worse so we'll ever face prosecution will anybody to talk about this former financial regulator william k. black he's really the guy because during the savings and loan crisis the agency he works for made over ten thousand criminal referrals to the f.b.i. ok bankers went to jail people got felony convictions what changed since then that's really the big question thank you so much for being on the show i want to start with john corazon and today you know he didn't plead the fifth maybe you know should of or might as well have he said he couldn't answer a lot of questions because he didn't have records since he left the firm and he also said i'm not part of the day to day business there i really removed from a lot of that but is c e o of this firm is that a viable defense for him not of dollars of. the underlying problem if you take that much in terms of going from is because you've got a huge problem. that has to been something that the c.e.o. would have been dealing with him not just on a daily basis but an hourly basis and he would liquidity problems like that are a single day that would have b

left to rot in people's budget accounts trickle down fraud as we've covered here before and william k. black said that that is the one that said that the fraud happens at the top and once you have a corrupt upper class that gets away with these crimes it trickles down and you have a corrupt society and that's how it happens one day the u.k. could look like pakistan or india in terms of the levels of corruption i know it's great in india they government issue is fake money that people can use to pay off bribes without losing face maybe that's the future for well i think dollars will be used but the u.k. pound can be used to make money use it to pay off well speaking of fake money max this is in the next headline d.j. i say dow jones industrial average fourteen thousand depends on us saying we're all in this together with europe never before has the euro influenced us stocks as much as this year a sign that american equities aren't going anywhere until europe's credit crisis is solved the so-called correlation coefficient max showing how much two markets rise and fall in tandem hit point eight

because you're not the only person saying that you know we had a former rep former regulator william k. black on this show last week when corazon was testifying he of course prosecuted the bankers during the savings and loan crisis oversaw more than ten thousand criminal referrals and we thought hey is this a buyable excuse for the c.e.o. to say he doesn't know where the money is and he said no way because there's too much i want to play what he said. not a dollar of this. the underlying problem if you're too much in terms of client funds is because you've got a huge clicquot to the problem. to have been something that the c.e.o. would have been dealing with i'm not just on a daily basis but an hourly basis so he doesn't buy it and you don't buy it if you were on the hill today you being a customer who's had their money frozen and put in a claim doesn't know what's going to happen what will you want to say to these guys to john corazon and the other exact and ask them well again you see this isn't the forum to do it he should have been indicted you know they should have had pros on those job