and then from bear stearns we have a complete blank we have this guy who was at bear stearns and left under suspicious circumstances and then all of a sudden became this billionaire with this incredible social circle and black book rolodex of the who's who in new york city in hollywood and in d.c. and now we have to learn who this guy is if we understand the man we're going to understand the crime ok i wonder if we're ever going to learn who the man is here because he's already gone on trial for similar allegations and got off and that is a mystery in itself and that is unfortunately for president trump close to him in his administration gina i mean in watching the media coverage of it all i mean there is an enormous amount of spin going on here this guilt by association of course there were.

and then from bear stearns we have a complete blank we have this guy who was at bear stearns and left under suspicious circumstances and then all of a sudden became this billionaire with this incredible social circle and black book rolodex of the who's who in new york city in hollywood and in d.c. and now we have to learn who this guy is if we understand the man we're going to understand the crime ok i wonder if we're ever going to learn who the man is here because he's already gone on trial for similar allegations and guy. off and that is a mystery in itself and that is unfortunately for president close to him in his administration gina i mean in watching the media coverage of it all i mean there is that enormous amount of spin going on here this guilt by association of course they're they're going after donald trump here i mean correct me if i'm wrong here but russia gate the hoax failed now they've come up with another story that i think it's pretty clear to say that this is this obscene is a pretty awful human being he should have been in prison a long time ago he's getting a lot

and then from bear stearns we have a complete blank we have this guy who was at bear stearns and left under suspicious circumstances and then all of a sudden became this billionaire with this incredible social circle and black book rolodex of the who's who in new york city in hollywood and in d.c. and now we have to learn who this guy is if we understand the man we're going to understand the crime ok i wonder if we're ever going to learn who the man is here because he's already gone on trial for similar allegations and got off and that is a mystery in itself and that is unfortunately for president trump close to him in his administration gina i mean in watching the media coverage of it all i mean there is an enormous amount of spin going on here this guilt by association of course there with they're going after donald trump here i mean correct me if i'm wrong here but russia gate the hoax failed now they've come up with another. tory. i think it's pretty clear to say that this is obscene is a pretty awful human being you should have been in prison a long time ago is getting a lot of p

reasons but one of them was that large financial institutions made some pretty disastrous bets bear stearns went bust because some of the positions on its trading book were found to be far less valuable than bear stearns had represented to the public did a layman brothers even after the financial crash j.p. morgan self professed best managed bank in the world lost something like $6000000000.00 when a couple of guys made a bad bet so the financial crime crash and banking stability generally can be jeopardized when proprietary trading that's the speculation that takes place goes awry section $619.00 of the 2010 dodd frank law known as the volcker rule after the former federal reserve chairman basically says don't trade with the positives money that has a bunch of exceptions those exceptions are the problem what happened today and will happen is that the regulators are relaxing those guardrails on proprietary trading right and so the specifics of what they voted on today center on the definition of proprietary trade in the essentially expanded that can you go into the details of exactly what t

i was working at bear stearns in london at the time. i was sought out by goldman to come to new york and he credit related products with them, and this nine-month anything process that was partners, i met when the they were in london, in new york, it's a rigorous getting through of a sort of totem pole up through the very senior levels of the company. so all along the way there's this idea, not that we did know that goldman sachs had this aura in the industry of dean, sort of a man of wall street, a banking because of how it just rescinded itself. so the idea, the interview process and manifested that. if you get through this, and you get through this photo and get through this portal it's almost like if we like you more, this make you better. it's kind of like a weird cultural indoctrination just from the beginning. and once you get throughout, i remember i was standing on one of the trading floors for one of the later reviews and i was being interviewed by lord blankk line who became the ceo of goldman sachs. he walks out to the tradi

overpriced to feed a massive short position on their books that they inherited when they bought bear stearns and if you drove the price of silver from 15 at that time to 250 you would bankrupt j.p. morgan you know we're very poor we got to 50 which was a new all time high by far that was all of us from 15 to 50 but then of course the regulators came in and they allowed j.p. morgan to expand their fraudulent activities by a huge factor they fired by masters who was orchestrating the whole thing and they got the price back under to a level where they were comfortable with in terms of their balance sheet then they became net buyers and i believe they're now the biggest owners of silver in the world going forward you know the fact is that whether it's wells fargo j.p. morgan or any other banks they're actively engaged in massive fraud they pay the the small fine their business model is to keep $0.90 of every dollar they still pay $0.10 to in a fine but that's coming to an end and they caught this guy he admitted in court to spoofing to rigging precious metals markets from 2 july 2007 to august 2

