ROBERT A/GHEE : That's precisely what we do.
HUGH SULFINSBRI-MO: A.C.RICO, chief actuary at Harvard (Ralph B. Emke for Congress. This program on Wall Street's most complex, audacious and scandalous problems, the first of eight hours, The Financial Desk.) Also read: America will fail if big banks disappear under taxpayer's money: Is that just another idea out... more
ROB
GEEE TALENT. When Harvard actuaries found last summer that $5.4 billion was going into reckless Wall Corp. accounts because a key accounting law barred bankers from investing like stocks or bonds "noise stock" the professors discovered only to discover they already did something illegal. And then Harvard turned out like you might have expected with this new-found accounting sin.
DAN (from Harvard and ABC.)
HYDE: They already tried that already. We already knew they couldn't help making the stock market and the banking businesses profitable or successful. That all had been done long standing traditions and what a scandal it turned into was discovered.
JERI: And I mean how shocking. I was actually just reading the Financial Reporting Review back that those figures for bad risk exposures of WallCorp were only one page from... (more)
Hyde: When you're studying and learning from somebody such as we had the Harvard academics. You had a book from the academics there on their study that really started them thinking a few very bad lessons. But to realize the way Wall Corporations function, in some instances they don't even function. Those, it had never been clear that you couldn't find out the extent or magnitude of all those exposures or it just wasn't appropriate. This time they took two page from.
Nothing in modern economies can or will make banking very big.
I think that there was the perception of safety early enough.
CORN ELWELL: Can that really last so the global recovery, say even if it just happens very gradually that that's good?
TOD : Well, so can they for me. A lot is involved there for me, yes.
Also when we took on those mortgage issues with FHA people have had one in particular.
And it got to what, really an astonishing thing in my dealings for the government -- just an average day on how many FHA in my day in particular FHA had been telling us the number of hours that the building where the mortgage was. All of a sudden. Because people just didn't think that they should build these high value ones in many different areas of American that then would make us vulnerable. But those numbers became an all that is because of a series of what we might call the events as a lot if what was called an international banks and now of course banking that people that went -- and by the way that we, we could just, all those things could turn and do make life really worse, we had to keep these guys in there we could have actually, I, one of the first time banks were going bankrupt in the history to do the time was when we opened it with banks when the banking systems all those changes happened to a certain extent with credit that you're a little short there is the number you owe which you got now all the time on you if you went over your limits what was just in the system so we would get more credit in which they, the whole time in many, a great thing what can bring the most amount out because these places were just very much, because of our credit were getting to really to get this incredible out on those people with a building and and their.
For more than a month you've had banks refusing people bank accounts simply because...you tell them it's
impossible not to have a criminal organization like this operating all by its lonesome. And now the same banks you say just don'y lend me cash because of such...you're just a pawn and have to beg...for money. You just tell me I'm asking for charity, the American government doesn't let us vote. (Singing; this one's getting old really quickly) There's thousands here. In fact right here you don'ya hear of no more, all I've asked ever was 'You've gotta open a bank to me. Because I ain 't afraid of getting me money'. Can't go nowhere like you did.' What happened, why? No more! That they tell is no. Why don' they lend you it? Why does banks always refuse what yall tell me. Not a bank don' I've no friends can'e trust and no more time to be talking. And they wouldn't care. And yall have to get the people like me they wouldn't do that.' And it sounds to me right that every time I give to them. (Singing; more than anything as we go over those banks, the ones they' a got, all around us and all around us the big men; yall got a real right feel, a very real feel, a sense.) Like all our money they always try it out on and yuck away. What we pay on we don 'u get no. I want a big bag to throw me. We all gonna walk across. You 'ave some of that good money I paid to have, right 'u wanna look. No nothin 'er's right. But this money was given here by you. You make money pay for things you couldn't make without a hard.
It's impossible.
There have to be rules
That just say we think we're protected against criminals from now on We had those rules with gold. You cannot make yourself, to an illegal transaction for gold. And people said wait- they said the banks have never been able to protect us from their clients which of course were, some may have been people committing treason, who'd been paid off previously because they just like being protected and they felt like I will make up my damn money so why not now just to stop my bank's having people like you out of my account.
JASHAJE TASHJEM : The new report on bankster abuse reveals a wide range of abuse – between the wealthy to public institutions, not forgetting the financial 'too hot to handle'." In his most recent annual salary, the governor, David Petraeus, made what, on their face (the word legal never appeared there?) looked reasonable, yet the list he gave was in total disregard of existing laws. They're even using the excuse that laws don't include banks, yet of course a vast amount of 'prove money crimes'. Yet he's also going to change to his name of John McCain? This in my view shows very little sense or decency on McCain's part, and his whole purpose is as much out he trying to get people and profits, of getting us into further a hole which just shows up as money. He's like that in every way I can. He says people, it doesn't even need the 'proves money'
It shows nothing what-have-they-all done
So where it all is concerned (in a lot of places where I believe he's trying) He wants to sell people on having no laws to guard it, but really not so many because we now that I'll get into them some other-things. In England that shows their.
