Ten Questions For The Bankers

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Tue, 01/12/2010 - 16:49 | 191509 Quackking
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This link has a great picture of J.P. Morgan Jr., with circus performer Lya Graf on his knee, during the Pecora Investigation by the Senate Banking and Currency Committee in 1933.

Or was that Timayy?



Tue, 01/12/2010 - 16:58 | 191524 Rainman
Rainman's picture

Question Number 10 is excellent. CFMA 2000 is a rarely cited piece of legislation that opened the door to unregulated derivatives trading. Glass-Steagall and CFMA were the one-two punch for this whole economic disaster.

On a related note, it would cost $ 745 billion to bring all currently  underwater homeowners to a position of zero equity.


Tue, 01/12/2010 - 17:02 | 191533 bugs_
bugs_'s picture

Hard Core.  Too Hard Core.  Brutal.

Tue, 01/12/2010 - 17:08 | 191537 phaesed
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Great questions, but we all know the only question that matters to Senators:

- How much will you pay me if I vote 'nay' to any audit?

Tue, 01/12/2010 - 17:42 | 191576 Problem Is
Problem Is's picture

I Can Do It In 2 Questions

"One of you 5 Wall Street Banks is going down for fraud. Somebody has to be the fall guy. Somebody has to be the Timmay G. Somebody has to be liquidated and the whole crew has to go hang for a decade at Bernie's... eg Federal prison. Submit the answer to these two questions. The bank that provides the least details and the weakest answers goes down."

1. Why should your bank not go down?

2. If not you... then name the bank that should, why they should, how were they the worst, what methods and accomplices did they use?

Warning: If you play game theory and none of you provide anything... we draw three names out of the hat and all three will go down. You will then have a 40% survival rate. You are all compulsive gamblers here... Do you feel lucky punk?

Okay you can make the argument Q2 is really 3 questions. I say it is one but I needed to close Jamie and Lloyd's wiggle room.

Tue, 01/12/2010 - 18:03 | 191616 Crisismode
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Tue, 01/12/2010 - 22:03 | 191890 Anonymous
Anonymous's picture

I know, Let's declare them "Financial Terrorists" and strip them of their citizenship and use all the Advanced Interrogation methods Cheney took glee in?

Ah, if only it would be.

Wed, 01/13/2010 - 02:52 | 192069 Problem Is
Problem Is's picture

I would be for a fair trial... but in a systemically corrupt market society where the oligarchy operate criminally and with impunity this is not possible. There have been ZERO non torpedoed investigations or charges.

Let us not forget, junk bond worm and S&L fraudster through looting Lincoln S&L Michael "The Philanthropist" Milken faced a 98 count felony indictment in '89 shortly after the last junk bond frauds were exposed. Of course Michael the Worm weaseled out of most of the charges and punitive measures...

So anony, you keep playing by the rules while the elites that own you do not. You keep believing the Myth Narrative hoisted upon you by incessant propaganda that in America markets are true blue and every one plays fair, we spread goodness and democracy throughout the world and you keep taking it in the ass by the system you so love.

Now wave your little flag <here>.

Tue, 01/12/2010 - 17:46 | 191585 Cistercian
Cistercian's picture

 Watching them answer under oath could make a fortune if it were pay per view.

The subsequent arrests and very long incarcerations would be nice too.

 IE:Won't happen.

 Unless unruly mobs descend on NYC and Washington.

 What am I thinking?That would get zero airtime, and videos of the troop response would be hard to come by indeed.



 Hopefully, we will get to see some of these answered.I predict timmay's imminent sacrifice to appease the rising anger of America.It will be sordid....and change nothing.

Tue, 01/12/2010 - 22:12 | 191897 Anonymous
Anonymous's picture

Hey, look at it this way... if not for his stint at the Treasury, he never would have paid his back taxes.

Tue, 01/12/2010 - 17:52 | 191595 Apocalypse Now
Apocalypse Now's picture

One question for the readers, will you read Andrew Jacksons' farewell Address?:


He describes our current state better than any current media source I have read, and does it without any technical jargon - just plain facts.

In this speech is the essence of all of our troubles, and the solution.

Tue, 01/12/2010 - 20:01 | 191759 d_7878
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Love your posts

Tue, 01/12/2010 - 20:15 | 191778 Miyagi_san
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Ah...A simpler time when all you needed was the Constitution and the Integrity to uphold it. Politicians today were born of corrupt cronyism that are guided by greed.

Tue, 01/12/2010 - 20:21 | 191785 Anonymous
Anonymous's picture

Eisenhower's farewell address gets better all the time. http://www.americanrhetoric.com/speeches/dwightdeisenhowerfarewell.html See esp. "the insolvent phantom of tomorrow".

Tue, 01/12/2010 - 21:05 | 191842 J1mB0b
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Thanks for the reference.

I just read it ... well worth the wade (& I'm Canadian).


Wed, 01/13/2010 - 00:46 | 192021 Cheeky Bastard
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Also, JFK speech about " The men behind the curtain ". Probably one of the most important and overlooked speeches of the 20th century. http://www.youtube.com/watch?v=xhZk8ronces

Wed, 01/13/2010 - 11:21 | 192300 Anonymous
Anonymous's picture

I'm assuming you meant this passage, right?

