american banks are not really comparable but even among european banks don't you bank has the most derivatives on its balance sheet thirty percent of its total assets. in february twenty seventh teen john cry and went to the world economic forum in davos in switzerland it should have been a slightly less fraught environment but everyone there knew that the fourteen billion dollar threat was just one of many dangers hanging over him. as the global company that can endanger the rest of the money delete don't your bank is still far from being over the hump there's the risky big derivatives portfolio and in addition the bank is ending too little and spending too much. how can a bank spend more than it makes the board is accountable to this man. lightner head of dacha bank supervisory board hired them all. a month do you sometimes feel there's still a lack of cost awareness in the bank yes. deutsche bank needs to be overhauled reducing costs almost always means cutting stuff and that's an expense in itself. golden handshakes cost money but regain trust and security. because i want it live on as if

with a global bank. we'll be speaking to bankers and financial experts and will be looking at the figures and asking about old burdens and new risks. and. this is the management floor on the thirty six story high above frankfurt you can see a long way from here from the top of the world down there looks pretty small. bank has more than one hundred thousand employees in sixty one countries it's a huge company with more than thirteen hundred subsidiaries and assets worth one point six trillion euros. which makes it sound like it's the government you have to be told no it's not that but it's the german stability they've been there for one hundred years you can easily assume that whatever they do is right but the but you have to reflect that it's always different people since july twenty fifteen the top dog here has been john cryan he came in to overhaul the bank he's british rational and modest with a subtle sense of irony every choose do the members of the board gather here frank for that thirty fourth flo

of deutsche bank. and shoes army had conquered dortch a bank from london the future it seemed to belong to it under its leadership the bank made huge profits for years the higher the risk the higher the potential return quick money for tough guys who like to gamble. the. dumb firms view themselves as sort of swashbuckling wild west cowboys. who are going to take crazy risks and because they know that they'll make money. torture bank paid something like sixty five billion euros in incentive bonuses to their staff over the period from one thousand nine hundred ninety five that's an extraordinary amount of money and you've got people getting as much as one hundred million or more in bonuses in a given year and they were incentivized to take extraordinary risk and that produces a problem because you take extraordinary risk and sooner or later something goes wrong and went wrong in a big way for ga. they couldn't quite control what they set in motion. by may twenty fifteen couldn't keep going shortly after

it's bank, bank, bank, bank. were people also voting on other grounds? sure. >> this is sort of white house historical association comment, but as i said earlier in introducing dr. feller, one of our, in fact overarching goal is to bring scholars to bring professors, experts in the field, family members of presidents to the association to enlighten the public. what we've seen tonight, and thank you so much, dan, is to bring life into a moment in the 1820s and the 1830s that happened right over there and sort of right around the square here, decatur house was here as well. there were people looking out the window talking in these rooms right over here while all this was happening. so please just really join me in thanking professor fellers for making this happen. >>> coming up new year's weekend on cspan. saturday at 8:00 p.m. eastern. north korean refugees describe life under the kim regime. >> in china, however, tens of thousands of north korean defectors are leaving without papers. under the shadows and are being physically or sexually exploited. while

the bank was not constructed like a modern central-bank. it is not clear that biddle was operating it as such, or would have understood what a modern central-bank does. the question of blame for the panic is basically irresolvable because the answer lies at the end of a long chain of hypotheticals. what would have happen if jackson had not removed the deposit? what would have happened if the bank of england of england had not raised interest rates at a particular time? what would have happened if the chinese are not found a new way to finance their opium in points -- opium imports. ? that is a major part of the argument. you can go down the list of what caused this. we just do not know. it is true that jackson had no ready substitute for the bank. using state banks depositories was dubbed in experiment, and it would be fruitless to tried it claim a sophisticated grasp of banking and finance. a historian famously said once, of one of jackson's ideas for replacing the bank of the united states, "it may be intelligible to those whose understan

this is from the bank veto. "it is to be regretted that the rich and powerful to end the acts of government to their selfish purposes. enjoyment of the gifts of heaven and the economy and for two, every man is equally entitled to protection by law. law undertakes to add to those natural and just advantages, artificial to grant titles, gratuities and exclusive , to make the rich richer, when the laws undertake to make the rich richer and the potent more powerful. and the humble members of society, farmers and laborers, who have neither the time or means to securing these labors, have a right to complain of the injustice of their government. " no president before had said anything like this. other presidents had warned americans against into english against entailing foreign alliances. jackson warned them against control of their own government by, in his words, the rich and powerful. the language was unpresidential. he called it the effective documents among the people that nicolas called thatmanifesto of anarchy

