| 00:00:51 |
Towns, Edolphus - U.S. Representative, [D] New York
THROUGH WITH THE MERGER? EVERY SENIOR EXECUTIVE INVOLVED HAS TOLD THE COMMITTEE THAT THE GOVERNMENT DID NOT FORCE THEM TO GO THROUGH WITH IT. THEY TOLD...
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| 00:03:53 |
Issa, Darrell - U.S. Representative, [R] California
THERE NEVER REALLY WAS MUCH THERE THERE. BANK OF AMERICA IS REGULATED BANK. MONIES WERE MADE AVAILABLE ON AN EXTRAORDINARY BASIS AND HAVE BEEN PAID BACK....
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| 00:06:55 |
Towns, Edolphus - U.S. Representative, [D] New York
LEGISLATION, WHICH IS OUR CONSTITUTIONAL SPORCHLTS THANK YOU VERY MUCH. APPRECIATE IT GENTLEMAN AND LOOK FORWARD TO WORKING WITH YOU. MR. CHAIRMAN,...
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| 00:07:32 |
Connolly, Gerald "Gerry" E. - U.S. Representative, [D] Virginia
COUNTRIED BY THE DOMESTIC POLICY SUBCOMMITTEE, OF COURSE, AND THEY HAVE DONE A SUPERB JOB IN WORKING WITH US ON THIS ISSUE, AND I NOW WOULD LIKE TO YIELD...
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| 00:07:50 |
Towns, Edolphus - U.S. Representative, [D] New York
VERY MUCH, MR. CHAIRMAN. MR. RICE. MEMBERS OF THE COMMITTEE. ON DECEMBER 5, 2008 THE SHAREHOLDERS OF BANK OF AMERICA VOTED TO APPROVE A MERGER WITH ...
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| 00:08:09 |
Kucinich, Dennis - U.S. Representative, [D] Ohio
TREASURY HANK PAULSON INITIATING A PROCESS THAT LED TO ADDSES 20 BILLION BAILOUT OF THE MERGE ARE AND A PROMISE OF GOVERNMENT INSURANCE FOR LOSSES UP...
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| 00:13:26 |
Jordan, James "Jim" D. - U.S. Representative, [R] Ohio
ECONOMIC CHALLENGES AND, YOU KNOW, CERTAINTY THERE MUST BE LIMITS TO GOVERNMENT ACTION EVEN IN A TIME OF CRISIS AND THOSE LIMITS MUST BE RESPECTED. ALSO...
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| 00:14:45 |
Towns, Edolphus - U.S. Representative, [D] New York
WHOLE TRUTH AND NOTHING BUT THE TRUTH IF SO ANSWER IN AFFIRMATIVE. >> I DO. >> LETTED RECORD REFLECT, YOU MAY BE SEATED. LET THE RECORD REFLECT THE...
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| 00:15:23 |
Bair, Sheila C. - Chair
THINK, TOO. >> AS REQUESTED BY COMMITTEE MY TESTIMONY TODAY WILL FOCUS ON THE FDIC'S ROLE AND THE DECISION TO PROVIDE ASSISTANCE TO BANK OF AMERICA....
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| 00:18:30 |
Towns, Edolphus - U.S. Representative, [D] New York
WE WANT TO RESPECT THAT AND TRY TO MOVE FORWARD. THAT ME ASK ONE QUICK QUESTION. ARE THERE STEPS YOU THINK CONGRESS CAN TAKE TO AVOID FUTURE BAILOUTS...
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| 00:19:05 |
Bair, Sheila C. - Chair
UNSECURED CREDITORS TO TAKE LOSS. THE RESOLUTION THERE -- RESOLUTION AUTHORITY DOES NOT APPLY. WE THINK SOMETHING SIMILAR, IS VERY IMPORTANT. WE THINK...
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| 00:20:22 |
Issa, Darrell - U.S. Representative, [R] California
UNDERPINNING OF THE ADDITIONAL MONEY, PREFERRED STOCK AS A FORM OF LOAN, WASN'T THAT, IN FACT, THE MOST APPROPRIATE THING FOR THE FDIC TO APPROVE OF...
