Topic: Banking Industry

Speculation regarding Gary Cohn's future in the White House amid pressure from the New York banking community. The discussion also covers a "handy tip" regarding age discrimination lawsuits for those over 40 in the banking sector and a failed tax strategy involving Anthony Scaramucci's company sale.

The hosts question why a non-breaking news tourism interview was being conducted at 6:45 AM and how the shooter knew the specific location. A search of Andy Parker's LinkedIn profile reveals a background as a professional Broadway actor and a career in "talent acquisition" for the banking industry, which the hosts add to their list of anomalies.

Elliot Johnson of the Marijuana Industry Association discusses the severe banking hurdles faced by legal pot businesses due to federal law. Because marijuana remains a Schedule I controlled substance, businesses are often forced to operate entirely in cash, creating public safety risks. The federal government's refusal to acknowledge the medical value of the plant is highlighted as a major obstacle for families moving to Colorado for epilepsy treatments.

The United States lags behind Europe in adopting the more secure Chip-and-PIN (EMV) credit card system due to the high cost of upgrading terminals and cards. Banks currently treat the $5 billion in annual fraud as a cost of doing business, which is significantly lower than the $50 billion they collect in fees. The lack of consumer liability in the U.S. further disincentivizes banks from investing in better security technology.

The Wall Street Journal reports that the banking industry is lobbying the FDIC to allow banks to use taxpayer aid to buy back their own toxic assets. The hosts argue this confirms their previous analysis of the Public-Private Investment Program (PPIP) as a scam. They claim the program allows banks to clear their books while the taxpayer assumes 80% of the risk with little upside.