you represented bear stearns. give me an idea a little bit more of what those days were like and working with ace. >> well, the days were extraordinarily hectic. nobody knew from minute to minute or even second to second where it would all come out. but at the end of the day, when the board had to make a decision, he was the one who, with all that history and all that knowledge, was prepared to say the right thing to do is to agree to the sale to j.p. morgan chase as opposed to creating the possibility of a total meltdown. and he spoke with an authority which no one else could speak because bear stearns had been his entire life. >> when did you first meet him? >> i first met ace when he and i both worked for a gentleman by the name of al learner who was one of also the legend of the financial world and real estate world. and i worked closely with al lerner and ace greenberg when i guess most closely when al came in took over what was then a very troubled bank in baltimore and ultimately managed to spin out the cre

that was what bear stearns had a face at the end. that was the only way to get financing. >> what is greenberg's legacy? how do you want people to her member him -- how did he want people to remember him? those guysst one of who was absolutely a legend. he and others -- helped make bear stearns a wall street powerhouse. for maybe 40 or 50 years. incredible role in that. he helped bring the firm into being a trading firm. he helped again to have the firm's taking all kind of risk. he was very careful about his risk-taking. he's just a legend on wall street. his passing is a real moment to note. i'm glad you noticed it. bill: joining us via skype from nantucket. bill,always a pleasure -- always a pleasure. consideringamas are a temporary cease-fire offer, brokered by john kerry. in the meantime, the fighting continues. peter cook is following the latest. mark, the weight is on right now to see if israel and hamas might accept the terms that secretary of state john kerry proposed. it would extend through next week's islamic holiday, pot

if you walked up to the bear stearns trading room, even as ceo, sitting right there at the desk. of the memos passed around, a firm that watched costs. a memo they passed around, aces memo how to re-use paper clip, not waste anything. he took it from top to bottom, was very big in philanthropy, a great, great guy and incredible legend in the business. he'll be missed. >> interestingly, he went to the university of oklahoma on a football scholarship as i read here. transferred to the university in missouri. wanted to get a career on wall street. so he way here to new york. didn't have an ivy league degree. rejected by a number of firms. and then gets to bear stearns where as i said, he starts at the bottom and has this amazing career. >> yes. and his big catch phrase, when he talked about the types of people he wanted to work with and wanted to hire, was ph.d. poor hungry and determined. which i think he always saw him as that kind of an underdog. i know people touched by him and worked with him, and they all shared that characteristic with him and always told the best stories abo

he built bear stearns into a powerhouse.psed during the financial crisis in 2008. he died on friday at 86. i spoke with him three years ago about how his career started and what he learned about leadership at a very young age. he lived to see bear stearns' he still thinks this is the best industry in the world. >> the best thing that happened to me was i started at the bottom. i was a college graduate. i was lucky to get the job i had. that was in 1949. everybody said go back to oklahoma. they said you were wasting your time. go work for your father. starting at the bottom and being treated like i was by certain people made me say that if i was , i started with a guy who is still at j.p. morgan. he is one of my closest friends. we have been partners for 60 years. the carto ride down in and say what we would do if we were bosses. we became bosses. we implemented we thought was wrong in the way people were treated and it paid off. >> when many other big-time wall street icons who were firms like madestearns, they have not he c

he wrote legendary memos to bear stearns, and it's great to go back. there's a book of them, and he has this philosopher he created and he has all these great sayings about never be tempted by the perfume of your own odor or something like that that will all confuse, but it's great reading. >> he was the classic risk-taker. he spent his whole career -- he was 65 years on wall street, the whole time at bear stearns. he started in 1949 as a clerk, worked his way up through the years. he was a trader extraordinaire. he loved the trading environment. and even when he was chairman and ceo, he loved walking the trading floor. he was a great bridge player, too, talking about risk. he often played with warren buffett and malcolm forbes, to name a few people. by the way, jamie dimon -- bear stearns, as we know, was sold to jpmorgan chase in twalt twaigt. jamie dimon eulogized him saying "it's hard to manage financial services industry without ace. it was better having ace a part of it. and while there will never be another ace greenberg, the example he set will

