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Former Federal Prosecutor Frederick Tecce, Cato Institute Director of Financial Regulation Studies Mark Calabria and Global Strategy Group V.P. Stephe...
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Well it -- see you look at this and -- Eric.
That Corzine's company has been represented by.
It -- -- saying by holders firm.
Eric Holder the attorney general -- stories like out like that out there of course we know for a fact that there's been a lot of money raised by Corzine for the Democratic Party.
-- you know he was New Jersey governor.
This is a guy who's you know political credentials -- Our are pretty solid and very well now is there any chance that his position in the Democratic Party had anything to do.
With his not.
You know not being a subject of serious investigation -- which is what it's beginning to look like.
I can't imagine that the Justice Department would wrecked our economy decision if they -- -- our decision that would be a very stupid thing sentiment probably get caught because -- is an electronic trail.
And as I said before -- -- that it if you're just looking purely at the politics everything you said is right he's had a history of the Democratic Party.
He did raise money although the Obama campaign gave back his -- that's right still boggles money.
So good for them that would actually be better to take down somebody like that and stand and and stand up on that on that issue during a presidential election.
And I just you know I can't believe that the just -- and actually make that kind of decision.
-- how do those decisions get made and and -- -- rights.
You need to understand if you think first of all.
You know what of a key fundamental Tenet about being a lawyer if you want to avoid the appearance of impropriety given all the facts and we've heard about the you'll just discuss -- looking to repeat them.
That -- not prosecuting this case.
It gives the appearance of impropriety you have to understand -- -- -- the Justice Department it's not so blatant.
It's not so courses to someone call opposite guess what I don't think he should prosecute Jon Corzine.
What happens is is -- online assistant or somebody like me who's down -- actually doing the work it's made.
Very clear idea data but if -- you wanna bring this case that your business but if you don't winning you don't convict these people you embarrass us.
Then then you're the one it's gonna end up suffering in -- If that nobody comes -- -- -- don't don't don't do it but its -- pretty -- of both implicitly and explicitly to get better be real careful.
Well I think it's you know it's also the track record right that's that's why this raises questions because we see time and again that there -- -- questions about.
A firm on Wall Street an executive on Wall Street with you know doing something and it seems like every week it's something -- No never really pays the price may be you get a fine and that really goes to investors bottom lines you know -- -- It -- and here.
I think you raise an incredibly important point is you see all these settlements particularly mean I think the SEC's been notorious of where.
They reach a settlement nobody admits any wrong and the and -- -- management conspired no management actually pays any finds all comes from the shareholders.
Who -- -- innocent parties in this case or its current shareholders -- former shareholders.
And so again I you know I understand the desire of gain a big number because they think that while you know 300 million that sounds like a big deal but for someone like standard chartered -- it's a small number.
So -- trying to put numbers up on the board of both Iraq actually trying to do is actually convict people I think of the same time.
It does a disservice to the financial services industry citi's Charlize -- if you're not guilty so to me it's it's a perversion of justice on both accounts to last for.
-- I look I agree that the financial service industry should do more here -- to take on these kinds of vicious because it does.
-- -- these these kinds of issues taint all of Wall Street with a with a kind of a bogey man.
Aspect when in fact are incredibly important part of the aid the economy but he also have to have better oversight over -- and and you know that this administration while hasn't done enough.
Is actually trying to get oversight over Wall Street wallets opponents would simply decimate that a.
I got it I don't know if that's true or not but frankly that are -- I can't tell.
Oversight like what I can't tell you is this is that for consumers and people who want to invest in the market to save for the kids' education to retire on.
It makes it feel like it's not an even playing field and that's what we want in this country want we want everybody to be able to win best and have confidence -- their investment.
Read market C thanks for coming on tonight great conversation really appreciate it and he is so.
