Lawmakers Question Bankers on Bailout

WASHINGTON — James D’Agostino craned his neck to get a view of the Morgan Stanley chief executive John J. Mack in the hope that the Wall Street titan would be subjected to a firestorm of criticism in a reckoning before Congress.

After participating in a protest last weekend at Mr. Mack’s home in Rye, N.Y., Mr. D’Agostino said he was eager to see lawmakers “go after him. And the others, too.”

But inside the House chamber where Mr. Mack sat shoulder to shoulder with Vikram S. Pandit, Kenneth D. Lewis, and the heads of five other too-big-to-fail banks leaning on government support, lawmakers instead delivered the equivalent of a slow burn.

“There is in the country a great deal of anger about the financial institutions, including those represented here,” Barney Frank, the chairman of the House Financial Services Committee said, gazing at the row of executives. But, Mr. Frank continued, it would be impractical to scrap the entire financial system and start anew. “We have no option if we are to get credit flowing in this country other than to work with the existing institutions,” he said.

http://www.nytimes.com/2009/02/12/business/12bank.html?th&emc=th