finance before the new deal". following this discussion david and i will facilitate audience questions. we ask you type your questions in the q and a section near the bottom of the viewscreen. and and banking on freedom. winners are notified at the end of the week. i want to remind everyone, they rely on your financial support to continue our mission. i encourage you to take time to think about a donation to both of our organization. >> the cfa. our speaker today is a native texan who received her phd, professor at the university of misssippi. and her research and writing, race, gender and capitalism. the research behind this book is increble, the are over 475 footnotes. the book received much praise, the sociation oflack women histians, and and former speaker in this lecture series, it is, quote, innovative and pathbreaking and beautully written and deeply researched. shennette garrett-scott can turn a phrase starting with the dedication which i really like that reads to malcolm, dominique, maleic. given the soci

and finance corporation. and how black women used financial institutions like the finance corporation, institutions said they lead and control to challenge the constraints of jim crow, sexism and economic exploitation. they used companies like the fls seed to carve out possibilities for themselves and the us economy and society. they understood notions about wealth, value and risk, by gender and race and your place in the economic ladder. they were not simply defined by these factors and processes. they had an active role shaping the meaning of wealth and opportunity and i certainly acknowledge the limitations they face because of their race, gender and class, and wants to demonstrate how black women defined their values in ways that often went counter to the type of messages they received about their worth, as economic actors and also in the larger us economy. we should have a good amount of time left for questions and answers. the best way to understand is through two women who were vitally important to the

louis's finance corporation. it is 1916 and struggling new york districts of saint luke which is headquartered in harlem elected a new president named dennis rice. they had $3.45 in its coffers but was more than $400 in debt. bryce may have been the formal hand at the wheel but an ambitious group of women controlled believers b in 1981, 21 members, most of them women incorporated saint luke finance corporation and set their sights on investment in real estate so women made up 6 of the 7 members of the finance corporation's board and lulu robinson jones who was widowed by 1909 shared the advisory committee. so the revised harlem saint luke turn to charity jones to help them recruit new members and charity jones solidified her status, known as the mother of saint luke in new york so through her effort of membership in the new york districts lord in the midst of the great migration. it was not the jones women's charms alone which fueled a resurgence in the harlem st. louis numbers, their square focus, laser focus on

finance. so today i will talk for about 35 minutes and i will talk about the world of black finance in harlem before the 1929 stock market crash. i will focus on one company, that's finance corporation and are use to explore how black women use financial institutions like the st. luke finance corporation institutions that they lead and controlled to challenge the constraints of jim crow, sexism, and economic exploitation. they use companies like the as lfc to carve out possibilities for themselves in the u.s. economy and society. they understood that notions, ideas about wealth and value and risk were shaped by gender and by race and by your place in the economic ladder. but they were not simply defined by these factors and these processes. they took an active role in shaping the meaning of wealth and risk and opportunity. while i certainly acknowledge the limitations they faced because of their race and the gender and their class, i also really want to demonstrate how black women defined thei

finance by the 1920s. there was this complex tapestry made up of thousands, thousands of black controlled financial institutions. these included formal banks and insurance companies as well as the risks, savings clubs, credit unions, and even finance corporations. this complex tapestry controlled millions of african americans dollars and it expanded the boundaries of their dreams. during the great migration, the first great migration around world war i, however, the increasingly urban and northern black population packed the capacity of the financial institutions so it was frayed in war and places and the boundaries the streams fixed. so the strategy the st. luke finance corporation chose to promote reflected some of these anxieties about black women's bodies in these new urban spaces. and there were these conflicting tensions that saw black women as both the victim but also the sources of social disorder. as both in need of financial protection but also new economic opportunities. so working women's deman

small investments and what we think of as micro- finance today. so, those are the kind of things i think she would, if she were here today, she would look around and be ready to kind of pull up her sleeves and really put her shoulder into kind of a transforming shrinking the racial wealth gap which is what she tried to do in 1903 and definitely in 2020. >> thank you so much. a great story with real meaning today. really incredible. we have a question asking do you know whether any st. luke's counsel in the northern cities tried to organize similar financial experiments? >> yes, i do. i know that in philadelphia some of the largest were harlem and washington, d.c. and i know that in washington, d.c. they tried to do something very similar. they tried to build a saint luke call and it was the model of creating the finance corporation that could raise the funds needed to invest in these real estate ventures and they tried to do that in philadelphia and dc. then i also would say particularly in the south, but i'm not as familiar with the north, that e

