what was the ad of the treasury secretary of the bush henry paulson where was it from goldman sachs that who's the head of the c f t c gary gensler is he from goldman sachs who is obama's chief of staff told a little while ago oh that was a daily whisky from j.p. morgan chase who's a church three head over there in canada oh he's from goldman sachs who's the head of the european central bank that druggy vice chairman of the european division of goldman sachs yeah i mean what is it take a six year old to figure this out the merger of state and corporate powers is clear fascism and it's right in front of you morgan sacks us says there you go and gerald you know while workers want people whose money has been frozen and disappeared been stalling and don't know if when they're going to get it back you have people that are betting on this and they're investing on the carcass of m.f. global in fact it was the third most traded bankruptcy case in february after lehman and lehman former brokerage so investors think they're going to make big money on a say. yes some of the i get all these mailings

they paid a settlement although it doesn't mean they were guilty but one of the the fun's that henry paulson was betting against or john paulson about the right to paulson's big stuff was betting against was a fund that goldman sachs all put together but paulson helped pick the mortgages and they were they picked the ones that were the most likely to fail and yet when i think the allegation is when goldman sold them to its other customers it didn't point this out at pretended that this was structured to be a good investment not to be a bad investment so somebody else was was betting that they would fail and in fact goldman themselves was betting against some of the very products that they will recommend that their customers buy but the reason that some of that is able to dial on it the fact that these that last we have so much and we'll end on washing. down that's what we've got to stop i'd like to open up first of all we need to get rid of these regulatory bodies i don't like i don't think that a brokerage firm or an asset management firm should be licensed by the government you know i thin

the actions taken by treasury secretary henry paulson, the federal reserve, the fdic authorized by the congress earlier that fall were essential to stemming the worst of the financial panic but the economy was deteriorating at an alarming pace. you will remember that our banks and financial markets were in a state of financial shock, something more oxygen out of the economy and pushing the world into the worst crisis since the great depression. businesses were failing at an alarming rate, those able to survive or living of -- laying off hundreds of thousands of workers in house prices were falling rapidly and in the early 2009, there were projected to fall another 30%. as the president prepared to take office in january of 2009, it was clear that the situation was very grave. the president understood that additional actions were urgently needed. he did not sit around hoping the crisis would burn itself out. he was not paralyzed by the complexity of the choices or the terrible politics of the potential solutions. he decided to act early and forcefully and his strategy to stabilize the f

he's been in the job since 2006 when he took over for henry paulson who went on to be treasury secretary. so he beens in there six years. i think the average c.e.o. is something around seven years. so he's certainly been in there a little while. on the other hand he's very, very respected on wall street. from everything i've read he's talked about staying another couple of years. again, i think that's a tough one that only he knows the answer to. host: it was brought up this morning in the paper writing. tell us about gary cohen should he -- would he be the next in line as far as leadership is concerned? guest: yes. he would be the next in line. again, i think both have been sort of public symbols of a lot of criticism of goldman and wall street. people may remember those hearings from 2010 when goldman was sued by the s.e.c. for fraud, the s.e.c. accused goldman of selling complicated mortgage-backed securities to sclinets but not telling them they were also betting against them. and that was something where s.e.c. sued, was later settled. but there were hearings on capitol hill and gol