I mentioned last weekend that I hoped Sen. Carl Levin would use the time freed up from running for reelection to blast some of his pet issues, like prodding the banksters who nearly broke the world. Comes now a note from my (not the commentariats’) favorite financial
writer ranter, Matt Taibbi:
Beginning at 9:30 a.m. [today], I’m going to be live-blogging a hearing held by Senator Carl Levin’s Permanent Subcommittee on Investigations – the best crew of high-end detectives this side of The Wire, in my opinion – who will be grilling J.P. Morgan Chase executives and high-ranking federal regulators in a get-together entitled, “J.P. Morgan Chase “Whale” Trades: A Case History Of Derivatives Risks And Abuses.” This follows this afternoon’s release of a brutal 301-page report commissioned by Levin and Republican John McCain by the same name.
The Subcommittee investigators, largely the same crew who unraveled financial scandals surrounding infamous Goldman Sachs trades like Abacus and Timberwolf, and also took on HSBC’s trans-global money-laundering activities in an extraordinarily detailed report issued last summer, have now taken aim at the heart of the Too-Big-To-Fail issue through its examination of the much-publicized catastrophic derivative trades made by its amusingly-nicknamed “London Whale” trader, Bruno Iksil, last year….
Read the whole thing for much more information. I won’t be around to catch the start of this, but I do hope there will be fireworks.