global exactly and the day before the bankruptcy or a firm or who is m.f. global's general counsel sent e-mails to the f.c.c. m a c s u c indicating that there was a significant shortfall in the customer segregated accounts yet the next day november first in bankruptcy court m.f. global's bankruptcy counsel cans them on scat and went before the judge and misrepresented it saying that there were no. he specifically said there was no shortfall in the broker dealer and then a c f t c attorney stood up shortly after that nobody corrected this and they were headlines out that day that said the money that there's no shortfall and this was one of the events that led the futures industry into a shortfall after it was discovered that there was a shortfall so i mean you started out with the customer commodity customer coalition you helped found it to deal with the fact that there was nobody looking out for the futures industry at that time and what was it like in those early days . i mean it was actually. i'm a licensed attorney but i've never practiced a day of all

global exactly and the day before the bankruptcy laurie ferber who is m.f. global's general counsel sent e-mails to the f.c.c. m a c s d c indicating that there was a significant shortfall in the customer segregated accounts yet the next day november first in bankruptcy court and the locals bankruptcy council cans them on ad and went before the judge and misrepresented saying that there were no. he specifically said there was no shortfall in the broker dealer and then a c. f.t.c. attorney stood up shortly after that nobody corrected this and they were headlines out that day that said the money that there's no shortfall and this was one of the events that led the futures industry into a shortfall after it was discovered that there was a shortfall so i mean you started out with the customer commodity customer coalition you helped found it to deal with the fact that there was nobody looking out for the futures industry at that time and what was it like in those early days . i mean it was actually. i'm a licensed attorney but i've never practiced a day of all my

global. exactly and the day before the bankruptcy laurie ferber who is m.f. global's general counsel sent e-mails to the f.c.c. m a c s d c and they came and there was a significant shortfall in the customer segregated accounts yet the next day november first and bankruptcy court and locals bankruptcy council cans them on ad and went before the judge and misrepresented saying that there were no. he specifically said there was no shortfall in the broker dealer and then a c. f.t.c. attorney stood up shortly after that nobody corrected this and there were headlines out that day that said the money that there's no shortfall and this was one of the events that led the futures industry into a shortfall after it was discovered that there was a shortfall so i mean you started out with the customer a commodity customer coalition you helped found it to deal with the fact that there was nobody looking out for the futures industry at that time and what was it like in those early days i mean it was actually. i'm a licensed attorney but i've never practiced a day of all my

almost two years after he tanked m.f. global john corazon read. turns to the spotlight in two thousand and eleven the former new jersey senator's firm dipped into customer accounts in attempts to cover losses on european sovereign debt trades a scheme with uncanny similarities to our favorite ok playing juvenile delinquent. if you had access to a car like this would you take it back right away. neither would i. well corazon had access to the m.f. global car borrowing customer money for short periods of time usually returning it by day and that is until and until the car crashed and dealer i mean corazon he got away scot free now earlier i spoke with james cook tulis co-founder of the commodity customer coalition about the new c f.t.c. suit against john corazon i first asked him if it's possible we will see criminal charges as well. and legal opinion but he definitely committed crimes and m.f. global and i think it's encouraging to see this. as a step and now. done just about all they could do on the civil side but now it's up to the you know jane

because m.f. global kept its own money in the customer accounts but it seems as though based on the dialog that we have now that they knew it was actually belonging to the customers is that your understanding yet and i think that when you say plausible we're talking about plausible deniability here i mean m.f. global made a five hundred forty million dollars manual adjustment with no supporting documentation. whatsoever in order to claim that they had exactly two hundred million dollars left in of their own money in that account when there was nothing to indicate that that was true there was a run on the bank going on and then they immediately transfer that money to their own house account to j.p. morgan broke and promptly wired to j.p. morgan all without the approval of the c.m.e. which as the sorrow had come in there and said no wires or a lot of the customer accounts about are written for approval and let's let's get to that c.m.e. why was the directives why were the directors of the c.m.e. not

