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Jon Corzine testifying again later on today this time in front of a senate committee and we'll also hear from some of -- who lost money in MF global collapse all -- is he's -- things that I thought about these Obama.
Extract that clear my throat as well recently and did well at did well they have told everybody today a little later on I think we're gonna see a parade of victims.
People who lost -- shows -- -- -- global.
What does this tell you about the state of regulation.
Of companies like MF global.
It tells me that the government and knowledge is that the state of regulation was -- -- And that the way to -- up regulator regulation not regulators regulation.
Is to bring these victims -- and let them tell their stories now they are truly victims they are truly innocent they are truly -- But this is not the way legislation should be written legislation should be written.
In a calm this passionate.
-- emotional atmosphere.
About whether or not the government.
How has the authority to tell investors what their -- money managers can do with their money OK now.
If it is shown.
That money from private customers was mingled with company money and that is the allegation.
That's not a -- of regulators and regulation.
That's a legal thing that's and tired of criminal legal thing it is it is a crime.
And it is the failure of the government to protect us from fraud what do we need of more regularly no we don't necessarily need need more regulation and and I am.
I'm the -- who believes that the free market can regulate itself but if you're going to regulate.
Do you want the regulator to be the former employee.
Of the chairman of the company being regulated speaker Gary Gensler right.
Who once worked for Jon Corzine who taught a class with Jon Corzine at Princeton University.
Corzine stopped being.
The governor of New Jersey that's the relationship that they had maintained -- so you -- the revolving -- between the regulated and the regulate -- was now on Wall Street essentially you know I'm -- I object to phoney -- I object to regulation if -- inhabit it should work one of the things the government should protect us from is fraud.
So if you are bill -- and -- A very very successful entrepreneur -- or.
Who invested money with MF global and Jon Corzine -- you up and I'm not speaking at a school -- -- bill described this on the on my show last night.
I don't know where the money is.
And Jon -- says that two on the phone this -- didn't actually happen but this is what would have happened had they spoken.
Blackened skies argument is I gave you money and you lost it so you now only the money back well I don't have to pay it back to you.
Because the bankruptcy court will decide how much you should get so this is an instance of the government coming in.
And say that a person is given the -- you can't get your money back but to sum it up.
When we see these -- -- today and a genuine top stories yet do you think -- will be used as an excuse to re regulate -- more regulation of some sort yes I think that's what it would yes this is the public it is a shipment of regulation because the members of the senate has former colleagues.
Will want to side you did with these victims.
And make it look like they're willing to use the power of the government to solve the anguish by the -- -- right.
And that is not a proper basis of regulation that is the most interesting here is the the idea that doesn't matter how we regulate their regulations against mugging people murdering people and solemn -- someone though it did it's it's just gonna happen it's what kind of punishment look.
What do we do to punish these people on fortunate to have like on Wall Street.
There's no no retribution you know that nothing will I don't think anyone in the public thinks anything that's gonna happen -- Jon Corzine and despite all these victims that we see today.
So we can have a zillion a Mount Everest of regulations but.
These guys who might take a break every single law on the book -- always get away with it.
I have nothing against Jon Corzine personally I happen -- think he has personally an honest person and I make that conclusion from having been involved in my prior life.
In politics and government in New Jersey but people have been prosecuted by the government.
With far less evidence against -- using for using other people's money then there is against Jon Corzine in my view it's just a matter of time.
Freedom watch everybody every night right here on the Fox Business Network that judge conducts -- program you -- at 8 PM repeated at eleven judge thank you very much in the history.
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