James kidney who is a I trial attorney at the SEC is retiring
and at a retirement party he gave a speech a very forthcoming speech
we talked about how the SEC has really dropped the ball when it comes to
enforcement
Arbab you know eat overseeing
and regulating Wall Street and him
made a number of statements that have really kinda underscored the problem had
with the SEC
for for decades and it is getting worse and worse
so on his main point is that the SEC doesn't do enough
and going after the big fish what they do is they got to the small fish
and had their I important stat
to make himself look good but they're really doing nothing
at the top so for example review got a tip from someone who works at
I don't know Microsoft and you bought some stock image
extra fifteen twenty thousand dollars that he shouldn't have made from the
insider trading
they'll come after you like gangbusters don't go drop to
however on you and you are going to lose that money their pride put you in jail
and and I'm do everything they can however
it with someone at Microsoft who I am
who did something weird or work better yet some on Wall Street was trading
I you know millions and 109 the dollar's in these kinda
strange in DBS I transactions
then be won't go after that person so with some legal
great quotes are from our from our
kidney the SEC has become and agency that polices the broken windows in the
street level
and rarely go through a penthouse floors he continues
on the rare occasions when enforcement does go to the penthouse
good manners are paramount top enforcement
risk in force in this subject to extensive negotiation
and weakening so doing well the reason why some people wonder why why wouldn't
this the SEC in four so what's the problem there
the reason why it because they're using their government job to make connections
in the private sector
so they can go get a job after they quit the government job
and they can go cash in and that's the revolving door
up the government and that's what's wrong with a big problem what's wrong
with regulate food
trying to regulate people today is that they get into these government jobs
so they can go into the private sector and we how many times have we seen it
right i mean James can you gotta say he says
you know I have had bosses and bosses up my bosses
whose names we all know who made little secret that they were here to punch
their ticket yes
they now serious regard for the mission of the Commission
but the actions were tentative and fear poor in many instances
so the so called regulators were supposed to
look after the public interest me coopted by
the berry the are companies that they're supposed to regulate and this goes
tonight is the SEC but everywhere yes I'm yeah it's across the board in the
government
whenever the regulations are regulars or whatever are inevitable for whatever it
is
be put in their time bakery favor
and they're rewarded an intern thing you might think is or
why should the Wall Street firms give this guy or award
now he's already done anything for me he should know this person or not him
personally but the other people talking about
why they do that they they hear that curry the paper with them and then
they're done washing my job
but they give that person a job that all the other people at the SEC who are
coming up
see the Spurs how the Spurs are awarded and then they see okay I'm gonna punch
my ticket and it's all
the process and that's the way it keeps going thank you for following
but working for balding during the during the mall Bama care negotiations
or they're trying to patch number Obamacare the former
a democratic leader in the senate I'm biking and his name but he had retired
anyone took a lobbying job
with the help health company right at so then he came back during those
negotiations when they're trying to get it through congress that Obamacare
an office no no to louisiana Nano is from like
Minnesota North Dakota South Dakota what
with a knife in a beautifully state to state used to be though he was a
democratic leader in the senate was East tom daschle south or north to the idea
how you talk to the guy was we were performed to
also tom daschle got a two million dollar check to be a lobbyist for them
and he was coming into
and he was coming in to get them to stop moving for with the pup public option
and so what all he had to do will show up
he didn't have to say anything anybody in there negotiator go to lunch you said
the show up in his limousine
with two million dollars and everybody these all that's not going to happen
you can be tom daschle to if you don't pass a public option
and we can all have a lot of millions of dollars and that's exactly what his job
was is
even even have to say anything all you do is show up in washington
with two million dollars and he did when we see is every day been recently
Hillary Clinton
Katie speeches to Goldman Sachs and for each speech got paid
two hundred thousand dollars so I mean if not really you really good speeches
I mean really if you like prepared via hired a speechwriter
yep she mean she liked worked on them for a long time well what both speeches
about
investment strategy because Goldman Sachs they don't know what strategies
today
here's what our politicians see
they see Goldman Sachs painkiller clinton four hundred thousand dollars
for two
speeches listener hour each with to recognize an hour
not too shabby they see arm you know tom daschle making two million dollars
all these people who faq/walkthrough get these
nice cushy well-paying jobs at at these companies
furthermore the to hang out with their leads the need to maybe meet the Koch
brothers instead in their special VIP section at the Lincoln Center
whatever it may be and that I like they want yes so
they're gonna look after their interests in art is an important both the hard
work you working
is fighting for and what we stand for if the cropping and put the money in
politics and it's a
is a non-partisan issue is not yeah we will crack Democrats or Republicans
meeting both do it
it is who does it you know what more Kerber I suppose I wanna get past this
whole
I mean I don't have his unions or corporations what is Democrats or
Republicans
I you know our elected officials and our regulators are not doing their jobs
the flat they're not doing their jobs and you know what the
James kidney he talks about how he pressed his bosses to go after Goldman
Sachs
I they dig up to Goldman Sachs but they sell it for
are $550 million dollars are and damages
22 stellar nobody I know is prosecuted and its money that's been paid
pic get their gonna pay of the money that they made illegally
you know that's like saying or your drug dealer you made a billion dollars
give us a half a billion dollars that papon here's a great quote about how
the regulators are really serving as nothing more than a poll booth
are on the turnpike a bank banksters
and absolutely true is the cost of doing business
me a ghost every single one of these guys aren't Alec Angelo Mozilo
a the CR countrywide mortgages you know he may die I think six hundred million
dollars or something along those lines
and the AP to $5.55 million dollars that's pretty good pretty good
that's pretty good right yes so I'll in in the reason why this made news was
because this guy was retiring
and he gave a speech at his retirement they're going seventy people in the room
and it got after he was finished speaking in saying all this stuff about
how the SEC is toothless and not doing its job
gotta ice and his bosses were in the room
they all go and so every like yeah I we're all kinda pieces that shit
do not doing their people's work in that but we're gonna be rich
like when you see a baseball players retire like a player who
he always play with the same team for all 22 seasons in a row and giving this
standoff not going to use territory
everyone's you're giving 0 /span fair for him because he's a laugh a dying
breed
they don't make em like that anymore all know about him and then we're gonna go
all shook up our asses with steroids and a buncha blow off a Hooker's chess
and you know enjoy your retirement don't you feel like
a sucker when you pay your taxes honestly cuz I do
I feel like a stalker I I mean we all try do I pay as little taxes as we can
and I it would I pay any taxes I just feel like a sucker I know that i'm
paying a higher rate than Mitt Romney
I know that the risk is that the system is rigged I know they're taking $65
billion dollars a month and just giving it to wall street not investing in the
country
I do feel like a sucker I do feel like if you're not trying this game that
or get got game the system in your favor you are a sucker
who are the only people who play by the rules are suckers yeah
I really do feel that way but what are we left with you know until we can
fix the system where is going to be like being occurred because
if you break the rules georg fucking dropped the hammer on you okay you are
not Jamie diamond you are not
I Lloyd Blankfein by you are Jimmy door regular Americans so guess what
there are three in jail forever I mean there take away all your money a
and you make your life a living hell so you have to play by the rules