s on politics. >>science and republicans do not mix. >>now it's your turn at the only online forum with a direct line to eliot spitzer. >>join the debate now. now that we have established the libor scandal absolutely did have victims the focus goes back to where the blame lies itself. a large number of traders from at least nine different banks

are currently under investigation for their role. investigators suspect that a worldwide conspiracy took place. most of traitors suggest that it was far from isolated. timothy geithner will appear before congress tomorrow to answer questions about what he knew about the libor scandal when he was president of the new york fed. joining me is neil barofsky to discuss libor. he recounts his dramatic detail in his new book "bailout." neil, thanks for being here? >> thanks for having me. >> you stood up for those who often did not have a voice down

in the halls of the treasury department. i want to begin with libor, bank call lewd and regulators do >> it is absolutely the case. it is depressing to see how much it confirms the problems we have with our financial system, and how they haven't been fixed. now we're learning what we suspected just a few weeks ago. this is a global international conspiracy to fix the most important interest rate imaginable in the world, and our regulators knew about it in 2007 and the spring of 2008. and the reaction is nothing short of pathetic. tim geithner sends an email, and had a meeting with some speculators in washington, but where is the oh, my god, we just found out about an international conspiracy and we have one of

the banks confessing on tape. where was that outrage? where was telling the markets what was going on? >> i think i have heard this perspective before sitting right here every night saying the same thing. but it is déjà vu all over again. this is not the first time regulators have failed. and they take credit and pat themselves on the back for sending the email but never going beyond that. what is the psychology of tim geithner? what is your understanding of his psychology that permits him to almost do nothing? >> the problem goes well beyond tim geithner. what i saw when i went down to washington is that there is a complete ideological capture of these individuals and regulators. it's shocking to see how a handful of powerful banks really do control our economy.

they would view these incidents through wall street-colored glasses, so their action isn't clamp down, let's do it, it's to work around the problem. we saw this in tarp where the banks were clearly violating the rules -- >> just so people know, the effort to help the homeowners. banks got a ton of money, and the counterpart was homeowners were supposed to be helped. and when it came to helping the homeowners they failed. >> right. the banks were not helping the homeowners. and as we -- at sig-tarp where we would point out these problems there were various excuses from the treasury. first they were afraid, if we clamp down on the banks, they

are going to run away from tarp. and then it became a series of excuses why not to force them to take action. >> and you had the authority to force them to do this. or when they were bailed out make it a condition of their getting tax dollars. that was the failure, the nexus there was very real and probable. did geithner understand the leverage he had? >> absolutely not. and the problem was consistently a lack of recognition of leverage, but i think it's worse than that. i think you need to step back and say this was a series of choices. they chose to design this bailout in a way that benefits the banks, and did next to owners. this was by design. >> and this was reflected in the early proposals in what became dodd-frank, and did not impose any structural reform. and as you point out in the

book, for all of the money, we could have gotten reform. >> it was opposed by treasury. there was a movement for reform of bipartisan movement for reform, and treasury department and the administration lead the crusade against that and beat that down. for the housing program, the design as tim geithner said was to foam the runway for the banks. so even that effort was much more about helping the banks an the home owners. >> all right. i want to know about this personal relationship with tim. what happened? >> we didn't have that many face-to-face interactions. but the one meeting that i describe in the book that has gotten the most attention when i had a meeting with him, and pointed out that i thought he need to be more transparent, more up

front with the american people, and he for want of a better word exploded at me, in the expletive-filled tantrum. it was almost comical at the time. he was clearly trying to intimidate me. >> he did not succeed in intimidating you obviously. tomorrow we'll watch him testify, and he will be examined about libor. knew? >> no, he has worked out his there. he is going to claim they acted quickly and swiftly, but common sense says if you find out something in april of 2008, and more than four years later nothing has hand about it, that tells you everything you need to washington. >> the time line says everything unfortunately it's

sad story. program and author of "bailout", neil barofsky, thank you so much for your time.