the chief bank, the central bank, the bank of the united states. and this is the second bank of the united states because as you recall from earlier in the semester there was a first bank of the united states. 1791, alexander hamilton, pushed -- stockholders and dividends. this bank, hamilton says, will benefit not only financial -- private financial interests, but will benefit the country, the public, how will it benefit the public? because the treasury, the u.s. treasury will deposit money in the bank. money coming in from taxes, and the treasury can also borrow money from the bank. this bank has a 20-year charter, but it has lots of opponents. you remember that chief opponent, thomas eversjeffersons the bank. the bank, jefferson believes, is an institution that imperils american liberty by elevating to power a wealthy financial elite, an unproductive elite. jefferson opposes it. jefferson comes to power in 1800. so does his party, the bank of the united states, that first bank, the charter expires in 1811. one year later a war erupts with britai

sitting on top of those state banks is the mother bank. right. the chief bank. the central bank. the bank of the united states and this is the second bank of the united states because as you recall, from earlier in the semester there was a first bank of the united states. 1791 alexander hamilton. pushes through congress a bank of the united states. this bank a private bank with stockholders and dividends. this bank hamilton says will benefit not only financial -- private financial interests but will benefit the country, the public, how will it benefit the public, because the treasury, the u.s. treasury, will deposit money in the bank, money coming in from taxes and the treasuries, can also borrow money from the bank. this bank has a 20-year charter but it has lots of opponents. you remember, that chief opponent, thomas jefferson, hates the bank. the bank jefferson believes is an institution that imperils american liberty by elevating to power a wealthy financial elite, nonproductive elite. jefferson opposes it and jefferson comes to power in 1800, so does his party the bank of th

the bank. clay looks at him. the bank? it's funny you mention that, andrew, because i was thinking that maybe we would go ahead and charter this bank a little early, why not. we don't need to wait until the last moment. it's, you know, 1832, let's get going. let's recharter this bank. i mean you are on board with that, right, mr. president? jackson, well, not only am i not on board, mr. clay, but i am ready to wage war against this bank of the united states. and here we have it, the bank war, one of the most dramatic events in the united states history. the charter of that second bank will expire very shortly. whigs in congress wish to recharter it early. jackson, to their surprise -- they didn't expect this -- declares his opposition to the bank. where does this come from? seems to come out of nowhere. jackson did not run his campaign in 1828 against the bank. in fact, jackson made no mention of the bank during his presidential campaign. there was no hint he was going to do something like this. now all of a sudden jackson

deutsche bank has been served. quote, deutsche bank served subpoena. this is a german news story about a german bank so they are understandably focused on the implications of this for germany and for this german bank but after handelsblatt initially broke that story, it was picked up and reported out and very quickly became clear in our country that this isn't just an important story for some big important german bank. this is an important story for our presidency and that's because of two important things about this particular german bank. the first important thing to know about deutsche bank in this story, it's up to its german neck in russian money laundering. i'm a russian crook and i grew up practicing judo with vladimir putin and he's given me leave to steal stuff or strip the assets out of some formally state-run company. i'm a russian bad guy. i've got ill gotten games. i've got stolen money and i would lake to enjoy my stolen money. and so in order to do so, i have to secret those funds away somewhere where they won't get noticed by law enforc

it's bank, bank, bank. were people also voting on other grounds? sure. >> i want to add a thought as well. this is sort of a white house historical association comment. as i said earlier in introducing dr. feller, one of our -- in fact, our overarching goal is to bring scholars and experts in the field, family members of presidents to the association to enlighten the public. and what we've seen here tonight and really thank you so much, dan, is to breathe life into a moment in the 1820s and 1830s, decatur house was here as well. people were looking out the window and talking in these rooms right over here while all of this was happening so really please join me in thanking dr. feller for making this happen. >>> with the new movie "the post" opening this month, we'll show you an interview with the late publisher of t"the washington post" katharine graham. other topics include the watergate scandal and the pentagon papers and journalist strike from 1997. watch the interview today at 5:00 p.m. eastern on c-span. tonight, c-span looks back at events fe