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| 00:20:52 |
Bair, Sheila C. - Chair
IT MAY BE EASIER IN HINDSIGHT. I GUESS IT'S EASIER TO RE-EVALUATE DECISIONS THAT WERE MADE. I THINK -- THE DISTINCTION NEEDS TO BE MADE BETWEEN THE INSURED...
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| 00:25:07 |
Kucinich, Dennis - U.S. Representative, [D] Ohio
EFFORTS GOING ON RIGHT NOW IN KONGS ARE ABSOLUTELY CRUCIAL TO THAT. >> DO YOU THINK BANKS THAT ARE TOO BILL TO FAIL OR
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| 00:25:15 |
Bair, Sheila C. - Chair
TOO BIG TO EXIST OUGHT TO BE BROKEN UP? >> WELL I THINK THERE -- THE PROBLEM WITH TOO BIG TO FAIL IS THE SAME PROBLEM YOU HAD WITH FANNIE AND FREDDIE....
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| 00:32:19 |
Cummings, Elijah - U.S. Representative, [D] Maryland
TO EXPLORE ALL ASPECTS OF THIS TAINTED TRANSACTION.@@@@@@$g@ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ " DO YOU HAVE ANY REASON TO BELIEVE THAT KEN LEWIS HAD >>...
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| 00:34:04 |
Bair, Sheila C. - Chair
CERTAINLY IT DOESN'T SOUND LIKE IT WAS A DONE DEAL. DOES IT? >> NO. AND, AGAIN, I CAN'T -- WE ONLY A SMALL PIECE OF THIS. FROM THE FDIC'S PERSPECTIVE,...
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| 00:35:22 |
Jordan, James "Jim" D. - U.S. Representative, [R] Ohio
INVOLVEMENT BY THE GOVERNMENT IN THE PRIVATE SECTOR? WHETHER WE'RE TALKING PRESIDENT OF THE UNITED STATES DECIDING WHO GETS TO BE CEO OF GENERAL...
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| 00:36:13 |
Bair, Sheila C. - Chair
IN BANKS, IN FINANCIAL INSTITUTIONS GOING FORWARD. I THINK GOVERNMENT OWNERSHIP AND FINANCIAL INSTITUTIONS HAVE CREATED NOT ONLY A LOT OF PUBLIC OUTCRY...
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| 00:42:06 |
Connolly, Gerald "Gerry" E. - U.S. Representative, [D] Virginia
WERE WEARING YOUR FDIC HAT, AS SOMEBODY WITH AN INTEREST IN INSURING DEPOSITS, DEPOSITORY, DEPOSITS IN DEPOSITORY INSTITUTIONS REGULATED BY THE FEDERAL...
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| 00:42:42 |
Bair, Sheila C. - Chair
AGREED WITH THAT 7 SOMETHING NEED TO BE DONE A DECISION THAT IMMEDIATED TO BE MADE AND IT DID STABILIZE THE SYSTEM T. WAS NECESSARY? >> ABSOLUTELY NECESSARY,...
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| 00:47:56 |
Luetkemeyer, Blaine - U.S. Representative, [R] Missouri
NOW WE HAVE BACKUP AUTHORITY ONLY FOR INSURED DEPOSITORY INSTITUTIONS. EVEN THOUGH THEY MIGHT BE PART OF A
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| 00:48:06 |
Bair, Sheila C. - Chair
BROADER HOLDING COMPANY STRUCTURE, WE HAVE NO AUTHORITY THERE. >> GOLDMAN SACHS IS NOW A BANK, IS IT NOT? >> NO, BECAUSE THE INSURED DEPOSITORY INSTITUTION...
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| 00:53:08 |
Cao, Anh "Joseph" - U.S. Representative, [R] Louisiana
ARE IMPACTED TREMENDOUSLY BY THE FINANCIAL OVERHAUL THAT WE ARE LOOKING AT. MA DAD CHAIR, CAN YOU PROVIDE ME WITH THE NUMBER OF BANKS THAT HAVE FAILED...
