SHARE
TRANSCRIPT
| TIME | SPEAKER | TEXT |
|---|---|---|
| 00:00:13 |
|
-- LIKE THE OLD DAYS, WHEN YOU HAD PAIRING ON EACH SIDE. |
| 00:00:20 |
|
THANK YOU, MR. CHAIRMAN. THANK YOU TO THE RANKING MEMBER, BAUCUS. I'M THE PRESIDENT OF THE AFL-CIO... |
| 00:06:16 |
|
NEXT IS RICHARD BAKER. |
| 00:06:23 |
|
THANK YOU, MR. CHAIRMAN. THE PRIMARY ADVOCATE FOR SOUND BUSINESS PRACTICES AND HEDGE FUNDS. FUNDS... |
| 00:11:15 |
|
NEXT, PROFESSOR PHILLIP SWAG SWAGLE AT GEORGETOWN. |
| 00:11:17 |
|
THANK YOU FOR THE OPPORTUNITY TO TESTIFY. I'M A VISITING PROFESSOR AT GEORGETOWN UNIVERSITY. I WAS... |
| 00:14:45 |
|
NEXT, MR. SCOTT THOMA THE SENIOR VICE PRESIDENT AT THE FINANCIAL SERVICES ROUNDTABLE. |
| 00:14:52 |
|
CHAIRMAN FRANK, MEMBERS OF THE COMMITTEE, THANK YOU FOR THE OPPORTUNITY TO ALLOW US TO APPEAR BEFORE... |
| 00:20:21 |
|
THE NEXT ONE IS, EXECUTIVE VICE PRESIDENT OF THE METROPOLITAN LIFE INSURANCE COMPANY. |
| 00:20:27 |
|
MEMBERS OF THE COMMITTEE, THANK YOU FOR INVITING ME TO TESTIFY TODAY. WE HAVE ASKED METLIFE FOR PERSPECTIVES... |
| 00:25:25 |
|
NOW, WE'LL HEAR FROM MR. MICHAEL MICHAEL MICHAEL MICHAEL MANAGI. |
| 00:25:32 |
|
CHAIRMAN, FRANK, RANKING MEMBER BAUCUS AND MEMBERS OF COMMITTEE, IT'S AN HONOR TO BE WITH YOU AGAIN.... |
| 00:30:32 |
|
THANK YOU VERY MUCH. THANK YOU RANKING MEMBER BAUCUS FOR HOLDING THIS HEARING. THE DISCUSSION DRAFT... |
| 00:34:35 |
|
THE NEXT WITNESS IS AMERICANS FOR FINANCIAL REFORM. |
| 00:34:43 |
|
THANK YOU. I WANT TO SAY THAT I'M REPRESENTING A VERY LARGE GROUP OF ORGANIZATIONS. THAT ARE CONSUMER... |
| 00:39:38 |
|
MR. EDWARDS DILLYING. |
| 00:39:40 |
|
CHAIRMAN, FRANK, CONGRESSMAN BAUCUS, MEMBERS OF THE COMMITTEE, THANK YOU FOR INVITING ME TO TESTIFY.... |
| 00:39:47 |
|
IT'S BEEN OVER A YEAR SINCE I FIRST TESTIFIED BEFORE THIS COMMITTEE IN FAVOR OF BROAD, INSURANCE REFORM.... |
| 00:44:22 |
|
I THANK YOU. WE NOW HAVE MR. TIM RYAN. |
| 00:44:31 |
|
I WANT TO THANK THE COMMITTEE FOR THIS OPPORTUNITY TO APPEAR TODAY. WE BELIEVE THE THAT SYSTEMIC ... |
| 00:49:52 |
|
THANK YOU. I APPRECIATE YOUR STAYING. I KNOW YOU HAD SOME SCHEDULING. ONE THING YOU POINT OUT WHICH... |
| 00:54:31 |
|
IDENTIFY THE PUBLIC -- |
| 00:54:35 |
|
WHAT'S THAT? |
| 00:54:37 |
|
BY GOTTORY INSTITUTIONS, YES. BECAUSE THEY ARE A CONFLICT WITH THEIR CLIENTS. BUT IT IS A VERY LARGE... |
| 00:54:48 |
|
I UNDERSTAND IT'S A LARGE |
| 00:54:49 |
|
ALL RIGHT. THE PROBLEM THEN -- |
| 00:54:52 |
|
YOU DO US NO SERVICE -- |
| 00:54:54 |