including deutsche bank. and the german government has a stake. the german government has the potential to sort of steer commerce bank one way or the other. clearly what's happened, there have been fairly major sort of deals struck as you said with political influence between france and germany, between france and italy so you can imagine that coming into play as well. perhaps against the wishes or over the wish. >> i want to talk about the rise of fin tech. there are a couple of new directors that have come out allowing for non-banking firms essentially to compete with banks when it comes to things like payments, opening up accounts, et cetera. how is that going to disrupt the banking system in the foreseeable future >> well, the immediate directive coming up is the payment services director which forces to open up their data to anybody who wants it as long as the customer gives approval that has potentially a big impact on banks. it enables upstart banks and aggregator of data to insert themselves into that

lord king: we did support the bank.e were the lender of last resort right up and to the point where they ran out of money and could not give us any collateral to lend against. so the thing that is odd about that is people seem to think we did not lend to northern rock. we lended a vast amount to northern rock. and the first conversation i had with the chairman of northern rock in august 2007 was if it comes to it, we would be there as a lender of last resort. the problem was, northern rock, which was not doing anything other banks themselves were not themselves doing, had a business model that ended when the market in mortgage-backed securities closed, and they had a very high leverage at that point, even though they met all the international capital standards. so it was not as if northern rock was somehow taking big risks with the definition of capital that the international basel standards said they should hold. it was just that the structure of the bank, which was basically borrowing short and lending mortgage lendin

banks. mid sized and regional banks which many count on for startup and lending have been negatively affected by this arbitrary dodd-frank trigger. the american people deserve better. they deserve a healthy economy with growing paychecks, better jobs and a brighter future. it's time to restore economic growth, fueled by capital, flowing from america's banks to american communities across our nation. so i urge my colleagues to correct this widely acknowledged mistake in dodd-frank, even act no, ma'amed by former congressman barney frank himself and put into place standards and help our small businesses on main street. i reserve the balance of my time. the speaker pro tempore: the gentleman reserves. the yellow light from texas, mr. green is recognized. mr. green: thank you, mr. speaker. i'd like to yield 30 seconds to the gentleman from georgia, mr. scott. the speaker pro tempore: the gentleman is recognized for 30 seconds. mr. scott: thank you very much, mr. speaker. as the democratic lead o

if you had a run on the bank the bank pulled. what often happened was that there were some banks that were created where the specie that was backing the paper money did not exist. today, i think a modern economist would say it does not really matter. what underlies the soundness of our currency is everyone's faith in it. why is a $20 bill worth $20 today? it is because the government tells you so. as long as we all except that, it is were $20 wherever you go. it doesn't matter if there is a hypothetical gold piece behind it or not. that is a 20th-century understanding of economics. >> at the time when they had election of president, in that environment -- do they put these other issues for the bank to control our government? is there in issue and the election, or is that all the cover up and people do not know about it? prof. feller: it was a real issue. i could answer this in several different ways. was it a decisive issue? nobody could ever tell. the only thing you could tell at the end of a presidential election was that one p

these banks are not wall street banks and shouldn't be treated the same. it doesn't make sense as a bank by jpmorgan chase, which has 2.5 trillion in assets. based on size alone, the $50 billion bank is just 2%. 2% of jpmorgan chase's size. what does make sense instead is to base the regulation of these financial institutions on their actual risk profile, rather than their asset size alone, and that's what mr. lukemeyer's bill would do. i do not agree with the sify architecture at all. and i do not believe any find institution is too big to fail, yet it is important we continue working to support bipartisan reforms that when improve current law, and i think this bill represents exactly that opportunity. even chairman barney frank, the co author of dodd frank, when he wrote about the threshold, he wrote that it is arbitrary. he also went on and called it a mistake. this is former chairman frank of his own signature law said the $50 billion threshold was arbitrary and a mistake, it fails to take into account differences in the various business models institu

