vince cable is poised to take action against fred goodwin and a small number of other former royal bank of scotland directors as a direct result of the banks collapse guess what max mr cable secretary of state for business innovation and skills is to pursue the former bankers by moving to disqualify them from sitting on company boards in the future sure a different good when of he's one of the main characters in countries around the world have their capital to capital the main guy whether it's diamond on wall street or fred the shred goodwin in the u.k. these are the really the pillars of the global banking catastrophe that they are castrated but i mean come on vince cable he wrote in with the liberal democrats on the platform of banking reform if that's his reform vince cable want to just give them a big wet kiss you know the middle of the frogger square and promise your undying support just don't penalty events think think a little more creatively about it well max compare it for example to allen stanford gets one hundred ten years in prison for seven billion dollars ponzi scheme the prosecutor h

of six german banks including the second biggest lender. with the latest from brussels, here's matthew price. >> from royal rock and the royal bank of scotland and limaens and beyond, the banks collapsing continues to mount with governments picking up the tab. when this belgian bank was bailed out twice, it cost the government here billions, and that cost is still going up. when governments step in to save banks, debt builds up in the private sector and it's passed on ultimately to the taxpayer, and senior officials here are saying that must end. >> step forward the european official in charge of regulating finance. today he outlined a list of measures to help countries coordinate bank rescues. >> we have to do two things, take emergency measures to deal with the crisis right now, like the one we have in spain, and put in place a long-term plan so we don't find ousts in this position again. >> ultimately what mr. barnya is proposing is a banking union for the euro zone rather than national governments being the backstops for their banks, the european union would be able to restrict what their banks could do and how they could do it. it would

of the biggest banks in europe and the u.s. in the latest slap in the phaser to the ailing financial sector those hits include goldman sachs morgan stanley royal bank of scotland and deutsche bank a financial pass' domestically and internationally the move could make it more expensive for the banks to attract funds it's also fear the downgrades could trigger a fresh market panic and a new exodus to gold financial expert to mexico says the politicians might try to exploit the dung great to push through their own agenda. they of course will use this opportunity to put forward more global governance more centralized government more commanding control more state run operations a less democracy less the market activity less free competition so all of those things are being displaced by state controlled command and control bank and fascist relationship with governments and that's growing to the detriment of people in greece who are now suffering the real consequences people are dying in the street they can't afford health care they can't afford food but i would sometimes we're going to hear this hijacking scenario where the some of them technocrats like mario monti

of the biggest banks in europe and the u.s. and the latest slap in the face to the ailing financial sector those hitting huge goldman sachs and morgan stanley royal bank of scotland enjoy each bank financial potholes as domestically and internationally the move could make it more expensive for the banks to attract funds it's also fear the downgrades could trigger a fresh market panic and a new exodus to gold for more analysis let's talk to our chief financial guru maxim kaiser who joins us from the international economic forum in st petersburg max good to see you there the banks have criticized the reverse saying mood is a decision is a backward looking is it. look the banks are dead you know the famous russian short story the death of ivan ilyich about a dead man who hears everyone talking around him and that's what we're talking about when we're talking about the global banks their dead their corpses no amount of aerosol trying to make the stink go away is going to change that that's what pretty like art and these other folks at the i.m.f. have failed to come to terms with there's a huge problem in the banking sector in their core they are as dead as a corpse.

of the biggest banks in europe and the u.s. and the latest slap in the fraser to the ailing financial sector those hitting goldman sachs morgan stanley royal bank of scotland and deutsche bank financial paul howes domestically and internationally the move could make it more expensive for the banks to attract funds it's also fear the downgrades could trigger a fresh market panic and a new exodus to gold but charlie mcgrath the economic blogger and founder of the website wide awake news says the end goal of the move is to spread fear. i think what we're going to see is this play out over the next couple weeks we're going to see more fear we're going to see more gloom by the mainstream business media in order to affect what citibank and they're going to be in just a week ago came out and said that they need it they need a shock to the market they need to get political cover not only the politicians here in the u.s. could because let's face it the u.s. is the largest provider of bondage to the i.m.f. but they need to give political cover to the folks in europe as well so they can continue their process of evaporating in eviscerating representative government t

of a new chairman. across the world, almost 20 banks have been probed for possible involvement in reading interest rates, including lloyds, hsbc, and royal bank of scotland. their share prices fell sharply with our bs down 11%. why? >> not just here but in the u.s. adding all those potential costs, we could easily get to several billion dollars account for the u.k. banks. bamut a huge price being paid by barclays -- the massive legal cost it faces. these will not kill the banks, but banks look after our precious money, so they need to be trusted, which is why barclays needs to demonstrate that the flagrant flouting of the rules by bankers can never happen again. barclays has been disciplining the traders who tried to rig the market. not enough, says the leader of labor. >> i do want to seek criminal prosecution, and i do want to see those who have done the wrong thing, those who have committed what i think are atrocious acts, brought to justice. >> bad news for our banks. tomorrow, they will be chastised by the city regulator for imperiling small companies by selling them unsuitable products. >> as the banking sector is sent through another look in bruss