|
LEVERAGE WILL HELP. AND IF YOU WERE TO EXTEND THE IDEA OF THE NATIONAL BANK ACCOUNT TO LIMIT LENDING... |
| 00:55:08 |
|
LET ME ASK YOU TO DO THAT IN WRITING, AND BECAUSE I DO THINK THE ISSUE OF PROPRIETARY TRADING IS ONE... |
| 00:55:15 |
|
CERTAINLY. I WOULD BE HAPPY TO DO THAT. |
| 00:55:18 |
|
WELL, MR. RYAN, I'M OVER MY TIME. I TALKED ABOUT YOU, SO I'LL GIVE YOU A FEW SECONDS. |
| 00:55:22 |
|
THANK YOU. JUST ON UNCERTAINTY, THERE IS SOME UNCERTAINTY WE DON'T LIKE. IT'S SOME UNCERTAINTY THAT... |
| 00:55:32 |
|
NO, BUT HERE'S -- HERE'S WHAT WE HAVE BEEN TOLD. WHEN WE GET INTO -- TALKING ABOUT THOSE THAT WOULD... |
| 00:55:58 |
|
MAY I JUST SAY WHAT I FEAR? WHAT I FEAR IS THAT THAT UNCERTAINTY WILL CAUSE SIGNIFICANT DISRUPTIONS... |
| 00:56:09 |
|
WELL, ISN'T IT LIKELY TO CAUSE, AND I APOLOGIZE -- ISN'T IT LIKELY TO CAUSE A TRANSFER FROM ONE INSTITUTION... |
| 00:56:35 |
|
WE'LL TRY TO COME BACK TO YOU |
| 00:56:37 |
|
I APPRECIATE IT. |
| 00:56:38 |
|
THANK YOU. |
| 00:56:39 |
|
LET ME JUST SAY, I WANT TO PUT INTO THE RECORD AN ARTICLE ON FEASIBILITY BY ANDREW LOWE AT M.I.T.,... |
| 00:57:05 |
|
THANK YOU, MR. CHAIRMAN. MR. CHAIRMAN, WHAT I WOULD LIKE TO ASK EACH OF THE PANELISTS AND MAYBE JUST... |
| 00:57:27 |
|
NO. NO, SIR, NOT ENOUGH. |
| 00:57:31 |
|
NO. |
| 00:57:32 |
|
NO. |
| 00:57:33 |
|
NO. |
| 00:57:35 |
|
CERTAINLY NOT ALL OF US, MR. CHAIR. |
| 00:57:36 |
|
NO. |
| 00:57:37 |
|
NO. |
| 00:57:38 |
|
ALL RIGHT. WE HADN'T EITHER. SO -- I APPRECIATE THAT. CHAIRMAN MENTIONS CREDITORS. I GUESS YOU CAN'T... |
| 00:58:11 |
|
YES. |
| 00:58:13 |
|
SECRETARY GEITHNER, CHAIRMAN FRANK, HAVE REPEATEDLY SAID THAT THE RESOLUTION AUTHORITY DOES NOT PROVIDE... |
| 00:58:21 |
|
I DO DISAGREE. |
| 00:58:23 |
|
AND WOULD YOU PULL THAT MIC A LITTLE CLOSER? |
| 00:58:26 |
|
I DO DISAGREE. |
| 00:58:28 |
|
OKAY. THERE IT IS. I DO DISAGREE, AND I LISTENED CAREFULLY TO THE SECRETARY'S TESTIMONY, AND I UNDERSTAND... |
| 00:58:57 |
|
THANK YOU. MR. WALLACE AND CHAIRMAN -- SECRETARY GEITHNER SAID THAT THE CHAIRMAN'S DISCUSSION DRAFT... |
| 00:59:14 |
|
I WAS VERY PUZZLED TO HEAR THE SECRETARY SAY THAT, BECAUSE THERE IS LANGUAGE IN HERE THAT DOES PERMIT... |
| 01:00:30 |
|
MAYBE THEY HAVEN'T HAD SUFFICIENT TIME TO READ THE BILL. |
| 01:00:32 |
|
MAYBE NOT. MAYBE NOT. |
| 01:00:40 |
|
YOU KNOW, SEVERAL -- MR. KENDARIAN, AND I'VE SAID THIS BEFORE, A BETTER APPROACH WOULD BE TO REGULATE... |
| 01:01:25 |
|
WOULD YOU PLEASE REPEAT THE FIRST PART OF THE QUESTION? |
