Ratigan: Dodd's Financial Reform Bill Doesn't Go Far Enough (VIDEO)

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.

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Comments

[tgiggey]

05:22 PM on 03/31/2010

Yes, Andrea Mitchell is just as worst with her news. She is just as corrupted as her husband Alan Greenspan and I am sure she knew before hand the financial collapse on the banks and wallstreet before it became breaking news. It was pillow talk from her hubby. I hope they lost money if they had invested with Madoff.

[tgiggey]

05:14 PM on 03/31/2010

Dylan Ratigan sounds like a bitter and confused mad man. He yells on his show to his guest and he is so rude. He sounds like Rush L. and acts like Beck. I am hoping MSNBC take him off the show and replace him with someone else. It was so annoying, I had turn the channel to CNN.

[David2]

09:33 AM on 03/30/2010

The beatings will continue until morale improves.

Or...

Hail to the new boss... same as the old boss...

OR...

Same as it ever was, same as it ever was, same as it ever was, same as it ever was, same as it ever was, same as it ever was, same as it ever was, same as it EVER WAS. (Feel free to use the David Byrne head-smacking for emphasis.)

[joedee1969]

11:15 AM on 03/28/2010

At the center of all this is the theory of too big to fail and until that is dealt with, nothing will change:

http://americaspeaksink.com/2009/06/time-to-study-too-big-to-fail-theory/

[taxpaying]

12:12 PM on 03/26/2010

Dodd's financial reform bill is written by Treasury, who is run by Wall Street. Dodd removed the pay limits at Treasury's request from the bailout and Dodd will protect whatever Treasury wants protected. Didn't Geithner's Assistant work for Goldman Sachs? Geithner also testified before Congress that he never worked as a regulator, but, wasn't that part of his job when he was head of the NY Federal Reserve?

This will evolve to a country of the 'Haves' and 'Have nots' which will be official as the Middle Class now on the endangered species list moves closer and closer to extinction. Dodd will probably make millions speaking on Wall Street just as Larry Summers has.

Like him, or not, I think Dylan Ratigan is right.

[Lawyer822]

08:16 AM on 03/26/2010

Dylan rants and go's on and on on how the Democrats haven't gone far enough on healthcare, banks, housing, and blah, blah, blah, ... I just can't watch and I'm hoping MSNBC just admits they made a mistake giving this man a show. I had to switch to CNN for an hour.... Please MSNBC get him off the air.

[Safire]

08:14 AM on 03/26/2010

What's up with Dylan Ratigan these days? He seems like he is on a bitter binge lately.

[rgilley]

07:40 AM on 03/26/2010

Since the bill doesn't hurt banks or the ultra rich, Dems can count on republican support.

[fastfood]

02:06 AM on 03/26/2010

Dylan Ratigan rants and raves about everything that went wrong , and what is wrong with our financial meltdown and it`s repair , or lack there of , of the way our government is going about fixing it . He fails to mention the enablers , such as his friends over at his sister network CNBC ..... Where he was employed as one of those crooked financial analyst . Those enablers at CNBC`s " Morning Call " program are as much to blame as those crooked Wall Street excutives and money managers , as well as those banks and investment firms . They all are blood sucking , greedy vermin . CNBC`s , blood sucking analysts with their smug and condesending attitude toward the american public is disgusting , they rub elbows with those powerfully rich ceo`s , ( crooks ) and think they are above the law and rest of us . So Dylan get real and be truthful with your viewing audience , .... and by the way , don`t foget about your co-worker Andrea Mitchell`s sleazy husband Alan Greenspan , his old butt should be in a cell right next to Bernie Maddoff . You can throw in Jim Cramer as well !!!

[thewilltopower05]

12:56 AM on 03/26/2010

This guy should not even have a TV show, and he's yet another example of media pundits who talk every day about stuff they don't have substantive knowledge about. Cable news is SUCH a waste of time. Dylan should not be talking about this, because he does not have the knowledge or expertise to even know what he's talking about or how they will manage to actually accomplish the things he wants done. "Naked credit default swaps, but nobody knows what they are..." No Dylan, YOU don't know what they are. Some of us actually understand the mechanics of securities!

Please leave the talking about stuff like this to people who actually have the slightest idea of what is going on. Is that too much to ask?

