what is wrong with tim geithner with bees on the board of the new york fed? >> well, i think you mean jamie dimon. >> eliot: yes, correct. >> there is a conflict of interest there, eliot. jamie dimon is head one jpmorgan ones largest banks in the world they've had big losses, those need to be investigated properly and the new york fed is a responsible supervisor of jpmorgan. there is conflict of interest for someone who will be subject of investigation also sit in the supervisory position. >> eliot: now i don't think most people appreciate the fact if you look back at the board of the new york fed over the last ten years, you will see that it has been dominated by bankers. why is that and how can that have been permitted to continue? >> well, there is a long-standing arrangement for all the regional feds that comprise the federal reserve system. it gives the local bankers a large voice. and giving local bankers a voice in kansas or minnesota, that's one thing, but in new york you're giving giving that voice to some of the most powerful people on wall street.

what is wrong with tim geithner with bees on the board of the new york fed? >> well, i think you mean jamie dimon. >> eliot: yes, correct. >> there is a conflict of interest there eliot. jamie dimon is head one jpmorgan, ones largest banks in the world they've had big losses, those need to be investigated properly and the new york fed is a responsible supervisor of jpmorgan. there is conflict of interest for someone who will be subject of investigation also sit in the supervisory position. >> eliot: now i don't think most people appreciate the fact if you look back at the board of the new york fed over the last ten years, you will see that it has been dominated by bankers. why is that, and how can that have been permitted to continue? >> well, there is a long-standing arrangement for all the regional feds that comprise the federal reserve system. it gives the local bankers a large voice. and giving local bankers a voice in kansas or minnesota that's one thing, but in new york you're giving giving that voice to some of the most powerful people on wall street.

york fed in particular absolutely the new york fed is connected directly with the folks in the city of london where the epicenter of the global fraud is committed goes right to the new york fed and then to the federal reserve in washington and to central banks around the world but the new york fed is one of the lynchpin crime syndicate hubs geitner comes out of that crime syndicate now he's on the national stage and if he keeps going at it in this way we can only assume that will be the next c.e.o. of goldman sachs well the the article goes on to quote timothy geitner as reassuring the american population that the wheels of justice are turning now. the wheels of justice are spinning in their graves that's where the wheels of justice are turning this is appalling miscarriage of justice well exactly like we said at the top of the show max this is the collapse of empire one thing that is an ingredient across all collapses of empire is an absence of justice there is no justice for the one percent and therefore there is no justice at all because you can't remove the constitution of the u

dan, should jamie dimon be on the board of the new york fed? >> no, and this goes back in the late 20s when charles mitchell and other people of the big new york banks of the board of the new york fed and stopped them from doing things that could pierce that bubble back then, the new york fed needs a regime change. >> so you're going to stage a coup, is that it? >> it's called the last spring. >> you know, it's a concept of interest that would not be tolerated anywhere. it's absurd that the biggest banks of this country control how they are he's going to be regulated in this country. that's absurd. >> banks can regulate themselves and can be seen serving the public interest and regulating themselves. we see them getting in this trouble time and time again. he needs to be off the board. >> one of the grand ironies is the board has looked at a, b c directors, the c director is supposed to represent the public. one of those board members runs the new york city partnership which is nothing but a voice for the investment bank. it is the height of ir

york fed in particular absolutely the new york fed is connected directly with the folks in the city of london where the epicenter of the global fraud is committed goes right to the new york fed and then to the federal reserve in washington and to central banks around the world but the new york fed is one of the lynchpin crime syndicate hubs geitner comes out of that crime syndicate now he's on the national stage and if he keeps going at it in this way we can only assume that will be the next c.e.o. of goldman sachs well the the article goes on to quote timothy geitner as reassuring the american population that the wheels of justice are turning now. the wheels of justice are spinning in their graves that's where the wheels of justice are turning this is appalling miscarriage of justice well exactly like we said at the top of the show max this is the collapse of empire one thing that is that ingredient across all collapses of empire is an absence of justice there is no justice for the one percent and therefore there is no justice at all because you can't remove the constitution of the