| 01:01:30 |
|
YES. |
| 01:01:32 |
|
DO YOU HAVE A PROBLEM -- LET ME JUST SAY THE LAST PART -- DO YOU HAVE A PROBLEM WITH TOO BIG TO FAIL... |
| 01:01:41 |
|
WELL, WE HAVE A PROBLEM WITH TOO BIG TO FAIL. WE WOULD LIKE TO PREVENT PEOPLE FROM BECOMING TOO BIG... |
| 01:02:01 |
|
DO YOU BELIEVE THAT THE ITS, YOU KNOW, WITHIN -- IT'S AN ACTIVITY THAT CREATES A RISK, AND IT'S AN... |
| 01:02:16 |
|
ACTIVITIES SHOULD BE THE FOCUS, NOT NECESSARILY ASSETS UNDER MANAGEMENT. |
| 01:02:21 |
|
ALL RIGHT, THANK YOU. |
| 01:02:22 |
|
I WOULD AGREE WITH THAT. |
| 01:02:23 |
|
AGREED. IT'S NOT SIZE, IT'S THE THE RISKINESS OF THE ACTIVITIES. |
| 01:02:31 |
|
JUST GOING DOWN THE LINE. |
| 01:02:32 |
|
THOSE ARE MY COMMENTS, SO CERTAINLY I WOULD SUPPORT -- |
| 01:02:35 |
|
I DISAGREE. OUR ACTIVITIES ARE UNBELIEVABLY REGULATED RIGHT THIS MINUTE. IT'S THE SIZE OF THE INSTITUTIONS.... |
| 01:02:43 |
|
WHAT ABOUT SUBPRIME LENDING? DO YOU THINK IT WAS REGULATED, OR -- CAN I GET THE REST OF THEM? |
| 01:02:51 |
|
I'M TRYING TO GET THE REST OF YOU TO ANSWER, BUT YOU CAN'T -- |
| 01:02:54 |
|
YOU'RE RIGHT. |
| 01:02:56 |
|
YOU CAN'T -- ASK ANOTHER QUESTION AND THEN EXPECT THE REST OF THEM TO ANSWER. |
| 01:02:59 |
|
YOU'RE RIGHT. MR. WALLACE? |
| 01:03:02 |
|
WELL, AS I HAVE TESTIFIED TO THIS COMMITTEE BEFORE, I DON'T THINK ANY INSTITUTION CAN CREATE SYSTEMIC... |
| 01:03:13 |
|
NO, I THINK SIZE IS IMPORTANT. YES, ACTIVITIES MUST BE REGULATED. I'VE ADVOCATED THAT FOR MANY YEARS.... |
| 01:03:26 |
|
ALL RIGHT. |
| 01:03:28 |
|
I THINK WE NEED MORE SUBTLE APPROACHES THAN JUST HAVING AN ARBITRARY LIST, SOMEWHAT ARBITRARY LIST.... |
| 01:03:35 |
|
YOU MEAN OF INSTITUTIONS OR ACTIVITIES? |
| 01:03:37 |
|
OF INSTITUTIONS. |
| 01:03:43 |
|
OKAY. MR. SHRINE? |
| 01:03:46 |
|
I AGREE WITH EDS COMMENTS. |
| 01:03:48 |
|
THE GENTLEMAN'S TIME HAS EXPIRED, AND I WILL RECOGNIZE MYSELF FOR FIVE MINUTES. SO -- JUST TO SAY... |
| 01:05:20 |
|
YES, I WOULD NOT PUT THE DIRECTOR OF THE CFPA ON THE SYSTEMIC RISK. |
| 01:05:24 |
|
WE NEED TO DO SOMETHING ABOUT YOUR MICROPHONE. |
| 01:05:26 |
|
YEAH, SORRY ABOUT THAT. LET ME SEE IF I CAN GET IT BETTER. I WOULD NOT PUT THE DIRECTOR OF THE CFPA... |
| 01:05:35 |
|
OKAY. ANYBODY ELSE AGREE WITH THAT? OKAY. I WON'T GO INTO YOUR REASONS. GIVE ME YOUR REASONS IN WRITING.... |
| 01:06:36 |
|
I WOULD DO IT AFTER THE FACT. I THINK -- |
| 01:06:37 |
|
OKAY. AND WHO WOULD YOU -- WHO WOULD YOU TAX WITH THE -- WITH THE -- WITH PUTTING UP THE MONEY TO... |
