California congressman brad sherman chaired the hearing. The subcommittee will come to order. Without objection, the chair is authorized to declare a recess at any time. The full committee not on the subcommittee are authorized to participate in todays hearing. Members are reminded to keep their video function on at all times. Members are reminded that they are responsible for muting and unmuting themselves and to mute themselves after theyre finished speaking. Consistent with the regulations accompanying the resolution, the staff will mute members and witnesses as appropriate when not recognized in order to avoid inadvertent background noise. Members are reminded that all house rules relating to order and decorum apply to this hearing. This hearing is entitled Insider Trading and stock option grants, an examination of correspondent integrity in the covid19 pandemic. We know that we have votes on the floor. We will not have any further delays of this hearing in order to allow members t
Themselves after they are finished speaking to mute themselves. Members andtes witnesses as appropriate when not recognized in order to avoid background noise. Members are reminded that all house rules related to order of the court applied to this hearing. Insidering is titled, trading and stock option grants the examination of corporate integrity in the covid19 pandemic. We know we have votes on the floor. We will not have any further delays of the hearing in order to allow members to vote. Rather members should go vote haveeturn and while we all part of the alphabet to vote in, i am sure there could be some accommodation made so if it is your turn to ask questions, you can vote with others not of your same alphabetical characterization. Believe mr. Ting, i meeks has agreed to serve chair until my return. I will recognize myself for five minutes for an opening statement. System isl market unique in history. Up until 150 years ago every Business Enterprise was made up of people who kne
They all matched up. So they also looked at the id plates and they checked out as well. And im to duplicate now and before thats basically how we did it. Everything seemed fine for taught me like to mention at the end of the day he was probably pleased to see how easy it was to deceive people the mood of life time. It all seemed so easy almost a sure thing smita kept playing his shell game with the drilling equipment and the banks kept lending him money after all he had to make the monthly lease payments even if the machines existed only on paper. Flying classes. It was a classic pyramid scheme and it worked at 1st because he used the new loans to pay off old creditors lloyd bigger but then things got out of hand and it became more and more difficult to control it. Through houghton when this violent ended and it got to the point where he had to come up with 60000000. 00 marks a month just to make the leasing payments. No more not least begins. Thats me to manage to convince the banks t
So were keeping a close eye on that. We have David Rubenstein joining us from the carlyle group. He has a great book out about Technology Giants who lose their worth after they get over a billion. It is gravy apparently after that according to him. Well get the latest on new york city. We know the possibility restaurants there will be closed through the end of the year. Now word that schools will open up but not for another couple weeks. It was supposed to happen by the 10th. Now pushed back to the 20 first. Even that looks kind of dicey. The big apple and all the problems apparently cant stop. It feeds on itself. Back to the major story, the lead story, the president of the United States going to kenosha, wisconsin. Normally president s when they hear local leaders are complaining they dont want to see them they back off. Not this president. Not this time. Mainly because not all local leaders feel the same way. Well talk to one congressman who welcomes the president. Says the city and
Mile. Vandalization, high crime, 100 arrested, 13 officers injured. I dont know where to start on this one but well be covering it. Because there are ramifications for the rest of the country and maybe the president ial race. Meantime, focusing at the corner of wall and broad, with the dow up 300 points. A lot is on optimism that despite the back and forth nastiness between democrats and republicans on the president s executive orders here, to go ahead and provide stimulus himself because congress was unable to do it, there is optimism that some deal will ultimately struck. It moo be ultimately close to what the president wants, there are nagging issues is it constitutionsame issues come up when republicans were saying that to barack obama when he was looking at a payroll tax cut there is a long history to president s taking these payroll tax cuts to the executive level. President george w. Bush implemented one with much democratic, you know complaining. Again i mentioned about preside