Wall Street Whistleblower's Uphill Battle

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Sept. 23 (Bloomberg) -- Bloomberg's Al Hunt and Bloomberg Contributing Editor Bill Cohan discuss Wall Street whistleblowers with Erik Schatzker on Bloomberg Television's "Market Makers." (Source: Bloomberg)

First off, who is he?

A former ceo of an oklahoma think that failed during the savings and loan crisis.

Then he was promoted to the head of something like the dismiss underwriting group.

Responsible of third-party mortgages.

Then they would get packaged up and sold to fannie mae and freddie mac.

A real guy.

Absolutely legit guy.

He tried to raise the problem internally.

Eventually wrote a famous e-mail to bob rubin, chairman of the executive to midi.

Subject of the 60 minutes east about a year ago.

The other thing he tried to do was to testify in front of the financial crisis inquiry commission.

He was told he could do that and would have written testimony and then oral testimony.

The problem is the written testimony was edited.

His oral conversations he was having with the fdic before he got advice to testify have been locked up and not public.

What if one think -- woudn't one theink the sec be all over this ? they never called him back.

I tried to get the testimony and documents.

They have said no twice.

What is a rationale for why this did not go anywhere?

There are rationales and arguments to be made.

It was the exact same time the treasury was getting ready to sell.

This is a perfect note on which to bring in out.

Richard delwin's story lends itself to a very delicious conspiracy theory.

Which is that regulators and politicians in washington bowed to the pressure from banks to accomplish two things.

One, to move on when a time when the company needed confidence.

What do you think?

In this case i read the fascinating piece.

Pretty compelling piece.

Pretty compelling case.

Among other things the sec will not release documents.

Phil angelini these outside commission would not let him publicly testify.

The council of that commission now works for a lot of firms that represent who?

Citigroup.

I think it is ever evolving door.

Where is he now?

Goldman sachs.

There is a revolving door.

This has a lot to do about power and money.

Rex do you believe this is a story that is merely representative of countless other stories that could tell the real truth behind the financial crisis and point the finger at those responsible and provide evidence enough results to be censured or criminally indicted.

We do not know those things because of richard: and perhaps other people as well.

If you're asking me, i suspect bill knows better than i about this.

I cannot imagine this was the only person in a situation like this.

These banks, wall street has a lot of power.

They spend a lot of money and exercise that power and do that across the partisan divide.

There is a revolving door.

No question.

I was going to say it is beginning to change.

The right and the left has a counter.

Elizabeth warren and john mccain.

The late ray summers.

Bill daley running into trouble.

I do not think it is quite an event during the time as bill is describing.

He makes usual great points.

I think it is changing slowly.

I think mary jo white shows the consent the cree that was assigned last week was a modicum of improvement.

You would not say the party is over yet.

The interesting thing i found in reporting and researching and writing the story is so angeli these who said we were constantly under attack.

It is so fascinating to me.

The attorney think they are doing their job representing the clients but proved incredibly intimidating and powerful.

Supposed to get to the bottom of everything.

How do you think they rack up billion dollar bills?

Think about the lehman brothers filing.

Lawyers are very powerful.

No question about it.

Till:. -- bill coehehen and al hunt.

This text has been automatically generated. It may not be 100% accurate.

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