President of House of Representatives Requests an Investigation on Wall Street

The President of the U.S. House of Representatives,Nancy Pelosi ordered the beginning of a quick and large investigation of the companies on Wall Street and he will ask many of the representatives from the Bush administration to give their evidence in this inquiry, declared sources from the Congress, quoted by the site Politico.

The democrats from the subordinate chamber of the Congress intend to verify the role played by the Management in the financial crisis that had burst in the last weekend. As a reply, the republicans accused the democrats that they try to charge them with an unlawful blame for this situation and to organize a series of "trials for appearance"s sake ". However, they mentioned that some of the major authorities will collaborate at the investigations. According to Politico, the hearings will take place in the following weeks. The secretary of the American Treasury, Henry Paulson, will also testify for this inquest. Moreover, on 25th of September, the president of the Surveillance and State Reform Committee of the House of Representatives, Henry Waxman, invited Richard Fuld, the general manager of the bankrupt bank "Lehman Brothers" at the Congress. "The hearing will examine the mistakes of legalization and the financial failures that led to Lehman Brothers" decision to request the protection of the Bankruptcy Law", declared Waxman adding that :" The Auditing Committee will also analyze the impact of the Lehman Brothers bankruptcy on the financial markets and towards the economy of the United States." In his turn, yesterday, the democrat Barney Frank, the president of the Financial Services Committee of the House of Representatives, was about to convoke an examination for a large number of economists, in order to " start a conversation regarding the direction towards which the capital market is moving."