Accountability

9:30 a.m. Senate Banking Committee hearing, where Treasury Secretary Hank Paulson and Fed Chairman Ben Bernanke will testify.


~~ Senate Banking Committee ~ they are nothing but oxymoron ritual wasting money and time to go through nonsense for decades. They have not solved or prevented any problems except going through puppet shows wasting time and money.

Punish the Market Crisis Culprits: French President

"MONEY TRAIL" audit will find truth, but it is obvious to know who are involved.

Sept. 16, 2008: AIG Bailed Out

The federal government provides an $85-billion emergency loan package under which it takes a majority stake in American International Group. The move comes amid a cash crunch, triggered by $18 billion of losses over three quarters, a sinking stock price and debt downgrades.

Sept. 15, 2008: Merrill Lynch Bought

Merrill Lynch agrees to be bought by Bank of America in a $50-billion, all-stock transaction. The acquisition makes Bank of America the largest brokerage in the world, with more than 20,000 advisers and $2.5 trillion in client assets.

Sept. 10-15 2008: Lehman Brothers Flounders

The Wall Street firm puts itself up for sale after reporting a $4 billion loss, but fails to close a deal. Days later, with the federal government having passed on a bailout, Lehman files for chapter 11 bankruptcy protection, the biggest in history.

Sept. 7, 2008: Fannie, Freddie Seized

The federal government takes control of Fannie Mae and Freddie Mac, the two publicly-traded, government-sponsored financial giants that hold or guarantee about half the nation's $10 billion in mortgage loans.

July 11, 2008: IndyMac Bank Fails

Federal regulators seize the thrift amid concern about a run on deposits, as the combination of the credit crunch and mortgage meltdown suffocate its business. The failure will cost the Federal Deposit Insurance Fund an estimated $4-8 billion.

March 16, 2008: Bear Stearns Bought

The brokerage firm is bought by JPMorgan Chase in a $2-a-share deal engineered and backed up by the federal government in the wake of big losses in the mortgage-backed securities market and a shriveling stock price. The price is later adjusted to $10 a share, which hit a record high of about $171 in January 2007.

Oct. 30, 2007: CEO Casualties Begin

Merrill Lynch Chairman and CEO Stanley O'Neal is forced out, following major losses and writedowns because of its subprime business.

Other top bosses from Citigroup's Charles Prince to Wachovia's Ken Thompson would soon follow.

August 10, 2007: Fed Sounds Alarm

Amid growing financial market turbulence and cries for an interest rate cut, the Federal Reserve Board says it is "providing liquidity to facilitate the orderly functioning of financial markets." A week later, the Fed says "conditions have deteriorated" and it "is prepared to act as needed, but doesn't cut rates, waiting to do so at regularly-scheduled FOMC meeting Sept. 18.

Biggest Chapter 11 Cases

Lehman Brothers
Pre-Bankruptcy Assets: $639 billion
Date Filed: Sept. 15, 2008

Worldcom
Assets: $103.9 billion
Date Filed: July 21, 2002

Enron
Assets: $63.4 billion
Date Filed: Dec. 2, 2001

Conseco
Assets: $61.4 billion
Date Filed: Dec. 18, 2002

Texaco
Assets: $35.9 billion
Date Filed: April 12, 1987

Financial Corp. of America
Assets: $33.9 billion
Date Filed: Sept. 9, 1988

Refco
Assets: $33.3 billion
Date Filed: Oct. 17, 2005

Global Crossing
Assets: $30.2 billion
Date Filed: Jan. 28, 2002

Pacific Gas and Electric
Assets: $29.8 billion
Date Filed: April 6, 2001

UAL
Assets: $25.2 billion
Date Filed: Dec. 9, 2002