| 01:06:49 |
|
WELL, I THINK, UNFORTUNATELY, YOU END UP WITH SOMETHING SIMILAR. WE WOULD HAVE SOME CHANGES IN WHAT... |
| 01:06:57 |
|
I UNDERSTAND. I'M ASKING YOU, WHO YOU WOULD TAX. WOULD IT BE ALL FINANCIAL INSTITUTIONS, WOULD IT... |
| 01:07:15 |
|
WELL, WE SAID IN OUR PROPOSAL WAS VERY SIMILAR TO WHAT THE ADMINISTRATION PROPOSED. WE DIDN'T PUT... |
| 01:07:37 |
|
SET UP AS A SEPARATE FUND, I TAKE IT -- TOTALLY SEPARATE FROM FDIC? |
| 01:07:42 |
|
OH, ABSOLUTELY. |
| 01:07:43 |
|
CALL SOMETHING ELSE? IS A RESOLUTION FUND? |
| 01:07:46 |
|
A RESOLUTION FUND. AND WE THINK THE AGENCY SHOULD NOT BE CALLED THE FDIC, IT SHOULD BE CALLED THE... |
| 01:07:55 |
|
ANYBODY ELSE ON THE PANEL -- |
| 01:08:01 |
|
FOR THE FACT -- DEPOSITORY. |
| 01:08:03 |
|
MR. MENZ SAYS YOU DISAGREE WITH SEPARATING THE FUNDS? |
| 01:08:07 |
|
I'M A VICTIM OF MY EXPERIENCE AS A COMMUNITY BANKER. WE SET ASIDE RESERVES IN THE GOOD TIMES. |
| 01:08:17 |
|
I DON'T WANT TO PROVIDE A PLATFORM FOR YOU TO GIVE A SPEECH. I UNDERSTAND WHAT YOU SAID, BUT THIS... |
| 01:08:27 |
|
WE SHOULD PREFUND IT. |
| 01:08:28 |
|
WHAT ARE YOUR ARGUMENTS IN FAVOR OF PREFUNDING IT AS OPPOSED TO DOING IT AFTER THE FACT? |
| 01:08:37 |
|
THE SAME LOGIC AS SUPPLYING LOSS RESERVES. |
| 01:08:39 |
|
WHO WOULD CONTRIBUTE TO THAT FUND? |
| 01:08:41 |
|
THOSE WHO PRESENT SOME FORM OF SYSTEMIC RISK TO OUR SYSTEM MANY MANY. |
| 01:08:46 |
|
AND HOW WOULD YOU DESIGNATE THOSE WITHOUT KNOWING WHO THEY ARE IN ADVANCE? |
| 01:08:50 |
|
WELL, THE INDUSTRY IS NOT GOING TO BE DESIGNATED. THAT'S WHAT CONGRESS AND THE REGULATORS NEED TO... |
| 01:08:58 |
|
SO WE OUGHT TO JUST PICK IT OUT OF THE CONGRESS OUGHT TO MAKE A DECISION ABOUT IT AND PUT THEM ON... |
| 01:09:10 |
|
MR. CHAIRMAN? |
| 01:09:12 |
|
YES. |
| 01:09:14 |
|
MR. CHAIRMAN? |
| 01:09:15 |
|
MR. CHAIRMAN? THIS. |
| 01:09:17 |
|
I WAS SUPPOSED TO BE OW OF HERE. |
| 01:09:19 |
|
I'M SORRY, I WAS SUPPOSED TO MAKE APOLOGIES. MR. TRUNKA HAD INDICATED BEFOREHAND THAT HE HAD TO LEAVE,... |
| 01:09:41 |
|
IF IT HE HAS TO LEAVE, HE HAS TO LEAVE. |
| 01:09:44 |
|
YOU ARE EXCUSED WITHOUT OBJECTION, I BELIEVE. YOU ARE EXCUSED WITHOUT OBJECTION. |
| 01:09:50 |
|
THANK YOU. |
| 01:09:52 |
|
AND DON'T TAKE THAT OUT OF MR. ROSS'S TIME. START HIS CLOCK OVER. |
| 01:09:56 |
|
FAIR ENOUGH. THANK YOU, MR. CHAIRMAN. I HAD A QUESTION FOR MR. WALLACE. I WENT TO A MEMORY OF SOME... |
| 01:11:18 |
|
