it was not freddie and fannie.eir mission was to control, or as we would at the consumer finance board protect the investments of america. industries to bailout, and i will specifically speak to washington, d.c. because i literally watched that city blow the heck up. -- $5,00000 to buildings to $40,000 buildings. they had to put a coat of paint on the building. then up to $200,000. you cannot find, and i will challenge you and your audience and your previous comrade to find a house in washington, d.c. under $300,000. it would be very difficult outside of a shell defined a structure in washington, d.c. that is not a realistic price. that is fraud. the mission of freddie and fannie was to defend that fraud. i'm not a socialist but i'm saying the idea it was freddie and fannie's fault -- it was not. it was the greed of the capitalist system that allowed and where the lady at walmart just visited house and she was a walmart clerk and got a $1 million loan. they were able to flip that mortgage under freddie and fannie b

what was freddie like? freddie had this most amazing smile that lit up the room for everybody.ly passionate, hard—working, loyal man who... he worked so hard to get to bristol for thisjob, and he was so proud that he had become a working professional. and he was the first in the office, last out the office. and his life was just about to take off. he was an amazing rugby player, he was extremely well respected across the county for his rugby. and he fought to the end for everything he did. his loyalty to his family and friends is to be commended. and you don't want his death to be in vain? you said about the importance to you of getting a message out there that safety abroad is something that everybody needs to think about, people should look out for each other, support each other. what would your message be to young people, to anybody? because, obviously, people go on trips all the time and don't think about the potential risks. the thing is, this applies to everybody of any age. this applies to people with young families with balcony safety. imean... loads of children sleepwa

freddie: a tiny bit.an see from the chart on the screen, it is a very small move back up, and banks will be aligned with bond yields moving higher. but in terms of getting ahead of ourselves, is that an enormous number of people are credit into low volatility stocks, high-growth stocks, the compounds of the world, paying 30 times earnings and totally cyclical, anything oil and gas, mining and financials in particular have been completely written off, because people cannot think beyond the trade war. it is very uncertain, i admit that. but thinks like the banks, they have a huge amount of cyclicality in them, a lot of negative duration, which is what that chart shows, and also a great valuation and great capital cycle. you have lots of opportunities, you just have to suffer the nativity. matt: so if you like. matt: a bank, is that -- have to suffer the volatility. anna: so why do you like u.s. banks? freddie: i think european banks are in a much harder place, but the u.s. banking system i think has a reall

vonnie: fares a of fannie mae and freddie mac up. is -- freddie joining us is mark calabria. expecting nextbe month from an fha and a treasury agreement? mark: we are working on a letter agreement. at 3 billion.ps wewill still be limited, but are looking for a number that will get us through the next year and a half or two years. after that, we will reach an agreement to the underlying share agreement. is not when you said it calendar driven, do you anticipate within a year that fannie and freddie will be out of government control? vonnie: it depends on how quickly they raise capital -- mark: it remains -- it depends on how quickly they raise capital. they will be responsible for building capital and hitting goal posts. what we will be doing to the share agreement amendments is setting up mile marker's for fannie and freddie to hit. that will be the ones that drive down that road. vonnie: how much capital will this letter agreement authorized to retain? mark: probably enough that we'll get them through a year and a half or two years.

freddie weintraub's book. in my book, there is a letter from freddie weintraub about how the movie happened. handwritten -- after 35 hours, it was over. ted ashley came in. ted ashley was my agent when i was producing the castles. i had teddy and freddie and they both owed me. after 35 hours, they said, let's forget it. we are almost bankrupt at warner bros. movies are not doing anything and documentaries are doing nothing and then i said, out of nowhere, after 30 hours, what if it is a disaster and 100,000 kids die? this thing will be the biggest movie in history. they started laughing like crazy. then freddie just turned to me and said okay, ted, what you think? let's get a couple secretaries down here. we sat there for 10 hours and wrote a handwritten contract. i signed it, i called michael. he flew wildly in. he was up there with no film. he flew to the top of the pan am building. i gave him a check for $100,000. he went to the places in new york, but the film, flew back up and started shooting the woodsto

secretary mnuchin said to do that will require some kind of payment from fannie and freddie.takes all but $3 billion from each's profit. >> i think they need a lot of capital. let me just say. you know, we're looking at $3 billion and each is irresponsible in the terms of capital and there's no way that they could operate if they couldn't draw on the treasury lines which, in effect, is backstop today. >> reporter: giving fannie and freddie back secretary mnuchin suggested they need $100 billion in reserves. how do you get there that's between secretary mnuchin and fhfa director calabria. >> thank you very much and for more now on what's next for fannie and freddie, current chairman and ceo of eagle rock capital management welcome back. >> thank you. >> talked to you a lot about bonds and distressed debt in puerto rico. now, let's talk housing finance, which you have a long history with how much capital do these two need and could the private market supply it >> the amount of capital they need is the subject of current discussion, as you heard the secretary testify to yesterda

