well you won't have to we won't prosecute you if you promise to be good so to his to the new york city bar association lenny bruce said companies also realize that if they want to avoid pleading guilty or to convince us to forego bringing a case all together they must prove to us they are serious about compliance our prosecutors are sophisticated they know the difference between a real compliance program and of make believe here's an idea let's take jamie diamond up in an airplane. open the door and throw him out and say look it's our new program of deferred gravity so all the banksias out of airplanes at forty five thousand feet and try the deferred gravity program there ok oh by the way if you got rid of all the bankers the economy would grow their theory that you need to defer prosecution to preserve the bank stirrers and their role is somehow helping the economy is the argument that cancer makes to the host that's the cancer argument regarding the deferred gravity situation milton friedman already tried that until a it didn't work so we already know that doesn't work lanny breuer says that he has

feel the call we've just covered him recently where he was the one who spoke before the new york city bar association saying that deferred prosecution arrangements are perfect i love them they're the best way to deter banking crime. as it is. straight rat all right we've talked about her prosecution agreements in the past haven't we i mean there are where you can't make this stuff up then they're guilty but we're going to defer to the prosecution how much that cost j.p. morgan itself in response to the civil suit said we're disappointed that the new york attorney general decided to pursue its civil action without ever offering us an opportunity to rebut the claims without developing a full record instead relying on recycled claims already made by private plaintiffs that this private plaintiff of course max is back formerly giant insurer who insured many of these c.d.o. isn't mortgage backed securities that have now blown up and we covered this two years ago two years ago well before this eric schneiderman even thought of this and we covered it with terry buell so let's go to that episode and then you