>> bear stearns was selling them. lehman brothers was selling them. aig was selling them.he names we hear that are in trouble--citigroup was selling them. >> these investment banks were not only selling the securities that turned out to be terrible investments; they were selling insurance on them? >> well, it made it easier to sell the terrible investments if you could convince the buyer that not only were they gonna get the investment but insurance. [ticking] >> coming up, defending credit default swaps. >> these people understand the nature of these products. they understand-- >> well, obviously, they didn't, or they wouldn't have bought them. they wouldn't have used them. that's ahead when 60 minutes on cnbc returns. [ticking] >> credit default swaps are private unregulated contracts that mortgage investors entered into to insure themselves against losses in the event their investments went bad. but as we reported in october 2008, when homeowners began defaulting on their mortgages, wall street's high-risk mortgage-backed securities also began to fail, and the big inves

he was very charitable, perhaps more than that himself, he actually made the employees of bear stearns be charitable, 4% of their incomes every year, he used to press them to give away. and that's something that i think is worth remembering on this day. >> put him into context ab andrew, if you would, with respect to what responsibility, if any, he bore for the ultimate demise of bear stearns. and did he lose his personal fortune when it went away? >> he lost some of his personal fortune, not all of his personal fortune. you know, there are going to be lots of people with various views on to what degree you blame ace greenberg. i would argue to you that he is, he has less to blame in all of this, in fact he would have argued at the time that he told them they were doing too many risky things, but at the same time, there are other people on the other side of the argument that would say he created a culture. and many of the people who rose to the top of the that the firm did so under him. so, by default, he would bear some form of responsibility. >> what, two relationships seem to leap o

they gave me a job at bear stearns. as we all know what happened, it disappeared.a great mentor who guided me. charles: were you knocking on doors? >> full disclosure, a guy from bear stearns wanted today me. i said, need to work for this guy. he said, he is not hiring. i said, he is going to hire me. i went, and that was david goodman. charles: you were not here. we talked about this. you talked about this before a little bit. you have had to ask more than once. >> i just keep asking. eventually something will work out for me. but, yes, i had to. my biggest break, i walked in and they were like, why should we hire you. and i laid it on thick and got the job. charles: you did this self-imposed. >> whenever back in 1997. charles: a lot of people would love to be in that seat right now. >> i worked in local newspapers, magazines. as of posting for media bistro as a video editor. i called up every week and asked for the job for like three months. the story from the bathroom. all the young kids get it as well. what does love really have to do with it? finally we have a

he kept working long after bear stearns collapsed in 2008. latest from the fox business network giving you the power to prosper. melissa: whether it is on wall street and main street here is who is making or losing money. anyone with a piece of amazon, the stock is still getting crushed right now after that dismal earnings report, shares down 10% which is awful news for founder jeff bezos who already suffered one of the biggest declines in net worth this year. he has 84 million shares, so he has lost $3.7 billion. making some serious money mark zuckerberg himself. they are driving higher and zuckerburg is richer than google's two co-founders. he is worth $33 billion living the dream. the people of the detroit are at risk of having no running water at all. this is a huge amount of delinquent bills. generous donors started a web page where the can go on line and a random build one at a time. very heartwarming to. the wellness lifestyles of the rich and famous, blake lively is the latest hollywood star branding her self lifestyle guru with the l

former bear stearns chief alan ace greenberg died from cancer. he was 86 years old. charlie gasparino will have more coming up in just a moment. >>> with earnings season in full swing, you need to be plugged into the market action. lot's been going oespecially if you own shares of visa. visa's results weighing on the dow today. bigtime at second quarter report, beating the street on the top and bottom lines after the bell yesterday, but the company trimmed forecast for annual revenue growth and that dragged that stock right on down. take a look at it right now, down more than 8 bucks, contributing in a massive way to the decline of the dow. perspective, the dow is down, a big piece is the stock on the screen, visa is now down more than 3.5%. at 214 and change on this one. >>> we have all of the minute-by-minute market news covered for you as we head into the last hour of trading. nicole petallides at the floor of the new york stock exchange, and adam is next to me, he can't get rid of me this week, standing by with the biggest media story of the summer. first to the

bear stearns started taking extra risk to compete. >> you think it can happen again?l me when? >> that's the problem, none of us can. the only thing i can tell you, neil, we need banks to be smaller. >> never going to happen. >> bring back glass siegel. there's not much political will on either party, except iffy liz bet warren or if rand paul becomes -- if those populous become the front runners in both parties for 2016, that could happen. >> i am telling you, this guy, guts galore. i use guts because this is a family show. you know what happened 45 years ago yesterday, bet you forgot a sadder thing that ended three years ago today. >>> 45 years ago today, man left the moon. a day after making history, all the historic headlines. later this day, july 21st, 1969, neil armstrong, buzzal dren would be reunited with michael collins orbiting above for the three day journey back to earth. left behind, two still cameras, two back packs, two pairs of boots and an american flag. and mesmerized mankind, and at least one awe inspired son. >> my memory is we were awake for the l