york fed in particular absolutely the new york fed is connected directly with the folks in the city of london where the epicenter of the global fraud is committed goes right to the new york fed and then to the federal reserve in washington and to central banks around the world but the new york fed is one of the lynchpin crime syndicate hubs geitner comes out of that crime syndicate now he's on the national stage and if he keeps going at it in this way we can only assume that he'll be the next c.e.o. of goldman sachs well the the article goes on to quote timothy geitner as reassuring the american population that the wheels of justice are turning now. the wheels of justice are spinning in their graves that's where the wheels of justice are turning this is appalling miscarriage of justice well exactly like we said at the top of the show max this is the collapse of empire one thing that is that ingredient across all collapses of empire is an absence of justice there is no justice for the one percent and therefore there is no justice at all because you can't remove the constitution of th

jeff immelt he was on the board of the new york fed the same time the fed authorized an emergency loan of sixteen billion dollars to aig and in two thousand and eight the chairman of the new york fed sat on the board of directors for goldman sachs when the bank applied was approved to become a bank holding company allowing goldman to receive billions in federal reserve loans also the g.a.o. found that at least eighteen current and former fed board members were affiliated with the banks and companies they received emergency loans from the fed so do you think this bill is going to go anywhere because there are a lot of vested interests that will not want to even i mean it's a it's a small i mean i applaud british senator drawing it but the entire i mean bernie sanders version is going to take this the federal reserve has taken the treasury all right i think you just get it all together and you have the same conflicts i mean come on one of the first is i didn't notice any private it's run by the banks but if it's run by the u.s. government that's not any better they're doing and if you lo

york fed in particular absolutely the new york fed. it is connected directly with the folks in the city of london where the epicenter of the global fraud committed goes right to the new york fed and then to the federal reserve in washington and to central banks around the world but the new york fed is one of the lynchpin crime syndicate hubs geitner comes out of that crime syndicate now he's on the national stage and if he keeps going at it in this way we can only assume that he'll be the next c.e.o. of goldman sachs well that the article goes on to quote timothy geitner as reassuring the american population that the wheels of justice are turning now the wheels of justice are spinning in their graves that's where the wheels of justice are turning this is appalling miscarriage of justice well exactly like we said at the top of the show max this is the collapse of empire one thing that is that ingredient across all collapses of empire is an absence of justice there is no justice for the one percent and therefore there is no justice at al

jeff immelt he was on the board of the new york fed the same time the fed authorized an emergency loan of sixteen billion dollars to aig and in two thousand and eight the chairman of the new york fed sat on the board of directors for goldman sachs when the bank applied was approved to become a bank holding company allowing goldman to receive billions in federal reserve loans also the g.a.o. found that at least eighteen current and former fed board members were affiliated with the banks and companies they received emergency loans from the fed so do you think this bill is going to go anywhere because there are a lot of vested interests that will not want to even i mean it's a it's a small i mean i applaud british senator drawing it but the entire i mean bernie sanders version is going to take this the federal reserve has taken the treasury all right i think you just get it all together and you have the same conflicts i mean come on one of the first is i didn't know that any private it's run by the banks but if it's run by the u.s. government that's not any better they're doing i mean if

york fed in particular absolutely the new york fed is connected directly with the folks in the city of london where the epicenter of the global fraud is committed goes right to the new york said and then to the federal reserve in washington and to central banks around the world but the new york fed is one of the lynchpin crime syndicate hubs geitner comes out of that crime syndicate now he's on the national stage and if he keeps going at it in this way we can only assume that he'll be the next c.e.o. of goldman sachs well the the article goes on to quote timothy geitner as reassuring the american population that the wheels of justice are turning now. the wheels of justice are spinning in their graves that's where the wheels of justice are turning this is appalling miscarriage of justice well exactly like we said at the top of the show max this is the collapse of empire one thing that is that ingredient across all collapses of empire is an absence of justice there is no justice for the one percent and therefore there is no justice at all because you can't remove the constitution of t

the question is is there something the new york fed missed? and secondly, is there something that we learned about what happened to jpmorgan about the state of the financial system right now? >> i think it's very important, steve, to stress what supervision can and can't accomplish. you have to be realistic about what supervision can do. i think supervision is ensuring banks have sufficient call tap and liquidity to handle large shocks. it about ensuring they have appropriate governance, control and that we worked to help ensure the banks get to the right place. it not to prevent the banks from making mistakes in any dimension. banks are going to make mistakes from time to time. our job is to ensure the banks can survive stress consisteneve the banking system can continue unfettered to offer bank assistance. >> we have more of the interview with bill dudley. it's online and we'll have later this morning. i think i took a lot of the things that rick said about the fed and i asked him about them. i didn't save that for you guys but some of the g

