Sep 21, 2016|
Once again a major American bank steals from its customers and no executives get fired, charged or imprisoned. What happens when there is no trust? This hours guest: Dr. Rajesh Narayan - Chair & Director of Graduate Studies, PhD program, Department of Finance @ LSU
Should drug addiction in the city be treated as a health issue or drug issue? More deaths due to overdose in New Orleans than homicide. This hours guest: Dr. Jeffery Rouse - Orleans Parish Coronor
Bernie Sanders said he’s going to push his plan for a single-payer healthcare plan like Europe. He says Obamacare is costing us too much and the GOP can’t get their bill together to correct the problems. This hours guest: Michael Cannon - Director of Health Policy @ Cato Institute
OH CANADA! Could Canada be the next country to legalize recreational marijuana? Canada is proposing legislation that would legalize recreational marijuana by 2018. This hours guest: Chief Larry Kirk - Retired Chief ( Old Monroe Police Department, Missouri & member of LEAP (Law Enforcement Action Partnership)
Is an independent “select committee” necessary in the investigation of Russian hacking & possible collusion with Trump associates? This hours guest: Max Bergmann - Senior Fellow at Center for American Progress Steve Bucci - Director of the Allison Center for Foreign Policy Studies at the Heritage Foundation
Automatically Generated Transcript (may not be 100% accurate)
I'm betting they're not publish would think that is sinking in the senate banking. Committee hearing would be very exciting. But review boards from one yesterday both Democrats and applaud him for pieces of foolish all of these CEO. Of a at least a couple of years ago was labeled a movements to lose the world's largest bank Wells Fargo. I mean it was vicious. Attack. Basically. Up planned put employees' body executive news executives have bought two ways one with a 123. Million. No problem with 200 million. And today he put together a plan. Dead dead did something called a Morgan talked her give there and soon call cross selling. The Williams then it's got like cute. And you go to McDonald's and they'd say you won prize with the burger. Trying to add to be counts that you have. And what they did that they do they got in to master broad for a lot of the accounts were they. And then. Bettered their clients. Their customers. Credited was hurt. Money woes laws all kind of confusion. And then when Brady gets discovered they'd turn around and fire. 5300. Plus its employees. That were told to go weak in do that I've created the broad. But to compete. To get money for more and more describe its own. All right that's written drug diversion let's go to doctor wrote Jews and O'Brien in Chara of the graduate studies. There's always thank you blew the call. Garland so well you may could do before getting into The Who the real we have this. Explain to me cross selling. What were they doing and why did become a bad thing. Well all island day is not a bad thing caught selling used you're selling. Allied products so. I go into McDonald's. And I want to violent well burned her. You know Donald Trump pay fines go along well with. And sold at cross selling the wall where sober them earlier reactionary. Countless I noticed actual talent nurture why don't open while. About perfectly okay. And banks are warned you about where when. By different devising their employees to cool off well they're its products. What happened here was the key was not appear properly. And all the employees here 5000 of them. Land and then opened. Accounts without climb shouldn't go book better and better. So this was not fare well design. And and this had been going on since 2011. So even if senior management. Claimed it reports of what was going on. That's an indictment. Of what they do. Oh absolutely indifferent in the governance problem and. About air wall are bank. There. Culture. And the you know with a cup thing. Change. But it but it needs. And banking rely on coming if you go after our government estimate of our. And again Dalia I. Do little route serves as a couple of others. I don't see you hope they have really prayed that all and I don't and Chambliss of their own break to the begin with a glitzy black and go back to community back to our community banks DuPont and separated out. The embellishment from. The commercial side of the UC in the champs the other Glass-Steagall act will look. You bring introduced. Well I don't see any sign up. Point between that and build things there and lose and then there's no political. I force behind either. The bit with my between investment banking and commercial banking coming in in the case. There are quad selling for well I actually use the work cross. Gil Morgan and me O Whitney commercial banking accounts so. You're opening credit card accounts. For clients who are in the same checking account and it would. It happens even within the commercial banking all of these are. Yeah that. Here. A how to beat customers sought. Well I mean. Completely. Let's say. Long indicate that credit card and there were customers who are. They opened credit card accounts and their name established in MIB. Now all of them going and I'm and it's quite possible that. That I mean it's compromised than somebody. Withdraws in the customer get a statement that yet. Indeed this being that he got along on proper art the credit it yet you know it's just so. Commanders lacked inconvenient but the important thing. When you put your money you know. What. The banquet. And I think back fundamental compact. Now you wrote it. Or do you have the exact and that put this all together. Isn't gonna retire I think in December. And she got a 125. Million dollars out of this deal. Is there in no way. That the government. Can claw back some of that money. What all not directly. You know definitely drew more weight and maybe the executive will give tax. The call back from their world put in terms of black eagle I am sorry about trying bill. So they can hold back years war Boehner. You fought of this kind are detected or. Quote excessive risk taking that put. On the where. Our group. Well settled without court. Able we've been admitted culpability. To. Try and how quickly that in yet we're here get you know. I think you re use your listeners would be well Martin it's cinco. I count on