Financial Crisis Inquiry Commission Hearing

The Banking Big Boys are testifying this morning in front of the FCIC.
“The Commission was established to “examine the causes, domestic and global, of the current financial and economic crisis in the United States.” The 10 members of the bi-partisan Commission, prominent private citizens with significant experience in banking, market regulation, taxation, finance, economics, housing, and consumer protection, were appointed by Congress on July 15, 2009. The Chair, Phil Angelides, and Vice Chair, Bill Thomas, were selected jointly by the House and Senate Majority and Minority Leadership. The FCIC is charged with conducting a comprehensive examination of 22 specific and substantive areas of inquiry related to the financial crisis.”
You can find the 22 specifics on the FCIC’s website.
I’m watching this hearing, where MS’s John Mack, JPM’s Jamie Dimon, GS’s Lloyd Blankfein, and BAC’s Brian Moynihan are testifying, and one thing stands out in contrast to previous testimonies that have been held in front of Congressional panels:  The FCIC commissioners are more concerned with actually getting answers to their questions, which is refreshing, since usually we see the members of the House Financial Services Committee or the Senate Banking Committee firing off grandstanding questions in 3 minute time frames without even intending to get real answers.  The FCIC is made up of civilians, some of whom were previously elected officials.
Bess Levin at Dealbreaker has her usually unique “live blog” of the hearings running now, including a reference comparing Lloyd Blankfein’s testimony to a classic Mike Tyson blowup.
One thing I definitely miss is Ken Lewis’s big red flummoxed looking face. His replacement, Brian Moynihan, looks like a slightly turtled up version of Patrick Swayze (R.I.P).
-KD

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