of m.f. global powers own attempts per cent stake and lobel and was actively engaged in the last minute negotiations of until m.f. global declared bankruptcy the missing customer funds have pushed junk or zine and to another my word against his argument did he know or did he not know that is the question that could put corps i'm behind bars but now we know a little bit more about the profile of john quinn resign. welcome to the daily door joining me is rachel courteous our to producer thank you so much glad to be here about all right we've got a couple stories we're going to talk about today this one is from the w.s.j. healthy consumers could see insurance rates double or even triple when they look for individual cover under the federal health law later this year and while the premiums paid by sicker people are set to become more affordable and this is according to the w.s.j. again the exchanges the centerpiece of president barack obama's health care law looks likely to offer few if any of the polic

system wide i think it's very difficult like m.f. global was subject to a whole slew of regulators i mean they were primary dealer regular but they were able by finra seen in me like n.f. a really their sales practice is i believe not the actual exchange activities but our regulatory system just nationwide is not streamlined and it means a lot of improvement while in great britain they have the f.s.a. the potentials that stability association actually that's the wrong turn in the nation but if they say they do both futures and securities but we see a lot more problems in the city of london they have almost unlimited loveridge so is it really more a streamlined regulatory process is that the answer. well i think that that would help give some clarity but to me the real answer is always enforcement i mean you're against lawyer go but i think at some time last year say see if he doesn't have the budget to carry out all the enforcement actions that we've like to say we've got to go ahead and drop some enforcement actions the same time passing f

had gone after them and john corazon wanted m.f. global to become kind of a goldman sachs type company and he wanted to become a primary dealer and in order to do that the c. of d c and the actual new york fed said you've got to you've got to stay straight for one year so we hired problem in tory financial group you know these this big shadow regulator that haggard hires all these acts as you see o.c.c. people see people on their payroll and they basically signed off on and that's global's risk controls just maybe six or nine months before the firm blew up i mean what's up with this shadow regulatory process can we even trust that there is any protection for customers because of it well i mean sit. system wide i think it's very difficult like m.f. global was subject to a whole slew of regulators i mean they were primary dealer regular about that they were able by finra seen me like and in favor of their sales practices i believe not the actual exchange activities but our regulatory system just nationwide is not streamlined and it means a l

role as an investigator into this whole m.f. global mess when it came out and then you know he was in charge for a few days and they dropped out is he really the person that needs to be in charge of the swaps derivative market the seven hundred trillion dollar market as it exists today well it looks like he's going to go holy see as a whole is is. is pretty much the entire commissioner slade is being turned over here i mean summers has left chilton's term has expired gensler is not going to seek renomination supposedly so i mean you might see a completely different commission six months from now but gansler i think his real skill is it's not so it's really like pretending like he's doing things to protect investors when what he's really doing is help protect the monopolies the big banks have in the swap deal or space. that certainly seemed like it was his intention and that was all he cared about their work because there were complaints from another commissioner that the technology at the c.f.d. sea was not being properly addressed and

of m.f. global powers own a temp of percent stake and and was actively engaged in the last minute negotiations of until m.f. global declared bankruptcy the missing customer funds have pushed junk or zine and to another my word against his argument did he know or did he not know that is the question that could put corps i'm behind bars but now we know a little bit more about the profile of john quinn resigned. welcome to the daily door joining me is rachel courteous our to producer thank you so much glad to be here about all right we've got a couple stories we're going to talk about today this one is from the w.s.j. healthy consumers could see insurance rates double or even triple when they look for individual cover under the federal health law later this year and while the premiums paid by sicker people are set to become more affordable and this is according to the w.s.j. again the exchanges the centerpiece of president barack obama's health care law looks likely to offer few if any of the policies

fines that were supposed to be and segregate accounts so when m.f. global went under multiple kalar parties all went after the same leverage securities obviously not everyone concedes the same security at night magic these hypothecated trades disappeared like a game of musical chairs and the saddos of the financial industry this is the breakdown every hypothesis and. joining me now for the dual is the host of breaking the martin thank you for joining me here on that cited first store of recovery according to m.s.n. b.c. the republican party has thrown its weight behind a lawsuit aimed at demolishing a key remaining component of campaign campaign finance regulation and this is the limits on political count contributions a supreme court ruling could result in an unlimited amount of money pouring into politics i think we're on the same page here but we might it arrive at a conclusion by two different paths so what's your take i mean my take is that this is the last bastion of some sort of semblance of reform on this this absurd bill that basically just said th

