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Ratigan: "The conflict of interest is intact, the leverage is still there, and too big to fail still exists; It won’t stop the bonuses, and it won’t create jobs." (VIDEO)

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Video Excerpt:  Dylan Ratigan on Morning Joe yesterday -- June 25, 2010

Two videos -- an excerpt (hand-built) that runs less than 2 minutes, plus the complete clip.  And the transcript.  Awesome performance.

  • "The conflict of interest is intact, the leverage is still there, and too big to fail still exists.  It won’t stop the bonuses, and it won’t create jobs."
  • "The banks own both parties, let's make that clear.   Republicans are owned by the banks -- offered no counterproposal.  The Democrats didn't fix the problem -- owned by the banks.  That's why 40% of all corporate, all lobbying money comes from the banks, and they give it to both sides.  They're not stupid."

Ratigan knows the score -- both parties are essentially the same -- and both are owned by the banks and other corporate interests.

There's much more to like in the transcript and complete video below.


Video:  Complete clip...looks the same as the above...but runs 10 minutes.


Automatic transcript generated by MSNBC, so it contains errors.


>> is this historic, dylan? what's the deal?

>> instead giving my opinion, briefly, form your own opinion. there's, there's a reason this happened. you have massive banks with a lot of leverage that were hiding their risk. that's why this happened. underneath that a conflict of interests between those like donny, say, and donny and i are work together. i'm a bank. donny's the rating agency. what does my fico score? show me 650, ratigan, you're good to go. i get a aaa. leverage, hiding risks, too big to fail. were any addressed in this legislation? no disagree with as a story. they thing that a lot of stuff. also they change a lot of stuff with the health care legislation, but didn't necessarily resolve the underlying problem with health care. i want you to think of this --

>> posing the so-called vocal rule?

>> listen, that's an interesting concept doing absolutelying in to prevent further extraction of wall street. the purpose, invest money in the developments of the economies of america and the world. the lending sbis a utility in the modern universe and they made the lending business into a multi-trillion dollar compensative business because you are able to gamble wildly with other people's money.

>> at least it's a step in the direction --

>> sure. i can point to lots of lists of things that will make you feel a little better about everything, but the conflict of interest in intact. leverage still there. too big to fail still exists.

>> too big to fail -- trumps everything.

>> one last thing. as if they watched the oil spill in the gulf for two years, let oil go all over the gulf as a result of a corrupt system, which is what our financial system is. it's a system designed to extract money, and two years after the fact, passed a law to change a bunch of things and did absolutely nothing to fix the problem. i don't think it will stop the bonuses created through extraction and i'm sure not create jobs, which is what wall street is supposed to do, invest money in the development of business our country that creates jobs. absence of jobs, absence financial stability and absence the end of the extraction i ask you what have the democrats accomplished?

>> dylan ratigan is not swept up in this historic moment. are you?

>> well, i'm not sure whether i'm swept up in it or not but i'd like to take dylan up on his offer. relentless critic of his bill throughout its process. i'd like, dylan, you said you could point to some things we could take heart in. name two things in this bill you actually like.

>> two things in this bill i actually like, i think nora right. the rule and discussion about the volcker rule to diminish the ability for banks to willy-nilly spread risk, a diminishment in that. that's good, to donny's point, but won't protect. in other words, as it attack as a taxpayer, how i look tat in the context of my job, as taxpayer i ask myself, will this legislation protect me from all of those risks, and it won't, and that's why you get sort of the commentary. to answer your question, the volcker rule is encouraging an the consumer protections are very encouraging. those are the two things i would point to that deserve the most applause, but the actual structural aspects where the financial industry has two choices. either be incentivized to make money investing in america. if they do that well, they are rewarded through their own wealth, or they can extract from america by effectively creating all sorts of businesses whether short-term trading businesses or speculation credit risk businesses for which they can't actually bear the risks.

>> you're punching a hole in the capital market system.

>> i am not.

