>> THE POINT IS, LADIES AND     
GENTLEMEN, THAT GREED FOR LACK  
GENTLEMEN, THAT GREED FOR LACK  
OF A BETTER WORD IS GOOD.       
OF A BETTER WORD IS GOOD.       
>> TENDER AGE OF 22, I HEADED TO
>> TENDER AGE OF 22, I HEADED TO
THE ONLY PLACE THAT FIT MY      
THE ONLY PLACE THAT FIT MY      
AMBITION.                       
AMBITION.                       
>> GREED IS RIGHT.              
>> GREED IS RIGHT.              
>> MOVE MONEY FROM YOUR CLIENT'S
>> MOVE MONEY FROM YOUR CLIENT'S
POCKET INTO YOUR POCKET.        
POCKET INTO YOUR POCKET.        
>> GREED WORKS.                 
>> GREED WORKS.                 
AND GREED, YOU MARK MY WORDS,   
AND GREED, YOU MARK MY WORDS,   
WILL NOT ONLY SAVE OUR PAPER BUT
WILL NOT ONLY SAVE OUR PAPER BUT
OTHER MALFUNCTIONING CORPORATION
OTHER MALFUNCTIONING CORPORATION
CALLED THE USA.                 
CALLED THE USA.                 
>> YEAH.                        
>> YEAH.                        
>> A LOT OF PEOPLE HATED THAT   
>> A LOT OF PEOPLE HATED THAT   
MOVIE.                          
MOVIE.                          
I WAS NOT ONE OF THEM.          
I WAS NOT ONE OF THEM.          
MICHAEL DOUGLAS AND LEONARDO    
MICHAEL DOUGLAS AND LEONARDO    
DICAPRIO CAPTURED WILD WAYS OF  
DICAPRIO CAPTURED WILD WAYS OF  
THE 1980s.                      
THE 1980s.                      
SO DID OUR NEXT GUEST.          
SO DID OUR NEXT GUEST.          
HE WAS ACTUALLY THERE.          
HE WAS ACTUALLY THERE.          
MICHAEL LEWIS, "LIARS POKER."   
MICHAEL LEWIS, "LIARS POKER."   
MICHAEL JOINS US NOW ALONG WITH 
MICHAEL JOINS US NOW ALONG WITH 
MICHELLE CABRERA.               
MICHELLE CABRERA.               
THE DAY AFTER THE WORLD SERIES, 
THE DAY AFTER THE WORLD SERIES, 
I HAVE TO ASK YOU, EVERYBODY    
I HAVE TO ASK YOU, EVERYBODY    
LOVED TO SAY MONEY BALL, GREAT. 
LOVED TO SAY MONEY BALL, GREAT. 
IT WORKED ONE OR TWO YEARS.     
IT WORKED ONE OR TWO YEARS.     
IT WORKED AGAIN THIS YEAR.      
IT WORKED AGAIN THIS YEAR.      
THE A's IF THEY HADN'T -- IF A's
THE A's IF THEY HADN'T -- IF A's
HAD NOT TAKEN JON LESTER OUT IN 
HAD NOT TAKEN JON LESTER OUT IN 
THE SEVENTH INNING, CHANCES ARE 
THE SEVENTH INNING, CHANCES ARE 
GOOD IT WOULDN'T HAVE BEEN THE  
GOOD IT WOULDN'T HAVE BEEN THE  
ROYALS PLAYING LAST NIGHT.      
ROYALS PLAYING LAST NIGHT.      
IT WOULD HAVE BEEN THE A's.     
IT WOULD HAVE BEEN THE A's.     
IT'S STILL WORKING.             
IT'S STILL WORKING.             
>> IT'S MORE THAN THAT.         
>> IT'S MORE THAN THAT.         
THE A's, YEAH, THEY'RE THE MONEY
THE A's, YEAH, THEY'RE THE MONEY
BALL TEAM BUT ALL TEAMS HAVE BIG
BALL TEAM BUT ALL TEAMS HAVE BIG
ANALYTIC DEPARTMENTS.           
ANALYTIC DEPARTMENTS.           
THEY HAVE TRANSFORMED BASEBALL. 
THEY HAVE TRANSFORMED BASEBALL. 