global. exactly and the day before the bankruptcy laurie ferber who is m.f. global's general counsel sent e-mails to the f.t.c. m a c s d c indicating that there was a significant shortfall in the customer segregated accounts yet the next day november first in bankruptcy court and the locals bankruptcy council cans them on ad and went before the judge and misrepresented saying that there were no. he specifically said there was no shortfall in the broker dealer and then if the f.t.c. attorney stood up shortly after that nobody corrected this and they were headlines out that day that said the money that there's no shortfall and this was one of the events that led the futures industry into a shortfall after it was discovered that there was a shortfall so i mean you started out with the customer commodity customer coalition you helped found it to deal with the fact that there was nobody looking out for the futures industry at that time and what was it like in those early days i mean it was actually. i'm a licensed attorney but i've never practiced a day of all my

and the question is the plausibly could have belong to the company itself on the global because m.f. global kept its own money in the customer accounts but it seems as though based on the dialogue that we have now that they knew it was actually belonging to the customers is that your understanding yet and i think that when you say plausible we're talking about plausible deniability here i mean m.f. global made a five hundred forty million dollars manual adjustment with no supporting documentation whatsoever in order to claim that they had exactly two hundred million dollars left in of their own money in that account when there was nothing to indicate that that was true there was a run on the bank going on and then they immediately transfer that money to their own house account to j.p. morgan bright and promptly wired to j.p. morgan all without the approval of the c.m.e. which as the sorrow had come in there and said no wires or a lot of the customer accounts about are written for approval and let's let's get to that c.m.e. why was the direct is why were the directors of the c i mean

and the question is the plausibly could have belonged to the company itself on the global because m.f. global kept its own money in the customer accounts but it seems as though based on the dialogue that we have now that they knew it was actually belonging to the customers is that your understanding yet and i think that when you say plausible we're talking about plausible deniability here i mean m.f. global made a five hundred forty million dollars manual adjustment with no supporting documentation whatsoever in order to claim that they had exactly two hundred million dollars left in their own money in that account when there was nothing to indicate that that was true there was a run on the bank going on and then they immediately transferred that money to their own house account to j.p. morgan abroad and promptly wired to j.p. morgan all without the approval of the c.m.e. which as the sorrow had come in there and said no wires or a lot of the customer accounts about are written up for approval and let's let's get to that c.m.e. why was the directive is why were the directors of the c

and the question is the plausibly could have belonged to the company itself on the global because m.f. global kept its own money in the customer accounts but it seems as though based on the dialog that we have now that they knew it was actually belonging to the customers is that your understanding and i think that when you say plausible we're talking about plausible deniability here i mean m.f. global made a five hundred forty million dollars manual adjustment with no supporting documentation whatsoever in order to claim that they had exactly two hundred million dollars left in of their own money in that account when there was nothing to indicate that that was true there was a run on the bank going on and then they immediately transfer that money to their own house account to j.p. morgan and promptly wired to j.p. morgan all without the approval of the c.m.e. which as the sorrow had come in there and said no wires are allowed on the customer accounts about are written for approval and let's let's get to that c.m.e. why was the do. why were the directors of the c.m.e. not followed and

because m.f. global kept its own money in the customer accounts but it seems as though based on the dialogue that we have now that. they knew it was actually belonging to the customers is that your understanding yes and i think that when you say plausible we're talking about plausible deniability here i mean m.f. global made a five hundred forty million dollars manual adjustment with no supporting documentation whatsoever in order to claim that they had exactly two hundred million dollars left in their own money in that account when there was nothing to indicate that that was true there was a run on the bank going on and then they immediately transferred that money to their own house account to j.p. morgan broke and promptly wired to j.p. morgan all without the approval of the c.m.e. which as the sorrow had come in there and said no wires or a lot of the customer accounts about are written up for approval and let's let's get to that c.m.e. why was the directive is why are the directors of the c i

global was involved and complex repo to maturity trades as confidence in m.f. global declined as likely that the counter party started demanding higher collateral and what m.f. global did that was illegal as they dipped into customers. fines that were supposed to be and segregate accounts so when m.f. global went under multiple kalar parties all went after the same leverage securities obviously not everyone concedes the same security at night magic these hypothecated trades disappeared like a game of musical chairs and the saddos of the financial industry this is the breakdown every hypothesis and. joining me now for the dual is the host of breaking the martin thank you for joining me here on that cited first store of recovery according to m.s.n. b.c. the republican party has thrown its weight behind a lawsuit aimed at demolishing a key remaining component of campaign campaign finance regulation and this is the limits on political count contributions a supreme court ruling could result in an unlimited amount of money pouring into politics i think we're on the s

