The second panel of the day before the House Finance Committee lived up to expectations. Perhaps, Representative Gary Ackerman (D-NY) lit the first brigade of fireworks. In fact, he came to the hearing with a rocket propelled grenade launcher.
Andy Vollmer, the General Counsel for the SEC, took direct hits. It was announced that Mr. Vollmer had decided that he would not testify before the hearing, but was threatened with a subpoena should he have decided not to appear.
Vollmer appeared, but under fire was informed that his contribution to the committee was “zero.” Representative Gary Ackerman stated that he thought Andy Vollmer was the shield for the Madoff scandal. Vollmer shrank in his seat as he took fire. The Representatives silenced Vollmer. In fact, it looks as if Vollmer has hell to pay in his future.
Regardless of what happens during the rest of the hearing, it is kudos to Representative Gary Ackerman for taking the stand for the American people.
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