bank and i asked also would you rather be or would you rather be jamie diamond so let's move on to jamie dimon and j.p. morgan why people hate the banks so this is from joe nocera of the new york times and he said a few months ago i was standing in a crowded elevator when jamie diamond the chief executive of j.p. morgan chase stepped in when he saw me he said in a voice loud enough for everyone to hear why does the new york times hate the banks well joe nocera says i would direct your attention to the bible of your industry the american banker on monday published the third part it's depressing and if you're reading series on credit card debt collection practices and access healthier . it was about the fact that j.p. morgan just very similar to the foreclosure crisis was selling on so-called bad debts from j.p. morgan chase credit cards but in fact they had none of the paperwork they just sent it on to you no need cowper's and debt collectors who were very aggressive chasing people who had actually paid it many times their debts because of the hate crimes they hate you jamie you because y

jefferson county was a diamond casino italy was jamie diamond mine and italy was jamie diamond. customers in m.f. global were jamie diamond and yet over and over to see if he see the i.c.c. issue little tiny fines big deal and jamie diamond continues to far in elevators around the login josephus's why do you hate bankers why do you hate bankers there are times that's almost my point you call a banker he's a he's a social pariah he's a social easy he's a parasite a lot of people don't like having cancer are there those i mean you should be in the elevator telling new york times that you support cancer so let's look at this final headline here max because i want to say how do we address this issue where you never can we ever touch these why does jamie dimon continue to jamie diamond funds around the world well pupils are not afraid of new methods of punishment schools need new ways of disciplining badly behaved students because they are no longer afraid of current punishments the association of teachers and lecturers conferences. colt a.t.l. member julian perfect said this is not

life masters and jamie diamond i mean let's keep in mind that j.p. morgan has ninety trillion in derivatives that essentially they park on the balance sheet of the fed they don't really keep it on their own balance sheet but they nevertheless control it there simultaneously you've got this issue of market making that she claims to be involved with on all manner of markets including global commodity markets all get that in a sack and simultaneously you've got ben bernanke who goes out and testifies in congress that he doesn't see any inflation out there and of course there's more of the data points you point to purr. that there is no inflation is the relatively subdued performance of gold and silver and other commodities and yet when you take a step back what you see what you find out is that blight who's the commodity head in a lot of j.p. morgan is buying commodities aggressively around the world simultaneously to give them that opportunity they like to keep their prices still relatively keep saying so that people are ticked off you know exactly ok

the money they steal and they're willing to give a few pennies to those beggars on the street jamie diamond give her hundred jobs here christine lagarde somebody you know i think christine legarde outside of penn station with a fake louis vuitton bag i see here and there i looked and so money for. slush fund for the guy all right days ever thanks much for being on the guys report thank you don't go away much more coming away stay right there. when you see your story overseas grace rebirths welcome. home to roost. when there are massive cuts from great. empathy to sway to pull the commotions. towards those who live on the current. welcome back to the kaiser report i'm max kaiser time not to go to dr michael jackson dr michael can walk with a kind of a rick lanka very much max it could be bad all right now dr johnson let's talk about germany it's a powerhouse exporter and yet the german government is imposing austerity on its customer nations across europe as a former balance of payments economists for chase manhattan bank how do you see this working out well it certainly can't be good german

morgan have come out and said hey jamie diamond to this piece of the business office where the london whale works reportedly and he turned what was a risk management business about hedging the bank's positions into a speculative proprietary trading operation now this is something that regulations are supposed to be trying to and at the big banks that to fail banks doesn't seem to be working with the volcker rule now we hear this my question is what does this tell you about the rest that banks are still taking and the due diligence being done you know one of the one of the things that's out there in the world is that some of the bankers because they are in the most money happen to be the smartest people on the planet and i hope two thousand and eight. disabused a so that notion and clearly when we saw these banks acquiring some of these a mortgage lender and mortgage insurers right at the peak tells us everything we need to know about about their accu minutes certain points and and listen you know this story about what cheapie morgan is up to is just should be interpreted as more of th

jamie diamond's letter to the shareholders and that's the ceo of the bank.d at the letter that is 38 pages and just came out a couple of minutes ago. a quick overview of the letter and called 2011 a good year for the company. a record year for earnings and it would have been a better year if not for mortgage-related losses. he said that they are expecting the earnings to grow overtime and the opportunities for jpmorgan now for the next 20 years are equal or better than they have been for the past 20 years. he also spoke about the current environment talking about how the 2011 was a difficult year with the number of natural disasters, but the hostility towards our injury continues, the banking industry. he spoke about regulation. this has been something he discussed quite a bit jamie diamond said the derivatives rule could materially hurt jpmorgan's competitive ability. he said he believes both of the regulations will be resolved so the company can compete fairly. he said that while some of the new rules and regulation, some of them hurt jpmorgan and some hel

