put the two stories together that you've discussed this extraordinary document by the federal reserve bank of dallas said that a regulators failed in large part because they didn't believe in regulating or were unwilling to take on the largest most powerful folks and of course the former head of goldman sachs is a classic example of the people who were treated with kid gloves by the regulators and so if in any thing c.s.e. should be showing there is a new sheriff in town and one of the ways to do that was to get rid of all of the senior managers and get to the bottom. widest place was such a source will it be lost enormous amounts of money and stole enormous amounts of money from its own customers all without its internal controls you know raising any flags in the outside and why by the way the c e two was to actually believe the regulator that is a private so regulator so this is a catastrophic failure with ease yad justified it so for a view lesion were lawless and global yeah didn't work too flawlessly and i don't think you would especially think so if you're one of the customers still missing mo

these are your headlines for march twenty first two thousand and twelve the federal reserve bank of dallas says dog frank did not end too big to fail and says we must downsize the goal he missed and the president's view the president's view this as some u.s. lawmakers are working to push back the timeline for a key part of dogbreath of both will rule the regulators and banks already appear to be hollowing out will look at what cost that comes meanwhile the poor design rule is reportedly gaining momentum this would restrict getting late what brokerage firms can do with customer money now before looking forward what about the unanswered questions and the accountability questions in the end of global bankruptcy and what we consider best of customer money we'll talk to william black he's a former regulator who oversaw prosecution of bankers for fraud during the s. and l. crisis to find out what it would take to see justice in this case meanwhile do you think we have enough lawyers in the us already we don't need anymore well you may be happy to hear this organization behind the law school admi

the need to know this too big to fail is bigger than ever the federal reserve bank of dallas is out with its annual report on america's banking industry in the numbers are shocking currently only five banks control more than half of all the industry's assets that's right the top five banks in america own fifty two percent of all the wealth in the financial sector put that in perspective in one nine hundred seventy the top five banks control only seventeen percent of the industry's assets not only that the total wealth own by the top ten banks in the nation now equals half of america's total g.d.p. more than seven trillion dollars of wealth in the hands of the top five wall street giants he's startling numbers have prompted the president the dallas fed richard fisher to call for breaking up the big banks warning that they become so large they not only threaten the federal reserve's ability to conduct monetary policy but also . his words erode faith in american capitalism fisher also called for tough new financial reforms to strengthen the dodd frank wall street reform law so what are the

of funding. >> susie: meanwhile, another top fed official said today that the nation's largest banks are still a threat to the u.s. economic stability. the head of the dallas federal reserve bank, richard fisher, said in his annual letter that the largest banks are still too big to fail. he called for them to be broken up over time. his comments weighed on financial stocks, pushing the dow lower. the blue chip average fell 45 points; the nasdaq held on to positive territory, rising one point; and the s&p fell two. >> tom: homebuyers may have been shopping for homes last month, but fewer of them were buying. sales of previously owned homes slowed in february after posting an increase in january. the national association of realtors says existing home sales fell close to 1% to an annual rate of 4.5 million units. >> tom: looking at that trend, sales are up 9% from february of last year. and the number of homes for sale is also down significantly from a year ago. despite fewer homes, prices haven't moved much. the median price in february was $156,600, up just 0.3% from a year earlier. even with a mixed picture on home prices, real estate web site trulia.com finds for the gr

of the dallas federal reserve richard fisher was a wise and all over business insider characterizes as one of the most hawkish and conservative president out there and he starts a letter out with bank announcing to readers if you are one of the too big to fail banks alternatively you known as systematically important financial institutions or die size i doubt you are going to like what you read in this annual report you probably also wellnigh it if you're a dog frank supporter the letter read dodd frank does not eradicate d.v.d.'s you take to fail indeed it is our view as adults that it may actually perfect perpetuate an already dangerous trend of increasing banking industry concentration and the never has certainly show a massive increase in the power of the big banks five eight banks and nine hundred seventy five banks controlled seventeen percent of industry assets before only forty years and the top five banks control fifty two percent now the report goes on to characterize the too big to fail banks as the culprit and that define the financial crisis the reason for the lackluster recovery andy who grab a perversion of capitalism affecting blame deflecting see the blame for the

of fundamental change and reform. the federal reserve board just came out with its annual report saying that the biggest banks on wall street have to be broken up. can you imagine the dallas fed actually saying that. wall street doesn't want to be broken up. those same executives you say to them should you be broken up support a strong vocal rule? should you resurrect the glass spiegel act? they are going to say no. >> there was a spectacular story about that report. and just last week you allewded to this a bit earlier, something called the jobs bill was passed by both houses that permits them to go back to some of the very practices that created this in the first place. so what is your take away to all of this. >> they see this as a public relations problem, and they are lobbying like mad and in court, trying to eviscerate dodd-frank. they have not got it and they will not get it. there's huge amounts of money in it for them keeping things the way they were. fighting every step of the way, trying to make this into a public relations problem, and i don't think we're going to see real change on wall street until wall street is forced to change its ways. >> why did so many

federal reserve. where as the great inflakes hawk, richard fisher, of the dallas fed, says enough liquidity. let the economy stand on its own. >> you will always have differences of opinion at the central bank difficult to have unanimous view. but the truth of the matter is there are two mandates, inflation and employment. employmenting with depending on what you pick is above the unemployment rate. until the mandate is satisfied, there are a lot of voices in the central bank arguing there may be more done. >> when do you expect the feds to move on rates? already receiving the market, do it its job. yields on ten yields now. money moving out of bonds, moving into stocks. pushing yields higher. when would you expect to move interest rates higher? >> if you tell me when the unemployment rate will go down to 6, 6 1/2%, i will tell you when the federal reserve will raise rates. >> you think that's what it is, 6 1/2%. >> well if you don't tell me, i will tell you we have to take the fed at its word that somehow at the end of 2014, i think they will be visiting that issue with a more unanimous. view. can me move earlier than that? yes. we f we get surprised on the unemployment rate. but i have no