Bailout Oversight

Committee on Oversight and Government Reform:

Committee to Hold Hearing on Causes and Effects of the Lehman Brothers Bankruptcy
The Committee is holding a hearing to examine the regulatory mistakes and financial excesses that led to the bankruptcy filing by Lehman Brothers. The hearing will be held at 10:00 a.m. on October 6, 2008, in Rayburn House Office Building room 2154.

Click here for live video of the hearing.

The following witnesses have been invited to testify:

Dr. Luigi Zingales, Professor of Finance, University of Chicago

Dr. Robert F. Wescott, President, Keybridge Research LLC

Nell Minow, Chairman of the Board and Editor, The Corporate Library

Gregory W. Smith, General Counsel, Colorado Public Employees’ Retirement Association

Peter J. Wallison, Arthur F. Burns Fellow in Financial Policy Studies, American Enterprise Institute

Richard S. Fuld, Jr., Chairman and Chief Executive Officer, Lehman Brothers Holdings

Documents and Links
Chairman Waxman's Opening Statement (164 KB)
Supporting Documents for Chairman Waxman's Opening Statement (1 MB)
Oral Testimony of Luigi Zingales (38 KB)
Written Testimony of Liugi Zingales (131 KB)
Testimony of Robert F. Wescott (163 KB)
Testimony of Nell Minow (32 KB)
Testimony of Gregory Smith (700 KB)
Testimony of Peter Wallison (94 KB)

Today begins the parade of after-the-fact oversight of the financial markets bailout bill passed last week.

The problem from a practical perspective is that with the Congress adjourned until next January, the hearings can go on, but they can't actually do anything with any of the information they glean from them without reconvening. They can't legislate based on what they learn, and they certainly can't enforce any subpoenas, even when they are in session. So anyone who doesn't feel like showing up can just decide not to, I guess. See also: Troopergate.

So they're pretty much for show. Might as well watch the show, though. After all, you're paying for it.