and freddie is one of the reasons we had a mortgage crisis back in the day. this plan takes a few steps towards making sure that that doesn't happen again, where these -- and to these blow up where the government has to take them over because by the way they were created by congress. if the government didn't take them over, given the fact that their debt is considered -- to treasury debt. people might have started selling our treasury bonds during a financial crisis. you don't want that. this takes a couple steps to ensuring that maybe fannie and freddie have enough wherewithal to withstand a financial crisis like 2008 through the building of capital. but there's a lot of details here. this is a political situation, david, because as you know, housing is a big thing. we have an election coming up. you don't want to do anything to the housing market that will hurt housing price or increase costs to consumers. the treasury department is walking a fine line. some interesting things here i pulled out. i have been talking about fannie and freddie doing a stock dea

freddie mac and fannie mae are allowed to hold $3 billion of capital apiece.agrees if they run into problems like 2008, that would be totally inadequate, wiped out almost immediately. are taking the steps of letting them retain quarterly earnings until anddie gets to $20 billion fannie mae gets to $25 billion. based on the current earnings profile, it will take the companies may be a little more than a year. then we will see what happens. still not enough capital for them to be private companies, so you are looking at something like an ipo, maybe some other form of raising money to boost capital buffers. but this is going to be a long and winding road. kevin: a month ago there was chatter in the wall street world about whether there would be a slowdown or recession. headwindsk at those about the future, next 15 months, what impact does that have on the trump administration from moving forward on fannie mae and freddie mac? jesse: the problem with fannie and freddie is that no one really quite knows what the impact would be on mortgage rates. shery: [laughter]

the federal housing finance agency who serves as the regulator and conservator of fannie mae and freddie mac. i want to thank each of you for coming to the committee this morning. last friday marked 11 since the government bailed out and put fannie mae and freddie mac into conservatorship, where they remain today. prior to 2008, the government-sponsored enterprises held a 45 cents in capital for every $100 in mortgages they guaranteed. now just 19 cents after a historic 200 billion-dollar bailout from taxpayers. 11 years later they continue to be too big to fail and are even more leverage than they were before the financial crisis and taxpayers inevitably remain on the hook to developing for administrative and legislative reform of the federal housing finance system many of the legislative recommendations in the plans that were released on thursday or consistent with my off-line in the system including attracting private capital back into the market as well as preserving certain incremental reforms that have already taken place during the conservatorship including a robust transfer of cr

freddie highmore is here. from "charlie's angels", kristen stewart, naomi scott, ella balinska, and elizabeth banks. [ cheers and applause ] drptd a >> dicky: abc's "jimmy kimmel live," brought to you by sprint. (sprintern) the new iphone 11 or iphone 11 pro with amazing all-new camera systems. and now you can get iphone 11 (paul) ...for zero-dollars a month when you trade in your iphone7 or newer in any condition. (sprintern) seriously, any condition! (paul) and with sprint's 100% total satisfaction guarantee you can try out the network and see the savings for yourself. (sprintern) can i get a... [air horn beep] it's iphone season. hey paul, do you love it? (paul) yeah. (sprintern) do you love it? (paul) i do. for people with hearing loss, visit sprintrelay.com. delivered to your door try tso you can do more.very. ♪ feels so good ♪ feels so good ♪ feels so good target run and done. in a vast desert completely wdevoid of basset hounds. [ back in baby's arms by patsy cline ] then, it appeared a beacon of hope.

last friday marked 11 years since the government bailed out and put fannie mae and freddie mac in the conservatorship, where they remain today. prior to 2008, the two government-sponsored enterprises helped 45 cents in capital for every $100 in mortgages they guaranteed. now, they hold just 19 cents. after a historic 200 billion-dollar bailout from the taxpayers. 11 years later, the systemically important companies continue to be too big to fail and are even more leverage than they were before the financial crisis, and taxpayers inevitably remain on the hook in the event of a mixed market downturn. in march, president trump signed a presidential memorandum directing department of treasury and housing and urban development to develop a plan for administrative and legislative reform of the federal housing finance system. many of the legislative recommendations in the plans that were released on thursday are consistent with my outline to fix our housing finance system including attracted attracting capital, protecting against future bailouts and promoting competition. as well as preservi

i'm frustrated there were 11 years later still have fannie and freddie conservative ship. and this is not a safe situation to be in. but i commit to you we will work as fast as we can to turn the ship around. >> any other? >> i would say, at fha, delinquency rates that default at the lowest rate that they have been. changes have been made and we recognize what happened before with the manipulation of debt to income ratios and credit scoring possibilities. and here is a key factor. putting people in a home that they cannot afford does not do them a favor. if they lose the home, they lose their credit, future possibility. that is plain into what is going on today. for instance the minority community particularly in african communit community, becr credit is ruined. in some of the cases people who had good credit before. were looking at that to see how we can help with that situation but we want to make sure we learn from those things and we have made substantial progress. >> i want to share that all 15 counties of arizona my first 90 days in affordable housing the one associ