m.f. global was involved and complex repo to maturity trades as confidence in m.f. global declined as likely that the counter party started demanding higher collateral and what m.f. global did that was illegal as they dipped into customers. fines that were supposed to be and staggered accounts so when m.f. global went under multiple counter parties all went after the same levered securities obviously not everyone can see the same security at night magic these hypothecated trades disappeared like a game of musical chairs and the saddos of the financial industry this is the breakdown every hypothesis and. joining me now for the dual is the host of breaking the martin thank you for joining me here on land sided first story recovery according to m.s.n. b c the republican party has thrown its weight behind a lawsuit aimed at demolishing a key remaining component of campaign campaign finance regulation and this is the limits on political count contributions a supreme court ruling could result in an unlimited amount of money pouring into politics i think we're on the same

m.f. global was involved and complex repo to maturity trades as confidence in m.f. global declined as likely that the counter party started demanding higher collateral and what m.f. global did that was illegal as they dipped into customers. fines that were supposed to be and staggered accounts so when m.f. global went under multiple counter parties all went after the same leverage securities obviously not everyone can seize the same security ever like magic these hypothecated trades disappeared like a game of musical chairs and the saddos of the financial industry this is the breakdown every hypothesis and. joining me now for the dual is a host of breaking the martin thank you for joining me here on that cited the right note first story recovery according to m.s.n. b c the republican party has thrown its weight behind a lawsuit aimed at demolishing a key remaining component of campaign campaign finance regulation and this is the limits on political count contributions a supreme court ruling could result in an unlimited amount of money pouring into politics i think w

global declined as likely that the counter party started demanding higher collateral and what m.f. global did that was illegal as they dipped into customers. fines that were supposed to be and segregate accounts so when m.f. global went under multiple counter parties all went after the same leverage securities obviously not everyone concedes the same security at night magic these hypothecated trades disappeared like a game of musical chairs and the saddos of the financial industry this is the breakdown every hypothesis and. joining me now for the dual is the host of breaking the martin thank you for joining me here on the one sided right now first door of recovery according to mr n.b.c. the republican party has thrown its weight behind a lawsuit aimed at demolishing a key remaining component of campaign campaign finance regulation and this is the limits on political can contributions a supreme court ruling could result in an unlimited amount of money pouring into politics i think we're on the same page here but we might it arrive at a conclusion by two different paths so what's you

painted as a tough new sheriff even though he abdicated oversight of the entire futures industry one m.f. global ago and its age of whistleblowers today actually yesterday snowden and then today bank of america thanks to two lawsuits we learned how the too big to fail giant systematically built home over promise and loan modifications who then they proceeded to take out of those homes and you might have heard of the volcker rule that says banks cannot gamble with customer money lloyd blankfein said his goldman sachs doing this but guess what he did it we just learned that the firm found a loophole to keep doing it anyway over a billion dollars worth we'll learn how this is possible and how it might add we talked to part naylor a public citizen finally we have eliot spitzer who resigned in disgrace in two thousand and eight just as applied anshul panic was heating up well he's back and he's looking to oversee new york one hundred forty billion dollars city pension plan he won't be able to bring charges or things cool right so. find out what's in your prime interest.

painted as a tough new sheriff even though he abdicated oversight of the entire futures industry one m.f. global ago and its age of whistleblowers today actually yesterday snowden and then today bank of america thanks to two lawsuits we learned how the two big build giant systematically built homes promise and loan modifications.

painted as a tough new sheriff even though he abdicated oversight of the entire futures industry one m.f. global ago and its age of whistleblowers today actually yesterday snowden and then today bank of america thanks to two new lawsuits we learned how the two big build giant systematically built homes promising loan modifications who then they proceeded to take out of those homes and you might have heard of the volcker rule that says banks cannot gamble with customer money lloyd blankfein said his goldman sachs doing this but guess what he did it we just learned that the firm found a loophole to keep doing it anyway over a billion dollars worth learned.