the circle you make a fee so that money goes up to the bank or the terrorists at the top like jamie diamond terrorist. list and the cycle continues until you get to whole goals and this is a new novel as night follows day states are rethinking much because repaint humax went away once more tell me what to say rather. yes welcome back max kaiser is me this is a cause a report must go to las vegas and talk with arian crown of m. heisman employer to come where there have been three hundred eighty eight implosions since two thousand. six aaron welcome back to the kaiser report a max could be that all right aaron in the first half we cover the story at a housing bailout facing a bailout risk after guarantee been tell us about the f.h.a. and its role in facilitating fraud in france for of the costs that the fraud is to the taxpayer. you know if it was founded in the depths of the depression to basically provide support to an ailing housing market and like so many well meaning programs you know maybe met its initial goals but stuck around and basically turned into a gigantic venue for private acto

and jasmine kept two part of nuff to create additional collateral so that lloyd blankfein and jamie diamond can float even more securitized debt based on collateral that is of course why we see countries like spain falling greece into the gutter because there's no more collateral of worth to create more securitization to create more liquidity to keep these countries from going under so you say we need more quantitative easing in the diaper obligation market jasmine is easing quantities of collateral into the global securitization market here's how china is looking at the world max currency war is a hot topic in china so these are photos from the china money report and if you could look at the first photo it shows four different books on currency wars are the top sellers in this. chinese bookshop the number two images dollar crash and number three is the american dream over so this is the view the perception the population of china the one that works to pay off the debts of boy blankfein little lloyd blankfein here it is also a reflection of how their actual leaders think because we have a h

power resides in the oligarchy it resides in the clip talk recy of people like it people like jamie diamond ok who have been rock obama who's a puppet in the government who doesn't actually do anything so we're simply this is a big shown tell game of him that's great i'm happy for these guys want to go i don't need to be his do it don't kiss me don't kiss me too i don't need underneath it get to your point the records have a duty to loyalty to the corporation and not shareholders so it very literally is their responsibility not to do it shareholders not first let's move on because the time one hundred list was revealed today honoring the most influential people in the world we have to talk about a few of the honorees they include christine legarde mario draghi mario monti ron paul and we can never get to include warren buffett and you can just guess who penned the write up to go along with mr buffett if you can take a look it is true that our for the sport of warren buffett for example let me tell you what is with all the economic. but you don't vote for you for the. for in war both of thos

you have social cohesion breaking down people see guys like jamie diamond lloyd blankfein kleptocratic lee raking the economy over the call stealing billions and no penalties whatsoever instead of trusting the currency in america their reaction now is to arm themselves or to get ready for the coming war they don't trust the currency of the so they're out there buying guns on mass this is another interesting thing here max there are forgeries but many accept the risk of holding a few fakes as a cost of doing business shillings are often handed over and picked bundles of one hundred notes by this alchemy in imitation of a thing which is already of notional value turns out to be worth something so even forgeries in somalia because of the trust implied within the clan system even the forgeries have more faith in backing them then what the european union currency a euro has done so you can have an economy like this in somalia with feelings that have a small percentage of the currency fake counterfeit currency and it gets all kind of baked into the cake and it's not really a big problem to c

a zero rates on the blow up this economy going to financial terrorist like on goldman sachs or jamie diamond but if you're a student you got loans to create a job we're going to build the economy to create the savings then you're going to have a doubling in our interest rates that's a financial jim crow law well but it's also this notion that the solution to everything is cheap interest rates and cheap interest rates will make every single human problem go away a quote here from cecilia munoz director of the white house domestic policy council said we must keep rates low so more americans get a fair shot a more affordable education and a clear path to the middle class well interest rates have to low they've been declining max for thirty years why then has the middle class also been declining if the only way to the middle class is low rate you tell me max where is the middle class the quote selective interest rates engineering the financial engineering is also applied to interest rates and as reporting out if you're not somebody with a huge lobbying effort in washington you get penalized with

morgan chase and company chief executive officer jamie diamond has transformed the bank's chief investment office in the past five years increasing the size and risk of its speculative bets according to five former executives with direct knowledge of the changes achilles machree hired in two thousand and six as the chief investment officer as top executive in london led an expansion into corporate and mortgage debt investments with a mandate to generate profits for the new york based bank three of the former employees said diamond fifty six closely supervised the shift from the c i o's previous focus on protecting j.p. morgan from risks inherent in its banking business such as interest rates and currency movements. oh or do we begin first of all they said they're increasing the size and the risk yes they triple that they tripled it we're living in an era of the too big to fail banks acting like purana eating our everyone's lunch so here's a guy in a mecca. for a least a killie's backus. achilles macro killie's a mackerel this comes into the into the coliseum where the plan to transform yet

