to talk to us about what exactly is going on with the banks nomi prins thanks so much for being on the show so my first question for you yeah absolutely as i just said you have banks of that have written more of this against euro zone debt even in the first half of the year significantly more you have and that's global that went bankrupt after making huge bets on duros own sovereign debt people have known that europe is risky my question is what causes c.e.o.'s traders investors to continue to take risks of such enormity. that's a really good question you know i was listening to talk in your last segment about how. this is collusive notion of throwing money at these problems of politicians not necessarily knowing what's going on in their own banking systems and central banks printing to basically keep this dead alive and keep things going and masking is the term masking a lot a lot of problems and that's kind of what happens the mentality at the banks and at these funds is that we're not going to be the last man or company standing if we go in and write protection or we basically sell

giving an advantage to big investors at the expense of everyone else i'd like to bring back and nomi prins to have this discussion she's a senior fellow at the think tank demos also author of the book black tuesday which you see there and she's in l.a. and know me i actually really quickly before we get to these stories today i just want to follow up with the derivatives conversation because there's so much to touch upon and i know our producer dimitri kovtun as wants to get to this discussion to ask you something about it you know my question of the do with your conversation with lauren before you were talking about the five biggest banks have about ninety six percent of the o.t.c. derivatives market and to me that seems or rather me ask it this way how is that different than a racket because if the march is running a protection racket they basically go to a local store and they say give us this much money every month or we're going to light your house on fire how is it different when these banks are in such a position where they can continue to take risks like this expanding the size of

bankers and the politicians and the central banks the really different heads of the same entity ok nomi prins thanks so much for being with us. thank you once again greek greece is left to the whims of the international banking system as our nation was back in two thousand and eight when americans shut down the switchboard at the house of representatives begging their members of congress to vote no on the bailout ultimately congress didn't listen to we the people they listen to them the banks toure's but times have changed here and all over the rest of the world today people are in the streets and the banks toure's for once are starting to worry. going up by panel of guests from d.c. new york and california will have the latest on occupy wall street goes to coast. but drives the world the fear mongering used by politicians who made decisions to break through get through it if you've made who can you trust no one who is you view with a global missionary see where we had a state controlled capitalism is called sasha's when nobody dares to ask we do our t. question more. yesterday was general st

government so democracy once again take a backseat to the demand of the bankers here weigh in on this is nomi prins journalist senior fellow at demos and former managing director at goldman sachs know me welcome back to the program thanks electron could you please break down for us the situation in greece why is the national vote so frightening to euro leaders and in particular global investors and out of greece get into this mess. excellent questions that the reason it's so scary the idea because first of all the global financial leaders and political leaders particularly in europe in the united states i'm speaking of know that if there were to be a referendum in greece there the people of greece would vote against taking another bailout from the e.c.b. in return for more punishing us parity measures pension cuts job cuts and continue to radiation of their economy so so they knew where the vote was going to leave which is why as you mentioned just a moment ago they basically packed on to the pub and rail and said you know that was a really dumb idea we're not going to let that happen in your we do

. >> i'm joined now by author and freelance columnist nomi prins.ank of america's abo abo aboutface has to do with the ok miswall street protesting? >> it was about the decision to retract the $5 debit fee which is ridiculous. it's an eight-cent transaction and a $5 per month fee. it never made a lot of sense and annoyed a lot of americans on the streets in occupy wall street throughout the country and also people who weren't in the streets. part of that anger combined with the fact that bank of america is looking at its customer base leaving, to some extent. that is also a part of it. it used to be the largest bank in the country. it is now the second largest bank in the country. they said, wait a minute, we're going to retract this very visible fee for which we have a lot of public hostility. on the other side of that, as you mentioned in the lead-up, there are a lot of fees that still exist that don't have the same focus and public taengs attention and anger that they are continuing to levy. and i'm sure after having retracted this fee, they're t