whatever whatever it's called now they're here in new york i mean new york attorney general eric schneiderman is heading up this group this is a guy known for at least trying to get tough on some of these financial crimes in the system why do you think this isn't a bigger priority why do you think we haven't seen more people getting in trouble or at least being taken to court well he's not the chair they're actually five co-chairs of this mortgage task force and when when the announcement happened i think lanny breuer who is idea j. and one of the co-chairs didn't actually bother to show up to the announcement so it was not there was never really a serious endeavor. but the you know the the reason that there no one has been held accountable for the mortgage crisis is because that's the policy of the bush administration and the obama administration they believe in protecting the capital structure of the large banks and the pay packages of wall street executives over the you know the property and political and legal rights of americans. and just to add a little bit to that to give a little pers

. >> this is a miss for attorney general eric schneiderman, two months before an election, decide today launch an investigation of bain capital. how is that? >> it's discretion. >> the highest in the new york state is going to smear the presidential rival in the middle of an election. >> paul: and-- >> the timing is curious. >> paul: yes. >> the end of the two conventions a hit by drawing attention to the 92-year-old kentucky farmer and world war ii gentleman, gunned down a burglar in the home this past week and has no regrets and a national hero for bravery and protecting himself. as clint eastwood might say, you've got to be asking yourself would a rugged individual like him be invite today the republican national convention or the democratic national convention. >> and the question is, why did this investigation leak at this time. you're not supposed leak that you're investigating someone before they're

romney's been problems in york times is now reporting this since july new york attorney general eric schneiderman has been investigating mitt romney's bain capital for tax evasion and is now one of a number of private equity firms under scrutiny from the new york attorney general's office which is alleging that bain and other companies illegally filed income as capital gains when it actually wasn't a savoyard in a larger tax bill as a new york times reports bain's may have saved as much as two hundred million dollars in federal income taxes more than twenty million dollars in medicare taxes support and know that romney is still collecting fat paychecks from being capital in the us if the allegations are true romney is still profiting off screwing over our government and you and me the american taxpayer then again with all the cash he has stashed offshore accounts in the cayman islands and switzerland he may have his own tax evasion issues to worry about keep an eye on this story. now for more reaction from the ground at the d.n.c. i'm joined by congresswoman donna edwards representing maryland's

president once again mentioned this crime fighting group headed up by new york attorney general eric schneiderman and what that group would be doing this settlement also protects our ability to further investigate the practices that caused this mess and this is important the mortgage fraud task force i announced in my state of the union address retains its full authority to aggressively investigate the packaging and selling of risky mortgages that led to this crisis well talk about how aggressive this investigation has actually been with william black associate economics professor at the university of missouri of kansas city school of law hey there. give me a little bit of background as i know that you have kind of worked in this field before how do these investigations work is it normal for it to take as long as it's taking several months to even you know get an office or launch a website not to mention actually investigate these crimes. no i mean what was the norm before was during the savings and loan crisis which is one seven the a as large in terms of both losses and fraud as this crisis and

president once again mentioned this crime fighting group it's headed up by new york attorney general eric schneiderman and the president talked about what it would be doing this settlement also protects our ability to further investigate the practices that caused this mess and this is important the mortgage fraud task force i announced in my state of the union address retains its full authority to aggressively investigate the packaging and selling of risky mortgages that led to this crisis so just how much is this actually being aggressively investigated well earlier i was joined by william block associate economics professor for the university of missouri kansas city school of law and i first asked him if it's normal for this investigation to be taking this long. no i mean what was the norm before was during the savings and loan crisis which is one seven the as large in terms of both losses and fraud as this crisis and that crisis we've got over a thousand felony convictions just in cases designated as major by the federal government and that understates the degree of prior to say should because we c

i prefer to watch them. >>> cutting hubs of millions of dollars from their tax bills, eric schneiderman whether companies converted certain management fields for fund investment. bain is among the firms. schneiderman is a democrat, has ties to the obama administration, and there are questions whether he's seeking to embarrass the industry. reuters reports the irs looked into this and took no formal action after launching a probe five years ago of the same tax strategies. >>> the democratic national convention is just opening in charlotte, north carolina, delegates are going to be voting on the party's platform today, then tonight first lady michelle caruso cabrera is going to be speaking and cnbc's john harwood joins us with more. john? >> reporter: andrew, president obama got slapped around for several days at the republican convention in tampa last week and he got slapped around yesterday, paul ryan was out on the campaign trail said president obama can't tell you you're better off an four years ago. jimmy carter's days look like the good old days compared to president obama. time for

. >> this is a miss for attorney general eric schneiderman, two months before an election, decide todaynch an investigation of bain capital. how is that? >> it's discretion. >> the highest in the new york state is going to smear the presidential rival in the middle of an election. >> paul: and-- >> the timing is curious. >> paul: yes. >> the end of the two conventions a hit by drawing attention to the 92-year-old kentucky farmer and world war ii gentleman, gunned down a burglar in the home this past week and has no regrets and a national hero for bravery and protecting himself. as clint eastwood might say, you've got to be asking yourself would a rugged individual like him be invite today the republican national convention or the democratic national convention. >> and the question is, why did this investigation leak at this time. you're not supposed leak that you're investigating someone before they're charged. if you have anything, e-mail us at jer@foxnews.com. and thanks to my panel and for all of you for w i'm paul gigot. hope to see you you here next week. >> jon: on fox news watch.

eric schneiderman investigating whether private equity firms have used loopholes to avoid paying taxesng on who you ask, the practice of reinvesting profit from managing money isn't illegal. the irs launched an investigation in '07 and it came up empty, but that didn't stop eric snichneiderman's office fr issues subpoenas from early july. the idea was to figure out whether firms cheated the state out of tax dollars by diverting profits from managing money into their fund, which are taxed at a lower rate. private equity primarily uses funds to buy businesses, turn them around and sale them. once they sell them, their tax on any profit gain is is only 15%. compared to a 35% tax on other income. and by funneling money into their funds, they can lock in that lower tax rate. according to private equity growth counsel, more than 600 pe firms are headquartered in new york and many of the largest firms have used what my sources say is a pretty common strategy, so schneiderman is able to build a case. he could reap tens of millions of dollars in misdirected tax money from the partners just a fe

[applause] our outstanding congressional delegation, and attorney-general eric schneiderman.standing up for working families from the shores of lake erie to long island sound. from the peaks of our north country to the rivers of our southern tier. we are innovators and achievers. we're building a brighter future in cities such as buffalo and rochester. syracuse and binghamton, utica and albany, through the historic hudson valley to new york city. [cheers and applause] or the adirondack forest -- where the adirondack forest stands majestically, niagara falls -- >> new york, you have 384 votes. how do you cast them? >> it rises gloriously with immense pride, we cast all of our throats for the present and future leader of the great nation, president barack obama. >> thank you, new york. 384 votes for barack obama. north carolina. our wonderful host. north carolina, you have 157 votes. how do cast them? >> madame secretary, the great and sovereign state of north carolina, the cradle of liberty, is delighted to host the democratic convention in charlotte, north carolina. >> madam