you know, wall street is, i mean, main street is correct in saying, hey, you know, what about us? mean, we bailed out wall street, they're now about to get bailed out in their pocketbooks. that's why, frankly, going back to your first question, why i think people do need to read this book even though some of the concepts are complicated even though i'm very careful to try to explain them when they do get complicated. but the narrative of understanding what is this firm, what's it all about, why are they so powerful? why are they worth saving when people on main street are not worth saving? what's going on there? why have these guys gotten, you know, all the cake and i just get the crumbs? it was a mystery to me that i wanted to try to solve just like in the last book about bear stearns, house of cards. it was a mystery to me how bear stearns could have collapsed so quickly that i wanted to try to understand, and that's why i wrote this book. here i wanted to understand why is it that goldman sachs gets the benefit of this bailout, how were they able to see around the corner and be

wall street -- main street is saying, you know, what about us? we bailed out wall street. they are now getting the benefit of that bailout in their pocket book. main street is still hurting. it's a serious problem. that's why, frankly, going back to your first question, why, i think, people need to read the book. even though some of the con septembers are complicated. although i'm very careful to try to explain them. but the narrative of understanding what is the firm, what's it all about, why are they so powerful, why are they worth saving when people on main street are not worth saving. what's going on there. why have these guys gotten, you know, all of the cake and i just get the crumbs. it was a mystery to me that i wanted to try to solve just like in the last book about bear stearns, "house of cards" it was a mystery that bear stearns collapsed so fast. here i wanted to understand why is that goldman sachs gets the benefit and see around the corner and benefit themselves, perhaps at the expense of their client. and what about main street. what's happened to everybody i

we bailed out wall street. ey're now getting the benefit of that bailout in their pocketbooks, and main street is still hurting. it's a serious problem. and that's why, frankly, if you're going back to your first question why i think, you know, people do need to read this book even though, you know, some of the concepts are complicated. i'm careful to try to explain them when they do, but the narrative of understanding what is this firm, what's it all about, why are they so powerful, why are they worth saving when people on main street are not worth safing? what's going on there? why have these guys gotten all the cake, and i just get the crumbs? it was a mystery to me that i wanted to try to solve just like in the last book about bear steps' house of cards. it was a mystery to me how bear stearns could have collapsed so quickly that i wanted to try to understand, and that's why i wrote this book. how was goldman sachs able to see around the corner and bet against the mortgage market and benefit themselves, perh

wall street is -- main street is correct in saying what about us. we bail out wall street. they are now getting the benefit of the bailout in their pocketbooks and in street is still hurting. it's a serious problem so to go back to the first question, why i think people do need to read this book even though some of the concepts are complicated although i am very careful to try to explain them when they do get a little complicated but the narrative of understanding what is this firm, what is it all about? why are they worth saving when people on main street are sort of not worth saving? what's going on there? why have these guys got in all the cake and i just get the crumbs? it was a mystery to me that i even wanted to try to solve just like in the last book about bear stearns house of cards how bear stearns could have collapsed but i wanted so quickly to try to understand and that is why i wrote that book. to understand why is it that goldman sachs gets the benefit of the bailout, how are they able to see around the corner and that against the mortgage market perhaps at the

investors beat wall street. this recounts how the auction rate securities market went from a sound manner in which to finance large equities to one that was filled with fiduciary irresponsibility, fraud and silently became one of wall street's greatest charades. little is known about the huge financial scam and its ultimate impact but phil trupp's book lays out in clear detail how it came about and how many investors were bound to recoup their major losses. one review of the book points out how this provocative story might easily lend itself to a potential feature-length film. in fact pbs is preparing to air a special on "ruthless: how ordinary investors beat the biggest scam in wall street history" nationally this summer. it is with great pleasure that i welcome mr. phil trupp to the podium. [applause] >> hello, everybody. i want to first apologize for having to sit down. i am falling apart and can't stand up so i am sitting down. i want to thank danny for that fantastic intro. thank you very much. i appreciate

