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tv   [untitled]    August 10, 2012 11:00pm-11:30pm EDT

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gold and silver investors. call today a german rule to avoid service go. good afternoon and welcome to capital account i'm lauren lyster here in washington d.c. and these are your headlines for friday august tenth two thousand and twelve the justice department well it's official it says it won't bring charges against goldman sachs or any of its employees for a financial fraud related to the mortgage crisis this is following a yearlong investigation what is this justice or is gerald celente has often said is it just us big bankers getting away with whatever we want we'll ask them that said have we found someone to take on the big banks benjamin lawsky superintendent of the new york state department of financial services he threatened to revoke standard charter's banking license after accusing the bank of laundering billions for iran's financial institutions this is set off what appears to be
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a backlash from federal regulators so are they going after this new york regulator for doing his job or is the regulator going rogue will discuss plus the lie board benchmark interest rates are no longer fit for purpose as britain's financial regulator also saying the future of other benchmarks for everything from oil to gold to stock prices is also under scrutiny so we ask is there anywhere to invest that's not rigged we'll find out let's get to today's capital account. all right happy friday and i don't know how happy this is for our audience but as i said at the top of the show the justice department says it will not bring charges
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against goldman sachs or any of its employees for financial fraud related to the mortgage crisis this is following their yearlong investigation now according to the wall street journal the justice department said the burden of proof simply could not be met to prosecute goldman based on claims that were made in an extensive senate panel report that was from two thousand and eleven and in the report for example senator carl levin the chairman of the senate subcommittee said goldman executives lied to congress about the firm's bets against the housing market the accusation triggered a justice department probe of possible perjury the report also concluded that even as securities firms flooded the market with securitized mortgages and advise clients to buy them firms privately used words like crap and flying pig to describe the financial instruments now this whole episode was enough to give birth to dramatic scenes like this in senate hearings. if you have an adverse interest to
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your client when you're showing something to them do you have the responsibility to tell that client of your adverse interest that's my question mr chairman just trying to understand i think you understand that i don't think you want to answer there are many scenes like that that was over the abacus deal where goldman didn't tell investors that the hedge fund paulson and co had helped choose the securities in the deal and oh yeah i was betting against it speaks volumes for those securities and timberwolf that c.d.o. remember that where they hock to debt including mortgage securities were reportedly that they expected to perform poorly this that gave birth to scenes like this you could tell them you thought it was a deal i didn't say that you know who do your people internally you knew it was a deal and that's what you're going to show. when to believe that but i think you probably remember that episode quite well this was all enough
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for lawsuits and civil settlements with regulators mind you there was the five hundred million plus dollar one that the f.c.c. settled with goldman over the abacus deal with this wasn't enough to prosecute anyone though so what's wrong here is that the law is that the lawyers is it my frame of mind i'm i just seriously misguided well let's ask gerald celente founder of treads research institute and publisher of the trends journal because he has his pulls on all of this first gerald celente thank you so much for being on the show it's always wonderful to have you on and always my pleasure thank you for inviting me of course especially on a friday it's a nice way to round out the week although i wish i had better news to report than this story that there will be no charges for financial fraud related to the mortgage crisis for goldman sachs so john flint a really the justice department couldn't find anything they never find anything you didn't see any charges come up against john cause on with the m.f.
