Page 169 - Aig News Today

Perspective, lets bring in senator robert menendez of new jersey, member of the banking committee and chairman of the democratic senatorial campaign committee. senator, thank you for being with us. >> good to be with you. gregg: fannie mae, freddie mac, and aig, all of which came to symbolize our financial collapse, are exempt from regulation under this bill, are they not? >> well, no. theyre going to be subject to the same consumer financial protection agency, there are going to be -- two of th...

Years, that this model needs to be repaired and financial regulatory reform is long overdue. and as you pointed out, the congress in some ways has been complicit in this system of insuring the goldman sachs and there are more than just goldman sachs, other investment banks, who wanted to short their positions and then collect it on the insurance. >> and to that end, we have the -- goldman sachs was actually only number nine in the number of deals like this. merrill lynch was number one, deutsche...

Laws, rules on the now. thats not the point. i think for barack obama to take all this money from wall street then to lecture the world that wall street is a horrible place and banking industry is horrible when it is so end says it is phone >> no politician, republican or democrat, they all take big money from wall street. leslie -- leslie says 10 times wall street is 100 times the size of enron. >> lets focus on goldman sachs. around treasury is called government sachs. what is interesting this...

That? >> i think thats a large parts. remember the bonuses with aig? many of these banks paid back all the tarp money, some of them didnt want it in the first place. all the big banks i think with the exception one have paid back all of their loans with interests. so the government made money on the banks. it has not made money on aig or gm or chrysler. thats where a lot of the money has gone. the smaller banks have gone bankrupt. there is a sense here this is about politics. and its kind of a p...

The government is not delivering to us the access toúf"el e-mail that we have the rights to as the owners of aig. thats the real question. will the government give us the investigation they deserve or give us the $8 million budget they are giving to the fcic and no disclosure of the aic. a lot of people interested in the contents of this. lets read this one, of course we didnt dodge the mortgage mess. we lost money, then made more than we lost because of shorts. also, its not over. who knows ...

Presidents approach to this. his performance to this and how its different from some of the other fights. he went to wall street, talked about the fat cat bankers in the past, had gone after aig bonuses. this is what he said in part on thursday. >> im here today specifically when i speak to the titans of industry, because i want to urge you to join us instead of fighting us in this effort. [ applause ] i am here because i believe these reforms are, in the end, not only in the best interest of ou...

If a bank of america or citi or jpmorgan went down, as weve been saying. they would go through that $50 billion in five minutes. >> right. we saw how much aig took. >> on to goldman now. also on capitol hill, senators are gearing up to grill top executives from goldman sachs this week. on how the firm profited from betting against the u.s. housing market. over the weekend, democratic senator carl levin released internal e-mails from the company that seemed to bolster charges the wall street powe...

Other s.e.c. fraud charge that youve been hearing about, which is separate from the aig scandal where they were paid for their 100 cents on the dollar for their exposure to aig, which is separate from the initial t.a.r.p. or bank bailout money that they said they didnt need. then the government said they did need it. so one after another, this has been the hit to goldman all along. and corporate america -- or main street is sort of saying, we feel like the deck is stacked. why do we look around ...

Arent in a position to do anything about wall street. guess what in they all take money from big wall street. leslie says this is 10 times more than enron. wall street is much more -- magnitude of 100 times the size of enron. >> lets focus on goldman sachs for a moment. dont forget a round treasury often called government sachs. thats the name given to it. this week in a senate finances committee the inspector general for the government bailout said he may start probing whether security sold by ...

Inordinate amount of work time watchi ining porn on their computers. were talking senior people makes $100,000, $200,000 a year. let me put on your screen some of the things that over time the financial crimes that were missed by government financial regulators. aig, enron, worldcom, bernie madoff, allen sanford. all missed by regulators across the board. we have this new bill that you all are proposing, new regulatory agencies. where is your faith come from where two regulatory agencies are goi...