jeff immelt he was on the board of the new york fed the same time the fed authorized an emergency loan of sixteen billion dollars to g.e. and in two thousand and eight the chairman of the new york fed sat on the board of directors for goldman sachs when the bank applied was approved to become a bank holding company allowing goldman to receive billions in federal reserve loans also the g.a.o. found that at least eighteen current and former fed board members were affiliated with the banks and companies they received emergency loans from the fed so do you think this bill is going to go anywhere because there are a lot of vested interests that will not want to even i mean it's a it's a small i mean i applaud british senator drawing it but the entire i mean bernie sanders wants to take this the federal reserve has taken in treasury all right i think you just get it all together and you have the same conflicts i mean come on one of the first it was i did it was very private it's run by the banks but if it's run by the u.s. government that's not any better they're doing the if you look at the

one of the problems to begin with that you have someone like jamie dimon on the board of the new york fed isn't this kind of the crux of the issue jerrold that we're talking about the federal reserve you're talking about a private public partnership or what some might call a cartel. well it's like say you shouldn't be sitting in on the in a circle of the mafia the give be you know family that's all this is it's seth it's theft in front of everyone's eyes it's not only happening here it's happening all over the world i mean this is very simple it's not complex we know why it happened there was a real estate bubble that was inflated by the fed following the crash of the dot com bubble in two thousand after after nine eleven hit they lowered interest rates to forty six year lows there was a building boom in ireland a building boom in spain a building going to bore trickle a building boom in the u.s. the banks kept loaning money to people they should have loaned it so kept the money and making these these gambling games and the whole thing is collapsing the federal reserve again you know

york fed or from the top spot at the bank meanwhile in the euro zone more indication that debt junkies are unwilling to acknowledge the reality greek elections have unveiled for the first time arguably just how fragmented this is science has become and how unpopular the bailout is beyond the riots we'd see politicians though they still can't cobble together a government in the country and the question is how much more broadly will we see the same problems play europe's economies as others run up against debt austerity they fail out and elections and how many people officially have been convicted of crimes related to the two thousand and eight financial crisis well if you're looking for answers from officials the u.s. justice department doesn't know because they don't track them through why might that be you know it hasn't always been this way they do track civil cases to all how do you know. well discuss that let's get to today's capital account. all right it's monday so let's take stock because what we're seeing across the western world is exactly what happens when faith in the system

on the board of the new york fed at the same time that ge was getting tens of billion dollarses of dollars of commercial paper. so this biplay seems to be continuing, and has been continuing for some period of time. >> it actually has gotten worse recently. since the very big banks got this unconditionable guarantee. we now call them too big to fail for a reason. >> i want to make it clear to folks -- it is starting to lightning and thunder at the very time you suggested this. is that because your idea is shaking the foundations of our financial system? >> absolutely. the governor structure of the new york fed is out of sync with the rest of american society with expectations of what we regard as best practice. >> couple of minutes before we got to wrap you have written also very persuasively about the fiscal clip we're facing at the end of the year, john baner who has been raising the issue of not raising the debt ceiling. what will happen as you get closer and closer to that deadline without resolution. >> it's not good for consumer confidence and destabilized bond markets here and aroun

york fed. do you agree with that? where do you see him falling in this mess? >> right. i think the government's structure of the fed's regional banks is a real issue. the new york fed is the primary regulator of the large institutions, yet they have industry people sitting on their boards and that's true with the other regional banks so i think this is a larger issue than jamie dimon, one that tried to get fixed in dodd-frank and didn't quite make it. i think jamie dimon is a good manag manager. i think he stumbled badly here, he's acknowledged that. my sense is the focus should be on simplifying the structures and getting better intermediate management, if we can't break them up outright so we have better focus on what's going on in each individual component of the bank. >> sheila bair, i appreciate it, thank you so much and ali and christine appreciate it very much so. >>> the revolving door the corner office at yahoo! still swinging this morning. i'm talking about scott thompson, the fifth c

on the board of the new york fed at the same time that ge was getting tens of billion dollarses of dollars of commercial paper. so this biplay seems to be continuing, and has been continuing for some period of time. >> it actually has gotten worse recently. since the very big banks got this unconditionable guarantee. we now call them too big to fail for a reason. >> i want to make it clear to folks -- it is starting to lightning and thunder at the very time you suggested this. is that because your idea is shaking the foundations of our financial system? >> absolutely. the governor structure of the new york fed is out of sync with the rest of american society with expectations of what we regard as best practice. >> couple of minutes before we got to wrap you have written also very persuasively about the fiscal clip we're facing at the end of the year, john baner who has been raising the issue of not raising the debt ceiling. what will happen as you get closer and closer to that deadline without resolution. >> it's not good for consumer confidence, and destabilized bond markets here and arou