global audience and you connecting any related dots on this one by the way the muni market is under the microscope no that detroit is under bankruptcy court protection thanks to the earth zero interest rate policy by chairman bernanke going on five years no pension funds and hedge funds alike have been searching for higher yielding us it won't be in the best would probably need to be this bond such as. those issued by detroit and now the prices are falling as well as liquidity meaning it's harder to find buyers for these increasingly distressed assets so it looks like our favorite casandra meredith whitney was just a couple of years too early. and here's what's new our prime interest. under current basel three proposals within the next five years banks will have to hold equity equal to three percent of assets this means that for every one dollar of capital a bank can basically loan or gamble on derivatives thirty three times that amount earlier i spoke with robin barry a former investment banker with crowd.

painted as a tough new sheriff even though he abdicated oversight of the entire futures industry one m.f. global ago and its age of whistleblowers today actually yesterday snowden and then today bank of america thanks to two lawsuits we learned how the two big bill giant systematically built homeowners promise and loan modifications who then they proceeded to take out of those homes and you might have heard of the volcker rule that says banks cannot gamble with customer money lloyd blankfein said his goldman sachs doing this but guess what he did it we just learned that the firm found a loophole to keep doing it anyway over a billion dollars worth we'll learn how this is possible and how it might add we talked to part naylor a public citizen finally we have eliot spitzer who resigned in disgrace in two thousand and eight just as applied anshul panic was heating up well he's back and he's looking to oversee new york one hundred forty billion dollars city pension plan he won't be able to bring charges or things cool right so. find out what's in your prime interest. you by it. elementary sc

painted as a tough new sheriff even though he abdicated oversight of the entire futures industry one m.f. global ago and its age of whistleblowers today actually yesterday snowden and then today bank of america thanks to two lawsuits we learned how the too big to fail giant systematically built home over promise and loan modifications who then they proceeded to kick out of those homes and you might have heard of the volcker rule that says banks cannot gamble with customer money lloyd blankfein said his goldman sachs doing this but guess what he did it we just learned that the firm found a loophole to keep doing it anyway over a billion dollars worth we'll learn how this is possible and how it might add we talked to the partner of public citizen finally we have eliot spitzer who resigned in disgrace in two thousand and eight just as a plight anshul panic was heating up well he's back and he's looking to oversee new york's one hundred forty billion dollars city pension plan you won't be able to bring charges of things cool dry so. find out what's in your prime interest. you might. elementa

global continue connecting any related dots on this one by the way the muni market is under the microscope no that detroit is under bankruptcy court protection thanks to the earth zero interest rate policy by chairman bernanke going on five years no pension funds and hedge funds alike have been searching for higher yielding us it won't be the best to believe you to do this on such as those issued by detroit and know that prices are falling as well as liquidity meaning it's harder to find buyers for these increasingly distressed assets so it. it's like our favorite cassandra meredith whitney was just a couple of years too early. and here's what's new our prime interest. under current basel three proposals within the next five years banks will have to hold equity equal to three percent of assets this means that for every one dollar of capital a bank can basically loan or gamble on derivatives thirty three times that amount earlier i spoke with robin berry a former investment banker with credit suisse and a corporate finance executive and i asked her about leverage during the financial crisis

global ago and it's the age of whistleblowers today actually yesterday snowden and then today bank of america thanks to two new lawsuits we learned how the too big to fail giant systematically built home over promise and loan modifications who then they proceeded to kick out of those homes and you might have heard of the volcker rule that says banks cannot gamble with customer money lloyd blankfein said his goldman sachs doing this but guess what he did it we just learned that the firm found a loophole to keep doing it anyway over a billion dollars worth we'll learn how this is possible and how it might add we talked to bart naylor a public citizen.

painted as a tough new sheriff even though he abdicated oversight of the entire futures industry one m.f. global ago and its age of whistleblowers today actually yesterday snowden and then today bank of america thanks to two lawsuits we learned how the too big to fail giant systematically built home over promise and loan modifications who then they proceeded to take out of those homes and you might have heard of the volcker rule that says banks cannot gamble with customer money lloyd blankfein said his goldman sachs stopped doing this but guess what he did it we just learned that the firm found a loophole to keep doing it anyway over a billion dollars worth we'll learn how this is possible and how it might add we talked to part naylor a public citizen finally we have eliot spitzer who resigned in disgrace in two thousand and eight just as a flight anshul panic was heating up well he's back and he's looking to oversee new york's one hundred forty billion dollars city pension plan he won't be able to bring charges of things school so. find out what's in your prime interest. you might remem