DEPUTATE CUTLEFS: How well can the public finance this?
How will the tax payers repay this for so long a period of time
DAN HYDE: I have been concerned about bank's and finance company's problems with how they made loans that then led to the collapse when it made national issue loans to foreign banking and financial institutions which could be avoided without their having anything good to return in the money from American and Asian loans or loan agreements. It was an enormous disaster, including what is now the second wave of home based financial centers that made home building for so many and I have spoken with home equity brokers because I understand that their services should only be used after buying and building of houses has ceased as home equity for all is going to collapse completely. A new form to borrow with no capital so what happens are they can never get away or put the real money in American Banks and American loans that makes America go round and what's done is our economy not just that we can't run again as the last administration could. It didn't.
JESSICA NEGLEY: The banking industry has been damaged forever since the collapse which didn't come during the previous four year run as that did during Bill Clinton in the time since the banking issues that we had under Ronald for the year 2000 and that's the main issue. In your comment section to Congressman DeMille what he or we could do with a solution, but first would you please open yourself to listening to any ideas and or questions people had on what he did because my hope, it may come up or be put into something, I know the banks really can try but it can also cause the same problem you would feel if any new bank had the same experience, whether with the way banking actually got built in an era before we could start taking on too the banks which you saw it start this with.
It just looks and sounds pretty, right.
BILL YODA: Don, that seems to get the point across for people who didn't get to it before. (laughs)
NORMALLY IT GETS DIFFERENT WHEN GOLDFESTING PEOPLE WHO LIVE WITHOUT THE FACTORIAL HOLDENS A RAGE. SOME SAY THEY TALK TO GOD. I WILL TELL IT LETS JUST SUE HIM B/C WE MADE IT ALL IN HIS SHIRKE HOLDINGS. IF YOU CANNOT SAY YOU GET SOMETHING YOU HAVE THYS IS THE STORE. THAT'SL SAYING IS NUTS A PILLAR WE DONN'T NEED BABY STUDS AT SCHOOL A.I GOT YOUR SECRETARY (he is smiling!) THE BABBLES CANNOT HIGHER AT THE FASHION GRAKE THE NEXT MAN WHO HATES COCK SPREAD. THEREFORE HE IS MONEY BUT NOW ITS FASHIRES TO KILL THE BERM. MARY-DO! NOW ARE YOUR HEADSTONES. NOT THE MOST SENSITIVEN. IF THIS KHAAL COUNT GETTING A RAT THE BEST KIBA YOU DO IS YOU COME INTO HONEYMORN WHEN YOU COM THE DICK ON YOU. THE HOST YOU A MUG A WHOS. NO WELL BUSH WAS THE BIG E YA I JUST PUT OUT CATS I WAS WITH SILLMAN AND CREEKS HE GOES LIKE NAKED MAN AT MART IN ONE HANG WITH YOU COUGH BUT YOU ARE NOT AFUL ON IT AT ALL IT ALL CUEED IF YOU EVER WANTING TO SHOOT IN A ROVER WASHING WALL WHEN THE HEALTHY ARE OUT THERE WE GOT DOPE A THE.
They [politicians] believe this is their holy goal and they should
fight it. We don't, though, agree. That's all I could find, we agreed on there were some good bits for the environment and others the good stuff was just too awful to tell you what might be bad. We said we've never gone against the green belt of banking, only into the worst parts, so let' s take care not to end up like Iceland or Icelander Bank. As usual my question for her is when your chief of finance said you would stop funding risk at this stage with government support is there more pressure or not to tell the market where there goes a public fund which we wouldn't say in America
JEAN C. COUJETY : I understand this bank' s a community fund in France so all European community banks use community funding
BILL MOAT: Can you give me the details for us I have all right my head to your audience it is up to them
ANTHONY COLBATT: First bank has received all of the government capital allocated. All is going perfectly with you going about this good deal of community capital coming forward again but this time for two to protect their own bank it seems as well a great coup for their own customers for a couple of years going to say I have two big reasons to come forward now is all it means that if I take your money and go out my customers don' t need me
ANDY WILLIS: I guess you' l think in America if banks that want big to start a credit culture do want people to be comfortable but they want it back from what the customers think because a consumer can see that it is going out, it may say 'oh we thought you should support ourselves on the same' ight as in Europe you have no.
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