when wall street cuts itself, you bleed. remember that. you bleed when wall street cuts itself or if it stumbles and falls, you will be the one who has to go and be refitted with a new prostates or whatever, and so we had to take it on in that regard. we had to take it on in every way we could. we had to confront congress, all the regulators. we did, they talked a lot, by the way, the regulators are very vocal. for instance, barney frank was helpful up to a point. he held hearings on our behalf, and it was great because we had the whole house financial services committee there and all of them had pinched brows and there were quite concerned and they asked penetrating questions, and in the end, they did nothing so later at an event which i attended with my wife, sandy, at which hillary clinton was the main speaker, i bumped into barney frank, and i said congressman, what happened? you held these lovely hearings, and you made a lot of noise and raised a lot of people, me in particular, and yet nothing was done, and he said, oh

you know people on wall street look at that and they say hey if i rip off you know a pension fund or insurance company or a foreign bank. or a foreign hedge fund there will be absolutely no consequences basically the only lesson they have learned is that they can do anything and get away with anything and that's just right and even if it'll blows up even if we get completely wrong you know the worst case scenario is that the government is going to come in and bail us out with taxpayer money so obviously the c.e.o.'s are not going to the bankers are not going. care much about homelessness joblessness and all that mess they've created but why don't all its missions really make more of an effort at this point i mean it's been enough time over two years so going to start doing something to put stuff back together to put the puzzle back i think there's a lot of reasons for that i think our politicians are completely isolated from what most people in america are really going through they don't spend a lot of time with people who are struggling they don't know what it's like to not be able

make those changes they have to have the ability to not choose politicians who are beholden to wall street theoretically but the problem is that all street heavily sponsors both the republican and the democratic parties so automatically no matter who becomes the front running candidate for the presidency is going to be a creature of wall street if you look at barack obama who i personally admired her on during his campaign of two thousand and eight but if you look at his record goldman sachs was his number one private campaign contributor what about a third party is you know is that even an option or is that never going to happen in this country. no seriously i don't see it becoming a major having a major impact i think you might see the occasional politician who is who is really not part of that world not run so you know it's people are obviously understanding at this point that democrats and republicans are different sides of the same coin why not just them they don't know really because. i think your average american does doesn't see that i think you're right you know ordinary people ar

to her despair but wall street nearly ended america as we know it. and still damn well could and frankly almost certainly will do it again al qaeda is considered public enemy number one and our politicians have spent trillions of dollars fundamentally remaking our society compromising our freedoms and ideals and burying our reputation around the world just to engage in a worldwide match with this sorry small band of crazies and criminals. seem to be willing to pay any cost to make sure nine eleven doesn't happen again even stupid costs like stripping our rights and putting charity off for no scanners in our airports and it is all with radiation but we were a financial collapse what are we willing to do to make sure that doesn't happen again while we've spent trillions in corporate welfare to bail our banks we haven't spent a dime on preventing another crash wall street lobbyists went to work making sure that any financial reform laws were either killed our right or watered down to the point of view relevance and they've been successful and now republ

joins me for the first half hour of our conversations great minds and i will discuss how and why wall street continues to thrive on the backs of the middle class plus the bin laden has been wiped off the face of the earth from the u.s. close the chapter of the decade long war in afghanistan that just isn't the decision to stay or grow its weekly role and tonight his america really is becoming a supersized nation i'll tell you how mcdonald's is leading the job rat race stands delivering. for tonight's conversations with great minds i'm joined by an author and columnist his work is focused on holding wall street accountable for its crimes and raising awareness about the dangerous dependence of the american economy on the physical sector today is currently the executive director of the labor institute and the public health institute in new york and his latest book is titled the looting of america how wall street's game of fantasy finance destroyed our jobs pensions and prosperity and what we can do about it please welcome in our studios in new york lesley ople of the program. thank you very muc

each week keep it right here where wall street meets main street. have a great weekend, everybody, and i'll see you next week.

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, "the wall street journal report." now maria bartiromo. >> here is a look at what is making news as we head into a new week on wall street. the u.s. economy added more jobs last month, more than at any time in the past 11 years. and all of them were in the ivprivate sector, which showed e best gains in five years. nonfarm payrolls rose by 244,000 in april, strongly surpassing analysts' expectations. the unemployment rate rose to 9%, likely because more people were looking for work. it was the third straight month of more than 200,000 job gains. >>> well, the air is coming out of the commodities trade. the crb index dropped sharply during the week. oil tumbling below $100 a barrel for the first time since march. silver falling big-time, in part because tighter margin requirements were instituted. the markets had a weak start or to the month of may. the dow snapped a four-day winning streak on monday, and fell more during the week as the commodities tumbled. the markets rebounded, though, on friday. with the end of earni

each week keep it right here where wall street meets main street. have a grea the internet on a plane! are you from the future? um, no. cleveland. listen cleveland, your savings account is stuck in the past! earn more with interestplus savings at capitalone.com. that's new school banking baby! so instead of making peanuts, your savings will be earning three times the national average. oops. sorry. three times more? i'll have that! it is now safe to go online to capitalone.com. what's in your wallet? buh-bye... call me.

