A Dylan Ratigan Show panel talks about fraud in the financial system which led to the economic meltdown.

MSNBC TRANSCRIPT:

>> you. now, charles ferguson, director of “inside job.” it is out march 8th. i highly recommend it. i don’t care you watch it in granular black and white, the information is extraordinary. also with us, lynn turner, former s.e.c. chief of accounting. lynn, now in colorado state university. charles, if you had darrell issa’s job, what would you do with it?

>> i’d be issuing a lot of subpoenas because you’re right. that we know that there was a great deal of fraud throughout the core of the financial system. what we don’t know is exactly who should be criminal lly prosecutored, but it seems absolutely impossible that there was not any criminal liability in these gigantic accounting frauds.
>> lynn turner, accounting fraud as a way to make money. selling something that isn’t what it appears to be. it’s a good business, yes?
>> it can be a very lucrative business as we’ve seen in the past.
>> how do you stop it particularly with the s.e.c. being funded the way it is and eric holder, the justice department apparently not interested?
>> well, i think you raise a good point. i think we need some better leadership at both the top of the s.e.c. and the doj. it’s clear that eric holder has decided not to prosecute these cases, which is unfortunate. it’s the only way really to stop fraud. the is to make sure those people who do the bad things are held accountable when you’ve got no accountability, which is the situation we have on wall street today, then people are free to break the laws and do great damage to those average americans in these pension plans.
>> and charles, interesting to watch the protests and the incredible threat that is posed in wisconsin. the average — 15% of that goes to pay fees on wall street. 15%. and eric holder with all the knowledge that you put out to the public, i put in the public, lynn, taibbi, there’s lists of people who have done tremendous journal isra journalism, how does eric holder not prosecute a single person?
>> we tried to interview him and he declined. unfortunately, everybody in the maix refused to be interviewed.
>> how do you explain that, lynn turner?
>> i think you’ve got a culture in washington, d.c. now that’s been best described by one of the democratic senate leaders, dick durbin. he has said publicly that the banks own congress. they own washington, d.c. and i think he’s absolutely right. as long as the banks are able to hold to own those people, their votes and exert the influence they have over him, you aren’t going to see an eric holder go out and prosecute them.
>> what is our leverage, charles, and i don’t just mean those are able with those media assets whether it’s film makers or broadcasters, but is there not some density of public pressure on eric holder’s specifically for his failure to prosecute anything that’s been discu discussed?
>> i hope so. and i hope that in a few of the states that are most severely affected, we might see political action leading to state prosecutions. the logical state would be new york. we’ll see whether that happens.
>> i’ve got to wrap this up, but my experience with cuomo was that he was as bought by the banks as eric holder.
>> i have to say eric holder and andrew cuomo seem to be partners in crime so to speak in this regard. i hope that there will be enough public pressure, this will begin to change.
>> listen, lynn, thank you so much for your time. charles, congratulations on the continued success of your film. you think you’re going to win an oscar sunday?
>> we’ll find out.