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global scandal e can't flaw and you know one point six billion dollars you mentioned about goldman sachs being fined over five hundred million dollars what was it two weeks ago h.s.b.c. being saw in full money laundering and it's more than just the financial institutions just this week blackwater you know that wonderful mercenary firm that keeps changing its name yeah they just got fined for is selling arms and they will fly again a few years earlier you look at what's gone on in just this year over eight billion dollars in fines collected from. drug company from military contractors and mercenary contractors from the financial institutions you don't see one head roll this is they call it
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a justice system is criminal it's not a criminal justice system you have a bunch of flunkies a bunch of suck ups and a bunch of bureaucratic lightweights that keep swinging through revolving door was from government to the so called investigation agencies and enforcement agencies that barrel down to their all bosses and suck up to power when are people going to see the truth how many times do you need to read all about it it's there every day look what happened in the library scandal what seven hundred trillion dollars worth of dough being regulated rigged game and what is robert diamond do the former c.e.o. of barclays all i'm sorry and he leaves with over one hundred million dollars the
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game is rigged from top to bottom you're right the word justice as we say is being misspelled it's j u.s.t. us don't get caught stealing a sandwich out of a seven eleven or a lawyer will they pounce on you i know in just to show that contrast gerald there was a story that a former employee of goldman sachs now faces state authorities in new york after he already faced federal charges was convicted that case was appealed now the state authorities are after him for stealing software from goldman sachs it's like don't you dare do anything criminal against goldman sachs but if you are goldman sachs or an executive you can steal from investors and you'll be just fine is that kind of do that. illustrate this issue we're talking about yeah the cops go after the low hanging fruit let's call it what it is go off to ply wall street you see how tough they get you know be a small guy on the chain or a small woman in the in the scam boy they whack you down but not
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a few names john cause i know and by the way the law firm that m.f. global used is attached to the attorney general and his assistant attorney generals law firm i mean what is six years old you can see through this stuff look at it one after another the game is rigged look what happened about a week ago. a jury found this guy that the feds were trying to prosecute from citi group and they let him go because they asked i wanted no this is from the foreman of the jury i wanted to know why the bank c.e.o.'s wasn't brought up on trial i'll tell you why it's very simple they're better than us that's right they're better than we are they make hundreds of millions of dollars doing dirty deals we have to work for
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a living with those suckers we pay for their criminality and that's what's happening in america and by the way. look what china is doing to the person you know they're ready to execute our yeah and look at the iranians that everybody hates they just found four bankers guilty and they one of their going to ditch talking about executing them and that's what i'd like to see but i'd like to see some a high level executions going on let the heads roll on wall street and maybe as they love to say that will send a message to the rest of them well that certainly i'm not going to disagree with you there that would send a message i guess short of that what do you think would change this situation because as we both talked about there are plenty of federal settlements so there are plenty of these civil cases where these huge corporations and these wall street firms do settle for millions of dollars over these charges but what do you think it
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would take to get criminal prosecutions would it require changing the law because they keep seeing this issue of the burden of proof is just too high when it comes to for on criminally in the the way that the law is written the letter of the law is that the problem or is it no it's not it's the lawyers or the people that are pursuing these cases. it's the white collar crime business and they have the best mouthpieces in the world and it's that they're all tied together isn't it a coincidence by the way is that john cause online you know the guys i said can't find one point six million dollars at a. gated fronts like my own is that it funny that the guy who's the head of the commodities futures trading commission gary gensler was also a guy from the goldman sachs gang and under the tutelage of course zine when he was the c.e.o. of the goldman sachs gang it's one big club and we're not in it let's call it what
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it is it's the merger of state and corporate powers call fascism and under a fascist regime the little people. gets slapped down it will and all the guys at the top of the chain the the the mafia the banking mafia and the the political dawns they all get a free ride how much more proof do you need again go outside the banking industry look at glaxo smith kline look at merck look at johnson and johnson have you seen one head were all oh yeah the government collects money so they could pay their guys and keep getting more money to keep their game going and none of the big heads roll oh and by the way if you get caught stealing that chicken sandwich three then it's streets strikes you're out and now you have to live with some guy that got caught selling you know now and so we so let's put this into perspective you
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know i know i do think that's important that said i don't think you can see this gerald but i can we have the front page of your trends journal behind me where we have jesus chasing the bankers out of the temple i'm assuming this is a reference to when jesus chased the money changers out of the temple which was in the bible from what i understand i guess the question here is this more of a moral issue now the law has failed to go after these untouchable guys and and this is really about morality in this country and i don't know instilling some of it. and you know that again this is a whole that's always put that picture up there it's as old as history it's the greedy stealing from the rest of the people it's usury that's all it is i mean look at the deal now you put your money in the banks and you don't get anything in return and they and they're borrowing money for nothing virtually and they're
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loaning it out at a high incidence they're serious they can particularly if you have a credit card so it's nothing has changed. it's about morality that's all it's about pick up the paper this last week in new york oh they just these five guys that they accused of killing a cab drivers somebody oh they're innocent now how many people have been in his synthetic been proven guilty by quote overzealous prosecutors they could use the letter of the wall when they want to they just don't use it for their friends and yes it's an issue of morality again not into a religious sense right only in a factual sense i have an idea let's start a war over in iraq we'll say that the cat has weapons of mass destruction and ties to al qaeda even though he does it will kill a million plus people cost us a trillion dollars sacrifice the lives of our troops and their limbs and their lawyers and their families laws and we'll just keep it going you know we'll call it
