let's talk about what this means what questions it should raise we have just the person to do that nomi prins senior fellow at demos and author of black tuesday also formerly of goldman sachs and a past life so know me thanks so much for for being on the show welcome back to capital council nice to see you again. thank you great to be back again let's start with m.f. global with this trustee with the revelation that i just brought up that m.f. global had liquidity issues long before the fall of two thousand and eleven did not have the proper systems in place to i guess gauge this what kind of questions does that raise then that they were granted this primary dealer status and questions about what that enabled them to do then. well you know starting with the primary dealer status that is something that the fed can either choose to bestow on a company or not and as we know they chose to bestow it a lot of that was because with john coors on coming to the helm of them of global he had behind him all of the relationships the bravado everything that came from having been an insider in washin

unpack here we have just a guess to help us do it author and former goldman sachs managing director nomi prins joins us also g seven finance chiefs reportedly held a eurozone crisis conference call today as spain's treasury minister has sent up a flare saying the hell does that country is shut out of the bond market the treasury minister and reportedly some of spain's bankers want the ego to help recapitalize struggling banks easy for them to say a bank rescue for them comes on the backs of taxpayers citizens will ask if anything could turn that dynamic around. and could the way one kastrup city and others are trying to fill a budget shortfall backfired could it incentivize disaster and destruction adding fuel to the fire quite literally we'll explain let's get to today's capital account . we have so much bad bank behavior and so little time i guess the question is where to start we have m.f. global bank of america also the government of course the treasury so why don't we start with m.f. global because the trustees of the now defunct firm have come out with reports both of them this wee

nomi prins, you tweeted alter yesterday's hearing. why was jamie dimon call to speak or testify before the senate banking committee? >> as we just heard, apparently, from one senator, he was not called to sit there and be judged for the loss, how it was created, how he felt sorry but unaccountable for its creation. so that did not seem to be the purpose. what did seem to be an overriding purpose for the this hearing was a judgment on regulation of the industry where jamie dimon was sort of used as the pin for the senators talking about the need to not for the regulate or more harshly regulate the banking industry to which he falls very neatly in line, of course. and the ones that sort of were talking about regulating it, but not so much. as you mentioned, there really was not a lot of grilling in this particular hearing. i thought it was the tamest, and there have been very tame hearings, for any of the bank leader since the crisis began in 2008. >> i want to play a clip of senator sherrod brown, democrat of ohio, asking jamie dimon h

teens without a job this summer to talk more about the state of the economy and where it's headed nomi prins joined us earlier she is the senior fellow at demos and author of the book black tuesday i first asked what she thought of obama's speech here's her take . i i honestly think it's an example of talking rather than doing we we've seen this from obama in the pre-election campaigning last time he's been in post election mode campaigning really since then and certainly has ramp that up recently and i think that's really where he's continuing to to put his efforts into words and sort of gestures without without content at least without really understanding what needs to be moved in order to address this economy one of the main things for example was yesterday's. love fest between the senate and j.p. morgan c.e.o. jamie diamond where there was really no indication that there was a relationship between what happens with risk taken by the largest bank and the rest of the american population and i think obama lives in that same disconnect and i want to take a moment we actually have a cl

unpack here we have just the guest to help us do it author and former goldman sachs managing director nomi prins joins us also the seven finance chiefs reportedly held a euro zone crisis conference call today as spain's treasury minister has sent up a flare saying to help the country is shut out of the bond market the treasury minister and reportedly some of spain's bankers want the ego to help recapitalize.

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