She needs the power
I think it’s too soon to know whether or not the bail-out of the financial industry is working. But one thing’s for sure—the lack of oversight breeds a lack of confidence, and there is an appearance (at least) of foxes guarding the hen house.
Elizabeth Warren, the Harvard prof who chairs the Congressional Oversight panel for TARP, has been shouting from the rooftops about the dangerous lack of oversight—on Rachel Maddow’s show and elsewhere. Now she’s about to issue a report in which she calls for the firing of the AIG and Citi CEOs.
That might get some attention. Obama says he’s open to all ideas that might work, even Paul Krugman’s. Well, here’s one: Give Warren the executive authority to demand the answers she seeks. Now would be good.
Update: Here’s a link to the report (warning—it’s a 1.71 meg PDF). I haven’t gone through the whole thing (it’s 150-odd pages), but it’s fascinating stuff. I definitely get the feeling Professor Warren put the fear of god into the Treasury folks—many recent pledges of cooperation.
[Cross-posted at Betty Cracker]
Posted by Betty Cracker on 04/08/09 at 10:29 AM • Permalink
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