finance by the 1920s.a complex tapestry made up of thousands, thousands of black controlled financial institutions. these include formal banks and insurance companies as well as thrift savings clubs industrial loan associations credit unions and even finance corporations. in this complex tapestry controlled millions of african-american dollars in expanded their dreams. the urban and northern part black population the boundaries of those dreams. so the strategy of the fight st. luke's finance reflected some of these anxieties about black women's bodies in these new urban spaces. there were these conflicting tension that saw black women as a victim but also the sources of social order as both in need of financial protection but also new economic opportunities. working women's demand stretch these financial institutions like the independent order of st. luke's. they decided better career options and housing choices. they rejected these efforts to release their behavior on the way they spend their leisure time

finance. so today, i will talk for about 35 minutes rain and i will talk about the world of black finance in harlem before the 1929 stock market crash. i focus on one company. i use it to explore help elect women used financial institutions like the st. louis financial corporation, institutions they lead and control of to challenge the constraints of jim crow, sexism and economic exploitations. they used companies to collect possibilities for themselves and he was economy and society. understood that the motions and ideas about wealth and value risk, was shaped by gender and by race in place in the economic ladder. but they were not simply designed by these factors. in the processes. they took connective role in shaping the meaning of wealth and risk and opportunity. and molly acknowledge the limitations they faced because of the race and gender in the class, i also really want to demonstrate a black woman to find the real use in ways that often they would encounter the types of messages that

finance. >> welcome back to the centennial speaker series. thank you for joining us for today's event featuring doctor jeanette, if this is your first time joining us my name is donna and i the honor of serving as the dean of the school of business. 2020 marks a very special year for the school, it's the 100th anniversary and were celebrating 100 years of purpose driven business education. since our inception we believed in the power of partnership to inform and lead change. i would very much like to think the center for global security analysis and our wonderful partners the museum of american finance in the cfa society of new york who is cosponsoring today's conversation. one of the goals of the centennial series is to shine the light on the important history plays in shaping the future. internet garrett scott's book banking one freedom, black women in u.s. finance before the new deal, she explores her rich. a black financial innovation and its transformative impact on u.s. capitalism. today

in the end the main victim was the taxpayer but how did the finance sectors conjuring trick work was there a legal loophole or was it fraud pure and simple and who foots the bill for the billions most. september $2901.00 of germany's biggest tax fraud trials was beginning the 1st criminal case resulting from the comex affair to british bankers went before the regional poor. in the city up on the central question were the comics deals criminal or was there a legal tax loophole. the fact that the trial took place at all is thanks in part to investigative journalist all of. his reporting brought the scandal to light in 2013 he was working for news magazine show down in hamburg. he took an anonymous phone call and what he heard brought him to what may well be the biggest story of his life. is has at sword's confirmed and i hated it tauriel meetings and so i was probably the only available reporter at stanton that say because everyone was in the meeting and the receptionist put a call through to me and the caller told me about come eggs and he was constrained to the piece i have to admit

process by providing transparency and enforcing and administering campaign finance laws. congress created the election pcommission to fight political corruption after watergate. more recently, partisan gridlock lands the agency powerless to enforce the campaign finance laws on the books. in 2016, we saw record spending of millions in undisclosed dark money and we see the spending continue on and on. without a strong look over their shoulders, supertax of billing dollars to push it. i disagree profoundly with citizens united and the supreme court other campaign-finance decisions but we have to acknowledge that they are not n the only ones at fault. it's a blockgr of those who are nearly always in lockstep and they have played aol big role in undermining campaign finance laws. for the last decades, gop commissioners have blocked every attempt to closesehe h loopholed regulations that allow dark money groups to flourish. ec has failed to spend virtually all of their money on political advocacy to register what would require them to disclose that. after 2018, we know there we