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| 00:53:31 |
Bair, Sheila C. - Chair
FEW. >> I WOULD REALLY NEED TO CHECK. I'M SORRY. BUT WE'LL HAVE ABOUT 140 FAILURES. IT'S DIFFICULT TO KNOW STATE-BY STATE. I WILL GET THAT INFORMATION...
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| 00:59:30 |
Towns, Edolphus - U.S. Representative, [D] New York
EXCHANGE COMMISSION. COMMITTEE CHAIR IS ABOUT TO TAKE HIS SEAT. WE'RE CONTINUING TO BRING YOU LIVE CONCH COVERAGE ON C-SPAN 3. >> OUR SECOND WITNESS...
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| 01:00:43 |
Towns, Edolphus - U.S. Representative, [D] New York
AND EXCHANGE COMMISSION. I BECAME DIRECTOR ON MARCH 29th OF THIS YEAR. THANK YOU FOR THE OPPORTUNITY
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| 01:00:50 |
Khuzami, Robert - Director
TO TESTIFY ON BEHALF OF BANK OF AMERICA'S ACQUISITION OF MERRILL LYNCH. THE COMMITTEE'S INVITATION ASKS ABOUT THE LITIGATION AGAINST BANK OF AMERICA....
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| 01:06:05 |
Towns, Edolphus - U.S. Representative, [D] New York
WHAT DOES THE SEC BELIEVE BANK OF AMERICA DID WRONG? WHAT DO YOU THINK HAPPENED HERE THAT WAS WRONG? >> MR. CHAIRMAN, IN OUR COMPLAINT WE ALLEGED THAT...
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| 01:06:37 |
Khuzami, Robert - Director
BONUSES WITHOUT THE CONSENT OF THE BANK OF AMERICA. THERE WAS ALREADY AN AGREEMENT THAT BANK OF AMERICA WOULD ALLOW HIM TO PAY UP TO $5.8 MILLION IN...
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| 01:10:12 |
Issa, Darrell - U.S. Representative, [R] California
FOURTH QUARTER '08 WALKDOWN, SO-CALLED WALKDOWN DOCUMENT? >> I DO NOT BELIEVE I'VE SEEN THAT, CONGRESSMAN. >> MR. CHAIRMAN I ASK YOU NOW THESE BE PLACE...
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| 01:10:34 |
Khuzami, Robert - Director
DELIVERED. IT WOULD NOT PROBABLY SURPRISE YOU TO KNOW THAT IT ACTUALLY ON PAGE SIX IT LAYS OUT THOSE BONUSES. MR. BERNANKE, MR. PAULSON HAD THAT ON...
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| 01:16:37 |
Kucinich, Dennis - U.S. Representative, [D] Ohio
SUBCOMMITTEE, HAS BEEN ABOUT DISCLOSURE EVENTS BEFORE THE SHAREHOLDER VOTE. NOW, MR. KHUZAMI, MY SUBCOMMITTEE INVESTIGATION HAS FOUND THAT BANK OF...
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| 01:20:50 |
Khuzami, Robert - Director
THE WORK OF THIS COMMITTEE HAS BEEN WORTHWHILE, BECAUSE YOU NOW HAVE A CHANCE TO DO YOUR JOB BECAUSE WE HAVE DONE OURS AND THE INFORMATION THAT WE...
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| 01:21:29 |
Luetkemeyer, Blaine - U.S. Representative, [R] Missouri
EMBARK ON HERE AND ABOUT TO APPROVE AND HAD BEEN WORKING WITH. AND MY UNDERSTANDING IS THAT AT ONCE THEY DID THAT, THAT WOULD HAVE BEEN A DISCLOSEABLE...
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| 01:22:10 |
Khuzami, Robert - Director
DISCLOSED UNDER WHAT IS KNOWN AS FORM A CASE. BANK OF AMERICA WOULD HAVE HAD TO MAKE A DISCLOSURE IF IT ROSE TO THE LEVEL OF AN ENFORCEABLE CONTRACT....
