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He's -- years after Dodd-Frank act was signed -- to last several pieces of regulatory act.
Have yet to be implemented so what will happen this bill and a well known -- current rule fox is a senior correspondent Charlie gas management is now than anyone at -- on the SEC's -- just what you know.
Prepare your ready regularly why this time after stealing might like three days that are out.
And almost died heroes that you read it not good you don't think you see it without water by the way and we tested you know what really -- is not about Canada aren't.
Governor -- on -- -- later on today again I think -- PM eastern money and I think we will get the redemption numbers at that point and I think what we're gonna hear.
And -- he -- that most of the money is gone.
While and I think this is a tragedy as I said yesterday it's unfair -- -- -- point I'm not in charge.
Might not be charged.
And still the guy is losing his business now he still has his nine billion -- -- I -- half -- He's not gonna have a problem with that excuse me but it's it's definitely -- -- of one of the biggest trading firms ever you know he could manage some money but.
This is it it's it's really Qaeda struck out there -- well I don't think I expect at a little bit there but you know it's what's kind of interest -- gutsy -- he's not a big guy personally.
He despises me because -- keep writing these stories about but he's a decent guy.
But he is what -- people forget about him before we get into this -- he is one of the world's great investors even if you take the insider trading out.
Which is a small portion this guy cranked out 26% returns for the last since 1992.
It's amazing it's a marketing term it's the end of the but inside yeah.
That's get the Dodd-Frank okay -- we talked to.
SEC commissioner Gallagher take gang -- very -- says this and this is what this -- got to get everybody in congress really blown away.
He says it's going to take years to implement dot frank.
He basically says that they are more less than halfway through.
Writing the rules and Dodd-Frank and the bottom line is there is a good chance -- as you know Paul Volcker came out and said this thing's going to be written within the next.
I guess I guess by July right the three year anniversary.
This guy says no way it -- years and years Kuwait based on how much they've gotten.
Gotten -- and how much in -- it is between the Fed in the SEC over what these rules should say.
So I will say this the Wall Street you think you're gonna get Dodd-Frank you think you can get a vocal rule.
You're not gonna get -- vocal rule at least for the next year and according to Gallagher who worked we're trying to get on the show for Monday to talk about this.
At least for the next year I mean it's really kinda scary thing that you could prove you can write a rule.
And basically not implemented and maybe you know it looks like it's gonna be implemented.
And it's in its entirety.
Probably now for another couple second thanks for the -- after trading practices I could -- I tell you this I do know this from JPMorgan Chase they are interpreting it as they go.
OK they are basically they are but that's they are.
Implementing what they think it should say what's not gonna get him in trouble obviously they -- the one that will incident so they're out there are self correcting before the -- even plays in place and now we don't even know each other when we're ever going to get the -- that's it and what they're doing is they're interpreting it.
And while there's the infighting between the SEC in the Fed I think this is a -- store and I'd never seen.
A law a major financial like you know we had sarbanes Oxley implemented when disposable income -- This is three years -- the fact we don't have it implemented edit it according to Gallagher we're gonna get on a Monday.
He probably won't be be implemented by the look down the road five years because you know there's going to be -- backpedaling and certain institutions I won't have.
Self corrected as you credit their current clay and then they're going to be thinking I mean I think the I think the one problem is when you have light.
The London will situation when you have you trading -- -- portfolio that's going to be a problem because we're does that fit within within -- know what nobody knows.
No but he sounds so parents have a finger on the pulse tears.
Okay yeah a lot of people site choke on the air yesterday they were commenting about it or.
But I'm not getting into what they said they haven't there was there was still some sexually provocative comments about don't why don't -- -- -- -- we'll talk about this -- All right Charlie thank you know China -- pretty holding his town who knew that was possible I don't know not me.
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