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.)