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Rep. Capuano: Ryan Budget is Extreme

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    Rep. Michael Capuano weighs in on the budget battle and MF Global case.

  • Duration 4:49
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Talk about it right around the top of the hour the President Obama will call out the Republican budget.

In his speech later today and call it an attempt to impose a radical vision on our country.

We heard at the time from Republican congressman John -- but now we bring in democratic congressman Michael.

-- it's who joins us today actually to talk about a couple things could see congressman retirement Jon Corzine and MF global.

It just a moment but first on this idea.

Of the Buffett rule an essentially to make an overly simplistic the Buffett rule the president's vision vs the Ryan plan the Republican.

Vision what would you say.

Well it is overly simplistic but I would say that the Ryan budget is extreme and in the end and as far as extreme and I've never seen -- watching budget.

As far as what -- does the middle class where does flexing his that's been pretty much well reported I think anybody who pays any attention this will.

Find a lot of things and they don't like and only a few things they might like -- the Buffett rule goes about the rules basically just a way to say.

-- of those who have a little bit more than maybe they should help the country balances books that -- the world a better way and I think that that's an appropriate way to go.

Let me ask you this one other question before in the bond MF global and that would be and I try to bring this up with congressman.

-- my dad and I think he kind of it's a subject cannot be accepted the premise but the idea that both of these plans that Republicans budget in the Republican budget.

Are you know essentially out there.

As political tools and neither side thinks they're gonna pass so I mean we're conscious plane -- and I you -- -- sit -- talking about it but it's kind of -- joke on both sides and subways.

Why wouldn't call a joke but it would call political posturing I totally agree -- -- and in the ability to congress to actually come up with the compromise on anything.

You're talking to John -- yield should be -- -- -- transportation bill yes has been almost nonexistent I actually think -- its most dysfunctional congress I've seen in my adult life.

My hope is that the next election one way -- the other hopefully in my direction but if not only the other makes a distinct decision -- hope the American people decide we wanna go restriction on that.

Right now we kind of -- the middle and unable to really reach across both sides it's it's actually not a very pleasant place to work lately.

-- bet it's -- we could talk more about that of course but now let me ask you about enough global because you've been on this committee that's looking into it.

And Fidel and at stake if things and I know you feel this way that it's been overly politicized.

Jon Corzine obviously.

Before he was and -- -- global he was -- a member of congress as a Democrat in the senate and is a democratic governor of the state.

In New Jersey now that's -- what.

What really happened here do you know and didn't.

Is is mr.

Corzine complicit in any evidence you found any evidence that he may have done something wrong.

Then there's what it will we have no evidence that we have a lot of innuendo -- -- things happen.

What the congress is not a position and make a determination of guilt and innocence on a criminal matter I think people looking to us to do that make -- mistake we do on the things.

The criminal aspects whether anyone mr.

Corzine or anyone else and they want.

-- -- decided that the Justice Department the SEC and CFTC and other places so what are you doing here why why are -- involved in -- -- -- that's not the case -- as far as I'm concerned trying to determine what happens certainly criminal aspects also include intent.

But there are two things -- behind that.

Whether that was collected -- -- is one thing but no matter what there's over a billion dollars with a customer funds missing but the can be accounted for and that raises a question okay how did that happen.

If it was criminal that's one thing but -- was criminal would do rules or regulations that allowed criminal activity go one undetected.

And even if there was no criminal activity other rules or regulations that allowed a billion dollars to be -- even if it was legal used in my opinion in appropriately.

Have you -- -- -- starting to have a hypothesis that's based on your investigative and I don't know what do I think I only have been.

I think it's hard to tell at the moment we still in the middle of it but it's I've started to focus on two things.

Upside to focus on on the CFTC rule about so called segregated funds when people put their money into these these accounts.

-- told this segregated accounts -- the truth is they're not segregated actually co mingled.

What the firm's own money.

We have four up there be any bank or another or -- person taking investment.

Doesn't know who was -- getting the getting -- -- my personal money's invested or the firm's money I think that's a problem.

I think there's a certain accounting rules that allow.

The sale of some of these big these actions that we have repurchased a -- TM is a difficult concept.

But they allow them to be used as a sale when of course you've given up not -- you have not given up ownership I think those two things together so far the things I'm focusing on.

As in the things it again whether this criminal activity and not.

That they -- least allowed customers monies to be used in a way that no customer would have anticipated.

All right more -- June criminal activity OK fair enough and was educated in investigated hopefully we'll continue to talk to about it the congressman Michael kept you on up.

Democrat Massachusetts thanks for joining us from Boston appreciate it.

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