painted as a tough new sheriff even though he abdicated oversight of the entire futures industry one m.f. global ago and its age of whistleblowers today actually yesterday snowden and then today bank of america thanks to two lawsuits we learned how the too big to fail giant systematically built home over promise and loan modifications who then they proceeded to take out of those homes and you might have heard of the volcker rule that says banks cannot gamble with customer money lloyd blankfein said his goldman sachs stopped doing this but guess what he did it we just learned that the firm found a loophole to keep doing it anyway over a billion dollars worth we'll learn how this is possible and how it might add we talked to the partner of public citizen finally we have eliot spitzer who resigned in disgrace in two thousand and eight just as applied anshul panic was heating up well he's back and he's looking to oversee new york's one hundred forty fillion dollars city pension plan you won't be able to bring charges of things cool dry so . find out what's in your prime interest. you by. ele

global ocean city you connecting any related dots on this one by the way the muni market is under the microscope no that detroit is under bankruptcy court protection thanks to the earth zero interest rate policy by chairman bernanke going on five years no pension funds and hedge funds alike have been searching for higher yielding us it won't be the best to believe you to do this but bond such as those issued by detroit and know that prices are falling as well as liquidity meaning it's harder to find buyers for these increasingly distressed assets so it looks like our favorite casandra very good with the. it was just a couple of years too early. and here's west and you are. under current basel three proposals within the next five years banks will have to hold equity equal to three percent of assets this means that for every one dollar of capital a bank can basically loan or gamble on derivatives thirty three times that amount earlier i spoke with robin berry a former investment banker with credit suisse and a corporate finance executive and i asked her about leverage during the financi

global ocean city you connecting any related dots on this one by the way the muni market is under the microscope no that detroit is under bankruptcy court protection thanks to the earth zero interest rate policy by chairman burton to keep going on five years no pension funds and hedge funds alike have been searching for higher yielding us it will be the best to believe there's such a. those issued by detroit and now the prices are falling as well as liquidity meaning it's harder to find buyers for these increasingly distressed assets so it looks like our favorite cassandra meredith whitney was just a couple of years too early. and here is one thing you are right i mentioned this. undercurrent basel three proposals within the next five years banks will have to hold equity equal to three percent of assets this means that for every one dollar of capital a bank can basically loan or gamble on derivatives thirty three times that amount earlier i spoke with robin barry a former investment banker with credit suisse and a corporate finance executive and i asked her about leverage during the f

painted as a tough new sheriff even though he advocated oversight of the entire futures industry one m.f. global ago and its age of whistleblowers today actually yesterday snowden and then today bank of america thanks to two lawsuits we learned how the too big to fail giant systematically built homeowners promise and loan modifications through them they proceeded to take out of those homes and you might have heard of the volcker rule that says banks cannot gamble with customer money lloyd blankfein said his goldman sachs doing this but guess what he did it we just learned that the firm found a loophole to keep doing it anyway over a billion dollars worth we'll learn how this is possible and how it might add we talked to the partner of public citizen finally we have eliot spitzer who resigned in disgrace in two thousand and eight just as applied anshul panic was heating up well he's back and he's looking to oversee new york one hundred forty billion dollars city pension plan he won't be able to bring charges of being schooled right so. find out what's in your prime interest. you might. el

in the open to one hundred thousand dollars a month and consulting thieved just prior to blowing up m.f. global continue connecting any related dots on this one by the way the muni market is under the microscope no that detroit is under bankruptcy court protection thanks to the earth zero interest rate policy by chairman bernanke going on five years no pension funds and hedge funds alike have been searching for higher yielding us it won't be the best to believe you to do this on such as those issued by detroit and know that prices are falling as well as liquidity meaning it's hard. to find buyers for these increasingly distressed assets so it looks like our favorite cassandra meredith whitney was just a couple of years too early. and here's what's new are i mentioned this. undercurrent basel three proposals within the next five years banks will have to hold equity equal to three percent of assets this means that for every one dollar of capital a bank can basically loan or gamble on derivatives thirty three times that amount earlier i spoke with robin barry a former investment banker wit

