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Friday, October 03, 2008
House to Hold Hearings on Financial Crisis
Joanna Ossinger
FOXBusiness
The House Committee on Oversight and Government Reform is planning to hold a total of five hearings this month on different aspects of the financial crisis, including looks at hedge funds, credit rating agencies and federal regulation.
The invited witnesses for the hedge fund hearing, which will be on Oct. 16, are John Alfred Paulson, President, Paulson & Co., Inc.; George Soros, Chairman, Soros Fund Management LLC; Philip A. Falcone; Senior Managing Director, Harbinger Capital Partners; James Simons, Director, Renaissance Technologies LLC; and Kenneth C. Griffin, Chief Executive Officer and Managing Director, Citadel Investment Group. They were invited, according to the Committee's Web site, because they each earned over $1 billion last year.
A spokesman for Harbinger Capital Partners said that Falcone is reviewing the request, but declined to comment further.Falcone came to Harbinger from Barclays Capital, where he had been head of high-yield trading.
The witnesses invited for the hearing on ratings agencies, which will take place Oct. 22, are Deven Sharma, President, Standard & Poor’s; Raymond W. McDaniel, Chairman and Chief Executive Officer, Moody’s Corporation; and Stephen Joynt, President and Chief Executive Officer, Fitch Ratings.
Those invited for the federal-regulator hearing on Oct. 23 are former Federal Reserve Chairman Alan Greenspan, former Treasury Secretary John Snow and current Securities and Exchange Commission Chairman Christopher Cox.
Those three hearings are in addition to previously announced hearings on the Lehman Brothers bankruptcy on Oct. 6 and the $85 billion bailout of American International Group (AIG) on Oct. 7.
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Sure, we know some of you are saying the term "marriage penalty" is redundant. In fact, of all the costs associated with getting married (have you seen the cost of a wedding cake lately?), the marriage penalty can be the worst.
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