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is it and leave and gerald celente it sounds like a nightmare if only that was the case unfortunately you just laid out a lot of true statements there we're going to keep discussing this that we're going to go to a break we'll be back with more with gerald celente founder of trends research institute publisher of the trends journal also still ahead you responded all answer check out if your comment caught my eye this week and your feedback but first your closing market numbers. download the official publication so choose your language stream quality and enjoy
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welcome back before the break my guest and i were discussing a seemingly systemic lack of political will to go after any kind of high level executives or big corporations when it comes to criminal charges criminal wrongdoing and really pursuing that that said. is there someone that has shown that they can really go after the big banks because this new york regulators really going after standard charter apparently over allegations of the bank using its new york office to launder billions of dollars for iran's financial institutions and central bank now reuters reports the treasury department and the fed were blindsided and are were eight so some are saying this new york regulator has gone rogue and some are saying finally someone has taken on the big banks so i want to get my guests reaction but first i want to tell you what neil barofsky his reaction
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was because he was the former special and inspector general in charge of tarp oversight and he says this guy's just doing his job and they'd rather trash a potentially legitimate case then admit that they were asleep at the switch especially now after the recent revelations about their failures with live war and h.s.b.c. now he of course is talking about regulators so a few different. issues to address here let's bring back gerald celente founder of trans research institute publisher of the trends journal to give us his thoughts on this so in general we hear that this new york regulator maybe he's going rogue maybe he's the first guy willing to take on the big banks i don't know eliot spitzer when he did that years ago or maybe this is a case where someone else is going on i'm curious what your reaction is to this new york regulator well you know i only know what i'm reading yet and what i'm reading is that the bank had been cooperative since two thousand and ten and has been
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giving them all the information that they wanted and that it was in two hundred fifty billion dollars that was more you know in the in the tens of millions of dollars that is supposedly money laundering again only the facts that are being presented or whether or not they are facts but the information that's being presented and also left a little suspect. just in the sense of what the issue is and as i read about lawsky the the prosecutor they say he was born out of the military base and this issue has to do with money laundering for ron and then i read his statements and he says that this money laundering is quote a global threat to peace and stability now if you want to talk about a stretch i think that's one dollar wrong it's not supposed to do any business the united states and nato actually have already declared war against iran with the
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boycotting that they're doing kind of similar to a playback of the 1930's but instead of the japan it's iran so i wonder about his motives and that's what has to be a big concern again with the conflicting information and why go to britain when you have so many criminals right down the street from me in new york wall street you know i do hear your point and there is a criticism that comes up that regulators will go after other countries financial institutions and be much more tough than they are to their own and i have seen that criticism with this case and standard chartered so you bring up a lot of good issues a lot of reasons to be skeptical of the media spin being given to this story now so i do think that's important lest we continue the entire time talking about the financial system here in the u.s. since we are going overseas we're talking about a u.k. bank let's talk about the eurozone because it seems like everybody is on vacation
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in august i keep reading that all of these leaders are making these bold statements and then taken off for a vacation seems like things are really going to heat up in september what do you think really is going to happen when everybody gets back from vacation in terms of the euro zone crisis. well you really nailed it because they are you know the europeans you know they had their hunt vacation as you said and a lot of things do happen by the way in august but this seems to be a low time september twelfth is the date to watch one day after september eleventh and that's when the germans supreme court the constitutional court will meet and they will decide whether or not there is a legality of the european stability mechanism and the fiscal stability pacts that have been passed to bail out the countries in the euro zone and there's another element in this that isn't making the news and the bigger issue about this to put it in perspective is whether or not germany itself as well as the other
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european nations are going to lose their sovereignty and bring it all up to brussels that's what this is really all of ballard so however the constitutional court whatever they determine on september twelfth is going to have huge implications because if they say that this is illegal in reference to the german constitution and the european stability mechanism and the fiscal stability pact and taking the rights away from the bones of stock and bringing it to brussels you could see the euro collapse in weeks if not days because germany is the only one that's holding it up this is a huge huge issue and it's barely making the news and on the broader issue of it all it's that all of the european nations under the g twenty meeting and the other
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stability meetings are going to lose their sovereignty by building essential bank in brussels that will truly mirror the central bank of the united states the. a reserve yeah i don't disagree with you there so now we have a day to look to september twelfth and this is when we will find out germany's position finally once and for all it seems on the e.s.m. which is that permanent bailout fund and the fiscal pact which are two of the major pillars of what the technocrats and the bureaucrats in brussels are saying they need in order to solve this euro zone crisis the way they see fit and people have their eye different ideas about that but it certainly could be a day of reckoning it seems will certainly say thank you so much gerald celente for coming and telling us all about it he's founder of trans research institute publisher of the trends journal thank you.
