Sep 28, 2016|
After the Wells Fargo scam that destroyed credit ratings of millions of customers, is trust in America’s financial system at risk? This hours guest: Dr. Walter 'Dub' Lane - Associate Professor of Economics & Finance @ UNO
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)
Got to tell you I was a little surprised them. When we did the recent shall on will forego. Them if you if you were on were wobbling all won worlds for ago. Has had a division. Hadn't. A senior exact. And she instructed. To. 5000 plus employees. That it view more ball eats at you if you wanna do a little bit better push. All raw bro nominal fee not a moment she said on or. What bush. Bank accounts for credit cards other counts toward their customers. Or what occurred tens of thousands. Although on all the bank accounts Ruben. And the accounts would do consumers that an authorized didn't even go about it. Triggered very use please that would charge to the consumers. And then their credit rating got hurt. And on top of the patent. No senior executive. Was wired. But five homes and plugs world forgoing more he's involved in operation. Which in symbolize. Offering bonuses. And other pressure to those employees to create consultants were higher. And we we're elected story in the last account where do you see you'll Wells Fargo. Just god he disagrees. By you know senate banking commission. On community. Page shows ripped him from one side to another. And warm today to find out that there will forgo boards of directors. His clawing back solemn. Of the compensation. To the C yeah. Overall that's owed more to bring in an expert tightened up bars that brawl on it and it's better understand this whole thing. When it comes to this or shall turn to a doctor Walter doubling. Professor economics and demand said you were not doctor always appreciate your time. Yeah. So talk can be about Tuesday Wednesday big clawed back. I think is Linda Jones don't see Euro agreed to give up 41. Billion dollars in invested stock warts. Don't does that mean stock options. Well you know as part of his. You know always pay package. That beauty that was they pulled back from him as well. No bonus. Men and burst CEOs. Like this many times. 40% and a majority of their pay the year is involved in their own this now is regular is still pretty substantial. An athlete not the start but. But that only for this year you know. This is it was happening you know for the last five years and back to bite out of a couple of years ago. And equipment they gonna go back in it is is bonuses from the previous year and into the goal or money on the table there. But do you do you army brass did stock war. Same things as stock options. I didn't beat the tale in how they would help. Yeah you. Because stock options they have Amy hurting a little bit and is paying borrowed time being and as opponents. Returns with the stock options as where they make the big money right. Right well I mean date they get a vote and and or their stock options it yet. If especially if the price of the stock goes up they can they can make a lot of money and court well partner to be doing pretty well. They were this is the tragedy well among many other of this. Is that Wells Fargo was one of them. Big thing that came out looking best after the 2008. Debacle. And yet they were considered one of the most trustworthy and now they completely destroyed their own image. So so they're they're gonna be really to those doctors are worth much because. A whole lot of people are gonna be you know bailing out bow Wells Fargo account moving to other accounts which means that there. But right there are will be going out and which scapegoat the stock options would be worth much anyway. He was pretty Tennessee bureau views and he's gonna get back 41 million. He was paid 83 million dollars in three years withdrew 2012. And 2013. So portable and million fizzle on to a lot of outlets but when you make. 83 million in three years. Kaptur is supposedly. Watching what he was in control column when there's an open. Slaughter whole isn't. No I mean it's like a tea if that big paycheck but relatively speaking. I didn't eat 8080 some odd million. That that most of what you do it with. Over three years marking the last primary Bob poured them and and the lady. Members had a bit of the Euro community bank kingdom was bond over notes. She made a 123. Million dollars. End what you. Going to the my understanding is Q is actually. That 125. Included her bonuses severance package in the clawed back. Scioscia about nineteen million in cash plus she's not gonna get all of that 125 million Jewish vote again. Providers that correctly. Note. Still. There they're not exactly going to be you'll mistreatment. Caught in begging money. But it means it is OK I can think this is and remember. This is something that had to be done by the board of directors and so they have to be accurate to call the special meeting. It would be nice today that it quicker before. Yeah if it clear that they did is because it was the right thing to do or because they were so embarrassed but congressional hearings. You know it made it that this could be used. And oh man. We've got to be a better in the that would be much nicer they'd done this before. They