including the new york fed. bernie sanders and two democrats are introducing legislation to curb that blatant conflict of interest. as for morgan's jamie dimon, his bad day isn't end there. morgan employees are suing the bank over losses to their requirement plans after morgan announced may 10th it lost over $2 billion in risky trade. the investigators are all over those trades. so we'll probably hear back from them in about a decade. they'll focus on morgan's financial reporting. and facebook stock fell. it's on the sec's to do list also. >> are issues we need to look at with respect to facebook and as we just testified to we're all looking carefully at the jpmorgan trading. >> facebook shares are now down 18% since friday, when they went on sale with enormous fanfare to the general public. a public that didn't have the benefit of inside information, all of whom reportedly cut their estimates of facebook's lowering the value. if you think that sounds fishy, you are not alone. with me now is with me now is the s

do you know when the new york fed was -- were they -- was it under the scrutiny of the new york fed two months ago do you know? >> you know, we've been talking to the fed and they've been less forth coming with information. their response has been this is way complex and we want to understand more before we make any comments to you. what i can tell you is our staff was on this immediately. once we saw what was happening with iksl a month ago, our staff was on the phone with jpmorgan trying to understand what was happening. it's evident in our conversations with jpmorgan that their understanding at jpmorgan has evolved. i'd like to deal with the reality of this situation. >> senator, it almost sounds like you're saying that you want to get involved to make sure that other members of congress don't use this as an excuse to get too punitive on regulations, you're not looking at this on the same way as carl levin is looking at this. >> i'm not a friend or foe of banking. i understand a financial system that functions well is very important to our economy. that's my focus here. what's going

york fed. do you think that will happen in any capacity? and give us a lehman's explanation of what the new york fed does in this regard and why his position there could look fishy to an average investor. >> yeah, it doesn't look good. i understand that. right? you think why is somebody dpr one of the biggest banks in the world sitting on the board of the new york area representative, the u.s. federal reserve? of it probably is not going to resonate vet positivetively with parts of your audience. maybe it's not jamie dimon although he is perceived as one of the smarter guys out there despite this. it's that you need real bankers on these boards. you can't just have academics and policy wonks on these boards. you've got to have a the men and women who actually move the money around. banks have been taking a beating and probably should have over the last few years but banking as a service, i'm not talking about investment banking or trading which is what jpmorgan did here. we need to remember mos

right now he holds the position -- think about -- with the new york fed in which he is advising the new york fed about the appropriate oversight of banks like his bank. and i think one way he takes responsibility for what's gone wrong is to resign from that position and say, someone else should be in that public position but that he should not be in it. and i just think that's one way to try to get a little more accountability into the system. when something happens, like what's happened at jpmorgan chase, someone needs to be accountable. part of that is jamie dimon should withdrawal from -- should resign from his position of public trust. >> elizabeth warren, thank you for joining us this morning. >> thank you. it's good to see you. >>> in the race for the white house, president obama's support for same-sex marriage is pushing the campaign in a new direction. in a just released cbs news/new york times poll, 30% of americans say they believe same-sex couples should be allowed to get married. 24% think they should form civil unions while 33% are against it. the number in favor of same-se

they determine who the president of the new york fed is. it's really the ultimate insider's initution. >> dick fuld is on the board. jamie dimon is on the board. tim geithner is a quasi-wall street ceo. you know, he has oversight over them, in some respects. he works with them in other respects. >> narrator: now on phone calls with hank paulson and ben bernanke, geithner argued they might have to follow the bailout playbook. >> geithner tells paulson, "i believe we are going to have to put government money in. and you'll not have credibility if you say we're not going to do it ande are." so we know there is that tension. >> so hank paulson's sitting there. and it turns out that we're having the largest crisis wall street has seen since the great depression. and he's at the center of it. and at this point the question becomes, what does hank paulson do? >> narrator: paulson was under immense political pressure. >> you had a conservative secretary of the treasury and a conservative administration. there was a lot of right wing criticism over