AND THE IDEA THAT THERE'S A     
AND THE IDEA THAT THERE'S A     
MONEY BALL TEAM AND AN          
MONEY BALL TEAM AND AN          
ANTI-MONEY BALL TEAM DOESN'T    
ANTI-MONEY BALL TEAM DOESN'T    
EXIST ANYMORE.                  
EXIST ANYMORE.                  
>> THEY ARE ALL MONEY BALL      
>> THEY ARE ALL MONEY BALL      
TEAMS.                          
TEAMS.                          
>> HE TELLS ME, HE SAYS THE     
>> HE TELLS ME, HE SAYS THE     
STUFF THAT YOU WROTE ABOUT IN   
STUFF THAT YOU WROTE ABOUT IN   
MONEY BALL WAS PUBLIC           
MONEY BALL WAS PUBLIC           
INFORMATION.                    
INFORMATION.                    
WE WERE JUST USING THINGS YOU   
WE WERE JUST USING THINGS YOU   
GET OFF THE WEB.                
GET OFF THE WEB.                
>> HOW LONG WILL HE STICK AROUND
>> HOW LONG WILL HE STICK AROUND
IN BASEBALL?                    
IN BASEBALL?                    
>> A WHILE I THINK.             
>> A WHILE I THINK.             
THE ANALYTICS ARE SO            
THE ANALYTICS ARE SO            
SOPHISTICATED HE WON'T LET ME IN
SOPHISTICATED HE WON'T LET ME IN
TO SEE IT BECAUSE THERE ARE     
TO SEE IT BECAUSE THERE ARE     
SECRETS.                        
SECRETS.                        
THERE'S R & D AT EVERY TIME.    
THERE'S R & D AT EVERY TIME.    
EVERYONE IS DOING IT            
EVERYONE IS DOING IT            
DIFFERENTLY.                    
DIFFERENTLY.                    
THE IDEA HAS SWEPT THE SPORT.   
THE IDEA HAS SWEPT THE SPORT.   
>> REMEMBER THE INITIAL QUESTION
>> REMEMBER THE INITIAL QUESTION
WAS POSED TO PAUL VOLCKER.      
WAS POSED TO PAUL VOLCKER.      
HE WAS THE ORIGINAL GUY MEANT TO
HE WAS THE ORIGINAL GUY MEANT TO
ANSWER THE QUESTION, DOES MONEY 
ANSWER THE QUESTION, DOES MONEY 
MATTER TO BASEBALL OR NOT?      
MATTER TO BASEBALL OR NOT?      
IT'S THE SAME GUY WHO INVOKED   
IT'S THE SAME GUY WHO INVOKED   
THE VOLCKER RULE.               
THE VOLCKER RULE.               
>> ARE YOU GOING TO LEVEL THE   
>> ARE YOU GOING TO LEVEL THE   
REVENUE FIELD SO EVERYONE HAD   
REVENUE FIELD SO EVERYONE HAD   
THE SAME AMOUNT?                
THE SAME AMOUNT?                
HE DIDN'T UNDERSTAND.           
HE DIDN'T UNDERSTAND.           
IT'S THE OBVIOUS QUESTION.      
IT'S THE OBVIOUS QUESTION.      
HOW CAN A TEAM WITH $40 MILLION 
HOW CAN A TEAM WITH $40 MILLION 
COMPETE AGAINST A TEAM WITH $120
COMPETE AGAINST A TEAM WITH $120
MILLION.                        
MILLION.                        
THE ANSWER IS, ONE YOU CAN LEARN
THE ANSWER IS, ONE YOU CAN LEARN
THINGS AND FIND OUT THINGS AND  
THINGS AND FIND OUT THINGS AND  
MARKET INEFFICIENCIES BUT       
MARKET INEFFICIENCIES BUT       
THERE'S RANDOMNESS IN BASEBALL. 
THERE'S RANDOMNESS IN BASEBALL. 
PEOPLE SEE GIANTS WIN AND THEY  
PEOPLE SEE GIANTS WIN AND THEY  
TELL A STORY ABOUT HOW THAT WAS 
TELL A STORY ABOUT HOW THAT WAS 
REALLY GOING TO HAPPEN BUT IT   
REALLY GOING TO HAPPEN BUT IT   
COULD HAVE GONE EITHER WAY.     
COULD HAVE GONE EITHER WAY.     
