Tuesday, September 16, 2008

Pelosi Orders Wide Wall Street Probe

House Speaker Nancy Pelosi has ordered a broad, swift investigation of Wall Street and will demand testimony from Bush administration officials and Wall Street officials.

Rep. Henry Waxman (D-Calif.), chairman of the House oversight committee, wrote to Richard Fuld, chief executive of Lehman Brothers, to ask him to appear on Capitol Hill on Sept. 25.

“The hearing will examine the regulatory mistakes and financial excesses that led to yesterday's bankruptcy filing by Lehman Brothers,” Waxman wrote. “The committee will also explore the impacts of the Lehman bankruptcy on financial markets and the United States economy.”

Separately, Rep. Barney Frank (D-Mass.), chairman of the House Financial Services Committee, plans a forward-looking hearing with economists on Wednesday to “begin a conversation about where we go with the capital markets,” a House aide said.

Since Pelosi, Frank and Waxman combined have less of a knowledge of how the financial system works than Vladmir Putin, these should be interesting hearings. Who needs Saturday Night Live with this show about to begin?

-Robert Wenzel

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