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| 01:27:00 |
Cummings, Elijah - U.S. Representative, [D] Maryland
AUGUST 3rd, 2009. THE SETTLEMENT AGREEMENT PROVIDED FOR THE BANK OF AMERICA TO PAY $33 MILLION IN FINES FOR MAKING FALSE AND MISLEADING STATEMENTS...
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| 01:31:00 |
Khuzami, Robert - Director
HERE THE WRONGDOING WAS NOT THE PAYMENT OF THE BONUSES, THAT MAY BE EXCESSIVE AND WRONG AS A POLICY MATTER, AS A CORPORATE MATTER, A NUMBER OF OTHER...
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| 01:34:14 |
Speier, Karen Lorraine "Jackie" Jacqueline - U.S. Representative, [D] California
THAT IS SO STRONG THAT YOU WON'T EVER DO IT AGAIN. NOW THE COURTS SEEM TO BELIEVE THAT $33 MILLION WAS INSUFFICIENT. WHO INITIATED THE SETTLEMENT? >>...
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| 01:34:50 |
Khuzami, Robert - Director
TOGETHER AND DISCUSSING THE POSSIBILITY. >> SOMEONE INITIATES IT. AND IF YOU DON'T HAVE THE ANSWER TODAY, I WOULD APPRECIATE IF YOU WOULD MAKE THAT...
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| 01:40:15 |
Jordan, James "Jim" D. - U.S. Representative, [R] Ohio
TO THIS TOWN INCLUDING BANK OF AMERICA, TOLD THEY WERE NOW GOING TO HAVE THEIR BANK PARTIALLY NATIONALIZED AND HAD TO ACCEPT T.A.R.P. MONEY AND FINE...
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| 01:42:21 |
Khuzami, Robert - Director
BANK AND ITS MANAGEMENT WERE NOT NECESSARILY COMPLETELY LIABLE BECAUSE THEY WERE ACTING AT THE GOVERNMENT'S DIRECTIONS. >> WELL, THE EVENTS THAT YOU'RE...
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| 01:44:06 |
Watson, Diane - U.S. Representative, [D] California
BERNANKE, AND FORMER TREASURY SECRETARY HANK PAULSON, AND OFFICIALS AT THE BANK OF AMERICA, THERE IS STILL STRONG QUESTIONS AND I KNOW THE INTENT OF...
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| 01:45:27 |
Khuzami, Robert - Director
WITH RESPECT TO THE PROXY THAT WAS SENT OUT IN CONNECTION WITH THE MERGER, AS WE HAVE CHARGED IN OUR COMPLAINTS, WE DON'T BELIEVE THAT THE -- WE BELIEVE...
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| 01:49:47 |
Clay, William Lacy Jr. - U.S. Representative, [D] Missouri
ACTIVITIES OF THE BIG BANKS' INVOLVEMENT IN THE SECURITIES MARKET. THERE HAD TO BE SOME INDICATION TO THE S.E.C. THAT SOME INVESTMENT HOUSES WERE STRETCHED...
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| 01:50:30 |
Khuzami, Robert - Director
YEARS, DID RED FLAGS GO OFF FOR THEM? >> WELL, YOU KNOW THERE WAS CERTAINLY SYSTEMIC RISKS AND A BUBBLE THAT HAD OCCURRED IN THE HOUSING MARKET AND...
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| 01:53:01 |
Towns, Edolphus - U.S. Representative, [D] New York
PROXY FILINGS SHOULD BE THE ONES THAT ARE RESPONSIBLE SO THEREFORE WHY WOULDN'T THEY BE THE ONES THAT YOU GO AFTER, YOU KNOW, YOU FINE THEM AND THEY...
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| 01:54:32 |
Khuzami, Robert - Director
FINE WAS PAID WITH GOVERNMENT MONEY WHICH CAN BE FUNDABLE IN AN INSTITUTION, BUT THEY HAD TO PAY BACK ALL THE MONEY THEY GOT FROM THE GOVERNMENT...
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| 01:57:08 |
End, -
THE LATEST NOW ON THE ECONOMIC STIMULUS. THOVER $301 BILLION HAS
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NOTE: The transcript for this program was compiled from uncorrected Closed Captioning.