>> IT'S LIKE THE RED SOX FROM   
>> IT'S LIKE THE RED SOX FROM   
WORST TO FIRST TO WORST AND LAST
WORST TO FIRST TO WORST AND LAST
YEAR YOU HAD SEVEN GUYS WHO HAD 
YEAR YOU HAD SEVEN GUYS WHO HAD 
THEIR BEST SEASON EVER AND IT   
THEIR BEST SEASON EVER AND IT   
WAS NEVER GOING TO HAPPEN AGAIN.
WAS NEVER GOING TO HAPPEN AGAIN.
SOMETIMES LIGHTNING JUST STRIKES
SOMETIMES LIGHTNING JUST STRIKES
ESPECIALLY IN PLAYOFFS.         
ESPECIALLY IN PLAYOFFS.         
LET'S GO BACK TO THIS.          
LET'S GO BACK TO THIS.          
25 YEARS LATER WHAT'S CHANGED?  
25 YEARS LATER WHAT'S CHANGED?  
>> WHAT GREAT PRODUCTIVE        
>> WHAT GREAT PRODUCTIVE        
POSITIVE MOVES HAVE YOU MADE?   
POSITIVE MOVES HAVE YOU MADE?   
>> YOU TALKED ABOUT WALL STREET 
>> YOU TALKED ABOUT WALL STREET 
RUN BY A BUNCH OF PEOPLE THAT   
RUN BY A BUNCH OF PEOPLE THAT   
MADE WAY TOO MUCH MONEY AND     
MADE WAY TOO MUCH MONEY AND     
PLAYED FAST AND LOOSE WITH THE  
PLAYED FAST AND LOOSE WITH THE  
RULES.                          
RULES.                          
WHAT'S CHANGED IN 25 YEARS?     
WHAT'S CHANGED IN 25 YEARS?     
>> THE ERA I DESCRIBED LOOKS    
>> THE ERA I DESCRIBED LOOKS    
CHARMING AND INNOCENT.          
CHARMING AND INNOCENT.          
YOU KNOW, THE BOOK STARTS WHEN  
YOU KNOW, THE BOOK STARTS WHEN  
THIS ERA OF WALL STREET STARTS. 
THIS ERA OF WALL STREET STARTS. 
IT'S THE DEATH OF THE           
IT'S THE DEATH OF THE           
PARTNERSHIP.                    
PARTNERSHIP.                    
ALL OF A SUDDEN IT'S NOT THEIR  
ALL OF A SUDDEN IT'S NOT THEIR  
MONEY THEY'RE SPECULATING WITH. 
MONEY THEY'RE SPECULATING WITH. 
IT'S SHAREHOLDER MONEY.         
IT'S SHAREHOLDER MONEY.         
IT'S THE CREATION OF OPTIONS    
IT'S THE CREATION OF OPTIONS    
WHICH LEADS TO DERIVATIVES WHICH
WHICH LEADS TO DERIVATIVES WHICH
MAKES EVERYTHING COMPLICATED AND
MAKES EVERYTHING COMPLICATED AND
NOBODY UNDERSTANDS IT AND THE   
NOBODY UNDERSTANDS IT AND THE   
IDEA THAT INVESTMENT BANKS      
IDEA THAT INVESTMENT BANKS      
WEREN'T SERVICE OPERATIONS BUT  
WEREN'T SERVICE OPERATIONS BUT  
TRADING OPERATIONS AND THAT'S   
TRADING OPERATIONS AND THAT'S   
BECOME MORE AND MORE AND MORE   
BECOME MORE AND MORE AND MORE   
TRUE.                           
TRUE.                           
THE BIG CHANGES ARE TOO BIG TO  
THE BIG CHANGES ARE TOO BIG TO  
FAIL.                           
FAIL.                           
THE NOTION OF TOO BIG TO FAIL   
THE NOTION OF TOO BIG TO FAIL   
BECAUSE BIG FIRMS WENT OUT OF   
BECAUSE BIG FIRMS WENT OUT OF   
BUSINESS BACK THEN.             
BUSINESS BACK THEN.             
>> NO MORE.                     
>> NO MORE.                     
>> AND THEY'RE BIGGER.          
>> AND THEY'RE BIGGER.          
>> IT'S ALSO THE TIME OF        
>> IT'S ALSO THE TIME OF        
INCREDIBLE INNOVATION.          
INCREDIBLE INNOVATION.          
