of m.f. global powers own attempts per cent stake and lobel and was actively engaged in the last minute negotiations of until m.f. global declared bankruptcy the missing customer funds have pushed junk or zine and to another my word against his argument did he know or did he not know that is the question that could put corps i'm behind bars but now we know a little bit more about the profile of john quinn resign. welcome to the daily door joining me is rachel courteous our to producer thank you so much glad to be here about all right we've got a couple stories we're going to talk about today this one is from the w.s.j. healthy consumers could see insurance rates double or even triple when they look for individual cover under the federal health law later this year and while the premiums paid by sicker people are set to become more affordable and this is according to the w.s.j. again the exchanges the centerpiece of president barack obama's health care law looks likely to offer few if any of th

system wide i think it's very difficult like m.f. global was subject to a whole slew of regulators i mean they were primary dealer regular but they were able by finra seen in me like n.f. a really their sales practice is i believe not the actual exchange activities but our regulatory system just nationwide is not streamlined and it means a lot of improvement while in great britain they have the f.s.a. the potentials that stability association actually that's the wrong turn in the nation but if they say they do both futures and securities but we see a lot more problems in the city of london they have almost unlimited loveridge so is it really more a streamlined regulatory process is that the answer. well i think that that would help give some clarity but to me the real answer is always enforcement i mean you're against lawyer go but i think at some time last year say see if he doesn't have the budget to carry out all the enforcement actions that we've like to say we've got to go ahead and drop some enforcement actions the same time pa

had gone after them and john corazon wanted m.f. global to become kind of a goldman sachs type company and he wanted to become a primary dealer and in order to do that the c. of d c and the actual new york fed said you've got to you've got to stay straight for one year so we hired problem in tory financial group you know these this big shadow regulator that haggard hires all these acts as you see o.c.c. people see people on their payroll and they basically signed off on and that's global's risk controls just maybe six or nine months before the firm blew up i mean what's up with this shadow regulatory process can we even trust that there is any protection for customers because of it well i mean sit. system wide i think it's very difficult like m.f. global was subject to a whole slew of regulators i mean they were primary dealer regular about that they were able by finra seen me like and in favor of their sales practices i believe not the actual exchange activities but our regulatory system just nationwide is not streamlined and it me

of m.f. global powers own a temp of percent stake and and was actively engaged in the last minute negotiations of until m.f. global declared bankruptcy the missing customer funds have pushed junk or zine and to another my word against his argument did he know or did he not know that is the question that could put corps i'm behind bars but now we know a little bit more about the profile of john quinn resigned. welcome to the daily door joining me is rachel courteous our to producer thank you so much glad to be here about all right we've got a couple stories we're going to talk about today this one is from the w.s.j. healthy consumers could see insurance rates double or even triple when they look for individual cover under the federal health law later this year and while the premiums paid by sicker people are set to become more affordable and this is according to the w.s.j. again the exchanges the centerpiece of president barack obama's health care law looks likely to offer few if any of the po

role as an investigator into this whole m.f. global mess when it came out and then you know he was in charge for a few days and they dropped out is he really the person that needs to be in charge of the swaps derivative market the seven hundred trillion dollar market as it exists today well it looks like he's going to go holy see as a whole is is. is pretty much the entire commissioner slade is being turned over here i mean summers has left chilton's term has expired gensler is not going to seek renomination supposedly so i mean you might see a completely different commission six months from now but gansler i think his real skill is it's not so it's really like pretending like he's doing things to protect investors when what he's really doing is help protect the monopolies the big banks have in the swap deal or space. that certainly seemed like it was his intention and that was all he cared about their work because there were complaints from another commissioner that the technology at the c.f.d. sea was not being properly addres

fines that were supposed to be and segregate accounts so when m.f. global went under multiple kalar parties all went after the same leverage securities obviously not everyone concedes the same security at night magic these hypothecated trades disappeared like a game of musical chairs and the saddos of the financial industry this is the breakdown every hypothesis and. joining me now for the dual is the host of breaking the martin thank you for joining me here on that cited first store of recovery according to m.s.n. b.c. the republican party has thrown its weight behind a lawsuit aimed at demolishing a key remaining component of campaign campaign finance regulation and this is the limits on political count contributions a supreme court ruling could result in an unlimited amount of money pouring into politics i think we're on the same page here but we might it arrive at a conclusion by two different paths so what's your take i mean my take is that this is the last bastion of some sort of semblance of reform on this this absurd bill that basically just

