that the f.c.c. take steps to make sure that there is true real honest-to-god competition in the country. there are some that talk a good game about competition but once they see it coming toward them from 1,000 miles away, it is like "fire fire, house on fire." and what spurs the public interest? there are so many technical issues that are part of my work at the subcommittee. but you have to have a rudder in all of this about what counts, what is going to guide you. for me it is the public interest. certainly competition, and the opportunity for people to really compete locally. re-doing nationally. i think that is at the heart of what we're supposed to do. i think that is part of the mission of the f.c.c. i don't think of that in terms of doing any kind of reforms relative to the f.c.c. that i don't think should be tinkered with. then you would be teering the heart out of the real heart the core of what the f.c.c. is there to do. >> you are watching c-span's "the communicators" program. our guest t

and member of the occupy the f.c.c. and caitlin klein she's a former derivatives trader also a member of occupy the f.c.c. ladies thank you so much for being here i'm so excited to talk to you about this you guys have done such good work on this issue and i really look forward to breaking it down thanks for having us absolutely so let's get into this because before we get into dissecting the letter that you guys came up with you are a group of financial professionals former financial professionals lawyers who came together and came up with a three hundred twenty five page letter their response directly to the as the see along with efforts by the nation's largest banks to water down this legislation. first before we break it down just give our audience a synopsis of what you're trying to achieve here. so what we're trying to do is to shine a light on this part of the process where the media usually takes a step back here in the past usually see a big spotlight on the actual drafting of the law and people will pay attenti

member of occupy the f.c.c. obviously as is caitlin klein who's also a former derivatives trader so ladies you know we heard some of your key arguments about what's wrong with this legislation as it stands let's hear what the banks are saying because they're saying that despite all of these problems and loopholes that this will reduce liquidity which basically means it would increase the natural volatility they're saying big picture this would hurt the entire financial system it would hurt the economy my question to you was why would it reduce liquidity couldn't new companies come in and provide the services that the banks now have a monopoly over. well i think that's a big part of our argument and that's one of the things that we cite in our letter is that there was actually an anti-competitive lawsuit that was filed by a company called interview that was way back in like the late ninety's and they actually tried to make the bond market electronic and they were essentially scepter out of that market and they tr

or her employer before going to any regulatory agency that would require the agency most likely the f.c.c. to notify the entity or the employer before taking any enforcement action it would legalize retaliation by the company against the whistle blowing employee and it removes incentives for whistleblowers previously guaranteed by dodd frank since whistleblowers often lose their jobs after reporting the wrongdoing inside their companies. and it's funny with a lot of things here in washington the title of this bill is a little deceptive it's called the whistle blower improvement act so there's this and speaking of whistle blowers the accused wiki leaks whistleblower bradley manning begins his trial next week also as it turns out president obama has used the espionage act to charge six people for alleged mishandling of classified information before obama there were only three cases ever charts on the espionage act so i want to talk about the changing face of whistle blowing in this country and i've got someone who knows a whole lot about it peter van buren peter is the author of we meant we

and those reports are no longer on file at the f.c.c. or the c f t c so we as a public or the investors or the customers can look and see what did peter b. c. say or do about any kind of weakness in controls at any point in time in the immediate future or media past now one name that keeps popping up all the time is j.p. morgan what was their role in all of this well interestingly enough peter b. c also audits j.p. morgan and you have pete obviously also auditing the law firms that the trustee good is work for. so you have a lot of vested interest in everybody keith. the noise down and in fact j.p. morgan was the primary banker to m.f. global and j.p. morgan was also the trustee on the bond issue m.f. global had back in august my strong opinion is that no one is willing to say that the money was actually taken or stolen because that means that all of these folks have to acting particular the trustee and they're going to be suing firms like j.p. morgan and peter have you seen like they've done in similar circumstances such as refco or any

own personal money out while telling others to stay vested so apparently now at the last minute the f.c.c. has settled a civil suit against ralph cioffi and matthew tanny of the now defunct bear stearns as you see they knowingly fraudulent lee sold fraudulent mortgages to the likes of cal pers the biggest pension fund in the world and now what their punishment is. chump change according to the federal judge in brooklyn overseeing the case chalfie who made twenty two million dollars in two thousand and five and two thousand and six at bear stearns who paid just eight hundred thousand dollars and agreed to a three year ban from the securities industry ten mean who was paid four point four million in his last two years that bear stearns will pay two hundred fifty thousand dollars and agree to a two year ban we need these guys they shovel the ape poop. they're the shovellers that's their job so embarrassed turns or some other bank emits a few trillion dollars' worth of toxic sludge from the orifice or the anus of their investment bank i mean that's all jamie diamond is just one big orifice th