the institute for free speech, a nonprofit organizati that litigates first amendment and campaign-finance cases in state and federal courts. he is also a captain in the jue advocate general's court for the united states army serve he and his wife racl have one child in expecting a second child. shana broussard is theominee to be a member of the fedal election commission for a term exping on april 30, 2023. shana broussard was born at vandenrg air port based in california but she truly hails from louisiana as is clear with my visit wh her this week. she graduatedrom dillard university in 1991 and southn university law schoo in 1995, she has had a 25 year legal career and for the past 12 of which she's worked at the fec as an enforcement attorneyn the office of the general counsel until 2015 and then executive assistant for mr. walker since 2015. shana broussard also worked with the internal revenue service and in louisiana as a prosecutor for the attorney general and new orlean paris district attorney an the clerk at the second circuit cour of appeals. i would like to recognize senator cru

what did it represent in finance when you got there and 78? >> excellent point and i would just begin by saying if anything goes wrong the fed places to calls the first is to j.p. morgan and second is to citibank. that had an impact on me. at that time when i went out for the interview in 1977, who was in trouble, new york city. who was leading the charge on getting funding, pat patterson the ceo of morgan, certainly in that capacity. as you say what fascinated me was i'm going to work for a bank but i was fascinated by the history of j.p. morgan and the role morgan played in coming to the assistance. >> and the culture again when i think of j.p. morgan, i'm thinking number one, it was you were a kid from the west coast as you said, the son of the greek emigrants. it was a very different environment, it was rock solid financially, a true fiduciary. they put the interest of the client's first, the premier bank or blue-chip companies and also trusted advisors to wealthy families. that's what i think of it as. but there's another dimension to it

dickerson has extensive experience in campaign finance. unfortunately he has been focusing on less, not more transparency for political spending. he's opposed restrictions on individual donations, attempts to bring transparency to corporate and dark money spending after the citizens united decision, and efforts to stop foreign money from influencing our elections, if we're going to break out of the gridlock that has paralyzed the fec, we need commissioners that can work together to find areas where they agree. it is my sincere hope that mr. dickerson's views on the role of money and transparency in politics do not make it harder to find consensus with the other commissioners. mr. cooksy, already discussed by senator cruz, he does not have an extensive record on campaign finance or election issues and his testimony for this hearing doesn't provide enough information regarding his qualifications. his view of the commission, and how he plans his approach to his role, if confirmed. again, i appreciated the fact that he talked to me, and we dis

what can we do to get finance faculty and finance textbook authors to wake up. reed: i think we will see them waking up in the near future for several reasons. for one, there's a statement on the share holder value stuff doesn't help very much for you to be have a broader idea of stakeholders freighted to, the principles of responsible investments which there is $9 trillion under management by the banks. the sign with those principles. and three, the ceos letters to the companies about that. so it's not that the financed textbooks tell us that technologies of how to do stuff and they are important they just don't help you solve problems. like how a build a great business. i often ask students how certain they are and that 20 year prediction when they're doing their cash flows. in the present value. i can even imagine the people do that anymore. it so i am more optimistic about this. and probably your that author of the one that does not do that. you talk about shareholder wealth and i think that is a great idea. i think were going to see more of that. there is n

it was to go to whatever finance votes and you know every business decision has finance and it and they said yes, we don't need to teach a finance course we need to teach finance across the curriculum, forget about your course and its history in the discipline and the technology, let's just integrate it for all the other courses, that is actually a dumb idea. just like it's a dumb idea to do that with ethics. ethics is far older than any of the business disciplines so it's ironic plato and aristotle had a good deal when finishing up a book with philosopher dominic scott with plato and leadership in which plato has often more insight about leadership then much of the current leadership. that led to a whole bunch of courses at schools where they claimed credit they were doing something but weren't. on ethics day in your course, most people get it right. it is tricky and thinking about w to design a course that is not just to avoid disasters, i see a call from the press, 3000 community members were killed in a chemical plant accident, what do you say about that, don'to that, run your busin