>> can i respond? can i no longer pay my taxes? if the plan is to pay for a government -- let me finish -- if my plan, pay for a government who's supposed to be a referee on a game in which risk is expected to reside with the individual and the opportunity to achieve and wake up early and stay late and create value for nora and willie and bill and down the line, i can go out into the world, it's there. that solves a lot of problems, but if i go to the government as a unique individual. say a monopoly. you know this as well as anybody. all the businesses on the monopoly board. is the banker on the monopoly board? can i be the banker? you cannot. because banking is a utility. why is banking a utility? banking is a utility because banking is designed to facilitate --

>> other businesses. what i'm saying, yeah, goldman sachs obligation, make as much money as possible. if the only way they know how to make money by altering the rules of capitalism so they no longer have 0 deploy capital instead can simply use access to capital as a speculative device to generate trading revenue for themselves without delivering any value to the country, why would the government allow a lawmaking -- a set of laws that effectively reverse the flow of capital?

>> whatever the laws are, greed will find out --

>> a valid point. this has been going on forever. personal responsibility for financial professionals, alaa salomon brothers. if it's a partnership our look at the person that articulated this best, jim grant in "the washington post," an op-ed, six weeks ago, i recommend you google, do jim grant and wall street i'm sure it will pop up. if you look at countries, in the past, brazil still has this law. other places around the world, were the executives. say the four of us run a bank. right? and the four of us can only be paid based on the capital structure of that bank. not just the equity structure of the bank. the debt of that bank, everything in that bank, and now if i see crazy donny out there doing a big deal, taking on a bunk of risk i go in the room with nora and willie, crazy donny's going to blow out of money on a swapski.

>> specifically, should not be allowed to go to the shareholder and the bondholder for capital and transfer the risk, because the combination of going to the shareholder and the bondholder with being too big to fail i need both of those things in order to pull this off. if i'm too big to fail, can my risk in the share and bondholder, they're like an electric cable that goes straight to the capitol building and we take all the money.

>> that's exactly what's happened here. i understand they may be very proud of themselves but the fundamental structure, if i run a bank right now, i am still operating at huge leverage. i'm still able to operate at huge leverage in secret and hide my risk. and i'm still in conflict of interest with the people who are supposed to be vetting my product being the ratings agencies and i don't actually know this. i know they were attempting to diminish shareholder rights that would go directly to our opportunity as shareholders to hold to account those banks. honestly, i don't know what happened to that.

>> the banks own both parties, made it clear. republicans owned by the banks, offered no counterproposal. the democrats create read form didn't fix the problem. that's why 40% of all corporate, all lobbying money comes from the banks, and they give it to both sides. they're not stupid.

>> you're on message.

>> goldman knows we're on message, and so negotiating price tag.

>> going together on "60 minutes."

>> yes.







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Reader Comments (31)

Nearly two years after tremors on Wall Street set off a historic economic downturn, congressional leaders greenlighted a bill early Friday that would leave the financial industry largely intact but facing a more powerful network of regulators who could impose limits on risky activities.

Jun 26, 2010 at 6:50 PM | Registered CommenterDailyBail
Here Are The Key Points You Need To Know About Today's Big Financial Regulation Agreement

Jun 26, 2010 at 6:59 PM | Registered CommenterDailyBail
This morning, we learned of a huge compromise in regulatory reform. The expectation was that no one was happy with the bill, but the politicians, who all get to go home to the voters and say “Well, at least we passed something.”

Overall, I give this a C minus: There are simply too many Fs to give them a much higher grade. Let’s look at what was passed and grade each section of reform:


The new regulation does not directly address either the repeal of Glass Steagall or TBTF. The crisis legacy is a financial services sector that is highly concentrated with dramatically reduced competition. The six largest financial firms — combined assets: $9.4 trillion — will still dominate the industry. Too-Big-to-Fail remains the law of the land.

Jun 26, 2010 at 7:02 PM | Registered CommenterDailyBail
"Nearly two years after tremors on Wall Street set off a historic economic downturn"

I know you know this Steve, but this was before birth certificates, right?

