John Gutfreund On Financial Crisis

" The White House really was like to have feels and mccoys -- Harry Reid apparently was furious this is from. Our -- there it was to log in covering this Chris Dodd just said off camera it was a photo op for John McCain it was a rescue plan for John McCain. City didn't know what happened in there house Republicans presented some alternate proposal reinsurance on spending seven on the -- It was a totally unproductive meeting and they weren't happy. Not want to go to the former chairman and CEO of Solomon Brothers the firm that became synonymous with these markets. With Iraq now the man once called the king of Wall Street. -- different. -- this. This doesn't sound like it's getting solved. They'll resolve -- I don't think that the announcements more. What do you make of of this that now clearly this has now become all politics that's very clear they couldn't agree more so. If you're the markets of course we always forget we focus of the stock market -- king of the credit to how big. But you don't -- it. We're ignoring Nat and the credit market still we're looking for stability here -- this is any sign of them no lines and it doesn't look like they're going to get."

" Well. I guess my voters -- life. And I think that. The disagreements. In Washington. Or just politics as usual and the system as usual. And for a moment they were as one who knew that was only going to be for a moment. My impression is that -- is going to hammer -- a package. Unfortunately. -- precedents in this matter I've never live tuning of the war. I was born in the year between nine just before the crash so I don't remember too well. But. I think getting senator can happen because something like this now. I think not I think that we've learned a lot of lessons. The most important lessons from you -- have agreed on both sides. That is investors. Backers. The -- down the path. -- you can see that we're ready deregulation. Was the clue human you do anything you want the issue -- the bankers. And from the investors side to get an extra 1. That's the game. And we we're paying for that now. This list is."

" All of that you citizen. You're hay day on Solomon stated that everything is about confidence I mean it's confidence in the dollar confidence about market's confidence that a country. And and globally this can't be helped."

" It doesn't help the tool no I think I was with a friend -- today for meeting. And I think the word he used trust. -- to trust today that very hard to be trusted. The bankers might couldn't she can't trust them and commercial backers. Which is no -- of the real action movie. Historically there were okay because there was some other people's money and moves. When glass Steagall was under. Ten years ago. It came through any licenses -- have to be -- please. And I think that's -- problem. And coarsely over leveraging them in the investment -- Plus the fact and I know this firsthand. You read he did know. We the end of the daisy chain was with Two Rivers. Move -- in Germany. Or someplace else goes bust the semi good what does that have to do known."

" And we now so let me put this happens or is -- your sense John. That. If the markets get a sense the deal might not be an that we don't now does this changes you know faster than you get that. What's going to happen."

" Markets will react very nervously and be. Even more -- twelve may have been. If they think it's going to take time because they do grew up and down a lot Camelot in the first instance the nature reasserted itself because. This industrial confident countries with a fortune -- car. Common words indeed from a class act on different ways -- statement thank you very much. He looked good sodium I like that that time. Varies -- not as expensive as it's not so not so this is -- it. They go I -- I'm from Mattel are on sale some pop as a credit slot -- now want to talk."