couple goes from ben bernanke yes sixty minutes
despite at places some things
there were a lot of questionable these guys mandar
inside the wall street but they don't get it
so let's fight club number one for you he's got an interesting analogy that i
fear
has a slight hole
so here's beverly hills
you know mister chairman there so many people outside this building
across this country who say to hell with them
than a bad bets the wages of failure on wall street should be failure
let me give you an allergy right
if you have a neighbor
who smokes in bed
and his arrest everybody
i suppose he set fire to his to his house
you might say to yourself
no another call the fire department
lettuce house burned down fine with me
but then of course one of your house is made of wood and it's right next door to
his house and what is the whole town is made of wood
i think we'd all agree that the right thing to do is put out the fire first
and then say what punishments appropriate caution the chance to fire
code what needs to be done to make sure this doesn't happen in the future acree
fireproof our houses
that's where we are now we're having we have a fire going on it still burn it is
still burning
there's a huge problem with that analysis
uh... in the middle of fire the guy who started by talking about steps out
antigovernment comes over and as a hundred six five million dollars
worldwide
okay look i want to cut it down like a questionable restroom was going to put
out the fire but why do we have for wardrobe
and that's what's happening with a actually here
the guys who started the fire had a aji with the derivatives trading
their financial
you know institutions
activation
we just give a hundred sixty-five million dollar bonus to and yes we did
it so we own eighty percent they they are geez our money
and so why would given the time to start the file uses it
scooper
but only twenty cents
on the kind of guy who believes
we gotta get the job done
e exactly where ninety seven that will be regulations et cetera
say in the middle of of fire or crime hey you know what you didn't pay for the
police are needed favor the fire department when i click on that issue
obviously we do it
but the question is
how do you do that rescue how do you do with the most effective way
and what brenneke and and tim geithner and of course at this point to obama
administration is insisting on his
the keep the house is standing
we'll be doing this in the fire's front was contain the fire first
will worry about that
you know the whether those houses should standard and perhaps the best way to put
out the fires but where the houses cave in
and then we can concert on the fiber i don't know but i think that might be a
possibility but they're taking the whole this house is sold important and cutting
short protect
the house the president said that was
every war the months up
dot make no kind of stuff
right now we go to
advertise your course the head of the fact
out one more clip from our system is for yes it's good for her
or you committing in this interview that you are not going to let any of these
banks failed
that no matter what their balance sheet actually looks like
they're not gonna fail indianapolis fail
but what we can do should be the necessary is is try to wind it down to
the safeway and other words per night he thinks government should stabilize field
financial companies were and take them apart slowing
so for example the case today as you keep
well we prevented a bankruptcy because of the chaos that would create
but we're also demanding that a g
divest itself
sell off its subsidiaries
and use the proceeds to pay that the government
what are the dangers now
we'll keep you up at night
the biggest risk is that
you know we don't have the political will we don't have the the commitment to
to solve this problem and we let it discontinue in which case uh... you know
weekly we can't we can count of recovery
he's pcs exactly what i'm talking about
his priority is more on it's not protecting the company
it's on protecting the banks
disappoint back uh... blank question hey will you uh... if it is necessary
take down the bank so they go to bankruptcy
or whatever it might be some snow
we will not let the banks fail
leases on about the banks it's about the economy overall and maybe the way it is
for the economy
it's allowed some of the banks fail in a controlled way and it's doesn't mean
that if they don't completely out of business it doesn't mean it jeopardizes
anybody's deposit
but if you go to bankruptcy that way the taxpayer who put the money in has some
protections
he's got the wrong goals in the wrong priorities and then he says
and his other promises
he kept the same guys
we'd like for example of a aji
now i know we had his and new c_e_o_ coming up at least know better than the
whole c_e_o_ facility guy who's although i haven't thought i had to give away
four hundred fifty million dollars moses
overall
well over hundred sixty-five million
for the worst culprits the was the start of the
uh... in the fire in the first place in this case
but on top of that
he say abut outside of that i'm gonna keep although other executives
and by the way why they keeping ready because dr
so they invested in the sky anti-aircraft he says all the apollo boy
i've related then
are you talking to a minority to attack
here where the money anyway
so you're talking to stop
immortal
what is a problem
you want to keep the banks
you wanna keep the people in charge of the banks and in this case the company's
locus edge is not a bank it but it's a insurance company with a lot of
financial ideally sucks in this particular out of the banks because they
showed a lot of the bags and they think we've gotta keep these guys because as
the liddy the new ceo the ideas that
all my daughter we don't do this we won't be able to retain their talent
some of them by the way they cut the bonuses
or evil act
so what happened i thought he knew the money to retain daily left the company
this forget millions of dollars
whatever the company over four million dollars in boats
we don't need to protect the bankers
we need to protect the banks
we need to protect the whole financial
institution institutions
overall the industry the colony
although long priorities
and that is all the difference