Kabuki on the Hill: Bank CEOs testify to ‘Financial Crisis Commission’ 9:00am EST

Update 3: 12:13pm: Angelides asking Blankfein what his responsibility was to the investor on those loans they securitized and sold, Blankfein is claiming they were sophisticated investors who sought that exposure. Basically, they deserved it? I dunno. Angelidies got an Agatha Christie analogy in, I always love those. He said maybe it is like Murder on the Orient Express and everyone did it, but still, how much responsibility is yours ….was your due diligence adequate? Blankfein trying to wiggle around it….good luck Lloyd…under oath, liability lawyers hanging on their chairs now….Phil says GS was doing more, they were also facilitating the market in which the products existed, Lloyd agrees to that extent they made that market…

Update 2: 10:07am: Phil Angelides questioning of Lloyd Blankfein was great. Lloyd keeps saying as a ;market-maker’ it is perfectly fine for GS to sell MBS derivatives to clients while simultaneously closing GS OWN position in those assets due to risk..Phil doesnt buy it.

BILL THOMAS! Vice Chair of the Commission just offered the American people his email if they want to submit a question to any of these CEOS!! Well I do!

billthomas@fcic.gov or some derivative thereof…send in your questions!

I really liked Moynihan’s opening statement, he is grateful to the American people, Blankfein needs to eat some of the humble pie Brian had before he arrived. (FD-MiM are BofA shareholders and are keenly interested in how Brian does today, his first big appearance since taking reins as BofA CEO)

Update 1: 9:07 am EST: WOW!! They put them under oath!! first time I have seen these bank CEOs be put under oath (except Ken Lewis on the BofA Merrill witchtrials)

CNBC should carry a livestream of the testimony here when it begins later today NOW LIVE (9:00 am EST, just began opening statements)

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January 13, 2010. Tags: , , , , , , , , , , , , , . Economy, Finance, Foreclosures, Housing, Obama Administration, Politics, TARP, Taxes, Wall St. 2 comments.

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