it's been called a blood sucking vampire squid toxic destructive and to crack it's a fail and now a former goldman sachs employee is spilling the beans about his former employer and an op ed piece yes the business practices are legal but are goldman sachs executives morally bankrupt i'll explore. so we know that mitt romney rick santorum they are part of this two min race here for this republican race apparently is going on but is mitt romney tries desperately behind the scenes to end it but wait a minute isn't someone missing from the republican primary coverage and media outlets certainly aren't the only ones on the plug on ron paul so why is the

establishment so afraid of this dark horse and how low are they willing to go to kill his campaign. if you like we are living it in your words your government and it's awful because at least i'm pleased is like the middle east you know. you do know that you're living in a dictatorship you know the earlier we can hear the words you know like. quick to criticize others and even quicker to arrest its own dissidents the u.s. government sure doesn't practice what it preaches when it comes to the right to assemble we'll show you just how the first amendment is about to be muzzled. it's thursday march fifteenth five pm here in washington d.c. i'm liz wahl and you're watching our team. well it's not just occupiers and rage at

wall street these days wall street's own are calling out the greed and corruption that plagues financial firms today an op ed written by a mid-level goldman sachs again is that executive is sure it's been making its rounds on wall street offices former employee greg smith a dish all the dirt in the new york times in the piece entitled why i am leaving goldman sachs he says the financial firm is driven soley by profits even if it's not in the best interest of its clients and he goes on to describe a climate of greed to talk about whether or not ethics are going down the drain on wall street peter schiff joins me now nice to see you creators so how would you describe goldman sachs. oh it was first of all you know there's nothing wrong with making a profit and we're all working to make a profit i mean you're not working for russia today for free there you're collecting a paycheck so we all want to make money and i think when it comes to the brokerage industry because i am a broker we manage money we have

a broker dealer i think in the long run the way i make the most money for myself is by doing a good job for my clients i think if you put your client's interests first that's the best way to make the most money for yourself but i do believe that sometimes and certainly in our industry and brokerage industry you could make more money in the short run if you're very short sighted by sometimes compromising your customer's interest and putting your own interests ahead in the short run and i think that's not the best way to go about it because maybe you make a little bit money in the short run by putting your clients in investments where you gain at their expense but in the long run that is not the way to build a good reputation and that's not the way to maximize the long term income potential of a brokerage firm of a brand know whether goldman sachs is actually doing that or not and i have a lot of sympathy for this letter i found myself in similar circumstances when i first entered the industry the firm that i work for no longer exists but it later became lehman brothers which collapsed and i started off there and the reason i

quit and i did stay there that long but the reason i decided i wanted out of that environment is i didn't think that they were putting the customers interest first i thought that they were specifically trying to sell stocks that they knew were overpriced and they knew were going to go down simply because there was a bigger spread there they had always had in commission and in the brokers were getting rich at the clients expense i didn't like that and ultimately look i mean i'm from isn't around anymore and it just might not have been widespread throughout the entire firm it certainly was going on in my office but my limited experience with the mainstream wall street firm is what led me to open drips of capital and start my own firm because i thought i could make. the most money for myself if i did a better job for my customers and so that was my goal and of course you know morally i did want to recommend things to my clients i didn't believe in that i thought were were it was not in their interest but my branch manager wanted me to sell it because you know this is how we could make money the firm took down

a big block of stock and they didn't need to get rid of it and of course sometimes in wall street you can you can try to look out for one customer by punishing another you might wall street might have one customer that needs to sell something and so they have to convince one of their other customers to buy it so one customer gains at the other customers expense i don't want that i don't want to i want to help all costumers i don't want to it want to get another now and i do want to read a portion of this that here. he says quote it makes me l. how callously people talk about ripping their clients on over the last twelve months i've seen five different managing directors refer to their own clients as not that sometimes older internal e-mails so we see not much respect for their own clients and there's a surprise here to see i've heard a lot worse than what i mean but it could be you know they're kind of enduring by some of the muppets are kind of cute so i there's probably worse ways to refer to