for residents and visitors to spend time in the city like the free san francisco symphony park at stearncouple of places where near fisherman's wharf. >>> tonight one minor league baseball team hit on a great way to celebrate. the brooklyn cyclones held a salute to seinfeld night. some more puffy shirts. and there was a soup nazi signing and an elaine danceoff. and that was pretty good right there. and they were renamed the festivous poles. and they played a baseball game. you know how it goes. yada yada yada. tonight was a big success. >> it is funny how so many terms became part of our vernacular. the puff shirt, everybody knows about that. and one more look at the weather before we let you go. >> with the beacon across the transamerica tower. temperatures close to 70 but near 90 in san jose tomorrow and hottest day probably on monday and then the big cooldown toward the middle part of the week. >> a little break there. thanks for joining us. saturday night live is coming up next. thanks for joining us.

[ cheers and applause ] and television phenomenon turned entertainment reporter mindy burbano stearnseers and applause ] now, what do i have in common with these two talented ladies? >> we are all competing to keep up in a youth-obsessed world fighting to maintain our healthy, youthful appearance for as long as we can! >> oh, amen to that. i mean, it's the fine lines, it's the wrinkles, it's the crow's-feet. it's all this business that's going on. we are going to be battling those enemies every single day. >> that's right. buy you know what? there's hope. and lord knows i'm so glad about

the legendary trader and demand that built bear stearns.rading floor in 1949. this time was very dramatic after amazing highs and lows. and i remember his assistance on hiring young aggressive people come it didn't matter if you went to an ivy league school or not. went to the university of missouri on a football scholarship and he moved to the big apple. rejected by five firms in and they gave him a shot. and he will certainly be missed. >> is notorious and amazing as this man. charles: we appreciate you guys spending every weekday with us. right now, here is the best, lou dobbs. coming your way. lou: good evening, everybody. president obama wrapping up his meeting with the president of honduras and president of ramallah and the president of el salvador's moments ago. those three nations responsible for the tens of thousands of illegal immigrant children and their families crossing our borders this year. president ignore the reality that those three presidents have filled their own people, exporting their country's poverty to the united st

i am olivia stearns. top headlines.as sarkozy has been taken into custody over allegations of corruption. it comes to less than 24 hours after the former french president's lawyer was held. spokeswomankozy's has gone unanswered. chinese manufacturing expanded at the fastest pace and this year and the signs that did the stimulus efforts are helping to stabilize the economy. the official pmi came at 51. any number above 50 signals expansion. reported a profit of seven point 5 million pounds. the signal is down. the company's third customer fulfillment center will burn cash. for more on what is happening at bring in charles allen. thank you for coming. funny one. they have not made an annual profit since 2000. is the number a sign they are money?ng to make >> they are making a very small amount of money. they did that on improving efficiency and cutting markets and costs. that has been the reverse in the second half. you can probably earn a small profit. the bigger hope is the morrison's, joint venture, will earn them a re

the legendary trader and demand that built bear stearns.g floor in 1949. this time was very dramatic after amazing highs and lows. and i remember his assistance on hiring young aggressive people come it didn't matter if you went to an ivy league school or not. went to the university of missouri on a football scholarship and he moved to the big apple. rejected by five firms in and they gave him a shot. and he will certainly be missed. >> is notorious and amazing as this man. charles: we appreciate >>> good evening, everybody. russian-backed rebels have shot down two more aircraft over eastern ukraine. as you can see on your screen now, the burning remnants of what were two ukrainian fighter jets. ukraine's city council determining the aircraft were shot down just to miles from where the malaysian airlines flight mh-17 was brought down. and the separatist group, the donetsk people's republic, has claimed responsibility. the russian-backed fighters also claim they've killed one of the two pilots and they are hunting for the other. the ukrainia

former bear stearns ceo a screenburg has died after a bout with cancer.der before heading up bear stearns. he was 86. we briefly take you to the stock market. we have a sell-off, not as bad as it was. we are down 130 points. that is 0.7%, hardly a massive sell-off, a downside move. now this. on fox and friends, steve deucey criticizing, president handled or didn't handle foreign policy. >> maybe if they build a really nice golf course in ukraine or had a big fund-raiser maybe then he would go over there and talk about it. stuart: all right, you are a co-host of fox and friends. what do you make of that? >> now we have understanding the state department comes out yesterday and says we have proved not only are the russians involved, one week, eight days after the take down of the passenger jet, not only that but there's proof and video of them shooting at the ukrainians themselves with their own armory which only logic would tell you what affect the market and economy. it is in-your-face. not going to back down to the prospect of sanctions from europe and t

