when he said worldcom, separate chairman and separate president.k you guys are being too negative on jamie dimon. >> worldcom is great example. >> he is best bank ceo. and he was surly, what you guys are not listening too. melissa: go ahead, dennis. >> couple quick points. for every dollar in bank earnings we'll see this year, there $3 worth of subsidies. that is a fact. >> based on what? >> subsidized. >> for irv dollar they earn in profits -- that is not true. >> start with the fed. fed is sub sigh diesing the industry $100 a quarter. >> because they're buying bonds. >> right. look at cost of funds over last 10-year. used to be 120. it was 1 of last quarter. >> anybody buys the bonds can sell to the fed. you say they only buy them from jpmorgan and banks. >> no. look, too big to fail is dead because the big banks can't survive without subsidies. they want survive without off-balance sheet finance particularly leverage. >> that doesn't mean -- >> doesn't mean it is dead. it means it is alive and well. >> no. >> the problem because jpmorgan chase h

when worldcom had serious problems we were in court within 48 hours of discoverying it.k it's important for the government to be expeditious and to show that it is being tough but in a fair way. david: well, again, the question of selectivety is important too. moody's and fitch, there is no hard evidence, a case hasn't been made in court but it is assumed they were doing very much the same sort of thing s&p does. why not focus on one company? why not go against all three? >> it's very difficult to say. i suppose one appropriate reason would be if that's the only place where the government thought it had very clear evidence enough to get into court. but after all of this time, and knowing that all of these rating agencies were doing exactly the same thing, this does not look good for the justice department. david: no, it does look like selective justice. let's get into the case a little bit here. this is one memo that they're using in building their case. i think one is from 2007. and of course the key, the government's case against s&p is that they, sort of soft peddled

. >> anything that is dealing in other part of the worldcom to us locally in the bay area and affectf that is we have to know about it as well as health and issues that concern us. >> jet took off from moffitt field the focus is low level pollution under 1200 feet from santa rosa and salinas out over the pacific coast. researchers need to factor in pollution at higher levels. >> like mountains. and just general kind of how mixed the atmosphere and we need to have a look at is what coming up and possibly mixed down influence. >>reporter: hopeful long-term study will reduce mrichlingts and determine what we might need to do in the future to further regulate or curb certain plot anti-to not have air pollution problems. >> today is the beginning of the research into bay area air pollution eventually satellite will be going up as well as the agency kin to coordinate and to study pollution. at nasa aims, david louie 7 news. >> from practicing pollution to tracking the national park. google now taking the street view to the grand canyon. travelers can digital explore the grand canyon from o

even under the bush administration, if you go back just ten years, you know, worldcom, enron, you know, adelphia. we took the leading individuals of these companies and we put them on trial to make an example out of them. and this is exactly what we're not doing in this case. those companies were systemically important then. i don't see why they can't do the same thing now. >> you were shocked when you heard that president obama had named mary jo white to lead the securities and exchange commission. and you wrote that she was a partner in a law firm that represented a lot of these big banks. you know, bank of america, goldman sachs, chase, aig, morgan stanley. you said, "she dropped out and made the move a lot of regulators make, leaving government to make bucket loads of money, working for the people she used to police." and i gather your great concern is that you don't want to see the country's top financial cop being indebted to the people who created the bank roe? >> right. yeah, absolutely. i mean, it's just simple common sense. i mean, you're sitting on $10 million, $15 million,

they can lay thousands of remains to where the energy center of the worldcoms from.who thinks we should not try to bring about a more peaceful resolution to this with economic sanctions that hurt. >> so, let's get to the chuck hagel factor here. he was against the tough sanctions on iran. are you concerned about his approach to iran? >> well, he does have a point in the sense that rarely can sanctions by the united states alone work. it's like south africa. when we got multilateral sanctions were we successful on the country with the devastating system. sanctions are hard to work if you don't get other countries there. i am in support of them. hsbc, one of the largest multinational banks in the world got fined $2 billion in the $38 billion of profit it made last year because it knew it was funneling against our sanctions and others desires money from the iranian revolutionary guard. hundreds of millions of dollars. they finally got called with the multilateral sanctions and we fined them a little bit. there should have been criminal sanctions. it's the only way they