WELL, THANK YOU VERY MUCH, CONGRESSMAN. I THINK IT SHOULD BE OBVIOUS THAT DEPOSIT INSURANCE DOES ... |
| 01:12:58 |
|
NOW, THE CHAIRMAN'S DRAFT LEGISLATION WOULD GIVE REGULATORS THE ABILITY TO SHIELD CREDITORS FROM LOSSES.... |
| 01:13:15 |
|
OF COURSE. IT'S THE SAME THING AS DEPOSIT INSURANCE. AND IT DOESN'T REALLY MATTER VERY MUCH THAT... |
| 01:13:51 |
|
SO POLITICAL POLL, OR THE IMPORTANCE OF IT, STARTS TO REPLACE MARKET DISCIPLINE OR MARKET FORCES,... |
| 01:14:45 |
|
ALL RIGHT. I AGREE. AND ONE OF OF THE -- ONE OF THE PROBLEMS WITH THE DRAFT LEGISLATION IS THAT IT... |
| 01:15:15 |
|
THANK YOU. THANK YOU, MR. CHAIRMAN. |
| 01:15:20 |
|
THANK YOU MR. WALLACE. |
| 01:15:22 |
|
THE GENTLEMAN MR. HEINZ IS RECOGNIZED. |
| 01:15:24 |
|
THANK YOU, MR. CHAIRMAN. I HAVE TWO KIND OF HE IS OWETERRIC QUESTIONS WHICH MAY OR MAY NOT ELICIT... |
| 01:17:02 |
|
SURE. |
| 01:17:03 |
|
OUR VIEW, AND IT'S BEEN CONSISTENT HERE, AND I BELIEVE THE CHAIRMAN ASKED THE SAME QUESTION ABOUT... |
| 01:17:47 |
|
I WOULD AGREE WITH YOUR COMMENT THAT THERE NEEDS TO BE FLEXIBILITY. THE OTHER PROBLEM WE HAVE IS,... |
| 01:18:10 |
|
YES, SIR. |
| 01:18:12 |
|
YEAH. HR 1728, WHICH I THINK IS APPROVED BY THE HOUSE, STARTS WITH A 5% AS A CEILING, AND WE THINK... |
| 01:18:30 |
|
I'M SENSING A GENERAL ASCENT THAT ONE OF THE GUIDING PRINCIPLES OUGHT TO BE THE RISKINESS OF THE STRUBLG... |
| 01:18:37 |
|
OKAY. ONE OTHER ESOTERIC QUESTION. EMBEDDED FINANCE COMPANIES. I HAPPEN TO HAVE GE AND PIT KNEE BOSE... |
| 01:19:31 |
|
YEAH. WE'RE PLEASED THAT THE ILC IS GRABBED FATHERED, BUT THE PROVISIONS YOU MENTIONED LIKE THE CROSS... |
| 01:19:54 |
|
IF I COULD MAKE A COMMENT ON THIS, THE LEGISLATION ASSUMES THAT IT IS POSSIBLE TO SEPARATE FINANCE... |
| 01:20:43 |
|
THANK YOU, MR. CHAIRMAN. |
| 01:20:44 |
|
TIME IS EXPIRED. I'M GOING TO ASK FOR TEN SECONDS. YOU MENTIONED THIS BEFORE. I AM SYMPATHETIC TO... |
| 01:21:13 |
|
THANK YOU, MR. CHAIRMAN. |
| 01:21:17 |
|
THE GENTLEMAN FROM NORTH CAROLINA. |
| 01:21:24 |
|
SO I THANK YOU, MR. CHAIRMAN. MISS DARISTA, BEFORE YOU RAISE THE QUESTION OF PROPRIETARY TRADING AND... |
| 01:21:35 |
|
I HEARD YOU, SIR. |
| 01:21:38 |
|
WELL, IN PART BECAUSE PAUL VOLCKER HAD TESTIFIED LAST MONTH THAT PROPRIETARY TRADING BY SYSTEMATICALLY... |
| 01:23:54 |
|
I WOULD AGREE. AND I WOULD THINK THAT YOU NEED TO LIMIT PROPRIETARY TRADING ACROSS THE ENTIRE FINANCIAL... |
| 01:24:13 |
|
RIGHT. I THINK, YOU KNOW, AS I BEGAN TO SAY, AND I WILL SUBMIT SOME INFORMATION ABOUT MY THINKING... |
