Very soon, congressional leaders are expected to announce the creation of a new commission to investigate the causes of America’s crippling financial disaster. House Speaker Nancy Pelosi has reportedly told Treasury Secretary Timothy Geithner that this investigative panel will be modeled on the legendary “Pecora Commission,” which held a series of hearings on Capitol Hill in 1933 that arraigned the nation’s biggest bankers and stock swindlers before an angry and suffering people. Named for Ferdinand Pecora, the cigar-chomping New York prosecutor who oversaw the proceedings, those confrontations mobilized public support for the financial reforms of the New Deal—which curbed the excesses of Wall Street’s overclass until a decade ago when the reforms were undone.
By consigning this historic investigation to an unelected panel, the congressional Democrats are running away from the mission of change that they were elected to fulfill—and the president who popularized that message is implicated in that error as well. What the nation needs now is a serious investigation, backed by the full authority of a joint congressional committee and spearheaded by a professional prosecutor like the brilliant Pecora—not a cowardly evasion and a mush-mouthed “bipartisan” report.
Friday, July 17, 2009
"Pelosi’s Toothless ‘Commission’"