House Proceeding 03-18-09 on Mar 18th, 2009 :: 1:22:05 to 1:24:25
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1:22:01 to 1:22:21( Edit History Discussion )

Bruce Braley: benefit to them that they perceive, anyway, is able to affect their lives so dramatically. .

1:22:05 to 1:24:25( Edit History Discussion )
Speech By: Bruce Braley

1:22:22 to 1:22:42( Edit History Discussion )

Bruce Braley: the floor of the house of representatives an exception to the rule which is there are too many companies that are too arrogant to save. this is an example what i'm talking about. i quoted this during the hearing on october 7, this is from a september 28, 2008, article of

1:22:43 to 1:23:03( Edit History Discussion )

Bruce Braley: "the new york times," and this was a comment made by the same joseph cassano who headed a.i.g.'s london office and who brought about this $11 billion first quarter loss that took them over the cliff. and here's what 'said. when asked to respond to this financial crisis.

1:23:04 to 1:23:25( Edit History Discussion )

Bruce Braley: he said, quote, it is hard for us, a.i.g., without being flip ant, to even see a scenario within any kind of realm of reason that would see us losing $1 in these circumstances. $1.

1:23:26 to 1:23:46( Edit History Discussion )

Bruce Braley: and then apparently he doesn't really have that, his math skills are somewhat lacking because he obviously earned a heck of a lot more than $1, $280 million over an eight-year period and that just shows the level of arrogance that these financial prognosticaters had. and i'd like to throw this

1:23:47 to 1:24:07( Edit History Discussion )

Bruce Braley: questionver to my friend from memphis. i mean, i remember when the fed was trying to have discussions about what type of financial oversight was appropriate for these new financial devices called mortgage-backed securities and credit default swaps. then fed chairman alan

1:24:08 to 1:24:25( Edit History Discussion )

Bruce Braley: greenspan was a firm believer in just let the market regulate self and in fact that's what his recommendation was on credit default swaps. so then we saw this market grow to a $100 trillion-plus market