It is exactly what we expected and with the exception of Levin, it was a dog and pony show. The Automatic Earth (among many others) predicted it as well:
For now, Blankfein et al will be fine, they may just not like all the pesky questioning, but they'll leave confident that they've won the day. That's their default mindset, after all, and an addiction to boot. It could also, however, easily be their undoing.
It seems they followed their strategy well and Levin was none too pleased about it.
From the ABA Journal:
A lawyer reportedly helping Goldman Sachs executives prepare for a Senate hearing today revealed his usual strategy for congressional hearings in an interview last year.
O’Melveny & Myers partner K. Lee Blalack II told the American Lawyer last March that a congressional hearing room is not a forum for divining the truth, according to The BLT: The Blog of Legal Times. The goal, he said, is minimal damage to reputation.
“Long, thoughtful pauses followed by rambling nonresponsive answers can easily devour half of a member’s allotted questioning time,” Blalack told the American Lawyer.
Looks like ole Abe Lincoln is as relevant today as he was back then:
“The money powers prey upon the nation in times of peace and conspire against it in times of adversity. It is more despotic than a monarchy, more insolent than autocracy, and more selfish than bureaucracy. It denounces as public enemies, all who question its methods or throw light upon its crimes…....corporations have been enthroned and an era of corruption in high places will follow, and the money powers of the country will endeavor to prolong it’s reign by working upon the prejudices of the people until all wealth is aggregated in a few hands and the Republic is destroyed.”
I'm only part way through Amped Status' Report "The Economic Elite Vs. The People of the United States of America" but so far it looks to be an excellent and complete article.
I have the "Lost Science of Money" from the AMI on order and I'll post more about that later.