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Nomi Prins: Banks are like "Government-Sponsored Mafias"

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Uploaded on Nov 29, 2011

Watch the full episode @ http://www.youtube.com/watch?v=5YrdNw...
To watch more visit us @ http://www.youtube.com/CapitalAccount
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In this episode of Capital Account, we speak with author and former Goldman Sachs managing director Nomi Prins about revelations from the bank of international settlements that notional OTC derivatives have now reached all-time highs of 708 trillion dollars. This is over 100 trillion dollars more than the notional amount 6 months ago. We also ask Nomi about recent revelations that then secretary of the treasury Hank Paulson provided inside information about the nature of the government's soon to be intervention in Fannie Mae and Freddie mac to a select group of hedge fund managers and friends. Take this with the ever unfolding scandal of Jon Corzine and the missing billions from MF Global, and you have more signs of crony capitalism, fraud, embezzlement and insider trading everywhere.

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