saw how intense. I don't think congressional hearings were but they they'd. All right a live Olympic break from here Brookings institute pretty bode well respected think debt and came out with a big study you know twenty pursue this month that says blah in the well forgone scandal. Matters so much. We'll explain why. And I'm gonna have the question. How how. Many in the cents. I'll explain after this stay will this double dog yeah. Every hour we do little unscientific. Unofficial poll. Others saw him pretty jaguar or dubbed them via. As little bold for gold's gym that destroyed credit rating to millions of customers. Is shrubs in America's financial system at risk 60%. Of you say yeah it's. And it kind of ties Zune will bear the report from the radio print review rule and tank Brookings institute. Earlier this month a world they've said why have the title would report. Want the ball or girl scandal mattered so much. And what they say is the core of the entire and intrusive some straws without trust the entire. Financial system collapses. And it goes on say the government works reinforces strolls through a series. Of big splits at. Government guarantees. Law its regulations. Require proper action. Enforcement's. Oversight. Punishment. Law lords and contracts violated. Punished. And we have with the all that served on a good what doctors have altered Dublin. Are associated prepare answer of economics in opening its you were known. And it just leave virtually every American groups and where business. Wondering. Did I that I have accounts opened in my name and other good things or. And if I'm. Member of the Wells Fargo betting that I don't know about it. And how wide plan that went public somebody kinda. Well first thing. People should be doing. If we're looking at there counter treatment that watching proposed service starts. The beauty on your regular that there are starters some activity you do it in app that you didn't know about Europe where does that come from. It amazes me that most people would be they don't even count their checkbook anymore. You know it online banking and things of that sort I figured he would my wife would never let that happen. She could she checked every job. It'll on our. Count every month and a and then at that seems like one of the problem is acting out you start paying and paying attention to much to their accounts. And it Embry. Think about the government. Saying we we won trucks we've we can report for the financial system not to have trust. And they rehab program in place so I think it's called the dog bring Wall Street reform and consumer protection act. Back in 2010. And written new legal authority allowing financial regulations took claw back ill gotten gains by exacted. But that broke. In the implementation. Haves and I've been the finalized. By the regulators. Six years applicable law or was it's. And more than five years after they were burns proponents. So even in one way you receive worldwide in the board of directors go back and claw back. That money both ports in music found out. We've we've got to warn employees. That hasn't been implement. Law at all in use that my classes. The description of what type of government failure. Which is called the do something syndrome so there's a big problem like that big crash in 2008. They do pass a law it sounds like it's going to do something. And yet if you look at it got pretty closely again Paul 2000 pages that. What you buy doubted he would do a lot of things. Dated back. Would have had a very negative effect on the small community banks you talking you of the local bankers about the dot break they consider that four letter word. Because they imposed a lot of regulatory requirements on them and they were the ones it caught the problem but it didn't do a whole lot. To go up big banks that big investment banks which for the cause of the crash in 2000. But it did include. These include huge amount of bureaucracy and regulation again like they picture later they haven't even. Implemented all those rules the claw back would be one. And Iceland again another one that would apply to the big. That like some of those small things they implemented is that the small things all ready so I'm not I'm not big I'm not a band dot break at all. Do in dog proved it was implemented after the 2008. Collapse. And I think Rankin 3233. With the collapse the eagle back. That prohibited commercial banks. From engaging. In the investment business. We're booted another Glass-Steagall. Act to make a difference. Well I mean yeah I mean if you try to separate those retail banking from the investment banking. You want to argue that that that could have some merit are nada and of that myself. Again the big there's several problems here what what happened with the Wells Fargo was just a failure and bury. Micro level of managing people's individual counts. Which you know what I mean Daughtry was all out in the first place it really worried about the big investment bank type of failures. And and certainly this provision on ought to do really good thing. Because everybody is real upset that you know it beat 300. Small toy buyer but netted the big guys lost their jobs lost that diamond yesterday. You know I met really a problem the