i'm gonna start what m died
uh... ten grinder is
under attack
he's kinda come out of right they're coming out of a lot
feet of as you know on it shows program
h also set up by first explaining
much goldman sachs is getting invoices and how they've stardust a fund
to help small businesses are they not merciful but it's actually three percent
of the bonus is that they're going to take home
and he brings in back i spent the defense you know
when we pick it up there
you cannot progress can be made to make sure that money
words really go to stimulate the economy small business and infrastructure
well that's our money
uh... it was bar in the name of the american people
it was borrowed through a bailout wall street which has worked famously for
goldman sachs and others
uh... you know we think it's time ah... maybe that will be turn our focus to
main street
uh... we reclaim the unspent funds reclaim some of the funds that are being
paid back which will not be paid back in full
and we use it to put people look back to work uh... rebuilding america's
infrastructure there is a tried and true way to put people back to work
unfortunately the president has an advisor from wall street larry summers
and a treasury secretary from wall street in the gutter of who don't like
uh... that idea they want to keep the tarp money either to continue to bail
out
uh... wall street and if their future problems or maybe tonight or does not
want to give the money to small businesses hard money
now they had their say mcginnis may go to keep the money they may be more news
on wall street or
maybe they should use it to pay down the deficit that's absurd we borrowed the
money how do you pay down the definitely stay at his job congressman
you do you think tim geithner should be gone as treasury secretary
ideas face if you look back at the eighties scandal and goldman and the
others
i will get their bats
paid off in full
instead of saying well you know that you lost you know they get paid back in full
with taxpayer money us through any idea we channel money through then geiger
would not answer my question when i said were those naked credit default swaps by
goldman or with a counterparty he said i will not answer that question i think
they are making credit default swaps they were bats they should not have
gotten their money back so he's not coming clean with the congress uh... how
absolutely ok so
what have you ever think obama administration to remove him or will you
uh... the uh... populist carcasses considering the questions regarding both
him and there's some other members
of the economic team that in the near future okay so there's been talk in the
halls of congress among some progressive democrat said
maybe it's time to ask the obama administration to remove tim geithner my
hearing that correctly
anything is being filled by his economic team their total orientation is wall
street on main street are real jobs i mean okay let's get past all the golden
bailout allentown
i've got firms in my district that our
solvent very little doubt
and they can't get money out of the last time i see the horrible at one o'clock
wells fargo it's absolutely ridiculous
what was his announcement a few weeks ago that they were going to get
money to the community banks for help that
progression uh... you know
or i can tell you about a lot of the environment that is that i can make an
announcement that they were going to get this uh... this chart money to community
banks what you know where that is right now
no lowers the waiting now there's no one of the no new lending it to my small
businesses in my communities and how many congressmen in the house do you
think
would go along with bankers removal
well when you mention either guidera larry summers uh... as they were
mentioned in the democratic caucus on jobs on monday night
uh... there is a
losin' cries of duration of i think there's a growing consensus in the
carcass we need a new economic team that cares about more about jobs mainstream
american people and it does about wall street news bonuses i tell you what
congressman this job summit thing that's coming up for the white house staff
in december is like the super bowl of the economy that are released a major
player of the n_f_l_ isaiah flowing they have the sacrifice just two more jobs
to get millions back for america here
there was a strong words there
he's gotta go i wish to sacrifice to jobs of course i might guide or larry
summers when their names are mentioned a democratic caucus people blue
and they're not even in the room there is boring because they're so map at
i mean that's while and now as to
congressman defazio substantive points
there
right on that first of all
you said that we were to give the big banks in gartner larry summers
added that would come down to the smaller banks community banks and i
would eventually it was more businesses
but it hasn't
it hasn't gone out of the small businesses
you have a let the money insanity it all
take it home in bonuses
infotech we what we warned you about
i mean i'm not sure we said they're not going to give it
to other people that i can it
if they're going up toward it and then is there anything as much as they
possibly can in bonuses and go home
and that's exactly what they're doing right
now
so that's are are hundred-percent point but look
i don't know if you card in there
if as you know had
maybe the most important point