morgan's two billion dollars trading loss has prompted the new york fed to examine how banks in its district are managing deposits of course it begs the question if jamie dimon gets any say in that he is on the board of the new york fed after all and also on the hill today officials from several financial regulatory agencies were testifying before the house financial services committee on the settlement practices of u.s. financial regulators so this is a good time to have only hearing of our own on this issue to talk about regulation and for rod after all this is the real word on wall street that no one wants to utter helped perhaps by their cronies on capitol hill there is a major factor that may be working against victims of fraud and unless you are an m.f. global customer you may be surprised at what it is take a second think about it. think of your gas wall or your gas rather well i bring in our guest christopher whalen he's senior managing director at tangent capital partners and author of inflated how money and debt built the american dream so chris whalen i said with fraud there is th

what about jamie dimon sitting on the new york fed? et saying this morning it's a conflict of interest. do you think his position is endangered? >> elizabeth warren is going to get attention with this call today. a lot of big banks sit on the board of the new york fed. it's set up that way sort of a public private hybrid institution. the question isn't wlpts jamie dimon who now is revealed as someone who doesn't know where his own $2 billion is should be sitting in that position of financial responsibility. he's been one of the leading figures in wall street history if you look at who this is happening to, it's one of the most iconic figures on wall street. it's jamie dimon and lloyd blankfein. that's kind of it in terms of names that resonate across the country. for jamie to take this fall is tremendous. i don't know if it's going to force him out of the new york fed or not. that's one of the things reformers are going to call for. >> i want to hope this to our little panel here. matt, you have a great pieces in rolli rolling stone ta

morgan's two billion dollars trading loss has prompted the new york fed to examine how banks and its district are managing deposits of course it begs the question if jamie dimon gets any say in that he is on the board of the new york fed after all and also on the hill today officials from several financial regulatory agencies were testifying before the house financial services committee on the settlement practices of u.s. financial regulators so this is a good time to have only hearing of our own on this issue to talk about regulation and for rod after all this is the real word on wall street that no one wants to utter helped perhaps by their cronies on capitol hill there is a major factor that may be working against victims of fraud and unless you are an m.f. global customer you may be surprised at what it is take a second think about it. think of your gas wall or your gas rather well i bring in our guest christopher whalen he's senior managing director at tangent capital partners and author of inflated how money and debt built the american dream so chris whalen i said with fraud th

is that enough for you or are you still insisting that he leave the new york fed as a director? >> well, i think the importance of jamie dimon leaving the new york fed is that it's a public acknowledgment that he is in a position of trust. right now, he holds the position -- think about this with the new york fed, in which he is advising the new york fed about the appropriate oversight of banks like his bank, and i think one way he takes responsibility for what has gone wrong is to resign from that position and say someone else should be in that public position, but that he should not be in it. i just think that's one way to try to get a little more accountability into the system. when something happens like what has happened at jpmorgan chase, someone needs to be accountable and part of that is jamie dimon should withdraw -- he should resign from his position of public tryst. >> elizabeth warren, thank you for joining us this morning. >> thank you. good to see you. >> thank you. >>> in the race for the white house, president obama support for same-sex marriage is pushing the ca

who sits on the board of the new york fed, jamie dimon. >> that's right. it's worst than that. the federal reserve board is supposed to regulate the bank holding companies of these too big to fail institutions. the federal reserve delegated their authority to the district banks to do that work. during the crisis after the crisis, we heard the fed has a change of policy they are going to bring that back to for the most part, washington and here we are with the new york fed leading the investigation of this jamie dimon trade, or this jpmorgan trade, not the board of governors, and as you pointed out the board on which he sits. >> most people would be astonished he sits on the board that is regulating him, how can this be -- >> he is a large shareholder. the district banks of the feds are -- >> and tim geithner when he was there, was chosen to be the president by none other than the ceo's of -- >> that's right. >> now let's talk numbers for a second. 2 billion came 3 billion. how big can this get? >> we don't know how big it can get. because again the transparency doesn't exist. a

i'm a new york fed board, not allowed to but i am a democrat. >> why barely a democrat? >> i've gotten disturbed at some of the democrats anti-business behavior and attacks on work ethic and successful people. i think it's counter productive. so it doesn't mean i don't have their value, i want jobs and don't mind paying higher taxes and lifting up our -- i think we're a brother's keeper but attacking that which creates all things is not the right way to go about it. >> do you think this has been an anti-business administration? we haven't seen the photo-op. president surrounded by you and others from the financial system and big industrialists and other ceos saying we're in common cause and common effort to attack this recession. >> i think it's true to say we have this true common collaboration and i really believe in collaboration. to me it's not democrat or republican. what is it that works to get america growing again so the people can grow and get educated and have opportunities and jobs? that is not democrat or republican. any republican or democrat says they own t

