there were no cases no investigations the f.c.c. it basically. had me but wasn't even tracking what was going on so in two thousand and five when they terminated the investigation. that decision basically i think invited hedge funds to continue insider trading or even on a broader scale because they could see that the f.c.c. was not enforcing it as a consequence of the senate investigation in two thousand and six and two thousand and seven a crackdown started on insider trading especially by hedge funds and i think it made sense in two thousand and seven two thousand and eight the cases began to be filed in two thousand and nine and two thousand and ten. and eleven but we've reached a point now where the crackdown has gone beyond the needs of law enforcement at least in my judgment and has sort of got a life of its own why are we watching the you know why don't we sooner or later write down on some of the major players hedge funds we're not even a proximate cause of the panic of two thousand and eight how come we're not seeing more attention on p

morgan is in our headlines this time for client hires in china they're being investigated by the f.c.c. in a civil lawsuit looking to see whether or not they were bribed basically via jobs offering jobs to the children of important chinese officials in exchange for business s.c.c.s. j.p. morgan probe threatens cozy tradition of client hires the u.s. government's bribery investigation into j.p. morgan's a point of at least two chinese bankers has prompted banks and other corporations across the globe to take a close look at their hiring practices one such practice max is called client hires and this is hiring clients children's nephews cousins for entry level positions or summer internships and you know it's common across the world they say but in particular with banks foreign corruption bribing bribery laws you know the chinese buy huge amounts of years government debt as part of the need for america to keep the banks afloat they rely on chinese creditors so the chinese government the people's bank of china just says that j.p. morgan who is an agent of the u.s. government with their mu

and wall street but hiring people in order to win business from relatives can be bribery and the f.c.c. is investigating j.p. morgan's actions under the f c p a that's the foreign corrupt practices act all right i mean jamie diamond he's got a daughter she works at huffington post or some other rag in america you know he's trying to get her married off to some chinese potentate you know it's over. play medieval power struggles you know used to look great on the throne of some people's bank of china civil servant so he's out there trying to tempt as daughter in this way which is of course part of that part and parcel of this new neo feudal model well whenever you look at the news whenever you look behind the headlines whenever you look behind what the sheer glossy sort of headline news is in america you find not a meritocracy you find oligarchies you find aristocracy you see it in china you see it in the u.s. of course we only condemn that we see in china we do not see it in the united states we as a united states citizens are much more concerned with the aristocracy in china our own we

fixing and now the three hundred trillion interest rate derivatives market is under scrutiny that's the f.c.c. is investigating over the lack of any substantive conclusion to silver market manipulation piece there's not an encouraging price today for you and speaking of swaps is it libre redux recorded telephone calls and e-mails show that traders of wall street banks instructed the firm to buy or sell as many interest rate swaps as necessary to move the benchmark rate by rigging the measure of the banks to the profit on separate derivatives trades that they had with their clients were waiting with bated breath on this one to the response finally a former goldman sachs trader who was found liable for fraud noting this was not any of the top exact now with the department of justice goes after mid-level employees so as not to jeopardize the too big to fail jail. we're not even going to mention his name because it simply doesn't matter they. conveniently and never include the top dogs we talk about accounting fraud sequester facts and ever evolving door after c.f. and just today and here is what

are as far as the f.c.c. is concerned not official you know it's interesting there's a parallel here that we see in the financial industry in terms of too big to fail there is almost more consolidation now since the financial panic than we had before but we're also seeing that in the auditor industry can you comment on the. well the arctic currents the four largest ones in particular are not necessarily too big to fail they need to be big in order to do audits the way they're designed right now especially for global multinationals they need to have the expertise they need to have the coverage globally however there are two futures now the words given the number of public companies given the number of audits that have to be done in oh around the globe given the extent of work that's supposed to be done. if you went to less than three less than four firms it would be very difficult now for three firms to pick up the slack even if all of the people from that for the firm ended up going to the three firms that's

some of that and i upcoming months well unfortunately one of the things that's happening is that the f.c.c. is going after insider trading which is a crime but it's not the biggest crime and hedge funds were not the proximate cause of the two thousand and eight panic and they're not going to be the cause of the next panic so the federal regulators are not going after the right people right now and unfortunately that is the case so that as you see they're going after this this guy name stevie cohen hack capital management but you know he's not going to cause the next financial crisis right to that kind of focusing their energies in the wrong place at it i guess and that's exactly what and so what do you think they what did steve cohen do to really anger the federal government to make them go after him opposed to the people who they gave money to that's a loaded question. i think he made a lot of enemies along his trail he had one of the biggest hedge funds he's a very influential financial guy and he just made too many enemies and then when the f.c.c. decided to start cracking down on insid

