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branded diamonds
the three of *** in your countries
the guy who is so uh... with strutting like peacock because
his own
his bank
even though they got us half the amount of uh... bailout money in the form of
uh... load excuse me
zero cuss words
uh... was not um...
was not happily exposed in the uh... financial crisis
and he has been one of the strongest advocates
for a week full caroll if there's going to be an evil caroll
he remember we were talking about uh... this with the alexis goldstein uh...
from occupied the s_e_c_
the other day
and uh... she was part of writing a three hundred some-odd page
comment letter on the boca role as regulators are beginning to
socially take the
overall
umbrella of the vocal rule which basically says
you cannot engage in proprietary trading
with money that is federally insured
words you cannot trade on behalf of yourself we can trade
our clients monies
that's fine that's what they ask us to do
we cannot trade your own money
that's in your institution because affect
that's your depositors' money
because investment banks that banks now
are
code on it
since the fall glass steagle
and you cannot use federally insured money
to make these type of trades
and of course this money is
there's no they don't marquee each bill that comes in like this is federally
insured money we can get that pile over there
uh... and so the s_e_c_ is trying to
drill down in actually make the rules that will be
that will benefit
the ball caroll
and of course uh... jamie diamond and his lieutenants have been all over
washington trying to make sure that that thing looks like swiss cheese
and so uh... they're not subject to any of these rules now but
so he does they are
can be done in a word doc more about this with them
with how you be tomorrow so i would i do too much of this but
so do you need i mean
takes an interview with david gregory on wednesday for meet the press
shirley dare jamie diamond knew about the
losses
supposedly according to disclosure rules he couldn't tell anybody
end up buddy
the good canceled the interview
right but now
egos any idea probably hoping like maybe there's a way we can get around
ever disclosing s
you tension interview now
how fun would it have been
for meet the press
to tape an interview on wednesday and actually would run it
tissue road just sort of the
bs that jamie diamond sharply
but no
you not gonna do that because you're gonna lose access to
or whole raft of c_e_o_s in
important people so
happened back on
after he announces its massive loss
so they can read and review amal again that's what you do folks
you give them a mulligan
because that's what gentleman due for each other
believable
uh... j_p_ morgan announces a wrath of uh... uh...
firings you gotta feel bad for these guys and gals
i know drew
um...
sees a bigger liz worked for gay people working for three decades
and she has uh... resigned in the wake of this
yeah field answers she was uh...
you made almost sixteen million dollars last year it so
you know the gulf from sixteen million down to zero money except for i'm sure
she got a huge by it
that's gonna be tough
uh... your
you'd have to cut back on one of the for sinks state you're going to put into
your
fifty million dollar a homeowner in the uh...
inheritance that's gonna really
cut into it a punch out there uh... i fear for i think uh...
achilles uh... markers
who uh... was the
big whale trader
in uh... london
and uh... treat your hobby air martin art hahahha will also resigned
what this shows
of its leaders that
we need
regulation on these big banks
they cannot be trusted to manage their own risk
because when they're this big we of course
as a government
implicitly backstop them because
were afraid of what their failure will due to the rest of the economy
and
we'll talk more with heidi about this tomorrow because there's some question
is whether or not it was a hedge
which would mean that it was subject to
some rules but not
others
under the dodds frank involved or uh...
regulations
none of which of course i have already gonna have gone into effect so we're
we're talking hypothetically either way
but one of the problems with this is that when you start to have these small
bore rules
as opposed to glass steagle which would have just put up a firewall
invariably these bankers are going to chip away i
org
plug massive holes in it
and so uh...
you've got any time in what solicited jamie donovan in the
i think it's the second
yeah i got a couple of
like i say this is his mulligan interview
on uh... meet the press a from
sunday
the mauldin want
not the first one
uh... media question the s_e_c_ is looking into this
did the bank wikinews once did in violate any accounting rules were s_e_c_
rules so we've had with it
legal rhys compliance or best people looking all that we know we were sloppy
we know we were stupid we know it was bad judgment we don't know of any dash
two yet of course regulation look at something like that that's their job so
we are putting kamal regulators label
control conclusion but we intend to fix it
were from that and be a better calm things down
it sounds like he's been reading now
odd tom pols
ship rules
are gonna learn from our mistakes own up to them realize that it could happen to
anybody and just move on
so we have another opportunity
and of course you know the uh...
the idea that men we may have broken some laws
that's what he's hoping for
he's hoping for the idea that we broke some laws people find out that we broke
some laws will pay out small fine
we'll fire those people involved
and we certainly don't need any further regulation because the regulation
covered which is involved
so we were sloppy we made a mistake people are human