Page 28 - Resolution Authority News Today

Get the same attention as safety and soundness. >> greta: except it wouldnt cost more. >> i dont support an independent agency im not going to defend that as approach. >> greta: goldman sachs this may be something you dont have an interest in either way, has been charged civillism why is there not a criminal investigation? instead of a -- why a civil investigation? >> i dont know the answer to the question. im not enough of an expert in that area to have any idea -- [ inaudible ] >> greta: are t...

Shady deals and crack down on the abuses? >> we introduced a bill in the finances committee to make sure we addressed the issues of fanny and freddie and have expedited resolution authority no more bailout from the federal government decrease the regulatory scheme that puts themselves into the lives of american people b charges curre ones that puts it in financial services market instead of regulating the scheme and bureaucracy we need them to do their job in the first place. >> good luck to you...

Shady deals and crack down on the abuses? >> we introduced a bill in the finances committee to make sure we addressed the issues of fanny and freddie and have expedited resolution authority no more bailout from the federal government decrease the regulatory scheme that puts themselves into the lives of american people b charges curre ones that puts it in financial services market instead of regulating the scheme and bureaucracy we need them to do their job in the first place. >> good luck to you...

Bill. this is not just regulating, having a trading floor or exchange for derivatives, its not just handling this, but this is federal branch, unlimited authority over huge non-bank institutions. this isnt for banks with positive running. they already have a resolution authority. this is for galdman satches and aig. if you like fannie and freddie you will love the bill. >> bret: they are not in the bill. >> fannie and freddie are left out of the bill. >> it treats more institutions like fannie a...

Second sections which have been worked out, the four major sections, consumers, resolution authority and derivatives and work off those sections and get it done and get something the american people can say, hey, these guys worked together and produced something thats going to hopefully reduce a chance of a systemic rsk iic risk of tha occurring again. >> can you ever get as smart as the guys on wall street to stop it from doing these abuses? is it possible to right regs that work? >> it would b...

Shady deals and crack down on the abuses? >> we introduced a bill in the finances committee to make sure we addressed the issues of fanny and freddie and have expedited resolution authority no more bailout from the federal government decrease the regulatory scheme that puts themselves into the lives of american people b charges curre ones that puts it in financial services market instead of regulating the scheme and bureaucracy we need them to do their job in the first place. >> good luck to you...

Alcoa, coca-cola, you pick it and as i do that i lose jpmorgan. as appealing as let them fail is, i love it but i also understand if you go with them just let them fail strategy that is great rhetoric but an impossible reality because it results in the destruction of the entire financial infrastructure, so i guess i come back to you and the republican leadership and say, dont like resolution authority, me neither, but you have to get in here, maybe like senator kaufman, and make these banks smal...

Im concerned actually, about the resolution authority. i want it to be tough. but the notion that it perpetuates bailouts, you know, thats just nuts. if we dont put something in place to deal with failing financial institutions, we stay right where we are. and where we are is that we have given an implicit guarantee to the largest financial institutions in america. and theyre getting ratings bumps based on the fact that, you know, the real finances would put them here, say, the rating agencies. ...

Senator dodds plan is drawing i criticism from lawmakers on both sides of the aisle. with us, peter barnes. senator dodd just finished a news conference. what did he announce? >> this is an 1100-page bill. let me tell you the key provisions. first of all it would create a resolution authority through the federal deposit insurance corporation to wind down if i fs that could be failed failing. the federal reserve would super vice the assets and it would be part of a council of regulators moderatin...

Senator warner, what do you like the most about what was rolled out today. >> the part i like the most was the part that actually -- corker and i work order ending too big to fail. making sure the american taxpayers will never get stuck with the bill if there are mistakes made on wall street. convertible debt and actual funeral plan. and then putting in place a resolution authority thats going to say most of these firms, any rational firms will want to go to bankruptcy because if there is ever a...