They will take the fifth!!! They are above the law, only common people follow the law, the SEC and illegals are exempt and Tom Dashell.
To some extent, the excuse they’re giving (in a euphemistic way, but presumably comprehended by the congresscritters) is valid, namely that there is an ongoing investigation that could be harmed by public disclosure of what the SEC bigwigs now know about who knew what and when (hint: SEC staffers who are targets of criminal investigations may not be aware of that yet, or may not be aware whether or not anyone’s really got any evidence on them). No benefit to tipping off the targets in ways that could help them cover their tracks. Putting Markopolos’ testimony in open session made sense; putting the SEC big wigs’ testimony in open session did not — the latter was just done for the benefit of congresscritters who want voters to see/hear them yelling at the useless SEC bigwigs.