as well as other banks.hat extent i didn't find the deutsche bank part a surprise. >> when we talked about deutsche bank and their potential -- them potentially being of interest to the mueller investigation, when you did that earlier reporting this sum, he are one of the things weapon talked about was the deutsche bank may have been well within its rights when it refused those requests for information from the u.s. congress, had they responded to maxine waters and said they were not going to send you anything. they were polite about it and wrote towel at democrats on the committee. but you said at the time as far as you understood the compliance obligations and the privacy on gations of banks in this regard, they were not allowed to respond to anything but a subpoena. >> yes. i think they would need and would want to have a subpoena to cover themselves. they can't get a reputation for just giving away sensitive client information. they can defend themselves by saying an arm of the u.s. government issued a s

also in liners. >>> welcome back european banks trading higher after global banking supervisors signed a deal a decade in the making it's the last piece of the basel 3 puzzle annette is in frank fufrt ffurt this morning what's been happening? >> the compromise was delayed for so much time that they finally reached one is really a good sign for the global banking seen, for the european banks there's now clarity as to what they really need to do when it comes to capital requirements. many banking associations in europe are saying it's not a good deal for them, european banks are treated more stringently than others. that's what they claim in a way, it's -- because european banks are different from united states ones, u.s. banks traditionally don't have much mortgages on their books, the european ones do have. that leads to the fact that they need probably more capital than the u.s. peers going forward the positive news, though, looking at those new basel iii or iv rules is that they have a long phase-in period that gives them ample room to comply with all the new requirements of course t

following for you before we go israel is on edge and has deployed more forces to the occupied west bank in the wake of u.s. president donald trump's decision to recognize two roussillon as israel's capital you are looking at live pictures there from bethlehem where as you can see clashes have broken out the islamist group hamas has called for an end to fatah. where i come from we have to fight for a free press and was born and raised in a military dictatorship with just one t.v. shadow and a few newspapers with official information as attorneys i have worked on the street for many can trust and they have problems with the same point to social inequality a lack of the freedom of the press. corruption weak on the floor to stay silent when it comes to the fans the humans and see them why do fools who have decided to put their trust in us. my name is johnny paris and i work with. more jail time over diesel gates a u.s. court hands a hefty prison sentence to a false flag an executive over his role in the company's emissions cheating scandal also on the program scavenging abandoned diamond mi

then, the second challenge will be the central bank normalization of the main central banks.han: it was just treasury yields staying stubbornly low and the dollar was weakened and everyone ended up disappointed. that helped drive em returns. it wasn't about em. it was about elsewhere. bob: there was some of each and those statements. emerging-market debt pieces all -- emerging-market teased us all year long. it had the high real yield when he had zero real yields in the developed market. coming out of the trump victory, the emerging-market currencies were a bit undervalued. you can pick up high real yielding a tailwind. i think actually he did not get the trump stimulus. that was clear by the end of the first quarter. the dollar came off and emerging-market debt looks pretty attractive. jonathan: i want to tease out your review on treasuries. the 10-year will not come through. are you still looking for that next year? bob: we go back and forth on this, don't we? you point to the 30-year as rallying over 35 basis points this year. i can point to the entirety -- that is the fun

more and more of us bank online and simply had to bank online because bank branches are closing.ne. more done to protect consumers for being scammed onlinelj more done to protect consumers for being scammed online. i would tell people, if they want cash, don't buy. the bank police tie-up which meant barry did get his dream car will soon be in place across the country. this is the briefing from bbc news. the latest headlines: in a major upset — the democratic party candidate — doug jones — has beaten his republican opponent to win the senate election in the state of alabama. roy moore has refused to concede defeat. the american secretary of state, rex tillerson, has said the us could hold direct talks with north korea without preconditions. another record high on wall street as the american economy continues to do well — so is the federal reserve poised to raise interest rates further? working letters dig deeper into some of those stories. democrat doug jones declared winner over roy moore in the special senate election in alabama. this article says it was shocking upset in a soli

the rate at which money goes from bank to bank to bank to bank to bank and in an expanding economy of course you have a high money velocity and in a contract economy you see low money philosophy now sense the two thousand and eight crisis we see the central bank printing records amount of cash and it being hoarded on the balance sheets of banks that are technically insolvent they're not lending it out the money is more a bond it's dead because there are bad actors enabled by the central bank keeping the zombie banks afloat marshall you know that's a problem and so what it will have to do with that ok well let me just raise let me just finish in the interest rates are low now because there's no demand for credit it's like saying there's millions of small businesses in america and they don't want to grow they don't want to hire people there's no a-q. nomic growth and they do what they want to borrow money but they're not being able to borrow money because the banks are hoarding it on their sheets to keep their is it all the balance sheets afloat well first of all they don't lend the res

