Page 159 - Aig News Today

Of-- >> whats the rule on proprietary trading. >> you dont want to get into it. >> youve got arcane here, but-- >> that was a big bug a boo. >> 90% of the trading that caused what happened can still go on. >> whats the big deal. >> yeah, but the bigger deal-- >> eliminating some of the bad regulators alone, just take what happened with aig, within this-- >> a bad regulator. >> regulator shopping, youve got your whole-- >> go ahead, charles. >> because youre saying were just going to create new r...

The largest the sec has ever given out. the end the day, goldman sachs made $13.3 billion. a lot of that was from taxpayer collars, aig had to pay out through insurance. a lot of funds, and pay to goldman sachs. able to get away like fat rats. stock is rising. looks good. i can see why world bank of scotland and other companies are thinking about filing civil suits, but you know what? on one side its, you have a moral decisions goldman sachs made, essentially like an insurance agent trying to hi...

Officials were warning of possible total economic collapse, and we got a sense that government watchdogs were asleep at the switch, but there was no time to deal with the government regulations then, be was the banks needed an immediate bailout we were told. well, cut to this week, after more than a year of wrangling, congress came up with a plan that the president will sign next week, and some of the things that it does. one, it gives government power to unwind huge financial firms like aig, so...

Wall street. so the fact that after this massive sweeping overhaul comes fortd, the sec says, yeah, were settling were tough. were fining them $550 million. which as we discussed means nothing in the scheme of things. its a political move on the secs part, but in a sad way. it shows to the rest of us looking at the fallout of the events that the sec snlt in control. it closed the door on any of these investigations going forward. thats the same department of justice that let aig off the hook in ...

In principal, this is supposed to ensure that the products we get, if we get a marriage, we get a credit çcard. its understandable. theres not surprises in there. you wont have the deceptive mortgages that contribute so much to the housing bubble and the crisis. wed also have resolution authority the. that means it would be an orderly process. a large financial institution is not a bank, gives us a mechanism through which we could unwind that. youll have a lot of derivatives -- im sorry, clear...

If you have an aig situation, a large bank, large financial institution thats not a bank, it gives us a mechanism through which we could unwind that. youll have a lot of derivatives will be traded over the -- im sorry, in clearinghouses or exchanges so you wont end up again with an aig sitting there with hundreds of billions of dollars of commitments that it cant make good on. those are the three most important points in this bill. >> what did it miss? >> it really did not fundamentally change t...

>> from the reverse side, even if the gop gives up on the idea it passed, lets repeal it, what will they demonize? >> youve heard representative boehner said it institutionalizes too big to fail. it allows a big bank to to fail. we had aig and lehman. it was very difficult to deal with those banks when they got into a crisis situation. this will make it easier. its not foolproof. probably not possible to construct a system thats foolproof but it makes it easier to shut down one of these giant ba...

Income so in other words, people were borrowing about what they were making to feel good. >> absolutely. >> thats why everybody had a great car. everybody had a nice house. >> sure. exactly. >> it wasnt realistic. another thing they say, a problem that the bill doesnt address is the shadow banking market. its very interesting what this article says. during the great depression, you couldnt really hide the great depression because you saw the food lines and you saw poverty. here, you didnt see th...

A couple of billion dollars in added value you do have to wond enwhen theyll get to cap it in the pockets. we have yet to cap the money that flows to the banksters. former managing director of goldman sachs, author of "it takes a pillage." a huge fine, and yet compared to the amount of money these officials are able to take out, its laughable. how do you see this? >> exactly that. numerically the fine is equivalent to $1,500 for a year of an average persons work. its only 4% of the $13 billion t...

Be surprises in there. its understandable. you wont have the deceptive mortgages that contribute so much to the housing bubble and the crisis. wed have resolution authority, if you have an aig situation, a large bank, large financial institution thats not a bank, it gives us a mechanism through which we could unwind that. youll have a lot of derivatives will be traded over the -- im sorry, in clearinghouses or exchanges so you wont end up again with an aig sitting there with hundreds of billions...