"Too-Big-to-Fail remains the law of the land."

Unfortunately, welcome to my world. We have been going downhill since 1913. All are responsible...
Jun 26, 2010 at 8:12 PM | Unregistered CommenterS. Gompers
Without haranguing you with a long screed (you can go to my website for that ;) I'll just say that I think we are in for a period of profound change in America and that we Americans need to find as much unity as possible to avoid a descent into chaos.

The American ruling class should take a page from British history and dismantle their own power. If they can't, the only hope is for the intelligent middle class and their allies in the working class, to unite (the left and right) to avoid chaos in the future.
Jun 27, 2010 at 1:11 AM | Unregistered CommenterJames Street
@James Street

If they can't, the only hope is for the intelligent middle class and their allies in the working class, to unite (the left and right) to avoid chaos in the future.
"Intelligent middle class"LOL
All you cowards can scream on zillion web sites what? Lol

"ROME DID NOT BURN IN A DAY" Afghanistan another $31B+ worth Blood is being sucked out of so called intelligent middle class and can you stop it? lol

Have these rants made any difference?
Have USA working Middle class stopped buying Made in China silicon hardware shit? Talk about middle c Intelligent middle class? LOL

Jobless Scanner cash register check out usage? =Job Destruction
Streaming and downloading TV? Shit Movie watching=Job destruction

If you all claim to be Intelligent middle class in USA, why are you? fucking axing your own foot for Job elimination? LOL

"we are sailing into these choppy waters without a life preserver; fiscal and monetary levers have already been pulled." That means that come another financial crisis, "the only policy response left will be to print money." Which, of course, is what the gold bugs are counting on and why bullion has glistened so brightly.
The Future in USA is already sealed now: Scream on , bash on, pat on ……..All are sucked in Cyber dumb internet pipe dreaming what? Lol

Neighbors still don’t know neighbors in USA and talk about uniting Intelligent Middle class?AMEN
FUTURE: “USA is going to go through a transition the likes of which no one is prepared for”

Urgency: The first thing is do now is organize with Tax Revolts and why? People can’t afford to pay more school tax, property tax, any kind of tax.

If your claims of intelligent middle class want to hold true? Then you have to become revolutionary class first now.

My prediction: As middle class has refused to organize TAX REVOLT? It will get sucked into bloody civil unrest next…………………………..It’s going to be very bleak. Very sad. It will be worst then 1929 Depression.

Trailor:G20 Protests Heat Up: Video of police car fire in Toronto

INDIA: you will see headline starting Monday with massive protests and why?

Rising oil prices makes for political hot potato
27 Jun 2010, 0140 hrs IST,ET Bureau

Working class getting banged by Global elite Agenda Enforcement and it is the beginning of BIG BANG DEPRESSION first wave with food riots in ASIA and spreading to rest of the world next...............

The World Bank says 33 countries from Mexico to Yemen may face social unrest because of spiraling food and energy costs.

Food prices can't be tamed ``overnight,'' said Diouf, after meeting India's farm minister Sharad Pawar. ``It is a structural problem and needs a structural solution,'' Diouf said.
A combination of rising fuel prices, economic expansion in China and India, and global demand for biofuels are causing food prices to soar, the FAO said earlier today in a release.
``Agricultural markets are becoming increasingly intertwined with non-agricultural markets such as energy and manufacturing,'' the FAO said.
Commodity prices are posting their seventh year of gains.

EU to ban selling eggs by the dozen
Jun 27, 2010 at 10:50 AM | Unregistered Commenterken
@James street

Reading your comments..i can not stop laughing?Lol

The American ruling class should take a page from British history and dismantle their own power.

