I have been covering the bailout hearings since they started in late September, and all along there have been calls to bring in the bankers who are receiving an unprecedented amount of taxpayer money. But so far they have not come in.
AIG CEOs were hauled in and given a stern flogging for their mismanagement of their company-- but what about the CEOs from places like Citigroup and Merrill Lynch? Why haven't they been asked to come in and account for what they did to get us into this mess, how they are using taxpayer money, and why they are still not lending?
Though taxpayers deserve to see these bankers grilled under oath by congress as a question of fairness, there are other reasons to hold such hearings as well. During the great depression a series of hearings were held with Wall Street types and in the end those hearings led to improved legislation.
Barney Frank has repeatedly promised to bring bank executives in to testify before Congress about what they are doing with taxpayer money from the TARP. So far, no hearings have been publicly scheduled. As lending declines, banks continue to pay bonuses and many in Congress are losing patience.