m.f. global was involved and complex repo to maturity trades as confidence in m.f. global declined as likely that the counter party started demanding higher collateral and what m.f. global did that was illegal as they dipped into customers. fines that were supposed to be and staggered accounts so when m.f. global went under multiple counter parties all went after the same levered securities obviously not everyone can see the same security at night magic these hypothecated trades disappeared like a game of musical chairs and the saddos of the financial industry this is the breakdown every hypothesis and. joining me now for the dual is the host of breaking the martin thank you for joining me here on land sided first story recovery according to m.s.n. b c the republican party has thrown its weight behind a lawsuit aimed at demolishing a key remaining component of campaign campaign finance regulation and this is the limits on political count contributions a supreme court ruling could result in an unlimited amount of money pouring into politics i think we're on the same

and their religion of african rulers and and m.f.'s on so forth and every so-called group is seen as a success which therefore should feed that process even. one of the fastest growing economies not just in africa but in the world last year was going. on all the effects of that is that you so you wouldn't you would think that if a call is growing it has greater independence space. and resources to invest in the things that it needs to you know address from its economy and transform the conditions of its people i mean that's it was what any logical thinking would be however in our case that is what is happening. all over. after finishing her chores in the morning comfortable cari prepares her grandchildren for school she is a primary school teacher at paga a small agricultural community in northeastern ghana. was was. this is the primary school every tree is a classroom there are two hundred ninety one children studying here while. many of them have to walk at least five kilometers to get here. was. the second largest gold producer in

>> m.f. >> [ audio muted ] mr.rayvon martin replied. >> you do now. >> the defendant claimed that he, trayvon martin, was coming at him at that time? >> he was very close, probably within an arm or two arm's reach. george lost contact visually. >> i apologize. >> okay. go ahead. he -- as george was reaching down to get to his phone to re-establish contact with the dispatch, that's when physical contact happened. >> so the defendant told you that he has his words with trayvon martin. >> correct. >> then -- he said that he went and reached for his phone in his pocket. >> correct. looked down. >> sorry. looked down. >> he looked down to reach to get into his pocket. >> at that point is when trayvon martin hit him. >> struck him in the nose. >> okay. >> so he -- defendant claims he looked down and that's when trayvon martin hit him? >> he looked down, got his phone and said as he looked back up, he lost visual contact for maybing a second. to get his phone out of his pocket and went like this. as he looked up, the punc

decided not to be the debts that's gonna government to the m.f. it was a little of the ninety million dollars and. the general at the point took the position that it was something we couldn't see and we pushed for self-reliance. that was the message that he was giving to ghana and i think he made an impact unfortunately the price of oil hikes soon after that pushed doesnt back into economic decline and we ended up going back to the i'm there for a loan that was after the coup that threw a chump amount and it's an interesting paradigm that seems to be. an almost unholy think too good a time as. an economic downturns and then a falling back on the i.m.f. as almost as a c.v.s. . drop africa in the one nine hundred ninety eight if you want you we had what you call i.m.f. rats which is the price of food going up as well as before and that kind of is the ability yes it has to be the backdrop to a lot of the. fact that many more reasons of course by the critical reason has been that the how to secure a growth model which you know if unifies the my joy se

decided not to pay the debts that's gonna government to the m.f. it was a little over ninety million dollars and. the general at the point took the position that it was something we couldn't see and we pushed for self-reliance. that was the message that he was giving to ghana and i think he made an impact unfortunately the price of oil hikes soon after that pushed doesnt back into economic decline and we ended up going back to the i am there for you know that was after the coup the threw a chump amount and it's an interesting paradigm that seems to be. an almost unholy link to good a time as. an economic downturn and then a falling back on the i.m.f. as almost a c.v.s. . drop africa in the one nine hundred ninety eight you want you we had what you call i.m.f. rats which is the price of food going up as well and so forth and that kind of is the ability yes it has to be the backdrop to a lot of the one that affected many more reasons of course by the critical reason has been that the how to secure a growth model which you know if unifies the my joy s