the is a coronavirus hits country's finances. coronavirus hits the country's finances. global news 24 hours a day on air and at bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i'm leigh-ann gerrans, this is bloomberg. thanks so much. astrazeneca's covid vaccine event 70% of covid cases according to the initial results. that falls short of the bar set by pfizer in moderna who's vaccines found to be 95% effective. joining us is bloomberg intelligence emea. i'm confused by the difference between 70% efficacy by this dosese when you get two but 90% when you get half a dose and then another dose. is that how they will administer it? >> i don't think we should assume anything like that. i'm surprised the company put the numbers in there. we will have to see what the statistical design of the trial was. i would caution a run with the 70% number. that 90% where it comes from was a much smaller group of patients. it doesn't make sense by half a dose should be more effective. lots of questions without hurting -- with that. for n

there are a lot of if you talk about the financing of the financing of the european union, financing of human rights issues in eastern europe, and many other things, migration, just to name a few. so i think there are too many inconsistencies right now to be optimistic about europe outperforming other regions in the world at this point. so i think being neutral at this point in time, even if we are looking into a cyclical recovery at some point in 2021, we should not be over optimistic regarding the performance of european companies at this point. francine: martin, we are getting breaking news out of japan, according to nhk, saying japan signed a record of coronavirus. they have these new cases. is there any part of the world -- and i know a strategist is not able rally just -- not a virologist, is there any sector of the world that is being spared, to say "i want my money in"? dr. lueck: very, very rare. you were just mentioning these numbers. i think we have many countries wherenow in this period, numbers are really getting worse. if you look at latin america, for example, eight ou

how his in and this is al jazeera life in doha and also coming up shocks to the turkish economy the finance minister resigns as the lira slides to record lows. my celebrations in azerbaijan after the government announced the capture of a city in the disputed nagorno-karabakh region. heading home after a year in exile for president evo morales is on his way to bolivia after his former cabinet member won the election. or the transitions here joe biden presidency in the united states is gathering pace with some decisions expected in the hours ahead the president elect as you to announce a task force to tackle what he says is his top priority the coronavirus pandemic on sunday biden visited a church cemetery where family members are buried including his late son donald trump spent the day playing golf side washington and is refusing to concede defeat his campaign is planning legal challenges in states where he's disputing the counting of votes world leaders including israel's binyamin netanyahu and saudi arabia's mohamed insall man have congratulated biden on his victory or former u.s. presiden

government that re pair finance before had a conservative government that repair finance before thisabour spend spend spend agenda before now, the public finances would've been even worse. so yes, difficult decisions will have to be made goodbye but not so will have to be made goodbye but not so difficult is if we had a a reckless labour government before i'iow. reckless labour government before now. before we reckless labour government before i'iow. before we move reckless labour government before now. before we move on you want to get back in on that. it is really interesting that that is curious analysis of what happened over the last ten years. by any measure, a lot of scientific measures have said that this same thing which is that the governments austerity measures over the last ten years but britain ina over the last ten years but britain in a worse position to respond to the pandemic. we fared worse because of the stripping down in the hollowing out of the state that was carried out by the conservative governments. it is a curious analysis that tim just presented there. let's

you now have more than 1,000 finance customers. remember when you went into that vertical and people felt you could not move your -- could not crack it remember i got calls, yeah, sure, he's into financial that's a lot of customers. >> well, and i -- >> go ahead. neil, can you answer that one? >> yeah, i was just going to say that, you know, it's an exciting moment to get the 1,000 customers, but equally proud of the fact that companies like progressive went live this quarter. you know, so we're showing that a fortune 500 company can be very successful in the cloud with finance as well and fifth third bank joining as a new fortune 500 finance customer, we're starting to see that trend move from the medium enterprise into truly the fortune 500 accounts so it's an exciting time for us on a finance side. >> all right are there customers who call you now and say, look, we're actually in trouble? and if you forgive us now, we will be great later? and i'm thinking about universities you have such a great university business, but i know t

