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Kanjorski To Hold Hearing On Implications Of Greek Debt Crisis - More Pain For Goldman
We can't wait to see as key witnesses CDS speculators 1, 2 and 3. Not to mention Lloyd Blankfen as "head casino operator."
Washington, DC – Congressman Paul E. Kanjorski (D-PA), the Chairman of the Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises, announced that he will hold a hearing to examine the effect of credit default swaps on government debt and the potential implications of the Greek debt crisis.
“At this hearing, we will examine important policy questions that have arisen from the Greek debt crisis,” said Chairman Kanjorski. “Going forward, there could be important implications for the issuance of all government debt, especially when bankers act as casino operators by first helping governments to issue bonds and then facilitating bets against the failure of that debt. Some, particularly in Europe, have additionally raised questions about the accuracy of disclosures of government indebtedness and the transparency of credit default swaps on these obligations. This regrettable situation could also ultimately lead to real repercussions for the European Union and the global economy. I look forward to exploring each of these matters at this hearing. Congress, moreover, has pending legislation aimed at better regulating derivatives, including credit default swaps. As we work to finalize the Wall Street reform bill, this hearing will help us to determine whether we should do even more to shine a light on this dark corner of our financial markets.”
“News reports have raised questions about the lack of transparency in sovereign debt transactions -- and the role of investment firms and the products they have sold in connection with sovereign debt,” said Congresswoman Carolyn Maloney (D-NY), a senior Member of the Financial Services Committee, who requested the hearing. “This hearing will begin the process of determining what impact the lack of transparency and those products have had and what Congress can and should do to bring stability, transparency, safety and soundness to the global financial system.”
That's a hefty plate for Congress. We will settle with old Paul figuring out what CDS is.
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he knew the outcome of today's vote in the senate (57 - 41) and so has to keep the witch hunt front row and center
Also more pain for the taxpayer.
By all means, let governments try and issue their own damn bonds without the aid of the evil banks. Go for it.
Please.
By all means, let banks try and bail their own stupid asses out without the aid of the hapless taxpayers. Go for it.
Please.
Yes! so many ways to win with this line of thinking.
The campaign gravy train is right on time......6 months to elections. Fire up the pig roast.
Hat tip. Rainman gets it.
This is our Creditanstalt..ie 1931.
Virg, you mean that as in GS will go down and bring the rest of the dominoes with them?
A Greece default would be the first dominoe, GS is in line but a few dominoes back. Behind the others Piigs and other Large Banks.
Its like the stock market is waiting for something to happen, its out there but not sure where..the Greece situation alone doesn't fit with the 'V' recovery it has priced in.
Perfection can be costly.
Greece is a horse with a broken leg.
Kanjorski, where's the hearing on WHO crashed the market in the fall of 08...remember your statement of "$500 billion taken out of the system overnight"?? He is owned and calling him a puppet would be a slur to puppets everywhere. Joke hearings always avoiding the main facts..for theater.