You know of -- always said that one more reason to a lot of doom and show that one side lower. -- -- problem. That really surprised me and I've done multiple true zone so with style and at least three major banks in particular one called each of these cities. Headquartered out of London -- a huge amount of millions in this country. Was called numerous talks. Laundering money for terrorist. Numerous -- And vital given a warning against it was stronger and -- -- -- -- -- will prey upon. And believe -- the -- was minimal compared to what their profit line news over the years or only this year basis. And the other side -- reading about other bank problems. So little -- on -- when things I. Since 2008. Is enough local and foreign banks and pretty humorous and they've spent close to -- billion dollars. Just to the feds and the states. Or allegations of wrongdoing nobody charged. In particular would be -- trees -- -- today. Billions longer for terrorist. Nobody -- nobody which -- buying given that it was since 2008. Similar things have been going and and banks have paid close to 400 billion dollars to -- well. But the -- in the state of what they're doing. Illegally seizing borrower's home. Cheating don't cross the -- for that issue bonded and added. Their grip of some troops. Manipulated benchmark interest rates. We don't know about that and misled investors when. Selling them home loans that have been bundled into securities that decision burglary. Do a lot of homeowners and taking out expensive Morgan's. Rigged markets. To bolster their trading positions. And that's when. Process payments -- terrorist in angels idle machines. Helped Americans evade US taxes and -- enabled the two major Mexican drug cartels. To launder their money. And when we're -- begin looking detailed in domes and accusations. So prone group can use to reduce student debts. Pushed a lot of students. In to the ball. In their preying on low income students. And a lot of college campuses. So to better understand this all -- expert. Rush you reach an -- tried those -- the -- Tuesday. Broad range. Done higher road knowing that I get that right no wrong. I've been calling you know Ryan and board about. 101000 years Paula. I'm a pretty good news to no Ryan. Our -- I got leaders who fork. You're over the Charles Carl Cameron associate. I mean trolls can venture. There's supposed to proposed or it's at election. -- the big banks many of them this bad. The Panthers yeah. We. And you mentioned and then you know -- apple. War could only be called egregious behavior I think on. Trying to. Banks say. Their employees say. Two major forces that work one. Competition. High so -- tremendous pressure as well and make for a but on the other hand. The big banks now that they won't be allowed to fail. So you can pay you to take risks to compete. Good here used to. Take rescued. -- are still going to be bad out. So this creates a coal bursts. Where you do. Try to prop it. In as many ways as possible patent. He always pushed the boundaries. -- you afford to date Q. That's what will be. All right let's -- -- for a groom come -- -- let's talk about what you just said because I think everything our bread. Well what's happened with the big investors ahead four and -- take a look at the big banks and to. And a league unless they are problem children. The -- can bail him out. So they put more embryos from moving into -- which means less money available. For the small banks. Locally that we all products I think we're coming right back double -- Recurring bit about big big big banks in this country and nationally. Not only to midfield but two big -- jail. And what -- and I've seen kid and and then I'm gonna go or go via proposed repugnant election room. Right and -- huge. Rise and then I think right again. These international banks. A -- -- step and things they're doing. That of college and appeal most hundred billion dollars and find reason. To the birds and the state everything from. Drug money laundering laundering money from terrorists although we've -- ripping all part troop. And and in part of reports of -- bread they're talking about the big big hedge funds the big big investors. Or going to the big banks to investor money. Because there are convinced regardless what they do and they're going to be propped up by laws that taxpayer. Professor does that mean. That smaller banks like the good -- New Orleans, Louisiana round a true statement. Organs soft for because that. -- And please remember that the bank became the. By. Not organically because they didn't grow and become. By Hilary they're old internal state. -- murders. From reluctantly increasing. All of these. Banks that we know law today are all products from yeah mega mergers. Well you know about fourteen. And -- What would be twenty years ago where there about nine. And the computer all. Because of mercker. And so. Yeah I haven't smaller banks. Community but acts that. Can't provide. The kind of -- of their -- then becomes a part in particular. We're that the big -- But the remainder of the panic in that the bigger banks and be an empirical evidence. Have a little clock getting money compared with small banks because of exactly what to do it while it. -- -- when everybody knows. The big banks are going to be. The big banks can get a lower interest rates on their