clients you know with other than markets but look i remember i said when i got started the brokers were really excited when there was a big credit stock and they could buy a stock and it was a bullet buried in it which was a dollar which is you know the brokers would sell a stock for five dollars in a dollar of it would be commission and they knew these stocks were bad they would be excited you know there were some programs in there that would say you know credit or forget it i remember there was a motto when i first started working but i would talk to the brokers and the brokers would say with a smile the firm makes money to broker makes money two out of three ain't bad i mean that is an attitude that is there sometimes and i like that attitude i got out of it but there are plenty of credible people in our with people on wall street that really care about making my. for their clients i'm not saying they're saints they want to make money for themselves too but they want to do it the right way not to not the way that some of the people in this industry have got it now i think a lot of goldman sachs and i've never worked there so i don't really know what's going on but you know i think there is

a big connection between goldman sachs and the government i mean certainly a lot of goldman exacts work in the government work for the treasury department you know and they go back and forth and i don't like this relationship but i think goldman sachs a lot of other firms have been on the receiving end of giant government subsidies big bailouts goldman sachs is able to go to the federal reserve and borrow a bunch of money real cheap i can't go to the federal reserve i can't borrow any money at those lows rates and it's my firm goes out of business no one's bailing me up you know i'm going to lose i want to fail i don't have friends in washington that are going to come to my rescue so i don't think there's a level playing field i think it's that and i think firms like goldman sachs have helped the stack now and some of the three hundred has something to figure on the f.c.c. the regulators go after the small firms to keep them from competing with the big firms and some of the reason that you just cited are why some people are a lot of people these days aren't too fond of wall street in fact some see them as

the lowest of the low is that a fair stereotype that there are kind of going to i mean those the people that i know that work in this profession are good people but so there's good guys not every especially and you know the worst of the ones are the ones that are tied in with the government you know at the wall street is not the problem it's government it's the connection between wall street the government but the the root of the problem is government power and government influence we've got to go after that and then you know as i say if you want to you want to kill the steak but you've got to go after the head and it's in washington. but as far as this particular individual's allocation of gold one of the things that goldman sachs was accused of doing i think. they paid a settlement or that doesn't mean they were guilty but one of the their funds that henry paulson was betting against or john pozza rather i get the pulses mixed up was benny gantz was a fund that goldman sachs help put together but paulson help pick out the mortgages

and they were they picked the ones that were the most likely to fail yet when i think the allegation is when goldman sold them to its other customers it didn't point this out it and pretended that this was structured to be a good investment not to be a bad investment so somebody else was was betting that they would fail and in fact baldwin themselves was betting against some of the very products that they were recommending their customers buy but the reason that some of this is able to go a lot is the fact that these that wall street has so much employee when's in washington. yeah that's what we've got to stop i'd like to open up first of all we need to get rid of these regulatory bodies i don't like i don't think that a brokerage firm or an asset management firm should be licensed by the government you know i think that individuals should be able to decide who they want to work with and they should be able to work with any broker they want by the way they want to not the way some bureaucratic agency says they have to do it. it and so

if we had that we have more vibrant competition we'd have a lot more firms out there competing for investor dollars i think would be a lot harder for brokerage firms to abuse their clients if there was a more highly competitive market and i think we have to sever the link between the government and wall street we've got to sever the link between the government and every street that is the problem there's corruption throughout this country because government power is for sale to the highest bidder and the problem is that there are people bidding for what else can you expect the problem is that the government has the power to sell take the power our washington and all the influence peddling all the lobbying goes away and you know there is another another article that's kind of causing a lot of controversy now tyee in the rolling stone he said this he says take your eyes off of them for ten seconds and guaranteed a delegate into the same that's a cuss word they're the same again this bank is like the world's worst behaved