but it is catching the good banks, global banks, european, asian banks that operate in the u.s.ause the way it is written, it is not clear whether gross or net movement between overseas and in the u.s. -- shery: it could be a huge problem. in places andw landed in other places and they meet in between the different countries and unit. one unit owes money to another unit while borrowing from another unit. , there is movement not much moving in one direction to the other. it and lookt get only going from the u.s. to the outside world, europe, other parts of the world, you would have bigger numbers and income would be inflated. shery: we do not know if it will be net or gross or what the impact will be, depending on which it is. >> if it is gross, banks fear they will be hit but if it is net, it would not be a problem. worry, we will only look at and that movement, the banks would not be hit. but they say, what if it is growth and banks have already announced, saying this will hurt them. shery: who decides? >> the treasury has some leeway in the law. every couple of paragraphs it s

and several republicans on the senate banking committee here to discuss that as former u.s. trading commissioner part in part as background for our viewers what is the export import bank and why is it important. it's super important to our to our economy it's been around since one thousand nine hundred thirty four and the idea is that it will help exports of u.s. goods made in the u.s. goods and you know it did so back in thirty's and after the second world war it was a big part of the marshall plan trying to get exports to france and germany and then you know fast forward to eighty nine when the berlin wall came down trying to get u.s. goods into the former soviet union chuckle slovakia and poland and then the big push by president obama back in two thousand and nine two thousand and ten was to try and get more u.s. exports to india and so they put a billion dollars in in that so the export import bank operates with loans and loan guarantees and while it's funded by the government it's supposed to be self-sustaining and the bank says that it's bringing in one point four bil

of dogshit bank.and shoes ami had conquered don't you bank from london the future seem to belong to it under its leadership the bank made huge profits for years the higher the risk the higher the potential return quick money for tough guys who like to gamble. some firms view themselves as sort of swashbuckling wild west cowboys. who are going to take crazy risks. because they know that they'll make money. bank paid something like sixty five billion euros in incentive bonuses to their staff over the period from one thousand nine hundred far more that's an extraordinary amount of money and you got people getting as much as one hundred million or more in bonuses in a given year and they were incentivized to take extraordinary risk and that produces a problem or a risk and sooner or later something goes wrong and went wrong in a big way for dorchin. they couldn't quite control what they set in motion. by may twenty fifteen and shoot jang couldn't keep going shortly after the a.g.m. it was over for him. i

we have the banks that -- sen. kennedy: please forgive me for interrupting, but we are limited strictly to five minutes. i understand what we have done, but i want to ask you again -- and we still have banks that are too big to fail in america? mr. powell: i would say no. sen. kennedy: i want to ask you about, in 1991, governor, you were working for the treasury department. by the way, while we are on that subject, what role did secretary mnuchin have in making decisions if you are confirmed? mr. powell: he would have no role. sen. kennedy: none? mr. powell: i cannot think of any. sen. kennedy: zero, nada? in 1991 while working at treasury, you dealt with the collapse of the bank of new england. you prevented a bank run. you decided to guarantee all deposits. how many of the bankers went to jail? mr. powell: there was some jail going. i cannot put a number on it for you. sen. kennedy: in that same year, while you were treasury, there was an option rate bond big bid rigging scandal. do you remember that? mr. powell:

we will see with the bank of -- what the bank of japan does.et goes from expansion to contraction. when you have a correction in the market, say the summer of 2018, you will not have that big pool of money being printed that is going to come in and support bonds and then spillover into everything. jonathan: when we do this this time next year, the two-year in germany will not be yielding -70 basis points? bob: i don't believe it will. it may still be negative. jonathan: we are going to cut this and clip it and plant next year. my special thanks to j.p. morgan asset management's bob michele, lisa coleman, and pierre-yves bareau. that does it from j.p. morgan asset management. my special thanks to them for letting us do a full hour for bloomberg radio and on bloomberg tv right here from new york. i will see you next friday at 12:30 p.m. new york time. 5:30 in london. this was "bloomberg real yield." this is bloomberg. ♪ cannot live without it. so if you can't live without it... why aren't you using this guy? it makes your wifi awesomely fast. no.