trying to horn in on basic cable's turf because the four major broadcast meth works have petitioned the f.c.c. to loosen indecency rulings which limit foul language and and deshuns of nudity and sex. do you know what this could mean? they may start talking about sex and boobs on two broke girls. instead of household budgeting which is what i assume the show is about. what's behinds the change? well, thanks to the rise of cable tv, the internet and video games, abc cbs fox and nbc say that the rules are archaic because the networks have lost so much cultural clout. how right they are. they simply cannot compete with that bastion of clout and culture known as basic cable home of such some physician ticketed cultural fare such as the symposium on the ancient dynasty of duck. and the channel of learning's informative series -- and this is for real -- the man with the 132-pound scrotum. every he episode is a cliff hanger. now, folks, i fear... [ cheers and applause ] i fear that network audiences are simply unprepared for the rich cultural feast we serve up in cable. for instance, here it is. i ho

morgan is in our headlines this time for client hires in china they're being investigated by the f.c.c. in a civil lawsuit looking to see whether or not they were bribed basically via jobs offering jobs to the children of important chinese officials in exchange for business s.c.c.s. j.p. morgan probe threatens cozy tradition of client hires the u.s. government's bribery investigation into j.p. morgan's a point of at least two chinese bankers has prompted banks and other corporations across the globe to take a close look at their hiring practices one such practice max is called client hires and this is hiring clients children's nephews cousins for entry level positions or summer internships and you know it's common across the world they say but in particular with banks well the foreign corrupt. bribing bribery law you know the chinese by huge amounts of years government debt as part of the need for america to keep the banks afloat they rely on chinese creditors so the chinese government the people's bank of china just.

fixing and now the three hundred trillion interest rate derivatives market is under scrutiny and the f.c.c. is investigating over the lack of any substantive conclusion to silver market manipulation piece there's not an encouraging press today for you and speaking of swaps is.

any of his direct underlings just certain mid level employees what's more mary jo white head of the f.c.c. to regulate state p. morgan passed to recuse herself that's because as we pointed out before she represented the too big to fail banks for becoming as a regulator. and speaking of j.p. morgan as we like to do it seems there's been no fire fanning about the energy market manipulation that the c f.t.c. is finally getting involved and quote probing those actually warehouse metals that would be the.

fixing and now in the three hundred trillion interest rate derivatives market is under scrutiny as the f.c.c. is investigating the lack of any substantive conclusion. that there's not an encouraging president speaking of swaps is it. recorded telephone calls and e-mails show that traders of wall street banks instructed the firm to buy or sell. as many interest rate swaps as necessary to move the benchmark rate by bringing the measure of the banks to do profit on separate derivatives trades that they had with their clients were waiting with bated breath on this one to the fed's response finally a former goldman sachs trader who was found liable for friday noting this was not any.

fixing and now the three hundred trillion interest rate derivatives market is under scrutiny since the f.c.c. is investigating over the lack of any substantive conclusion to silver market manipulation please there's not an encouraging press today for you and speaking of swaps is it lubber redux recorded telephone calls and e-mails show that traders of wall street banks instructed the firm to buy or sell as many interest rate swaps as necessary to move the benchmark rate by rigging the measure of the banks to the profit on separate derivatives trades that they had with their clients were waiting with bated breath on this one to the feds response finally a former goldman sachs trader who was found liable for fraud it noted this was not in any of the top exact now with the department of justice goes after mid-level employees so as not to jeopardize the too big to fail jail doctor and we're not even going to mention his name because it simply doesn't matter they conveniently and never include the top dogs we. about accounting fraud sequester facts and the revolving door after c.f. and yesterday

any of his direct underlings just certain mid level employees what's more mary jo white head of the f.c.c. to regulate state p. morgan passed to recuse herself that's because as we pointed out before she represented that the too big to fail banks for becoming as the regulator. and speaking of j.p. morgan as we like to do it seems there's been no farther. and you know about the energy market manipulation to see if d.c. is finally getting involved and quote probing those actually warehouse metals that would be the likes of j.p. morgan and goldman sachs unnamed sources to reuters a state of the commodities regulator is finally investigating big bangs his employees shuffle pallets of metal across their warehouses to technically comply with metal exchange regulations but delaying deliveries needlessly by up to eighteen mines and only took a few years up in claims by coca-cola quote the beer institute license a diamond don't mess with big beer bob hogs energy independence and the stealth bull and uranium in just a bit and i dig into the fine print of cross border taxes later on in the show and

any of his direct underlings just certain mid level employees what's more mary jo white head of the f.c.c. to regulate state p. morgan passed to recuse herself that's because as we pointed out before she represented the too big to fail banks for becoming as the regulator. and speaking of j.p. morgan as we like to do it seems there has been the fire fanning about the energy market manipulation to see if d.c. is finally getting involved and quote probing those actually warehouse metals that would be the likes of j.p. morgan and goldman sachs names places to reuters a state of the commodities regulator is finally investigating big bangs is simply a shuffle pallets of metal across their warehouses to technically comply with metal exchange regulations but the lanes will. needlessly by up to eighteen mines and only took a few years that complains by coca-cola quotes the beer institute class and to diamond mass a big beer bob todd's energy independence and the stealth and ball and uranium and just a bit and i dig into the fine print of cross border attacks and later on in the south and here is w

