caused by attempts to siphon fuel from the pipeline. iraq army patrol has found twenty two murdered she of pilgrims in the country's western anbar province the victims were headed to a shrine in syria when their bus was stopped by armed gunmen they were taken to a remote desert area and executed attacks and shia programs have claimed hundreds of lives in recent months. france's national tricity provider e.d.f. says an explosion at marco nuclear science poses no risk of a radioactive leak blast described as an industrial accident not a nuclear launch killed one person and injured four others it's thought to have been caused by a fire in the sides radioactive waste storage facility. oh brings us up to date here at r t let's see what's happening in business uli's here with us.

hold a very warm welcome to the business desk you have your company in russia's largest lenders is seeking to diversify its business and buy into a life insurance company the plant a coalition is life subsidiary of german insurance major. almost all business has been moved to its all the russian subsidiary of the life of the live still holds all the necessary licenses making it a very attractive proposition target the company says the deal is about to be stilled wells burbank insists the final decision has not yet been taken. the ruble is trading close to its lowest level against the us dollar for eight months investors are concerned europe's persisting debt crisis could demand for fuel and effectively hinder russia's economic growth the russian currency has lost more than one percent against the greenback and the last twenty four hours one dollar now costs more than thirty roubles despite russia's relatively healthy budget position analysts adjust the ruble will weaken further as risk appetite round the world

remains low. and russia will delay annual gas and power prices increases until next summer prime minister vladimir putin says that lower energy consumption in summer time will make the hikes milder than in january the move is seen as an attempt to tame inflation accelerated by regular tariff hikes by a monopolist like gazprom at the start of the year. which brings us to the markets oil is rising for a second day all speculation crude supplies could decrease last week in the u.s. after storms offshore production brant is trading at just under one hundred thirteen dollars per barrel and light sweet is hovering at around eighty nine dollars. in japan after monday's steep losses the nikkei is thinnish finished higher holding e.c.v. president's statement that the region has enough weaponry to stop its debt crisis from spreading hong kong's hang seng was closed for a public holiday on tuesday. and investor sentiment has also slightly improved in

russia with the indices tracking the u.s. and asia higher so have a look at some of the individual shares moves on the minus six energy majors among talking as with kasparov and draw snapped edging around one percent banking stocks are also higher with russia's largest lenders painting almost one and a half percent. for the time markets are having a say in russia's product as asian griped russia's state run shipping giants of the employer says it will hold an initial public offering no earlier than this second quarter of the year but the government plans to raise between seven hundred fifty million and one point two billion dollars by floating a twenty five percent stake in the company. looking ahead to the coming session as michael stein from a creature financial corporation says the local market will be influenced by commodity prices fluctuations. given the very late have been scheduled in the west and the fact that investors are very much a procrustes on what's happening outside russia many investors will pay close

attention to one of the prices in general and the oil price in specific with a lot of people concerned that it will retreat from the current level of one hundred ten dollars a barrel to something closer to one hundred dollars a barrel on the domestic front investors would watching on the corporate side for second quarter financial results from bankruptcy petersburg i will also see second quarter results from our scenario and interest will be the normal cynical board meeting to potentially approve a buyback of seven point six percent of the company's shares removed which will provide a fair amount of buying support and potential performance from all cynical. michael steiner much prettier there with his knowledge as to what we can expect in the coming trading session and the russian post will soon provide its consumer loans along with its traditional shipping services but helping hands to launch new services has been offered by the firm meaning express started from

a type that russia will provide short term consumer loans ranging from sixty to three hundred dollars the company has a wide network of around forty thousand branches throughout the country and they say this would help the state run the company compete with majors like spirit bank and p t b. ok so we have time for now i join unless someone has time for another business someplace and don't forget you can find more news and more analysis what side to market dot com slash this is.

wealthy british. markets. find out what's really happening to the global economy with much stronger no holds barred look at the global financial headlines tune into cars reports.

keep. one thousand miles from the north pole. on a trip to spitzbergen archipelago. where the world.

