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I don't know what the cat dragged half actually we were brought him over here you know like I know I heard something -- this is breaking okay.
Blue horseshoe looks at a country I just heard that.
As important to stay away from the airlines that according Danica that's all right let's talk about a story that you could work well -- -- -- -- the whole foreclosure settlement investigation.
We talk -- might might crack team -- -- -- talk to Tom Miller's office.
They say the are under pressure to bring this thing to -- -- -- courses united church -- -- the AG from I -- he's in charge of the whole investigation if they are under pressure they they're conceding this from DOJ department justice the Obama administration.
To bring this investigation to a close because the banks are being negatively affected.
You can't for close you can't write down the long -- can't sell the houses that are under investigation so.
They are under pressure to do it he thinks and wouldn't -- basically confirmed a report from yesterday.
But the bank's gonna face massive amounts of new regulation numbers you set a hundred possible new regulation -- into foreclosure something that's known as an enforceable.
-- foreclosure just can't rubber stamp it you're gonna have to sign and forceful court document that needs to foreclosure process in the future when this thing gets done.
And they're talking about weeks away maybe two months away six weeks away.
You're gonna have to basically have lawyers -- off it's going to be very -- tedious but it's the ultimate outcome of this whole thing so the lawyers that don't go to law school their new jobs for players everybody seems -- -- Wall Street go to law school.
You know when you work on stories you talk to traders on trading worth -- you both on bars right up.
Often in bars would have -- while you're on the floor right now internally we have an injunction and early how are you mcedwards.
Outlook has a question and by the way so so the traders were off fighting over who got to talk to Charlie and and we've got a good feel with -- we want to have Jerusalem about an hour we have -- -- The federal deliberate and it's something.
Our account I always get -- he's -- -- degrees confidence though right you can see on the -- -- there are riding a bit right but actually the markets expect this to go through right what are your sources saying if well actually this were to fail it.
That would be a big thing you don't even if -- worked to pass right and what people Hussein and I'll talk about CEO's of major banks.
They're keeping either abreast it is being seen sort of advise on this minute by minute.
Or even a lot of -- we're going over -- just to go to Europe from figured out what they're saying is that.
This is a Bear Stearns moment and I hate to throw that into the mix that this is going to cause a major.
Contagion but this is the point where it's the beginning of the crisis.
And it's something that is a crisis and what people do expect to some extent.
It to -- now the question is what the policy makers do remember.
A lot of people -- agreements.
I'm not necessarily one of those that if the Bear Stearns you know you had to sort of manage solution not kind of a half bailout if the bears and we're JPMorgan assumed.
Many of the assets -- took over some of the to took over the firm.
What -- that -- and other share.
But the contagion spread to Lehman.
Where they let it go.
-- -- and then you had a broader systemic risk he's ignoring -- -- we are -- where -- don't because -- this is the Bear -- for an open goal for the week but.
Ever check stood right here and he said that they have 11% tier one capital here at this bank in particular I think.
Are things different now that with the way that some of these banks are so now over prepared hopefully -- -- -- their -- their banks.
You know I don't I don't think so I mean we I don't I I'm not saying that you've -- feed capitalist decrepit rules were were -- -- over -- as you know right you worked for what those banks domicile there.
And tougher still talk about countries here these countries are heavily indebted.
And it's easy to see the sort of comparisons with Wall Street member of the wolf the business model back -- was built on massive amounts of leverage and from loans under books.
-- a lot of similarities here the question is can they managed to win out of it.
And we we shall see we don't want to know where he gets -- sources that you you have any sources in Brussels now.
I don't speak French you didn't you cannot really I've really speak English -- about it -- -- lyrics and I right out -- I'm.
Yet there you haven't noticed ever -- Brussels there really isn't a lot of variety to his god I don't like Charlie you hang out with Leonard good to see thanks little or no.
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