You're watching...
Financial Crisis Inquiry Commission Chairman Phil Angelides argues U.S. banks have suffered few consequences from the financial crisis and economic re...
Also in this playlist...
Auto-advance: ON
Auto-advance
This transcript is automatically generated
Six.
It's been four years since the start of the housing bubble implosion and then of course the financial crisis powerful Wall Street firms were crashed.
Thousands of employees lost their jobs Havoc -- for main street to -- Wall Street so are we any less at risk today and did those responsible for the best.
And for paying the penalty I mean you just heard from Charlie that not a single Wall Street big -- it has ever been you know charged with the criminality here at Philly actually uses the chairman and the financial part of the Financial Crisis Inquiry Commission.
Joining me from Washington DC in -- first on Fox Business interview was part of our special series regulation nation.
A lot of if you just heard that interview but Charlie was arguing with me about the profits of banks.
A couple of years after this implosion and I was saying that the numbers I have seen was that they had they had come back.
Not entirely strongly as they have been before but their profit show some strength here.
Even in light of bigger regulation am I wrong there and and not that we want more regulation it's not helpful in many cases but.
How the banks stand at the moment.
Well it's pretty striking loses that the country is really taken a hit 24 million people out of work can't find full time work nine trillion dollars in wealth -- -- Wall Street's barely skipped a beat.
Last year we saw record compensation on Wall Street it publicly traded firms a 135 billion and take the top ten banks in this country.
They now control 77%.
Of the banking assets they had profits of 62 billion dollars last year.
They're healthy enough to be paying billions in dividends and if you look at the top five officers.
At those top ten banks they had collective compensation last year.
Of almost half a billion dollars so while the country struggling there's been very little consequence for the Wall Street firms who recklessly drove our economy over the -- Yet we have seen Dodd-Frank regulation come into play and we've seen a board vice grips on many of these big businesses and in fact today the FDIC as you heard.
Voted three to nothing that these big banks have to prove that they have a so called living will meaning what's your plan of unwinding.
And shedding assets if you start to get in trouble again.
Isn't that consequence isn't it well Bank of America.
Letting -- 30000 people globally -- consequence.
Well look the Bank of America of course made a very bad -- they bought countrywide and all liabilities you know it's three -- years ago this week.
The system implode in fact list you know tomorrow is.
Is the third anniversary of the -- and the government told -- and a file bankruptcy.
On the fifteenth of September they filed bankruptcy.
On the fifteenth to September of -- of -- gobbled up Merrill Lynch on the sixteenth the federal government waded in with their first bail out of AIG 85 billion dollars.
But I was -- say that right now my concern is quite different.
I think re imposing a reasonable regulatory regime is going very slowly over the counter derivatives that massive.
Multi hundred trillion dollar market is still unregulated.
Most of the Dodd-Frank regulations are not yet in place and look I come from the private sector spent more than half my career in business as an entrepreneur.
I don't hear anyone out there same regulations a problem I hear lack of demand lack of employment lack of consumer spending.
The fallout from the recklessness and the unregulated period Wall Street.
So little stability.
A little conservatives I'm a little constraint on our banking industry in terms or reckless practices is good.
If we ought to be doing anything to push banks that ought to be out there lending.
I to get this economy going again and that they're not doing my as -- of -- Scott at these smart lending we got into profligate lending fill of that that became a huge issue but let's I RE I vote that was one that we cannot overreact to I mean.
Right now there's a lot of small businesses and homeowners who have good credit.
Who can't get access to credit is very time we need that to boost the --
