WWL>Topics>>4-26 10a.m. Garland with Matt Taibbi

4-26 10a.m. Garland with Matt Taibbi

Apr 26, 2011|

Garland talks with Rolling Stone Magazine Reporter,Matt Taibbi. Why isn't Wall Street in jail? Article he wrong saying "Financial crooks brought down the world's economy and the feds are doing more to protect than prosecute them. Why? Is this what the American people should be outraged about?

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Automatically Generated Transcript (may not be 100% accurate)

60187. Or 66889. -- seventy. Is Garland walked back those who do in the country today. Good twelve noon hour one minute debate about these guys from this moment. CBOs have been issued a report that the debate. May be misleading. A road thing lot of things about grim reading thing about misleading so we'll try to get details on that. All so we're gonna have -- the representative. Of American enterprise institute for public policy you're -- talking about Paul Ryan's. Proposal. On changing Medicare. And that's our -- talk about something that is fascinated me. I keep a final all in SE CNN Justice Department and IRS on on the men need chargers -- they bring out against. Small businesses medium sized businesses. And of course us the so called little people. They're extremely good at coming after us. But it's under I've been fascinated and enjoy the truth I just thought it was a lack of understanding among board who lack of educational my partner and having read enough. That's why I after the U trillions of dollars of laws. And Wall Street collapse. Why there'd been no prosecutions. I hadn't been implemented by the -- jail the other night I'm watching -- Anderson Cooper. And Eliot Spitzer is on merit and they writer from Rolling Stone magazine. Did you bring institution is -- -- EB. And they were talking about this very same thing. And they were echoing. My questions. Then. Kind of along the same ones I've been thing but I just thought. Nobody else was talking about sort of thought about new problem and -- I appreciate your joining me on the show today. -- out of on the conversation the other night fascinating in particular. Couple things you said but. You Britain. A number of things one of them financial -- brought down the world's economy. But the feds are doing more to protect -- and prosecute him. Why isn't won't freak injury. Give us an idea about what role your thoughts or in more -- found. Quote of what -- people have to realize is that kind of there's been able. Qualitative change in the weighing the government goes about it. Prosecuting. White collar crime I don't think the best way to to to bring it down as to. Go back to the what did for the S and L crisis which. Was similar to do mortgage bubble in the financial crisis we had a couple of years ago except that it was far smaller in scale. But it was a similar -- a crisis that involved wide scale fraud. And in that instance the government. Prosecuted and put in jail. Nearly 2000 people. In this particular. -- After the mortgage bubble we really haven't had any high level prosecution's at all we had the first instance that day. A mortgage broker getting convicted of a couple of days ago. But just to show you the difference between what used to be one what is now. The -- first supervision into one of the major banking regulators. In the early ninety's. They're not anyone an attitude they had 101000 criminal referrals in other words what it says 101000 capable of Justice Department's assistant bureau in the last couple years. -- -- regarded as a -- of it this has been a huge change. -- in the way we look at these things. Bin end I think I'm quoting you -- good in some eroding. Well you pointed a lot of these so called regulators. Are on the first thing bases -- throws. They're probably should -- prosecuted. Cannot absolutely that that is the -- and news with two major cops on Wall Street. Or vehicle being. And then he US attorney's office of for the southern district of New York which is. The Justice Department's. Wall Street office basically it's. And that in those two offices. We went back about twenty years and we looked and we found but. Basically without exception VS and he's director of enforcement and -- the US attorneys from the southern district of New York. -- leave their posts and take multi million dollar partnerships. With corporate defense firms who works for companies like. Morgan Stanley and Goldman Sachs. So all these guys who are regulators and others are -- college basketball players waiting for their first NBA contract. They know they're gonna be rich dissident they get out of -- the government service and those who did that provide the very serious disincentive for them to it to prosecute. And in the things I rarely even the Justice Department not just -- easily. A lot of assistant. US attorney is. It in Gupta is big time. A legal defenders of those that are charged by the Justice Department. Not about who advocated and we found the number