that their CD store cracked the money which -- then and would bolster their profit. Here's a direct quote from the latest report. It is warnings collectively -- suggested that the measures by President Obama signed -- all four years ago. Intending to prevent another financial crisis didn't -- foreign. Here's quote from senator from Ohio. Being interviewed on Bloomberg TV. -- -- -- not just too big to fail they're too complex to regulate. They're too busy or too complicated to manage. What was the what -- Oxley what was that that. Oh or via boat were former law where they broke out banks from where this wooden on -- Well belong up at bat you know enter and exit into the ego -- the right at the -- typically are. Yes -- that being brought back. Highly unlikely. Because I don't think that the current mood. Com. And I've always been debate over whether I concur on the urgency. And so should be. You know restricts and it's. At what level. But the empirical evidence I've -- seemed to suggest that. Are banks. Increased their profits above a hundred billion dollars. We don't see a whole lot. Evidence -- harm. Any gains in efficiency from -- If anything market Howell the content that dominant ways which city Jerry crop at least to some of the recently church. Finding. I loved them smooth movement go back to look about bush and Lula kebab we talked about it earlier banks seizing. Homes. Illegal. Cheating record albums. Ripping -- troops. Laundering. Novel drug Monday but -- money and goes on and on and on. Here's here's. Federal bureaucrat statement. -- financial regulators said that some of America's largest financial institutions. -- lack of respect for law or regulation and public trust. There is elements of deep seated cultural and ethical failure. Admittedly large financial institutions. And that that you pigs -- involved in the Federal Reserve Bank of New York then you go back. To the senator it's if banks can't be regulated there there too complicated even manage. When you put all that together. And you hear the reason why this can't be changed. A north sell like a conspiracy terrorist. But these banks. Around a lot of campaign money don't they did they lobby a lot to open. All apps but we absolutely are losing our. Pharma lobby probably one of the big on. Story is it possible to change at -- we'd like. Mexico Honduras Guatemala Nicaragua and just say. And are by and those are dropped but. I met some way that is. Well I mean our strategic that's something and error all the way. You know that are. Thought -- terrorism market need and am I not been. Our markets are fairly innovative. Another institution well -- Sure. Well -- -- example there was a time Blanton. Money market mutual funds began all over checking account equivalent. So you know what used to be something that we used to do with the bank we started doing. Neutral. And mutual irons. Beat you know -- not banks and regulated and banks and so they could be answered trying to -- The consumer. And the -- rally around one here so -- well there -- hammered. Travel a lot of -- so yeah. Banking experience. In global -- -- -- -- 4050 years. Well we're definitely be. How we used to regulate them out and it shouldn't sort of and that those regulations. All I suspect we're going to see all. Of any companies doing things that backs. Typically you'll have you know be -- -- companies owned by General Motors board. You know the big auto makers. Do a lot of credit a lot of small business. -- on the company's mortgage. And -- texts -- mortgage lenders. So we you know this -- banking -- -- I think there'd come time land. We might actually I don't think it's going to be here regulation or legislation. But you might -- Banks. Air air under and we've seen back to -- armed Volcker. Rule and got it from the air. Private equity kind of holding. Back. You know that you will see I suspect you will see com. Divestitures. And more traditional banking oriented move. So the market in good. Bat banks are not too big to fail. Size well all consumer spending. Good -- on the -- -- and Barack callers Sam sent girl and with the professor at New Orleans. -- -- out there in the name can't bank except you know markets they're out -- And nobody you know going to talk about it -- -- the -- under very. It's Smart about it put the money will put that money. Together. They're -- lives do I think over a hundred. Off the top of my head of Wells Fargo JPMorgan. Bankable merode. Credit -- HSBC. UBS us I can't remember remember any others but. You can look it up or a member of Wells Fargo. Paid about 25 billion. And they are all in the billion dollar fine. -- they are about recently it is. So well. Well essentially the shareholders of the are. Being blocked for the line yet. But remember -- -- -- all made the kind. Detainees back our being content it. There are unique to them. But they. Are whether -- Property. Or if you're my body. Or -- back. Trouble get a bit of -- for I don't soon the shareholders. Revolting and I think most did time doubts because. Most of those -- stocks were profit in more than they profit world it would. I learned there. I didn't know. -- call. Professor. I appreciate it called very much. We're gonna we're gonna continue these we're gonna cue ball wound up on news shows to to see if anything gets done and always I appreciate the