Video: Dylan Ratigan with bank regulation guru, Dr. William K. Black and Ryan Grim -- June 24, 2010
Another outstanding clip that slipped under the radar last week. Watch at least the first few minutes. Ratigan's opening salvo sets the aggressive tone. Transcript inside.
---
Automatically generated transcript from MSNBC -- there are errors.
>>> good afternoon to you. i am dylan ratigan. the final blows to the financial reform plan are being struck before our very eyes. the plan not only fails to fix the very system that brought our country to the brink and has facilitates facilitated the most extraordinary plan of health. believe it or not. while they've got this opened, if you will. think of senator dodd and barr fee frank. like evil heart surgeons. they've got you open. they claim they're going to fix the heart. they're off on the side injecting poison in the side, actually making it worse, if that is possible. we start with derivatives chr, which is where the banks hide their risks and place their bets. it's the reason your tax money was used to go into aig, into goldman sachs. great blackmail on their part. and the politicians seem up for it. it seems their intent is to try to make sure the derivatives market doesn't require any money be posted and is not traded in public. they struck mention of that bank scamer hideout and taxpayer sucker case, freddie and fannie. fannie mae and freddie mac may be on the hook to us for about a trillion dollars. the banks actually own a lot of the fannie and freddie debt that we're riding on.
>>> a couple politicians had the idea to make them lick we did or be suggest to the liquidation requirements of our banking system. if you do that it forces the banks to be honest about the fact that they are lying about the accounting value of their balance sheets. they have been enabled by tim geithner's stress test to misrepresent the actual value of their assets. the value of the houses that they own, the value of the bonds that they own, and as they misrepresent that, then they leverage that up and trade it. and then pay themselves a lot of money. how are they able to misrepresent the value of what they own? part of it is through this freddie and fannie. part of it is hiding it at the federal reserve. go down the list and add accounting relief and basically you have a ponzi scheme. the state is baring all the risks. that's you and me, but the private individuals keeping all the money.
>>> what is stunning is these politicians barney frank, chris dodd and obama and his white house are so anxious to perpetuate the crimes and, in fact, create further loopholes to diminish further shareholder rights. senator chris dodd, we've discussed this, going out of his way to try to eliminate all together the ability for any shareholder in reality, anyway, to exert any influence against a ceo who is basically raping the company for all its money. but we wouldn't want to deal with that. banksters using the opportunity to extract money and add risk. it sounds honestly terrible. you look at it. you can't believe it. the good news is people like me are allowed to go on tv and say things. you can check my facts. i invite you to do so. they do check out. and we can have this conversation. i couldn't go on tv and say these things in china or russia where the government is working with the banks to extract money or think into history. you wouldn't have your vote to change these very politicians, like senator dodd, like barney frank, to move to a different form of governance. you wouldn't have control over the money you spend. we have all three of those things. ryan grim has been on this beat eyeballs deep. where do we stand with derivatives reform?
---
---
Click 'transcript' on the MSNBC video player (bottom of the screen).
---
Screenshot
