Moyers: We Need a New Pecora Commission - "Which Brings us to Larry Summers"
April 9, 2009 • 11:56AM

The push to dump President Obama's chief economic advisor Lawrence Summers was joined by noted television journalist and former White House official Bill Moyers today, in a column on "blame" for the global financial crash. Stories of Wall Street malfeasance and swindles "brings us to Larry Summers," Moyers writes. He compares Summers with the traitorous imperial advisors of ancient China with its "impregnable" wall, who, three times, showed invading enemies through that wall.

"Reading stories about Summers and Wall Street, you realize the man was intoxicated by the exotic witches' brew of derivatives and other financial legerdemain that got us into such a fine mess in the first place. Yet, here he is, serving as gatekeeper of the information and analysis going to President Obama on the current collapse. We have to wonder, when the President asks, 'Larry, who did this to us?' is he going to name names of old friends and benefactors? Knowing he most likely will be looking for his old desk back once he leaves the White House, is he going to be tough on the very system of lucrative largess that he helped create in his earlier incarnation as a deregulating Treasury Secretary?.... That imaginary conversation came to mind last week as we watched President Obama's joint press conference with British Prime Minister Gordon Brown. When a reporter asked Obama who is to blame for the financial crisis, our usually eloquent and knowledgeable president responded with a rambling and ineffectual answer. With Larry Summers guarding his in box, it's hardly surprising he's not getting the whole story."

Moyers concludes by calling for a new Pecora Commission: "We need real hearings, conducted by experienced and fiercely independent counsel asking the tough questions, or an official commission with subpoena power that can generate evidence leading, if warranted, to trials and convictions." He quotes at length former savings-and-loan regulator William Black on the history of the original Pecora hearings, and the urgent need to reconvene new Pecora hearings now.

The political lynch mob for Summers continues to grow.