maria cantwell let on bill mattingly show to talk about at a financial
derivatives regulation that's going to congress right now
and she had some
heavy words
for or bombers treasury department
and she's
absolutely right
in doing that again
and is absolutely right in the end another guess rob johnson
whose uh... one of the top experts in the country on this
i'd say what readiness program is turning into
the best program on financial news
the financial regulation
and what politicians in congress are actually do it
he's doing a great job with it
but mainly ownership is for maria cantwell tickets umass
senator cantwell
uh... your thoughts
on uh...
whatever where we are so far drive into the getting all the strategy responses
in the public
well dylan the shenanigans just began here in washington
that is to say that now what's moving through at least on the house side
is a bill that supposedly has a new rules
but it has so many loopholes that the loophole actually keeps the rule
means that you could have as much as fifty seven eighteen ninety percent
of these derivatives that we really do want to say that we have transparency
regulation are going to continue to have loopholes a couple of loopholes that i
want to talk about first it says
but no government regulation senator cantwell who must use the operations of
the s_e_c_ nor that none of the regulated to decide
who would use the exchange is being debated in the exchange is regulated by
the clearing house which is the back
and the banks
more money when they don't use in exchange the other issue senator
cantwell
foreign currency swaps are excluded which made which means as it is
gibberish to most people in america
but what you needed now is it encourages u_s_ businesses to set up offshore
because there's no regulation there so the combination of the back of the banks
decide what goes to the exchange rate now and they make more money but doesn't
go to the exchange
in the bag it as a loophole to trade everything you want offshore
without any supervision center cantwell
it sounds like it i think they make it worse not better right now
i actually think they land that we have to consider the fact that yes carlisle
wickets loopholes
might actually be better than these loopholes because
there it is going to continue to promulgate the problem and everybody in
america is her
except for wall street
and i don't think that americans want to continue to allow them to have the same
kind of as you said uninsured products out there on the market continuing to
reach habit while everybody else is paying the price the treasury department
should be ashamed of themselves they have blessed this deal they're going
back on what the obama administration originally put out as a white paper for
how to close these loopholes and so i hope they will take note of that but as
you just described instead of having the c_f_t_c_ really do its job and regulate
these entities and protect the american consumer they're basically saying just
continue to do your own thing continue to figure out how dad of manipulate this
this market by not having transparency and we cannot this is a five a hundred
and ninety trillion dollar international market and we can't continue to have
fifty percent of that market unregulated with the kinds of products out here that
don't back add up on paper heard that the six th that they have brought myself
and others have talked about senator is as follows you must have that open
exchange
for all credit derivatives with rare exceptions very rare exceptions and
certainly no exceptions where the bank is to decide what goes to the exchange
what does it
and no exception what word where again everything off shore is exempted is that
fair roberts fair so again and open exchange with rare exceptions which we
don't have and the c_f_t_c_ which is the commodities regulation commission they
should have the power to determine whether a contractor rule endanger the
financial system that rule
or that power was blown away from them to my yesterday was an outsider cantwell
that's absolutely right and so instead of saying us walken accredited is
defined
basically they said to be raleigh exemptions and all the end users like
equity firms like like hedge funds like the big players i'll buy the way you
don't really have to play by the rules this international big mistake it is the
false victory for america
nestle strong language and i i hope you understand
uh... exactly what they're getting at here basically the bank lobby when india
and guided the regulate the regulations and and uh... and we had was worse than
we have all but we haven't currently the one i came out of the house and barney
frank said he was gonna make it stronger abut edits currently not stronger at all
those loopholes make this whole thing it choke michael person a great story in
newsweek about it
splendid in detail raegan did a good job there can't welded
of explaining it uh... which is that they just take it off shore the ticket
off the books the banks get the decide
but which
well uh... you know uh... exchange which
uh... transactions are gonna put on the exchange well-done and think it was a
bit and i think a lot of money dot on
and i'll put on the street
of golf course a rapid it's an obvious shell game
the reason i like what maria cantwell seven i thought it was really strong to
the senate democratic senator from washington
she said look the treasury department should be shamed of themselves for
blessings
that's nice strong language and are going after doctor and they shouted or
gone after obama's white house and they showed business fraud on the american
people and rob johnson who was also on their programs t_v_ cop former chief
economist of the u_s_ senate banking committee was with the i_m_f_ i believe
uh... and he said that uh...
quote it's an act of commission that's a very very dangerous
uh... for the future of our financial system say he's saying look the they're
not even bundling it by leaving it alone
their purposely making it works
i'm telling you go right here is that this after at the treasury department as
thank god there's someone on television who recognizes that and they apparently
there are some senators in congress who recognize that
so they should not passes version of the bill
they've got to make it
moving at least stronger watch a much stronger businesses the derivatives is
where they do the plot a business where they think all the rest without properly
backing up in cash and then when it was a big o sorry we're out of money give us
more
hell no
armand maria cantwell side on this from now on
all right and you know why i think that's fine big races start a group of
the democratic party
i didn't pass around
you know anthony we knew it was actually their first their congressman from new
york
and then then you see the schumer's no harkins in the camp wells
i mean she we got about a quarter of a third of a spine alma sudden for the
democrats
think courage
as bush would say who make a profit
have you seen gyi de beers from today
together and pursued to chapel
lauren