Senate Proceeding on Apr 22nd, 2009 :: 0:57:35 to 1:01:25
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0:57:29 to 0:57:40( Edit History Discussion )

Patrick Leahy: mr. president, i will yie

0:57:35 to 1:01:25( Edit History Discussion )
Speech By: Arlen Specter

0:57:41 to 0:58:02( Edit History Discussion )

Arlen Specter: floor. the presiding officer: the senator from pennsylvania. mr. specter: is there a quorum call in the process? the presiding officer: there is not. mr. specter: i thank the chair. i have sought recognition to comment about the fraud enforcement recovery

0:58:03 to 0:58:24( Edit History Discussion )

Arlen Specter: legislation which is currently on the floor and before the distinguished chairman leaves the chamber, if i could have his attention to agree with him about the importance of having

0:58:25 to 0:58:47( Edit History Discussion )

Arlen Specter: strong law enforcement on crimes involving business fraud and on white-collar crimes. we are dealing with a financial situation in this country today where there are billions of dollars at stake, if not trillions -- it's hard to know

0:58:48 to 0:59:10( Edit History Discussion )

Arlen Specter: exactly how many on -- and we are faced with a very desperate -- strong word -- but understated if anything, desperate challenge as to what to do with the economy worldwide. and we had a $700 billion

0:59:11 to 0:59:31( Edit History Discussion )

Arlen Specter: program proposed by president bush for companies in trouble and a president as i travel through my state i hear are questions.

0:59:32 to 0:59:52( Edit History Discussion )

Arlen Specter: i don't hear any congrescongress not exactly held in high esteem and the questions are, why are we bailing out companies that made bad business if someone make as bad business judgment why shoul

0:59:53 to 1:00:16( Edit History Discussion )

Arlen Specter: sustain the loss? you have the fancy wall street instruments what is a derivativ and then the explanation about how in longer do you have mortgages with simply a home buyer and a banker

1:00:17 to 1:00:38( Edit History Discussion )

Arlen Specter: all of these commercial papers locked together as security. the word they use is securitize. i' dictionary. most americans are trying to find out what it means. you slice them up and they're

1:00:39 to 1:00:59( Edit History Discussion )

Arlen Specter: securitized and sold around the world. much of the time they're filled with misrepresentations to the extent that they become fraud. fraud's a crime. and you have prosecutions which are brought which involve

1:01:00 to 1:01:22( Edit History Discussion )

Arlen Specter: extraordinary sums of then there's a fine which looks big in the newspapers but not when compared to what has involved. it really is a license to do business. but perhaps more accurately, a license to steal. but if you have criminal

1:01:23 to 1:01:25( Edit History Discussion )

Arlen Specter: prosecutions and you have jail