for example royal bank of scotland will suddenly announce oh we have a trillion pounds black hole of debt we have no idea where it came from oh we need to be nationalized the executives get to keep the money they stole and austerity measures need to be imposed oh this bank has alpha bank in greece it's a huge black hole of debt we don't know where it came from bank. where is that that we don't know where it came from or m.f. global object morgan remember j.p. morgan stole eight hundred one point two billion from customers they stole it from the customers they pretended to jamie diamond we don't know where it went it's a black hole of debt and he's selling off into the sunset you know drinking themselves silly from all the excesses of his guild gotten gains in congo designed to corps i'm also still funding obama we don't know where the money came from we opened the front door and this billion dollars came pouring in through the front door and ed mcmahon wasn't even there so remember the important ingredient to this con is confusion you must do it very fast you must confuse that person

of something very long and ugly. it's report that the several other banks have played the same rate-fixing game the next domino likely to fall most likely will be the royal bank of scotlandch is expected to be find $233 million foreits role in the rigging scandal. george zornick. thank you for joining us. i know you came to talk about the tom cruise and katie holmes divorce. is this too dense for the average american to make sense of? >> i think it's both. you have the cruise/holmes brake up but then you have the supreme court decision and the supreme court decision in arizona. this is very complicated. a majority of people who have come in contact with the story for the first time and i'll include myself we're not sure what it was and how it was being manipulated. it's not the thing that arises righteous populous anger. >> john: but when go to buy a house or a car and you have the interest rate, you wonder how do they come up with that? they just make it up. >> and he's not wrong. they're acting in their own interest. and it's to their interest to do this. but the question is should they be allowed to do this? and should it be the punishment be stronger than the slap of

banks suffering downgrades of two notches are barkley's, citigroup, deutche bank, goldman-sac goldman-sachs, morgan stanley, royal bank of canada and ubs. bank of america, hbc, royal bank of scotland associate general downgraded by one notch. the banks have criticized the downgrades as backward looking. >> all right. let me tell you what's happening in the nba. season is over. why? they crowned a champion last night! >> the miami heat are once again nba champions! lebron james captures that elusive title he so desperately coveted. >> oklahoma city thunder were fantastic but not nearly good enough. they beat the thunder 121-106 to win this title in five games. they did it in miami. lebron james named m.v.p., no doubt about it. under 30 points per game average. after nine seasons, the guy that was on the cover of "sports illustrated" in high school had this to say after winning his first championship. >> it's about damn time! it's about damn time! >> the third time in the finals clearly the charm for lebron james. a lot of emotion last night and although the nba wanted a game five and six to make all their money and make great ratings i'm sure they're happy to see their high profile

banks are being probed in this case. hsbc, rbs, ubs and citigroup, all of those stocks moving lower in the u.s. premarket trading here. pretty significantly, barclays is down by about 12%. royal bank of scotlandarginal losses but these are something that are broader -- bigger than the broader market losses and something to be watching closely. guys if you're talking about five that's significant in whether or not libor was manipulated. we said yesterday they take the four lowest and four highest and throw them out. if there were five banks it starts to have an impact on libor. >> the question i have, whether there was collusion or just a whole -- that's probably harder to get there. >> a harder stretch to get there and sounded like from the e-mails you read yesterday it was the trading desk talking to the banking arm on these but who knows. >>> let's get back to health care and we have the banking news we'll talk in a little bit. few hours to go, the form ceutical industry has a lot on the line and joining us on set, former ceo fred hassan, currently managing director at warburg pincus. what do you think is going to happen at 10:00 a.m.? >> i believe andrew it's a tossup. in spite of the 75%

the fsa when they looked at what happened at royal bank of scotland did cite group think at the boardking about people who aren't yes men. >> this is prying the lid open on what's been the tight knit group of people running companies and countries. >> there is experimental evidence showing women are less likely to engage in high-risk activities. >> never seen that in myself really but anyway, i think you have to be ris acware, that's maybe what women to do. this can be a great career for women judged by performance and not out of -- >> i think we're uncomfortable with the generalizations. larry summers tried this once, but you've heard, do you hear women are less -- what? >> one of my colleagues at stanfo stanford, very accomplished -- >> i show you a bloomberg poll that has obama up 13 points. the obama white house said we're not taking that seriously. >> this is better science. >> is this like climate science? wow. >> you don't want to have sweeping generalizations. there's a spectrum and people are people, but i do think, i see that women have a different approach, i think a better