i sound on likely to be heard on wall street where the rich and powerful have lost billions in past years while poor americans on main street continue dealing with all the constant breena fortnight r.t. . and meanwhile moving overseas the country of france is moving to ban a gas extraction technique known as fracking meanwhile this industry the shale gas industry is booming in the united states but not without consequence a new duke university study has confirmed what concerned americans have been claiming for a while but which was dismissed as anecdotal by the gas industry that fracking pollutes groundwater but before we got to all of that let me give you a little background on friday if you don't know what it is already now some journalism students from new york university they did a song which is going to do a much better job than i could give you a little background take a listen. it's . going to go to the to the. city it's. like they're going to. see. one of the i don't. know how to talk about this is kate indeed she is senior attorney for the natural resource. council thanks so much

a managing director and i also want to bring into this whole discussion some comments made by a wall street bucket shop that goes by the name of stone street advisors. in the in the story about me that stoned street advisors is takes exception to one of the things they bring up right away is lloyd blankfein c.e.o. of goldman sachs of course is being accused by carl levin of lying before congress and lying to its clients your thoughts on carl levin's accusation the lloyd blankfein was lying to his clients and was he lying to congress with respect to his clients and those are some points that were brought up by levin and also in in math article there was an issue around certain deals one for example was hudson where goldman in order to get clients to buy those deals indicated that it would be taking a position on the side of those same clients within those same deals so the hudson deal for example was a one point two billion dollar deal goldman was going to take a sliver of a six million dollars position in that deal and because of that that was one of the sort of carrots the bait to bring cl

on creating their own leaking sites and yesterday rupert murdoch owned the rupert murdoch owned wall street journal launched their own leaking website called safe house but is this going to be enough to cut out leaky leaks to inspire whistleblowers to come to their site and it doesn't seem so if you look at the fine print in the wall street journal's terms of conditions those leaders who choose to remain anonymous must first enter into a confidentiality agreement that states that any information sent to the journal can be used in any purpose as in they hold the right to disclose any information about the leaker to law enforcement authorities without notice in order to comply with laws and safe house leakers have to agree not to use the service for any unlawful purpose so does this has destroyed the basic principles of anonymity aligned with leaking and doesn't serve as a vindication for wiki leaks joining me to discuss it is aaron swartz executive director of the man of progress dot org aaron thanks again for coming back on the show. the first part is the internet i really do think that we

investors it's a green all the way to the bank even to hear how foul play is lining the pockets of wall street. and manufacturing in the usa once the heart and soul of this country now just a faded memory of the middle class so will the u.s. ever be able to reassemble. and it's a tale of two princes the first founder of blackwater the second the leader of al gadhafi and as these princes prepare to create an army for hire in the u.a.e. we explore whether the contracting words used lie with the because. good evening it's tuesday may seventeenth eight pm here in washington d.c. i'm lucy captain of you're watching our team. now in a just world those who break the law by lying cheating and stealing are usually tried and prosecuted for their crimes unless of course we're talking about well heeled executives of say i don't know goldman sachs you know in his latest piece for rolling stone magazine back to the revisits the wall street firm that he once called the vampire squid and he got a case for why goldman exactions be plucked from the boardroom and sewn into court earlier i spoke of not about gold

i'll have more on the high crimes of wall street tonight in our daily take. crazy alert no sex in florida the state passed a band bill banning beastie ality basically outlawing all sexual contact with animals but since the writers of the bill didn't define exactly what an animal is and science tells us that humans are indeed animals and it appears as though sex with animals including humans is now illegal in the sunshine state looks like the republicans might have gone a little too far last week in their ongoing efforts to get into our bedrooms and i guess there won't be any scenes like this unfolding at least in florida for a while real or faked. i'll have what she's having. coming out of higher education already comes at an expensive price but apparently not too high for the koch brothers other generous contributions are screwing the nation's public universities. let's not forget that we had an apartheid regime right. i think. even one well. we never got the book says the keep things safe get ready and their freedom. you know sometimes you see a story and s