has become a target for those over another cold war. special edition on our t.v. . back here with our team here is a reminder of the top stories and his international calls on all sides in the league and still work to prevent humanitarian rights violation some living in say they're now being abused by those look for their freedom from colonel gadhafi. at a time when the u.s. is tightening its fiscal belt forcing private jails see more revenue from the cash cow prisoners they are accused of lobbying for heavy sentences for convicts. ukraine considers the legality of day trips to the contaminated area around her novel the side of the world's biggest nuclear tragedy tourist visits were banned

over allegations they provided healthy profits to plane officials. say allies here in our financial guru max ties are explains why he thinks there's a third world war going on in the financial markets kaiser report is next in our city. the. stars are herbert. so let me explain something. alex shaffer before he was an unknown artist now his work is acclaimed and in demand all over the world. twenty five thousand two hundred dollars on e bay there's no letup in demand for burning banks. or macs just because he's exposing that confidence game happening around the world and that's one of our big themes of the show today first headline reads goldman head gold trader speculates

about authority intervention in gold sees precious metal pushing higher so this is zack. and he's the head gold trader from goldman sachs and he's referring to when the swiss intervened in their currency market in the swiss franc of course is a classic safe haven currency so he said the expectation would be of course that gold would rocket on that but in fact in the immediate aftermath was a complete contradiction to prior recent episodes of intervention and what anyone would have expected instead of spurring a further gold price rally on the basis that it was one of the few remaining safe haven currencies we saw fifty u.s. dollar collapse in minutes the source of this flow seems hard to pin down with some speculating over whether authorities were concerned about the signals of an accelerating gold price and its impact on other fragile markets soon after much of the losses were recovered but the psychological damage had been done both gold it's

directed against the swiss franc and also this is world war three it's gold versus paper it's authenticity like gold versus any of them to city like the. american paper empire it's about a new century with new values and it's about a country like the us with only paper behind it crumbling it's pretty it's also part of that confidence game in order to maintain confidence in the u.s. dollar everything else must have no confidence people must lose all confidence and all other things including cold which has been a safe haven for five thousand years so america is trying with all its might to try to destroy the entire system as we've known it for five thousand years i want to say nothing by the u.s. but paper people say oh they've got a thousand tons of gold but keep in mind that you've got a bank on j.p.

morgan they have sold short the equivalent of many many many times that eight thousand tons of gold and silver to support the dollar so when all the claims are made whole j.p. morgan goes the way of enron to zero the fed goes out of business the u.s. goes into history and the other interesting thing here is that many gold analysts around the world claim that there is it's a conspiracy theory to think that the u.s. government or the c.m.e. or comments would intervene in the gold market but here is goldman sachs one of the biggest call traders in the world one of the biggest commodity traders in the world know these markets and they're saying they're suggesting that there is government intervention but goldman sachs is now agreeing with gold antitrust action committee data which for years was in the world and the people saw it all it's a conspiracy theory now goldman sachs mainstream online some ottos down there last week are saying yes in fact that is correct price of gold is going to be elated by

the paper whores and of course in every single war there are side opposite and that's exactly what this man and goldman sachs the first two is the psychological damage and i want to show you a quick headline in a response to you earlier this week when gold fell fifty dollars in a matter of minutes joey's unthought said. yes how look at cold just did so that's the psychological impact they're looking for journalism paul is the propaganda minister over there business insider dot com he puts out propaganda no it's not you know you look at that look at look at the frank crash here wrong he if he were putting out propaganda he would be working at the treasury or at j.p. morgan in fact he is the person who listens to baghdad bob and it's like oh my god reporting in the guardian and saying baghdad paul says the infidels are being slaughtered at the walls of baghdad well it's always involves all the propaganda meister over at business insider that has overlord and is enraged so how come he's

oh come on the show you keep turning lane land of generations and. ok well let's look at some more wars going on and off the regime sold one billion dollars of gold well these are the allegations of cassim azouz the new central bank governor who said could offer a regime raised more than one billion dollars to pay salaries from trading twenty nine tons of gold with local traders and able with a metal then possibly being taken out of the country for resale so they pay essentially the soldiers in paper because they stole the gold right to raise well this is what cassim azouz the new central bank governor put in by. blair cameron and america so he's their guy in the central bank and he's saying it looks like could offer he sold twenty percent of our gold twenty nine tons now we're

taking at his word that it didn't just go missing because remember we zero hedge all the hours before the and as the invasion was happening we said what's going to happen to libya's gold well it off is still alive this is going to be a lesson for you out there are thinking of buying gold number one. number so he saw some of those gold for paper that he paid his soldiers and paper so those soldiers are complete idiots and they took paper instead of gold the whole history of gold as we learned from our show with david graber he said that gold always comes back into use as a currency because it's used to pay soldiers so america is trying to tell us a society that in fact in this case they don't want call the soldiers didn't want gold they wanted cash they wanted u.s. dollars. but again you know the article mentions and points out this is from the financial times that could offer was unique libya was unique in that there are some true bank actually held their gold in their country unlike chavez they point out so

