Nancy Pelosi: Getting Tough on Wall Street... About 6 Months Later

Wednesday, April 22, 2009 , , , 0 Comments

Bankers haven't had much to fear lately. Angry mobs of Americans? Teabagging? Pissed off financial bloggers? Obama's last group therapy session? Please.

Well no longer is Wall Street safe. The Wicked Witch of the Far Left is coming for dat a$$ and she's not taking any hostages. This is going to be hilarious.

April 21 (Bloomberg) -- Wall Street may be heading for the deepest investigation of its practices since a congressional panel’s probe of abuses following the 1929 stock market crash.

House Speaker Nancy Pelosi plans to push for a comprehensive inquiry, saying that three-quarters of Americans want to know what led to the bankruptcy of Lehman Brothers Holdings Inc. and the collapse of Bear Stearns Cos. and Merrill Lynch & Co. She favors one patterned after Senate Banking Committee hearings led by Ferdinand Pecora starting in 1933, according to her spokesman, Nadeam Elshami.

The Pecora review “was probably the single most important congressional investigation in the history of our country, except perhaps the Watergate hearings,” Donald Ritchie, associate historian for the U.S. Senate, said in an interview.

Congress is reacting to an economic collapse that has generated $1.3 trillion in financial industry losses, $700 billion in U.S. taxpayer cash infusions and loans, and $37 trillion in destroyed world stock market value since 2007. The Pecora Commission generated public support for creating the Securities and Exchange Commission and laws that governed financial services for seven decades.

Pelosi, a California Democrat, will speak about hearings this week to lawmakers, including Representative Barney Frank, chairman of the panel that writes banking law, Elshami said.

“I think it’s useful to have it, but that should not be a reason to hold off on legislating,” Frank, a Massachusetts Democrat, said of Pelosi’s proposal after a speech in Washington yesterday.

Oh shit! Barney Frank and Nancy Pelosi. Now this can only end one way: in absolutely nothing but an elaborate presentation demonstrating Pelosi's alleged massive cojones - why in the hell is she asking about Lehman when we really want to know about Goldman Sachs? Yeah, that's what I thought. Where have you been, Pelosi? Lehman?! How about Citigroup?!

Grow a pair and try again, Nancy

xoxo, Jr

Jr Deputy Accountant

Some say he’s half man half fish, others say he’s more of a seventy/thirty split. Either way he’s a fishy bastard.