It was kind of a who’s who of the live music industry. You had Live Nation CEO Michael Rapino and Ticketmaster Entertainment chief Irving Azoff. Indie promoters were also represented by Jam Productions’ Jerry Mickelson and IMP’s Seth Hurtwitz.

What did they say? The following is just a rundown of some of the more memorable quotes.

First up, Michael Rapino:

The Live Nation CEO cited an “irreparably broken music industry” as a reason for proposing the merger, saying the “business model is obsolete as an eight-track tape” and acknowledging the need to create value for shareholders.

“Our stock has declined by nearly two-thirds. Our real estate holdings have been gutted. Our hard work is not producing the rewards it should. We face the very real possibility that if we don’t find a solution, we could ultimately be bought by a foreign-owned entertainment conglomerate like the majority of the major record labels.”

Rapino also told the panel that more than 40 percent of all concert tickets go unsold, and scalpers are to the concert industry what illegal downloaders are to the recording biz.

Next is Irving Azoff:

Ticketmaster Entertainment’s CEO told the committee his history of loyalty to his artists and their fans, and explained his job will be to continue benefiting them as well as shareholders.

“I’ve been an agent, a personal manager, a concert promoter, a movie producer, an independent record label owner, a merchandiser, a music publisher, a record company CEO and, at times, a babysitter and a bail bondsman. I’m a founding member of the Recording Artists’ Coalition and staunch supporter of artists’ rights.”

“In 2005, I returned to my first love – the management of artists – at Front Line Management. While I’m honored to be here, if I wasn’t doing this right now, I’d be in the Rayburn Building with the musicFIRST coalition and all the artists who are seeking congressional support for the performance rights bill.”

In sharp questioning about TM’s acquisition of TicketsNow, Chuck Schumer (D-NY) elicited a somewhat surprising admission from Azoff that had he been with TM at the time, he would not have made the deal, saying:

“I don’t think there should be a secondary market at all. I think it should be illegal. I’ve spoken with senior members of the company, members of the board, about why they even bought it.”

Indie promoters also had their say before the committee. One in particular, Washington, DC, area-based Seth Hurtwitz of IMP, voiced his opposition to the merger.

“When is enough control too much? You can’t blame Live Nation any more than you can blame a shark for eating people. I’ve never had a problem with Ticketmaster that I couldn’t work out. But If this merger goes through, my biggest competitor will have access to all my ticket counts, onsale dates, contracts and history.”

Jam Productions’ Jerry Mickelson echoed Hurwitz’s concerns.

“If this merger is allowed, this entity will have the power to suppress competition and become a rival to not only promoters but venue managers, agents, merchandisers, apparel companies, licensees and sponsorships. It is vertical integration on steroids and … the poster child to show why this country needs antitrust laws.”

But reading is only half the fun. You gotta watch the video to truly appreciate concert industry execs mixing it up with senators. To see the video from CSPAN, just click here.

Ticketmaster Entertainment CEO Irving Azoff testimony can be read here.

Live Nation CEO Michael Rapino testimony can be read here.

Jam Productions’ Jerry Mickelson testimony can be read here.

IMP’s Seth Hurwitz testimony can be read here.