the f.c.c. would have to notify that corporation or government entity before taking any action i mean the fat what do you think it says andy that there are people elected officials who seem to be not serving the interests of the people. well it's the same thing that we have been seeing with the occupy movement and since barack obama has also become the president the united states. and this is actually decades and generations the corporations the one percent using the government to protect its interests and protect its money and the government our government and. the businesses are so intricately linked is hard to tell them apart at this point and i don't think the federal government does keep the interests of the people that hurt look at in the military if a woman is sexually assaulted or abused or even raped she's supposed to go through the chain of command which will actually harm her and stead of helping her and so it's just a tragic situation where the one percent in our country the legislat

seen in decades wow and here's another argument one of the groups that did comment is the occupy the f.c.c. financial activist group here is a. woman talking about a counter to the argument that this is going to hurt the economy i played it for you earlier in an e-mail i want to play it for our viewers and then i want to get your take on it. the banking industry isn't all agog believe you have these like five bolts racket firms that control everything and this idea that if we all of a sudden regulate these big banks that enjoy the discount window and the sort of implicit government backing that everything will fall apart what about free market capitalism right there are so many people that are so hungry to jump into these highly profitable areas that the banks currently have a stranglehold on it and believe me they will there was you know i thought that was a really really good point i'm just wondering for you you're an investment adviser you advocate fairness do you see this as an opportunity to make it a freer market and for more people to actually benefit from getting into these busines

chair why is she bugging maxwell she's responding to critics f.c.c. defends no wrongdoing settlement the chairwoman of the securities and exchange commission mary shapiro defended the agency's record of settling fraud cases with wall street companies saying quote people won't settle with us if they have to admit wrongdoing because it opens them to liability in civil damages lawsuits but because the settlements often carry terms that require a wall street firm to overhaul their compliance departments she said there is a deterrent effect. mary while you have both been. there is not a turn effect for one thing obviously because they don't stop committing the crimes number two they don't overall their compliance department they bribe the compliance department as i've explained on the show many times when i was working at paine webber oppenheimer shearson alex brown the first thing it is is you brought the compliance officer that's how they make their money they're in every office that's the key got a bribe number three she says although be exposed to some

her employer before going to a regulatory agency it would also require the agency most likely the f.c.c. to notify that employer or entity before taking any enforcement action it would also legalize retaliation by the company against the whistle blowing employee and finally it would remove incentives for the whistleblowers previously guaranteed by dodd frank since you know often whistleblowers will lose their jobs after reporting of the wrongdoing inside companies. and it's kind of funny with a lot of things here in washington the title of this bill is a little deceptive it's called the whistle blower improvement act so there's this and speaking of whistle blowers the accused wiki leaks whistleblower bradley manning begins his trial next week as it turns out president obama also has used the espionage act to charge six people for alleged mishandling of classified information six people may not sound like a lot but before obama there were only three cases ever like this so not more about all of this i'm joined now by kathleen mcclellan attorney for the government accountability project k

there is critical risk disclosure that again discusses how the trade structure was set up the f.c.c. withheld this document prior to a r. and offering taking place now there are said to be a number of different meetings that mr corps and i had with the regulators and then this document was withheld document was later timestamped i the regulator as being received after the bond offering that's not the case it was received may thirty first before the bond offering so they put this document on the a good database and then wait about three four months december fourteenth they take it down and they put it back up with a new timestamp identifying the correct time and date that document was submitted so are you are you saying basically that it shows that the regulators are working in my opinion on behalf of mr gore's on now that needs to be investigated i can only go so far you know i mean i don't have subpoena power i don't have access to the witnesses you know and that's another crazy thing about this entire m.f. global situation it's been left up to individual people for the most part yo

in the f.c.c. bill of rights consumers will have a right to know what information is collected about them online. the concern is hundreds of businesses tracking movements over the injuries -- years. >> if you had a guarantee that prempses would be honored. >> respecting consumers privacy encourages trust in internet commerce. there are no federal internet privacy laws on the book. >> please don't go away. we have much more news coming up. first a look at events going on around town this weekend. >> unruley crowds and chaos erupting up and down the east coast over a new kind of sneakers. nike. this is the scene outside the mall in hyattsville. the crowd began growing thursday for the shoes to go on sale friday. when the number of people topped 1,000, the shoe store canceled the release out of safety concerns. jay gray has more on the air jordan craze. >> they are the latest design hoping to help you run fast and jump high. >> we've been waiting here for days. >> those sneakers are the new $220 glow-

but we are here for the american people and so the f.c.c. those are some of the things i'd like to see protected. reform and full disclosure and how they should use their money. of course we should review that. it is congress' role to review that. i don't have any problem with that. >> and we are out of time. anna eshoo has joined us for this edition of "the communicators" as has our guest reporter tony romm from "politico." thank you both. >> thank you. >> thank you. . they are able to record and edit things from the road. that is what we are doing. i want to get outside of washington d.c. to collect program for all of our networks. we will descend on it -- it city with all of our vehicles. one will do bookstores and one will do community relations events. they are important with us because we work with our cable partners. the last thing that is important to note that all of this goes on the air and is archived on our website. we are also doing extensive social media. you see our cable partners on facebook. you will see foursquare to tell p

