lazard is not an american company anymore either. it already moved to bermuda to cut its taxes. third, and maybe you can help me understand this argument. people say opposition to mr. weiss is unreasonable because -- wait for it -- he likes poetry. [laughter] >> i am actually not kidding on this one. supposedly, because he helps publish a literary magazine called the paris review, we should trust he will zealously review financial reform. i do not read many literary magazines. but really? if you like monster truck racing, with that show that he supported wall street bailouts? i do not get what his hobby has to do with overseeing consumer protection and domestic regulatory functions at the treasury department. so what does this -- what is this really all about? why call out the cavalry for a guy whose experience does not match the job he has been nominated on? why circle the wagons around a guy who is picking up $20 million to take on a public service job? it is all about the revolving door. that well oiled mechanism that wall street executives to make policies with the governmen

lazard isn't an american company anymore. it already moved to bermuda because its taxes are lower. third, and maybe you can help me understand this argument -- people say opposition to mr. weiss is unreasonable because -- wait for it -- he likes poetry. [laughter] i am actually not kidding. supposedly because he helped publish a literary magazine called "the paris review," we should trust that he would zealously pursue financial reform. i confess, i don't read any literary magazines, but really? if you like to monster truck racing, would that show that he supported wall street bailouts? i do not get what his hobby has to do with overseeing consumer protection and domestic regulatory functions at the treasury department. so what is this really all about? why call out the cavalry for a guy whose experience doesn't match the job he has been nominated for? why circle the wagons around a guy who is picking up $20 million to take on a public service job? it is all about the revolving door. that well-oiled mechanism that sends wall street executives to make policies for the government, an

lazard is not a too big to fail bank. lazard got zero dollars from the fed at the bailout. cannot understand why a guy with that kind of knowledge would not be the kind of guy that you and elizabeth warren could support. i am mystified -- >> let me back up. and bank of america both would have gone under as with many other banks. your plenty of commercial banks that were involved. -- you have plenty of commercial banks that were involved. doreference to mr. weiss, i not know the guy personally. i cannot speak to is he a good person or not. i'm sure he is a very good person. the point is, we have a history of horrible regulation. .e have regulators many of these people were the brightest students at the best liberal arts colleges. the fact was, the best and brightest ailed us. -- failed us. all those people were there during the housing bubble years. we need people who have their first priority focus on the public. other mr. weiss fits that bill, i do not know. baker -- dean baker. we will be back. ♪ >> welcome back to "market makers." erik schatzker is off. we brought in a s

supporters even defend the golden parachutes like the $20 million payment that weiss will receive from lazard to take this government job. why? they say it is an important tool in making sure that wall street executives will continue to be willing to run government policy making. >> she's really hitting at the very thing you have been writing about, talking about, and advocating. but nothing is going to change, as you yourself have said and written, unless the grip of the moneyed interest on our parties and on democracy is broken? how can you fight that much power, that much money? >> you have to run primary campaigns, cheap primary campaigns against incumbents, like the tea party, in the democratic party, like the tea party does against incumbent republicans. you've got to actually take political action and present candidates with an alternative point of view. but you also have to go to fostoria and then come back and tell me and tell your colleagues that their town is falling apart, they can't send their kids to school anymore, they've got to work in a fast food place. do you know that toda

supporters even defend the golden parachutes like the $20 million payment that weiss will receive from lazard to take this government job. why? they say it is an important tool in making sure that wall street executives will continue to be willing to run government policy making. >> she's really hitting at the very thing you have been writing about, talking about, and advocating. but nothing is going to change, as you yourself have said and written, unless the grip of the moneyed interest on our parties and on democracy is broken? how can you fight that much power, that much money? >> you have to run primary campaigns, cheap primary campaigns against incumbents, like the tea party, in the democratic party, like the tea party does against incumbent republicans. you've got to actually take political action and present candidates with an alternative point of view. but you also have to go to fostoria and then come back and tell me and tell your colleagues that their town is falling apart, they can't send their kids to school anymore, they've got to work in a fast food place. do you know that toda

it is clear that as the global head of investment banking at lazard, mr. weiss is very talented and experienced in working in financial markets and economic institutions. but as an investment banker on wall street, he does not have the experience for this particular oversight position. he has dealt most -- almost entirely with european investment banking matters, not domestic finance or community banking or regulatory issues of any kind, all of which falls under the jurisdiction of this important position. and besides, not having this right background for the job, the fact that mr. weiss is a top corporate deal maker with a specialization in international finances is in itself troubling to me. he has spent a good deal of his professional career working on mergers and acquisitions for the world's largest corporations and he has spent time in paris running the european division. there's not a thing wrong with that. but this fits the administrati administration's position of choosing insiders instead of those with strong consumer or protection. plainly spoken

appointeds lazard relative to the ipo? before the ipo.aluated a number of , including selling to private equity. they began to build up an investment -- >> they did not do most of the institutional tour. the tour was done mostly by goldman and ubs. that was before it lazard was involved. >> that is not correct but i understand what you are saying. in the report, you do not criticize the advisors. jon is taking issue with that. >> one other thing, the government did not seem to take into account, in the 18 months prior to the ipo, the two advisors they appointed to run the ipo had been fined about 15 times between them. yet nobody seems to have considered whether that is a factor which the government should have taken note of. >> is this something you looked at? >> it did not fall within my terms of reference. pretty hard to find any financial institution providing structuring,l etc., who has not had some regulatory infraction. -- i assumed that better capital would never use a firm that has been subject to regulatory fines? >> virtually i