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The economy in new jersey still sucks. and this is what undercuts the message. im all for somebody being an adult and talking about entitlement reform although i would challenge you to tell me when a president has led with entitlement reform and won. >> well, nobody does it any more. >> thats not true but -- >> who has? >> put that aside and ask the question whether this message of entitlement reform how that sits with the new jersey fiscal situation where the states been downgraded eight times ...

Been extradited? why havent they been kicked out of the country? according to state department officials we spoke to, everyday was lost. how that evidence got lost, that is a big question about what went on down in ecuador. again, the brothers insist they have done nothing wrong and that their only crime was being rich and victims of an economic collapse. i think dick fold, if you will, here in the u.s. and that he did no crime and yet his bank collapsed, if that analogy kind of works, that sort...

Regulation. >> lehman blew up and was not rescued. i still think the people within lehman, dick fold is not penniless. he doesnt sit on top of lehman, but the incentive is still there. >> even though he wasnt rescued -- >> nobody went to jail. >> so the point is they know if they gamble and they lose, they dont lose. so they gamble. this is sensible. this is not stupid, this is not crazy. >> they let her know you still have incentivized the gamble. >> is it bail out or no, youre incentive vising...

The same kind of activity. and jamie dimon was seen as being the most rational and reliable of these guys. >> what would you think of the consumer protection bureau created under this administration? >> negligible. at the margin, it will probably help people with credit card charges and stuff like that. >> trying to protect consumers. >> well, trying to protect consumers with regard to their individual transactions. >> but you say the big picture has not changed. the big picture that threatens o...

Jamie dimon was able to get that -- isnt it like a pet -- >> it was stupid as jamie dimon might have actually been an attempt to make a profit on a trade, it was badly supervised. it was badly implemented. all of those things are right. but these $2 billion. it reduces their profitability for a quarter or so is not a systemic risk. whats really ironic to me, is that when the system almost failed and stan oneil of merrill lynch and dick fold at lehman brothers, the guys who run aig, golden west a...

Plan that is similar to the one were trying to enact here and that people in his state are overwhelming in support of it. >> the interview i just heard is spent, campaigning. i thought campaigning was over. are you trying to tell me and the american people that scott brown got elected campaigning against a washington bill that really is just like the massachusetts bill? the american people are getting tired of this crap. if they do this, its going to poison the well for anything else they would ...

Says -- learning from lehman, surely those whose job it is to analyze and supervise were alarmed, werent they? according to the report, ratings agencies, government regulators and lehmans board of directors are no clue about the gym ibs? the result is we were all blindsided and we could be blindsided again. congress is not even close to passing meaningful regulatory reform. surviving banks have only gotten bigger and more politically powerful. if the report is not a wake-up call, what could be? ...

Back into the bankruptcy. i dont know theres a criminal charge here. what we see is dick fold, the senior management of lehman brothers manipulating the balance sheet but doing things that are legally negligent. one accounting gimmick, repo 105, we wont go into what it is but it passed muster with the auditors and i dont think anybodys going to jail. will there be civil penalties? yeah. based on this, nobody is going to jail at lehman brothers for what happened. >> shepard: the accusation basica...

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