teenager taking your car running over cayennes and fire hydrant on the way it's a vegas for the weekend maxing out your credit cards in the three days you spent your aunt's funeral they're out of control yet they'll never do it time they'll never do time or go out of business because the government remains creepily committed to their survival like over indulgent parents who refuse to believe their forty year old live at home son could possibly be responsible for those dead hucker is in the backyard very strong lou. very strong language to there you make of that is that i oracle larry what do you think about that it's a colorful description but they're right about the cause of the problem to the extent that it's the government it is the moral hazard if the government is going to guarantee and backstop these investments the government is going to subsidize all the galbally that is going to happen so maybe in their scenario if the parents are paying for the hookers and grahams of the house well then could you blame the

forty year old for partaking of a death that is a problem so we need responsible parents in fact we we need to kick the guy out so he can live on his own that's what the government needs to do is is is goldman sachs and all the other firms off the dole let them though hey if you better lose it's your money and there is no too big to fail there is no bird actually put you're on your own and by the way the window at the federal reserve is shut we're raising interest rates we're not going to subsidize your gambling habit and then let's see what happens i think you know those straight now pretty quickly you know if we get that kind of tough love now we see how both of these gentlemen describe the culture on wall street so would you say that the culture on wall street has one that in obviously it encourages this risky behavior obviously they are driven by a profit but is morals an end and you know at the ex are is it going down the drain and could it be blamed for the economic collapse in america or the recession that

we're struggling to get out of but i think that you know morals and ethics do go out the window once you involve government to agree that it is because it all is it's all corruption it's all you know influence and who you know and whose palm you greece and and it is. a corrupting process which needs to come to an end and yes i mean it is responsible for the housing bubble in the financial collapse it was you know a government thing it was a federal reserve it was fannie and freddie it was that more. all hazard it was guaranteed bank accounts it was this cozy relationship that existed between government and various sectors of the economy not just wall street but look at the realtors and everybody it was was was was you know feeding off this this is this this public trough and riding on this little gravy train and it was very corrupt and there were some people that tried to stop it but their efforts for us roared by the very politicians and bankers that were profiting along the way and the worst

part of it was when the bubble bursts and people that made all those profits didn't have to surrender they got bailed out and the rest of the public was stuck holding the bag and most americans don't even realize how big the price tag is yet because the dollar hasn't collapsed yet but when it does when foreign central banks and foreigners stop buying our bonds and this bond bubble bursts and the dollar falls to the floor and the cost of living goes through the ceiling in america as the price of everything skyrockets we're going to know how much this has cost us. and so how do we reverse this this culture. this culture of greed and corruption which has been exposed through both of these pieces are going out to prevent history repeating itself all over again we've got to go back to the most moral system out there which is laissez faire capitalism the free market get the government out of it and then bring the more out of the of the free market back into it the invisible

hand of private property the rule of law sound money and we bring all these things to bear and we can build a prosperous moral society that lifts all boats and you know we can have that we had it before we could do it again but you know it's very it's a very difficult transition because most people are very confused today about about what what leads to economic growth and what leads to prosperity and what's moral most people think that if the government steals money from somebody and gives it to somebody else that that's moral as long as the theft is done through the tax code people think that's more ali it's not it's still pfeffer and it undermines the incentive of the person who stole and so on and the person who receives the stolen money and people are or are kept in perpetual pollak by poverty and dependency by government in order so that government can be perceived as the slave or other as their savior when in fact it's a government that's and slaving them in keeping them in poverty rate that is all the time we have for today peter pleasure to have you on the shell that was peter

schiff president and euro pacific capital. well it seems the mass media has officially given up on blonde republican presidential candidate ron paul who has consistently attracted a very passionate and dedicated following reportedly has had only one imbedded reporter throughout the entire campaign and now he apparently has none because and this n.p.c. uphold the soul and that is off the bus this proves that the mainstream for mainstream reporters ron paul just isn't worth their time and now when you see video of paul he usually is swarmed with a very energized span base yet he hasn't won a single caucus yet and this has the candidate raising suspicion here is that as we you know some people accuse him to get. it we will wind up with the concept. of our supporters are very suspicious that. distro votes have been very confusing

