not be will not be held hostage to all dogmas discredited ideologies and so-called experts who have been proven wrong over the years time and time again this is true not only in matters of peace but in matters a prosperity we believe that trade must be fair and reciprocal the united states will not be taken advantage of any longer he said while mr trump statements were somewhat more mild mannered than last year's remarks when he threatened to totally destroy north korea there's a diplomat for yet he nonetheless the spouse and isolationists view of the u.s. in the world and what is seen as a rough rebuke to mr trump french president emanuel mccrone suggested nations should not enter into trading relationships with other nations which do not comply with the paris climate agreement he's talking about the u.s. there are very few others and brazil's president michel tamir in what is his last speech at the general assembly said that the old forms of intolerance are being

rekindled. the increasingly heated words between the u.s. and iran u.s. sanctions and the recent decisions of ministers from opec and allied nations to maintain output levels seems to be pushing oil prices higher the price of brant crude traded in london is noticeably risen to its highest level in nearly four years around midday eastern time here in washington it was trading above eighty two dollars per barrel west texas intermediate that's w t i traded in new york also rode the surge rising above seventy two dollars for the first time since july the trumpet administration has demanded that adversaries and allies seized a buyer deal with iranian oil by the vampyr fourth or face unilateral u.s. sanctions the deadline and opec's decision not to act seem to portend some price that bilinear even perhaps more price increases in the near term.

we've spoken about on the program importantly the ten year anniversary of the financial crisis before but today we have a special treat for a year here to give us a firsthand look at lehman brothers because he worked there is run filler who is now a professor of law at new york law school is also serves as director of the financial services law institute and is a particular friend of mine professor phil or ron welcome thank you commissioner howard yeah we can get rid of the commissioner and the professors but great to have you here ron let's do a little ties are apple that's always fun what was going on and how did lehman end up in the dead center with the emphasis on unfortunately the dead part of this fiasco yeah i think you hit the right or it was unfortunate and i mean i spent fifteen years at lehman was a managing director and their global futures area and while that department worked

well and efficiently and properly lima did double down on the real estate market in two thousand and eight unfortunately and the market went against that position and unfortunately on september the fifteenth two thousand and eight lehman filed for bankruptcy. you know we remember it well those of us there they all that we can run we're getting reports from the new york fed on what was going going on and it was disturbing but quite frankly you know i thought it was all going to go to work out so when. filed for bankruptcy on september fifteenth what were your thoughts that day. well ok so let me give you a little bit of background for your audience i decided in january of that year to become a law professor and joined the faculty of new york last call so i gave my notice and a few months later i left lehmann. i got a call back that morning of september the fifteenth for my boss at lehman ron we

need you we just filed for bankruptcy and as you are quite familiar with we had about ten billion dollars in sac funds and we wanted to make sure that got returned back to the our clients as well as along with their open positions and really the good if there are good those by friday of that week by september the nineteenth two thousand and eight one hundred percent of the funds and open positions have been transferred out of our bugs not a dime was lost so something you should be proud of as well the regulations that the c f.t.c. has promulgated over the years in protecting customer assets. worked well we had the proper amount of assets in those accounts and not a penny was lost and just for our viewers when it went when ron said said funds that segregated funds those are the funds that were were held in reserve of the customer money that the investors are allowed to use only to as the destructed by

the investors or there's actually a little portion of it that is allowed to be used but ron did you deal with the commission that week and if so how and what other regulators were involved or exchanges i guess sure so it was a man i was at the last call and my boss called me that morning early and we need you ron and i literally spent that whole week at lehman brothers worked very closely if you were called walt lucan was the acting chair of the c f.t.c. at the time spent a lot a lot to three times a day. two or three times a day. the c.m.a. fogs gill and kim taylor i was talking to them keeping them informed of what was going on each and every day almost each and every hour of each day to ensure that the system was working clients were getting their money's transferred back. my role

at lehman when i was there i was the principal contact with all the regulators the exchanges the clearing houses i was also spending time there in that whole week working with the london clearing house eurex clearing etc because those are the two other major clearing houses so i was there or brought back basically because my i was a principal contact with all the regulatory agencies on the clearing houses to basically ensure a work closely to make sure client funds were returned back to their customers and as i mentioned before the system work well yeah well it worked well it sounds like because you are sort of a superhero and lead in to that you know i'm curious and i know you know i don't always have families as that yeah right well i'm sure they do so i'm going to go and this is i know speculative ron but you know that weekend before the fifteenth they were trying to figure out if bank of america was going to buy lehman or or maybe barclays but those folks at the bank they wanted some guarantee from the

government and both tim geithner the head of the new york fed then and later the u.s. treasury secretary under president obama and ben bernanke you they know we don't we don't have that money but then after lehman was going down and they were going to enter this big bailout what turned out to be in seven hundred plus billion bucks i mean do you think those guys at that point said wow we could have gotten out of this for a lot less had we given lehman some money. well i you know i think you're right on point and unfortunate circumstances took place of that weekend and as you mentioned bank of america was going to buy lehman but instead they bought merrill lynch and. lehman didn't really have. to be their white knight to take over and so forth barclays was going to be really at the end of the week whatever we remained and our accounts of both securities accounts and futures were transferred the barclays capital on the end of that week on the close of business of that friday the

nineteenth but the u.k. government wanted some assurances guarantees as you just mention and they just could not be worked out over that weekend keep in mind and from the audience burst back to of lehman filed for bankruptcy on september the fifteenth there was a monday morning. and the regulators in washington try not successfully but they try to try to. find a buyer a home for lehman and they took a i guess a big sigh of relief monday morning lehman filed for bankruptcy that afternoon as you mention they get notice that a.i.g. insurance company is about to file for bankruptcy but for that bailout and. needed over one hundred and eighty five billion dollars and but for that bailout by the u.s. government a.i.g. insurance company the world's largest commercial insurance company would have failed the very next day so it's the irony then there's not

