Congress Opens Hearings On Burgeoning Financial Crisis
Politicians Vow Not to Rest Until at Least Three Scapegoats Who Are Not Congressmen Are Found, Or Until Every Senator Appears On TV Saying ‘Main Street’….Whichever Comes First
Rep. Henry Waxman, D-Clueless-Calif., chairman of the House Oversight and Government Reform Committee, threw out the first steaming pile of irony at the hearings when he said giant investment bank Lehman Brothers was “a company in which there was no accountability for failure.”
Waxman apparently missed television coverage of Lehman employees leaving the building with their possessions in boxes while Congressional members high-fived each other on the floor of the House and Senate before returning to their offices.
Rep. Waxman also conveniently overlooked the fact that bureaucrats at the two government agencies most responsible for severing the relationship between lending and responsibility were specifically empowered to strip any “accountability” from the housing market by effectively guaranteeing anything that came across their desks including a Buy-Two-Get-One-Free promotion at Applebee’s.
The Congressman also took time out to excoriate Lehman CEO Richard Fuld saying, “”In other words, even as Mr. Fuld was pleading with Secretary Paulson for a federal rescue, Lehman continued to squander millions on executive compensation.”
Waxman continued, “You’ll have no future as a legislator, sir, until you learn how to squander oh..say, $110 billion, over the course of a weekend by jamming it into ‘an emergency measure.’”
The hearings could take months as the House looks to both assess blame and deflect responsibility. Observers believe that Waxman could ask a question as early as November after pontificating in his opening remarks.
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Wax on … and on … and on ….
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