annis loan used to finance a railway construction project. welcome to d.w. business i'm joined on in berlin thanks for joining us now markets may despise uncertainty but they've been taking election variability on the chin quite well even the dow jones industrial average climbed 1.27 percent right at the opening on thursday asian shares a scaled near 3 year peak after a democrat joe biden picked up wins in some closely fought states and great publicans looks set to hold on to their majority in the senate analysts are calling it the goldilocks gridlock or the belief that a divided u.s. government would make tax increases and tighter regulations on business unlikely. but what about german markets our financial correspondent conrad booze and sent us this analysis from frankfurt. germany have ice free during the 2 days off to the u.s. and mexico as surprising as this might sound. so clear outcome of the u.s. election is actually not so bad news for many people on the markets for example if the democrats failed to with a majority in the u.s. senate this makes it

i willjust show scarring effect on public finances.t show you and our viewers of the figures in terms of net borrowing, these are figures from the obr, £394 billion borrowing, these are figures from the 0br, £394 billion of borrowing, 164 billion from 21—22, and... in terms of the amount still at the end of this parliament, what's your reaction? it's just of this parliament, what's your reaction? it'sjust enormous. absolutely eye watering the enormous. and if you think of the debate we had, really, from the late notice all the way through to the 2015 election, that was defined by how is the country going to repay back what we borrowed in the credit crisis cosmic this as that then some, the credit card, the national mortgage, everything, absolutely maxed out, enormous levels of the country basically being in the red. and it's not really a surprise, we have all known that, seeing shops shut, pubs shut, people stuck at home, the economy basically put into deep freeze for months on end. but seeing it spelt out like this in black and white

so we don't need to teach a finance course, we need to teach finance across the curriculum. forget about your course and discipline, let's just integrate all the other courses that is actually a dumb idea just like it's a dumb idea to invest. ethics is far older than any of the business discipline so it is ironic this deal, just wishing of philosopher scott on plato and leadership in which plato has often more insight about leadership and much of the current leadership so that led to a whole bunch of forces at school where they claim credit for they were doing something but they weren't. on ethics day, most people get it right. it is tricky thinking about how to design a course that is not just avoid disasters which you think about paul? paul, some of you may not know, community members were killed don't do that. run your business you don't feel people in the community, that is not a hard problem. trying to figure out how you program autonomous vehicles so that you can solve problem, trying to figure out who they hit in this world, etc. trying to figure out what you do about

to be a selfd financing system. that perception that people under social security have earned their benefits by paying payroll taxes to whole life is one of the reason social security benefits have always been as reliable and sure as they have been, because you do not have the same sort of frequent political renegotiation for benefits that you have been programs that are so-called welfare programs, designed to poor more people only -- people only. those were constantly reassessing what benefits should people get, should there be -- how much should we pay, etc.. with that sort of political privilege comes responsibility. that only continues under social security if we are willing to toe the choices necessary balance the programs obligations. than it would be subject to the same sort of recurring for benefitns levels and they would be a lot less secure in the manner the caller referred to. host: what is the best way to do that if congress was willing to do something, raising the eligibility age, increasing the limit o

germany's finance minister tells bloomberg taming the virus is critical. e.u. leaders will attend -- make a veto that threatens from hungary and poland. france says nations could be cut out of the rescue plan all together. china'sy pledge, president xi jinping says the nation won't engage in decoupling, saying its policy of opening up won't waver. it comes after the u.s. and the u.k. called for beijing to honor its commitments on hong kong, citing serious concern. it's just gone 6:00 a.m. in london, 7:00 a.m. in germany. bad news coming, 11,000 jobs to be cut from the business. of justlow the estimate over 30 billion. no room for a dividend this year. the banks dividend has been restrained. you think about it, this is a disastrous year for steel. the future is unclear. we are grappling with rolling lockdowns and interruptions around the world. recovering, but the reality of europe and the united states is found. good morning, anne-marie. annmarie: good morning morning. yes, it is quite a found privet a grim, said milestone, 250,000 deaths, surpassing that level

