David Lazarus' column in yesterday's SF Chronicle reveals that last Monday night's Senate Banking Committee hearing (to be held in San Francisco) was a non-event - neither Wells Fargo nor Bank of America would agree to show up and the hearing was postponed at the last minute. Now they face subpoenas if they don't come to a rescheduled session next month.
State Sen. Dean Florez, chairman of the banking committee, said he was told by both Wells Fargo and Bank of America that they wouldn't attend Monday's hearing because of lawsuits filed against the two companies last week.
He added: "The banks' boycott of the public hearing now forces me to seek answers in another way. They've just invited me to use all of the powers available to me in the Legislature, including the power of subpoena of critical documents."
My quick take on this: 1) I don't see the banks being able to stall forever (or even for very long), and 2) It doesn't seem wise to me to piss off the government, especially the branch that regulates your industry.