most recent banking scandal i'm joined by william black in kansas city he's an associate professor of economics and law at the university of missouri kansas city and author of the best way to rob a bank is to own one and in london we go to richard wellings he is deputy editorial director at the institute of economic affairs all right gentlemen crosstalk rules in effect that means you can jump in anytime you want ok william and i think go to you first here it looks like the global banking system is one big cartel illegal operations and controlling the global economy would you agree or disagree with that statement. now it's not one big cartel but there are a series of large cartels in this scandal makes clear that the city of london is controlled by an enormous cartel and it's made a terrible mistake from its own standpoint it is now violated the antitrust laws and while it's been getting away with a slap on the wrist for all of its misdeeds from the banking regulators who do this like touch regulation in the united states there is enormous potential liability under the and i trust laws and this is going to be at the game changer tha