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Former AIG CEO Hank Greenberg on efforts to increase regulations on the financial sector, particularly after J.P. Morgan’s losses.
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Mortgage pile on presses on -- today Treasury Secretary Tim Geithner also jumping on.
Joining calls for more regulations my next guest says that is not the answer former AIG's CEO Hank Greenberg was Susan thanks -- -- -- -- -- -- What pot is calling the kettle black care -- on a minute these guys ones are judging.
Bomb go to this kind of money in minutes and it's our money and they're judging a -- that we'll still.
This year make a lot of money but leaving that aside what do you think -- -- Well I think -- drug I think Jamie Dimon is a very good managers and a great job that bank.
He reported this right away he was totally transparent about it there's a novelty is it taking responsibility for some Japanese government could learn a thing -- and so you know I think it's way blown out of -- -- -- why do you think they're making the big deal they are well.
I think there's a feeling that that banks.
And need for whole financial structure.
Shouldn't be allowed to operate as it does this is a free market.
They don't I don't think they like a free market as well I know they don't want banks that.
And so.
You know it's easy and good politics to his -- that it's -- understand I know wondered.
They're little focus groups are coming.
But.
This is this pile on doesn't stopped and I -- because they.
They -- talking about the Volcker Rule we don't even know whether this transaction violated the Volcker Rule.
We don't.
Know that because this company -- -- stability you can't get double Medicare unless you're using a certain percentage -- you have on hand right now.
This should keep this a very strong balance sheet strong -- The but the fact they're gonna drag him to Washington direct the movie channels -- -- you know one.
-- -- integrated because he was against a lot of features of the financial understand that if you report Jon Corzine a white -- was.
Quite as a church you think about that.
I think -- is way out of proportion drawn I think he's -- he's done a great job of that institution.
And I think he deserves credit -- you -- -- care is gonna be worse than whatever temporary trading you know has been I don't think -- -- -- would get a look through that would make it more difficult.
And it we have in this -- something in place closed on ways to address just this thing -- -- that the Dodd-Frank.
But all the regulations and Dodd-Frank about the published it.
Not have been a Republican -- very name that was destined for -- -- would be like it.
That there could go to Jackie Gleason diet plan and I mean you knew right away it wasn't a good start right -- but they're gonna pile on with the side.
What I'd like to see have tea.
Legacy in exchange.
Lead to EU trade.
Derivative.
So that it's out in the open.
-- they they talked about doing that -- -- those guys don't like that idea you know banks in editor really not a -- but I'd like to see.
Transparent everything and they have absolutely.
An estimate since I've never had.
-- to get your thoughts on FaceBook.
-- Are you on FaceBook no I'm not really you know fronts I'm not on FaceBook I don't tend to be unfazed the only one of the planet is not probably not.
You and say hey look if -- know not know I guess our show strengthens because of who we have elected to get involved.
Stop it looked at the crisis hit it big yeah yeah our -- It it seems to be priced for perfection I mean this thing is -- worth north now market cap hundred for Disney and crafts.
It's a 105 -- billion dollars.
I mean that's about not perfection and that's that's happened yeah I understand that -- Mean I can't get excited about figure make investment in FaceBook.
But you know people might have said that -- of the research on this and boom there are days maybe even on apple -- it.
But I could understand that because they.
They had something from which to leverage.
And I know it's everybody uses -- maybe 200 -- but it's all about leveraging those.
I bulls and clippers yeah I could see it in Google's case.
Any base case of Amazon's -- I guess I just can't make -- -- -- I can't see is them in order to make this worth a 105 billion.
You -- have enough advertising revenues to justify.
That kind of a PE.
Because you revenues who produced the end it would take centuries for us to get through I think that there is -- -- that's happened.
Well it may be but you know about it -- no I don't.
In my right who knows we'll find out we had a pretty good history.
What does -- argued that traditional guys who just made it through the ranks built something and looking at this I'm not minimizing it.
It's a great undertake having this start -- -- -- to think about it on.
-- -- pissed off and say -- these kids today.
-- you know is there are some bright kids coming out and doing great thing you know is just one of them.
He's got a lot of young people.
Onto this thing.
-- think you should continent that when -- meeting with investors in authority or certainty he should be just a little better there you -- I thought the same -- -- -- -- because I think this is gonna.
Lead to booming business for equities have been too stupid to think I agree with -- Thank you very much and I hope all our FaceBook friends here Cavuto.
Enjoyed this discussion as well.