call are occurring and we no longer exists. Partner and from being one of the five largest accounting firms. Completely disappeared. And that was the cause of the fraud with Enron and it was just one account but it was a rough. Back to Republican ought to. And we're gonna talk about that boomer come but I got it got to take a break him for those of listening. Everything you're hurting so forest kinda. I think technical and boy is that sort of too big thing. After they defrauded customers at the big buyer. Ruined the lives of 5000 plus its employees. That they urged to deem it is kind of thing. The CO center in front of the senate banking committee tomorrow yet shouldn't just rip him. And one of the the image says did you see the thought bubble on the side of the CEOs at a delicate about and he said he's thinking to himself. I've got 200. Million dollars out of this deal you can clawed back. You can't charge me you can't do anything to me gore hadn't screen map millions thank me all you want. It solely go laughter day or two and then I got my money. Among the professor's talking about the lack. Of trust. When the American people begin to understand. How pervasive this is it's. We're I think we're heading for big problems and I give me an example when we come back down a bit of the our it would have been thinking about Wells Fargo Banco big dogs up birdies senate banking committee hearing captured both Democrat and Republican peers in the acting CEO. Wrongdoing in the bank could. Firing of 5000 plus employees. That yesterday. Indeed the program to debate indie issue. And the company has been fine like a 185 million dollars but this CEO. Tips to keep 200 million he married. The exacted dude to put the plan in place that this is all about it gets to keep 125. Million. So so foreign Condit sounds technical. Cut it sounds like we briefing we get it but should we believe that concern well. Researcher of the cobwebs couple of days this 2013. Headlines. Wells Fargo and your neighborhood. Mega money laundering. Drug war profiteering. Bank. One of the big guilty and they'd networking operations that it's not a prayed to get its hands covered in blood money. Now. This same bank. App through the financial crisis. Got a 25. Billion dollar bailout. Room costs. But. According to the UN. Have they got the bailout. They could only see a plume from the proceeds pouring in from global drug trade. Which kept them liquid. In this is so that's a tiny little portion of good similar stores it is BC's bank settlers or his bank America. And good to better understand oil that is more important. Maybe explain to watch. Why these are occupiers what we should sue frauds. And you win you get to do. You get in to. Drug cartel money the two major. Drug cartels in Mexico. It by these banks money laundered. By these banks. Terrorist organizations. In families. Through Saudi Arabia and others in the wrong. Funded through these back. Where doctor rug she's Ryan chair graduates of the peachtree program department and incidentally shoe doctoral went outside. These these will forgo. Dusts up yesterday. It could be looked at it will all bing should do this they just did poorly and they got out of India. When you go back in see what they've done and they've been parliament. 2012175. Million. 2013. 42 move. 2000. In 11105002010. To 160 million. Mean why should we trust these banks several. You're pro marking. Yet again he not a matter her acting Buhner Iraq being. Valuations. So. There are some numbers just for us to think about it. B you can look at. Find that live on the larger global. They have exceeded about 300 billion dollars since it. Now yeah. So bridge modes of words is pocket change them. Well. At 300. Coming in Wednesday yet at this year so called scratch out of the bank. About. 150 billion dollars over about cougars. Well. The operational. Risk related lost a bit of. I don't know where you just being received thank god find one point nine billion. And not a 105. Weeks profit. Like so I think what I'm trying to say here is that. I don't know the sign on a level year going to solve the problem I don't think we need. Beef industry to respond very positive way. Fracture and back out there. That look like everything else going on credit walker and maximal calmed down a combat. Related law. All gonna. So bank pocket or creating below. You know where they ought to be historically. Internet and more importantly I'm saying these are people. Meant to him paired again. Or laundering drug money butch gets people killed. Laundering terrorism money which threatens ops. Nobody name. Nobody charred. Nobody goes to jail one boarded the senate banking committee members yesterday said too that seat you hole. If it's a cashier. Took a hand pollute twenties now he's going to jail. You knew who. Destroy go. And you could 200 million. Don't you think of the American people's or becoming aware of this that we god with major problem here we've got about a minute. Oh yeah we do have a bigger problem. Yesterday. Or one. And atom. You know I'm in favor criminal penalties actually. Yeah in the it was good they're too big to be jailed to ignore our. Up. Professor Allen time I would love to do shall do and hopefully you come back thank you Tom new year it's a great. Welcome back just human wouldn't listen it's the this action yesterday. A look at some of the you won't believe what the banks are doing in getting. With good about it dust up at the senate banking committee pictured here in Washington. The CEO old Weld's forgo banquet there. It's same zip for the past four years the bank has been implementing something called crow outselling apparently common in the banking industry. Blood oh please being. Employees or arm from 2000 led them all on board pushed so hard. A number of them begin ago opening fake accounts and ordered to get the bonuses. From selling. These cross selling. Entities. The Britons blame him become like going to burger king and they're saying do you want Fries with that hamburger. The U Burnett out something of flight we know you've been looking at a car would you like core loans so they opened credit cards and everything. Created credit problem for tens of thousands of people. And when the wrongdoing was discovered. A 5300. People there were involved in the program. Dubbed fired. And be heard some