of in the event consists. Where. Cases that who should have been prosecuted or or should have been prosecuted quickly. But were held up by day inaction at the highest levels of both the FDP in the Justice Department bureaucracy. Who would -- a couple of years took a screen people who were holding up those cases are. -- working for the big banks. You know and so we see guys -- -- the Justice Department. After brawling and -- and then you know within a year you know they're earning two or three million dollar which you're working for. You know big law firms like did -- -- can catalog in front of the net that the preferred. Well a no load people wanna talk to you can hold you for a few more minutes -- -- -- -- -- on WW LA MFM and dot com. Who's talking sports liter 504260187. The 086688. Now. -- seven new. -- so magazine reporter. For her blue article I think this number of. The fact that Wall Street has a merger virtually unscathed. From the collapse of our economy from the collapse of Wall Street Journal was having to bail amount. And a don't know me the other day and mounting over that are heard or seen any. That's been prosecuted. There in the the federal justices whom are in the civil justice system. And reading some of Matt's article send all soon suing him and Anderson Cooper will Mark -- severely they. Brought to me everything I was wondering about apparently it is true. Go blue blood quick quotes from one of his articles. It says. We -- critical as some people -- misdeeds or no longer perceived as crimes. Almost no matter what those misdeeds or done. And part of that is -- justice system. That is actually evolved into how effective mechanism. For protecting financial criminals. Is a dead man. I mean and I think it has gotten that bad do we knew we saw last week. A -- eleven Carl Levin from Michigan. Issued -- 200 page report on the activities of -- bunch of banks Goldman Deutsche Bank Washington Mutual. And basically saying. Here's a bunch of offensive that these guys committed. Should be prosecuted and here's all the research and all the evidence they need to prosecute. For the go ahead and prosecute him and he called the Justice Department. And give them all the material but everything he had to do this is because literally. None of the other regulatory agencies what are the government department or the -- -- -- the Office of the Comptroller of the Currency or the Federal Reserve or the -- first supervision. None of them have done any kind of major investigation into what happened in 2008 and there have been no -- level prosecutions at all. So it is not a reasonable to talk like I don't think. In incorrectly. -- if I misunderstood you when you -- Anderson Cooper -- -- do is kind of a miracle. That any politician would come out in favor prosecuting. Because in particular Goldman Sachs category so many of them are funded in their campaigns tremendously. By Goldman Sachs and company. Both bad absolutely innocent got -- kind of a white elephant in the room. It's would you talk to people in Washington and about this issue. -- impact -- -- Barack Obama's number one private campaign contributor. Do they contribute heavily to both parties. Historically they're always in the top ten. Four Ani. For both congressional and and senatorial candidate. So it's very very difficult for for people in congress to take on the financial services industry because that's where the bulk of their campaign contribution to come from. I put it up to a third. Or maybe a little more than a third of the money that they get to run her campaign comes from alternate. So you won't find too many guys who are really coming out with guns blazing against these people. I'm gonna take -- right here it serves as an attorney yesterday is that bad manners correct. Fraud means nothing at the present time in the higher echelons of business and government will -- call on our telephone line once you know what criminal charge -- Pure but there are plenty of criminal charge is that that they could prosecuted if -- felt like it. You know almost I talked to one former regulator guy who worked in the OTS during the SL crisis. And he's that he needed he estimated that during the -- board room. There were probably a million cases of fraud a year. And this just in this from the bottom to the top of the entire. Financial services industry during the mortgage -- mortgage bubble period. -- all kinds of crimes from people doctoring. -- -- income statements on loan applications at the very lowest level that the kind of thing went on. At the highest level you have had -- big bags. We're doing things like betting against the there's going to be these mortgage -- security at the same time they were telling them to their clients without telling them that would result of the securities fraud. And that went on all over the place. There was bribery. There was some manipulation of the stock of -- stock market keeping -- -- -- trading program. Almost everything accounting fraud