DEREGULATION THAT ALLOWED FOR   
DEREGULATION THAT ALLOWED FOR   
CREATION OF MORTGAGE BACK OIL TG
CREATION OF MORTGAGE BACK OIL TG
AT THAT TIME AND SO MUCH STUFF  
AT THAT TIME AND SO MUCH STUFF  
HAPPENED BACK THEN.             
HAPPENED BACK THEN.             
PEOPLE WHO WORKED DURING THAT   
PEOPLE WHO WORKED DURING THAT   
TIME PERIOD, WHEN YOU MEET THEM 
TIME PERIOD, WHEN YOU MEET THEM 
TO THIS DAY, THEY LOOK BACK ON  
TO THIS DAY, THEY LOOK BACK ON  
THAT TIME PERIOD WITH JOY.      
THAT TIME PERIOD WITH JOY.      
THEY THOUGHT IT WAS A GREAT     
THEY THOUGHT IT WAS A GREAT     
PLACE TO WORK.                  
PLACE TO WORK.                  
>> IT WAS.                      
>> IT WAS.                      
IT WAS TERRIFIC.                
IT WAS TERRIFIC.                
>> YOU LOVED IT.                
>> YOU LOVED IT.                
>> I LOVED THE PEOPLE.          
>> I LOVED THE PEOPLE.          
I STILL AM IN TOUCH WITH A LOT  
I STILL AM IN TOUCH WITH A LOT  
OF PEOPLE.                      
OF PEOPLE.                      
I GUESS SO THERE WAS A SURFACE  
I GUESS SO THERE WAS A SURFACE  
VULGARI                         
VULGARI                         
VULGARITY.                      
VULGARITY.                      
YOU WOULD SEE A WOMAN DANCING   
YOU WOULD SEE A WOMAN DANCING   
NAKED ON A DESK AND YOU WOULD --
NAKED ON A DESK AND YOU WOULD --
>> YOU WOULD NOT.               
>> YOU WOULD NOT.               
>> THAT HAPPENS IN THE "TODAY"  
>> THAT HAPPENS IN THE "TODAY"  
SHOW NEWSROOM BUT I DIDN'T THINK
SHOW NEWSROOM BUT I DIDN'T THINK
IT HAPPENED ANYWHERE ELSE.      
IT HAPPENED ANYWHERE ELSE.      
>> THERE WAS A SURFACE VULGARITY
>> THERE WAS A SURFACE VULGARITY
BUT BENEATH IT THERE WAS A SENSE
BUT BENEATH IT THERE WAS A SENSE
OF FINANCIAL PROPRIETY.         
OF FINANCIAL PROPRIETY.         
IF WHAT I'M DOING USEFUL?       
IF WHAT I'M DOING USEFUL?       
AT THAT TIME IT WAS BE A        
AT THAT TIME IT WAS BE A        
OPPORTUNITY FOR INNOVATION TO BE
OPPORTUNITY FOR INNOVATION TO BE
USEFUL.                         
USEFUL.                         
CREATION OF THE MORTGAGE BOND   
CREATION OF THE MORTGAGE BOND   
WAS A HUGELY BENEFICIAL THING.  
WAS A HUGELY BENEFICIAL THING.  
>> IT SOUNDS LIKE IT WAS A      
>> IT SOUNDS LIKE IT WAS A      
LITTLE BIT LIKE WOLF OF WALL    
LITTLE BIT LIKE WOLF OF WALL    
STREET BACK THEN.               
STREET BACK THEN.               
>> THOSE PEOPLE THOUGHT THEY    
>> THOSE PEOPLE THOUGHT THEY    
WERE CHANGING THE WORLD.        
WERE CHANGING THE WORLD.        
>> THAT'S TRUE.                 
>> THAT'S TRUE.                 
>> THEY THOUGHT THEY WERE       
>> THEY THOUGHT THEY WERE       
CHANGING FOR THE BETTER.        
CHANGING FOR THE BETTER.        
>> AND INDULGING IN SURFACE     
>> AND INDULGING IN SURFACE     
VULGARITY.                      
VULGARITY.                      
>> A LITTLE?                    
>> A LITTLE?                    
>> JFK DID STRIP CLUBS.         
>> JFK DID STRIP CLUBS.         
>> YOU CAN DO BOTH AT THE SAME  
>> YOU CAN DO BOTH AT THE SAME  
TIME.                           
TIME.                           