when you read the paper when it wouldn't be. just limited to the jurors that read the review and they just bring these numbers a piece that really wrote what you were saying cause them to be suspicious. so is there an effort to silence paul and is the candidate not getting a fair shot in the race to be the next republican presidential candidate but it deeper into what's really going on here i'm joined now by mary wilson volunteer organizer for the los angeles liberty had quarters and ron paul supporter from our l.a. studios welcome to the show mary so would you say that the media is actively biased against ron paul. completely there doing absolutely everything in their power to give less coverage and make him seem unelectable they're the want the media is the one who started the whole rumor of an electability and actually ron paul is highly

electable and that's why they're not covering him he's drawing crowds of you know three to five thousand on a daily basis sometimes multiple times daily or hill have a. conference in one place and then you know fly over to another and yesterday spoke to a crowd of more than five thousand in illinois and took them to the polls right afterward and the media can't cover those sort of things because. you know they are the kind of government sponsored organizations that get taxpayer bailouts and g.e. the parent company of the. c. and b. c. got over one hundred eighty two and a half billion dollars in taxpayer bailouts and you know ron paul does not support bailouts and that's why. now i kind of want to pull up an example of this this was a poll that was on c.n.n. where ron paul he was ranked the highest in this poll at fifty two percent so significantly higher than some of the other candidates there if you see he is all

the way on the bottom there so that doesn't really seem to make much sense off the bat. what do you make of that and what else would this ever happen. yeah only only one ron paul wins with the winner be listed at the bottom of the page and we saw much worse not much more blatant attempts you know in almost all of the debates you know we would have a debate watching party and you would see that the way that the camera was framed they would put the other three candidates in the together and put ron paul off to the edge and the camera would frame on just the three candidates as if ron paul wasn't even in the room on the same stage and in one debate he only had eighty nine seconds to speak and in another one i think it was an hour and a half. debate and they cut off the second half hour where where ron paul had the opportunity to speak and here is somebody that is trying to shine a light on. jon stewart let's take a listen. survey showing rick perry running against mitt romney down the aisle

for show off your. coat. or do you think you. have a little carry room he called the thirteenth floor and you know. so mary why would there be this accurate to silence and why what is the motive behind ignoring him. exactly as i mentioned you know ron paul you know he's not the establishment candidate he does not represent the things that. benefit these big corporate corporate. corporate government sponsored organizations and the corporatocracy you know ron paul is the exact opposite he's the patriot for the people and you know that's why they don't give him any coverage because he actually can win they like to misreport on his delegate wins they like to misreport on his caucus wins and the size of them so you know nobody gave them any credit for

winning the caucus in the virgin islands and that's just insane so if they want to call mitt romney the winner of her winning eight delegates in the virgin islands then i guess that we can call ron call the winner in maine nevada colorado where he took all the delegates now in jordan earlier we played a clip there of grandpa he was very things especially in election fraud only appointed a fact where wherever he goes he is surrounded by so many of these very vocal passionate people and you don't see this kind of following for the other candidates the at the same time he hasn't won any caucus says and they have not and so many of his followers something doesn't add up do you think that there is there is fraud going on. i think that the establishment g.o.p. . has been told which candidate and has you know has a candidate in mind and they're pushing forward for those candidates you know mitt

romney is it stylish no choice and doing whatever they can to steal away ron paul's momentum if they had declared him the winner in the u.s. virgin islands as he was rightfully so that would just help to propel him into the next states and keep things going for super tuesday but they did not want to give him that way in and you know by doing that it kind of colchis is momentum and you know supporters sometimes fear you know. you know throwing the vote away if it's some some people are very loyal to the republican party and they fear that you know i'm not sure why that if they gave it to the other cable in most cases or as i feel it would be throwing their vote away if they gave it to the lesser of two evils rather than sit with the one candidate who's actually standing up for them now in terms of reelection for mary do you think that back could indeed be going on i think it's a possibility and you know a lot of the ron paul supporters who've come showing up to the caucuses supporters

