Mush from Angelides on the Financial Crisis Inquiry Commission
IIRC, there were two or three commissions before the Pecora Commission. Looks like it could take us two or three rounds to get it right this time, too. New Deal 2.0 quotes the opening remarks of chair Phil Angelides:
Let me conclude with this thought: There is much anger, and justifiably so, about what has transpired. The public’s trust in our financial system has been badly shaken. Many Americans who abided by the rules now find themselves out of work, devastated by foreclosures, uncertain of their future prospects. [While many who didn't are collecting huge bonuses.] There is a hunger to see those who profited from irresponsibility take responsibility, for wrongdoers to be held accountable. Yet the most important task in front of us is shed light, not heat. For us to take stock of what has happened and give a true accounting so the important work of restoring faith in our economic system can begin.
Hmm.... Now who does that remind me of?
In the wake of the market crash of 1929, there was a whole generation of Americans who would not put their money at risk in what they considered to be [No. What was] the casino of the stock market. The Dow Jones Industrial Average did not regain its 1929 peak for 25 years. We can ill afford a similar prolonged lack of faith and trust.
Kudos, however, to Angelides for saying out loud that the problem is not confidence, but trust.
It is my hope that, together, we can rebuild and sustain a system of capital that helps us create enterprises of value, that puts Americans to work so they can support their families and fulfill their dreams, and that provides the foundation for a new era of broadly shared prosperity.
[Reach me that bucket, wouldja, hon?]
Here's what you really need to know:
Powers of the Commission. Like most Congressional committees, the Commission has the power to hold hearings, take testimony, receive evidence, and administer oaths. The Commission can also issue subpoenas and has two distinct procedures for enforcing them. The general enforcement procedure involves a district court ordering the subpoenaed person to appear or produce evidence. Failure to obey may be punished as a contempt of that district court. The Commission can also enforce a subpoena through Congress's criminal contempt statute. Under the statute, failure to obey a subpoena can lead to a fine of up to $100,000 and up to one year imprisonment. The Commission cannot issue subpoenas on a purely partisan basis. The affirmative vote of at least one Republican appointee is required. Importantly, the statute likely also provides for staff deposition authority.
Can you say "kabuki"? I thought you could. Since the banksters own the leadership of the FKDP anyhow, they can stop anything substantive. And if they want to stop even the cosmetic -- or pick which "bad apple" gets indicted -- all the banksters have to do is get to one Republican. Sweet!
NOTE Via Stop Me Before I Vote Again.