Did you happen to see the Congressional committee which put on the show trial of banking CEOs last week in Washington? Because Barney Frank was in attendance and seemed to chair the follies, I'll assume it was a House committee.
It was pretty sad to see that the members couldn't even be bothered to read about the eight banks, the CEOs of which were in attendance. How hard could that be?
It sure made the Congressmen look silly when one finished chewing out one of the CEOs for credit card lending, only to learn it was not a consumer-oriented bank. Then began the hand raising.
No, seriously, if you didn't see it.
House members began to demand that the CEOs raise their hands if.....
"If" involved topics like what businesses their banks were in, did they do certain lending, etc.
Just sad, really.
CNBC's Joe Kernen hit the mark when he noted that some of these members might have been in a totally different line of work last year, and, now, having been elected to the House, wielded their newfound power foolishly and abusively.
Nevermind the truth that most of the banks had actually used TARP funds to lend, when customers applied for loans.
The members' desire to roast the CEOs didn't let details like that spoil their fun.
More change you can't be proud of. Nor really want.
House members so stupid and uninformed that they can't be bothered to know the businesses of the CEOs they require to attend, and then largely use the forum for their own grandstanding.
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