at Enron -- accounting fraud that went on all over the place. There are plenty crimes anywhere you look you're gonna find that they just haven't looked. Here's another one Anderson Susan -- important course obviously is for the listeners but SEC's enforcement director was saying in essence it firms like Goldman Sachs in the interview here on June Lehman Brothers -- -- enforced immediately get the FCC I mean the SEC and to act as a middleman between them. And the Justice Department negotiating find his way to get out of jail time. And this is -- speaking a lot of those funds are paid by other companies are they're not. Yeah there's two things appears to consider the first two. The SEC director of enforcement. A little while ago last year. He came out with a public statement saying basically that. Companies that want to find out if they're gonna be prosecuted by the Justice Department. Can come to the FCC and we will quote unquote get an answer. So what this really means is. Say you're a big bank and your under investigation. You can now go to BS EC and say. Is there any way that I can we can pay a fine. And get out of the criminal charges that that's really what they're talking about and that's what we've seen over and over and over again. Within the last couple years we're -- have -- the FTV that paid. -- big fine but compared to the amount of money that was taken they're not that big. And they get a criminal charges and that that people knew what happens over and over and over again. The user a couple of instances of the definitely got my. All of this points although this paints a disturbing picture of a closed of corrupt system. Since law enforcement on Wall Street requires serious intellectual firepower. The banks -- huge advantage from the start. By hiring when the -- to -- That I never thought up. Yeah I know that that's definitely a problem certainly there are many talented people who work as regulators but. In large part -- what people don't understand the about regulating Wall Street is that. It's very very difficult to prosecute these cases because what what happens very often is that these big companies would get together and they'll hire the best lawyers in the country. And the -- we wanna do this we wanna do this strange and perhaps illegal activity is there anyway the you can find that -- that would be legal. And no produced hybrid quick opinion then and the law firm more come up with some kind of scenario. That would theoretically justifies its activity. Don't they have better opinion and in my Buick for five pages long and it takes a very very developed in order to cut through all that and they note that's really not legal displayed everything in your lawyers are saying it's not legal. And that's a result it's really. We don't want group of lawyers attempting to another and typical Wall Street lawyers are definitely the higher the higher priced. All the bad palace promoting Ivy League schools go to Wall Street did not going to be a few feet and go for department. So it's kind of a mismatch intellectually. And you pointed out that President Obama. Goldman Sachs and number one private campaign contributor. He puts his city group executive in charge of this economic transition team and you'll say new executive -- JPMorgan Chase. It has this is a new chief percent and I would assume. This injustice Democrat thing it's on the Republican side to him. Absolutely this is the way it was one situation where. It's a completely bipartisan problem. It is -- who I think a lot of people on the left. Assume that this is the Republican problem it is definitely not it is. Certainly. The record. It is to -- -- capture of government by Wall Street. Has been the same -- over regardless of who's been president and that's really started I would say in earnest during the Clinton Years. It continued completely during the bush years and now we we have some pretty much the complete continuity during the Obama -- year. So it's really isn't a left right issue it's not -- conservative liberal issue is just -- you know -- A small group of people who a lot of power in in this kind of everybody else. These troops are obviously is noted an example moral turpitude but I did hear him saying. We're Bjorn -- Shelby you're the knowledge that if Eric Holder. Doesn't prosecutor and somebody in this thing he should resign. After all the homework you don't as much as you've learned of this. Do you see any chance. That anybody will be prosecuted. I -- I would. I would I would think they wouldn't have to do at some point being inundated conduct some kind of prosecution because. -- that -- and think maybe I'm gonna lose complete completely the American people but I would hope this becomes an issue before the next presidential run really starts. Because they had they really happened there hasn't been that one high profile case that allows. People -- -- to see what went on. And it's. The Obama administration doesn't do that before the next