By law, the Securities and Exchange commission expects these companies to report their write downs.
So what's the problem?
I can understand if Congress demands corporate executives to appear before them for hearings if they're receiving taxpayer funding (such as GM or the banks), but shouldn't it be illegal to do so otherwise? And just because they disagree with a political decision or question a law? Don't American companies also have a right to free speech, as recently affirmed by the Supreme Court? A decision that Obama publicly and vehemently ridiculed in his last State of the Union Address?
Mr. Waxman sent AT&T, Caterpillar and Deere a sharp letter saying he wanted top officials from those companies to testify at an April 21 hearing that he has scheduled.
Does he have a legally binding subpoena to compel this guys to Congress? Does he have a search warrant to see their internal e-mail correspondence? Does he have the same authority as a dictator?
(If not, I'd tell him to take a damn hike!)
Where was Waxman when Fannie Mae and Freddie Mac was going down the tubes because banks were forced to make loans to low-income people for houses they couldn't afford?
Where was Waxman when AIG was writing credit-default-swaps, because he and Chris Dodd let the banks, insurance companies, and the hedge funds run amuck...bringing down the housing market and thus, the economy?
I believe that it should be the other way around, and that members of Congress should be held accountable in hearings.
Did everybody forget how all this first started?
Source:
http://www.nytimes.com/2010/03/30/business/30subsidy.html
--------------Other News-----------------
* Franciso Rios, the director of the U of W Social Justice Research Center (a privately endowed center that studies problems of oppression and inequalities among different social groups in society) made the decision to cancel Bill Ayers.
* Expect a U.S. Labor Department report to show 190,000 new jobs were created in March; but he number will be inflated because the government hired temporary workers to conduct the 2010 census. So basicly, unemployment will remain unchanged.
* GOP backlash coming after unemployment benefits blocked
* The Bloomberg news service writes:
"Tea Party Advocates Who Scorn Socialism Want a Government Job". There's just one problem... the headline is glaringly false. what the story actually reports.
* Nothing annoys Norman Podhoretz more when his fellow conservative intellectuals say the same derogatory things about Sarah Palin that are uncannily similar to what many of their forebears once said about Ronald Reagan.
* Obama Steps Up Confrontation - He challenged Republicans who planned to campaign on repealing his health-care bill with, "Go for it." Two days later, he made 15 senior appointments without Senate consent, including a union lawyer whose nomination had been blocked by a filibuster.
XML Feeds