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let's wrap up with your feedback shall we because you got probably our favorite comment that we've ever seen turbo trana wrote because we were having this debate over if there is age discrimination in the t.v. industry and if female anchors that are older get fired to hire younger women i said that might apply more to men as well so much when i said male or female i don't care i just want honest independent and intelligent journalists who actually understand the subject matter at hand at least we have them on this show you warm our hearts thank you and this is why we come to work every day i appreciate your comments and seriously now that said dimitri did get into a little of
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a spat coming out of this topic you can see a little snippet of it here. but what is your overblown. look i mean there's a script but this is true look i'm not saying is an obvious basis to me to having a hard time spit out. well clueless in chicago said it best l.l. on top of her game dimitri give the man a rest so. i will see to that because you know i have plenty of mine when it comes to coffee and caffeinated beverages and for two a ghost added shouldn't dimitri making me shouldn't dimitry make a big thing sound plenty in fact that so its own good. thoroughly enjoyed that smack down again and i thoroughly enjoyed your feedback on it so hopefully we can recreate that meanwhile steve two three two three z.x. right there are two kinds of people in the world war and those who watch capital
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account and the people who stay and uninformed and walk around like sheep to the slaughter or well we are glad that we are keeping sheep from the slaughter by watching our show in your view thank you for that now mr k.k. said calling traders and bankers plumbers is an insult to plumbers everywhere next time you have a problem why don't you call one of your buddies instead of us now he was referring to what one of our guests on high frequency trading said when he said that he refers to these traders as plumbers and i did want to clarify because i felt that was a little unfair and taken the wrong way because i read his book where he discusses this and he's talking about market plumbers people that are very familiar with the markets plumbing and then can exploit it so this is the way he characterizes these high frequency trading experts in these algo robo experts that write these programs that find a way to exploit the markets plumbing and now that's what he meant by plumbers so i don't think he was defaming actual plumbers which we hold in high regard here on
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this show now d.m. g e r fourteen wrote in response to our chris paul got to interview once again excellent interview he points out alan greenspan spoke of being able to lower the price of gold and mentioned leasing more gold to do it as though are already going on. precious metal manipulation creates weak hands that keeps prices suppressed i think the best gauge of where p.m.'s are cheap is foreign central bank accumulation interesting analysis there and i do want to bring up that alan greenspan quote because we actually had it for the chris paul show and ran out of time to show it he said to congress this was in one thousand nine hundred eighty believe he was talking about the suppression of commodities by private counter parties and he said private counter parties they can't restrict supplies of gold another commodity whose relatives are often traded over the counter where central banks stand ready to lease gold in increasing quantities should the price rise so there is that
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factoid there for information lots of more information like that on gas as website and t a b l g one says why is twenty to thirty six and on cut off they edited the source documents now there were a couple comments about this time because there was little glitch on the you tube video and it's time we have a live guest we don't edit it no way to do that we wouldn't want to we just want to make sure you know that that was just some kind of weird video glitch and what that that is our show for today thank you so much for watching and make sure to come back not tomorrow come back on monday for a fresh week of amazing shows we're supposed to have neil barofsky on who i mentioned earlier in the show he's out with a new book bail out and in the meantime you can follow me on twitter at lauren lyster give us feedback at youtube dot com slash capital account and have a great night. for. glory.
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