what can we do to get finance, faculty and finance authors to wake up? >> i think we will see them waking up in the near future forseveral reasons . one, there's this roundtable statement on shareholder value doesn't help very much, we need tohave a broader idea about stakeholders . 2, the responsible the principles of responsible investing where there's $9 trillion managed by banks that have signed those principles. 3, the black rock ceo letters tell companies about that so it's not that finance textbooks tell us technologies of how to view things are very important. they just don't help you solve problems like how do i build a greatbusiness ? i've often asked students how certain they are of that 20 year prediction when they're doing their cash flows. i can't even imagine that people do that anymore. so tim, i'm more optimistic about this and probably you're the author of the one that do that, talking about shareholder wealth and i think that's a great idea. i think we're going to see more of that. there's no going back to the old shareholder value, i

i would like to continue this until the -- to the next meeting of the budget and finance committee. i would love to get your opinion and have discussion about, because we do have some options. we can pass this out of committee, without recommendation, which means that this committee has not given their approval. or would -- someone could also make a motion to move this out of committee. so i think committee members at this point, let us approve the amendment first, while you think about this for a minute. and with that, madam clerk, i'd like to make a motion to approve the proposed amendment from our budget legislative analyst. >> clerk: yes. on the motion -- yes. on the motion, supervisor walton. >> supervisor walton: aye. >> clerk: supervisor mandelman. >> supervisor mandelman: aye. >> clerk: chair fewer. >> chair fewer: aye. >> clerk: there are three ayes. >> chair fewer: colleagues, what say you? supervisor mandelman. >> supervisor mandelman: you know, i share -- chair fewer, i shared some of the concerns i think you have and other concerns about this contract. i also do take th

we need to teach finance across the curriculum. forget your course and its history and the discipline and technology and let's just integrate it into all the other courses. that is actually a dumb idea just like it is a dumb idea to do that with ethics. ethics is far older than any of the business disciplines so it is ironic, a good deal to say about this, finishing up a book with philosopher dominic's rob on plato's leadership in which plato has often more insight about leadership than much of the current leadership. that led to a whole bunch of courses at schools where they claim credit, for doing something that worked. on a fixed day most people get it right. so it is tricky in thinking about how to design a course that is not just avoid disasters. calls from the press, what do you say about both paul? that is someone you may not know, 3000 community members were killed in a chemical plant accident. what do you say about that? don't do that. that is not -- run your business so that you don't kill people in the community. that is

senator russell long, who was the chairman of the senate finance committee. he was particularly active on welfare issues. he was an opponent of the aid to families with dependent children program that replaced abc in 1961, as well as wilbur mills, the longtime chairman of the house ways and means committee. really the sort of emperor of all tax policy in the 19 fifties and 1960 period. one of the main claims i make in the book, and i can probably do this old school without any kind of tech support, although ... i don't know, i feel a little make it appear without my powerpoint. i know! is it down there? there you go. i don't know if any of you remember this, but when you were in elementary school and the teachers could never get the video to play. you're always like channel three, it's on channel three. they are the stupidest people in the world. i just feel like you get to be a teacher you suddenly lose your ability to use technology. even if you do it every day. thank you very much. i hope that we don't have this particular issue again. here is russia long

what did it represent in finance when you got there in 78? >> excellent point. i would just begin by saying, i'm from the west coast. i didn't know what wall street was. when i was at the san francisco fed, a bank examiner one-time told me, he said if anything goes wrong in the financial system, the fed places to calls. the first is to jpmorgan ceo -- two calls -- may be simultaneous. simultaneous. the second is to that of citibank, then walter. that really had an impact on me. by coincidence headhunter contact me about a job there. at that time when it went up for the interview, 1977, who was in trouble? new york city. who was leading the charge on getting funding for new york city? pat patterson, the chairman and ceo of morgan served in that capacity. she would say what fascinated me was going to work for a bank but i was fascinated by the history of jpmorgan in the role that morgan played in coming to the assistance of financial institutions and the government. >> and also the culture again, when i think of jpmorgan, i am thinking number one it was old guard.