a lot of this is another theme we're talking about all the time is that many of these nations around the world including germany china and chavez were were holding their gold in america and whether or not all i ever get back much of ours was two hundred tons of gold shit back to venezuela one hundred tons of the bank of england undertones held by banks like j.p. morgan and if he actually delivered the call j.p. morgan once again stock price zero so let's stay with libya here tony blair's libya policy fuel power obsession of khadafi son again this theme of the confidence game. tony blair snake oil salesman went to tripoli brought in khadafi and his son to pretend that they were part we're giving you our confidence you're part of this game say follow islam you know as nato is dropping bombs on him who is he shouting at sar cosey not a blair he still is a victim of a confidence game or he still believes the guy who sold them out is somehow star

cosy and not tony blair in a tony blair if push comes to shove he should start selling those not choppers on late night t.v. and vince is a famous seller of chomsky's on late night t.v. but they have a retires tony blair are you going to love my nuts watch this so easy one finger i can do one thing for you guys to do with your home the reason you can to sock away every day is because it's so easy to clean so the confidence game sold to the west and to the people financing it the taxpayers of the west you think they're getting something is there a toll that can often say follow islam are uniquely crazy madman and dictators and killers and of course information is emerged that we were sending people there to be tortured over the past few months including up to a few days before the regime we decided to topple them that's i mean that's kind of a new revelation as a because nobody gypsum these other areas where us people have tortured me to know there's actually happening in libya as well so you know america likes to outsource everything all the workers all the work all the jobs and all the torture you know

give those torture jobs to americans why outsource people torture jobs inside america so but this story to the westerners is always that we're protecting the rebels we're protecting the freedom fighters of libya and it has nothing to do with their oil we are pure people here so let's turn to this headline turkey to escort gaza aid ships amid route with israel well this is turkish prime minister erdogan and he was saying that his country is now going to escort gaza aid ships and that they have i chosen mirrored by the b.b.c. . the rest of the story i think reveals the true nature of this religious war going on speaking to al-jazeera mr erdogan also said turkey had taken steps to prevent israel unilaterally exploiting natural resources in the eastern mediterranean and appears that israel has decided to recognize cypriot rights to the natural gas

reserves that are allegedly have been found in the eastern mediterranean and now there's it's a resource war all throughout the middle east really it's about their oil natural gas and water yeah it's also interesting that the i.m.f. . oh no way in greece seemingly were contingent upon greece shutting down the whole of boats from leaving the port of athens to go to palestine so continuing on with this theme of confidence man especially those guys operating from j.p. morgan one man lucky diamond presses washington to ease bank rules this is bloomberg serious the influential fifty and this article here is just amazing to read because it's paragraph after paragraph after paragraph of quotes talking about how fantastic jamie diamond is and they come from people like hank paulson and they come from people like some lawyer dude from a wall street firm that represents wall street bankers and says things like when

treasury secretary henry paulson needed someone to save bear stearns from collapse in march two thousand and eight he turned to diamond we've got done and we've done and by the short and curlies he needs the entire regulatory infrastructure to change to allow his bank to go even deeper into debt to support his naked silver shorts we've got a silver prize goes higher jamie diamond is panicking that stock is like enron right before it collapsed mark my words hedge funds out there sure make a bundle but also continuing on this piece about how they're fluff piece on jamie diamond diamond emerged from the financial crisis a born again hero his bank took twenty five billion dollars in aid from the u.s. treasury out of patriotic duty not because it needed the money. i pledge allegiance to the flag of the bailout nation of america please send me a bill you and i'll salute your every morning thank you and. then it goes on they

then compare him to j.p. morgan's company's name state john terry point morgan diamond was harold is as the lender of last resort when other institutions faced a run on their assets that's a ridiculous comparison j.p. morgan the big guy that was his money jamie diamond has all access to borrowed money he's a he's a he's a full saw that exactly well that he has access to the taxpayers aaa rating to borrow at zero percent from the u.s. treasury and the federal reserve bank on behalf of the u.s. taxpayer so you need double life plus double double a plus all right. thanks so much thank you max don't go away much more coming away their other.

piece which bryson. ruling. from fines to pressure its. stance on t.v. don't come. back to the guys report imax keyser time now if you go to new york and top. with nick verbinski he's the director of a new film called confidence game a documentary that examines the final week in the life of investment bank bear

stearns let's take a look at a clip as bear was shoving billions in dubious loans through its c.d.o. pipeline management worked hard to cover up any problems along the way something van leeuwen found out when it was discovered that the firm had illegally sold investors millions in securities holding loans originated in west virginia. sometimes corners were cut according to west virginia code you have to be licensed by the state in order to service loans secured by property unless which. it was discovered that stearns had been buying west virginia loans for several years now and were not allowed to service it without reporting the oversight to regulators here and forced a mafia style code of silence within its walls to quietly fix the problem ok that was confidence game there acted by naik verbinski nick welcome to the kaiser report thanks for having me max all right before we get into this substance here tell us

