j.p. morgan chase goldman sachs you name it they all did this with hedge funds and they to try to make a killing you maintain that wall street gets too big of a portion of the national income and you say that should be changed but politicians are usually more in sync with the financier's they than they are with the average constituents so how can you realistically expect any type of change well here's where the change going to come from from right now most people believe that if you make a lot of money you must be producing value for society being rich means being successful meaning somehow you're doing something important for society with this book is designed to do is to show that that's not true and that's the first thing we have to do we have to break apart the notion that these people are quote unquote successful they make a lot of money but when you look at how they make it it's it's impossible to say that they're producing any value for society once we do that it's going to be a little easier to make the case to politicians and the public is as a whole that this is outrageous as a matter

j.p. morgan chase goldman sachs you name it they all did this with hedge funds and they to try to make a killing you maintain that wall street gets too big of a portion of the national income and you say that should be changed but politicians are usually more in sync with the financier's. than they are with the average constituents so how can you realistically expect and it's have to change well here's where the change going to come from from right now most people believe that if you make a lot of money you must be producing value for society being rich means being successful meaning somehow you're doing something important for society with this book is designed to do is to show that that's not true and that's the first thing you have to do you have to break apart the notion that these people are political successful they make a lot of money but when you look at how they make it it's it's impossible to say that they're producing any value for society once we do that it's going to be a little easier to make the case the politicians and the public is as a whole that this is outrageous as a matter

j.p. morgan chase goldman sachs you name it they all did this with hedge funds and they to try to make a killing you maintain that wall street gets too big of a portion of the national income and you say that should be changed but politicians are usually more in sync with the financier's. than they are with the average constituents so how can you realistically expect any type of change well here's where the change going to come from from right now most people believe that if you make a lot of money you must be producing value for society being rich means being successful meaning somehow doing something important for society what this book is designed to do is to show that that's not true and that's the first thing you have to do you have to break apart the notion that these people are political successful they make a lot of money but when you look at how they make it it's it's impossible to say that they're producing any value for society once we do that it's going to be a little easier to make the case to politicians and the public is as a whole that this is outrageous as a matter of fact i thi

j.p. morgan chase goldman sachs you name it they all did this with hedge funds and they to try to make a killing you maintain that out wall street gets too big of a portion of the national income and you say that should be changed but politicians are usually more in sync with the financier's they than they are with the average constituents so how can you realistically expect any type of change well here's where the change going to come from from right.

j.p. morgan chase goldman sachs you name it they all did this with hedge funds and they to try to make a killing you maintain that wall street gets too big of a portion of the national income and you say that should be changed but politicians are usually more in sync with the financier's they than they are with the average constituents so how can you realistically expect any type of change well here's where the change going to come from from right now most people believe that if you make a lot of money you must be producing value for society being rich means being successful meaning somehow you're doing something important for society with this book is designed to do is to show that that's not true and that's the first thing we have to do we have to break apart the notion that these people are quote unquote successful they make a lot of money but when you look at how they make it it's it's impossible to say that they're producing any value for society once we do that it's going to be a little easier to make the case to politicians and the public is as a whole that this is outrageous as a matter

is all about trying to create stability in financial markets there's no way that of goldman sachs or j.p. morgan chase were to go insolvent that they wouldn't be bailed out so there is this this expectation exists and it was explicitly put in place by the dodd frank act warren there she cited this figure of eighty three billion dollars that a few banks get in subsidy isn't this is taxpayer money where the banks be able to survive without being propped up by taxpayers. well let's let's parse out this eighty three billion number because it might sound as if taxpayers are actually giving that in cash to the banks that's not exactly what's going on it's in the form of that is right yes so it's an implicit it's an implied subsidies so what that means is it's related to the way that banks borrow money so if any one of your viewers or yourself were to go get a loan you're going to pay an interest rate depending on how good your credit score is now large banks because the market thinks that they're too big to fail that they'll be bailed out are effectively looked at as like very good credit risks if you loan

j.p. morgan chase operated 83 separate subsidiaries, incorporated in offshore tax havens, to avoid paying some $4.9 billion in u.s. taxes sms that same year goldman sachs operated 39 subsidiaries in offshore tax havens to avoid an estimated $3.3 billion in u.s. taxes. citigroup -- citigroup, where mr. lew actually worked, has paid no federal income taxes for the last four years, after establishing 25 subsidiaries in offshore tax havens. and on and on and on it goes. wall street bailed out by american workers, wall street causing the recession, now they're enormously profitable, now the c.e.o.'s make huge compensation packages, blue it comes to paying their -- but when it comes to paying their taxes, oh, suddenly they love the cayman islands. so my suggestion is that the next time these crooks destroy their banks and need to be bailed out, let them go to the government of the cayman islands to git thei get their bailout ae taxpayers of the united states of america. mr. president, let me just conclude by talking about trade for a moment, because the secretary of the treasury gets involved heavily in the trade issues. and trade is not a sexy issue, but it