How could you even think of this?Lol
Jun 27, 2010 at 11:10 AM | Unregistered Commenterken
We fools scream and are obsessed with web rants but Elites Agenda is crystal clear:
They want WARS, They want Riots , they want Civil Unrest and why?
To Eliminate Population so that few who survive can enjoy whatever resources left on the Planet
END GAME is here and under way............Survival should only be the focus now. All the wealth accumulation via DEBT is fools dream paradise
Jun 27, 2010 at 3:04 PM | Unregistered CommenterKen
If only your grammar was crystal clear. Every now and again I will glance at your fifth grade rants. Your sentence structure and punctuation are severely lacking (“survival should only be the focus now” and “All the wealth accumulation via DEBT is fools dream paradise” for example) and if you ever make a point, it is lost on most educated readers I am sure. You can do more than rant like a petulant rucking fetard child. Well, I sure hope you can do better. Your use of amen shows how immature you are and the lack of seriousness in your posts. One thing is for sure, your posts say the same thing over and over and over again with little variation and no creativity.

But…DB seems to enjoy your posts. God only knows??? I have not been to the site or sites that you copy and paste to this site but I am sure many people read the comments and then seeing your crap, click to another site. The diversity in people posting now when compared to the past should give DB pause but unfortunately it does not. A lot of hard work certainly goes to waste. I think I will call you all the rat pack, it seems to fit.

Here’s hoping for some needed changes.

As for you Kennyboy, you are a dolt.
Jun 27, 2010 at 6:25 PM | Unregistered CommenterZarathustra
DB, I hope you will find a story on Obama fucking up at the G20. We better watch for the bowing, Barry loves to grab his ankles for foreign leadership.
Jun 27, 2010 at 6:32 PM | Unregistered CommenterZarathustra
The market is going to tank on Monday. I know, not really news.
Jun 27, 2010 at 6:33 PM | Unregistered CommenterZarathustra
Hey DB, didn't Obama say he was going to get Bin Laden which is going to be tough because Rummy killed the fucker in Tora Bora.
Jun 27, 2010 at 6:34 PM | Unregistered CommenterZarathustra
Ken: You sound like what the French call an agent provocateur. Either that or you are a nutcase. Or both, like Lee Harvey Oswald.

I detect a Russian accent because you forget to put in required definite articles sometimes (can scream on zillion web sites) but Iranians do the same thing.

I feel pretty calm when I post here but you sound like a raving madman. Maybe I'm missing something?
Jun 27, 2010 at 8:02 PM | Unregistered CommenterJames Street
Mr. S_ _ _ _ u continues to preach revolution while also stating things like this below:

"We fools scream and are obsessed with web rants but Elites Agenda is crystal clear:
They want WARS, They want Riots , they want Civil Unrest and why?
To Eliminate Population so that few who survive can enjoy whatever resources left on the Planet"

Unfortunately his rants fall into the aims of the elite he alledgedly despises, as seen above, and on other occasions. If one wants the same thing your "adversary" wants, one must question your own motivations.

Maybe there is something in it for those who are willing to lead others into the sausage grinder, or maybe one should check their perspective...

I to James am calm... As Allie said, "cut off the mattress tags it is".
Jun 27, 2010 at 10:05 PM | Unregistered CommenterS. Gompers
Oath Keepers: Sworn To Serve Our Country, Not Our Government
Now officially online for free viewing.
Jun 27, 2010 at 10:09 PM | Unregistered Commenterken
Dubya must be one of Obama's War Czars...

President Barack Obama said Sunday that there's "a lot of obsession" about the withdrawal date for U.S. troops from Afghanistan. He said his focus is on making sure the mission there is successful.

Jun 28, 2010 at 12:21 AM | Unregistered CommenterZarathustra
Has Obama kept any of his campaign promises??? Well, I guess that is par for the course for a traitor and a fraud.
Jun 28, 2010 at 12:23 AM | Unregistered CommenterZarathustra
S. Gompers, if you are talking about me, around me, over my head, under the radar, down to me or whatever it is, I honestly have no idea of what you said.