he discussed a range of subjects from how bear stearns to alan greenberg helped him to get his start. about who you know and why he only took ultra wealthy clients. >> they would say, can you come look at my file, tell me what you think. -- and i said i would only take a billion dollars or more. mark: he said he was also "very comfortable in my own skin. i feel free to follow my own personality." global news 24 hours a day, on air and @tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. i'm mark crumpton. this is bloomberg. another day, another round of bad news highlighting the risk at that the global economy is heading for a downturn. with germany and china both suffering, and bonds in the u.k. and u.s. sending out recession warnings. dana peterson is joining us. thank you for joining us. how bad is it? obviously, the china data, the industrial growth at a 17 year low, germany sliding into a recession -- can we see the world is a recession or are we not there yet? dana: we are not there yet, but economic indicators have been worsening. i

drove these -- >> he was bright, charismatic and quite difficult as a client when it comes to bear stearnswere eager to work with him, he used to work there, he was very close with jimmy cane who eventually ran the firm. according to our reporting he told employees to look out for and help jeffrey epstein. yet they got into this fight, as he did with bank after bank after bank. part of it was he was focused on helping his client, less wechsler, maybe his key and only big client and he was focused on trying to make him a lot of money, where he himself got paid the bulk of his money. he has made over $200 million just from les wechsler. he was focused on hopes this guy make a lot of money and turned off a lot of people on wall street and yet they kept working with him. >> for anybody who has taken a car loan or gotten a mortgage you know that the bank hangs stuff that you've done on you as a scarlett letter. jeffrey epstein was still dealing with banks after he was a convicted and registered sex offender. >> i'm not going to compare him to other people in office and others, but when you are

he worked on wall street for years at bear stearns before opening his own investment firm.2006, the fbi began investigating his alleged activities with young girls who today are in their 20s and 30s. some spoke to the miami her radic herald. he would masturbate while he stared at us, touched us. >> his appetite was insatiable. >> dozens of them, all with similar stories of sexual abuse, even down to the details of what epstein's genitals looked like. here's where much of the alleged abuse took place. according to documents, as far back as 2001, it's believed epstein began luring underage girls here with the help of those who worked with him. most ranged in ages from 13 to 16. they'd never before seen the exclusive palm beach island. >> the training started immediately. everything down to how to be quiet, give jeffrey what he wants and, you know, before you know it, i'm being lent out to politicians and academics. >> years later in a 2014 court document, one of the women claimed she had been an underage sex slave to epstein claiming he forced her to have sex with some of his

other than wexner, i know wexner was a major client of his and they did a lot of business through bear stearnse was a lot of time between the arrest and -- >> when he did this and now. why did it take him this long after all this stuff because he's put out other statements. lot of questions to be answered. liz: cbs after the bell. hello. >> it will be interesting to see if joe ianniello answers any questions. bob bakish, the viacom ceo, did not today. liz: said nothing? >> that's what we reported yesterday. bingo. we were right again. like a broken clock. here's what we know. it's unlikely that he's going to say anything as well because you can't really get forward-looking statements when the deal's not done. the deal is not done. okay? it's likely to be done. that means you never know what's going to happen. i always say this has a t-mobile/sprint feel like tomorrow, tomorrow, tomorrow. just so you know, it's not done until it's done. this is not done yet. what are the remaining i guess issues, snags, and when do you think it's going to get do one issue is price. we don't know exactly how it'

the multi-millionaire worked on wall street for years at bear stearns before opening his own investment investigating his alleged activities with young girls, who today are in their 20s and 30s. some spoke to the "miami herald." >> he would want us to stand next to him and he would masturbate while he stared at us, touched us. >> all jeffrey cared about was, go find me more girls. his appetite was insatiable. >> reporter: dozens much them all with stories of sexual abuse, even down to the details of what epstein's genitals looked like. here at epstein's palm beach home is where much of the alleged abuse took place. according to court documents, as far back as one, it is believed epstein began luring under age girls here with the help of those who worked for him. most of the girls ranged in able from 13 to 16 and came from disadvantaged homes. they had never before seen the exclusive palm beach island. >> the training started immediately. everything down to how to be quiet, be subservient, give jeffrey what he wants and, you know, before you know it i'm being lent out to politicians and