when he had gotten a fiber he passed that thirteen billion dollars that's a
lot of money
went through from the american taxpayer any idea to goldman sachs
that was a bet that we paid off
on a ideas we have to goldman sachs
was that i make a credit default swap
or were they counterpart
i know that's confusing let me just again
clarify that for you this is so important
if they're counterparty that means they were hedging their bets and that have as
a business all the time
but if you're growing corn in asher
uh... what the court market's going to be by the time
it you know you're
i think crop comes in
you had your pet
and you do if you might do what they call a derivative on right
so if you're counterparty
that's normal business
to some degree
to a large degree
but if it's a naked credit default swap
it's yes the bat
their they have nothing to do with it
and it just made a casino that they've bet on black or they bet on rent
and paying that off with our money
we've had guests telephone topic i was in the country
on our show saying
well that ought to be criminal
i mean that that's crazy
it's like paying off
you know some crazy gamblers bats with taxpayer money
charles barkley loses eight million dollars are bill but it does or someone
at a casino
an american taxpayer picks up the bill why why would we do that
and what's amazing is that uh... it it will have had
some of the top reporters in the country are it on this show and i've asked them
wasn't naked or were they counterparty
and no one has a
answer and i found out why they don't have the answer
distributor will give you the answer
i meet asks in-house
you know m meetings and he's brought in for a house that ask him
which one is that this is i would tell you
a loving gergen
you're gonna get some of the treasury secretary who will tell
well you're not going to tell the house
uh... whether you pay off a bit or whether they were legitimate a party to
that transaction
that's crazy that can't be tolerated
some that's like in greater should be fine
a government watchdog came out
just this week
with a report this evening report about tim died
he follow not just goldman sachs thirty billion dollars
but overall to the top banks through they are g taxpayer money of one e seven
billion dollars
there say well those bets didn't have to be paid off the government watchdog is
saying that the guy was put in charge of c was getting done or right a wrong by
democrats and republicans
pacing
paying no opening those bits off at a hundred percent is mental
if you're going to pay them off at all
their best case scenario on the all put market
if they were going to try to get their money back from
someone that was in the government
wraps would be sixty percent
and we we saved tens of billions of dollars to the american taxpayer
and writers as wrote the bill sign the check and say here you go goldman
here you go j_p_ morgan here you go citigroup et cetera panama law
it is
looked at these working for the banks used to work
great job
for the top banks in the country
if he's working for us he's doing a horrible job
explains that the other day
all this is you know we had to do these bailouts geiger says it
every chinese for in front of congress
we had to do the bailouts otherwise economy would crash
but that's not the only question
the other part of a question is
how did you do the bailouts
you didn't have to give away all of our money to goldman sachs and other guys
when they were just making at the scene of that
no de reports that had to be done in parts of did not have to be done
now
you know look let me give you some final
that notes on a financial reform as it makes it through its were way through
congress
and if you just give me a sense of the enormity
uh... the
reforms that are in play here
week weekend were
begging the banks even a week in the money
and now they're taking home and and ice tell you that you
right now
two thousand nine
record amount of bonuses going to the top for backs record
better than at the prime inclusive sentosa
sitting at home all that money
uh... all we're asking a mistake and we at least see the director's bets you
made
can you do that minute open market
so people know what they are
hearsay kept pissed off
when i tell you okay
i have a damn bad i like and then defied goes bust you have to pay for
now the house that is reconsidering
a loophole that they had been there directors reform bill
you know the size of the loop hole was whose work
order of it
fifty
trillion-dollar
and guess who push without loophole
stay with me
you wanna put
in the so-called reform bill
fifty trillion-dollar loophole
well if you put the loop on there of course are all going to do it through
or in derivatives as all other really i got this
withdrew from the cayman islands i affirm spokeswoman said
and i was simple flying a complicated issue
but overall that fifty trillion dollar leupold was insanity
now finally after a lot of pressure house democrats have been thinking maybe
we should close that loophole
and that is even to regulate these guys
is just to find out
the transactions that they're making
nana dick durbin was right
the banks
run the place
they run congress
and they start mirsad tim geithner
and larry summers p dip as it was right
and shockingly enough
brady uh... is the republicans from from texas
somewhat right
like yours gotta go he's gotta get fired
poisoning the administration
watch more clicks at the intersection