morgan and jamie diamond how much what about the forty billion is lost every decade in oil subsidies or about the two and a half trillion and well sucked out of our country over the last thirty years thanks to so-called free trade what about the trillions that republican presidents reagan bush and bush added to our national debt how come they never point that out what about the two trillion dollars of infrastructure debt since republicans starve the beast of government in the one nine hundred eighty s. we basically haven't built any infrastructure so that what about the two trillion dollars in damage to our oceans the climate change will cost in the coming decades we have a multi hundred billion and trillion dollars problem facing the united states a series of them across a whole broad spectrum of problems that require immediate attention and problems many of them that are a direct threat to our nation but what is our corporate media our politicians on the right what of a focused on. beginning here these are live pictures this committee on capitol hill is looking into how the general

morgan where according to bloomberg five former executives report jamie diamond has transformed the bank's chief investment office over the past five years to a prop trading operation and we have debt crisis deja vu only instead of the subprime crisis we now have the sovereign crisis as an ant hill of assets used to support a man out of leverage is crumbling from within and with energy prices up or down in response to geopolitical tensions with statements of short term responses to quell them is this the volatility that we're just destined to face as population increases exponentially and resources decrease exponentially these are the big questions we want to try to tackle as best as we can the time we have with chris martenson who is our guest he's author of the crash course very popular lesson the unsustainable future of our economy and our g. and environment may be seen as very popular videos online too which illustrate the points he makes and we're so happy to have you on the show thanks for being here welcome back to capital account lawrence my pleasure let's get started because it's

and jamie diamond and boyd blank line and and john corps dying and william daley and every single banker you could think of that you might need a gun to yourself. and he's been stoking the gun sea air and he's been making a few cents on every gun sale goes into those folks financing his campaign and the last is go on t.v. in america it's like i'm going to bomb dogs are dogs and schools guns in classrooms don't just work a guns it goes in the family go into the living room you got to get more guns again once again it's the. you know that usually is a legal in like a theater a crowded theater but in our crowded and conny it seems to be one sure way out of depression and a crisis liquidity is panic buying is driving the entire economy of panic panic shortages panic buying panic markets there's no rational decisions of them or if anyone sat down to rationally thought through their decisions they would stay home and not buy a single thing and save money to save themselves but now when you get the present as things working with lots of media dollars oh there's a firkin tonics situation go up b

. >> i think jay jamie diamond who said this just happens every now and again.is decisions made by ceos and those beneath them to create this. a priest associate at the episcopal church of st. john the evangelist in san francisco, father richard smith, thank you both for being here tonight. herman cain is talking to aliens, and the view is finder is next. ♪ ♪ so, this is delicious okay... is this where we're at now we don't care anymore? we just eat whatever tastes good? excuse me? [ man ] like these sweet honey clusters they're awesome so no way they're good for you. but i guess that's okay right? actually there's a half a day's worth of fiber in every ... why stop at cereal? ya know? cancel the gym membership. bring on the pork chops and the hot fudge. fantastic. are you done sweetie? yea [ male announcer ] fiber beyond recognition. fiber one. attack on women that perhaps the majority of the population woke up? >> idaho is not known as approaching act i.v. you had hundreds of women show up, thousands signed petitions. they made their voices heard. what happens

that's basically what jamie diamond -- he didn't use the word dumb.'ll get the gist. this is what he said. you read constantly that banks are lobbying regulators and elected officials as if this is inappropriate. we don't look at it that way. no surprise there. as a defender for the banking industry saying, look, we give all these millions of loans and lays out how many loans they made, all of these credit cards, all of these mortgages we've been giving, all these mortgages we're trying to fix and these guys in washington are clueless. you can try to blame your banker but, guess what, washington is really messed up. i'm going to tweet out this letter. >> that so not going to be the last word on that. >> all of a sudden the banks have been on their heels since they took that t.a.r.p money and bailout money. the banks are trying to reassert their moral authority, in part because they paid back their t.a.r.p. money and taxpayers are now making money from that bailout of the big banks. you, the taxpayer, through the treasury department, invested $245 bill

the ap reports that jp morgan chase ceo jamie diamond was paid $23 million last year. that's an 11% bump. >> shocking. >> yeah, the largest u.s. bank says the salary includes $1.4 million, that's the salary. the bonus was $4.5 million, stock awards a cool $12 million and stock options worth $5 million. diamond also got get this -- $143,000 just for air and car travel and home security. >>> and some small phone companies are set to sell apple's iphone at a discount. small wireless companies like intelus wireless in virginia as well as in kentucky and alaska will charge $150 for the basic 4 s model this month. that's $49 less than what at&t, verizon and sprint charge. phone companies subsidize the iphone and it costs about $600 wholesale. they are basically taking a loss of $450 on every phone they're selling but it's getting to the point where they're saying can we not afford to sell this phone? >> i wonder if they get some help. >> just your service. >> really? >> that's exactly right. yeah. >> first daily deal of the day right? >> there you go. >> you're back in 30 mi