m.f. global was involved and complex repo to maturity trades as confidence in m.f. global declined as likely that the counter party started demanding higher collateral and what m.f. global did that was illegal as they dipped into customers. fines that were supposed to be and staggered accounts so when m.f. global went under multiple counter parties all went after the same leverage securities obviously not everyone can seize the same security ever like magic these hypothecated trades disappeared like a game of musical chairs and the saddos of the financial industry this is the breakdown every hypothesis and. joining me now for the dual is a host of breaking the martin thank you for joining me here on that cited the right note first story recovery according to m.s.n. b c the republican party has thrown its weight behind a lawsuit aimed at demolishing a key remaining component of campaign campaign finance regulation and this is the limits on political count contributions a supreme court ruling could result in an unlimited amount of money pouring into politics i think we

painted as a tough new sheriff even though he abdicated oversight of the entire futures industry one m.f. global ago and its age of whistleblowers today actually yesterday snowden and then today bank of america thanks to two lawsuits we learned how the two big build giant systematically built homes promise and loan modifications.

painted as a tough new sheriff even though he abdicated oversight of the entire futures industry one m.f. global ago and its age of whistleblowers today actually yesterday snowden and then today bank of america thanks to two new lawsuits we learned how the two big build giant systematically built homes promising loan modifications who then they proceeded to take out of those homes and you might have heard of the volcker rule that says banks cannot gamble with customer money lloyd blankfein said his goldman sachs doing this but guess what he did it we just learned that the firm found a loophole to keep doing it anyway over a billion dollars worth learned.

some the old fifty to one hundred thousand dollars a month and unfolding just prior to blowing up m.f. global audience and you connecting any related dots on this one by the way the muni market is under the microscope no that detroit is under bankruptcy court protection thanks to the earth zero interest rate policy by chairman bernanke going on five years no pension funds and hedge funds alike have been searching for higher yielding us it won't be in the best would probably need to be this bond such as. those issued by detroit and now the prices are falling as well as liquidity meaning it's harder to find buyers for these increasingly distressed assets so it looks like our favorite casandra meredith whitney was just a couple of years too early. and here's what's new our prime interest. under current basel three proposals within the next five years banks will have to hold equity equal to three percent of assets this means that for every one dollar of capital a bank can basically loan or gamble on derivatives thirty three times that amount earlier i spoke with robin barry a former investment ba

painted as a tough new sheriff even though he abdicated oversight of the entire futures industry one m.f. global ago and its age of whistleblowers today actually yesterday snowden and then today bank of america thanks to two lawsuits we learned how the too big to fail giant systematically built home over promise and loan modifications who then they proceeded to take out of those homes and you might have heard of the volcker rule that says banks cannot gamble with customer money lloyd blankfein said his goldman sachs doing this but guess what he did it we just learned that the firm found a loophole to keep doing it anyway over a billion dollars worth we'll learn how this is possible and how it might add we talked to part naylor a public citizen finally we have eliot spitzer who resigned in disgrace in two thousand and eight just as applied anshul panic was heating up well he's back and he's looking to oversee new york one hundred forty billion dollars city pension plan he won't be able to bring charges or things cool right so. find out what's in your prime interest.

the open to one hundred thousand dollars a month and consulting thieved just prior to blowing up m.f. global continue connecting any related dots on this one by the way the muni market is under the microscope no that detroit is under bankruptcy court protection thanks to the earth zero interest rate policy by chairman bernanke going on five years no pension funds and hedge funds alike have been searching for higher yielding us it won't be the best to believe you to do this on such as those issued by detroit and know that prices are falling as well as liquidity meaning it's hard. to find buyers for these increasingly distressed assets so it looks like our favorite cassandra meredith whitney was just a couple of years too early. and here's what's new are i mentioned this. undercurrent basel three proposals within the next five years banks will have to hold equity equal to three percent of assets this means that for every one dollar of capital a bank can basically loan or gamble on derivatives thirty three times that amount earlier i spoke with robin barry a former investment banker with credit

painted as a tough new sheriff even though he abdicated oversight of the entire futures industry one m.f. global ago and its age of whistleblowers today actually guess today snowden and then today bank of america thanks to two new lawsuits we learned how the too big to fail giant systematically built homes promising loan modifications who then they proceeded to take out of those homes and you might have heard of the volcker rule that says banks cannot gamble with customer money lloyd blankfein said his goldman sachs doing this but guess what he did it we just learned that the firm found a loophole to keep doing it anyway over a billion dollars worth we'll learn how this is possible and how it might add we talked to part naylor a public citizen finally we have eliot spitzer who resigned in disgrace in two thousand and eight just as applied anshul panic was heating up well he's back and he's looking to oversee new york one hundred forty billion dollars city pension plan he won't be able to bring charges or things cool dry so. find out what's in your prime interest. you might remember that elementa

