Matt Taibbi and Yves Smith: How the Wall Street Mafia Holds America -- and the World -- Hostage

By Bill Moyers and Matt Taibbi and Yves Smith, BillMoyers.com
Posted on June 25, 2012, Printed on July 1, 2012

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.