SO SOME OF THE SCENES FROM WOLF 
SO SOME OF THE SCENES FROM WOLF 
OF WALL STREET WERE NOT         
OF WALL STREET WERE NOT         
UNFAMILIAR TO ME BUT SOME OF    
UNFAMILIAR TO ME BUT SOME OF    
THAT WAS MARTIN'S FANTASY LIFE. 
THAT WAS MARTIN'S FANTASY LIFE. 
I DON'T THINK IT HAD MUCH TO DO 
I DON'T THINK IT HAD MUCH TO DO 
WITH WALL STREET.               
WITH WALL STREET.               
>> IT WAS PURE FRAUD.           
>> IT WAS PURE FRAUD.           
WALL STREET FIRMS PRESUMABLY    
WALL STREET FIRMS PRESUMABLY    
AREN'T BUILT ON FRAUD.          
AREN'T BUILT ON FRAUD.          
>> EVERYTHING HE WAS DOING WAS  
>> EVERYTHING HE WAS DOING WAS  
ILLEGAL.                        
ILLEGAL.                        
ALL OF THE BUSINESS SIDE OF     
ALL OF THE BUSINESS SIDE OF     
THINGS WERE ILLEGAL.            
THINGS WERE ILLEGAL.            
>> IN THE MOVIE.                
>> IN THE MOVIE.                
>> I DON'T THINK IT WAS A GOOD  
>> I DON'T THINK IT WAS A GOOD  
DESCRIPTION OF THE STREET.      
DESCRIPTION OF THE STREET.      
IT WAS FUNNY.                   
IT WAS FUNNY.                   
>> LET'S NOT LET FACTS GET IN   
>> LET'S NOT LET FACTS GET IN   
THE WAY OF GOOD MOVIES.         
THE WAY OF GOOD MOVIES.         
>> THE POINT YOU'RE MAKING IS   
>> THE POINT YOU'RE MAKING IS   
THAT THINGS THAT WERE THE SAME  
THAT THINGS THAT WERE THE SAME  
THEN AND NOW IS A LOT OF THE    
THEN AND NOW IS A LOT OF THE    
BEST AND BRIGHTEST KIDS COME OUT
BEST AND BRIGHTEST KIDS COME OUT
OF COLLEGE AND FLOCK TO WALL    
OF COLLEGE AND FLOCK TO WALL    
STREET FOR THE OBVIOUS REASON.  
STREET FOR THE OBVIOUS REASON.  
>> USED TO BE THE BOTTOM CLASS  
>> USED TO BE THE BOTTOM CLASS  
OF YALE THAT WENT.              
OF YALE THAT WENT.              
NICE YOUNG MEN WHO WERE         
NICE YOUNG MEN WHO WERE         
PRESENTABLE BUT THEY WOULDN'T   
PRESENTABLE BUT THEY WOULDN'T   
CAUSE TROUBLE BECAUSE THEY      
CAUSE TROUBLE BECAUSE THEY      
WEREN'T BRIGHT ENOUGH TO.       
WEREN'T BRIGHT ENOUGH TO.       
>> IT'S REMAINED THE SAME EVER  
>> IT'S REMAINED THE SAME EVER  
SINCE.                          
SINCE.                          
WE GO THROUGH VARIOUS CYCLES.   
WE GO THROUGH VARIOUS CYCLES.   
IT'S THE CASE BECAUSE A LOT OF  
IT'S THE CASE BECAUSE A LOT OF  
MONEY IS BEING MADE THERE.      
MONEY IS BEING MADE THERE.      
NOW YOUR CRITIQUE IS THAT MOST  
NOW YOUR CRITIQUE IS THAT MOST  
OF THE STUFF THAT GOES ON ON    
OF THE STUFF THAT GOES ON ON    
WALL STREET IS SOCIALLY AND     
WALL STREET IS SOCIALLY AND     
ECONOMICALLY UNPRODUCTIVE.      
ECONOMICALLY UNPRODUCTIVE.      
>> A LOT OF IT IS.              
>> A LOT OF IT IS.              
A LOT OF INNOVATION IS I THINK. 
A LOT OF INNOVATION IS I THINK. 
>> IS THERE ANY WAY TO CHANGE --
>> IS THERE ANY WAY TO CHANGE --
THIS IS BIG MACRO QUESTION.     
THIS IS BIG MACRO QUESTION.     