expertise that the -- Carter mine aren't that. Debra -- bigger celebrity an -- five to read at -- Window -- numbers shows over the years over international banks. Major banks -- around the world. No wrongdoing primarily laundering not only does the two major drug court -- money but also terrorism. Every other letter was reading about a different subject and stumbled on the 2000 -- report. That said the big US and foreign banks who spent close to a hundred million dollars to federal. In states. Federal. Regulators and states. For wrongdoing. And I thought -- -- probably for good frogs in the terrorist. And out of the tune that. Was solicited. Two of them were just. But it was illegally seizing homes -- -- homes that have been issued bonded indebtedness. Rip off troops and -- we've done shows on that. Manipulating. Interest rates. Misled investors. And selling them home loans -- good that that all brought about. 2008 we did -- and work on. Help Americans evade US taxes and goes on and on. And one of them and problem number -- my eyes at what they've been doing a six students and one of them. -- to refuse to reduce student debts. And Brenda -- -- well. I'm not -- sure that I can dilution is wrong doing because students in the parent school and to the loans with the eyes wide open. Well whenever the other things that are being blamed its adrenaline. -- -- get an expert in -- to really understand. Rub it in majors reading I'm greeting -- here. And thankfully we have book -- Lindstrom. -- heritage from program director for all called off spurred US PO IRG. Chris welcome the show in bought its US PO I orgy. Think you. Yet that kidnapped US Turkey. Where a federation of state -- Consumer protection group came across the country and we have 75. Chapters. In twenty states. And so on behalf of those student chapters. I runner project that works to promote affordable and manageable student loan policies. To increase increased greatly needed to protect student consumers. You you or the one talk to want to look at that is the suited for American progress goes public in search group. They have done so the under having hearings. And there are a warning that. College students and the -- was being formed by financial institutions. One person to mention what's. Refusing to reduce student. What's the old story there with a -- loses me. And and yeah I think there's you know this is so wide ranging issue when it comes to. Student lending. And and so. It a couple of ways. Actually interface with armed students when it comes to their loan. So one way is it dead student are definitely has taken up a private student loan. -- -- and on federal student loan demand on loan that they got through that day to help pay for education and they'll loan tend to have found variable interest rates and Kyrie. Littleton Knoll. And if we came in terms that are helpful. India's then. That the parlor runs into some financial distress on down the road. In one. Example I like to think -- how I'd like to think of it is for example he cannot discharge these loans in bankruptcy so. The only form -- consumer lending where consumer pointed out from underneath the -- On your team needs a fresh start and really has run into financial distress. -- don't always fascinated me -- Raton too. Congressional. Senator representative. And said to them. OK I can understand. We -- where it was all bankruptcy laws in some former position. Why is it warming -- students. That can never -- color bankrupt. Yeah ha -- Yeah it is a fascinating day. It is like every giving him answers why. Well it's not just legacy issues to be -- you know. -- That means is that previous Q2 thousand and and other financial institutions actually play a role in the federal student loan program. They were on subsidized by the federal government actually reached me federal student loan. Because of that unique role that they played. They were able to -- if she -- in their private student loan products as well. And set and then attorney -- New York attorney general Andrew Cuomo now. Actually uncovered. It didn't seem content to stand covered collusion between. -- -- And poignant clean up the colleges that they worked way it. In which he and its officers were actually pushing high -- -- -- student loan product. Towards students and can't -- when they would contacted me you know -- we have enough money for that. A hand. For me for you know. Forget that acts that steering. And which is obviously illegal and really did try that debt for credits he's consistently to could've gotten a better deal Alps where. So I think. In the place to protect the -- in student lending. They were able to ensure that private student product so are not -- and bankruptcies and that is the real problem. Obviously leaves very little -- gophers break we've been. Listening for merit expert talk about. -- some banks. Actually three people on campus. To push them each student in to a depth that they -- couldn't afford when we come back. Or look at allegations that then they push borrowers. Into default. Dublin. We're talking about big national. And Internet forbidding being accused of preying on American consumers. This set of mobile content and focus on the students. And we have -- lynch room witnesses who is with. Spurred hiring a higher education program director. Or I should say US per