the f.c.c. is involved. reportedly, she signed a contract with the nfl agreeing to compensate them for any fines caused by her performance. no word on how much m.i.a. will have to pay. blank >>> a lot of news involving palo alto font. according to report from public safety, junior lineback ee eer brooks. the incident occurred on his residence around campus. dave will be responsible to hear any to get internal ramifications which will be dermed by the prachl. now, what a scope. coaches on the farm seen to be a very inadmit object. >> line akers coach lags season. >> there's an 83-year-old coach. as you saw it right here, 245i sent a 111 million people watching. that makes it the most watched television program in u.s. history beating out last year's super bowl. the teeth and finale of rams. >>> to the nba. making contact with an official in not their larsz game on surd. >> all alone and number five on the all-time scoring list. the sixers stole the spotlight. game tied at 98. the sixers go onto win. >> antny

know facebook's tried to address this by having you know twenty or twenty years of audit's with the f.c.c. for privacy they've also change their privacy laws but at the end of the day people don't trust the internet when they go on there and when they're going around on facebook it's tracking what books you like what videos you watch who you are who your friends are and it's going to be a little bit too much i think people are starting to have a little bit of a backlash against it when you think about that jamie it's the flavor of the month right now but as we go down i mean people are going to invest in this company because they want to make money not just because they like facebook maybe there's an overlap of the two but people got to go in there and they've got to want to be very aggressive because i want this company to perform in the valuations are very high they want the valuations to meet expectations do you think that you know this is facebook's going to have a real challenge in dealing with the privacy issue and with sales because there's high expectations here like we haven't se

basement down the street there were literally thousands of them but once broadband came around and bush's f.c.c. regulators jumped in and handed the telecom giants like sprint verizon monopoly power over their wires and infrastructure so they could be exclusive providers on that infrastructure with no competition of consequence as paul krugman pointed out in new york times article titled the french connections if the companies controlling these passageways can behave like the robber barons of your levene whatever tolls they like on those who passed by commerce suffers and so also do our internet connections. it's time for our government regulators to stop giving monopolies to these giant corporations something by the way that's pretty much only done here in third world countries like mexico and force open the marketplace to competition like most european countries to our broadband infrastructure even though privately built is a part of our commons including the wires passing under and above our common streets in the satellite towers broadcasting over our common airwaves big telco and cable comp

means it's time for viewer feedback and earlier this week we did a segment with members of occupy the f.c.c. that we thought was really important ok they broke down the entire volcker rule with all of the loopholes in it that banks can get around to get around the spirit of the rule and we had a really positive response one of our favorite blogs an excellent blog naked capitalism posted our interview and eve smith posted it she said it's always a pleasant surprise to see a t.v. program have a long form discussion on a fairly technical topic readers should enjoy the arty interview of the women that we interview there on the volcker rule and i just this longer form way that we want to evaluate things and go into topics is something that we're banking on is something that's really missing so it's really nice to see a positive feedback there and for nomi prins who is obviously a guest of this show someone that we really look to for her authorities said occupy the s.c.c.s. caitlin cline in alexis goldstein are my new heroes told us they were great guests that night and there are heroes too we ca

markets but i think that's going to continue to be debated now between the money market managers and the f.c.c. to see what really comes out of that discussion right of course that's where we really see these things fall apart but you made a really interesting point which is that these money market funds are designed to be safe yet we've seen them take risks why do you think we've seen them take these risks on europe do you think this is an unintended consequence of the fed keeping interest rates so low as zero percent in the u.s. . you have to keep in money of zero percent means that anyone who's in a money market fund that's investing in safe securities the treasury and so forth is getting very little return on it so the money market managers are saying well if we can't return money to our customers we need to go somewhere where it's more risky the interest rate is higher in order to provide them a return so that they will give us their money so it's kind of this catch twenty two rates are low so they look for higher risk that's exactly by the way why the subprime catastrophe started happeni

they look in your face so what they're accusing them of the financial services authority but also the f.c.c. and the japanese regulators are looking at is that this happened in particular during the financial crisis between two thousand and seven and two thousand and nine and they actually so remember this is a panel of experts not the market setting the mechanism so they set the rate lower they manipulated they conferred with each other and they made it lower the libel rate lower than it would normally be in the market conditions that were there so only they had exclusive information about just how bad the situation was for example that what the libel rate was signaling to the rest of the market plus cheap rates may cheap speculation and when the government bails out your bad bets of course you want the cheapest rates for speculation possible also let's keep in mind we talk about london as being the nexus of global financial terrorism thanks osborne and cameron where are the bankers that icelandic government is looking for to prosecute. their own acts of terrorism who's harboring them brin