The Phaserl


Flash Boys’ Enablers Under Oath Tomorrow in U.S. Senate Hearing

by Pam Martens, Wall Street on Parade:

After Senator Carl Levin and members of the U.S. Senate’s Permanent Subcommittee on Investigations give their opening remarks tomorrow, the next thing you will hear are these words or something akin to them:

“Rule number 6 of the U.S. Senate’s Permanent Subcommittee on Investigations requires that all witnesses appearing before the Subcommittee testify under oath.” You might think that would be the rule at every Senate hearing involving Wall Street’s serial malfeasants, but, shockingly, it’s not.

When the men on Panel Two finally take their places, there could be some sweating going on when those right hands are raised. This isn’t just any ole subcommittee; it’s the subcommittee that issued a 2013 scathing 307-page report on JPMorgan’s ethical and legal lapses in the London Whale derivatives trading scandal along with 98 exhibits including deeply incriminating emails. Equally sweat-producing, the subcommittee uses its subpoena power liberally and has a full staff intimately well-versed on the nuances of Wall Street’s jaded ways.

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