After the resignations of the senior execs at financial giant Barclay’s, the London Interbank Offered Rate or Libor, scandal continues to create ripples throughout the industry. With its history of rewarding illegal behavior, the financial crisis fallout continues to spread.

William Cohan, former executive at JP Morgan, now the award-winning author of The Last Tycoons, House of Cards and Wretched Excess on Wall Street and Money and Power: How Goldman Sachs Came to Rule the World, went on Viewpoint with Elliot Spitzer to discuss the problem facing both the financial giants which destroyed the world economy, and the politicians who try to rein them in. He points out that due to the financial pressure these banks can apply to the political process, the politicians are likely to cave in and water down any attempts to rein in the excesses, despite widespread popular support.