a lot of books written on it are stories written why do they not bail out lehman they belt out a i.g. the legal fees in connection with the lehman bankruptcy so we all will i'm a law professor we want to make sure the lawyers get paid the fees alone were so much greater than probably what the bailout would have been so you have to wrestle with did should they have put up some money the u.s. . to keep lehman alive and then find a buyer a week or two or a month later just to keep it go on and yet they chose not to and the very next day they put up one hundred eighty five billion dollars to protect. his company so a lot of irony and all of that super in arresting and thank you so much for being with us ron appreciate it professor a lot new york law school ron failer thanks thank you bart. and argentina's precarious economic position has taken a dramatic turn for the worse the governor of the argentinian central bank louis

computer has resigned even as the mockery administration is currently negotiating for a potential fifty billion dollars credit package from the international monetary fund mr x. it comes just three months after he took the post following his immediate present festers resignation in june over the weakness of the peso a recent interest rate increases notably failed to halt the pesos slide a reputed ally of the economy minister who reportedly has clashed with him over policy will now replace him at the central bank want to fishel central bank statement cited personal reasons for the resignation that seeming spin is unlikely to convince or calm investors the computer resignation immediately pushed the argentinian peso which has lost more than fifty percent of its value this year even lower to just over thirty nine pesos to the u.s. dollar. and time now for a quick break but hang here because when we get back steve malzberg tells us about

sirius x.m. buying music streaming company ten dora for three point five billion bucks and our forward fashion correspondent three charges tell us about michael moore's purchase of for saatchi for more than two billion dollars plus molly barrows from the fired network is back to help someone the dirty details of d.n.a. testing kids as we go to break here the numbers that closing bell back in a flash. it's hard to imagine decades after the war a nazi don't tell was still active. in the nineteen seventies cretonne had as the chair of its code and then convicted of mesmo and slavery and the german company going until it develops of the divide

a drug that was promoted as completely so the jury bring them. down to have terrible side effects what has happened to my p.c.p. anything. she said is just good. mimics of it among victims of to this day received no compensation and i think thirty million subscribers and and that serious a basically it's in your car pandora one of the most of well known kind of iconic old is names on the internet the first all for music streaming in fact and they have two services they have an on demand service for ninety nine a month which will get to and they have a free service they have seventy million the listeners that subscribers about listeners and you basically you program and pick your own radio station you make your own radio station with your favorite artists your favorite songs and you listen to it but they do have advertising in those those that option as opposed to

paying on demand where you don't have any commercials i remember and pandora and i may test you know it all miss on this but in that the one that had all those copyright issues right at the beginning when they started. it we were worried it was even some were even going to survive right but it turned out ok yeah well this is one of while this is still a little problem and what one of the things that they hope sirius could do for them is renegotiate they pay they lost one hundred mil. in dollars and seventeen and sixteen that they had to pay to the music industry for copyright they pay the highest copyright. monies of any of the company's streaming music so they still are saddled with that and they have to overcome that because you know first when they started and i'm told i didn't do this myself i'm told that people would use it and it's like you say you could get all the music that you like and there was no advertising but they were ripping it off essentially and so do you think given that there's been this bad overall branding in the past that it's beyond that but you

think sirius x.m. will keep the pandora brand steve well that remains to be seen look a pandora is the undermanned services fourth out of four spotify has eighty million subscribers and there's apple and amazon so door really needs a boost they have new management their c.e.o. is very excited about this thinks that this is going to help with advertising subscriptions it's going to be a great marriage and it's going to make them the biggest entertainment company in the world but really can three point five billion dollars of a stock purchase do that as fur as a serious bar you know they they see that something has to change you know a lot of people think that auto and individual auto and ownership has peaked and that's their main source to every car now as an apple jack so what do people need satellite radio for so they need to complement find a synergy with pandora the music stream or and they use it as a hedge against new competition you know so everybody has something to gain here

and everybody has a lot of hope here but sirius says that right now and this is a key words they use right now there's going to be no changes they'll be to brands no changes to the listener in mediately so i think there will be some change some modernization to streamline that stream line it and presented to the consumer is kind of a new product eventually interesting entertaining and. inning the know it all conservative t.v. and radio commentator thanks miles rick thanks a lot steve bags by. michael brewer is the clothing fashion company is buying the italian luxury clothing brand versace for two point one billion dollars the announcement was made earlier today as part of the deal the blackstone equity firm reportedly will sell their twenty percent stake in versace to course for corus the less glamorous but

more visible and prevalent of the two brands the deal is an upscale fall upscale follow up to the acquisition of luxury shoe maker jimmy choo who are seem poised to leverage for saatchi's prestige with their own market presence with a plan to increase the number of versace store locations from two hundred all the way to three hundred versace's creative director who's known to be outspoken and right on target is donna tellers saatchi who took over twenty years ago from her brother was actually murdered but she will reportedly continue her role after the merger miss versace who has led the fashion house for these two decades com slash boom bust r.t. so long for now.

not that who these dances leaked lawrence leak out to. you you when. doesn't get a good look at that is to close most of the book called this a back. to school strong states about seeing new yorkers. just for a little. high

frequency trading game it's all about speed look at goldman sachs could figure out a way to go backwards in time and still money from trades in the history they would do it but the second best option is to just increase the speed in the here and now to steal better much rapid pace.

the in. america gears. didn't expect their reaction but that's. praise for his own administration and.

the u.s. president to his address to the united nations general assembly.