presidential run I -- LB. Very very surprised and disappointed that I that I talked to. Now governor -- this morning actually. And he was again reiterating that that. That whole issue. Maybe it's it would be surprising if -- -- didn't come out of all the. Well we've only got about a minute leopard to may have given the sentence then that shoots and I'm here reprieve to the American people. Use of the middle stumbling block for most Americans. Is that financial crimes don't feel real. Reducing the corporate waving guns and liquor stores are dragging -- into the bushes in that -- the same reason aside from me who we've seen very little of this in the media and virtually. No conversation in public about this. That is absolutely the -- I know because they used to be one of his reporters you know in the political reporters through. Cover politics span and presidential campaigns in the country we we don't really understand economics don't understand high finance. And it's they're -- hey we don't understand it in the even when we do. It's really really hard to sell this stuff as a sexy story in the American people because it's incredibly complicated. So new directors and stay away from the fish you. And as a result people don't really understand. Elevate themselves have been victimized they don't understand for instance that the high gas prices that we're dealing with right now. Are not just food supply demand issues that also had a lot to do with. Speculation in the commodity markets and fraud and and you know the mortgage rates they don't understand the foreclosure issue that -- understood all the rumors have been victimized. So there's not that public outrage strip who are. We'll let -- -- long we've got to at least somebody's still involved in journalism. We're gonna shot. I don't want to appreciate very much what -- do. Let me get back home when you got a little bit more time to really get in debt at whoever happens all right man -- urge you to call in the time very much at. There's time governor bill would come and move right back. WWL first news it's 1031 I'm Chris Miller on your official weather station WWL IMF -- dot com. Jefferson Parish authorities say a fire led them to an apparent murder happened around 5 this morning on main street near river road in causeway. North Shore detectives say -- have border released today about the death of a fireman found on the -- Niles neighborhood yesterday neighbors reported a series of gunshots before police found a battalion chief dead in his home. The federal judge to stop the NFL lockout will take at least another day to consider whether she should put her order on hold. The judges give the players until tomorrow morning to reply to the league's request for a stay. Before the half hour on Wall Street the Dow up 95 points NASDAQ up 23 -- down eighteen cents at 112. Dollars ten cents a barrel. The first round of the NBA playoff series between the Los Angeles Lakers a normal tortoises even -- two games apiece the two teams play game five tonight in LA. ESPN writer Scoop Jackson says that. Former Laker and current hornets forward Trevor -- says. That's the difference maker for the -- You get the benefit plan you can get. You gonna be you know how to tell you Donovan is you know is a -- he's gonna think -- -- painkiller yes there was still -- The team that wins game five of a seven game series usually ends up winning the series 80%. Of the time tip off from LA -- for 930 tonight. 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Forecast there's a 1% chance for an isolated thunderstorms this afternoon highs in the upper eighties. 30% chance of rain tomorrow highs in the operating since turning cooler after a front high near eighty and sunny fourth -- Cloudy and 76 degrees right now south of Blake's seven in cloudy skies on the north. Washington work on the Paris road bridge just scheduled to have one blink closed both. North and south to about 3 o'clock this afternoon. The Huey Long bridge also worked there will be east and West Bank battle of -- till 230. 3 o'clock this afternoon got -- for breakdown on the -- ten westbound is headed toward GI three general loyal. Don't see the camera -- nor slowdown just to be careful in case she had that big big pulled off the side of the road. And this forever more -- too much of a regional medical center. This is Greg stock CEO after the original -- goes. Distinguished hospital by JD power & Associates have originals -- recognized leader in quality and patient satisfaction as compared to other hospitals throughout the country the only. To receive this recognition -- -- time recipient of the dividend protesters and Roger Robinson have -- him call 260 info on Chris Miller WWL first news. News breaks out we'll break a day and night week day. The news talk in sports leader of the 871053. WWL have and WWL dot com. Well what do you think would do so mad I tell you didn't. Reporter who lives but a lot of time news and Anderson Cooper legislative with