Steve Syre

" Welcome back Tom Finneran is Todd Feinberg on the TNT show on a rainy Friday about wildest places -- Todd. Governor -- she comin' up with -- Newt Gingrich Tom -- of -- mr. speaker mr. speaker on -- you -- and I use -- out of the defender and a little bit later in most importantly -- lawlessness because of the meltdown in this -- insight on what we -- the Boston business report everyday at this time with the Boston Globe Steve science steam -- as today's edition has brought you by the dairy conferencing good morning Steve's --"

" Carolina put -- I think I'm lucky to get on the radio."

" Yeah just get on base those guys are gonna bring Albania. No question about it Steve I don't even know we have to begin ER -- is a great one you write about a woman by the name -- Sheila bit who has a connection to Massachusetts. -- and she's the head of the FDI FDIC talk about Johnny on the spot."

" Absolutely you know shoulder. Took took over the job in 2006 and she was out out Amber's teaching. Financial regulation it you're mass. At the time I think. That's that's a pretty believed the environment to be walking into this kind of storm that issues also somebody who actually had a lot of Washington's financial experience which -- for treasury but. Now she's we're really right in the middle of it you work. The headlines this morning that you don't Washington Mutual the largest us now. The country's failed and the look like the FTSE kind of dodged the bullet there and how they. Is sold most of that business JPMorgan Chase where. It looks like that the FB IC itself. Is -- much of it but. Lots and lots of other banks out there on a smaller scale in Washington mutual's situation more than a hundred banks. On the FB i.'s c.'s own. Trouble would strike."

" Hey Steve quick question how is JPMorgan Chase in a position to step forward like that when we see the troubles of Lehman and so many others who have fallen like dominoes. And JPMorgan this is the second time they've stepped forward recently and effectuate it kind of you know I'll I'll call at a private save as opposed to a public --"

" Well -- is so far they're all operations have remained. Not completely unscathed but compared to others relatively clean and you know two with a big winners in terms of gathering company's. This so far have been JPMorgan. And Bank of America Bank of America bought Merrill Lynch. And also earlier on way too early as it turns out for BankAmerica. This -- Countrywide Financial and ended up. Compared to what it was worth paying too much. -- JPMorgan will get in and bought bears Stearns deal early and got that the very first sweetheart -- from the government the great deal for JP."

" Set for staying sober and be imprudent through while they heady times and then being ready to step in swooping in you know when everybody when when the drunks out to sober up."

" Absolutely and I JPMorgan is getting what what amounts to a huge regional banking franchise. I don't Washington Mutual and epic from what I can tell it is paying a significant price and that -- they're assuming that the a lot of that junkie loans that they. Wobble head on its own books and that's going to cost them but. I that'll work out long term I don't know."

" Steve are we saw only decent editing and Bank of America to pick winners. Are solving this to some extent by using the the these same problems occur in the goddess here in the first place that is creating huge companies."

" Well. I think we have yet you -- companies are. I think probably. You know the government has been. Essentially an encouraging very large banking organizations or. You know about twenty years now and for. Forever everybody complained that America was over bank and they were too many little banks and it was inefficient and in a little banks would tell you that the government is is pressuring them one way or another it's -- to create larger organizations but yes we are creating. Gigantic gigantic organization's Bank of America. Citigroup JPMorgan. Chase three dictator just cost."

" And it would seem Jimmy Macon bigger ones of Zora I mean are realize that's easy way to go but it seems to me that then they're going to have to start breaking these things up to make a safe."

" Well you know. Citigroup was you know an amalgamation of the of the eighties and an early nineties and you know people spend started talking -- it didn't work so well about breaking it up again that bands that become the case what. What Bank of America for example can do with Merrill Lynch you know patched onto. There you know massive retail banking business in the asset management business. -- tell I agree it's it's -- something to keep and I --"

" Hey Steve let me make a local -- you -- Todd and I were talking today to related stories I -- a headline in the paper. Big hike in tolls for the pike looming that's under the leadership but as you know available bitch and then. The fiscal crisis that Tim Cahill as wander about and others have commented on -- Mike -- in the like. Seems to be rushing at us like an ongoing freight train give us the local. Can you're the assessment of these local development."

" Well you know I really we've talked a lot about all the owners being kind of irresponsible buyers at times and end at their contribution to our problems you know I think when you look at all the debt that state agencies in this state itself. Have acquired over time that the big part of our problem. You know. The turnpike authority had a lot of -- dumped on the that didn't necessarily directly really relate to the turnpike but you know paying debts to the turnpike big. Problem -- you know now exactly it is historic front page of the paper today about -- toll increases in you know paying -- not eventually. That is something we've talked about."

" Eventually -- five bucks to go through the tunnel. Or I wore -- you'll -- It's unbelievable and I could see Steve siren Doug Feinberg is -- scary and that does not mention the market Arafat."

" Where that's something we've talked about sports not on the front burner today by you know that he's financial problems in dealing with -- same thing on -- slightly smaller scale but pretty dire and you know that the day is going to come do their share of."

" Anna and Howard Democrats that is the big challenge for Democrats seeing our economy crumble around to see all these big governmental institutions -- can't make ends meet are going to have to do dire cuts. How do they expand government create new programs in this environment it's very frustrating."

" that this is very very bad news for Deval Patrick there's no question about it and you know had nothing personal it's just -- he is in the office at times and all this stuff is coming to a -- these things and I think -- made the point -- right up against the -- appreciate the -- all week climbing he'd just been -- assault CPI -- and it's on -- not tell me aside. And you know that that the situation here is absolutely -- it's coming to -- crisis -- the state does not have resources -- there are strong enough economy to -- that's right -- no question about it. Hey -- site we will take a break let you get some rest for the weekend what a story you have been cover and and that kind of wait thanks his to rejoin you on Monday and obviously all week long and next week."