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. in the murdoch scandal they conspired to hack the phones of many people. today. >> who with the exception of glenn mulcaire will be charged with conspiring to intercept authority. >> and these charges may just be the beginning as operation weeding the

phone hacking probe and additional investigation. with me today is ed pilkington, and eric boehlert. thank you for joining me. this is serious stuff. these two guys were right at the foot of rupert murdoch. right? can he escape this now? >> he can escape, because he has it all planned out. but to think these two major figures -- we don't have a perfect analogy in america but it's like having a u.s. anchor being charged with a crime. it's like the white house being charged for the crime of hacking. this is a huge deal. but it has been 54 weeks since this story exploded. >> the magnitude of the scandal. we have now in the charges 600 people hacked.

what began has one or two, and now the two top lieutenants to rupert murdoch, enormous sums of money being paid to bribe officials in government. it's inconceivable that they wouldn't have known about this. what am i missing? >> you are missing the fact that they did what always gets people in the end, is they tried to cover up bad business. there were hints and people talking to them about it, but they chose not to look closely at it. and we're seeing a huge global company meltdown. >> it is in meltdown, and rupert has dropped off of the board of some of his british newspapers. what does that do? does that in any way insulate him politically or in terms of the public uproar in britain and what will continue over here in the united states. >> his son already left the uk he was so tarnished.

he was going to take over the company in new york. now him leaving the newspaper, these were the newspapers he was synonymous with, the newspapers that got him a foothold, and now he has no personal connection with them -- >> he owns -- >> yeah. personal -- exactly. but he really seems to be run out of britain on a rail. it's amazing. and this is just him relinquishing that personal connection with the newspapers. the suspicion is maybe we'll just sell them. >> yes. it has always been said of rupert that the newspapers ran through his veins the way most of us have blood. this must be tough for him. >> absolutely. he was given a newspaper in australia by his father, and i

think romantically ever since he has believed that his heart lies with newspapers, and also to have to separate the company. this is a terrible, terrible blow for the publishing end of his company. money coming from hollywood and fox tv has gone in to supporting newspapering, the thing he the most. and now it will be really difficult for them. >> i have been in rupert's office many times, and on his desk all of his newspapers. that what he loved to look at them. are his television companies legally at risk because of this? is there any way this legal culpability can jump from the newspapers to the television stayings. >> the department of justice

is looking into all of this. whenever something like this the justice department is looking to connect dots, and specifically they are looking at the issue of bribery. news corp is an american company based in new york, and you cannot have reporters around the world bribing public officials. and that's what they were doing. >> they have legal exposure which is enormous, and that's britain. is that at risk? >> no, i think companies there are a very successful, solid business. and so far there is no suggestion they are involved in any of this. but he had to give up his big hope there, which was to

purchase bskyb, which he has given up entirely now. >> with 600 specified individuals who were hacked over in england, it's clear some of them over here were hacked. andy colson was has close to the prime minister as one could be. how does this affect british politics? >> the two most important people in charge were very, very close to david cameron as they were to rupert murdoch and the same pattern is happening the problem for cameron. why was he so close to these guys? so why did he give him what he called a second chance. these are questions of judgment that go to the heart of

cameron's government really. >> is this any demmen ution to him here. >> he is being run out of britain and he is having something of a renaissance in the united states. he tweeted a couple of critiques of the romney campaign, and it was a popular tweet for weeks. >> we quoted him a few days on this show, he sent out a tweet on gun control. >> that's right. >> he is occasionally an eclectic thinker. >> because he is the godfather of right-wing media in america, he still has that strong hold gone.

>> who takes over the company? does it become a more traditional company with standard management. >> i think that's the story that lies behind the scenes. within the company moves are being made to change the company rather dramatically. a knew generation, chase kerry, joel klein is crucial, and i think we'll see the emergence of a totally different type of company. having said that, they still shares. >> yes. and the question is will the new generation of leadership will less idealogical, or will they see that as the way the company makes money. >> yes. >> certainly drama in the

murdoch empire. ed pilkington and eric boehlert thank you both for your time tonight. one man goes through the vice presidential vetting process just for fun. more "viewpoint" coming up. vanguard: the documentary series that redefined tv journalism. >>we're going to places where few others are going. >>it doesn't get anymore real than this. >>occupy! >>we will have class warfare. >>i'm being violated by the health-care system. >>we're patrolling the area looking for guns, drugs, bodies. >>we go in and spend a considerable amount of time getting to know the people and the characters that are actually >>the award winning series "vanguard" only on current tv. literally. so they divided the production between two separate factories. each factory took a vastly different approach. left twix flowed caramel on cookie, while right twix cascaded caramel on cookie. left twix bathed in chocolate, while right twix cloaked in chocolate.

