private firm and it's staffed with people who were formerly really really big in the government gene ludwig is one of the major founders and he used to be contrary to the currency alan blinder of used to work for the fed mark jacobson who came out earlier in the show as a contributor to me what i mean isn't the whole point of having you know the private sector step in to take over what the government doesn't have the capacity to do so who better to do or than someone who's been in the government well i guess you can make a lot of. another ok another in the tory financial they also advised m.f. global and i'd be remiss if i didn't point out that they advise them of global on their risk controls and they said they put their stamp of approval on them a year later john corazon blows up the entire for good job from a tory. because we didn't get to a scar the final question here do you have perfect pitch. i think. i have not been a very big. maybe. i hope. things that i mean that's the door to. we took a trip a third time today on prime interest the big banks try to remind us of the harmonious da

probably very yes predatory financial group headed by gene ludwig you know the former the former officer of the contra was a common currency and he's a guy that's hired dozens and dozens of former high level regulators at his firm prominent tory and it's called the biggest shadow bank the biggest shadow regulatory firm in existence so back to the back to the m.f. global story i'm going to close this tight little bow here after promissory came in the day reviewed m.f. global's risk controls and what happened after a year everything looked good march two thousand and ten they signed off john corazon enters a firm and he starts putting on these trades now some people will say oh ok core design you know he's the new guy at the firm prom and tory. was advising them on their prior risk controls but really they were controlling and they were managing their risk and customer deposits on an excel spreadsheet and that's how they eventually lost control of customer firms in the five. i know you have a lot of gray inside. there your experience in the finance service says i want to talk more about th