former bear stearns chairman is greenberg is dead at 86. then, israel and hamas consider the u.s.proposal. starbucks perked up its product offers. to our viewers here in the united states, and to those of you joining us from around the world, welcome. we have full coverage of the st a

bear stearns did not handle it the right way. based apostle of knopf staffing credit when it.came out. it was the right time to craft curious. they do not have a this is a bond in the road. bottom line, you should always have a much more transparent and often plan. at the nasdaq. ben annexes annexes been different. cheryl: i do not know much about throat cancer. they are being very open and transparent. chemotherapy and traffic of the above, that is a pretty rough. cheryl: i know people and have gone of it. kate to get cancer wrote much difficult to perfect facade of. survivability rates dropped. without getting to protect, my wife had basically stage want perfect pitch. they caught in early an age with radiation. < homes there, a much more obvious way. cheryl: think you very much. without a jacket. really... so our business can be on at&t's network for $175 dollars a month? yup. all five of you for $175. our clients need a lot of attention. there's unlimited talk and text. we're working deals all day. you get 10 gigabytes of data to share. what about expansion potential? add

wall street remembers the man who built their stearns before the collapse. makes a multimillion dollar art industry, but he does not do it alon

i covered other companies, during the early days of the financial crisis covering bear stearns, jimmy cayne almost died at that point, people didn't know about it, from a blood infection i broke the story on cnbc at the time. they kept it quiet. this is material event ceo being sick and out of action. but i say this, jpmorgan acted fast. they found out bit. they disclosed it fully. jamie dimon is a strong guy. i seem, listen this, is not a good thing but not a tragedy. he will get through it. adam: hillary, how much longer can he remain at helm? there is small calls for replacement. who is next in line? >> jamie dimon is only 5 years old. he has created an incredible culture of loyalty and leadership. so i see jamie dimon actually staying in his role and, the oldest transparency made it seem like more than it is but i do believe that what jpmorgan has released that this is not a serious, life-threatening cancer. and remember, the way technology is today, all of this is caught early. and jamie dimon -- >> is matt zames still there? they put his name up. i don't believe he is there. tha

bear stearns, lehman brothers, aig, fannie mae and freddie mac. the triggers for the crisis are not being. when the non- banks, less regulated financial players got sick, so did the banking system and that is parallel to the 1930s. inks are a part of the transmission process but in both cases it isn't the cause. this is an issue of competitive dynamics and why do the banks get caught up in this area park is the danger of the shutter system of competitive dynamics. if you're going to stay in business and have an enormous shadow system that can do what it wants, the pressure of moves you in that direction. and then of course it is an issue of connectivity, natural conductivity in the financial sector. this is not to say that banks are not important players in the economy and they are indeed a transmission belt as i just mentioned area they should be regulated and supervised and regulated in supervised by experts such as those at the occ and other bank regulators. but to think that we can solve serious financial and systemic problems is i believe a b

[ cheers and applause and television phenomenon turned entertainment reporter mindy burbano stearns. [ cheers and applause now, what do i have in common with these two talented ladies?

price cut from barclays, citigroup and also stearn agee. the stock is down 5.7%.s has been doing great and grabbing market share from other companies such as coach. the near term markdowns that michael kors is doing in the summertime. so we're seeing the stock take a drop today. >> we've got more movement in oil and gold. oil is below $100 a barrel as of today. gold is below $1300 an ounce. look at crude at 99.36. trey, you're big on this. what is going on with this? >> i'm surprised to see the crude action this weak. seasonally this is not supposed to be happening this is driving season. this summer time. when consumption is typically ramping itself up. i talked a lot about my macroeconomic ideas. i like productive assets. when crude oil pulls back, get involved in things that own crude oil, gas wells, things like that? pullbacks are buying opportunities in productive assets. oil wells are one of them. stuart: i will stay with you for a second. we're talking about the deficit. new numbers from cbo says we'll rumble around 500, $600 billion a year. in 2018 it expl

