The crony capitalist show must go on: those bribed by Jamie Dimon are about to ask question of the same person. That this theatrical hearing will be a farce is by now well known by absolutely everyone, as confirmed by the rumor that late last night someone ordered 22 copies of "Credit Default Swaps for Bought and Paid For Senatorial Muppet Idiots" from Amazon.com. In the off chance Dimon slips and does say something of significance, here is your chance to follow the next 2 hours live. Everyone else will be.
Live C-Span webcast at the link below and full prepared remarks here [9]:
[10]
And as a reminder, here is who is asking the "questions."
[11]
Finally, it is truly hilarious to watch Senators question a bank for assuming it is Too Big To Fail. May we remind the members of Senate of vote HR 1424 aka TARP, which guaranteed perpetual moral hazard? It just happened to pass with a 74 to 25 vote.
Vote summary [12]
| Question: On Passage of the Bill (H. R. 1424 As Amended ) | |||
| Vote Number: | 213 | Vote Date: | October 1, 2008, 09:22 PM |
| Required For Majority: | 3/5 | Vote Result: | Bill Passed |
| Measure Number: | H.R. 1424 [13] (A bill to provide authority for the Federal Government to purchase and insure certain types of troubled assets for the purposes of providing stability to and preventing disruption in the economy and financial system and protecting taxpayers, to amend the Internal Revenue Code of 1986 to provide incentives for energy production and conservation, to extend certain expiring provisions, to provide individual income tax relief, and for other purposes. ) | ||
| Measure Title: | A bill to provide authority for the Federal Government to purchase and insure certain types of troubled assets for the purposes of providing stability to and preventing disruption in the economy and financial system and protecting taxpayers, to amend the Internal Revenue Code of 1986 to provide incentives for energy production and conservation, to extend certain expiring provisions, to provide individual income tax relief, and for other purposes. | ||
| Vote Counts: | YEAs | 74 |
| NAYs | 25 | |
| Not Voting | 1 |
| Vote Summary [14] | By Senator Name [15] | By Vote Position [16] | By Home State [17] |