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How the Wall Street Mafia Holds America - and the World - Hostage

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Rolling Stone editor Matt Taibbi and Yves Smith, creator of the finance and economics blog Naked Capitalism, join Bill to discuss the folly and corruption of both banks and government, and how that tag-team leaves deep wounds in our democracy. Taibbi's latest piece is "The Scam Wall Street Learned from the Mafia." Smith is the author of "ECONned: How Unenlightened Self Interest Undermined Democracy and Corrupted Capitalism."

Bill Moyers: Welcome. This past week, Jamie Dimon, CEO of JP Morgan Chase, was back on Capitol Hill, testifying before the House Financial Services Committee, as he had earlier done before the Senate Banking Committee. He was being questioned on how his bank had lost two billion dollars -- or more -- on risky trading. His reception in the House was less fawning than what he got from the senators. Although many of them also are beneficiaries of JP Morgan largesse, House members were more combative.

 Barney Frank: You said you have a fortress balance sheet. That assumes there's something special about the way you are that made us have to worry less. But we can't assume that's going to be the case for every financial institution.

 Jamie Dimon: But I also said that we'd be solidly profitable this quarter. So relative to earnings-

 Barney Frank: That's not the question. Mr. Dimon, please don't filibuster.

 Sean Duffy: You didn't know about these trades. You didn't know about these losses. How do you come forward today and say the regulators should have known that -- what one of the best CEOs in the industry didn't know and couldn't have known?

 Michael Capuano: With the regulatory regime that we have today -- we both agree that it's not what we want, but it's what we have. Do you really think it's a smart idea to be cutting the legs out of one of those major regulators? Do you think that's good for America?

 Jamie Dimon: I have enough problems. I'm going to leave that to you.


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