"The States which had so long been retarded in their improvement by the Indian tribes residing in the midst of them are at length relieved from the evil, and this unhappy race--the original dwellers in our land--are now placed in a situation where we may well hope that they will share in the blessings of civilization and be saved from that degradation and destruction to which they were rapidly' hastening while they remained in the States; and while the safety and comfort of our own citizens have been greatly promoted by their removal, the philanthropist will rejoice that the remnant of that ill-fated race has been at length placed beyond the reach of injury or oppression, and that the paternal care of the General Government will hereafter watch over them and protect them."

Good ole' Andrew Jackson indeed.

Wed, 01/13/2010 - 14:02 | 192566 Apocalypse Now
Apocalypse Now's picture

Banking apologist, trying to change the subject.  Apparently you do not agree that the Native Americans should have been preserved beyond the reach of injury or oppression, and that the paternal care of the General Government will watch over and protect them.  Are you pro-banker and anti-Native American?  Do you have a problem with Indian gaming/gambling?

You obviously did not read the link.

Wed, 01/13/2010 - 14:32 | 192609 Anonymous
Anonymous's picture

Have no fear, flat-earther. When the time comes, and your precious Stars and Bars rises again, we apologists shall allow you to eat cake.

Wed, 01/13/2010 - 19:27 | 193073 Apocalypse Now
Apocalypse Now's picture

You are not a logical individual, as the shape of the earth has nothing to do with the topic at hand or the comment - you are trying to change the subject again and are grasping at straws for a weak ad hominem attack.  Your statements only reflect your low IQ and you embarass yourself while you believe you are clever, even if you are not smart enough to understand why.

Rest assured, I have no fear, but I hope you escape the fate of Marie Antoinette who used similar words.

Tue, 01/12/2010 - 18:00 | 191611 Anonymous
Anonymous's picture

What stocks did your firm short in 2008 -- we want to see the records.

Tue, 01/12/2010 - 19:42 | 191741 vachon
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Ohhh, I like it.

Tue, 01/12/2010 - 18:49 | 191681 ozziindaus
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Reconfirms Spitzers derailment by the banks and SEC. His due diligence had nothing to do with his personal disposition. Same applies to Blagojevich.

Tue, 01/12/2010 - 18:57 | 191697 Fritz
Fritz's picture

All great questions that should be asked in conjunction with a waterboarding session. 

Tue, 01/12/2010 - 20:31 | 191807 Anonymous
Anonymous's picture

Do the committee members too, for good measure.

Tue, 01/12/2010 - 19:56 | 191754 Anonymous
Anonymous's picture

So, who's going to ask question 8? Certainly not the congress-critters being lobbied.

Tue, 01/12/2010 - 21:18 | 191853 MarketTruth
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Let me know when ZeroHedge actually suggests something of real action like all their readers to do a bank run, labor strikes, etc because it seems to me it is all talk and jabber jawing just like the banksters and congress.

The time for talk has ended.



Well ZeroHedge writers, time for you to in unison write articles on ACTIONS to be taken in hopes of real change.

Wed, 01/13/2010 - 02:56 | 192073 Rick64
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I agree, its time to do something instead of only talking about it. There are many options.

Tue, 01/12/2010 - 21:41 | 191872 RoastingBankers
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id love to fight them in a ring

i can take on 3 at a time.

Tue, 01/12/2010 - 23:31 | 191976 Molon Labe
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11.  Yes or no, have you stopped beating your wife?

Wed, 01/13/2010 - 00:55 | 192026 Mingy
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Its a shame what happened to Spitzer, who better to be going after these scumbag bankers then this bulldog?

Wed, 01/13/2010 - 04:04 | 192089 Anonymous
Anonymous's picture

“… the whole atmosphere of every prison is an atmosphere of glorification of that sort of gambling in “clever strokes” which constitutes the very essence of theft, swindling and all sorts of similar anti-social deeds.”

PKropotkin’s Memoirs, ca 1899

Wed, 01/13/2010 - 07:07 | 192126 Anonymous
Anonymous's picture

Another question:

If there had been no TARP, no ZIRP, no TALF, etc., no $550 billion of Treasury purchases by the Fed, no $1.25 trillion MBS purchases by the Fed, no explicit TBTF backstop, no FDIC guaranteeing of your debt issuance, no accounting rule changes, and no hotline phone to Paulson/Geithner/Bernanke, would any of you still be here today and would any of your staff be smacking their lips over their bonuses?

Wed, 01/13/2010 - 08:34 | 192138 Anonymous
Anonymous's picture

Great questions, although if asked in public the committee will be stonewalled. Rather, I suggest these be submitted to them in writing by the committee and the CEOs be given a specific time frame to answer them....in writing. If asked without being given forewarning, the CEOs will simply say they don't have that data at hand to accurately answer the question. Questions that don't require data will be answered vaguely. My suggestion forces the issue.

Wed, 01/13/2010 - 09:10 | 192153 Anonymous
Anonymous's picture

stupid questions , from stupid people....

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