claw back rule to Goodwin house. Firms to do some of that. Indices are holding the big guys accountable. Which again in the 2008 almost nobody was ever punished. And directly or for the activities drove our entire nation into a yearlong recession. And and so there some things there that it needed to be done but immediately knew much about them. You know the biggest problem in the outbreak is that is that that big too big to fail problem. And operate really in the press that. So was Brookings. Wrong. No no no no backup rookie you're talking about that the other a basic idea it was. It is in the banking industry in the Arab. And Wells Fargo Hewitt at the heart of. It brought the banks have been doing this since 2008. In the do you go read the big short there's still doing this singing. Jingle or starting to do. The same thing and and reached brief sequence overrule again and where have where the big guy who's don't get charged don't go and you don't get fired. But 5000 people not only get fired they lost their license to work in the industry. And they've got children and there's a ripple effect. What I maintain trust of trust is the thing. Well and again that is something that. You know what I like is the happened but it is for all the customers well it'll start leaving him in Euro. Give the message that if we were real bind we. Yeah but that being punished if they are stocks are all the boards of directors hire them. And and if they think that it'll be favors responsibly. There should be consequences. Then that the unfortunately regulatory agencies. Can only do so much. You know I. Didn't do a lot of things that they did a lot. Which is funny all. But you know I think we do need for banking regulation. But. Consumers can protect itself after the fact. It let me know that if you're involved where. They start pulling out there came out. I guarantee you well sport will be. And it worked on that. Our ride for those listening India is angry over it if that doesn't. I'm Woodson that. Perhaps Brookings is wrong. Perhaps we do a couple of shows in his signature loan news. Goes above ports in the banking committee. And then we forgot about it and everything's okay and or is this something where you say. Or we gonna get to a point where you have put the those that the money under the mattress. To losing 0187. We have been talking for the last out our. About will forego big scandal video and destroy the credit ratings of millions of customers. Fired over 5000. Low level employees known senior management. And we skew does does this Bruce your trust to you lose struts. And it was about seventy something per sentencing now in Holland shall we did the 3%. And I've doctor Walter globally in Britain. You know economists. Doctor odd I'm going back to Brooking saying and there and sure it's belief. Vetted fueling their trucks in the financial community. Then you don't have lead and then some system in this country or the world. But I I just wonder you people here in the and forgotten that becomes movement thing than the given example why. Went medical upside was from Britain tender. Business web sites talking about banking. Don't they mentioned will forego their goods they acquired somebody. Or be invested in. Or they were showing a profit the result mention the vault like this headline 2013. Wells Fargo. Your neighborhood. Mega money. Laundering. Drug war in more urging bank. Even talked about they took over block cold via. That laundered 370. Billion dollars. For the drug cartels between. 2004. In 2007. That's that's equal to 13. Of them Mexico's Peru groom stood and it's the product. Then 2012. They're 175. Billion dollars settlement. Because her mortgage brokers. We're working to keep. Minorities. Thirty albums and open. Bring buyers and home again fine 42 million. In 2012. There was a broader war mortgage loans have paid a 150. Under and five million dollars. And the government bailed them out after 20088. To the tune of 25. Billion dollars. You you really think trusses problem. Well again that's what people pay attention to you that's exactly. Painted those those huge thing but I think it would people feel like somebody's met and what are her personal. Which is low well part is that maybe you know charging affecting their credit rating. I think that that going to affect their reception a lot more in the other huge scandal that don't cut it had been directly. Under normal akin to other headline. Bank of America had to crooked to pay all the bankers have exploded every one from investors to insurance to homeowners to be employed. Their current clients. 