Alabama State Rep. Urges Congress to Initiate New Pecora Investigation

Alabama State Rep. Thomas E. Jackson Urges Congress to Initiate New Pecora Investigation

January 16, 2009 (LPAC)--Alabama State Representative Representative Thomas E. Jackson (D 68th District) on Jan. 14 sent a letter to three members of Alabama's Congressional delegation, urging them to act to convene a new Pecora investigation of the financial crimes that have led to the current financial breakdown crisis.

Rep. Jackson's letter cited the well documented fraud that has been perpetrated by scores of Wall Street firms, hedge funds, and other financial institutions. He noted that during the original Pecora Hearings, which investigated the causes of the 1929 Stock Market crash and ensuing Great Depression, numerous luminaries from Wall Street, including banking mogul Jack Morgan himself, were brought before Congress to testify. The hearings, he wrote, provided the leverage for President Franklin Roosevelt to ram through a series of reforms, including the Glass-Steagall Act, and paved the way for the entire New Deal package; a moratorium on foreclosures and the great infrastructure projects which put millions back to work.

In his letter, Representative Jackson noted the call for a New Pecora Commission by Lyndon LaRouche, and quoted LaRouche's demand for an immediate investigation with full transparency in light of the fact that many members of Congress approved the Paulson-Bernanke bailout swindle against their own best instincts, and that now, three months, and at least $8 trillion later, we are in an even bigger hole. Representative Jackson ended by asking the members of Congress to initiate the hearings to provide the leverage to put today's financiers into federal bankruptcy, and then move to implement a full package of Roosevelt-styled programs to save our economy.