the rule of the m.f. is really to advise a micro police she's so we we do not we do not construct bridges and develop infrastructure but in time of my quest ability clearly over the last. few years have done quite well in terms of generating an environment of macroeconomic stability which is necessary to have investment and growth and job creation. ghana's current economic success could not have been accomplished without the newly received loans the last loan agreement between the i.m.f. was in two thousand and nine for the sum of six hundred two million dollars that time the country experienced some fiscal slippage is and depletion of its international reserves which was a combination of increased public spending but also. the side effect of the global financial crisis so we used the reduction of reserves at the central bank to increase the deficit there was a need to. provide some financing. to crises and had to authorities. to make balances. ghana's dept exploded to a new record high reaching fourteen

paying some the old fifty to one hundred thousand dollars a month and unfolding just prior to blowing up m.f. global audience and you connecting any related dots on this one by the way the muni market is under the microscope no that detroit is under bankruptcy court protection thanks to the earth zero interest rate policy by chairman bernanke going on five years no pension funds and hedge funds alike have been searching for higher yielding us it won't be in the best would probably need to be this bond such as. those issued by detroit and now the prices are falling as well as liquidity meaning it's harder to find buyers for these increasingly distressed assets so it looks like our favorite casandra meredith whitney was just a couple of years too early. and here's what's new our prime interest. under current basel three proposals within the next five years banks will have to hold equity equal to three percent of assets this means that for every one dollar of capital a bank can basically loan or gamble on derivatives thirty three times that amount earlier i spoke with robin barry a former inves

painted as a tough new sheriff even though he abdicated oversight of the entire futures industry one m.f. global ago and its age of whistleblowers today actually yesterday snowden and then today bank of america thanks to two lawsuits we learned how the too big to fail giant systematically built home over promise and loan modifications who then they proceeded to take out of those homes and you might have heard of the volcker rule that says banks cannot gamble with customer money lloyd blankfein said his goldman sachs doing this but guess what he did it we just learned that the firm found a loophole to keep doing it anyway over a billion dollars worth we'll learn how this is possible and how it might add we talked to part naylor a public citizen finally we have eliot spitzer who resigned in disgrace in two thousand and eight just as applied anshul panic was heating up well he's back and he's looking to oversee new york one hundred forty billion dollars city pension plan he won't be able to bring charges or things cool right so. find out what's in your prime interest.

critical question that would put the military into a crisis and this is a very serious issue because that m.f. occasions are extremely dire if this continues to be the case and more incidents like this i hope egypt does not become another of judea or c.d.o. . while we are extensively covering the events in egypt on our website so go online to r.t. dot com for the latest updates pictures and alice's. now the u.s. national security agency isn't bad with germany and other western states when it comes to cooperating in the worldwide surveillance and that's the latest bombshell and the german media for a whistleblower on the run added snowden it emerged during an interview he gave before fleeing to hong kong. well snowden says as agencies work together with no questions asked concealing their sources to protect top level politicians from public backlash these statements appear to contradict what the german chancellor said about u.s. snooping practices angle merkel earlier slammed the n.s.a. as cold war tactics adding that spawning on france is unacceptable germany's intelligence chief also insiste

painted as a tough new sheriff even though he abdicated oversight of the entire futures industry one m.f. global ago and its age of whistleblowers today actually yesterday snowden and then today bank of america thanks to two lawsuits we learned how the two big build giant systematically built homes promise and loan modifications.

painted as a tough new sheriff even though he abdicated oversight of the entire futures industry one m.f. global ago and its age of whistleblowers today actually yesterday snowden and then today bank of america thanks to two new lawsuits we learned how the two big build giant systematically built homes promising loan modifications who then they proceeded to take out of those homes and you might have heard of the volcker rule that says banks cannot gamble with customer money lloyd blankfein said his goldman sachs doing this but guess what he did it we just learned that the firm found a loophole to keep doing it anyway over a billion dollars worth learned.