that put it all we go the got a 125. Million dollar payment. And BC. You owe the bank got 200 million. And we're giving the example of what it sounded like in that it's ended hearing John have you would cut. Have you resigned as CEO or chairman of well Sparta. The board and I certainly don't you resign. No I'm not aren't have you returned one nickel of the millions of dollars that you were paid while this scam was going on. Well first of all this was by 1% of our people and that's not quite question I questioned this about responsibility. Have you returned one nickel of the millions of dollars that you were paid by the scam was going on that the board will take care of you returned. One nickel. Are the money you warned by the scam was going and and the board will do I will take medicine nosed man. Have you fired a single senior executive and by that I don't mean regional manager branch manager I'm asking about the people who actually led your community banking division. Or your compliance division. Would that we've made a change in our regional to meet our regional bank ice just said I'm not asking about regional managers I'm not asking about branch managers I'm asking if you have fired. Senior management. To people who actually led community banking division. Who oversaw this product where the compliance division that was in charge of making sure that the bank complied with the law Kerry told said did you fire no any of those people. Now okay. So you have a resign. Haven't returned to single nickel of your personal earnings. Haven't fired a single senior executive instead evidently your definition of accountable. Is to push the blame too low level employees who don't have the money for a fancy PR firm to defend themselves. And do achievement cited Wells Fargo and had something called will forgo vision and values statement Brit sent quote. If you wanna find out cultural food company's ethics are. Don't listen to what people saying. Watch what they do. And again. This thing didn't get out of hand but that beat 300 employees were fired. And I'm looking your report this morning. Where a number of the people have been interviewed by the media and Britain and he said things like this. Didn't do anything wrong it did what they asked me to do they ruined my life. I can't get a job. I don't have my light since anymore in this business. I'm working at any cost the shop. And these were. Owen in on them all one people that blew the whistle. Long before this from rubio. To this you know two of the person broadened his program. And nothing occurred. And Tommy talker this morning that we've and we were we were talking about watching that is. Send banking committee. And he said did you exceed the bubble out of Dixie group says it's no word that it's. And 200 million in scream and spank it medium longest ones take two days were too. Meant little pad and the person I've put in charge of them made a 125. Million. Another exacted who's made levels but they made in in the million. Importantly keep our money in the Papeete 300 people you'd get fired. And tens of thousand people credit rating is gonna get those affected. And and I think these are my dad's exactly what was thinking but here's here's why that is is an important issue when we come back. I'll explain dude this is has eaten. It all on what the major banks are dueling. And give the American people begin understanding got a better all the time if you lose trust. What happens to them that in two. Double via. Thinking about a big dust up did you have senate banking committee yesterday will forego big bank one of the largest in the largest in the world see you all. Oh oversaw some wrongdoing bidding claimed he really didn't homers seed but these there is is what some of the senators had to actually underneath him John cut to plea. John why don't his scam was going on you personally. Held an average. A six point 75. Million shares of wells stopped. Share price during this time period went up by about thirty dollars which comes out to more than 200. Million dollars in gains. All for you personally. And thanks in part to those cross sell numbers that you talked about on every one of those calls. Terse what it's about this mr. stone. If what you're tellers. Took a handful of twenty dollar bills out of the cash Rourke. Probably be looking at criminal charges for theft could end up in prison. But you squeeze your employees to the breaking point. So they cheat customers and you could drive up the value of your stock. And put hundreds of millions of dollars in your own pocket. Our lead and ended that seemed relatively minor. Go to Google goodness here's a headline. Wells Fargo. World's largest bank your neighborhood and that the money laundering drug war prop the clearing bank. Bank gives no problem getting its hands covered in blood with the drug. Money. We bailed them out and did 2008 financial call have with 25 billion dollars. UN came and juggle a government says the only way they've stayed out was global drug trade going through their bank. Take a look at HSBC. Bank. A double drug traffickers and laundered money for terrorists. And the federal government caught them. And said of the two big did jailer bail outs and nobody got named nobody got charged nobody got fine nobody went to jail the bank. Pay to find the words about one quarter of that year's profit and get the the same bank. Nine billion dollars. The school yours owners paid to to drug cartel it's Mexico and Colombia. And yours dollars from drug sales in the pace so use to come back here. In the United States and it'll laundered but here's interest in part. Drug agents discovered the dealers in Mexico. We're building special action boxes. To bid approach sites dimensions. Of the HSBC. Teller window. So would nobody would see they catch. Going in. And they did think it's isolated it would give Bank of America. Big headline to crooked till the bankers of fraud and every one prominent pastors to insurance. Why does the government keep bailing them out eight trillion dollars to do what happens. When we lose frost. Don't go way and he you know moves glued to news coming up then screwed in India new. Courts who's going to be talking about trump and Clinton and many more things. Robin with the we call and to think tank thank you so much for listening to have a great day.