and i'm not sure what the role is i see with the role that they say that they are playing and i say that what the role is that they seem to be actually doing and that is the protecting banks hiding this fraud and continuing to say we just want to extend it for ten and keep these debts and going and growing rather than actually finding a workable way to resolve them i think this is one of the reasons why debt forgiveness is becoming so compelling it just isn't an answer going that direction well it seems like a bit of a cat and mouse game with the i.m.f. and the other pieces of the so-called troika teasing the greek government and teasing the gree people about a resolution of this that problem all at the same time getting them to sign away their assets through the memorandum the famous memorandum which gave the troika a place or a piece of greek assets above and beyond the greek constitution then our village appears as though greece is on track to lose its sovereignty as

a greek background yourself what are your thoughts about that i think this is one of the most troubling aspects of this whole thing i mean i've been already troubled by the whole disaster capitalism where these companies have created an even bet against the positions they some script that they themselves created to engender suffering in the population and then they use that position that the position of need that they've created in order to profit or to buy assets pennies on the dollar i mean i thought that was bad enough but then when you start to go to these i'd it is this level of stripping you know countries other assets and essentially taking them over another gun that before in more developing countries more covertly but now they're just going ahead and think they have any you know every self-consciousness at all about doing it now to actually establish countries in the european union so i think it's. extraordinarily troubling because what it would

there is that specter is rising of international corporations having a lot more power on a very real practical level than national governments and i don't think that's a healthy development i think we're going to organize as a global citizenry against that and support greece and support greece as a sovereignty and i certainly do from my background but i do just as a global citizen as well finally i want to get into this crash j.p. morgan by server campaign as a way to force a resolution when i was in athens last time i was mobbed everywhere i went because you know the mainstream media in athens that is not really covering the the same last troika hostile takeover of greece and we're the only people that are covering that did crash j.p. morgan by still recant pain is up alive and kicking in greece of course you can include goldman sachs in that campaign as well who fraudulent disgrace to join the euro by selling them illegitimate illegal contracts so your thoughts on the crash

j.p. morgan by so many campaigners stand you you are are you are supporting this is why i am i first i was skeptical because because i saw all that j.p. morgan least from a zero hedge article had basically just dumped their shorts and unregulated company company but then i started to think about the larger processes i mean the first first thing i'm one of my most major concerns just as a regular citizen is i want to connally's bad start that helped people make a living rather than make a killing i think a lot of us have kind of gone off the reservation and taken up this sort of addiction to debt and this exponential growth by you know demanding title months from government and trying to get these huge percentage returns on stocks and this campaign that you're running is one of one of the ways to sort of reground and read democratize i think some of this craziness that's happening first of all when you're a citizen. when you have some gold or silver as specially in asia you can use it to

barter you can use it to hold value you can it's even a decent investment right now i think from when you first suggested this campaign it's almost doubled in price silver has but even the bigger picture things i think are are more compelling and one is that the more and more you get regular people who buy physical silver the more and more first of all with with j.p. morgan the more and more they're forced to take compensatory actions which may or may not be legal which people can then come back to prosecute them for and i think that j.p. morgan's moving that into that unregulated company may be one of those things but the second thing is also when you have all this silver paper out there these exchange traded funds and so forth but more people buying up the physical metal it's making it harder for them to sort of cover cover their bases or make it look like they actually have the metal declaiming they represent so anything that can democratize access to financial resources and put some serious pressure including

pressure on bankruptcy and and prosecution on these major firms is a good thing and it first i didn't think european pain was doing that but as i began to look at more deeply at it i'm beginning to support it more and more and saying wait a minute this this this if it is specially if it gained some speed could could really have an a leveraged effect on on helping bring the empowerment back to our global citizens and away from international private corporations that's right five hundred dollars so earth is within our reach if we won it and if you own that as l.v. the exchange traded fund you do not own physical sobber you own only paper and it will probably not work for you all right that's all the time we have for suze thanks so much for being on the kaiser report i first added my ex thanks a lot and that's going to do it for this edition of the kaiser report with me max geyser and stacy herbert i would think my guess is yemen younus if you want to send me an e-mail please do so and kaiser report and r t t v are you until next on this

is next and eyes are saying but i don't. know how.

all.

