The Hill
Sunday, July 05, 2009
SEARCH
Home
HillTube
Mobile
White Papers Portal
New Member Guide
BLOGS
Pundits Blog
Congress Blog
Blog Briefing Room
Twitter Room Blog
NEWS
Leading The News
Business & Lobbying
K Street Insiders
John Breaux
John Engler
Vin Weber
Dave Wenhold
The Executive
Campaign
Obama Cabinet
COLUMNISTS
Dick Morris
A.B. Stoddard
Brent Budowsky
Ben Goddard
David Hill
David Keene
Josh Marshall
Mark Mellman
Jim Mills
Markos Moulitsas (Kos)
Cheri Jacobus
John Del Cecato
COMMENT
Editorial
Letters
Op-eds
Weyant's World
CAPITAL LIVING
Today's Stories
50 Most Beautiful 2008
Other Features
In The Know
Bookshelf
Announcements
Food & Drink
Onward and Upward
RESOURCES
Classifieds
Subscribe
Order Reprints
Aerospace
Energy Special Report
Telecom Special Report
Transport Special Report
Earth Day Special Report
Consumer Safety Report
Useful Links
RSS


Home arrow Leading The News arrow Kaptur’s ‘separated at birth’ moment
Leading The News PDF Print E-mail
Kaptur’s ‘separated at birth’ moment
Posted: 01/18/08 10:48 AM [ET]
They may both be bald and have a tendency to drone on about financial markets and interest rates, but Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke are two different people, as Rep. Marcy Kaptur (D-Ohio) discovered the hard way on Thursday.

The professorial Bernanke — not his lankier colleague at the helm of the Treasury — testified before a packed House Budget Committee hearing room about the economy. 

A panel member, Kaptur was making her way through a four-part question driving at the culpability of Wall Street financiers in the sub-prime crisis when she zeroed in on the Fed chairman, “Seeing how you were the former CEO of Goldman Sachs —”

A roar erupted on the dais as members from both sides of the aisle tried to correct her at once. The audience gasped.

Not deciphering what they were saying, the 13-term congresswoman and former staffer in the Carter White House pressed on: “I got the wrong firm?”

“No, you’re confusing me with the Treasury secretary,” said Bernanke, a longtime academic whose very lack of private-sector experience stirred worries while he was a contender for the Fed job.

“Paulson?”

“Yes,” said Bernanke.

“Oh, OK. Where were you, sir?” Kaptur said, clinging to the idea that he had been a Wall Street titan.

“I was a CEO of the Princeton economics department,” Bernanke quipped, prompting laughter.

Kaptur apologized, admitting, “I got you confused with the other one.”

Undaunted, she pressed on with her questions. A hearing with such a prestigious witness is, after all, an opportunity for lawmakers to showcase their expertise and to gain high-profile support for their views.

Among other things, Kaptur asked which institutions were most responsible for spurring the shift toward “securitization,” or the repackaging of mortgage loans, and whether the bankers and financiers “who brought us this sub-prime debacle” ought to be required “to pay back their salaries and bonuses to the United States.”

Her blunder, however, may have tested the Fed chairman’s patience.    “Congresswoman, that is quite a list of questions,” he admonished.

Then, after explaining Fannie Mae’s role in spreading the use of securitization, Bernanke said, “I’m not going to comment on the CEO question. I don’t think it’s really my — department.”

 
 
 
BLOGS
TheHill.com Blogs Briefing Room Pundits Room Congress Blog Twitter Room
ADVERTISER
Home | Privacy Policy | Terms And Conditions
The Hill
1625 K Street, NW Suite 900
Washington, DC 20006
202-628-8500 tel | 202-628-8503 fax

The contents of this site are © 2009 Capitol Hill Publishing Corp., a subsidiary of News Communications, Inc.