speaking i'm doing great work was leopold is one of the smartest guys i
know he's the executive director of the labor institute new york is a journalist
not their and his latest book etc this
is amazing title but it's perfect it's just perfect
how to make a million dollars an hour
why hedge funds get away with siphoning off america's wealth
less leopold welcome back to the program
nike so much for happening thanks for joining us
how do you make a million bucks an hour
deprecated
haha basically that for the compound too hard
it's c
maybe some don't but i think uh... majority do but it's a form cheating the
risk of prosecution is pretty much zero is not
it's very hard to catch him some of what they do actually have legal some poor
comment borderline and a lot of it is way over the line
okay and and the stuff that is legal is presumably legal because they helped
make sure that the laws were written in a way that legalized it
i think that well put
hot hype recruited training for example where they jump in ahead of your trade
and uh... by something that you want to buy and pump up the price
a couple of second they do it in an affection uh... couple of dollars so
they do it in an affection
and you don't even notice it
uh... that legal
so-and-so and i was way way say if if i if i have
modify if i owned stock and i have it with one of these electronic uh... or
any brokerage firm
and i say you know i'd like to buy a hundred shares of apple birth out
singers of apple or million shares of apple dependent you know who who i am
impressed me would be ten sure that we are
on the pattern you know they would be ten apples pretty inexpensive but in any
case
on about her shares of apple
ait height place that order without ma
and you're telling me that before they execute that order
they buy some apple stock
the price goes op
so that they use salad
to me
at a higher price and then
they or they sell it
deficit doesn't work it will take your pick it up a computer printer the stock
exchange surrogate the price in an old second before
all the other brokerages sinatra and such as many buying apple stock it's a
hundred thousand people sp
whatever out there baking
when they can order coming
they jump in and buy it and then refill it back to you for a few pennies more
per share
uh... and they do this again and again like a million times an hour
half hope that the doc market
at least make something up to eighty percent are high frequency traitors
and by uh... date make from five to twenty billion dollars a year doing
their just skim it offers our trade cannot afford a hidden tax
and and arbitral redeeming virtue to this whatsoever
buffet at no point aquarium architect garbage
what what they're doing is
milking
all the rest of the investors without producing the any value one guy said
uh... he had had a losing day in five years break through the crashing
now losing day in five years working get it
they're really
and keep it the longest he held a stock of belongs
whispers second
and pointing out now need national nurses united and
uh... number of other groups are out they're calling for what they call a
robin hood tax
on we had a tax
there correct me if i'm one of my days here but
i think it started during the spanish-american war like him so you
know eighteen ninety eight in and ended in nineteen sixty four sixty six
uh... it was kicked up
in nineteen thirty five by uh... have by uh... franklin roosevelt
in order to help pay for this carries exchange commission
and joe kennedy's three on but we basically had this like one tenth of one
percent tax on every stock traded
and uh... that generated a fair amount of money in fact when we get away with
it the sixties
the rationale for doing away with it was it was generated hundreds of millions of
dollars
and in cost that much to run the s_e_c_
how do i have that right
if you do okay and i uh... what would happen if we brought this to expect
these guys are saini bring this tax package
basically put these efforts to traders artisans
we'd you put my crew could be treated better business
you generate
i'm not forever new york estimate
every
in this country
picco
to a public colleges
two-year four-year
graduate school
tuition free we eliminate the debt problem
for young people going to call more student at now we have to do is stop
what is being done by what baby thirty forty people on wall streeters this
uh... very much larger in history
i probably larger than that you know what they
ten thousand people or whatever but still it's a very small number yahoo are
run the
who who run these games
so ten thousand guys are making
anywhere from hundreds of thousands to billions i i read last year that they
were
uh... over a dozen people on wall street who made more than too
billion dollars last year doing this kind of thing
atop
uh... guy on that
too
the top hedge fund i last year made it much in one hour
at the average american family made in twenty one years
think about that
morning how are you doing something that doesn't produce one damn thing for this
country no value at all and a matter of fact some of the games
uh... when they might i'd
i think it help but now i mentioned
uh... to the story
uh... produced negative value here was one that was very popular doing uh...
join the crash
uh... which is a packaged the worst mortgages they could find the ones that
had the key to rape that were about the day old people that are going to fall
pay package them so they could bet against him
this is uh... look all of them you know the the blankie dealing of wearing
thaddeus were exactly and
are on it
billions of dollars changed and doing didn't like
are you and i'm going i'm selling a drug they would kill somebody so we can
collect on their life insurance elsewhere is exactly the fame
well wal-mart was life insurance and they're elderly employees winklers' as
that
off with the fact that they can work in the death of bill and actually i i dot e
i shouldn't say that i don't know all the details of that
but not the only there was one of your work on the fact the people of active
j_p_ morgan citigroup overtaxed got caught
na
because at the rate that
they didn't tell the investors you don't just lost a billion dollars hedge fund i
made a billion dollars and all the fact that fined five hundred fifty million
dollars
get so much but had fun with mine
so higher on a bank n i d uh... a million bucks in the bank an idea of the
police a half a million dollars may say
uh... ok your cup everything scopus at actually myself u_n_ islands together
again we're out of bank
and each one of us walks off with a million
i go to the police pro please come to me they catch me
and i give them a half a million and they say okay everything's cup ascetic
and by the way we're gonna forget about your friend was he can keep his day
that basically that they were the book epic you've got it right there
absolutely me which i was leopold executor of his labors to new york
journalists and authors latest book how to make a million dollars an hour why
hedge funds get away with siphoning off america's wealth how much damage of
these people done to this country sandman whether this really really start
by uh... hangout because of a question i think
they worked out the kinks from families uh... read that in the late nineteen
ninety
but a really kicked into action power
around two thousand three two thousand four hair crescendo
two thousand five in two thousand pics because they want something you know
they had all these jump mortgages they want to unload them
and they are loaded this
these toxic assets all over the globe there's a reason why these banks in
europe we're stuck with all this junk right are booked unloaded it so this is
this was legally little bubble there in the roaring twenties i mean i was just
in days ever there was one of five year bubble there and then in the return the
roaring twenties it was based on a realistic
we know if you can meet in what we can learn
uh... what that we did learn and then we forgot after nineteen twenty nine we of
course put our report on the neck of wall street and the wages on wall street
when he came down so that you worked on wall street and work in the rest of the
economy
are you get a copy same thing depending on your uh... level experience in
education
with no from then until the eighties
all-white overnight the then the pinnacle line for the part unbelievable
off the coast guard
because we took our put off their tax what he stopped regulating them happily
they are predisposed become a pretty hickman claimed he was right in the last
guy who remembers the horrors of alaska reward dies in its great low incomes
inevitable since it was great scams
leslie of all the book how to make a million dollars an hour
alliance ones get away with siding off america's role and just a second
this is the job market in program closes their web site for the searches danny
bookstore
how big a bookstore perfectly leslie appalled
develop the great work by friends