this is. they're taking the same risks with investor you know investors' money depositors' money that they were taking before and why because they know they'll be bailed out if there's a problem now doesn't the u.s. government know what happens if you give a mouse a cookie so three years after the collapse of lehman brothers has anything really changed or are big banks and wall street just helping the system. and it's been a tug of war in libya between productive forces and would be rough but is the game really over and if so who is the winner we'll have a live report from tripoli on the freedom of repression happening in libya. to overthrow the assad government now they have a more democratic government

a more humane government but a government that is allied with the united states of america is grabbing the bull by the horns this as the country uses the arab spring to cultivate revolution and launch longtime enemies where there are a way that is the grass is always greener on the other side. it's thursday september fifteenth four pm in washington d.c. i'm christine for is out there watching our team. well good afternoon i should say how be on of her story this one of an event that you could say changed the world or at least brought the global economy to its knees it was three years ago after all that lehman brothers america's fourth biggest bank filed bankruptcy and collapsed under six billion dollars of toxic debt today we take

a look back from then to now and ask a few questions on how things have changed who has been held responsible and most importantly what have we learned our c course on a marina point nine takes a look at the questions and some of the disheartening answers and this report. lehman brothers has filed for bankruptcy stocks all around the world are tanking because of the crisis on wall street and the more things change the more they stay the same how will lehman's bankruptcy filing really change the landscape of the entire banking industry in two thousand and eight wall street's bad bets and risky speculation led to the collapse of america's housing market and a financial crisis around the globe today banks have grown more powerful and profitable while the threat of a double dip recession has deepened if part of the problem was too big to fail and of part of the problem was high dependence on the financial sector if you fast forward three years we have even bigger financial institutions which were at least

equally dependent so the structural problems are probably worse and certainly not a whole lot better washington seed wall street with nearly one trillion dollars in government bailout yet in the past three years critics say that washington has failed to effectively regulate wall street the financial industry can still trade debt and bet the same way it did thirty six months ago we still have to say the only differences right now they are worse is because that. has been trillions of dollars worth of. subsidies that were really in a worse position than we were or it is what. america's great recession has chipped away at the middle class exacerbated when listeners and resulted in at least fourteen million unemployed citizens. just last month zero jobs not one was created meantime wall street executives broke records last year pulling in

one hundred forty nine billion dollars in pay in compensation according to analysts the u.s. is approaching its highest level of inequality since world war one if you're not in the top ten or twenty percent you're significantly poor than you were in two thousand and eight. and in two thousand and eight you were making one fifteen this much money as the wealthiest people in united states we've seen you know corporate profits make profits record breaking profits in some cases three years after the crisis and why is that they're taking the same risks with investor you know investors money depositors money that they were taken before and why because they know they'll be bailed out if there's a problem in two thousand and eight u.s. credit agencies fail to forecast the problem reading lehman as a secure investment just one week before its historic bankruptcy very little has changed with their business model probably the only thing that really is true is

that there is once more skepticism towards them the collapse of lehman brothers ignited a perfect storm of economic distress and fear around the world yet three years later problems that caused the crisis remain unsolved many economists are predicting that this means another economic collapse isn't just probable it's inevitable. we're not artsy. and i got another disturbing story in the works right now a thirty one year old man was arrested in london earlier today a guy you could say had a bit of a gambling problem just how much money did he lose while working as a trader at the investment bank u.b.s. just two billion dollars here's a statement by the swiss about this with thank you giant put out u.b.s. says quote we regret to inform you that yesterday we uncovered a case of unauthorized trading by a trader in the investment bank we have reported it to the markets in line with regulatory disclosure obligations for matter is still being investigated but we currently estimate the loss on the trades to be around two billion u.s.

dollars. crazy i want to talk about this and about the question i asked earlier about just how far we've come since the collapse of lehman brothers carl then injured with an architecture is in niceville florida and joins me now through a. car about believing that if this doesn't represent yet again the dangers in too much power being given to too few financial institution i don't know what does i mean what do you make of the story two billion dollars from one bad train doesn't surprise me there was a huge dislocation in the currency markets were in the swiss government and also they were going to pay the swiss francs the euro and i was curious that's a sign that it occurred when we were going to see the blowouts that you never really had to have come from i think we just got one of our answers although this person allegedly was a trader in equities the moves in the market became immediately following that

