Testimony in the Oversight and Gov't Reform Committee

Testimony is being obtained today from former Fed. Reserve Chairman Alan Greenspan, SEC Chairman Christopher Cox, and former Treasury Sec. John Snow. This Committee is headed by its Chairman Rep. Henry Waxman (D) of California, but the quote of this day was by Minority Chairman Rep. Tom Davis (R) when he said to SEC Chairman Christopher Cox,

"The failure (by the Congress) to regulate the Credit Default Swap Market basically resulted in legalizing gambling (in those markets)."