Cenk Uygur attacks Maria Bartiromo and CNBC for protecting the fraudsters on Wall Street

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The Aggressive ProgressiveCenk Uygur: Back in the days, Governor Eliot Spitzer was, of course, the Attorney General of New York, he used to be known as the Sheriff of Wall Street. Why? Because he actually went after people who committed financial fraud.

Apparently CNBC hates this. He was recently on with Maria Bartiromo and they got into a debate about how he went after the former CEO of AIG Hank Greenberg.

I want to show you the clip, and more than this, I want to talk about her general attitude towards her job. So watch the clip first.

Maria Bartiromo attacking Eliot SpitzerEliot Spitzer: Hank Greenberg’s accounting was fraudulent.

Maria Bartiromo: C’mon, you can’t say fraudulent because there is no indictment: you can’t just throw around the word fraud.

Eliot Spitzer: Here’s the federal judge’s opinion that says he was a conspirator. Here are the headlines: his company throwing him out.

Maria Bartiromo looking onMaria Bartiromo: So then why no charges: why six out of eight charges dropped then?

Eliot Spitzer: You want to know why? The answer is we charged the company, cleaned it up, got new leadership, the Southern District said to me, we are going to bring the charges. We let the Southern District. This has all been documented. We said, you want to do that, that’s fine.

Cenk Uygur: So here is what I find amazing. AIG paid one point six billion dollars because of fraud. Now why would Bartiromo think, oh, you think they are just going to pay $1.6 billion if they didn’t commit the fraud? They have an army of lawyers!

Hank Greenberg himself paid a fifteen million dollar fine for fraud. But Bartiromo’s default position is: protect the financial industry; protect the people who are in power; protected the establishment. And this guy who actually try to do something about fraud you must attack him, you must destroy him in order protect the establishment.

This is exactly what’s wrong with the establishment media and CNBC in particular. All they do is protect the guys who are doing fraud. You are supposed to represent us, your audience, not those guys. Unfortunately they totally misunderstand that.

Unofficial transcript by:
The Barefoot Accountant
Accountants CPA Hartford, Connecticut, LLC
Certified Public Accountant
Certified QuickBooks ProAdvisor

About William Brighenti

William Brighenti is a Certified Public Accountant, Certified QuickBooks ProAdvisor, and Certified Business Valuation Analyst. Bill began his career in public accounting in 1979. Since then he has worked at various public accounting firms throughout Connecticut. Bill received a Master of Science in Professional Accounting degree from the University of Hartford, after attending the University of Connecticut and Central Connecticut State University for his Bachelor of Arts and Master of Arts degrees. He subsequently attended Purdue University for doctoral studies in Accounting and Quantitative Methods in Business. Bill has instructed graduate and undergraduate courses in Accounting, Auditing, and other subjects at the University of Hartford, Central Connecticut State University, Hartford State Technical College, and Purdue University. He also taught GMAT and CPA Exam Review Classes at the Stanley H. Kaplan Educational Center and at Person-Wolinsky, and is certified to teach trade-related subjects at Connecticut Vocational Technical Schools. His articles on tax and accounting have been published in several professional journals throughout the country as well as on several accounting websites. William was born and raised in New Britain, Connecticut, and served on the City's Board of Finance and Taxation as well as its City Plan Commission. In addition to the blog, Accounting and Taxes Simplified, Bill writes a blog, "The Barefoot Accountant", for the Accounting Web, a Sift Media publication.
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