| 01:25:12 |
|
MR. YINGLING, SHOULD PROPRIETARY INSTITUTIONS DO PROPRIETARY TRADING? |
| 01:25:17 |
|
I DON'T THINK THEY SHOULD DO IT DIRECTLY IN THE DEPOSITORY INSTITUTION. I WOULD AGREE WITH MISS BAER'S... |
| 01:25:25 |
|
THAT AFFILIATES WITHIN THE HOLDING COMPANY SHOULD DO PROPRIETARY TRADING. |
| 01:25:29 |
|
YES, WITH CAREFUL REGULATION AND CAPITAL REQUIREMENTS AND LEVERAGE. |
| 01:25:36 |
|
MR. RON, YOU SEEM TO WANT TO BE RECOGNIZED. ARE YOU RAISING YOUR HAND? |
| 01:25:40 |
|
I DO. THAT'S WHY I CAME, TO ANSWER |
| 01:25:42 |
|
OKAY. |
| 01:25:45 |
|
AND MY VIEW IS, FIRST OF ALL, DIFFERENT TYPES OF PROPRIETARY TRADING, SOME HAVE EXCESSIVE RISKS, SOME... |
| 01:26:29 |
|
THANK YOU, MR. CHAIRMAN. YOU SAID WE'RE NOT QUITE ICELAND, BUT WE'RE GETTING THERE. ARE YOU SUGGESTING... |
| 01:26:37 |
|
NO. AND I PERHAPS EXAGGERATED FOR EFFECT. . |
| 01:26:42 |
|
YES. IT CAME THROUGH, CLEARLY. BUT I DO HAVE A SERIOUS -- WELL, MY KIDS WOULD THINK THAT'S SERIOUS.... |
| 01:27:43 |
|
WELL, AS PRESIDENT TRUNKA SAID, IF THE FED WERE A REFORM, WE WOULD NOT HAVE A PROBLEM WITH THE FED... |
| 01:28:21 |
|
SO YOU'RE SAYING THAT IT IS -- IT IS DEPOLITICIZED. -- I'M ASKING THE QUESTION. IT'S DEPOLITICIZED... |
| 01:28:41 |
|
YES AND NO. I REALLY AM LOOKING AT THE CONSTITUTION. AND WHAT -- |
| 01:28:47 |
|
WE DON'T DO THAT IN HERE. |
| 01:28:50 |
|
WELL, I MEAN, YOU HAVE THE RESPONSIBILITY FOR CREATING MONEY AND MAINTAINING ITS VALUE. AND THAT IS... |
| 01:29:38 |
|
MR. BAKER. |
| 01:29:44 |
|
WELL -- AS A FORMER MEMBER OF THIS AUGUST BODY, DO YOU DIFFER WITH HER? |
| 01:29:51 |
|
WELL, CERTAINLY, WE FEEL THAT A COUNCIL-LIKE STRUCTURE WOULD BE MORE APPROPRIATE IN PROVIDING BALANCE... |
| 01:30:58 |
|
ARE ANY OF YOU AWARE OF ANY CENTRAL BANK THAT HAS THE RESPONSIBILITY FOR SUPERVISING SYSTEMIC BANKING... |
| 01:31:18 |
|
THERE ARE OTHER CENTRAL BANKS THAT DO THAT. I THINK THE FRENCH CENTRAL BANK DOES THAT. THE U.K. IS... |
| 01:31:31 |
|
YOU SAY THE FRENCH CENTRAL |
| 01:31:32 |
|
YEAH. |
| 01:31:34 |
|
BUT I THOUGHT THEY LOST MONETARY POLICY TO THE EUROPEAN BANK, SO THEY DON'T HAVE MONETARY POLICY ANYMORE.... |
| 01:31:41 |
|
WELL, THAT IS -- THAT IS -- YEAH, I SUPPOSE IT'S POSSIBLE, IF THE ECB HAS TAKEN OVER ALL OF THE CENTRAL... |
| 01:32:43 |
|
I THINK MANY OF YOUR -- MANY OF THE NATIONAL CENTRAL BANKS WILL WELCOME YOUR RESTORING TO THEM POWERS... |
| 01:33:08 |
|
LET ME ASK, IN THE INDEPENDENT BANKERS, UNDER THE RECAPTURE PROVISIONS, YOUR MEMBERS COULD BE TAXED... |
