The other day an e-mail hit in the early evening hours and I posted up the substance of, this is a cut of that.
Angered at what it viewed as foot dragging, a special panel charged with getting to the bottom of the nation's deep financial crisis issued a subpoena Wednesday to compel information from Moody's Corp.
It was the first such subpoena issued by the Financial Crisis Inquiry Commission, and comes just days before Moody’s CEO Raymond McDaniel Jr. is scheduled to appear before the Senate Permanent Subcommittee on Investigations.
In a statement, FCIC Chairman Phil Angelides and Vice Chairman Bill Thomas accused Moody’s of "failing to comply with a request for documents in a timely manner."
Found at that first McClatchy report.
Then yesterday, right about the same time of day, I get another first report from same source in my e-mail box. Having just posted another item I placed this in a mcjoan front page diary about the SEC as well as the open thread that followed, this morning I saw that mcjoan took the same report and front paged abit later.
This is a cut from that.
A Senate panel investigating the causes of the nation's financial crisis on Thursday unveiled evidence that credit-ratings agencies knowingly gave inflated ratings to complex deals backed by shaky U.S. mortgages in exchange for lucrative fees.
The Senate Permanent Subcommittee on Investigations will hold a detailed hearing on Friday, where its chairman, Sen. Carl Levin, D-Mich., will introduce e-mail records in which executives from Standard & Poor's and Moody's Investors Service acknowledge compromising the integrity of ratings to win business from big Wall Street firms.
"They did it for the big fees they got," Levin told reporters on Thursday after outlining the broad strokes of what he'd pursue Friday when he puts current and former ratings agency officials on the hot seat....
You might want to keep an eye and or an ear to the Senate Hearing today, it should be reeeeeely interesting.
This is the Committee's page on the hearing that starts at 9:30est..
C-Span has the hearing listed right at the top on it's site page. The above Senate link gives the people who are appearing in each panel and a link to the exhibits to be presented apparently and gives warnings that that's a very large download.
Well this morning I caught an interesting piece in the Charlotte Business Journal that I read but just shook my head thinking oh well business as usual for the big corps, seems some in the execs offices wanna play hush hush and hope nobody notices.
Wells Fargo's $7 million secret?
Wells Fargo continues to quietly pay bills for PGA Tour event
Snip
The bank appears well on its way to ensuring its anonymity next week at Quail Hollow Club as Tiger Woods, Phil Mickelson and the rest of the world’s top players battle for a $6.5 million purse before sellout crowds. Wells Fargo is writing the biggest check as the lead sponsor, but fans and TV viewers instead will hear announcers trumpet only the host club’s name at the Quail Hollow -->-->-->
Like I pointed out above, not a yawn but the typical business practices we've been seeing for a long time but especially more then gross in a tanked economy.
But apparently there's even more 'secrets' that Wells Fargo are keeping more then hush hush in these times especially, but like what seems to be breaking out as to Moody's and others can't be kept for long.
McClatchy, which owns the Charlotte Observer, has another of Wells 'secrets', giving it light today.
Wells Fargo board's business, personal ties raise eyebrows
A Wells Fargo bank branch in San Francisco. Board members' responsibilities include overseeing the CEO and protecting shareholders. 2008 GETTY FILE PHOTO
One powerful member of the Wells Fargo board of directors has a son who works for Wells, making more than $700,000 last year.
Another has a brother who works at the bank. Two directors run software firms that sell products to Wells, and another runs a security company that did $2.6 million worth of business with the bank last year.
Those five board members, along with 11 others, are up for re-election Tuesday at Wells' annual meeting in San Francisco. The bank has 19,000 employees in Charlotte after scooping up crippled Wachovia in 2008.
Snip
Government pressure already has forced the boards of Bank of America and Citigroup to purge longtime directors in favor of new, financially experienced members. Up to now, the Wells board hasn't undergone that kind of public scrutiny.
"Citigroup and Bank of America both have boards that are more capable than they were a year ago," said James Post, who teaches corporate governance at Boston University. "Now the focus turns to other banks."
Some proxy-advisory firms - which counsel institutional investors on how to vote their shares - are telling clients to vote against some of the Wells Fargo board members, citing concerns about their independence. -->-->-->
While the article does point out that what these board members have as connections and possibly more is not illegal, but like many reports over the years and especially the last couple these types of reports leave one more then scratching ones head. Are these the 'best of the best of the best..........' , in this whole country that are connected in and around our Banking Systems and Wall Street, just like Haliburtan is and was the only general contractor In The World experienced enough to garner No Bid Contracts as to the Two Occupations, and more, and what the Government were readily turning over to them to handle in both theaters of operations, same for our now private merc army!
Something tells me that if the look went to the way lower level executives or just employee's within we would find many that would qualify to handle the jobs at the top and more then likely much more knowledgeable as lower level workers actually know how companies function, they work together to get that needed work done.