Thursday, June 11, 2009

Live Blogging Ken Lewis's Testimony Part III

KL: Stress test was awesome.

We've been in stress tests for the last two years. We ace these things all the time.

We identified the bad stuff but we pulled the trigger anyway because I got the Jack Bauer treatment.

Quigley: You acquired part of BlackRock, no? They've got contracts with the Fed. You know about that?

KL: It's a big flipping company, man. They're big boys. I stay out of it.

Quigley: You see the conflict of interest don't you?

KL: DUDE. I see where you're going, and I don't like it. NOT. ONE. BIT.

Kaptur (?) can't read the whole name: Mentions crony capitalism. Oh boy...

Countrywide sucked. Didn't you know that? Who was in charge?

KL: Me.

Kaptur: Due diligence?

KL: You want the gory details, lady? Fine. We did kick ass due diligence and we made that company AWESOME.

Mentions purchase accounting. Don't go there Ken, her head will explode.

Natch, Kaptur changes the subject. Proceeds to go on for what seems like infinity and wraps it up with, "what's your reaction to that?"

I don't want to use the word "hedge". Well, you just did lady.

What net effect of tax did you pay in 2008? You paid less than you should have.

KL: Uh...Well...

Kaptur: I'll just interrupt, thanks.

And go on and on and on and on and there a question here?

KL: I'd love to do whatever it is you just asked me to.

There's the buzzing again. Is that for recess? Sphere: Related Content

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