Rob Johnson’s missing testimony

October 29, 2009

Recently Yves Smith over at Naked Capitalism posted snippets of Rob Johnson’s testimony before the House Financial Services Committee. The testimony he tried to give anyway. Johnson’s commentary was rather trenchant, so I thought I’d click over to get the full version. But it wasn’t where it was supposed to be on the Committee’s website.

Ken Silverstein is on the case and he says it’s “an object lesson in governmental failure.” Turns out Johnson was asked to testify at the last minute and wasn’t able to submit testimony at the hearing. Later when he tried to get it posted to the Committee’s website, at first they dithered and then they refused.

But I’ll let Ken tell the story. He’s a great writer.

As for Johnson’s full testimony, you can read it here. Print it out. Keep it on file. Explains in great detail why, in Johnson’s words, the derivative reforms legislation is “too tepid, too weak, too late…Very industry influenced. We had a crisis and they are pandering to the perpetrators.”

(ht Walker T.)


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It appears the mainstream is realizing their regulators have whored out beyond saving. Nice. Not much longer now…

Posted by million | Report as abusive

There’s also a guest post over at NC by “George Washington” (of Washingtons blog) titled “Conservatives & liberals agree: Proposed bank oversignt will make things worse”
The article quotes comments by American Enterprise Institute analyst Peter Wallison & AFL-CIO president Richard Trumka.
Both express much of the same concerns as Johnson with the proposed legislation’s “embrace” of TBTF.

Typical of anything that comes from Barney Frank, it does just the opposite of what he claims the objective to be.

Posted by StevenKs | Report as abusive

I’m all for a good conspiracy when warranted but I’ve spent considerable time following congressional hearings and I don’t believe this was a specific plot against Robert Johnson, who was indeed called only the night before at the behest of Barney Frank. I’ve noticed that if a testimony is not available the day before, it never makes it onto the relevant web page, no matter the political complexion of the person testifying. If you go back over several hearings, you’ll see quite a few panelists with no associated hyperlink to their testimony. When asked by the Chairman, they usually say they’d sent it late the day before or that morning. The only way to get a copy is to email the author and ask for one. The papers may well be distributed to the members of the committee but the public is left out in the cold. You can get some idea of the panelist’s testimony from watching the webcast or reading the transcript if and when it is posted but typically panelists only read a summary of their testimony.

Posted by Linda | Report as abusive