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we oftentimes show about the revolving door between government and private
sector
may go
to the private sector and a lot of money they go to the government
and a plot of the private sector and then they get out whatever they go back
to the private sector animated taramani and then let me go back into the
government you have a sense
and we show you how many cases here on the young turks
but mary shapiro
only being the latest she's now point to their cc
before
she was protecting the bankers as one of their top lawyers making
millions of dollars before that
she was at the u_s_ attorney's office
in the government
prosecuting bankers
before that
she was a private industry
defending bankers
that's how this game is played
memorization is gonna run is the securities and exchange commission
s_e_c_
well the president government oversight
uh... that interesting report on the revolving door that cc do you know that
just in the first two years
of them leaving the successful they have to report
between the use of twenty two thousand one in twenty ten
four hundred and nineteen former s_e_c_ employees
filed at least one thousand nine hundred and forty nine disclosure statements are
really with a plan
to represent
a private sector client
with s_e_c_ ***
what does that mean
that means there was almost five hundred guys who used to work in their
government body regulating the banks who then came out and in just the first two
years of bad being out petition nearly two thousand times
dictate an easy on the banks maa cc i wanna regulate that
their memory on bob form
down the road uh... no office right now though just down the hall from u just
two offices down
remember at least a little until the time come our bodies don't regulate my
and by the way
you know what's good for you we got a position for you here in a couple years
too
that's how this game is played
let me show you all the wonderful goodies they got further banks
so for example there were sixty four waivers that allowed companies avoid new
regulatory examination honey no stinkin examinations
sing at those waivers thirty five of them were requested by
former s_e_c_ employees that now work for the banks
secured and they secured forty waivers that a lot of turning companies to
continue
selling small amounts of stock
without registering
how nieces register stock when you have friends in high places
and sixteen former s_e_c_ officials hope their new private-sector employers
continue to provide financial services that they would have banned
been banned from supplying
being banned
that's fun behind to can't afford them
brian the guys that used to work in that cc
he not only because of their
and of course
uh... the number one waivers that
most often was to the top banks
and it was allowed them to do things that they were
normally
supposed to do
having opposes a terrific story on this in the swirl of these facts are from and
uh... i want to give you a quote that they had as well
about just one company j_p_ morgan
since two thousand three that cc had granted exemptions the jpmorgan and its
subsidiaries
when they were trying to collect misconduct
relating to morgan securities products
transactions will and ron
initial product offerings
and research analysts complicit interest
all those different problems
exam from already
as soon as he leaves his job
this is sick man they're not doing any regulating over there they're just
figuring out
karema's flying
and uh... exemptions and waivers for it
manure along quote here for a month three s_e_c_ officials in february
of
twenty eleven according to new york times
wife is a new york times investigated why the world
actually regulating says why they weren't finding them
and then what we know that they're not even showing them recently the hsbc case
for the government literally said
listen if we put some of them in jail it might indeed rate s_b_c_ which might
endanger the entire banking community
which my endanger the global economy so we can't do they're too big a jump
apparently there were also too big a fine
when they were asked about it they said that's this is a government officials
responding to the new york times
an s_e_c_ action gas an investment bank
further contact on one of its admissions
could have the perverse effect
or prohibiting that firm
for managing mutual funds
in a different division or subsidiary
once and then another advisors these or print bonds could run the risk of
serious losses
and customers carlos access to their money
it makes no sense for the commission to impose an unnecessary an artificial
delay
firms access of the capital markets for wholly unrelated conduct
especially the delay would provide will benefit investors
and may harm
the markets
i like them out
translation
well it's a big bank if i find one part of the bank
well i think that if i could all the parts of the bank
and it may harm the markets
and god knows we wouldn't wanna harm the markets the same markings on it and i
wrote in a couple and
this is the admission to the new york times is the government saying basically
to make the five weekend all that
subbarao
they're pretty well everyone finds another instances went it was solid
religious bill i will go into some sort of fine
and as we told you sometimes a funnel that money back as they did in the
fiscal cliff deal
they gave one particular
uh... corporation
five hundred million dollars back of the uh... find that they had given them
initially
whenever the it's so egregious is such a violation of law that issue to jail
they get a fine instead
so wish list
taken from tax for is a given to them right
and winning get away with not binding them at all they say well we wouldn't
want a harm the banks and when one of the markets
so there will be fonts
is then they'll be exemptions
and they will be waivers
their security be fair to her did once considered
at least regulating the money margaret funds
she dropped it when an s_e_c_ commissioner who's normally tough on
regulation louis aguilar
said no no i don't want to do that one you know on a regular money market funds
why did this so-called properly read about what to do that
aguilar used to work
for mutual funds
weird how that works