who sits on the board of the new york fed jamie dimon. >> that's right. it's worst than that. the federal reserve board is supposed to regulate the bank holding companies of these too big to fail institutions. the federal reserve delegated their authority to the district banks to do that work. during the crisis after the crisis, we heard the fed has a change of policy they are going to bring that back to for the most part, washington and here we are with the new york fed leading the investigation of this jamie dimon trade, or this jpmorgan trade, not the board of governors, and as you pointed out the board on which he sits. >> most people would be astonished he sits on the board that is regulating him, how can this be -- >> he is a large shareholder. the district banks of the feds are -- >> and tim geithner when he was there, was chosen to be the president by none other than the ceo's of -- >> that's right. >> now let's talk numbers for a second. 2 billion came 3 billion. how big can this get? >> we don't know how big it can get. because again the transparency doesn't exist. a

i'm a new york fed board, i'm not allowed to. but i a democrat, yes. >> so what happened? why barely a democrat now? >> i've gotten disturbed at some of the democrats' anti-business behavior, the sentiment, the attacks on work ethic and successful people. and i think it's very counterproductive. so it doesn't mean i don't have their values. i want jobs. i want a more equitable society. i don't mind paying higher taxes. i don't mind lifting up our -- i do think we're our brother's keeper. but i think attacking that which creates all things is not the right way to go about it. >> but do you think this has been an anti-business administration? >> we haven't seen that photo op in the rose garden of the president surrounded by you and others from the financial system and big industrialists and other ceos say, we're in a common cause here in a common effort to attack this recession. >> i think it's true to say we have a true collaboration and i really believe in true collaboration. to me, it's not democrat or republican. what is it that works to get america rolling again so the

york fed along with a bunch of other c.e.o.'s of the banks diamond sites give and take after bank chiefs meet at fed j.p. morgan chase and company chief executive jamie diamond said there was give and take when bank leaders met with federal reserve officials to discuss industry oversight in new york last week oh yeah well we get he takes you know a little tape worm. we did tape one any money for me to steal. and then obama says we can look back we have to go forward let's pass laws to make it easier for tapeworms like james is still money. money. and he goes back into the warmth of his lair people in cost of leora where he lives a little family of tape worms. i was just me. but i maybe because of the tape. and lenders including new york based j.p. morgan the largest and most profitable u.s. bank are resisting fed efforts to impose tougher restrictions on too big to fail firms whose collapse could hurt the broader economy the banks have pressed the fed to explain assumptions used on this year stress test and have criticized the c

well last wednesday in fact he was up in new york fed along with a bunch of other c.e.o.'s of the banks diamond sites give and take after bank fed j.p. morgan chase and company chief executive jamie diamond said there was give and take when bank leaders met with federal reserve officials to discuss industry oversight in new york last week oh yeah well we takes you know a little tape worm. we did tape one. any money for me to steal. and then obama says we can look back we have to go forward let's pass laws to make it easier for to james is still money. and jamie taping our money. and he goes back into the warmth of his lair is equal in cost of larry lives a little family of jaipur. just me. but i maybe because of the tape. and lenders including new york based j.p. morgan the largest and most profitable u.s. bank are resisting fed efforts to impose tougher restrictions on too big to fail firms whose collapse could hurt the broader economy the banks have pressed the fed to explain assumptions used on this year stress test and have criticised the central bank's proposed rules

york fed along with a bunch of other c.e.o.'s of the banks diamond sites give and take after bank chiefs meet at fed j.p. morgan chase and company chief executive jamie diamond said there was give and take when bank leaders met with federal reserve officials to discuss industry oversight in new york last week oh yeah well we get he takes you know a little tape worm. to tape one. any money for me to steal. and then obama says we can look back we have to go forward let's pass laws to make it easier for tapeworms like james who still money. any little money. he goes back into the warmth of his lair is equal in cost of leora where he lives a little family of tape worms. but i mean because of that tape. and lenders including new york based j.p. morgan the largest and most profitable. u.s. banks are resisting fed efforts to impose tougher restrictions on too big to fail firms whose collapse could hurt the broader economy the banks have pressed the fed to explain assumptions used on this year stress test and have criticized the central