painted as a tough new sheriff even though he abdicated oversight of the entire futures industry one m.f. global ago and its age of whistleblowers today actually guess today snowden and then today bank of america thanks to two new lawsuits we learned how the too big to fail giant systematically built homes promising loan modifications who then they proceeded to take out of those homes and you might have heard of the volcker rule that says banks cannot gamble with customer money lloyd blankfein said his goldman sachs doing this but guess what he did it we just learned that the firm found a loophole to keep doing it anyway over a billion dollars worth we'll learn how this is possible and how it might add we talked to part naylor a public citizen finally we have eliot spitzer who resigned in disgrace in two thousand and eight just as applied anshul panic was heating up well he's back and he's looking to oversee new york one hundred forty billion dollars city pension plan he won't be able to bring charges or things cool dry so. find out what's in your prime interest. you might remember that

global over to you connecting any related dots on this one by the way the new. market is under the microscope now that detroit is under bankruptcy court protection thanks to near zero interest rate policy by chairman bernanke going on five years now pension funds and hedge funds alike have been searching for higher yielding assets well they have been for that student heavily in the u.s. for bonds such as those issued by detroit and now the prices are falling as well as liquidity meaning it's harder to find buyers for these increasingly distressed assets so it looks like our favorite cassandra meredith whitney was just a couple of years too early. and here is one thing you are right i mention this. under current basel three proposals within the next five years banks will have to hold equity equal to three percent of assets this means that for every one dollar of capital a bank can basically loan or gamble on derivatives thirty three times that amount earlier i spoke with robin barry a former investment banker with credit suisse and a corporate finance executive a

morgan john corazon was m.f. global but it did humanizes the entire system to a certain extent i think you write a little bit about that. yes absolutely i mean essentially one of the lines that i like to take on and the biggest to say this is not about personal morality it's about incentives but of a structural level you could take all the parts from the two thousand and seven two thousand and eight drama replace them with other people and run the experiment again they would have behaved in the same ways because a lot of the way the banks were incentivized until we talk a lot of the core level you're not really talking to problems and how do we tackle this at a core a level what's your prescription for the future well that to some extent market forces are already taking care of it if you think about it the way the banks made money for the past thirty years was to find out their trading book take on huge amounts of leverage and run a free option in the public in the form of being too big to fail you get to play th

dealers are monetizing the debt they're not saying but there's twenty one primary dealers right and m.f. global was one of them so we also can get into a discussion what happened to john cores and he just rolled off the page and with that one point he went into the sunset slowly into the sunset with a one point six billion in customer funds and that just got rolled off and nobody did anything about it so now banks make money have by creating debt right is it ok so the banks have an incentive to create a huge amount of debt the amount of debt in the u.k. is now hitting record amounts because debts are being created by banks that's their business model to create debts the u.s. the u.k. government to hold back the debt creation of the banks which is their mandate like a cancer they can't stop themselves that's they wake up thinking about this what they do all day long is create more debt they need to be curtailed because that debt service is eventually going to overtake all the income in the in the u.k. and the only way to stop it is to regulate or raise interest rates or to somehow clamp

warrant i believe all this warrantless spying on us i think it's unconstitutional let's talk about m.f. global which is another apparent crime and john corazon is finally being accused by the see have to see in this these are just civil charges but it's been two years the futures a new industry was shoveled into disarray because of what this guy did he took customer money he used to bet on sovereign and why is it taken this long for him to face any charges whatsoever by the c. of d.c. the problem of all of these things is that these allegations just like bear stearns just like lehman brothers they're making bad bets and stealing customer accounts apparently to do them i don't know if the allegations are true they appear to be but it takes a lot of time to unwind the transaction find out who the guilty party is the real concern that i have is not punishing courts and he should be punished and obviously everyone who did it should go to jail my concern is this is going to happen again and again and again it's going to happen every five years just as it happened every five years in the. un

dealers are monetizing the debt they're not saying but there's twenty one primary dealers right and m.f. global was one of them so we also can get into a discussion what happened to john cores and he just rolled off the page and with that one point he went into the sunset slowly into the sunset with a one point six billion in customer funds and that just got rolled off and nobody did anything about it so now banks make money how by creating debt right is it ok so the banks have an incentive to create a huge amount of debt the amount of debt in the u.k. is now hitting record amounts because debts are being created by banks that's their business model to create debts the u.s. the u.k. government to hold back the debt creation of the banks which is their mandate like a cancer they can't stop themselves that's they wake up thinking about this what they do all day long is create more debt they need to be curtailed because that debt service is eventually going to overtake all the income in the in the u.k. and the only way to stop it is to regulate or raise interest rates or to somehow clamp d