and now for the billionaire mare's and enough with the billionaires on wall street david we just have a few seconds left but a minute left. to what extent are the billionaires inserting themselves into california politics you know trying to trying to advertise against the thinks of the jerry brown is trying to do actually are trying very hard to influence the direction of the legislature they're trying very hard to see idea that enough is enough with the extension of these taxes that we're asking prosecuting you doing because we're doing it right now anyway but you know also essentially correct you know big business should be a spiritual taxes and they aren't and so we can we do our tax structure you know when you make it more fair for everybody they should be their fair share and they're not the money's not there for education and it's a tragedy all the way around david allison you're both doing great work thank you so much for being with us thank you great to have you both on as our more rowdy decayed in the united states so much that we rejoice banks tears on wall street making hun

call themselves the leeman brothaz, with it being spelled differently than the leading icon on wall streetmer bankers. the one who wrote the song was once on the payroll of jp morgan chase. they say enough of the bull, the bull on the street, of course. they say wall street has gotten a bum wrap when it comes to the financial crisis blame game. poppy harlow went to the scene of the rhyme, the financial district. >> reporter: the wall street bull, the symbol of american capitalism. although some bankers images may be tarnished from the financial crisis, there are others who say the bankers aren't the only ones to blame. ♪ yeah come on ♪ that's it that's right ♪ put them hands up yeah ♪ greed is good people act how they should ♪ >> the whole thing was an organic process. at the end of the day we were not out there to point fingers or poke at anybody. we wanted to give perspective. it dealt with a lot of consumers who were ignorant on the end of getting a mortgage. one day my good friend calls me up and says, you've been frustrated for so long, write a song about it. and i said, done. ♪ real

it is back to business on wall street after a long holiday weekend. early morning business headlines are straight ahead. anything but smooth sailing in italy for jersey shore's sno snookie. >> and ohio state's sweater vest is put on the shelf. you are watching "early today." >>> good morning, and welcome back to "early today." i'm lynn berry. here are some of your top headlines this morning. according to the "wall street journal," the pentagon has concluded that computer sabotage coming from another country can constitute an act of war. the journal reports that for the first time, the finding opens the door for the u.s. to respond to such attacks using traditional military force. >>> europeans are trading blame over the source of a mysterious bacterial outbreak that has killed 14 people in germany and sickened hundreds across the continent. spanish vegetables are being pulled from the shelf something containing e. coli. spain says there's no proof its vegetables are a cause. >>> there's another incident involving sexual abuse of a maid in a hotel. his

regulators that weren't minding the store. >> what goes on behind closed doors on wall street? >> we stand strong, and on the other side we'll eat golden sludge. >> could it happen again? >> i don't think anybody realized that we were within a day away from a major international catastrophic and economic meltdown. >> james wood from "too big to fail," andrew ross sorkin, the man who wrote the book on the crisis. this is "pierce morgan" tonight. >>> good evening. it's costing dominique strauss khan $1 million to get out of jail. the judge is granting him bill, but he also posted bond for another $5 million and will be required to submit to home detention. he is being indied on seven criminal charges, related to allegation that is he sexually abused a hotel maid in new york. joining me now. loosa bloom and author of "think, straight talk for women to stay smart in a dumbed down world." and the break-up of the marriage of arnold schwarzenegger and maria shriver. and ralph, divorce attorney, and the author of "getting away with murder." let's start with the case of this imf boss an

thanking on trial he was on his show last night he had this to say about the current climate of wall street all the incentives that existed before two thousand made that led to all of this horrible being here and all these dramatic consequences that are all still in place and i think the most important thing to remember is that all this stuff happened and nobody got punished and that was that's the single biggest thing the set in to all of this happening all over again because i look at back in the last decade we clearly learn that wall street can do far more damage to our nation than any terrorist could ever dream up so why we're throwing trillions of dollars into our war on terror but not one dime to prevent a larger threat of financial collapse. well yeah i mean i think i mean i obviously think that we've spent way too much on wars and fiscally irresponsible and not enough regulating and for saying those regulations on wall street you know i think it is interesting to look back and see the damage that was done by the financial collapse and then look at what we spent i mean if even if it