1357. I'm 37 million dollar fine. For bilking schools. In cities. And the government begin save room with a 45 billion dollar. Saving. Package. They bought tens of thousands of Americans support closure. Of that robo sign. A bogus rule books on things robo sign brings news. Hard to worthless mortgage news. Do it just goes on and on and on in this and on top of that the food got me. The Federal Reserve load BankAmerica to move a huge portfolio of dangerous bets. Into the side of the company that happens to be FDIC. Insured. Now have anything happens to that. We the people are responsible. For 55. Trillion to ports. Do you think people just may be here a little bit about this and then forgot about it. Well yes and and a lot of it goes to whether they have a hard time understanding. What those big you know ounce bat out Carol but the big issues are again I think one of the problem. Is that. Again because of the huge. I think. You know which have taken over so much of the business. And ends because economy to scale and things of that sort. What we've seen it a real reduction in the market cheer of the small community banks. And I think what the public needs to do is to get back. In a lot in many cases to supporting those local community being the ones that help. Give loans to small businesses in the area create jobs in the area to keep their money in the area. And then and I would love to be a movement to move back into those types of banks were they they are refusing to you better in the big banks do. And and I think that something which people you know can do it they start thinking well you brought these disasters are recovered from the these big banks. I mean we need to look a little more locally and there's a lot of local banks around. Totally we don't have total review them that doctoral always a pleasure thank you for the time have a great day. Are you by doctor Walter doubling associate professor of economics and open interest in doing though. Our little prior to judge barred dubbed it a build opinion pulled that askew and hearing all that do you lose trust in the financial system. It started out that 75%. Abusing yes absolutely it's all the way down to repeat the rates on. I guess some more we learn where you would just say well you know like him we don't about it and the banks the big ones remain too big to failed too big to jail. Virtually in doing things. We've been thinking about the job well Fargo bank scandal. Tens of thousands of customers and so brew at all. Given that counts and didn't O bound period and he's exhibited little about their crude Britain's got hurt. When it was discovered senior management move to hire a thousand employees. That it implement the plant these these are bankrupt people working in banks with the lights it's. Laudable lots of with Michael moving via Stanley. Ripple effect in the community where they they. And rings were debris during the show word comes that board of directors after east evening attack on the CEO. And dates in the open and committee hearings especially the list born. Tearing into. Organ to claw back acts on the biz in that column about 200 million. Nagin take 41 billion back. The league did implemented usage wage and made a little over at think it was over 200. And they can take 1923. Million. Back from horror. So. We are a little opinion poll below and we talk about it. Of the more than old says and what we're hearing doesn't shake our trust in the potential solution at all. But again. We're done here if you have pre drug over read the news this wound is Weld's form of 2013. Your neighborhood mega bank the largest bank in the world laundering. Drug money. Very laundered drug money and they took over and all the banks Wachovia. That they had laundered 370. Billion dollars of Mexican currency exchanges. For drug cartels. Largest violation of the bank secrecy act and end time and you won't bring the ball in US history. So he eagled 13. Of Mexico's current gross domestic product. Nobody name nobody charge Ruben did you. 2012. Finder and 75 million. Rip off homeowners. 2012. 105 million dollar fine gripping the ball. Homeowners. And we gave them 25 billion after 2008. And you can go to dips and these are ignorant of the good to reports. Of one program is Bank of America. Tomb crooked to fail. And it would just talk about Brookings institute suing YouTube him trust open intrusive some collapses. And we have to gilts on the exit well you know people that people would it's happened to them what Bank of America. They defrauded. Customers. Investors. The rolling insurers. Hold homeowners even the unemployed. Nobody there saying. Nobody chart. Nobody goes to jail. And then to me the biggest form of all gangster banks too big to pay your. How HSBC. Hooked up with the drug traffickers. And terrorists. And got what was that. They laundered. Hundreds of millions of dollars for drug more. Including the big one Mexico's Sinaloa drug cartel. The businesses as the cartel. That dead is that tens of thousands of murder and torture or connected to they were protecting their money. The bank also wounded Monday. Or al-Qaeda. Hezbollah. Russian gangsters. Iran. Does true Dolan. And North Korea. No one charged no and mean no words goes to junior. Two bigs jail too big to fail. Too big too big to be concerned about. We just puritan shrug our children and say yeah so what can do about it and the beat goes on particular mine. If you go to green DO big short the book big short. We well know about 2000 a lot of us didn't QB direct impact. But it cost us all laws and our children and their children and their children. Eight. Trillion. Dollars. We've paid the banks back we saved the banks. And the lives of the banks who just got through talked about. But no big deal and covered up via. And as usual Drobo gonna be talking about Clinton and trumps state Britain's. On the Abdel brigade celebrity AM or ruled 53. At.