dealers are monetizing the debt they're not saying but there's twenty one primary dealers right and m.f. global was one of them so we also can get into a discussion what happened to john cores and he just rolled off the page and with that one point he went into the sunset slowly into the sunset with a one point six billion in customer funds and that just got rolled off and nobody did anything about it so now banks make money have by creating debt right is it ok so the banks have an incentive to create a huge amount of debt the new man of debt in the u.k. is now hitting record amounts because debts are being created by banks that's their business model to create debts the u.s. the u.k. government to hold back the debt creation of the banks which is their mandate like a cancer they can't stop themselves that's they wake up thinking about that's what they do all day long is create more debt they need to be curtailed because that debt service is eventually going to overtake all the income in the in the you. ok and the only way to stop it is to regulate or raise interest rates or did somehow

dealers in monetizing the debt they're not saying but there's twenty one primary dealers right and m.f. global was one of them so we also can get into a discussion what happened to john cores and he just rolled off the page and with that one point he went into the sunset slowly into the sunset with a one point six billion in customer funds and that just got rolled off and nobody did anything about it so now banks make money how by creating debt right is it ok so the banks have an incentive to create a huge amount of debt the amount of debt in the u.k. is now hitting record amounts because debts are being created by banks that's their business model to create debts the u.s. the u.k. government to hold back the debt creation of the banks which is their mandate like a cancer they can't stop themselves that's if they wake up thinking about that's what they do all day long is create more debt they need to be curtailed because that debt service is eventually going to overtake all the income in the in the u.k. and the only way to stop it is to regulate or raise interest rates or to somehow cl

global which is another apparent crime and john corazon is finally being accused by the c.f. to see in this these are just civil charges but it's been two years the future is a new industry was shoveled into disarray because of what this guy did he took customer money he used to bet on sovereign and why is it taking this long for him to face any charges whatsoever by the sea of d.c. the problem for all of these things is that these allegations just like bear stearns just like lehman brothers they're making bad bets and stealing customer accounts apparently to do them i don't know if the allegations are true they appear to be but it takes a lot of time to unwind the transaction find out who the guilty party is the real concern that i have is not punishing courts and he should be punished and obviously everyone should go to jail my concern is this is going to happen again and again and again it's going to happen every five years just as it has been every five years in the past unless we get that volcker rule under the dodd frank bill that i've been advocating. that's great let'

painted as a tough new sheriff even though he abdicated oversight of the entire futures industry one m.f. global ago and its age of whistleblowers today actually yesterday snowden and then today bank of america thanks to two lawsuits we learned how the too big to fail giant systematically built home over promise and loan modifications who then they proceeded to take out of those homes and you might have heard of the volcker rule that says banks cannot go.

warrant i believe all this warrantless spying on us i think it's unconstitutional let's talk about m.f. global which is another apparent crime and john corazon is finally being accused by the see have to see in this these are just civil charges but it's been two years in the future is a new industry was shoveled into disarray because of what this guy did he took customer money he used to bet on sovereign and why has it taken this long for him to face any charges whatsoever by the sea of d.c. the problem for all of these things is that these allegations just like bear stearns just like lehman brothers they're making bad bets and stealing customer accounts apparently to do them i don't know if the allegations are true they appear to be but it takes a lot of time to unwind the transaction find out who the guilty party is the real concern that i have is not punishing cords and he should be punished and obviously everyone who did it should go to jail my concern is this is going to happen again and again and again it's going to happen every five years just as it happened every five years in

warrant i believe all this warrantless spying on us i think it's unconstitutional let's talk about m.f. global which is another apparent crime and john corazon is finally being accused by the see have to see in this these are just civil charges but it's been two years the futures and industry was shoveled into disarray because of what this guy did he took customer money he used to bet on sovereign and why has it taken this long for him to face any charges whatsoever by the sea of d.c. the problem of all of these things is that these allegations just like bear stearns just like lehman brothers they're making bad bets and stealing customer accounts apparently to do them i don't know if the allegations are true they appear to be but it takes a lot of time to unwind the transaction find out who the guilty party is the real concern that i have is not punishing cords and he should be punished and obviously everyone who did it should go to jail my concern is this is going to happen again and again and again it's going to happen every five years just as it happened every five years in the past

