The Wall Street / Washington fun moves on this week, with a whole new cast of characters due to appear before the Financial Crisis Inquiry Commission (FCIC).
The FCIC has announced details for the Commission’s next public hearing titled 'The Shadow Banking System' - the system of bank-like financial institutions and markets operating outside of the regulatory structure for traditional banking activities.
And Wednesday should be a cracker, with former Bear Stearns CEOs Jimmy Cayne and Alan Schwartz, together with former firm President Warren Spector and ex-CFO Michael Molinaro centre stage.
Here's the full roll call:
DAY ONE - WEDNESDAY, MAY 5
Session 1: Investment Banks and the Shadow Banking System
Paul Friedman, former Chief Operating Officer of Fixed Income Bear Stearns
Samuel Molinaro, Jr., former Chief Financial Officer and Chief Operating Officer Bear Stearns
Warren Spector, former President and Co-Chief Operating Officer Bear Stearns
Session 2: Investment Banks and the Shadow Banking System
James E. Cayne, former Chairman and Chief Executive Officer Bear Stearns
Alan D. Schwartz, former Chief Executive Officer Bear Stearns
Session 3: SEC Regulation of Investment Banks
Charles Christopher Cox, former Chairman U.S. Securities and Exchange Commission
William H. Donaldson, former Chairman U.S. Securities and Exchange Commission
H. David Kotz, Inspector General U.S. Securities and Exchange Commission
Erik R. Sirri, former Director Division of Trading & Markets U.S. Securities and Exchange Commission
DAY TWO - THURSDAY, MAY 6
Session 1: Perspective on the Shadow Banking System
Henry M. Paulson, Jr., former Secretary U.S. Department of the Treasury
Session 2: Perspective on the Shadow Banking System
Timothy F. Geithner, Secretary, U.S. Department of the Treasury; former President, Federal Reserve Bank of New York
Session 3: Institutions Participating in the Shadow Banking System
Michael A. Neal, Vice Chairman, GE and Chairman and Chief Executive Officer GE Capital
Mark S. Barber, Vice President and Assistant Treasurer GE Capital
Paul A. McCulley, Managing Director PIMCO
Steven R. Meier, Chief Investment Officer State Street
About the Financial Crisis Inquiry Commission (FCIC)
The bi-partisan 10-member Financial Crisis Inquiry Commission was created by Congress and is charged with examining the causes of the financial meltdown. It is also examining causes of the collapse of major financial institutions that failed or would likely have failed had they not received exceptional government assistance.
As part of its inquiry, the Commission will hold a series of public hearings throughout the year including, but not limited to, the following topics: avoiding future catastrophe, complex financial derivatives, credit rating agencies, excess risk and financial speculation, government-sponsored enterprises, the shadow banking system, subprime lending practices and securitization, and too big to fail.
The Commission is comprised of Chairman Phil Angelides, Vice Chairman Bill Thomas, and Commissioners Brooksley Born, Byron Georgiou, Robert Graham, Keith Hennessey, Doug Holtz-Eakin, Heather Murren, John W. Thompson, and Peter Wallison.
Findings and conclusions are to be presented in a formal report to Congress and the President by December 15, 2010.