Page 170 - Aig News Today

Probably agree with you on that. senator, let me turn to a slightly different part of the financial reform, and that is we heard this week as a result of a government investigation that weve had members of the s.e.c. has over 3,000 employees, this involved less than 1% of them, but that they were spending an inordinate amount of work time watching porn on their computers. were talking about senior people making $100,000 up to $200,000 a year. let me put up on our screen some of the things that o...

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 our country, but in the best interest of financial sector. >> m...

Put everything on board, if everythings listed, we dont feed to have a volcker rule. i think the separation of investment bank woog not have stopped -- you you asked the question, would it have stopped what happened? no, none of it would have stopped but it would have made it a dick fuld couldnt hide things on his balance sheet. and because they hid, we didnt know how badly they were doing. fuld in his testimony said here one day, gone the next. no thank you. here one day, you spent six months o...

Sachs. no one at lehman brothers has yet been held liable for its enronesque book keeping deceit is appalling. that we still havent seen the e-mails that would illuminate aigs machinations and cover-up. journalism has been way ahead of the authorities, the s.e.c. included, in uncovering wall streets foul play is a scandal. if this culture remain in place, the whole crisis will go to waste, to use rahms words. >> lets go back to jeff zeleny. when you were out on the campaign frail in these distri...

Should have freedom to fail. >> if you were to look at the ratings agencies role and that triple-a rating allowing aig avoiding having to post collateral because they were perceived to have triple-a integrity and look at the e-mail traffic that exists between banks and ratings agencies and look at the legislation for which the ratings agency work for the bank, how are we to have trust? >> youre absolutely right. we want to bring transparency and use these things called clearing houses that stand...

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...

Its been pretty difficult of late to have much in the way of substantive bipartisan conversations about this. >> i think senate menendez would probably agree with you on that. senator, let me turn to a slightly different part of the financial reform, and that is we heard this week as a result of a government investigation that weve had members of the s.e.c. has over 3,000 employees, this involved less than 1% of them, but that they were spending an inodor nant amount of work time watching porn o...

Happened in 2008 that almost brought down the american economy? >> yes. >> prevent the need for giant bailouts? >> yes. >> how? >> just like we have the fdic that can do into banks when they fail, restructure, essentially clean out the stockholders and restructure it, were going to create a mechanism that allows us to do that with the biggest banks. that wasnt there in the past. in addition, there are a lots of early morning mechanisms. this is the whole question of derivatives at these exotic f...

Great line where the goldman spokesman is sending an e-mail to bosses saying this story will have balance. then he puts in brackets, ie, something we dont like. im not accusing rush limbaugh of being too much balance, but i think blaming the media is a very weak thing for politicians and business people to do. we in the media should really be pretty, pretty careful before we agree with the criticism. obviously to call for violence openly is illegal. people shouldnt be doing that to just use heat...

Late to have much in the way of substantive bipartisan conversations like this. we are still hoping. >> i think senator menendez would agree with you on that. let me turn to a slightly different part of the financial reform. we heard this week as a result of a government investigation that we have had members of the s.e.c. has over 3,000 employees, this involved less than 1% of them. they were spending an inordinate amount of work time watching porn on their commuters. we are talking about senio...