warrant i believe all this warrantless spying on us i think it's unconstitutional let's talk about m.f. global which is another apparent crime and john corazon is finally being accused by the see have to see in this these are just civil charges but it's been two years the futures in the industry was shoveled into disarray because of what this guy did he took customer money he used to bet on sovereign and why has it taken this long for him to face any charges whatsoever by the sea of d.c. the problem for all of these things is that these allegations just like bear stearns just like lehman brothers they're making bad bets and stealing customer accounts apparently to do them i don't know if the allegations are true they appear to be but it takes a lot of time to unwind the transaction find out who the guilty party is the real concern that i have is not punishing courts and he should be punished and obviously everyone who did it should go to jail my concern is this is going to happen again and again and again it's going to happen every five years just as it happened every five years in the

morgan john corazon was m.f. global but it did humanizes the entire system to a certain extent i think you write a little bit about that. yes absolutely i mean essentially one of the lines that i like to take on and the biggest to say this is not about personal morality it's about incentives but of the structural level you could take all the parts from the two thousand and seven two thousand and eight drama replace them with other people and run the experiment again they would have behaved in the same ways because a lot of the way the banks were incentivized and until we talk a lot of the core level you're not really talking to problems and how do we tackle this at a core a level what's your prescription for the future well the. to some extent market forces are already taking care of it if you think about it the way the banks made money for the past thirty years was to follow up their trading book take on huge amounts of leverage and run a free option in the public in the form of being too big to fail you get to

morgan john corazon was m.f. global but it dehumanizes the entire system to a certain extent i think you write a little bit about that. yes absolutely i mean essentially one of the lines that i would like to take on and the biggest this and this is not about personal morality it's about incentives but a structural level you could take all the public from the two thousand and seven two thousand and eight drama replace them with other people and run the experiment again they would have behaved in the same ways because a lot of the way the banks were incentivized until we talk a lot of the core level you're not really talking to problems and how do we tackle this at a core a level what's your prescription for the future well that to some extent market forces are already taking care of it if you think about it the way the banks made money for the past thirty years was to find out their trading book take on huge amounts of leverage and run a free option in the public in the form of being too big to fail you get to pla

morgan john corazon was m.f. global but it did humanizes the entire system to a certain extent i think you write a little bit about that. yes absolutely i mean essentially one of the lines that i like to take on and the biggest to say this is not a. personal morality it's of incentives but of a structural level you could take all the public from the two thousand and seven two thousand and eight drama replace them with all the people and run the experiment again they would have behaved in the same ways because a lot of the way the banks were incentivized until we talk a lot of the core level you're not really talking the problems and how do we tackle this at a corollary of what's your prescription for the future well that to some extent market forces are already taking care of it if you think about it the way the banks made money for the past thirty years was to follow up their trading book take on huge amounts of leverage and run a free option in the public in the form of being too big to fail you get to play the

global continue connecting any related dots on this one by the way the muni market is under the microscope now that detroit is under bankruptcy court protection thanks to the earth zero interest rate policy by chairman bernanke going on five years no pension funds and hedge funds alike have been searching for higher yielding assets well they have been for the student heavily in the us for bonds such as those issued by detroit and now the prices are falling as well as liquidity meaning it's harder to find buyers for these increasingly distressed assets so it looks like our favorite cassandra meredith whitney was just a couple of years too early. and here's west and you are right.

warrant i believe all this warrantless spying on us i think it's unconstitutional let's talk about m.f. global which is another apparent crime and john corazon is finally being accused by the see have to see in this these are just civil charges but it's been two years the future is a new industry was shoveled into disarray because of what this guy did he took customer money he used to bet on sovereign and why has it taken this long for him to face any charges whatsoever by the sea of d.c. the problem of all of these things is that these allegations just like bear stearns just like lehman brothers they're making bad bets and stealing customer accounts apparently to do them i don't know if the allegations are true they appear to be but it takes a lot of time to unwind the transaction find out who the guilty party is the real concern that i have is not punishing cords and he should be punished and obviously everyone who did it should go to jail my concern is this is going to happen again and again and again it's going to happen every five years just as it happened every five years in the