he will come u nto begin with finances.christmas and coronavirus in the moment, but we are going to start with the daily telegraph and this larger spent in defence spending since the cold war, tim, because in the past paper review, he pointed out it is interesting, it is not just the pointed out it is interesting, it is notjust the kind of things that pointed out it is interesting, it is not just the kind of things that you think about, they are also talking about space and cyber defence projects, artificial intelligence agency and also the creation of possibly 40,000 newjobs. absolutely. and i i am 50 years old and have really grown up in a world where america britain, europe have been supreme in defence, we have not had to worry about another part of the world beating us in any form of defence technology, but there are a lot of strategic thinkers in the world of defence worry that in increasingly rich china, for example, and it shoots expenditure ona example, and it shoots expenditure on a lot of new technologies, a lot o

when thinking about favorable financing conditions, what matters is not only the level of financing conditionstion of policy support too. in this regard, preserving favorable financing conditions for as long as needed is key to support people spending, to keep credit flowing, and to discourage mass layoffs. i announced at our october meeting, over the coming weeks the governing council will carefully assess the incoming information, including euro system macroeconomic projections in december. these projections will enhance our formation set and allow a thorough reassessment of the economic outlook, and the balance of risk. on the basis of this updated assessment, the governing council will recalibrate its instruments as appropriate to respond to the unfolding situation, with a view to fostering convergence of inflation toward our aim in a sustained manner in line with our commitment to symmetry. while all options are on the table, the pandemic emergency purchase program that many of you know under the name of pep, and our targeted long-term refinancing operations, known as teltros have proven

the question is how are you going to finance it? are we going to do it in a more equitable and effective manner? this is not all that new. literature has talked about how we rise of income tax and a graduated direct tax has had its effect. but what's been underestimated, i think, is how this also has had a sort of social or cultural implication. i argue in the book, the second element of this new fiscal policy, is how it created this new sense of civic identity and fiscal citizenship. that is not a trend that i've coined, it's a very important turn to my book and it's become more popular in tax reform debates. a text lawyer by the name of larry zeleny at, who has a new book out called "learning to love for 1040" in which he advocates for the maintenance of a return based income tax system. part of it is this notion of fiscal citizenship. the actual process of paying taxes. actually engages citizens with the state in a positive kind of way. or at least, a potentially can be. so certainly in my period, that's certainly one of the driv

has finance in it, right? they go, yeah. i said stocker so we decent need to teach a finance course. we need to take finance across the curriculum. so forget about your espouse it history and at the discipline and the technology and all that stuff. let's just big grate it into all the other -- integrity din it segregate in all the courses which is a dumb used. ethics is far older than any of the business disciplines, though it's ironic, aristotle had a good day to say, finishing up a book with philosophyer dominic scott on plate plato and leadership on which plato has often more insight but leadership than many -- much of the current literature. so, that led to a whole bunch of courses at schools where they claimed credits. they were doing something but weren't. en ethics day in your course, most people get it right. so it's tricky in think can about how to design a course that is not just a are -- avoid disasters. bo paul was 3,000 community members were killed given a chemical plant accident. what do you say

turkey's finance minister says he's resigning health problems. also the son in law president. made the announcement on his instagram accounts the resignation comes 2 days after the central bank governor was sacked turkey's currency has lost 30 percent of its value against the u.s. dollar since the start of the year let's get more from she's live for us in istanbul and cinema all seems rather on a resignation. health problems what can you tell us about this resignation. well his thoughts health problems are unspecified howler and so far i have to say that he has also shut down his twitter account after posting this resignation letter on has officially instagram account but prisons are gone hasn't accepted or approved the resignation yet at least so far we haven't heard from him accepting having accept that this request so yes the resignation came after the appointment of a new central bank governor who is known to be a highly critic of policies which many circles not on the political source circles but also in rest there in restaurateurs believe that these policies were asserti

and financing can help a lot with distributing that as well.only thing that has a problem here. part of the issue is the supply challenge and logistics of manufacturing. as things stand, how well do supply match demand 7 things stand, how well do supply match demand? at the moment, not terribly well. part of the situation we are currently in is we have had promising news this week from two vaccine chars and these are still results, we are getting safety data, but the pfizer vaccine and the maternal vaccine both came out, they are very promising. final efficacy is also... for these two vaccines, most of the supply is accounted for bya most of the supply is accounted for by a few wealthy countries, the us, europe, the uk, australia, japan. however, there are many other vaccines in the pipeline that is still under development and if we continue to get more successful vaccines, and we are able to access and leveraged the manufacturing of those doses under way, we might have enough to go around. why might wealthy countries feel motivated to make sur

