At the hearing being held today by the House Oversight and Government Reform Committee, in which former Lehman Brothers CEO Dick Fuld is now testifying, an earlier panel attempted to look at the causes of Lehman’s collapse and the broader credit cirisis. And this gave an opportunity to committee members to ride their various hobby horses.
Rep. Carolyn Maloney’s horse and “whipping boy” was deregulation. She blamed the entire crisis on deregulation, and specifically the repeal of the Depression-era Glass-Steagall law that…
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