Today's hearings before U.S. Senator Carl M. Levin's Permanent Investigations Subcommittee will probably come as close to fireworks as investment banking and "structured finance" ever get. For those who'd like a little comic relief, Submerging Market's David Lighton will provide a "Live Blog" feed with snapshots and running irreverent commentary from the Dirksen Senate Office Building hearing room, beginning at 10 am ECT.
Since the Goldman case erupted last week, there's been plenty of fresh banker blood in the water, with scores of pundits and other piranha swirling around the wounded giants in the banking industry as if they were a herd of cattle crossing a tributary of the upper Rio Negro. Despite— or more likely because of— Goldman's relatively clean track record and illustrious credentials, many commentators on this story have assumed an almost Madame Defarge-like vengeful tone, reigning down condemnation and derision from the penultimate rungs of their moral pedestals.