the Eliot Spitzer and -- -- Earlier in the week. And basically him Eliot Spitzer is certain that oh Wall Street. Ripped assault and is still Arkansas. And nobody's been prosecuted here here's an example of what he said. Virtually every major back in financial company and Wall Street and boiled in the criminal scandals. And impoverish millions and could collectively destroyed hundreds of billions in fact trillions of dollars. Of the nation's well. And nobody went to do. You true musical -- burning my -- off. Who basically. Ripped off rich and famous people. This is not a single executive who ran the companies had cooked up in cash in on all the phony financial boom. And in just threw wide scale that involve the -- CEO of mismarked fraudulent. -- bad mortgage backed securities has ever been convicted. Most of the firms were directly involved in elaborate fraud and helped Lehman Brothers -- billions of -- from investors. Bank of America lied about billions in bonuses. Goldman Sachs filled until clients how to put together. How to put together the born to lose toxic mortgages. And deals that are selling. What's more many of the companies and corporate chieftains whose actions. Often -- investor billions. Permit AIG derivative chief Joe Cassandra. Who shared investors incidentally they were not lose even one dollar. Affect -- losing quarters sold even got. Couldn't keep people from losing one dollar and hedge fund but I can't. Until -- months before his entire unit exploded. To the 263. Million dollars in compensation. Performer Lehman chief Dick the guerrilla. Old can be appealed to disclose. You have no one of that. Has faced any -- behind bars. Or. Jewel -- -- any charges whatsoever. I gotta -- but we're so Murray would call and rather than syntex. This guy like Kevin my agent. And in my comes as one man. -- and how is it that the IRS. SEC. Justice Department. Will go after. Medium companies small companies. Fairly rich people. But not the big news on Wall Street. Why isn't the little guy or the medium guy or the slightly larger guy. -- -- to target very easily. But not the power brokers on Wall Street the back the politicians. Wisconsin via text. How can you include yourself as a little guy I don't incident between. If your little guy meaning me making probably 350000. Dollars per year. And when thank you so much I get mom would you call management. They're off a little bit on the checked. Discusses the making through and through 2000. And and and even into. Give me what they have been given me so forward to get him on the phone. Just wanna make sure thank you so much. What does that make the guy only makes 151000. Less per year. Please help me understand what you -- saying. Well and sends out and say what you said. You have to understand what I'm saying -- simple -- the little -- You won the Islamic community since. It was all right. -- let me let me go on something else I do what -- let me go to some of the callers right now. Welcome governor bill appreciate the call. They -- Look. I think YouTube alluded to whip the number of times. That you don't want to say that it's and that is that. The big corporations big money controls. All of these politicians almost. They are not who are content crucial -- resolve problems. They're in Washington. Solely through. Support this system. That the big corporations are going to benefit from. At the expense of the populist. And you look so good example. You mustn't miss -- interview because we stood exactly that. Yes I I know and and I do agree with you put up some things I'd I don't know -- wanted to make it it is plain that say it. That all of these politicians are simply employees. Spoke. Large corporate interest and they act like they do something for us but they are truly. There allegiances. To the corporation's once they get there. Well you you are a little bit different I wouldn't give it a total glittering generalities of everybody I'm sure a Brett. Of some people better and doctors. In the electoral lucrative. Profession the -- your congressman. Or whatever for foreign gears and in the window so -- there's some. That actually try to do it the right way they're very small very -- but what. Interest me probably more than anything else I think we're seeing the same thing in politicians. SEC. Justice Department. And on and on and on. What they're doing they go into the profession whether -- -- or dissident. To get the experience. To make a lot of money as -- lobbyist. They go into the Justice Department. To get the experience. To go out in the pin people against. The Justice Department. Against the SEC. Against the FBI. Here and as a masked the -- that puts so much boom I mean meat on the bones. Of our concerns. Said. What we're creating his big corporations that can hire the best. Because they've got the most money and Hiram. Justice Department. Has unlimited money. So they can train the ones. That are gonna go. To the big corporations. In that -- concerns me more than