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Potential for a significant amount of upside for big banks, in the way the program is structured. >> very quickly, why would any sitting president of the united states work -- i don't care who the president is, i don't care what the political party is, work in any way to help prevent honest liability for criminal -- potential criminal action? >> it is incomprehensibly disgraceful. it is a violation of the oath of office. it is a destruction of america. and the only thing i would add, zach is absolutely right, except we do know something about the percentages of fraud in these loans and they ar...

That's the most frustrating thing to me. and that's why i'm not leaving any investigation off the table. >> there's an exacerbating factor that lays on top of everything that you just said. which is that the actual financing that gets put into the marketplace for home loans, a huge percentage of that financing comes from the u.s. government, by virtue of fannie mae and freddie mac. now, in defense of the taxpayer, there are certain representations and warranties and standards, effectively, that fannie mae and freddie mac require if they are going to purchase a pool of loans. there have been co...

After the immediating, rahm huddles with larry summers and says, i can't believe christine said that in the meeting. >> said what? there's no plan. >> and summers says, but rahm, she's right. after that, i talked to geithner about it and the president doesn't deny any of it. he goes through exactly what he felt. ultimately, that's -- >> so what's your argument? >> well, barack obama, at this point, was overwhelmed and he did not take control of the white house in his historical moment. and a big part of it, as the point books out, letter and verse, is he was gamed by skilled senior advisers wi...