come forward and say no we're not going to last are able to the last time i checked wall street bankers goldman sachs didn't actually kill anyone they didn't vaporize three thousand people who spent it is a reason they didn't before i see thousand a lot of families that have been destroyed that's all tragedy has been enormous amount of child but it is not. as though you thousand people ten years ago and talk about these are these were not mom and pop investors these were institutional investors rather you know representing companies that represented companies that had their own analysts that also made bad choices so it's these were these were denied that they wouldn't have done if they didn't know anything close choices would not have been possible if the commodity futures modernization act and the grammys vilely x. about in past ninety nine two thousand if we hadn't deregulated those commodity markets and gone from no c.e.o.'s to nine hundred trillion dollars for the c.e.o.'s given you know in a world where the total g.d.p. of the planet is sixty five trillion dollars by two thousand a

, "the wall street journal report." now maria bartiromo. >>> here is a look at what is making news as we head into a new week on wall street. disappointing news about america's economy. another look at the gdp for the first quarter by the federal government showed an annual increase of just 1.8%. that's a slower pace than economists had expected, and a sign of a softening economy, even though it is a backwards-looking indicator. the week started off with a blue monday as the markets fell on concerns about europe, but broke a three-day losing streak by wednesday. the markets were back up later in the week. >>> encouraging news about the housing market for a first time in a while. new single-family home sales hit a four-month high. that was a surprise to analysts, and was the second straight month of gains. they increased 7 1/3%, the highest level since december. >>> and small does not mean unsafe when it comes to cars. a new study by the institute for highway safety shows six of 13 small cars tested earned a top safety p

poll ninety percent of americans say wall street speculators are driving up prices at the pump course gas prices aren't the only commodities spiking today so are food prices secretary of state hillary clinton addressed this issue last week saying rising food prices could have grave consequences for the entire planet back in two thousand and eight rising food prices led to violent riots and millions of people around the world nearly starved to death many did and like to date back then those rising food prices were accompanied by rising oil prices yeah the thing is that back in two thousand and eight as oil and food prices were skyrocketing there were no actual shortages of oil or food in fact oil and food supplies were both at all time highs as a saudi oil minister ali now i naively said in two thousand and eight quote recent crude prices do not reflect the fundamentals of supply and demand in the oil market as much as they are caused by financial speculation and quote and we sell as the midwest were literally overflowing with supply so why were the prices going up and want to seem lik

the state will need roughly about $10 billion of short term loans on wall street, and we are being toldoth by state treasurer little lockyer and alleged analysts and standard&poor's, the credit lending agency that wall street will want to see some alternative if the taxes don't happen, some kind of cuts, some alternate plan and i think at the end of the day, brown and any other lawmakers will come up against wall street, wall street's going to win. >> and john, what would make the republicans give in on the taxes now that, you know, whereas they haven't up until this point? what's going to change? >> yeah, i think that's probably the question we're all waiting to answer, isn't it? i mean, you know, the tough part here is figuring out exactly what republicans in the state capital want. i think there's some grumbling in republican circles that perhaps they've already overplayed that hand but they clearly want a package of what they would call reforms to go along with the taxes. if the voters are going to approve, are going to have a vote on the taxes they want the voters to vote pensions.

adding insult maybe even criminality to injury debt collectors are bullying main street this as wall street and washington get pale doubt. that afternoon it's monday may sixteenth four pm here in washington d.c. i'm lauren lister and your watching our t.v. well it's a scandal of multinational proportions and top news on the u.s. mainstream media outlets is all reporting on it take a look. she's a lawyer for you now the head of the international monetary fund just arriving to new york courtroom he said to be arraigned on sexual assault charges in new york city. of course the latest developments on the arrest of the head of the i.m.f. on charges of rape head of the international monetary fund the i.m.f. will be arraigned inside this manhattan courthouse shortly that is going to happen a hotel housekeeper accuses dominic strauss kahn of attempted rape well it's taken a great scandal for there to be any major attention paid to the international monetary fund in the u.s. never mind the bank's involvement in greece ireland and portugal bailouts of late war it's criticism of policies over the year