announcement were extraordinarily violent and to have expected that somebody would get it out of that was a little realistic so i'm not surprised that it occurred i am surprised after two thousand and eight lehman brothers that we still have institutions that can't manage to handle fundamental and basic risk controls it's ridiculous i think it's a really important point and it kind of points to something that one of the gas in the report that we watched also said that you know the structure of the system is not only not better than three years ago but it is actually worse you know carl it seems to me if something is drastically wrong with a structure you are paris and you make it stand stronger than before which may or may not involve tearing it down and rebuilding it from the foundation so i got to ask you a couple things do you agree first of all that things are indeed worse than three years ago and if so why aren't people working to fix that. they're worse in some places and better in a few others american banks arguably have somewhat less leverage than name before

lehman brothers who are not dramatically less but somewhat less they've also become better at hiding the risk which of course is one of the things that everybody's concerned about european banks on the other end haven't taken down much of any risk at all and what we've now seen is that the fantasy of being able to claim that you have assets that are going to be perfectly fine if they're held for five years or ten years or a horror long but today there was nothing you know is coming back to bite people now in europe just as if you're in the united states and not only did we not fix it in the united states after lehman brothers we actually institutionalized their practice in the early part of two thousand and nine when our accounting standards board was effectively extorted by congress you know another criticism comes in the way the story has been told to the public you know it's confusing to a lot of people to understand to connect the dots between the lehman brothers collapse and you know them losing their home and in some ways it seems to me that

this is not the big banks want so they can spin their own story and regarding that story i mean many believe and point out that the same people telling the story the post financial crisis story had the same people who had a hand in creating the crisis in the first place why is this the case. essentially what you had happened here in the united states and around the world is a thirty year inch on debt we did not go to one single quarter of economic growth the united states sometimes heated two thousand and nine where we increased output in the economy faster than we increased the debt that was taken on throughout the economy as a whole that cannot go on forever just like you cannot oil your credit card and spend more money than you make every day for years and years and years and not actually co-pay and which would mean this in the public square we would have to then point the fingers back at ourselves and also the congress and the industry would have to point the fingers back at themselves because they all impeached in

what it cost which i can't eat the lion the congress whining not happening i mean why why has no one been arrested in the last three years certainly fingers have been pointed as you say to this bank and that but i have not seen a person be handcuffed and taken to jail because of what happened take a look at the revolving door can you realistically expect the person who used to run goldman sachs we don't mr colson he becomes treasury secretary is he going to go ahead and say we audit were arrested people equipment sex it's unrealistic same thing with tim geitner he was in your outfit then he becomes treasury secretary can you really just equally expect the fox to guard the hen house it's an it's an unrealistic structure and it has to change but we do not have people either political party in washington d.c. who are willing to say to every quarter go out of these people under indictment and if you don't cha so who will say that that i mean will there be someone from an outside agency from you know that's not a democrat or republican or not

a politician i mean do you foresee somebody coming in and trying the system and making these massive changes. what i unfortunately see is that the system will end up collapsing of its own weight because we do not have reported will to actually address the problems and so what is going on now with europe us likely the start of us they will continue to kick the can employ this game respond but eventually you get to the point that you have no cash or you really cannot pay the electric bill if you're there you're ok shit and when the lights go out everybody is exposed for what they were doing and that's what happened with lehman brothers citibank for example do we know this from the bankers who report. they did not have any good collateral to push for launch was a debacle for the glue up so there were people in the market are well aware that the company was finished carl i want to talk about another aspect of this there the new i am at it christine legarde with here in washington today talking about global

economic problems as well as solutions she is of course the new face of the i.m.f. and i want to get your take on a couple of things in terms of the role of the i.m.f. and the world bank but first let's hear what christine legarde had to say about lehman brothers and then we'll talk about it but we're certainly living through very troubled time at the moment with a great economy can psyche exactly three years ago after the collapse of lehman brothers the economic skies today look troubled the turbulence as global if it is slows and downside to this increase and we haven't tuned into a dangerous phase of the crisis so carl what do you think i mean what is the role of christine lagarde look guard at the i.m.f. the world bank in these months and years ahead. i don't know that they have a role the the world economic forum in davos