| 01:33:36 |
|
|
| 01:33:37 |
|
I THINK THE ANSWER IS, WHAT'S THE RIGHT NUMBER? SHOULD IT BE 10$10 BILLION, $50 BILLION, $100 BILLION?... |
| 01:33:52 |
|
DO YOU BELIEVE ANY OF YOUR MEMBERS ARE SINGLY AND BY THEMSELVES SYSTEMATICALLY IMPORTANT? NOT THAT... |
| 01:34:07 |
|
WE DO NOT BELIEVE WE HAVE -- THIS MIC REALLY DOESN'T LIKE ME. WE HAVE SYSTEMATICALLY IMPORTANT MEMBERS,... |
| 01:34:20 |
|
WE WILL WITHHOLD -- WILL SOMEBODY FIX THAT, PLEASE? PROCEED. |
| 01:34:27 |
|
DUE TO THE NOISE THERE, I DIDN'T -- YOU WERE SAYING THAT YOU DO NOT BELIEVE ANY ONE OF YOUR MEMBERS... |
| 01:34:35 |
|
NO. |
| 01:34:37 |
|
SO NONE OF YOUR MEMBERS IS GOING TO BE ABLE TO BENEFIT FROM AN IMPLICIT FEDERAL GUARANTEE THAT SAYS... |
| 01:35:03 |
|
NO. IF WE FAIL, WE FAIL. OUR UNINSURED CREDITORS ARE NOT PAID. IT'S AS SIMPLE AS THAT. |
| 01:35:12 |
|
SO DO YOU THINK THAT THE TAX SHOULD BE IMPOSED ON ENTITY -- ANY ENTITY THAT'S TOO SMALL TO BE CONSIDERED... |
| 01:35:22 |
|
OKAYAY MR.. BABAR. LCOME B BAC |
| 01:35:28 |
|
THANK YOU. |
| 01:35:31 |
|
HEDGE FUN ARE OFTENNDNDER $10 BILLION. BUT YOU FOLKS -- SOME OF YOUR MEMBERS ENGAGE IN PRETTY SOPHISTICATED,... |
| 01:36:03 |
|
I THINK THE WHOLE MANNER OF WHO IS ASSESSED AND TO WHAT EXTENT FOR THE FAILURE OF AN UNRELATED ENTERPRISE.... |
| 01:36:35 |
|
SO YOU THINK THAT IF WE BAIL OUT AN INSURANCE COMPANY, ONLY THE INSURANCE COMPANY SHOULD PAY THE TAX,... |
| 01:36:49 |
|
IT'S UNCLEAR AS TO THE ECONOMIC RESOLUTION, THE SCALE OF DFLTY AND THE ASSETS OF A PARTICULAR SECTOR.... |
| 01:37:15 |
|
LET ME INTERRUPT AND GO TO MR. SWAGGEL, IF I'M PRONOUNCING YOUR NAME. WOULD -- CAN YOU RUN A MODERN... |
| 01:37:43 |
|
RIGHT. IF THE MAJOR PLAYERS THINK THERE IS A POSSIBILITY OF A BAILOUT, THAT WILL EFFECT THEIR BEHAVIOR.... |
| 01:37:51 |
|
OH, YEAH. OBVIOUSLY, IF YOU GO OUT AND TELL EVERYBODY, AS WE APPARENTLY, UNBEKNOWNST TO ME, DID,... |
| 01:38:12 |
|
THE GENTLEMAN'S TIME IS EXPIRED. |
| 01:38:14 |
|
I WOULD JUST BRIEFLY NOTE THAT LEHMAN'S SENIOR DEBT WAS TRADING AT 10 CENTS ON THE DOLLAR BEFORE IT... |
| 01:38:28 |
|
THE -- HEARING IS NOW ADJOURNED. I THANK THE WITNESSES FOR THEIR PERSISTENCE IN SITTING THROUGH A... |
NOTE: The transcript for this program was compiled from uncorrected Closed Captioning.
RELATED PROGRAMS
DETAILS
PEOPLE GRID LIST
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Hensarling, Jeb
U.S. Representative [R] Texas
PURCHASE
-
- Price:
- Media Format:
- DVD