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Michael give something I am not a Wall Street said the judge did much better handle on this and you grew up and -- -- -- examiner wrote two books on it.
But tell us something that the average person listening to us right now should want included in any type -- reform bill that's coming out of Washington.
I think that.
It wasn't it bit -- it is what is.
It makes no sense to me at all -- a big Wall Street firms should be should be allowed to -- for soda down it's the same time.
It is advising customers about -- about with security by itself.
It completely pollute the relationship between Wall Street and investors.
And there should be -- and if you go backwards to be a proprietary hedge hedge fund.
He can go up and do that.
-- are split itself up after they can go -- -- -- -- activity can gamble for those and that.
That quota little the of the legislation -- that idea that.
-- -- -- -- If you go to Brian if you -- those.
Is that everything Wall Street trade.
You'd be stupid no reason it shouldn't be traded on screens -- you can see with the prices are demonstrated -- clearing houses there are extinct.
It was supposed to -- when Brian and I want a pooled together saying yeah a couple thousand dollars from each of us and we Brian and I trust you because it here.
Extraordinary knowledge of the marketplace to can invest this wisely.
And -- we lose money.
Don't we assume the risk is that any business of the government because that's -- -- real sure what it.
They'll lose money I -- I didn't think it.
Why should that have to be transparent so.
They -- a a hedge hedge fund a hedge fund where people are using their own money and entrusting one of their number who has superior knowledge of the market.
-- invested in behalf of the -- in my hypothetical.
You Michael Lewis investing money for yourself Brian and me why should that have to be transparent what should the government have to know about that.
And have the right -- pass judgment on it.
You you're talking -- the little target and what I'm talking about.
And I am I'm -- its arguments of the Chris Dodd wants to regulate semi transparent.
Well I've accurate exactly what you're talking about the good because that the -- stricter federal look at about what Wall Street's spoke to didn't.
It's spoke to evaluate the risks and and allocate capital.
And and -- done a horrible job.
Recent news in the one of the reasons is that a horrible job it is that it's it's actually actively go about trying to disguise risk to get people to take -- -- -- -- And that would be much less likely to be done if those -- Work if it were -- if -- -- if -- were if if everything Wall Street traded with traded through exchanges are clearing houses.
And it and the trade the -- screen that you and I could see the site.
That you would love that is an adapter if that -- a friend of the inducted this sort transparency.
You right now.
Exactly sure which -- talking about I think I think that if you wanna give me your money so I manage your money.
It beat the -- -- -- if I am doing that for you should I have to register with the SEC.
That the whole different issue -- much that you and I don't think that's the problem.
Well that that's what Chris Dodd wants to regulate which when people deep trouble in Charlotte -- -- money which would call and -- arts.
Would about the fact that these guys seven of them were up the -- yesterday and they not one of them really said hey you know life I screwed up I'm sorry we we should've seen this at a time.
There was no apologies and -- that this 31 year old of all the Goldman Sachs executives the 31 year old said an illusion court case -- he could be in legal trouble.
But he says I'm here to defend myself my conduct was correct.
Well that does this what's so interesting about that here is that.
It it was a it would essentially a culture -- that that that was it was a group of people.
Who have been doing business a certain way who don't think it's walls.
And if but when you put their their conduct -- coming -- and have a pretty good sense.
It that they have to explain themselves quietly through ordinary people.
-- -- -- -- -- -- -- -- -- -- -- -- -- -- They -- well they -- they that they don't feel guilty but they feel they feel say they are they feel.
They feel worried about what people gonna take of them that they know what they actually did and that's weird -- itself like they have not grappled ethically with what they're doing.
In fact that was the response one of the executive said they -- do you feel as though you're responsible for this he said I haven't given it much thought you think he actually -- sirens.
I do my last.
I mean I think that I think that.
Look when -- -- when you're in an environment where everybody is -- certain way and you're rewarded with a lot of money.
People think you're famous and successful because you're doing this.
You don't give it much thought -- just -- that's right and proper and and -- but you know he could get -- the those emails.
And they aren't that I think I think Levin's right about this -- are cherry -- email that the big in the volume of what sort of evidence there is expected to describe Kuwait -- -- its business.
Is it the it's isn't the evidence about how can I beleaguered us.
He got and they know they're gonna get troubles don't buy that would they did they -- -- -- -- put LB out.
I don't know it's crazy about the email but did you see anything criminal or unlawful -- did you see your irreverent -- Tom fool -- -- dot -- both Hillary I'd say actually unethical behavior that may or may not be illegal way and that it's going to be tested.
And I don't know I don't know the law well enough -- -- -- our that's our agree with the I'm not clear that what they did out there it's not clear what to do it was against the law congress senator McCaskill called it weird.
It's not against the law ought to be weird -- -- weirdness a basis for litigation.
By the SEC.
I I think it was not understandable.
By the senators and by the public that also doesn't make it unlawful.
I'll we will find out whether the long -- off its its -- of this.
Right Michael has money ball doing the movie.
Our start building a lot -- -- play ability.
And who's playing new.
Oh lead you do realize that -- important -- in -- movie of the office.
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