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Get off too easy they don't have to admit or deny guilt.
And he comes after attorney general Eric Holder made some interesting comments earlier this month.
I am concerned that.
The size of some of these institutions.
Becomes so large that it does become difficult for us to.
To prosecute them.
When we are hit with.
Indications that if you do prosecute if you do bringing criminal charge.
It will have a negative impact on the national economy.
Perhaps even the world economy.
So our banks too big to prosecute we want to bring in former Delaware senator Ted Kaufman who pushed for serious reform.
To the nation's financial system while he was in the senate I believe sir it was the fraud enforcement Recovery Act is that correct that's you guys and thank you for joining us on -- and set up to date.
Justice Department right who's gone to jail.
Yeah no one's going to jail on it's very disappointing and I'm I'm very disappointed in what the attorney general sent and the same thing that.
Had a criminal of his money -- and -- -- speech in New York that somehow.
The law enforcement officers -- supposed to take into account the financial well being.
The potential a person -- has broken -- law it's just it's just doesn't doesn't it doesn't appear with me and that's the first thing the second thing is.
If in fact people of that made wrongdoing you know after individuals.
That the other problem this thing out -- as they don't even go after individuals for criminal prosecutions.
They do that that won't affect the health of the the of the business and now that probably will help the health.
We we got the idea to invite you want of the program after the settlement was announced the 616 million dollar settlement yeah SEC and I involving -- insider trading allegations.
From some of the people over at SAC.
And in that settlement as we see across the board it's certainly not a settlement in which the taxpayers bailed out as they say but we see it all the time.
Neither admits nor denies -- How do people who are gonna pay -- 616.
Million dollar fine we've got a chart.
We got the bank.
You have Goldman -- years ago at abacus deal what was it like 500 million dollar settlement he got didn't Morgan -- that magnet -- 150 -- and these are just once one settlement within the -- -- millions upon millions of dollars more than right settle.
-- they get away with.
Well it's been a tradition they have been doing it for ten over ten years and it's just actually -- to be wrong.
I think one of the problems we have and we're trying to really you know implement some of the changes that we need to do so we never have this happen again.
One of the problems as I think a lot of people on Wall Street said well we didn't do anything wrong he's your right now with the London well.
We have JPMorgan Chase said as saying again they have this under -- six point three billion dollars.
Anybody who watched the permanent subcommittee on investigations it was like the keystone cops what went on -- JPMorgan Chase.
And now what they're saying as well you know we -- mistakes -- ready to move on.
That's what happened in 2008 this that we made mistakes but it's over -- moving on now we here we are 2013.
They're -- no mistakes.
So the real problem out of it is that is that people think they can get away with -- and and and fact.
People I think -- on Wall Street they really didn't do nothing wrong.
But how do you pay.
500 billion fire me in a billion dollars worth of fines how do you do that with a stockholders and they -- the stockholders and say well you know I've.
We did 500 million dollars -- -- of the damage here tear -- earnings but nobody did anything wrong.
Here's here's what I think he's he's just not believable that would await him when he's infuriating to people who -- on Wall Street but even the people who -- health because we all have -- -- -- who played by the rules and watch -- -- get away with this thing I know -- I mean the people from JPMorgan -- actually admitted.
The higher executives knew they were manipulated the values of the derivatives.
What is going to happen in the future since nobody has been held account well.
He had no I I think -- -- At what more this is gonna happen until we don't count now the good news is.
The Justice Department the HSBC.
Settlement which is about drug.
And -- -- really brilliant.
Did require that they admit that they did wrongdoing and the other good thing Adam on the news is these are small business small victories bomber in a friend right now.
According to the press.
On the S&P negotiations where they've brought brought suit to get there robbery synagogue as he hasn't pay.
The Justice Department refused to sell -- recipe and -- they admitted wrongdoing and are gonna go to court.
Which is something that I that in the long overdue if the people -- admit wrongdoing go to court if you get picked up firfer.
For robbing a store for shoplifting a kid gets picked up that.
And it got to go to jail did get a chance to say -- go to jail but part of the plea bargain is I didn't do any wrong all right former senator Ted -- appreciate you joining us.
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