Jun 28, 2010 at 1:10 AM | Unregistered CommenterJames Street
James...gomp was talking to ken i believe...at the end he was stating that he is also calm, like you...it's a ken problem...

my question for ken is the following...

why aren't you leading the revolution...?...

you are the only one who rants and screams on message boards...we try to discuss things calmly...you shout from the rooftops...and then complain to us...it's very strange...
Jun 28, 2010 at 1:17 AM | Registered CommenterDailyBail
DB...yes, that is why I called him Kenbot. It is a computer program.
Jun 28, 2010 at 1:26 AM | Unregistered CommenterZarathustra
Like spam for idiots.
Jun 28, 2010 at 1:26 AM | Unregistered CommenterZarathustra
yes it can be a problem...much worse for me than you...trust me...but it's not a program...he is living and breathing...
Jun 28, 2010 at 3:22 AM | Registered CommenterDailyBail
@ James

Mr. San _ _ u is Ken. DB hit the nail on the head, and Ken knew what I meant.
Jun 28, 2010 at 2:44 PM | Unregistered CommenterS. Gompers
S. Gompers

I ID id not hidden;

Shoot the DD Messenger:LOL


and you don't have to leave ID letters blank

I will fill it for you

Ken Sandhu
Jun 28, 2010 at 4:47 PM | Unregistered Commenterken

I left the other letters out for your benefit, as you stated, "To Eliminate Population so that few who survive can enjoy whatever resources left on the Planet", your rants if turned to actions, will help to achieve this goal. Millions dead so others can enjoy the reaping of our planet is not on my agenda. Do you not see the similarity of purpose with the elite you describe? reread what I said above below...

Unfortunately his rants fall into the aims of the elite he alledgedly despises, as seen above, and on other occasions. If one wants the same thing your "adversary" (Revolution = destruction of life and property on both sides, more on our side) wants, one must question your own motivations.

Maybe there is something in it for those who are willing to lead others into the sausage grinder, or maybe one should check their perspective...

I do not know what a DD Messenger is.

Changing what has been building through all administrations since 1913 will be a long road to getting corrected, this November will not fix it, and 2012 will not fix it, if the masses do not educate themselves and use their votes to take control. Not just to keep playing ping pong between the servants of the elite, as we have for generations...

Though many will still say, " oh no, my herd is divine and pure", in both servants houses.
Jun 28, 2010 at 5:35 PM | Unregistered CommenterS. Gompers

Off Topic: Insanity in USA is getting extreme and can you shed some wisdom on this criminals corporate thugs infecting this silicon infected Zombie generation with this insane business shit scams?

CrowdFlower's Virtual Pay for Digital Purchases
The San Francisco employment agency has a giant on-demand workforce that can choose to use fake compensation to buy fake offerings on social media sites
Jun 28, 2010 at 7:21 PM | Unregistered CommenterKen
How do you eat something from Farmville? I guess some would rather be pretend millionaires in Farmville than actually do something real with their lives Ken.

There really is a sucker born every minute. I can't even conceive of this it is so retarded.
Jun 28, 2010 at 7:46 PM | Unregistered CommenterS. Gompers
I know this guy who plays pokerstars ( I think that is what it is called) he has multiple computers set up playing on the same texas holdem table. He wastes more time at this than anyone, but I guess through his cheating, somehow he is getting to brag about his virtual millions.

These are the things that distract from reality Ken. It is hard for me to get a handle on this subject, my mind does not work this way.
Jun 28, 2010 at 7:55 PM | Unregistered CommenterS. Gompers

Well said. California is bust for a reason and Politicians from California in Washington DC are the root cause of USA Republic destruction via corporate extreme greed. I still don't get it here @DB

Why no one here still gets this: ZERO COST STOCK OPTION COMPENSATION TO CORPORATE EXECUTIVES AND STOCK BUY SCAM WEAPONS are the root cause of USA Republic Industrial base destruction and Transfer of real jobs offshore
Jun 28, 2010 at 8:13 PM | Unregistered CommenterKen
I keep telling you Ken, it is your style, people tend to tune you out. So what you are trying to say gets lost in the rhetoric.
Jun 28, 2010 at 8:51 PM | Unregistered CommenterS. Gompers

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