there is some financing pipeline coming in the high-yield market, and some lbo financing, but a lot ofancing has taken place at this point. there is no necessary, pressing need for people to go to the market. that may adjust in the next few weeks, depend on the economic outlook. at the moment, it seems relatively muted, certainly on the investment-grade side. on the high-yield side, the markets have been relatively decent, and i think you will start to see some financing getting done here. that will provide the marketplace both with yield and with interesting product for where to put their money. guy: good morning. who do you think the big winners of this kind of environment are likely to be? leon: it is such a difficult question to answer. obviously, tech has been a major winner in this environment. i think all of us have seen the massive gains that pack has had. e-commerce business has gone ahead and a fantastic passion. the pharmaceutical industry has pulled together in a way that i should be proud of. the e-commerce business has exploded. it is going to be there to stay right now.

over to turkey which has appointed deputy prime minister goofy elvine as its new treasury and finance minister and he's replacing bad a son in law of president erda one of the country's central bank chief is also out of a job many economists read the 2 departures as a signal that turkey was admitting past policy errors and preparing to raise interest rates the turkish lira surged to its biggest gain in 2 years following the announcement. and for more on this i'm joined by correspondent yulia han in istanbul yulia good to see you the central bank continued cutting interest rates despite the pleas of economists over recent years is anger now admitting its mistakes essentially with these replacements. well openly admitting mistakes has not really been part of the ministrations political strategy in recent years but that is certainly would many are reading into these 2 shock to parch is that we've seen there over the weekend it actually gave the turkish lira its best day in 2 years it was op about 5 percent against the us dollar on mondays so investors apparently believe that some urgentl

i'm thrilled to be here with the museum of american finance. history does matter a lot.hat's why we are here and nicholas sargen has written a terrific book, "jpmorgan's fall and revival: how the wave if consolidarion changed america's premier bank". i love that it is the fall and revival and it follows up, picks up where the classic house of morgan left off so it is a much-needed history and i am delighted to have you here so thanks for having us. >> thanks so much. i appreciate what you are doing and sponsoring, 100 years, that's amazing as well is the cfa society. over the years. >> let me add a little bit to what david said in your introduction because you had top physicians at major wall street firms. you did two stints at jpmorgan, with the debt crisis. another from 1995 to 2003 which is when the merger happened so you have lived in this history. what compelled you to write this book. why is the fall and revival of jpmorgan a story that needs to be told? >> guest: thanks. the way i think of it was a journey and the first stage of the journey was when i decided afte

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the question is how are you going to finance it? how will you do in a more equitable and effective manner? this is not all that new because literature has talked about how the rise of income tax on a graduated direct tax has had this effect. what has been underestimated i think is how this also has had a social and cultural implication. i argue in the book, the second element of this new fiscal policy is how it created this new sense of civic identity and national identity. fiscal citizenship. that's not a term that i have coined, but it's an important turn to my book and it has become more popular in tax reform or debates. there's a new book called learning to love form 10:40 in which he calls for the minutes of return income tax based system. but the actual process of paying taxes actually engages citizens with the state in a positive kind of way, or at least potentially can be. in my period, that is certainly one of the drivers of this move away from a hidden kind of regressive consumption tax to a more direct visible and transpa

here's the birth of modern finance amid catastrophe and fraud. the gripping story of scientists and swindlers all too pertinent to our modern world. and so now i am pleased to turn things over to tonight speakers on the digital podium insures. >> thanks much alex. tom i was intrigued by this book from the get-go. because of the title which obviously references a great song by dire straits but some other things as well. what did you mean to convey by that title? >> guest: the great article of capitalism is captured by the immortal words of a cultural icon for us all. if you recall the look and i'll gladly pay you tuesday for a hamburger today that's wimpy and popeye. and that's why it's so important is that his credit. what credit does what borrowing does is it creates money in the here and now out of a promise that we make to the future. and figuring out how to do that in a way that could be sustained would not be killed by crisis action my whole book is exactly this figure out how to make credit work not just today's cage drinker or hamburger bu