Where the hell are the modern day Pecora Hearings?

[AllentownJake]

"The Senate committee hearings that Pecora led probed the causes of the Wall Street Crash of 1929 that launched a major reform of the American financial system. Pecora, aided by John T. Flynn, an Irish-American journalist, and Max Lowenthal, a Jewish lawyer, personally undertook many of the interrogations during the hearings, including such high-profile Wall Street personalities as Richard Whitney, president of the New York Stock Exchange, George Whitney a partner in J.P. Morgan & Co. and investment bankers Thomas W. Lamont, Otto H. Kahn, Albert H. Wiggin of Chase National Bank, and Charles E. Mitchell of National City Bank (now Citibank). Because of Pecora's high-profile work, the hearings soon acquired the popular name the Pecora Commission, and Time magazine featured Pecora on the cover of its June 12, 1933 issue."

http://en.wikipedia.org/wiki/Ferdinand_Pecora

Seriously, for all the talk going around Wall Street and Washington about reform where is the modern day equivalent of the Pecora hearings to bring out the truth. All I see is a rug being lifted up and dirt swept under it by our politicians and our finance community.

[dmosh42]

1. Point well taken. I still remember many hearings taking place...

in the 50s and 60s. At least there were many politicians who felt it was good to have the dirty laundry taken out once in a while, plus they were respected more. I can't recall any high level actions by our Attorney Generals in the last thirty years, although the country has been aware of all kinds of criminal activities, especially in the financial sections.

[Davis_X_Machina]

2. In process.

The Financial Crisis Inquiry Commission created by Congress as part of the bailout legislation, began meetings on 17 September.

Members are Phil Angelides, a former CA state treasurer, former Florida Democratic senator Bob Graham, Brooksley Born, former head of the Commodity Futures Trading Commission, who predicted a lot of this mess; Heather Murren, a retired managing director at Merrill Lynch; Byron Georgiou, a Las Vegas-based businessman and attorney; and John Thompson, Symantec Corp board chairman.

The Republican appointees are former GOP California rep and chairman of the House Ways and Means Committee Bill Thomas; Douglas Holtz-Eakin, a former head of the CBO; Peter Wallison of the American Enterprise Institute; and former National Economic Council Director Keith Hennessey.

[librechik]

3. a couple of fat Republicans are sitting on them

I just don't get why they are even more powerful than before the Dems got elected. Or so it seems.