Dylan Ratigan ridiculed the Senate's financial reform bill Thursday and argued that it wasn't enough to protect the country from another financial collapse.
Standing before a "Family Feud" backdrop, Ratigan analyzed three key problems plaguing the American financial system and concluded that the legislation put forward by Sen. Chris Dodd (D-CT), doesn't do enough to solve them.
Ratigan was interested in three things.
Does the bill "stop banks from keeping secrets?" No.
Ratigan called for more transparency and argued that under the new bill, banks will still be allowed to conceal risky investment strategies that include credit default swaps and repo 105.
Does the bill "stop gambling with your money?" No.
The bill does not stop banks from investing in their own interests using accountholders' deposits, Ratigan argued.
Does the bill "stop cops working for crooks?" No.
Ratigan says that the bill doesn't address the conflict of interest between rating agencies and the Wall Street firms that pay them.