a lot with the. actual settlements but also did they expect that we would have to double the debt in the system again within the next ten years to carry economic growth the reason that we got in trouble in two thousand and seven in the first place is people could pay their debts so if we don't owe the debt are we going to make the payments and that at the end of the day is the problem there's too much wealth the system not just in the united states but worldwide and it is eclipsed people would need to produce and have that excess capital for that purpose sometimes it just makes you want to ask the question how many times are we going to learn the same lesson over before we actually get it carl that is are in life also i want to thank you so much that's the market sectors carl danger now for the first time since the nato led mission in libya began leaders from the west are on the ground there british prime minister david cameron and fresh pressed french president nicolas sarkozy are there in a show of support or they have pledged to keep up the nato bombing until the last of the gadhafi loyalists have surrendered now based on some of the firms that we've

seen it appears to be soon but the national transitional council appearing in control and and with tripoli rebel hands also in control but are the other correspondent on the ground as well in libya and she joins me now to give us her perspective on what is actually happening ranson ocean is in early. maria i guess i want to start with this latest news today british prime minister david cameron and french president nicolas sarkozy in libya one of the even doing and has anything come out of their meetings with the n t c. well creasing british prime minister and french president he leaves you sad indeed to show their support for the national transitional council and his new authorities the financial political and of course military support these two leaders have become the first foreign hads of state to be that could operate freely not

surprisingly though these two nato countries have played a prominent and crucial role in the libyan revolution backed by the alliance we chair eventually led to the fall of gadhafi and to the end of the almost forty two year long dictatorship here in leaving these countries were those pushing for a nato action actually for a military operation he leave it to protect civilians against gadhafi troops in february and french and french warplanes was the first to fly in a complaint here in libya to induce a known fight zone over the country the helicopters and the fighter jets and these countries together with other countries from nato had been born in conduct as mission facilities throughout leave here for six months and france. became the first country to recognize a national transitional council as even as new legitimate authorities speaking here in tripoli both accorsi and cameron have emphasized that big countries will

continue how clean the national transitional council supporting the rubbles especially they've pointed out that nato will continue its mission on the ground and they will continue ball mean. apparently couldn't face a military facilities here in leave here for as long as it is necessary to protect civilians and nato is certainty you know operating here in early in the area still held by conduct his forces where fighting continues between the rebels and gadhafi loyalists and we're here talking about at least for gadhafi stronghold. including his hometown six hundred kilometers east of the capital tripoli and but he will lead the area to heidi klum just south of the capital tripoli known for its ardent supporter of battles colonel actually many a very skeptical about this mission saying it's no longer aimed at protecting

civilians actually. rather as the one aimed at helping the rebels take control over the rest of the country the virtually control of the majority of the country but the still remain several polls at least four as a sad held by could offer its forces a new third season is chaired by russia actually that's russia's foreign ministry has announced on wednesday that it will call for an all fly zone to believe it to be lifted as they. see no need in that since the rebels. took the capital tripoli and the national security national transitional council is officially controlling the situation and it's legitimate power here in libya and we're using you mentioned bani walid as well as sirte in terms of places where the rebels actually do not have control i think this is important to point out because it's very different than some of the accounts that we've seen some of

the video that we've seen you know celebrations going on there talk a little bit about. you know the fear that still exists on both sides and also your take on the national transitional council. and to what extent do you think they are a unified front. and you're absolutely right the timing of this space it is very strange because it looks like. a leader is came to tripoli to leave here to take part in celebrations of the rebels while fighting is still continuing and people are still dying from both sides as huge as sad indeed but. even more interesting is that not only throughout lead here they still remain pockets of. loyalists but here in tripoli in the capital this city looks pretty much divided right now we've seen many people all

way have been business you fly isn't carrying banners thank you so because you thank you france thank you britain for words what you've done. as a dictatorship but the ras still areas in tripoli where people like row police of cotton could are free and be safe they don't trust the rebels because they don't know them and the see them as those who just want to share. is all. so situation even here in tripoli is very complicated and that's why some skeptics say that all these celebrations and even this visit by cameron to tripoli is a little bit premature really really interesting stuff a divide in tripoli about something that i'm not seeing or hearing elsewhere i do want to thank you for sharing our to correspondent maria for notion out with the latest from tripoli all right we will be back in just

a few minutes i want to thank you so much coming up we have more on what's going on around the world and also the u.s. role in what's happening in syria.

well earlier we talked a little bit about star cozy and david cameron in tripoli in libya today and france and britain now just part of the equation in the nato effort in libya but u.s. also has strongly backed the libyan opposition and it's possible we're seeing the more advanced unfold and.