. >> dennis kelleher, president and ceo of better markets. it's a non-profit organization based here in -- promoting public interest in the u.s. and global financial markets. if you'd like to join the conversation, hooere's how to ge us a call. 202-737-002, republicans. and independent callers, 202-628-0205. if you had an ideal world, what would you do? talking about banks that are too big to fail and inherent teenagteenage dangers and how they're set up. how would you recreate the system? >> reintroduce capitalism to wall street. wall street is the only place in the united states where if you fail you completely mess up your business. you do things stupid wrong. or you have bad luck. you actually don't fail. what happens is you fall into the comforting arms of the u.s. taxpayer. in addition to that the too big to fail banks on wall street also get all sorts of subsidies from government. that allows them to compete unfairly against the rest of the banks in this country. and the capital, that violates all the basic rules of capitalism. everywh

dennis kelleher is the president of better markets, a not for profit organization pushing for tougher financial regulation and transparency of wall street. and bert ely heads his own consulting firm specializing in banking, monetary policy and financial regulation. dennis kelleher, in the end, after all the grilling back and forth today on capitol hill about dwe learn anything we didn't know about what happened at j.p. morgan chase? >> unfortunately, we didn't learn enough. one of the things we have learned over time is jamie dimon often talks quite a bit but says very little. and he wasn't pressed very hard on what the trades really were about or what the risks were or how the volcker rule was implicated and why it's so important to protect our financial system in light of what happened just a few years ago. >> ifill: bert ely, one thing we did not know today was how much was ultimately lost. we heard figures ranging from $2 billion to $5 billion. does it matter what the number is? >> well, first of all, jamie indicated that they haven't been able to quantify the loss yet. they have

we have dennis kelleher, here to promote the public interest in the financial markets here and abroads this a complete as far as? this was not a cross-examination the way you as an expert lawyer would have conducted it? >> well, no, it wasn't a cross-examination. and somewhere close to a farce than an examination. but part of the problem is that a senate hearing is actually designed to show more heat than light. you get five minutes and they go back and forth between democrats and republicans. at the same time it was pretty amazing the lack of substance in any real question of, you know, the head of the biggest bank in the united states and one of the biggest banks in the world who has admitted that he actually had no idea what was going on in his own bank, and including a part that he supposedly knows all about, which is investing $357 billion, and he doesn't have a clue. that seems to me to warrant some pretty probing questions, and he didn't get any. >> eliot: that's exactly right. sometimes it's the little details that are most revealing. it's been reported that he spoke directly

. >> let's get a few more questions and comments in for dennis kelleher. keith is in florida. >> caller: hello. >> go ahead. >> caller: hello? >> keith, you're on the air. >> caller: hello? >> guess keith can't hear us. we'll move on to atlanta, georgia. sam, can you hear us? sam, good morning. okay. we'll try another person are you with us? >> we're thrilled. >> caller: from the offset mr. kelleher said he was not a lobbyist. he said he was working for the public interest and that's why he wasn't a lobbyist. the question is, where are you receiving your funding? we don't lobby. the lobbying is a particularly defined term in the law. our funding comes from a hedge fund manager in atlanta who got involved in the legislative process in '08 in connection with the oil price run-up. i don't know if you remember early '08. but the oil prices went up to the highest at $148 a barrel. and gas prices were going up way over $4 a gallon. and at that point he got involved because he saw, again from atlanta and not wall street, what wall street was doing in the commodit

host: dennis kelleher, president and ceo of better markets.re talking about timothy geithner a moment ago. we will be hearing from him today on c-span3. in advance of the g20 summit next week. find out more about that on our website. roy tweets in -- guest: that is a very good question. it is mindboggling that not really a single prosecution of anybody in a serious position on wall street in the financial industry has come out of this crisis. you have about $8 trillion or so of housing loans gone. the losses that were caused clearly suggest broad based criminal activity. yet time and time again this administration and others say we are going to investigate it but we cannot find it. they have never put the resources in place to do it. all they would have to do is turn on the tv and watch "60 minutes." they have done terrific stories from whistle-blowers, insiders places.tibank and other placer if there is not accountability on wall street for the conduct, and i believe criminal conduct related to the financial crisis, why would they not do it a

. >> coming up this alhurra on "washington journal," we talk to dennis kelleher. then, grover norquist discusses the federal debt, the bush share a tax cut set to expire in january, and whether congressional candidates should sign tax pledge shares --

our guest is dennis kelleher of the nonprofit group better markets.e are also joined by grover norquist, president of americans for tax reform, to talk about the bush era tax cuts scheduled to expire on january 1. the treasury under secretary for domestic finance will answer questions about her department's role in implementing the dodd- frank financial regulation bill. washington journal is live every day on c-span at 7:00 a.m. eastern. >> it has been 40 years since the watergate scandal began and this weekend, c-span radio will air recorded conversations between president richard nixon and members of his staff concerning the break-in. >> we have a cancer close to the presidency that is growing. it is growing daily and compounding. i will explain some of the details of why it is basically because a black male. blackmail. of black mal >> hear more this weekend. we are straining at c-span radio.org. next, attorney general eric holder testifies about his handling of the fast and furious investigation. and his decision to appoint u.s. attorneys to invest