[Don Ethridge]

09:16 AM on 03/26/2010

So he's wrong? Dodd's bill will fix the problem? When you write "Some of us actually understand the mechanics of securities!" who are the us you write about? You do know special language was put in the regulations about CDS so they could not be declared gambling at the State or Federal level. I believe most of us who care have a good idea what this trash is.

[thewilltopower05]

12:52 AM on 03/28/2010

The "us" I'm writing about are me and the very small minority of people in this country who study about or work on this type of stuff. And I don't mean reading about it in the news - you won't find this information in a newspaper. Swaps are obscure, complicated and they've only been around for about 10 or 12 years (which is why there are no regulations for them yet). The ONLY reason why I know the mechanics of these instruments is because I studied securities in law school under a professor who was a Goldman Sachs alum who did this for a living for YEARS and actually knows how these trades work, and he taught us in detail about their mechanics.

99.999999999% of the public have NO idea of how a swap works. I'm sorry to sound a bit on the elitist side, but you're seriously overestimating the public's financial IQ. Most of the people who care and want regulations don't have the slightest idea of what a swap is, or a naked short sale, or any of the other crazy things going on in Wall Street that caused our problems. A CDS is a very complex financial instrument. Ask anybody you know the difference between say, a synthetic return and an actual return, or what the 3 primary purposes of a swap are, and you're going to get people looking at you like deer in headlights.

[underthegun1]

12:33 AM on 03/26/2010

And here come the "it's a start" crowd.

[sheoples]

01:09 AM on 03/26/2010

totally agree............since when did america come to accept half assed .......not EVEN less than half assed actions as the best that can be done?

this is nothing more than giving up a fight with corporations before the fight has even begun.

[sheoples]

01:11 AM on 03/26/2010

i like how the "it's a start" crowd enable the corporations and let them continue screwing americans while being fooled into thinking it's substantive reform.

.........they got the 100 year perspective on reform rather than MEANINGFUL reform within our time.

[Gretel1or2]

12:27 AM on 03/26/2010

siasina I'm a Fan of siasina I'm a fan of this user 204 fans permalink
No you are wrong, the ORIGINAL tea party movement that was started by Ron Paul was anti-war, for sound money and true capitalism, and demanding transparency with the federal reserve. Those are all something most people can support
______________________________________________________________________________

If that is true, then why did Andrew Brietbard state unequivocally on the Ratigan show today that the Tea Partiers were new to this kind of thing and not "used to organizing?" Brietbart emphatically stated that this movement was not used to "organizing," something that the "left" has been doing more of and is more skilled at. Brietbart unwittingly gave the Tea baggers away as a relatively new phenomenon. The teabag movement as we now know them is the one which started in Feb 2009.

By the way what is "true capitalism?" The nostalgic "take back my country" days of Reagan? And if you are going to mention Ron Paul - you need to get used to idea that Mr Paul has endorsed some very unsavory r@cist ideas himself - so there is an element of bigotry in this movement, no matter how you look at it, Ron Paul or not.

[William Young]

12:23 AM on 03/26/2010

He's grating and hard to watch, I can see why he lost his spot in the morning and I hope soon he'll lose his spot in the afternoon, I'd rather listen to Dr. Nancy.

[Carolyn LeBeauf]

12:06 AM on 03/26/2010

Dylan is a teabagger so nothing he could say would interest me. He needs to go to FIXED NOISE.Before long that's where he will be.

[Troubledwawa]

11:50 PM on 03/25/2010

Larry Kudlow thinks the Dodd bill is a terrific idea.

[taxpaying]

12:19 PM on 03/26/2010

Isn't his audience on CNBC those who already have money and want to continue to make more in the derivatives market? Derivatives insuring derivatives based on derivatives, Dodd's bill doesn't bring any transparency to this market and continues the potential for fraud. Dodd's bill continues allowing the taxpayer to be set up while the money poors into Wall Street and Main Street's standard of living continues its downward spiral.

[Troubledwawa]

10:27 PM on 03/26/2010

"Isn't his audience on CNBC those who already have money and want to continue to make more in the derivatives market?"

Yup.

And as far as the rest of your comment - that's how I see it.

My comment is directed to the crowd thats already raising the white flag by saying "its a start". As for me, a start would be to bring to back Glass-Steagall. It worked.