and wholesale bank.al structure. they are both supported by a service company. we have 81,000 employees. this is a new structure where we have a wholesale bank and a consumer bank, but they are separated. >> talk me through the trading side. deutsche bank's numbers are dropping. how did you do? >> like the rest of the industry and the corporate and investment bank, trading in the markets business was quite muted. volatility was low. like most of the industry, and our market business, we had revenue loss. in the mid-20 level when you net out adjustments. manus: what is the toleration for subpar?lders >> i think we have a goal and objective to deliver across capital, that is why we are setting a target for ourselves that in 2019 we will deliver a return on equity of roughly 9%, and 10% in 2020. the corporate and investment banking have to make a significant contribution to that. we recognize the strategy of barclays is to be a diversified global financial institution where we have a profitable consumer and

so searching all i want to say about deutsche bank is that deutsche bank is part of the german banking and financial system and we would like all businesses even if there are temporary difficult his to develop positively. why was she so nervous don't you bank is at the heart of the financial system closely networked vajra vast number of deals what would happen if it went bankrupt we asked banking expert professor hanspeter berkoff he thought your bank is essential to germany we have to say that that could cost the taxpayer money that means europe would have less money in a really bitter situation that could mean that the german and the european taxpayer would in directly pay the fine to the americans.

to bank to bank to bank to bank and in an expanding economy of course you have a high money velocity and. in a contract economy you see low money velocity now sense the two thousand and eight crisis we see the central bank printing records amount of cash and it being hoarded on the balance sheets of banks that are technically insolvent they're not lending it out the money is more a bond it's dead because there are bad actors enabled by the central bank keeping the zombie banks afloat marshall you know that's a problem and so what it will how do we deal with that ok well let me just raise let me just finish in the interest rates are low now because there's no demand for credit it's like saying there's millions of small businesses in america and they don't want to grow they don't want to hire people there's no a-q. nomic growth and they do what they want to borrow money but they're not being able to borrow money because the banks are hoarding it on their sheets to keep their is it all the balance sheets afloat well first of all they don't lend the reserves i mean reserves are there for

their banks are banking abroad, they want their banks to be winners.hey wanna have the jpmorgan chase of-- the next one. and-- and i don't want them to have it. i think we should have it. you know. and they could buy us one day. so, you know, we gotta be very careful when we talk about american business, what we want for american business, and how important it is for the success of america. and not just us. but i'd put-- a lot of these companies are in the same boat. you know, ge and caterpillar and-- and we gotta compete. and we gotta compete. with some very large, tough competitors. globally. so you've been now running a bank for-- ceo, bank one and jpmorgan, for about 16 years. so, what's the greatest pleasure of doing this, running a bank? this is my contribution to making it a better world, is running a good jpmorgan chase. i tell people if i don't do a good job at jpmorgan chase, i hurt the opportunities for our people, i hurt the opportunities for the 2000 hamlets we do business in. we can't be philanthropic, we can't help people grow. and if i

bank. tonight, the white house pushback. and congresswoman maxine waters on what this means for the president. >>> then why republicans are returning to roy moore. >> i think he's going to do very well. >> as the democrat in the race fights back. >> man who hurt little girls should go to jail and not the united states senate. >>> and new reporting that mike pence plotted a coup in the wake of the "access hollywood" tape. >> you're a star, they let you do it. >> when "all in" starts right now. >> good evening from new york. i'm chris hayes. the white house is desperately trying to knock down multiple reports tonight that special counsel robert mueller has subpoenaed a german-based dive bank, the biggest lender of money to donald j. trump, for information about the president's financial accounts. after the story was reported this morning trump's personal attorney jake sack ka love "we have confirmed the news reports special counsel subpoenaed financial records relating to the president are fa

executives of the bank. those people will not get any money from this fund i think this was a very important decision and one one other thing i would like to stress because i keep hearing those requests about the central bank people say that. the central bank is actually increasing the government's involvement in the banking sector this is not true like i said we have five hundred twenty one beings and we have other financial institutions apart from the banks and the central bank what they say is that even if they. establish control over certain banks their ultimate goal is to make those banks private again you've them into private hands. ok let's keep it quiet. there was a question about agriculture so what's the question about agriculture culture. you know i mean. you wouldn't that. we had a bumper crop this year so what unfortunately it seems no one needs that the government decided they will not conduct any interventions so we have a lot of. storage. do you want you taking it outside of siberia it's very

