fraud, in fact, the accounting fraud by the banks, the fraud from the ratings agencies and then the movement of that money into political circles in order to get accounting changes that are with us to this day, the treasury secretary of this country, in fact, directly responsible for helping to transfer some $3 billion of taxpayer money into aig, through aig and into the bonus pool at goldman sachs and, yet, he s your treasury secretary. the commission has referred its findings and several people to authorities for potential civil or criminal cases, however they will not say who or how many let alone whether the institutional fraud that s at the root of all of this will ultimately be addressed. is the reason, joe, they don t want to deal with the accounting fraud that s at the core of this, the accounting fraud and the misrepresentation of the ratings agencies, the accounting fraud that s in the housing market to this day that s being
should remember, not only has the taxpayer been harmed here but the investor which, again, is the taxpayer, right? when you talk about securitize, putting these investment into pools and selling them into pension funds so these are the retirement investments that s right. the middle class retirement dollars that have been injured. correct. you mentioned the ratings agencies. they saw the documents as well? they ve said, we don t have the information provided to us by the issuer nor to our own due diligence. it seems intentionally avoided collecting this information. and they re going to make money from giving this a hot rating? of course. the more deals able to be done, the more the rating agencies profit. that became a big deal of this
is the taxpayer, right? when you talk about securitize, putting these investment into pools and selling them into pension funds so these are the retirement investments that s right. the middle class retirement dollars that have been injured. correct. you mentioned the ratings agencies. they saw the documents as well? they ve said, we don t have the information provided to us by the issuer nor to our own due diligence. it seems intentionally avoided collecting this information. and they re going to make money from giving this a hot rating? of course. the more deals able to be done, the more the rating agencies profit. that became a big deal of this profit. you ve got investors who actually were told that the pools were full of loans that met underwriting standards that the investment banks seemed to have known they didn t meet. may i just pause here a moment? sure. eliot, you as the former
government should be involved. they think government should be help them get their agricultural subsidies, help them build their businesses, help them get insurance, when it is time to run campaigns, they think you shouldn t get it and that it is a vehement strategy for them. none of these people mean t ron johnson isn t going to give that money back. sharron angle isn t going to get rid of that health insurance. joe miller s wife suspect going to give back her unemployment insurance it is all one big scam they are running on the american people. and if you were to look at it as a political ploy the tea party to me a classic example of all this, nowhere on the claim to have been inspired by rick an san teleon the there are of the chicago merc and bank bailouts when it came to financial regulation no where to be found when it came to breaking up the banks, ratings agencies, working for the banks, the leverage in the system, guy down the list, to what do you attribute the effective
saying to congress let us continue to do what we have been doing which is just so wonderful and drove this country into a hornous recession. nothing surprises me. my view is this financial reform bill is a step forward. it is nowhere near as strong as it should be. i think among other things what we did not deal with is essentially breaking up these huge financial institutions. the top four of which have assets worth 50% of the gdp of this country. we have not put a lid on what credit card companies can charge consumers in terms of their interest rates. having said that, the derivatives provision in there is strong. the fed audit is strong. there are other provisions in there that are strong. it is a step forward, but we are taking on we ve had a lot more to do, and the american people have got to join us in this fight, because you re taking on, when you re taking on wall street, you re taking on the most powerful people in the world. ratings agencies, were you surprised to see the