The House of Representatives is not scheduled to return to DC until after the first of the year, but Waxman’s House Committee on Oversight and Government Reform works on… today holding a hearing on the Causes and Effects of the AIG Bailout

scheduled to begin at 10 am, webstreaming should be available at the committee website


Eric R. Dinallo, Superintendent, New York State Insurance Department
Lynn E. Turner, former chief accountant, Securities and Exchange Commission
Robert B. Willumstad, former Chief Executive Officer, AIG
Martin J. Sullivan,former Chief Executive Officer, AIG

(Maurice R. Greenberg, former Chief Executive Officer, AIG, will not testify due to illness)

kagro x reports on yesterday’s hearing on Lehman Brothers:


Days from becoming the largest bankruptcy in U.S. history, Lehman Brothers steered millions to departing executives even while pleading for a federal rescue, Congress was told Monday.

“Congress” was told Monday?

“Congress” is fucking gone, dude.

“Congress” handed out the $700 billion and skipped town on Friday, leaving a skeleton crew in place to find this shit out on Monday.

Yes, there are a few hearings going on in the House Government Oversight Committee in the next few weeks, despite the fact that the House is adjourned until next January. But to what end, exactly? Better something than nothing, to be sure, but Congress can’t legislate on the issue without reconvening. And there are no plans to do that.

In fact, Congress can’t even be 100% sure anyone will show up for their “vigorous oversight” without the ability to subpoena witnesses and make it stick, because the fully body has to be there to vote contempt (See also: Troopergate). Not that having the full body there to vote contempt would make a difference, of course. It hasn’t in the cases of Harriet Miers and Josh Bolten, both of whom are now a year and a half overdue for their appearances before the Judiciary Committee.

with the 110th congress, oversight does not equal accountability. did it ever?