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William Black on JP Morgan and the Failure to Regulate Wall Street Fraud

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Published on May 22, 2012

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Welcome to Capital Account. Regulators from the CFTC and the SEC (Gary Gensler and Mary Schapiro) were on Capitol Hill today to talk about how the overhaul of that multi-trillion dollar, opaque, unregulated over the counter derivatives market is going. As you know, derivatives were at the center of the JP Morgan trading blow-up, so the loss has seemingly reignited scrutiny from Washington. But here's a caveat before you get too hopeful: guess who has reportedly been the single biggest donor to the chair of this senate committee? Ding. Ding. It's JP Morgan.

And who is the regulator we really want to hear from? One that oversees America's largest banks -- the Office of Comptroller of the Currency. The OCC reportedly pledged to take a more aggressive approach to regulation after the agency caught heat for being lax in the run-up to the 2008 crash. Now, it's obviously facing some questions about follow-through. William K. Black will help explain why he says that it, as well as the Federal Reserve, have been the two dogs that failed to bark in all of this.

And the US's largest foreign creditor, China, can now bypass Wall Street and buy US government debt directly from the US Treasury, making this the Treasury's first ever direct relationship with a foreign government. That's all according to Reuters. We'll give you our two cents on today's "Loose Change" with Demetri, Lauren and Shannon.

Comments • 75

fwsGonzo
could be just greed... some people dont care about anything but money, or have bosses that do.. and so the message down the chain would be 'make the most money' using whatever loopholes our lobbyists have made for us... in the end, US might go into depression because politics is overshadowed by corporate influence, instead of the needs of the people..
fwsGonzo
true enough, good point.. i wonder if its the case, it could be =)
TheScholar74
Hey Demitri don't knock it, Jedi are the least expensive way to deal with regulators. "This is not the Dimon you're looking for." "This isn't the Dimon we're looking for." "He can go about his thievery." "You can go about your thievery." "Move along." "Move along. Move along."
AceOfHeart2012
I really don't think they're trying to crash anything. I just think the system is being run by people who are so incompetent that they have to hide their incompetency with subterfuge. What many don't realize is that if OUR money is worthless, so will THEIR money be worthless. It's all the same money after all. This is just gross incompetence. A man will commit suicide or go to prison before he admits to being incompetent. 
Bigyimmyz
Giving China a direct line to purchasing the US Debt is a sign of desperation. The elites prime goal is to crash it all: US, China, Russia, UK, everyone.
Don Sexton
ScAmerican government apparently dumbed down (as if that isn't too surprising) parallels the child-like mentality of bidnizz seeking ninjas, rockstars, and jedis. But really, how about knowledge, skill, ability, responsibility, and accountability? Seems like sucking up, submission, & sharing toys or playtime are the desirable character traits more in demand.
Little Cripple
Shannon.... Youre not meant to cover your eyes, its meant to go over your forehead.
24Adrian24
Whenever the good professor is on, I make a point to grab my pen and pad to take notes. As usual, he did not disappoint. Black is Beautiful!!
matt whitton
No argument from me on that ;)
optionsupdate
they refused to pay back money created out of thin air
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