a paid it's become delegates have been turned away there's been a lot of rumors about it i'm not on the ground and i'm not with the official campaign i'm a grassroots supporter and but there is definitely a lot of a lot of. information that comes out of some of these and we've we've informed the voters to participate in in the caucuses and to be a part of the public tally that people can call for a public tally of the vote and when they've done that i think it was in iowa you know they reported that you know they had to they had counted out the public votes and then it was you know that the those results were not even turned in by the g.o.p. you know that in maine where eighty four percent of the vote was counted and several precincts in counties were not counted their votes you know and they claimed mitt romney is the winner with only i think one hundred seventeen votes apart from ron paul so now whether it's an accident or

a very seems whether it's an accident or if it was intentional it is raising in some sense a suspicion among ron paul followers i do want to pull up a quote from an editorial this is in the daily. quote it is time it is time for a groundswell of ron paul supporters to quietly respectfully but firmly make their position clear to the mainstream media and the g.o.p. establishment simply pod no paul on the take it means no vote for the g.o.p. and november now mary do you think that that's what needs to be done in order for him to be taken seriously for some of his followers to put their foot down and say hey we can impact the outcome of this election. you know i don't know how to answer that question i'm unsure of how a third party would run i think if i don't think that people don't want. you know

that's a tough question i think that ron paul is on the republican ticket because there's finances there to run up against obama i think that people would be doing themselves an incredible disservice if they don't vote for ron paul because in my opinion the other candidates have no chance of winning this race against barack obama because these other candidates support everything that barack obama has done wrong since he's been in there as far as louts are concerns increasing the debt ceiling preemptive marriage and things like that. where he had time but thank you very much a pleasure to have you on the show as always that was very well said voluntary and i is there for the los angeles liberty headquarters and around paul supporter. all these so-called war on terror spreading democracy because of the reasons the blast says it gets involved and complex abroad but as the u.s. and its allies criticize other countries for their lack of freedom and human rights it seems those very rights are being threatened here at home the latest example

a lot recently passed that limits where and how people can exercise their freedom of speech. explains. it's a country that extols the virtues of liberty on like no other. since september some six thousand seven hundred americans protesting against economic inequality and corporate greed have been arrested and silence. a police offensive aimed at crushing occupy wall street has succeeded in shattering america's nor could it brand of freedom but it made people realize if they kind of devastating states oh our ability to compete in a place to send america and how to challenge that and how pressed that it and i think it will they were free or essential gratzer until they tried it. as anger

over corrupt politics fractured communities and he was foreign policy grooves federal anti protest laws are also by expanding. in america it is a criminal offense to exercise freedom of speech and events deemed nationally significant such as presidential conventions and he thinks. protesting in areas where the u.s. president or anyone protected by the secret service may be visiting is considered a felony punishable with the fines and up to ten years in jail the federal restricted buildings and grounds improvement act known as h r three four seven is a lot most americans don't know about but you don't have to do a lot to feel its force we represent people who are charged with felony offenses solely because they put up posters they put up signs asking people to join in demonstrations and they've been arrested by the police detained held on twenty five

thousand dollars bail in charge of felons with nato and protest posters popping up nationwide u.s. lawmakers are tightening up recent afghan men wins include putting protests around the white house and broader language to make arrests and prosecution easier i think this is a specific response to sort of the fear that we are actually going to be a factor and you know like. transforming the political landscape katie davison was arrested twice last year while taking part in a legal nonviolent occupy wall street demos in new york i feel like we're living in an earthworm american government and it's awful because at least in places like the middle east you know they you know that you're living in a dictatorship you know the earlier we're going to sort you know like here we sort of like ringgold democratic you know like. words all over everything as if you know

like we have all these freedoms that we actually don't oh i knew reality where it's here that just about any american engaging in political protests oh i can be prosecuted in south rages affront to civil liberties and the first amendment and. i have my personal personally have been arrested several times protesting that have been misdemeanors and now would be a felony and i it's just unconscionable that the congress passed this america on it's for you you know for it because i want to we reached consensus when it came to clamping down on constituents only three elected officials voted against expanding federal restrictions on protests while u.s. leaders can't resolve issues like national debt and told us they're on the scene each when it comes to how to handle the citizens running the streets to demand change and accountability.