BANZAI7 NEWS--More than a year after the financial crisis began, the Financial Crisis Inquiry Commission -- the bi-partisan 10-member panel established by Congress to examine the causes of the crisis -- will begin its hearings featuring a selection of the nation's top bank executives. The panel is armed with an impressive $8 million budget, enough to pay for the suits worn by its CEO witnesses.
It will begin its inquiry by coming up to speed asking such cutting edge questions as: what is a credit default swap, who is Dick Fuld, does AIG do something besides sell insurance, who bought John Thain's comode and what is the best recipe for fried squid?
The commission was initiated in July 2009, took until September to hold their first meeting, and has taken 6 months to convene this weeks meeting.
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