paulson and bernanke, this really became a problem with bear stearns. while i recognize that's a bipartisan thing for a republican committee to do, to put major blame on those two presidents. i think you've been a little unfair to them. and i think there need to respond there shows there was a problem that had to be dealt with. i was struck by your bipartisan effort to replace tim gater in, i think you got it wrong. you misunderstood mr. indicter in in that report. we have a too big to fail problem. the problem he sees is exactly the opposite of what most republicans think. there was this argument that we're going to have bailouts. tim gater in's explicit point is, we did too good a job in preventing bailouts. i urge people to read his book. he objects that we shut down too many of these ways to do it, indi geithner understands -- too big to fail. what geithner has said is given the size of banks. and everybody understands that, from ronald reagan to continental, illinois, how do you deal with that? as long as they are that side? he believes inevitably

just think of it, bear stearns, lehman brothers, ages, fannie mae and freddie mac. the triggers for the crisis, they're not banks. when these none banks, less regulated financial players got sick, so did the banking system. that is parallel to the knit '30s. banks are part of the transmission process in both cases in my view were not the cause. now in part this is issue of competitive dynamics. in other words sort of why do banks get caught up in this? part of i think the dangers of shadow system is competitive dynamics. if you're going to stay in business and you have this enormous shadow system that it can do anything 2 wants and unregulated the pressures move you in that direction. in addition of course it is an issue of connectivetivity. natural connectivity of the financial sector. this is not to say that banks are not important players in the economy and they are indeed transmission belts for financials as i mention. they should be regulated and supervised and regulated and supervised by expert such at occ and other bank regulators but to think we can solve se

bernanke because this really became a problem with bear stearns. that's a very bipartisan thing for them to do to put major blame on those two partisans, i think you've been a little unfair to them. and their need to respond there shows that that was a problem that had to be dealt with. on the other hand, i was struck by your bipartisan effort to agrace tim geithner but i think you got it wrong. you misunderstand geithner in that report. he says we still have a too big to fail problem but the problem is exact lie the opposite of what i think most republicans think. there is this argument that we're going to have bailouts. tim geithner's explicit point is that we did too good a job in preventing bailouts. i urge people to read his book when he has this conversation with larry summers. he objects we shut down too many thieves ways to do it. geithner believes -- look, everybody understands there will be institutions that are too big to fail. everybody understands whoen i move my hands you hear the shutters. what geithner has said, is that given the si

she previously was a staffer for congressman stearns and a radio professional both in the u.s. and abroad. her commentary has appeared in a dizzying array of national publications. she holds a master's in mass communication and telecom policy from the university of florida. so please welcome our panel. and i -- [applause] i want to begin, i guess i want to begin with greg because i know really few people who are more well schooled in the intricacies, so before be we discuss current challenges, it's sort of important to have as clear an understanding of that byzantine statute as is possible before we talk about the need to change it. so i want to ask greg to sort of begin by trying to give us a quick thumbnail sketch of how ecpa works now and why once upon a time people thought that made sense. >> thanks, julian. again, i'm greg nojame with the center for democracy and technology. and i want to thank the cato institute for hosting the event and julian this particular. thank you very much. so ecpa is a statute from 1986, and just to put a little flesh on the bones of 1986, i imag

including spectrum allocation and internet taxation and she was previously staffer for congressman stearns and a radio professional in the u.s. and abroad. her did city dizzying array of publications. so please, welcome our panel. and i want to begin, i guess i want to begin with greg because i know really, a few people who are more well schooled in the intricacies of that plan so before we discuss any current challenges in a form it's important to have a clear understanding of the byzantine statute ais as possible before we talk about the need to change it. so we'll begin by trying to give us a quick thumbnail sketch of how it works now and why once upon a time people thought that made since sense. >> thanks, julian. again, i'm with the center for democracy and technology. and i want to thank the cato institute for hosting this event and julian in particular, thank you very much. so this is a statute from 1986. just to put a little flesh on bones of 1986, i imagine some people in the room were not born in 1986. one of the leading car models was the ford maverick. i didn't have one. i coul

bear stearns, lehman brothers, aig, fannie and freddie mac, the triggers for the crisis, they're not banks. and when these nonbanks, less regulated financial players, got sick, so did the banking system. and that sense is parallel to the 1930s. banks are a part of the transmission process, but in both cases were not, in my view, the cause. now, in part this is an issue of competitive die too manics. -- dynamics. why do banks get caught up in this. i think the danger of the shadow system is competitive dynamics. if you're going to stay in business and you have this enormous system that is unregulated, the pressures move you in that direction. and in addition, of course, it's an issue of connectivity. natural connectivity to the financial sector. now, this is not to say that banks are not important players in the economy, and they are, indeed, transmission belts for financial laws i just mentioned. they should be regulated and supervised by experts such as those at the occ and other bank regulators. but to think that we can solve serious financial and systemic problems by walling banks