one person who knows both sides of that equation is sheila bair. bank with a big presence in the u.s. she joins me now in an exclusive interview. sheila, it's great to see you. >> thanks for having me. >> can we start with talking about what's happening with regard to foreign banks in the u.s. what's your take about the fed's new rule and how much more capital they have to hold? >> i am very supportive of those rules. i think it's important we have standalone laugh quiddity with the u.s. operations of these large foreign entities, many of which don't have high levels of capital so i applaud the fed. i have been supporting this move for a long time. they did give them a bit of a break, the foreign banking operations, they gave them a bit of a break on capital. they have a few years to get up to 3%. most of them are funding their repos with 0% capital, 100% leverage. it was a little out of control. it's a very positive thing. they're still getting a bit of a break on capital but i really applaud the fed on this. i applaud janet yellen and dan tur r t

guy who pushed for the repeal of glass steagall who deregulated the derivatives market and who sheila bair wrote quote was part of the deregulatory cobol that got us into the two thousand and eight financial crisis now this is the same financial crisis that increased the gap between the haves and the have nots summers is one of the haves with a fortune estimated to be between seventeen and thirty nine million dollars amassed by consulting for financial firm financial firms like city now summers went on to write that president barack obama is right to be concerned those who condemn him for tearing down the wealthy and engaging in un-american populism are to put it politely lacking in historical perspective. now kind of like the pot calling the kettle black a little bit later i know especially when your historical perspective is based on that of a fictional t.v. show. you try to give me orders with you mean she mistook you for soup but you don't kill the love of god it was a show. for morrow and the director david stockman joins me now from our new york city studio to discuss yet but us budg

guy who pushed for the repeal of glass steagall who deregulated the derivatives market and who sheila bair wrote quote was part of the deregulatory cobol that got us into the two thousand and eight financial crisis now this is the same financial crisis that increased the gap between the haves and the have nots summers is one of the haves with a fortune estimated to be between seventeen and thirty nine million dollars amassed by consulting for financial firm financial firms like city now summers went on to write that president barack obama is right to be concerned those who condemn him for tearing down the wealthy and engaging in un-american populism are to put it politely lacking in historical perspective now.