IS THERE ANY WAY TO CHANGE THE  
IS THERE ANY WAY TO CHANGE THE  
INCENTIVE STRUCTURE IN OUR      
INCENTIVE STRUCTURE IN OUR      
SOCIETY SO BEST AND BRIGHTEST   
SOCIETY SO BEST AND BRIGHTEST   
COLLEGE STUDENTS NO LONGER WENT 
COLLEGE STUDENTS NO LONGER WENT 
INTO THIS FIELD THAT IS LARGELY 
INTO THIS FIELD THAT IS LARGELY 
SOCIALLY AND ECONOMICALLY       
SOCIALLY AND ECONOMICALLY       
UNPRODUCTIVE?                   
UNPRODUCTIVE?                   
>> AS A PRACTICAL MATTER        
>> AS A PRACTICAL MATTER        
PROBABLY NOT.                   
PROBABLY NOT.                   
BUT THE KIND OF THINGS YOU COULD
BUT THE KIND OF THINGS YOU COULD
DO, WHAT REALLY NEEDS TO HAPPEN 
DO, WHAT REALLY NEEDS TO HAPPEN 
IS THE INCENTIVES OF THE        
IS THE INCENTIVES OF THE        
EMPLOYEES OF THE FIRMS HAVE TO  
EMPLOYEES OF THE FIRMS HAVE TO  
BE REALIGNED WITH THE FIRM.     
BE REALIGNED WITH THE FIRM.     
THEY DON'T HAVE THAT NOW.       
THEY DON'T HAVE THAT NOW.       
YOU SEE THE RIGGING OF FOREIGN  
YOU SEE THE RIGGING OF FOREIGN  
EXCHANGE MARKETS AND STOCK      
EXCHANGE MARKETS AND STOCK      
MARKET WHICH DOESN'T MAKE A LOT 
MARKET WHICH DOESN'T MAKE A LOT 
OF SENSE FROM THE POINT OF THE  
OF SENSE FROM THE POINT OF THE  
FIRM.                           
FIRM.                           
THEY MAKE SOME MONEY BUT THE    
THEY MAKE SOME MONEY BUT THE    
RISK FOR THE FIRM -- BUT IT     
RISK FOR THE FIRM -- BUT IT     
MAKES SENSE AT THE LEVEL OF     
MAKES SENSE AT THE LEVEL OF     
EMPLOYEE BECAUSE HE'S IN HIS    
EMPLOYEE BECAUSE HE'S IN HIS    
FIRM FOR FEW YEARS TRYING TO GET
FIRM FOR FEW YEARS TRYING TO GET
A BONUS AT THE END OF THE YEAR  
A BONUS AT THE END OF THE YEAR  
AND HE'S OFF.                   
AND HE'S OFF.                   
>> WHAT ABOUT THROWING PEOPLE IN
>> WHAT ABOUT THROWING PEOPLE IN
JAIL?                           
JAIL?                           
WOULD THAT HAVE A CHILLING      
WOULD THAT HAVE A CHILLING      
EFFECT?                         
EFFECT?                         
>> THE PROBLEM IS PROVING THE   
>> THE PROBLEM IS PROVING THE   
CASE.                           
CASE.                           
THAT MAY DO IT.                 
THAT MAY DO IT.                 
THE CARROT WORKS BETTER THAN THE
THE CARROT WORKS BETTER THAN THE
STICK ON WALL STREET.           
STICK ON WALL STREET.           
>> 25 YEARS AGO THIS IS WHEN    
>> 25 YEARS AGO THIS IS WHEN    
THINGS STARTED TO GET MORE      
THINGS STARTED TO GET MORE      
COMPLEX AND DIDN'T WE GET TO A  
COMPLEX AND DIDN'T WE GET TO A  
POINT ALSO -- THAT WAS THE POINT
POINT ALSO -- THAT WAS THE POINT
25 YEARS AGO WHERE THE S.E.C.   
25 YEARS AGO WHERE THE S.E.C.   
COULD KEEP UP WITH THE FIRMS.   
COULD KEEP UP WITH THE FIRMS.   
>> I DON'T KNOW THE S.E.C. EVER 
>> I DON'T KNOW THE S.E.C. EVER 
KEPT UP.                        
KEPT UP.                        
EVER.                           
EVER.                           
>> IT HAS GOTTEN WORSE NOW.     
