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Eliot Spitzer: Clean Up The Banks

With Wade Goodwyn in for Tom Ashbrook.

We talk with former New York governor, attorney general, and Wall Street prosecutor, Eliot Spitzer, about how to clean up banking.

n this Tuesday, Jan. 18, 2011, photo, a Morgan Stanley billboard is displayed in Times Square, New York. Morgan Stanley said Thursday, July 19, 2012, its revenue fell sharply in the second quarter, dragged down by weak results from its investment banking unit. Its net income missed Wall Street expectations, and its stock dropped sharply. (AP)

n this Tuesday, Jan. 18, 2011, photo, a Morgan Stanley billboard is displayed in Times Square, New York. Morgan Stanley said Thursday, July 19, 2012, its revenue fell sharply in the second quarter, dragged down by weak results from its investment banking unit. Its net income missed Wall Street expectations, and its stock dropped sharply. (AP)

Remember when banks were full of stuffed shirts whose main interest was whether you had enough collateral to get a loan? Neither do I. After sending the planet into a worldwide recession four years ago, now another round of banking scandal. This time involving money laundering, Mexican drug cartels, Al Qaida funders and international interest rate manipulations. And sadly that’s not a complete list. Will anyone get arrested this time?

This hour, On Point:  Former New York Governor and Attorney General Elliot Spitzer.

-Wade Goodwyn

Guests

Eliot Spitzer, host of Viewpoint with Eliot Spitzer. He was governor of New York State from 2007 until 2008.

From The Reading List

Slate “The week’s carnage on the Wall Street fraud front: LIBOR investigations ensnare almost all the major banks—estimates of damages of more than $20 billion are front page news. JPMorgan Chase now says its London derivatives trades cost nearly $6 billion in losses, and were a major failing in oversight and management. HSBC admits major failures permitting large-scale money laundering. Wells Fargo admits it discriminated in issuance of mortgages, charging minorities more than it should have. And this is just one week.”

Rolling Stone “The confrontation between the two of them on air is epic. In it, Bartiromo blasts Spitzer for going after Greenberg and accuses him of only targeting Greenberg for personal reasons. Spitzer counters by asking her if she’s read a judge’s opinion ruling that Greenberg had participated in a conspiracy to defraud. “Have you read this opinion?” he asks.”

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