something that the dodd frank that was signed three years ago by president obama was promising but the f.c.c. has yet to actually offer that type of information in terms of employer see play eat c.e.o. disparities. reporter for the nation thank you so much for breaking down some of those numbers for us thanks for having me well the more we know the more we realize we don't know what the american public just learning about the u.s. drone strikes concerns about potential abuses have increased these concerns include sheer lack of transparency about the strikes and also the innocent lives lost overseas and other issues with drone strikes we'll likely amass over time for more on that the residents lori her finest. the opposition to drones is pretty vocal and large but there is also a quieter smaller opposition to drones that exist turns out air force pilots are anti drone or at least they want to be the ones to fly them according to a new report by colonel bradley hoagland the air force can't get enough volunteers for the drone pilot training program one reason for that is that the hours are real

it and now the three hundred trillion interest rate to rid of the market is under scrutiny if the f.c.c. is investigating over the lack of any substantive conclusion to sell for market manipulation piece there's not that an encouraging price today pay them speaking of swaps is it library docs recorded telephone calls and emails show that traders of wall street banks instructed a firm to buy or sell as many interest rate swaps as necessary to move the benchmark rate by bringing the measure of the banks to a profit on separate derivatives trades that they had with their clients were waiting with bated breath on this one to the.

morgan settle claims by the f.c.c. that it violated securities laws in connection with his dealings with an iran the failed energy company as part of that settlement court filings show the bank pledged to refrain from violating federal securities laws it's unclear how the bank could be affected by a federal lawsuit alleging violation of federal securities laws that had pledged not to break in the years immediately following a previous statement right so here we had enron which was the poster child for securities fraud off balance sheet accounting if this aeration of equity you know where the stock got blown up went to zero in a matter of a few weeks so. j.p. morgan and others of course they were involved in that fraud and they part of the settlement they as said we wouldn't be involved in any more similar frauds i mean we're not going to pay a penalty of any meaningful size nobody's going to go to jail and in fact we've defrauded lots of people but you know the one thing we definitely won't do is repeat that fraud agai

something that the dodd frank that was signed three years ago by president obama was promising but the f.c.c. has yet to actually offer that type of information in terms of employer see play eat c.e.o. disparities. reporter for the nation thank you so much for breaking down some of those numbers for us thanks for having me meanwhile here in the nation's capital a committee has been formed to make a bid for the d.c. region to host the two thousand and twenty four summer olympic games if d.c. were to win the bid it would be the first american location to host the summer olympics since atlanta in one thousand nine hundred six the group behind the push is called d.c. twenty twenty four and they are claiming that d.c. would be the best place to host the olympics because of its reputation for heightened security of course meaning that there would be no need to worry about public safety but economically speaking would hosting the olympics actually help the districts the economy or to correspondent liz wall has more. it's the u.s. capitol attracts millions of tourists each year well d.c. is known fo

morgan is in our headlines this time for client hires in china they're being investigated by the f.c.c. in a civil lawsuit looking to see whether or not they were bribed basically via jobs offering jobs to the children of important chinese officials in exchange for business s.c.c.s. j.p. morgan probe threatens cozy tradition of client hires the u.s. government's bribery investigation into j.p. morgan's a point of at least two chinese bankers has prompt.

years ago when president obama was promising but the f.c.c. has yet to actually offer that type of information in terms of employer see c.e.o. disparities. reporter for the nation thank you so much for breaking down some of those numbers for us thanks for having me meanwhile here in the nation's capital a committee has been formed to make a bid for d.c. to host the twenty twenty four summer olympic games the group behind the push is called d.c. twenty twenty four and they're claiming that d.c. would be the best place to hold the olympics because of its heightened security status meaning that there would be no need to worry about public safety but would hosting the olympics actually help the local economy economy at all excuse me for more on that to our to correspondent liz wall. yes the u.s. capitol attracts millions of tourists each year well d.c. is known for its politics monuments and museums but there is one thing a one washington based group says is missing washington d.c. is the only world couple to never host an olympic games all the ma

fixing and now the three hundred trillion interest rate derivatives market is under scrutiny since the f.c.c. is investigating over the lack of any substantive conclusion to sell for market manipulation please there's not an encouraging press today for you of speaking of swaps is it library docs recorded telephone calls and emails show that traders of wall street banks instructed a firm to buy or sell as many interest rate swaps as necessary to move the benchmark rate by rigging the measure the bank stood to profit on separate derivatives trades that they had with their clients were waiting with bated breath on this one to the feds response finally a former goldman sachs trader who was found liable for fraud it noted this was.