>> IT HAS GOTTEN WORSE NOW.     
THEY HAVE NO HOPE.              
THEY HAVE NO HOPE.              
>> MORE MONEY AND MORE MONEY AND
>> MORE MONEY AND MORE MONEY AND
THEY STILL DON'T, RIGHT?        
THEY STILL DON'T, RIGHT?        
IT'S A PERFECT EXAMPLE OF IF    
IT'S A PERFECT EXAMPLE OF IF    
ONLY THEY HAD MORE MONEY.       
ONLY THEY HAD MORE MONEY.       
>> IT'S HARD FOR PEOPLE MAKING  
>> IT'S HARD FOR PEOPLE MAKING  
$75,000 TO TRACK DOWN PEOPLE    
$75,000 TO TRACK DOWN PEOPLE    
THAT ARE MAKING A BILLION.      
THAT ARE MAKING A BILLION.      
>> IT'S ESPECIALLY HARD WHEN THE
>> IT'S ESPECIALLY HARD WHEN THE
GUY IS MAKING $75,000 A YEAR AND
GUY IS MAKING $75,000 A YEAR AND
ASSUME THE NEXT STEP IS TO MAKE 
ASSUME THE NEXT STEP IS TO MAKE 
A MILLION.                      
A MILLION.                      
NOBODY QUESTIONS IT.            
NOBODY QUESTIONS IT.            
ALSO, WHEN THE FINANCIAL MARKETS
ALSO, WHEN THE FINANCIAL MARKETS
GET AS COMPLICATED AS THEY'VE   
GET AS COMPLICATED AS THEY'VE   
BECOME, IT'S VERY EASY FOR A    
BECOME, IT'S VERY EASY FOR A    
SMART WALL STREET PERSON TO WALK
SMART WALL STREET PERSON TO WALK
INTO AN S.E.C. MEETING AND MAKE 
INTO AN S.E.C. MEETING AND MAKE 
IT SOUND BEYOND THEIR           
IT SOUND BEYOND THEIR           
COMPREHENSION OR AT LEAST SO    
COMPREHENSION OR AT LEAST SO    
COMPLICATED YOU DON'T WANT TO   
COMPLICATED YOU DON'T WANT TO   
SCREW WITH IT BECAUSE YOU DON'T 
SCREW WITH IT BECAUSE YOU DON'T 
KNOW CONSEQUENCES OF WHAT YOU'RE
KNOW CONSEQUENCES OF WHAT YOU'RE
DOING.                          
DOING.                          
IT'S A DIFFICULT ENVIRONMENT FOR
IT'S A DIFFICULT ENVIRONMENT FOR
A REGULATOR TO OPERATE IN I     
A REGULATOR TO OPERATE IN I     
THINK.                          
THINK.                          
>> ALMOST IMPOSSIBLE.           
>> ALMOST IMPOSSIBLE.           
25th ANNIVERSARY OF LIAR'S POKER
25th ANNIVERSARY OF LIAR'S POKER
IS OUT NOW.                     
IS OUT NOW.                     
WHAT ARE YOU WORKING ON NOW?    
WHAT ARE YOU WORKING ON NOW?    
>> I'M WORKING ON A PILOT FOR   
>> I'M WORKING ON A PILOT FOR   
SHOWTIME SET ON WALL STREET IN  
SHOWTIME SET ON WALL STREET IN  
THE 1920s.                      
THE 1920s.                      
>> THAT'S GOING TO BE GOOD.     
>> THAT'S GOING TO BE GOOD.     
>> IT'S ONE OF THE MOST         
>> IT'S ONE OF THE MOST         
CONTROVERSIAL COVERS OF TIME    
CONTROVERSIAL COVERS OF TIME    
MAGAZINE IN RECENT YEARS.       
MAGAZINE IN RECENT YEARS.       
TIME'S NANCY GIBBS RESPONDS TO  
TIME'S NANCY GIBBS RESPONDS TO  
THE HUGE REACTION FROM HER      
THE HUGE REACTION FROM HER      
MAGAZINE'S ROTTEN APPLES STORY  
MAGAZINE'S ROTTEN APPLES STORY  
IN JUST A FEW MINUTES.          
IN JUST A FEW MINUTES.          
A REMARKABLE SCENE IN HAWAII AS 
A REMARKABLE SCENE IN HAWAII AS 
THE VOLCANO'S                   
