptively disinterested, but to private persons." Carter vs. Carter Coal Co.] MR. SUPINSKI - I don't know, I can refer you to our legal department. CALLER - Isn't the current money system a house of cards that must fall because, the debt can mathematically never be paid-off? MR. SUPINSKI - It appears that way. I can tell you have been looking into this matter and are very knowledgeable. However, we do have a solution.
http://www.the7thfire.com/Politics%20and%20History/Federal-Reserve.html

[Lisa Ryder]

12:00 PM on 01/13/2010

The Housing and Economic Recovery Act of 2008: An Analysis by Catherine Austin Fitts
"In 1994, after the first FHA/HUD financial audit was published, a mortgage banker came to see me. He was a serious engineering type who clearly worked hard and had mastered the details of his business. He was distressed, he said. For decades he had been keeping a tally of total outstanding FHA/HUD mortgage insurance credit. He had brought printouts of his database for me. It turned out that the government’s published financial statements showed the amount outstanding was substantially less than the actual amount outstanding. He was sure. I assumed that the guy was crazy. If what he said were true, then the U.S. Treasury and the Federal Reserve would have to be complicit in significant fraud, including securities fraud." http://solari.com/index.php?id=94&searched=myth+rule&highlight=ajaxSearch_highlight+AS_ajax_highlight1+AS_ajax_highlight2

[gtposse]

11:40 AM on 01/13/2010

The least we knew two things about the mobsters during the long-gone era their activities were criminalized, however, if you played ball with them they took a cut of your profits, protected you from other gangsters and everyone lived happily ever after. Off course, if you double-crossed them you knew what the “penalty” was.

Like the gangsters of old these gangster of today also dress up in suits but what they do is done under the guise of legality, the difference is, they don't share in any of the profits however, when they lose taxpayers pick up the tab when they win they keep the winnings and if you double-cross them they charge you usury rates and jack up your fees all for the pleasure of doing business with them.

Instead of “cutting you lose” you become indebted to them for the rest of your life and, if allowed, the indebtedness is passed on to the next generation.

[marshhen]

10:46 AM on 01/13/2010

Good article by Real Clear Markets:

http://www.realclearmarkets.com/articles/2010/01/13/goldman_sachs-aig_its_likely_worse_than_you_think_97587.html

[MadeandBakedintheUSA]

10:16 AM on 01/13/2010

Ask who has a relationship with Richard Rainwater? GW Bush's ex-partner BILLIONAIRE!

[hellboundtrain]

10:08 AM on 01/13/2010

Perhaps we should question the legislators behind Gramm-Leach-Bliley Act and the Modernization Act that, once signed, made the looting effortless? And, what banking interests were the money behind those efforts?

[MadeandBakedintheUSA]

10:14 AM on 01/13/2010

2003-Bush's Proclamation National Homeownership Month-'NEW TOOLS & NEW RESOURCES'

'NEW TOOLS & NEW RESOURCES'

What were those gvt tools resources 2003?

2003 Bill to regulate Fannie/Freddie went nowhere/

2005-Bill to regulate Fannie/Freddie passed House,dropped in the Senate

3-8-04 - (bloomberg)

AIG,Citigroup,Merrill Backs Bush

-$2.9mil Bush

-$275,000 Kerry!

[StJames]

09:42 AM on 01/13/2010

When Jamie Dimon took over as CEO of JP Morgan Chase, one of the first things he did was to get rid of some of those toxic assets. I would like to ask him what they did with them as we know they didn't give them away and this was before the huge write offs.

[blico]

09:36 AM on 01/13/2010

I wonder if this might come out in the hearings?

We the bankers "borrow" money from the fed at 0%.
We then buy fed bonds with the "borrowed" money at a 3% return.
We then cash in the bonds and collect our interest.
We then "borrow" money from the fed at 0%.............and so it goes.
It really is just smart business decisions that we the bankers and congress are making.
And --- Why should we the bankers lend to anyone else? We are doing perfectly fine..thank you!
And --- Please keep the presses running!
This works well for the banks and works for the govt.
Many small S-Corps run this way for awhile.

[abby4ever]

09:31 AM on 01/13/2010

You can go at this two ways, solution-wise.

You can do the Move Your Money thing, the whole nation could do it, until these big banks go b.ust because they have nothing left to work with. As I've said, their only power is the money they have, and its ours. Take it away and they have no more power to j.erk the gov't around, which is what they are doing, no more power to demand taxpayer money to bail them out of their own mistakes.

Or you can get campaign finance reform so that politicians no longer get money for their campaigns from these types, in which case these types won't hold any more sway over them, in which case the politicians, those in power, can come down really h.ard on them.

The first is much quicker. And just better all around.

[VegasBabe]

09:58 AM on 01/13/2010

Actually, I'd like to see us exercise both options!

[abby4ever]

10:55 AM on 01/13/2010

Hello, said that to you on the Haiti thread.

Yes, both are needed, but a mass, nationwide pullout of our money from these big ar.rogant banks would sure send them the right message. Nothing else will work to break their power. Money IS their power...but the money happens to be ours.

:]

[poco767c]

09:26 AM on 01/13/2010

New Main :: Haiti

[poco767c]

09:21 AM on 01/13/2010

OT: http://www.biolsci.org/v05p0706.htm

It seems that the herbicide resistant GM corn that a certain company (it begins with an M) makes does bad thinks to r@ts kidneys, livers and other organs.

Just a heads up, there isn't a lot you can do as the corn is potentially in most things you buy as GM doesn't have to be declared.

[peacekitten]

09:25 AM on 01/13/2010

no, but in this country the products that don't use it are usually pretty proud to let customers know that on the package.

monsanto is a corporation just itching to have its charter revoked.