if you remember, it was right after the financial collapse, lehman brothers, bear stearns, the economy shedding jobs at 400,000 a month. president obama had said he wanted to do a bill that was later dubbed the stimulus bill. in the end come a -- i was with at the time so i took the -- in i was the whip at the time, so i took the brunt of this. if you had that today, they would say, we were bipartisan because we inserted things in the bill that your party traditionally supported. it is no excuse for you not to support. but remember, we are all political creatures. leadership in the congress of the time had the obligation to look for the priorities that our membership had an hour constituents wanted so we could them.k and tell instead of productive dialogue, there was just a presumption made. so i think assuming rather than youging is probably an ill could easily repair. the importance of remembering. this is something for me now in the commercial and business world that is very different because it comes naturally. you have got to find a win-win situation if you are in business. you ha

tom: i remember the day james dimon bought bear stearns.ecause it is europe. how do you see german regulators regulating out the glide path of these b-shares? james: i -- these equity shares? james: i think they are unwilling passengers and a journey that has to involve far more coordination than we have at the moment. this is critical. we will talk deutsche bank because it is big and visible. what you see is the way that deutsche bank moves out of moving from six to five euros per share? james: it continues to shrink as a business. it continues to reorganize it that, continues to be conservative and recognize it has to shed labor. very sad. tom: different from what we observed in 2008 and 2009. james bevan and dominic running. -- dominic bunning. -- german ten-year to c&a descending. david westin and conversation with esther moynahan, bank of america -- mr. moynahan, bank of america, 10:00. this is bloomberg. ♪ ♪ this is surveillance." these are the stocks we should be watching in the u.s. these are some of the premarket u.s. movers. we ma

bear stearns is stepping up demands.ked the least. and signaling and easing the price war with uber. higher fares will help it shrink losses for the year. second quarter revenue was better than expected. it's net loss declined. francine: sticking with the ride sharing industry, uber to report later today, strategists questioning whether it's numbers will be met with the same enthusiasm. there are so many skeptics about uber and lyft. did the numbers win over the skeptics? mandeep: i think so. the data around supply demand and the differentiated level of service they can offer with respect to uber can help them drive the pricing. they were able to raise prices, focus more on segment where they are able to command a higher price and that reflected in the results. margin,still a high low-volume different -- business so there is only so far you can go. this is one quarter of them doing that. francine: what will uber do differently to lyft? mandeep: uber has done the right thing by expanding their services to food delivery. t

hire anyone they wanted would hire this sort of disgruntled former failed investment banker from bear stearns as an investment professional. it makes absolutely no sense and we may never know what happened. >> it was just a week ago that epstein's pilots were subpoenaed. they know the names and dates of every person who was traveling on those planes. and epstein had massive private residences in the virgin islands, in mexico, in florida and in paris. and whether or not these other powerful people were criminals, they've been very vague about how well they knew epstein. nobody has said, he was my dear friend, this is the business we did and why. they don't want to be associated and that come out. >> john, do you agree with that? do you think with all the tentacles that are still out there on what still may be uncovered, there might still be a fear or worry that their names may surface? especially with these documents that were just unsealed yesterday. >> there is a lot of unhappy people today. questions that should have been answered a long time ago, they'll probably just disappear. i'm workin

his involvement with a hedge fund at bear stearns that blew up. there was a lot of talk that he was, the reason why he got a lenient sentencing for the child sex stuff because he was a key witness in that case. i went back and i knew a lot of people involved in that case. two guys that were charged, ralph giaffi, fund manager, and matthew tinen was acquitted. i knew epstein wasn't. i talked to epstein's lawyers. neil: this is long before the arrest. >> this is march,-april. and in the course of my reporting, i talked to epstein. now the conversation was on background. i'm using it now for two reasons, telling you about this, he is dead obviously. there is a public service here in this sense that to hear how he rationalized the situation in his own words i think gives us an insight into him. as mystery of him grows, i think that is going to help trying to figure out what happened. now i didn't have extensive conversations. every time i got hill on the phone, i felt he wanted to get off the phone but i did have him explain what he, what he viewed he