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the view by many around the world of Wall Street as all being study and you and Warren have major investments in big bank so you obviously don't think that no they're not all cozy so who are the biggest perpetrator well what happens is that the people sort of lose control if you have a proprietary trading and he suddenly makes 300 million you wants more power and more and so he'll give him more billions to play with and then he makes more you give him more and in a sense see all these nice people are prisoners of the system and nobody can say no to the ever-expanding number of activities and they're all competitive and they don't like it if JP Morgan's making a lot of money in trading derivatives and they're making a smaller amount and so we be envied and the internal acquisitions of power by the heavy trading proprietary people it just naturally causes an expansion that we're very good people end up in a very silly outcome I would argue that have unless it's gold because they have more of a partnership culture and they're better at controlling people and and that's why I don't like golden be singled out because I regret them as the best of the investment bankers and everybody is not pillorying them as if they were the worst why do you think they're being bill and I thank you Matt excellent it's an accident its back on the fact of you know on the part of lawmakers just their name came up no I think it's an accident an accident not attacking the you know quote unquote so Marcus I'm sorry Mary in the sec said find something wrong with Goldman so I can step on no I think let me just popped out of the system of the myriad things they were investigating and I think it's kind of an accident they on the double my headlights I think it's an unfortunate that's because I think of the best delivery not the worst when you look at Goldman I mean you've said their highest in morality and competence here on Wall Street yet they are a little big banks on Wall Street yes and there are the focus of the icc's investigation there potentially could be entangled in a criminal investigation by the Department of Justice you and Warren have a 5 billion dollar stake in the company what happens to Goldman well they drew a lot of headlines and they got attacked at a time when everybody was furious at all investment banks of course it it's a significant disadvantage to Goldman to a drone all this attention and they're not perfect isn't it so golden they deserve some share of the blame for recommending that you're responsible system along with all the other in banks on their to their government they liked always increase power and they fought correctly we can handle all this discretion but you shouldn't urge on your government a system of control that so losses only you can handle it without disaster you should have a system of government the a less skilled person can't get in trouble well call them and make it through oh sure no doubt know though looking at the system and you know we cannot forget the lawmakers that created the system 90 senators voting in favor of repealing glass-steagall many of those senators were the ones lambaste in Goldman executives on Tuesday on the hill well there's no question about the fact that our our legislators went along with a whole lot of governmental policies that were foolish I'll be the worst example is Fannie Mae and Freddie Mac and yet they've gotten the least attention well not only that they had a exact system of regulation they're now talking about specialized government body there's nothing to do but watch them and keep them sound that's what they had and of course it failed utterly yeah I think you have to to take away activity for our neighbors from people who order using the government's credit including the people who are too big to fail that worked in glass steagle we had a long period without gamble after we took away the powers of the bank's it isn't like the country didn't have actively growing GDP during all that period of last eagle that system worked fine
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