painted as a tough new sheriff even though he abdicated oversight of the entire futures industry one m.f. global ago and its age of whistleblowers today actually yesterday snowden and then today bank of america thanks to two lawsuits we learned how the two big bill giant systematically built homeowners promise and loan modifications who then they proceeded to take out of those homes and you might have heard of the volcker rule that says banks cannot gamble with customer money lloyd blankfein said his goldman sachs doing this but guess what he did it we just learned that the firm found a loophole to keep doing it anyway over a billion dollars worth we'll learn how this is possible and how it might add we talked to part naylor a public citizen finally we have eliot spitzer who resigned in disgrace in two thousand and eight just as applied anshul panic was heating up well he's back and he's looking to oversee new york one hundred forty billion dollars city pension plan he won't be able to bring charges or things cool right so. find out what's in your prime interest. you by it. elementary school les

morgan john corazon was m.f. global but it did humanizes the entire system to a certain extent i think you write a little bit about that. yes absolutely i mean essentially one of the lines that i like to take on and the biggest to say this is not about personal morality it's about incentives but of a structural level you could take all the parts from the two thousand and seven two thousand and eight drama replace them with other people and run the experiment again they would have behaved in the same ways because a lot of the way the banks were incentivized until we talk a lot of the core level you're not really talking to problems and how do we tackle this at a core a level what's your prescription for the future well that to some extent market forces are already taking care of it if you think about it the way the banks made money for the past thirty years was to find out their trading book take on huge amounts of leverage and run a free option in the public in the form of being too big to fail you get to play the trick

the opening scene one hundred thousand dollars for mine and unfolding just prior to blowing up m.f. global continue connecting any related dots on this one by the way the muni market is under the microscope now that detroit is under bankruptcy court protection thanks to the earth zero interest rate policy by chairman bernanke going on five years no pension funds and hedge funds alike have been searching for higher yielding assets well they have been for the student heavily in the us for bonds such as those issued by detroit and now the prices are falling as well as liquidity meaning it's harder to find buyers for these increasingly distressed assets so it looks like our favorite cassandra meredith whitney was just a couple of years too early. and here's west and you are right.

warrant i believe all this warrantless spying on us i think it's unconstitutional let's talk about m.f. global which is another apparent crime and john corazon is finally being accused by the see have to see in this these are just civil charges but it's been two years the future is a new industry was shoveled into disarray because of what this guy did he took customer money he used to bet on sovereign and why has it taken this long for him to face any charges whatsoever by the sea of d.c. the problem of all of these things is that these allegations just like bear stearns just like lehman brothers they're making bad bets and stealing customer accounts apparently to do them i don't know if the allegations are true they appear to be but it takes a lot of time to unwind the transaction find out who the guilty party is the real concern that i have is not punishing cords and he should be punished and obviously everyone who did it should go to jail my concern is this is going to happen again and again and again it's going to happen every five years just as it happened every five years in the past unl

dealers are monetizing the debt they're not saying but there's twenty one primary dealers right and m.f. global was one of them so we also can get into a discussion what happened to john cores and he just rolled off the page and with that one point he went into the sunset slowly into the sunset with a one point six billion in customer funds and that just got rolled off and nobody did anything about it so now banks make money have by creating debt right is it ok so the banks have an incentive to create a huge amount of debt the new man of debt in the u.k. is now hitting record amounts because debts are being created by banks that's their business model to create debts the u.s. the u.k. government to hold back the debt creation of the banks which is their mandate like a cancer they can't stop themselves that's they wake up thinking about that's what they do all day long is create more debt they need to be curtailed because that debt service is eventually going to overtake all the income in the in the you. ok and the only way to stop it is to regulate or raise interest rates or did somehow clamp d

painted as a tough new sheriff even though he abdicated oversight of the entire futures industry one m.f. global ago and its age of whistleblowers today actually yesterday snowden and then today bank of america thanks to two lawsuits we learned how the too big to fail giant systematically built home over promise and loan modifications who then they proceeded to take out of those homes and you might have heard of the volcker rule that says banks cannot go.

warrant i believe all this warrantless spying on us i think it's unconstitutional let's talk about m.f. global which is another apparent crime and john corazon is finally being accused by the see have to see in this these are just civil charges but it's been two years the futures a new industry was shoveled into disarray because of what this guy did he took customer money he used to bet on sovereign and why is it taken this long for him to face any charges whatsoever by the c. of d.c. the problem of all of these things is that these allegations just like bear stearns just like lehman brothers they're making bad bets and stealing customer accounts apparently to do them i don't know if the allegations are true they appear to be but it takes a lot of time to unwind the transaction find out who the guilty party is the real concern that i have is not punishing courts and he should be punished and obviously everyone who did it should go to jail my concern is this is going to happen again and again and again it's going to happen every five years just as it happened every five years in the. unless we