a little bit about bear stearns what sort of bank were they how did they fit in the wall street matrix and when and how did they collapse just on a timeline well it's a good question of bear stearns was known for many years as the most brass bald profit powerhouse on wall street and they had a reputation that they really reveled in which was that they did business with whomever and however they pleased. and for many years at work because their great advantage as. profits kept piling up but what eventually happened was half of their fully half of their firms became something for the subprime mortgage business and once we saw him in that business in zero seven when ralph the office head phones blew up it was about nine months later where the firm completely collapsed under its own weight a lot of people say it collapsed in the space of a week but when you. we look at this story. of this firm was many years in the making when the firm collapsed that had four hundred billion dollars in assets and

two only twelve billion in tangible equity so really what the firm was doing was they were funding their daily operations of the overnight commercial paper market and what eventually happened was when that dried up they were refinancing their mortgage on their business just about every day and when that source of funding dried off the firm collapsed ok now the week that bear stearns collapsed i recall that the company was effectively being attacked by naked short sellers and these war far more shares being shorted then shares existed for the company in other words counterfeiting of shares salt dragged a price down the stock gather more information on this and what raul it c n b c n driving this vicious loop of cattle fitting lies i've seen beastie while counterfeiting stocks sell that make it this company's shares down to zero well there's certainly a lot of talk about naked short selling and how it affected bear but really first

of all we don't have any information on that at this point the f.c.c. launched a very wide ranging investigation when a firm first collapsed there were the street was rife with rumors about all sorts of conspiracy theories where headphones had colluded to bring the stock down and bring the company down but really what you started to see was it more the naked short selling what you saw was an incredible expansion in credit default swaps spreads people were buying insurance on bear stearns that if they didn't actually own it and once that happened the credible demand for insurance on bear stearns that riding a credit default swaps and really dried up their their sources of funding once the overnight wenders and everybody else started to see these things and they all stepped back from the firm and said what you know we don't know how that sounds but you know we want to get out of this before you know we're in tangled in it so it really i think that the credit default swap part of your question is a much bigger. storied and maybe naked short selling although naked short selling i'm sure had an impact and. as for a c n b c goes especially with with regard to credit default swaps there was

a seminal interview between david faber and alan schwartz then the new newly minted c.e.o. of bear stearns on wednesday march twelfth and really you know the sensible purpose of that interview was for schwartz the calm the fears growing around the firm and before he even had a chance to do that david faber threw a question to him based on a credit default position on that was going to be closed out by an investor who later turned out to be a cop ass and apparently bass told favor that he couldn't close it out with goldman sachs and once faber it kind of mentioned that on the air everybody on the street started running for the door second mediately and there was really nothing that alan schwartz could have done about that really troubling thing about something like that is that that trade actually cleared the very next morning there was a point where c. n.b.c. kind of stepped over the line from reporting the news to actually making the newest and it really had a material effect on their sterns rival example of instant clients there the big c.d.s.

market or the credit default swap market it was really borne out by this particular situation and the risks involved there when the counter parties involved in that market don't have the wherewithal to cover those bets famously when a.i.g. collapsed everywhere they were the counter party for many of the c.d.s. contracts and. the traders on wall street know this and write contracts knowing that they'll never have to make good on them because they're kind of parties bankrupt so that's part of the fraud that we see as far as naked short selling goes i know i can tell you personally having looked at the situation myself and knowing having invented a lot of technologies that run these systems that there was massive naked short selling is not a conspiracy theory it's an absolute stone cold fact and it's counterfeiting on a wide scale and it is pervasive on wall street and throughout the u.s. economy but let's move best our c.e.o. ginni can. and who was seen golfing while bear stearns collapsed was it just because what was that all about izzy i jenny came out he's very famous i lost it

for some of his peculiar habits but what was the story there well you know jimmy cayne was a long time c.e.o. of bear stearns you know and since the company had gone public in the early ninety's you know he had become really a legend on wall street he held over a billion dollars worth of the firm stock and by far he was the most heavily invested in his own company and he was really trying to go what brian burrow in the film calls the last of the wall street buccaneers you know he was really an old school guy and i think that's one of the issues that that kind of came back to bite the firm at the end was that jimmy wasn't really down and dirty with the business when. he offers hedge funds collapsed in the summer of zero seven he was reported and you know it in a page one article in the wall street journal on november first of that year it was reported that he was actually playing in a bridge tournaments and nashville tennessee just as the for and as the stones were collapsing.