Great Theater ... Of the Absurd

I checked out some of the House hearings yesterday. One of the most amusing moments came when Rep. Maxine Waters asked the banks why they paid themselves underwriting fees to place TARP guarantees. In other words, they made money taking money from the government. $17 million for one bank alone.

What is sad is that I do not think the public will ever get the full picture of the bizarre and -- at times -- misleading ways American financial institutions make money for their management team and create the illusion of profitability. It gives "house of cards" a new name. All the stimuli in the world will not help if we don't change the way we do business and change the culture of entitlement in the financial industry.