lord king: we did support the bank.e were the lender of last resort, right up and to to the point where they ran out of money and could not give us any collateral to lend against. so the thing that is odd about that is that people somehow seem to think we did not lend to northern rock. we lended a vast amount to northern rock. and the very first conversation i had with the chairman of northern rock in august 2007 was in which i said, if it comes to it, we would be there as a lender of last resort. the problem was, northern rock, which was not doing anything other banks not themselves doing, had a business model that ended when the market in mortgage-backed securities closed, and they had a very high leverage at that point, even though they met all the international capital standards. so it was not as if northern rock was somehow taking big risks with the definition of capital that the international basel standards said they should hold. it is just that the structure of the bank, which was basically borrowing short and l

american banks are not really comparable but even among european banks don't bank has the most derivatives on its balance sheet thirty percent of its total assets. in february twenty seventh team john cry and went to the world economic forum in davos in switzerland it should have been a slightly less fraught environment but everyone there knew that the fourteen billion dollar threat was just one of many dangers hanging over him. as the global company that can endanger the rest of the money delete don't your bank is still far from being over the hump there's the risky big derivatives portfolio and in addition the bank is earning too little and spending too much. how can a bank spend more than it makes the board is accountable to this man. lightner head of dacha bank supervisory board hired them all. a month do you sometimes feel there's still a lack of cost awareness in the bank. yes. deutsche bank needs to be overhauled reducing costs almost always means cutting stuff and that's an expense in itself. golden handshakes cost money but regain trust and security. because i want it live on here

an island to do all these banks are complicit in the progress we just. need to do some serious wounds ok let's see how we did well we've got out and i still dream watch for max and for stacey beautiful jewelry and how about. luxury automobile again for my you know what money laundering is highly illegal. much as it was. we have. doctors here who will never know what about care until a year ago they thought their relatives would hate them and relatives loved them and it is so absolutely inspiring to hear something at telephone call or a person coming actually i just had a man in my room oh set the same where it says my wife has just died thank you. and. the city of luxury and free but also an alarming number of people living in the streets. simple fact in l.a. these there's just not enough shelter even if people on the streets right now decided to come in there's nowhere to come in and it's been a struggle. running into this man from his own response to the problem and constructed dozens of tiny homes for people in need of shelter when you have nothing in

the bank of england can only control so much of that. what is the bank of england supposed to do?ndrew: i think the u.k. economy is quite sensitive to the exchange rate, and the exchange rate is sensitive to what the bank of england does on interest rates. across the atlantic where you are, interest rates have been rising. in the lastisen month and the u.k., but they have only just got to where they were before 2016 in the last seven years. we are getting this gradual normalization of monetary policy, and that has been bad for the pound alongside brexit. i think moore could have been done before the brexit vote to signal they were prepared to raise interest rates just as in the u.s. we are suffering from brexit and the lack of response from the mpc which has pushed up inflation. vonnie: if you are mark carney or someone on the board now, what do you do? we are about to embark on the trade negotiation part of brexit talks, and who knows how that is all going to end up or whether that will take longer than the 10 months allotted to it? what do you do as a central bank with that dyna

in 2008, the biggest concern was that banks were too big to fail. governments felt they had no choice but to prop them up, or risk major meltdown. jump to 2010, and enter philip hildebrandt, former economist, hedge fund manager, economist, - and central banker, he was ready to take on the lenders, strongly advocating stricter capital requirements. today on "leaders with lacqua," we meet one of the most recognized names in swiss banking, the vice-chairman of blackrock, the world's biggest money manager, which handles more than $5 trillion in assets. after the financial crisis, what have we learned? philipp: we learned that we had too much leverage in the system without any doubt. when you have leverage, bad things happen. not only do they happen, but when they happen, things tend to be amplified. i think that is the key take way from it all. we have also learned that this notion of letting the market be totally free, that governments really should get out of the way, that wasn't a good dea. i think what stands out is banks needed much more capital th