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chick-fil-a makes a great chicken sandwich, and i used to like getting one whenever i was in the south. chick-fil-as are as numerous as starbucks on the upper east side of manhattan. then i found out the company according to the lgbt that chick-fil-a has donated millions to help anti-lgbt groups. mike huckabee of arkansas has asked that folks who share the company's values stop by on august 1st to show support for the company's conservative value. and that's fair enough. if you really don't think gays and lesbian should have the same rights as everyone else.

stop by a chick-fil-a. if you believe they should be second-class citizens and don't want them to marry the people they love, it's your money. stop by a chick-fil-a. but the same goes for those of us who support same-sex marriage. we have boycotting chick-fil-a. because these are our consumer dollars, and we support those who back causes that we like. as for me, as good as those chick-fil-a sandwiches used to taste, there are other places to get a good chicken sandwich. for those of us who disagree, have to remember, that we too can exercise our rights, flex our muscles, and show our commitment to the values we believe in, the way he spend our dollars, and the way we vote in

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when approaching slower traffic. and for the blind spot monitoring that helps remind you that the highway might not be as desolate... ...as you thought. ♪ ♪ ever wondered what it is like to be vetted as vice president candidate? writer "gq" contributing editor jason zengerle recently found out, and it wasn't fun. here is how evan bayh described the process. you just have to know going in it's totally invasive . . . here via skype to share the experience with us is "gq" contributing editor jason zengerle jay, who's article is called "want to be veep?

okay but this is going to hurt." jason thank for joining us. >> thanks for having me. >> what was the most difficult piece to answer. >> some of it was difficult in terms of trying to remember things. i was asked what my sat scores were, but there were pretty awkward questions as well. have i always been faithful to my wife? were there any sex tapes. and you are not often put on the spot -- >> you can answer all of those questions however you want because the media wasn't coming after you. answer the questions on the sat scores? >> the guy that vetted me he couldn't tell me exactly what they asked her, but the

questions he asked me would be identical or very similar to what they asked palin. >> i'm not being critical of sarah palin, but we'll leave that one alone for now. was there anything that really surprised you? there are obvious things about scandals and skeletons in the closet, was there anything that you said that was really interesting. >> i think he wanted to try to test my political knowledge. my vet was not a real thing, obviously. i don't have a voting record or history of positions on various issues, but he tried to approximate some of that. he asked of hypothetical questions, if i were vice president and the president were in a certain situation, how would i react? which i think were designed to get at my knowledge of foreign affairs.

>> is there something to the process now that weeds out a sense -- either the creative or the wise? we are so afraid of the skeletons in the closet that we have eliminated those who's lives have been riskier or taking them closer to the edge. >> possibly. i don't know if any of these things would necessarily be disqualifying. i think the vice president campaign is more about not being prepared for something. they want to know everything so when it comes out they will be able to deal with it. what are the disqualifying things? you know, disqualified for marijuana use, that's not disqualifying anymore. the purpose of the vet is so they are not caught unprepared. so they might find out something that they deem too taboo but i

think they are trying to get everything on the table so if and when it was come out, they'll be prepared to deal with it. >> i think that's right. there seems to be one sickle whereas you point out, ginsberg got knocked out of the supreme court for smoking pot, which these days people would go come on? grow up. there is a shift in what is and is not a disqualifying factor but you do have two individuals now who were -- they wouldn't dispute this kind of plane vanilla boring shall i say in the consequence of excessive vetting. >> i think it's a consequence of sarah palin. >> right. >> i think the romney vet is occurring in the shadow of what happened with palin. and i think he is a conservative guy, the campaign is conservative. he wants to play it safe. i think they are all worried about what happened with palin.

but that doesn't mean in 2016 you'll see this sort of conservative selection plan. >> that's right. i think look back at some of the vice presidents who have become president, president johnson, he would have never survived the vetting process such as the one that people go through today, and yet he was a great president in many respects. >> yeah, although it would be funny to see some people ask him these questions now. but i think you are right, yeah. the vetting process is not necessarily made for people like lbj and folks like that. >> if any veteran showed up at lbj's ranch he never been heard of again. and teddy roosevelt had an interesting life that defied any sort of vetting that we would put people through today, is my

guess. >> yeah, the whole vetting process started because of what happened in 1972. had that not happened i don't think we would see the way the vetting industry arose. prior to eagleton there really wasn't vetting. the selection of the vice president was done very late in the game. but even more so politicians weren't in the habit of asking fellow politicians these incredibly intrusive questions. >> there was a cone of silence around parts of life that does not exist anymore. i remember when senator eagleton had to resign from the ticket because he had shock therapy to deal with depression. and obviously that began this vetting process. all right. we'll read the article with care, and thank you for going th