anything else. That that to me seems like an unbreakable. And system. I don't know how would bring that up but not until we if we can't. How much faith do we have in the system. In particular. The legal system. That that governs this country. I do not have any I don't you know I don't I'm with the I don't know and I have just. I have just moved to this opinion. In the last couple years. Ramona in Red -- whenever in the show and from what I've seen personally. What we think. There's a government. Is a legal system protecting us spoken prayer. No it isn't. And its American but I submit. It the American people ever wake up to what the reality. It's. Actions in the Gulf Coast area we also have over 500000. Color combinations in order to create the perfect kitchen visit Guatemala three locations Mark Campbell -- dot com. It's Garland Robinette -- think tank on WWL AM FM -- dot com V news talk and sports leader 50426018748668890. Wait seventy. Composition -- then you can. Pony up fifty big thing to back gold. Don't -- ruin this country in the world economy down. Not one person has been prosecuted buyers -- Justice Department FCC. RS. FBI you know payment. But -- calls on them for that now -- a number of people think can be a little bit hypocritical to only talk to fill your window but I do appreciate the call. -- I don't do you know this shortly under your delicate hand. It may be it is I'm 59 years old and don't -- an opportunity -- always been popped in my it. The bankers -- auto company and insurance operations have been taken advantage of Babel and imagine. You know what I'm usually an example -- there are still pack a cigarettes a week ago my house -- it's like it's coming -- a -- to kill me. We aren't like you know we can't block which telomeres that you get rid. Well -- I think what what cured your missing on this and you remember the S and L crisis. And then -- Porsche you remember it well. Not good enough to look. I -- you you can bring up the good do stupid parties are right. I remember who -- for you conservatives and liberals if you listen to meet. I'm not talking about your idiotic partisan politics I don't give a damn about bush I don't give a damn about a bomb. I think about it seems that affect me and how to fix them not what my club tell me. So when I mentioned this Immelt I had no reference to bush whatsoever. You understand that you are. All right SNL they got prosecute. All right big -- chart. I can give you in many cases. Where people in the inner energy industry in the past did did loan got prosecuted. This time they're not. Under bush and the Obama. All right so when you say beautiful we cannot do it now. Now I have been seen. To this extent go to war now. -- But it. Well it's always -- some degree but usually. Our law enforcement agencies. Prosecute someone somewhere. That's what Eliot Spitzer was saying. Is that pay holder. Bureau of funerals bring somebody. To the public docket for this ought to resign. That's what we're saying. All right appreciate the call Danny inevitably. -- -- -- You've done it again you think tank me. Totally get you flip me around on an issue because I used to be one of those guys that thought that indeed they paid a private sector would ever. Bush EPA the public sector less because it's my money on one and spend it on me instead of them but if there are paying the public sector left and then. The private sector is gonna pay him more and going into government just I don't universities say you'd think a -- and -- world and be grown up and make the big -- And a -- like Iraqi mercenary that'll just fight whoever pays the more you -- -- Would ask what you are saying is I want my coming out so I would rather -- them aren't so. They do they're just global -- You I mean this this is what this gods and spent. I think a couple of years investigating. And is what the revelation that I've come to -- -- analysts totally unaware. I just thought you know and people who were working for the government they're like number one the security element they like what they were doing I'm sure that's still part of it. And I'm still I'm sure there's still some good people gonna. But I think the system is broken. I learned the system. Is political. I think we're not seeing prosecutions. Because it's political I think we're seeing prosecutions. By the Justice Department PR I SEC IRS. That in large part oftentimes are political. And that to me is frightening. It's frightening it looks to me that when people -- thing shadow government blah blah blah. They're really just talking about them -- association a politician you'd think of them basically everything that they're rolling over -- I did. It gets a little concerning to me and I'm I'm still learning I'm still doing a lot of homework in my mind can be changed. But I've gone from my kids who went through civic lessons and it's grown we're talking about equal representation. Here's what it should be to better understand that -- would. Where we were told.