Bank CEOs are testifying before the House Financial Services Committee today. It’s been going about as you might expect: Members are fulminating about bonuses and corporate jets; asking a lot of angry questions about why the banks aren’t lending their TARP money; calling, in one case, for the CEOs to be prosecuted.
At the same time, it’s hard to feel sorry for the bank CEOs, who are about the only people in the country who aren’t willing to admit how much trouble they’re in. Each has insisted that they are very well-capitalized, as reports of their insolvency pile up. As Rep. Judy Biggert just put it: If you guys are in such good shape, “Why are we here?”