Make the too big to fail banks actually safer, so they have more capital so they have to assume their own losses and they cant ship their losses to the American People. And most importantly, one of the most important powers given to the fed unprecedented power was that they are supposed to makes it that every too big to fail banks on wall street structures itself in a way that if it fails, like every other person and coming in this country, they would go into bankruptcy. The remarkable thing that doesnt get talked about much there is only one industry in the entire country that violates the most basic principle of capitalism, and that his failure. God bless you. Get an idea, get a company, work your tail off, make your fortune, that is america and we want you to do that. But on wall street, if you are a too big to fail bank and you do that and you get reckless with other peoples money and you fail, you dont go to bankruptcy. You fall into the comforting arms of the american taxpayer. A
Around the world. Im wolf blitzer. Youre in the siutation room. This is cnn breaking news. Were following breaking news on former trump fixer, Michael Cohen, ordered to serve three years in prison for multiple crimes including crimes he says he committed on behalf of the president of the United States. Cohen telling the court he felt the need to coverup for mr. Trumps, quote, dirty deeds. Cohen says he will continue to cooperate with prosecutors as the russia probe moves closer and closer to the president , his business and his family. Also tonight, we are told mr. Trump is seething, railing against cohen in private conversations and calling him a liar. Ill get reaction from democratic senator bob menendez, and our correspondents and analysts are standing by. First, lets go to our National Political correspondent, m. J. Lee. M. J. , no one who has been punished in the russia probe so far is as close to the president as Michael Cohen. Thats right, wolf. And the threeyear prison sentence