Washington – Pelosi Orders Wide Wall Street Probe

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    Washington – House Speaker Nancy Pelosi has ordered a broad, swift investigation of Wall Street and will demand testimony from Bush administration officials and captains of finance, congressional officials said.

    House Democrats plan an aggressive look at the administration’s role in this weekend’s meltdown, and explore further regulation and government structures that would be taken up under the new president.

    Republican aides accused Democrats of trying to shift blame with a series of “show trials,” but acknowledged that key officials will wind up cooperating.

    The hearings will take place over the next few weeks, the officials said. Treasury Secretary Hank Paulson, who regularly appears on Capitol Hill, will be called to testify as part of the investigation.

    As the main event, Rep. Henry Waxman (D-Calif.), chairman of the House oversight committee, wrote to Richard Fuld, chief executive of the imploded 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.

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    11 COMMENTS

    1. Looks like a communist show trial is about to begin.

      Let’s see if they call up Carter administration figures who altered most of the banking regulations. And let’s see if they call up Clinton Administration officials who created the credit swaps and forced the banks to lower loan standards.

      How about investigating the 4 who got the most contributions from Fannie Mae and Freddie Mac;

      1. Dem – Chris Dodd

      2. Dem – Barney Frank

      3. Dem – Hillary Clinton

      4. Dem – Barak Obama

      No 362 on list Rep – John McCain.

      Let’s see if they investigate the Democrat operatives like Jamie Gorelick who received 65 Million Dollar bonus from Fannie Mae (for cooking the books?).

    2. Good morning ms pelosi I’m happy u woke up but you are just another shamefull FOOL. Mikey hit the nail on the head if you listened to mark levin yesterday you could have heared the whole fraud that was going on with fannie mae. He interviewd Byron York from the nationl review. Pelosi its time for you to go home…

    3. fannie and freddie are democratic inventions, created so everyone , whether they can afford it or not, can get a home because we are all equal and its not fair if only rich people have houses.

    4. while they’re at it they can put alan greenspan up for quesioning too. he’s a clinton appointee & the one person responsible for deregulating the banking system which got us into this mess in the 1st place

    5. Political Analyst,

      Alan Greenspan was first appointed to chair the Federal Reserve Board by Ronald Reagan in 1987. He has described himself as a lifelong Republican and a follower of the late Ayn Rand.

    6. And Raines, who made $90 million in bonuses as he manipulated the EPS of Fannie Mae gets to keep all his money, while taxpayers have to foot the bill for his accounting irregularites and the fines…? Are we investigating HIM?

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