This edition: Banking on GreedTweet
Original tape date: July 23, 2012.
First aired: July 23, 2012.
Just when you think the reputation of banks couldn’t get any worse, comes word that we’ve seen nothing yet. As many as 20 banking institutions, including Barclays Bank, Deutsche Bank, Citigroup, JPMorgan Chase, UBS and HSBC, are reportedly under investigation for illegal and unethical practices toward protecting their profits at all costs and letting others pay for their mistakes. An MIT professor of finance told CNN, “This dwarfs by orders of magnitude any financial scams in the history of markets.”
On this week’s Moyers & Company (check local listings), financial expert Sheila Bair talks with Bill about the lawlessness of our banking system and the prognosis for meaningful reform. Bair was appointed in 2006 by President George W. Bush to chair the FDIC. During the 2008 meltdown, she argued that in some cases banks were NOT too big to fail – that instead of bailouts, they should be sold off to healthier competitors. Now a senior adviser to the Pew Charitable Trusts, Bair has organized a private group of financial experts including former Fed chairman Paul Volcker, former Senators Bill Bradley and Alan Simpson, and John Reed, once the chairman of Citicorp, to explore ways to prevent the banking industry from scuttling reforms created by the Dodd-Frank Act.
Also on the show, Bill talks to scientist and philosopher Vandana Shiva, who’s become a rock star in the global battle over genetically modified seeds. These seeds -- considered “intellectual property” by the big companies who own the patents -- are globally marketed to monopolize food production and profits. Opponents challenge the safety of genetically modified seeds, claiming they also harm the environment, are more costly, and leave local farmers deep in debt as well as dependent on suppliers. Shiva, who founded a movement in India to promote native seeds, sees this as the latest battleground in the war on Planet Earth.
“When seed is in the hands of five companies -- 75% of the commercial seed is already in their hands. Ninety percent of the corn. Ninety percent of the soy. Ninety-five percent of the cotton -- this is an emergency. It is a seed dictatorship.” Shiva tells Bill. “And when you control seed, you control food.”
Sheila Bair Financial Expert
Bill Moyers Broadcast Journalist, Host of Moyers & Company
Vandana Shiva Scientist/Activist