short and that's -- -- -- sure do and what do -- do things. It's all words. These thing to being the Jews. While pushing in particular student loan or wars in two default producing and do it. Yeah and -- We need okay. Dot -- sort of a child actor and -- card here it says someday. There are and financial firms. That are -- nine banks acted similar capacity. And he actually service. The loan on the back and so once a parlor we -- school they agree period. And before it and begin retail and servicers in church and in all aspects of that loan. On behalf of the federal government. The problem is that it servicers they're actually. Eat and reimbursed by the federal government. It made it. It doesn't necessarily. Reflect the borrower's interest so borrower who is. Behind he has it came under Q and maybe he can help it could be put into an alternative became mentally and that might well worker payment down to zero dollars and months and help particular -- be time -- life. He needs a little bit more personal services and helped undersea and the probation time now servicers are pretty. We beast he is efficient around -- huddling around of the master volume bar or. So what's happening is that. In the servicers are actually be incentivized to help. That story she lie deep into delinquency and then she actually officially goes into default points. After nine mindset not. -- and on her -- and is obviously a huge problem detectives. It is right behind it landing in the whole concept here is that enabling a lot of people to get a college degree. -- shouldn't give them some modicum of financial security overtime. On it shouldn't be that they are due on is actually holding them actor under money in their financial security that's not what a college degrees the public that the ability for people. On in our society yet dot -- situation we face. So we need to understand why is that and how did the detection more beneficial for banks and for financial firms behind the to serve let the bar -- slide into tightly packed into salt. And and again it away hat again as banks and financial firms to do right by the -- our in intervene which helped -- -- So doing this every day and and the businesses quirks and a -- wonder you vote. Talk to -- lenders government reforms. The student loan it's about improvement books in this country. And for a bank. Or lending institute. Blow lord. Percentage of them live in the unbelievable by how accurate score or. Invest in the economy. Long term they're shooting themselves in the. You know. Are you know -- -- -- -- plan on you know inside Washington DC do you recognize that and I think there concern is exactly is used. Expressed. The we it's saying yes. -- hamper ourselves. It is experience of financial distress because of their loan. But what we've got in this situation is over trillion dollars in student loan debt -- -- -- on the economy as a whole because we. -- you know that federal reserve bank of new York and -- now when researcher over the past year and a half demonstrating that. And don't folks with student loans that are not able to get mortgages. At the same Brady. And is their counterparts. Who don't have to adapt. Indicating that something happening to the credit. Folks who have and student loans. On some things happening in the country need to -- on Dan and now that started to have ripple effect across our entire economy. So we do have quite a few in this you know there are. It's practice Obama -- -- and recent leave deer -- on maker is introduced. To. If it did it could be -- again. Unfortunately you know grid lock ruled today in Washington DC right now and so we're not -- see any of those policies. Don't place any time in the. It it would seem like so would you be -- to -- -- William gruel I was reading. Where for student who draws are going to count but 34 books -- these are levied for transaction. And -- The if they over draw a transaction of 24 hours the -- charges of four over drawing by 34 dollars. It would consumer gets alone on the disturbances student. It for the truth than annual percentage rate. -- rose 171000%. When. Nobody's watching the store. Yeah I mean it's it's what you're -- is actually -- somewhat separate but related problem -- to get that straight I'll. Which is that banks now our ET deals with colleges. To opt for her. You know college sponsored me to count disputed. Which can be turned on through their -- night. Or her if disputed receives financial needs he might get. I'm mailer in the mail saying hey here's the take account you should turn at stake count on in order to get access -- financially refund. Well in either situation to -- entertained a lot of money to accept their aid and that's actually against the law on its. Into the Department of Education says the state should be able to get. Access to their financially for free. And in fact it's -- being steered into these -- accounts that have really high overdraft charges this. That we do you know that young people in particular overdraft. A lot lower than the rest of us in the population you know there and unsophisticated consumers certificate got started. Pretty good at that were running out of time but can -- -- with drug appreciated the education -- -- religion long term hopefully we'll talk about this again thank you for the -- thank you take care double the DO.