critical question that will pull the military into a crisis and this is a very serious issue because that m.f. occasions are extremely dire if this continues to be the case and more incidents like this i hope egypt does not become another syria those are very serious issues well source on the other side to this we have already established that the situation is highly volatile and the tension is running high on both sides there but looking at the motives that the military may might have what's in it for their i mean don't they realize that this might lead to further escalation and eventually to a civil war. first of all the place where the muslim brotherhood was camping is a very. broad connects cairo from east to west this is a key place where most traffic goes through so it's becoming very in knowing for the military to. muslim brotherhood there so they were trying to disburse them early by dong well there is zero coverage by any news agency that is is what has been putting us all under alarm and concern because there is no other party portraying or manifesting or conveying the muslim brothe

onwards hangs in the open to one hundred thousand dollars a month and unfolding just prior to blowing up m.f. global continue connecting any related dots on this one by the way the muni market is under the microscope no that detroit is under bankruptcy court protection thanks to the earth zero interest rate policy by chairman bernanke going on five years no pension funds and hedge funds alike have been searching for higher yielding us it won't be the best to believe you to do this on such as those issued by detroit and know that prices are falling as well as liquidity meaning it's harder to find buyers for these increasingly distressed assets so it. it's like our favorite cassandra meredith whitney was just a couple of years too early. and here's what's new our prime interest. under current basel three proposals within the next five years banks will have to hold equity equal to three percent of assets this means that for every one dollar of capital a bank can basically loan or gamble on derivatives thirty three times that amount earlier i spoke with robin berry a former investment banker wit

painted as a tough new sheriff even though he abdicated oversight of the entire futures industry one m.f. global ago and its age of whistleblowers today actually yesterday snowden and then today bank of america thanks to two lawsuits we learned how the too big to fail giant systematically built home over promise and loan modifications who then they proceeded to kick out of those homes and you might have heard of the volcker rule that says banks cannot gamble with customer money lloyd blankfein said his goldman sachs doing this but guess what he did it we just learned that the firm found a loophole to keep doing it anyway over a billion dollars worth we'll learn how this is possible and how it might add we talked to the partner of public citizen finally we have eliot spitzer who resigned in disgrace in two thousand and eight just as a plight anshul panic was heating up well he's back and he's looking to oversee new york's one hundred forty billion dollars city pension plan you won't be able to bring charges of things cool dry so. find out what's in your prime interest. you might. elementa

painted as a tough new sheriff even though he abdicated oversight of the entire futures industry one m.f. global ago and its age of whistleblowers today actually yesterday snowden and then today bank of america thanks to two lawsuits we learned how the two big bill giant systematically built homeowners promise and loan modifications who then they proceeded to take out of those homes and you might have heard of the volcker rule that says banks cannot gamble with customer money lloyd blankfein said his goldman sachs doing this but guess what he did it we just learned that the firm found a loophole to keep doing it anyway over a billion dollars worth we'll learn how this is possible and how it might add we talked to part naylor a public citizen finally we have eliot spitzer who resigned in disgrace in two thousand and eight just as applied anshul panic was heating up well he's back and he's looking to oversee new york one hundred forty billion dollars city pension plan he won't be able to bring charges or things cool right so. find out what's in your prime interest. you by it. elementary sc

these gifting of an baster ships have for the us could they ever do something you know someone with m.f. experience could they really ruin the be alliance between two countries or where they could insult people down the parties but that's about it. you know i think the damn basters are on a very tight leash they haven't any real independence now case and you'll get a very good one that the reagan administration had a very good ambassador in switzerland for eight we'll see and she but she was a favorite of reagan so she had enough a connection and clout and she kept the relationships with switzerland very high level and despite the justice department's attempts to browbeat swiss this swiss government the swiss bankers and forced them to break their bank secrecy and call for money and all that's ok so you get a person who can be very effective in the role but that's not the purpose of the ambassadorship well paul thank you very much it's an interesting topic and i think glamorous like that always catches the falls attention so thank you very much for being with us here with us today yes t

morgan john corazon was m.f. global but it did humanizes the entire system to a certain extent i think you write a little bit about that. yes absolutely i mean essentially one of the lines that i like to take on and the biggest to say this is not about personal morality it's about incentives but of a structural level you could take all the parts from the two thousand and seven two thousand and eight drama replace them with other people and run the experiment again they would have behaved in the same ways because a lot of the way the banks were incentivized until we talk a lot of the core level you're not really talking to problems and how do we tackle this at a core a level what's your prescription for the future well that to some extent market forces are already taking care of it if you think about it the way the banks made money for the past thirty years was to find out their trading book take on huge amounts of leverage and run a free option in the public in the form of being too big to fail you get to play th

