This is real money, you are the most important part of the show, tell me what is on your mind by tweeting me or hitting me up on facebook. Sunny insurgenths lead by isel seized two more border crossings, including one on the border of syria and the border of jordan. Iraqis fled both posts in panic. Isil has now cemented its hold. It started off as an alqaedainspired terrorist group, but has morphed into a regional Insurgent Force that now has de facto control from the outskirts of bagdad all the way to the outskirts of aleppo. Isil is believed to have amassed a 2 billion war chest. It is estimated it generates some 8 million a year from extortion rackets and border tolls. It brings in 2. 5 million a month from randsomes, and rakes in about 1. 7 million a month from oil sales to syrian and turkish oil brokers. When you take that all together, its a lot of money, but last week it scored big when it looted the banker vaults in a captured city. It uses all of the money it generates to fund
About to go public and could fetch billions. Real money. This is real money, you are the most important part of the show, tell me what is on your mind by tweeting me or hitting me up on facebook. Sunny insurgenths lead by isel seized two more border crossings, including one on the border of syria and the border of jordan. Iraqis fled both posts in panic. Isil has now cemented its hold. It started off as an alqaedainspired terrorist group, but has morphed into a regional Insurgent Force that now has de facto control from the outskirts of bagdad all the way to the outskirts of aleppo. Isil is believed to have amassed a 2 billion war chest. It is estimated it generates some 8 million a year from extortion rackets and border tolls. It brings in 2. 5 million a month from randsomes, and rakes in about 1. 7 million a month from oil sales to syrian and turkish oil brokers. When you take that all together, its a lot of money, but last week it scored big when it looted the banker vaults in a cap
Laundering concerns. They are no longer dealing big banks are no longer dealing with Community Banks because of know your customer concerns. We would recommend to remedy this situation, a, we eliminate fsoc, a regulator composed of regulators. Its a huge redundancy and double jeopardy in the system. Eliminate ambiguities in the terminology and then finally to carve out some protections for the 99. 999 of all american businesses and Financial Institutions that have nothing to do with this regulation. To wrap it up in just a second. Two years ago i testified to this committee. I asked the question, when they business calls its bank for financial services, would anybody be there to answer the phone . We now know the answer to that. And the answer is yes. The Compliance Officer will be there, not the loan officer. Ladies and gentlemen, that is no way to run the best economy in the world. Again, chairman frank. Welcome back home. You are now recognized for your testimony. Thank you, mr. Cha
Really, the mid h90s, it was people on our side that were trying to restrict these kind of loans, and we passed the Home Protection act and he wouldnt use it. The state of georgia passed laws to assist subprime lending abuses and the Bush Administration preempted it. Then i was working with brad miller and mel watt from the democratic side. We were trying to put regulation through to regulate subprime homes, and the public leadership shut it down. And on the day this committee wants democrats in control, again, to regulate subprime loans, it was over the objection of several members here who said subprime loans were good. And the wall street journal rejected it and said, these are good loans. 80 of them are paying on time, which didnt seem to me to be a great statistic. In fact, what happened was this. People on the conservative side were generally pushing these loans until the crisis hit. And then they needed an alternative victim villain to blame for the crisis. So they retroactively
The committee on tanking will come to order. We apologize for the delays this morning. Well like to start a hearing late. Sympathy have to so thank you for joining us. Its good to see all of you. You have been around this committee before worked here before soar welcomed olivia. This hearing is a hybrid format and their witnesses are in person. Witnesses have the option to appear in person or virtually. The dignity of work is a concept that the 13 spoke of in the late 19th and early 20th centuries and a concept authorized by dr. King. When work is dignity you can support yourself and your family and your future. We on the whats happened over the last four decades. Corporate profits have gone up the stock market has soared and executive compensation has exploded. Wages haveio not kept up with te cost of living. Millions of workers with fulltime jobs who aspire to the middle class can join at no matter how hard they work and people who make it in middleclass dont feel much stability. Wor