This Should Be Good

Let me quote the NY Times:

"Legislators want to know what went wrong on Wall Street, where hedge funds often play a huge part....The five managers to testify before the House Committee on Oversight and Government Reform were selected because they each earned more than $1 billion in 2007."

And from Reuters:

"John Paulson, George Soros, Philip Falcone, James Simons and Kenneth Griffin were scheduled to testify at the House of Representatives Committee on Oversight and Government Reform about the role of hedge funds in financial markets and their regulatory and tax status."

The government has proven that it is clueless when it comes to regulating the complexities of the financial markets. Now, after the crap has hit the fan, they are going to "invite" a few guys to explain the whole thing to them. It is a pure grandstanding power play that the five invitees all made more than a billion last year.

What a message to send. See how powerful your government is? See how strong the system is? Even the billionaires must cower before Capitol Hill.

If you had a lot of money or power and knew nothing about math, you'd be better off hiring a 4th grade teacher to explain it to you than a nobel prize winner. These pols have it backwards.