critical question that will pull the military into a crisis and this is a very serious issue because that m.f. occasions are extremely dire if this continues to be the case and more incidents like this i hope egypt does not become another area or syria. some of the political deadlock continues in egypt the country's economy is in a state of freefall two since when with morsi took office a year ago unemployment has sought well tourist revenue and for investment is strong drastically his critics say that's because he was more preoccupied with political power than actually dealing with the country's problems are his paula slip except that some of the story. those who can have long since lift trading cairo for quite a shores it's a lift this real estate broker panicked her job is finding homes for those with cash to pay up front but now she's thinking of closing up shop because business has never been this bad this sort of when you want to launch a new project in real estate everything is put on the whole it stops foreign buyers don't want to come and invest in egypt lack of security lack of parl

critical question that will pull the military into a crisis and this is a very serious issue because that m.f. occasions. extremely dire if this continues to be the case and more into this like this i hope egypt does not become another of judea or c.d.'s. aren't his bill true is a makeshift hospital in the us or a city just outside cairo talking to eyewitnesses and doctors and we'll bring you her report a little later well you can also check out the latest updates and pictures from egypt on our website r.t. dot com. now they go wrong on and to see moscow has confirmed that it's received an asylum request from whistleblower on the run at the world snowden and now been forwarded to the country's president meanwhile a new bombshell from the x.e. i employ he has appeared in the german media the us national security agency has allegedly been working closely with berlin and gathering secret surveillance data snowden says agencies share information was no questions asked concealing their sources to protect top level politicians from any public backlash these statements appear to contradict what the

dealers are monetizing the debt they're not saying but there's twenty one primary dealers right and m.f. global was one of them so we also can get into a discussion what happened to john cores and he just rolled off the page and with that one point he went into the sunset slowly into the sunset with a one point six billion in customer funds and that just got rolled off and nobody did anything about it so now banks make money how by creating debt right is it ok so the banks have an incentive to create a huge amount of debt the amount of debt in the u.k. is now hitting record amounts because debts are being created by banks that's their business model to create debts the u.s. the u.k. government to hold back the debt creation of the banks which is their mandate like a cancer they can't stop themselves that's they wake up thinking about this what they do all day long is create more debt they need to be curtailed because that debt service is eventually going to overtake all the income in the in the u.k. and the only way to stop it is to regulate or raise interest rates or to somehow clamp d

warrant i believe all this warrantless spying on us i think it's unconstitutional let's talk about m.f. global which is another apparent crime and john corazon is finally being accused by the see have to see in this these are just civil charges but it's been two years the futures a new industry was shoveled into disarray because of what this guy did he took customer money he used to bet on sovereign and why is it taken this long for him to face any charges whatsoever by the c. of d.c. the problem of all of these things is that these allegations just like bear stearns just like lehman brothers they're making bad bets and stealing customer accounts apparently to do them i don't know if the allegations are true they appear to be but it takes a lot of time to unwind the transaction find out who the guilty party is the real concern that i have is not punishing courts and he should be punished and obviously everyone who did it should go to jail my concern is this is going to happen again and again and again it's going to happen every five years just as it happened every five years in the. un

warrant i believe all this warrantless spying on us i think it's unconstitutional let's talk about m.f. global which is another apparent crime and john corazon is finally being accused by the see have to see in this these are just civil charges but it's been two years the futures and industry was shoveled into disarray because of what this guy did he took customer money he used to bet on sovereign and why has it taken this long for him to face any charges whatsoever by the sea of d.c. the problem of all of these things is that these allegations just like bear stearns just like lehman brothers they're making bad bets and stealing customer accounts apparently to do them i don't know if the allegations are true they appear to be but it takes a lot of time to unwind the transaction find out who the guilty party is the real concern that i have is not punishing cords and he should be punished and obviously everyone who did it should go to jail my concern is this is going to happen again and again and again it's going to happen every five years just as it happened every five years in the past