second to restore fanny and freddie to safe and sound condition by building capital. building capital would begin the process to end the conservatorships which has lasted by 11 years. the longest bank conservatorship was 18 months. a root cause of the 2008 crisis was lending backed by insufficient capital. this remains unresolved today. average credit stores have modestly improved, the enterprise's share of low down payment and high debt to income mortgages are back to their 2004 levels. fuelling rapidly rising house prices with easy mortgage credit is a mistake and it will end in disaster. in the current financial condition, the enterprises are not equipped to sustain a downturn in the housing market. with just $6 billion in allowable capital, the enterprises approach a combined ratio of nearly 1,000 to 1. in comparison, our nation's largest financial institutions have a leverage ratio of 10 to 1. the most recent test for the gses illustrate this example. in the last crisis, housing prices declined by 27%. the model is a 25% deadlicline. given that the housing supply

we're going to talk about trade, the fed, fannie and freddy, reform, fannie mae and freddy reform, theeration of a plan, certainly out of the treasury this morning, about housing finance and housing reform. we'll talk about fannie mae and freddie mac. and the founder of papa john's pizza speaking out this morning exclusively to me in his first interview since being pushed out of the company that he founded. john bar a aso is here talking about peace talks with afghanistan, niles gardner is here talking brexit and senior judicial analyst judge andrew napolitano on big tech's anti-trust suit and doug collins on the upcoming inspector general report as well as the new move out of the judiciary to try to define impeachment. all that coming up this morning right here. markets of course pointing to a gain at the start of trading. futures up 63 points on the dow, s&p is up 8 and nasdaq's up 21. we had new data about the chinese economy showing signs of weakness. august exports to the united states took a hit, down 16% to $44.4 billion. this is a clear sign that trade tensions with the united

and good news for fannie and freddie.ven mnuchin says a deal to allow them to keep some earnings is in the works. great britishh a pound, because it is pretty since strongest level july. boris johnson struck a rather -- on tone on xi jinping brexit, addressing one of the key sticking point standing in the way of a deal. went minister johnson: we to the border several times before the good friday judgment, and i can say now, as i said many times before, the u.k. will never ever institute checks at the border. caroline: joining us for now with more analysis is the president of an institute. >> caroline, i think part of it is that the consumer in the u.k. is buying stuff now of there being a weaker pound and restrictions on what they can buy, and similarly, people who are buying experts -- exports in the u.k. are doing this ahead of upcoming problems. i think that is a can tripping factor. the government has, her majesty's government, has committed to loosening, and while the cash is not there yet, i think people are expecti

david: we will come back to fannie and freddie. i want to take a moment to say the markets are trying to sort through this. it appeared the price of oil moved down decidedly, particularly wti, as soon as the news came out, which might underscore the possibility this could affect the iran sanctions. if there is more oil, the price goes down. we wonder whether this might affect the iranian situation. kevin: exactly. last week when i interviewed brian hoke, who was the advisor to mike pompeo, he said oil and the oil markets is something .ncredibly important to them with regards to oil, what i can is somethinghat the administration has consistently said is on their radar. you are saying that in the market reaction about just how significant of a role these geopolitical events play. david: it is too soon to know who will be the replacement for mr. bolton, at the same time we can think about who are the other advisors around the president who might come to the fore. mike pompeo seems to have a close relationship with the president. does

and above all, my wife sally, and our three children, oliver, freddie, and jemima.s john bercow‘s supporters saw him as defender of the commons, champion of mps, though he sometimes put them in their place. i don't require any comment or signalling from the honourable gentleman. i'm giving a ruling. the honourable gentleman will listen to it and he can like it or lump it. be quiet. if you can't be quiet, get out. you're adding nothing. you're subtracting a lot. it's rude, it's stupid, it's pompous, and it needs to stop. hosting world leaders goes with thejob. the chinese leader was welcome but not donald trump. i would not wish to issue an invitation to president trump. controversy dogged his footsteps. a report suggested he'd failed to tackle bullying of staff at westminster. he had to deny bullying his own staff and one minister claimed he called her stupid and challenged him. when an opposition member found that you had called me a stupid woman, you did not apologise in this chamber. no... once, he was a devout tory. we are, in so many ways... but in high office

points, theof fannie and freddie of 2019 are not the fannie and freddie of 2007. there have been serious and substantive reforms that have taken place. we are talking about different creatures. here i'm really talking about the director and treasury secretary are committed to taking tangible steps. the next step will be capital retention. beyond that we are going to have to see where the conversation i goes -- conversation goes. we have to keep in mind, housing is 15% of gdp. >> the process is a long time coming, 10 years now. york, this is bloomberg. right to our political panel, general motors has been doing the best. president of accountable you -- accountable new york. saying, they get hit with a strike. how could this read? what position are they going to take? >> the democrats are going to take a stand strong on the side of labor. they are going to stand firmly for fair wages, competitive benefits and a retirement security for workers. >> gm has an offer that is pretty generous. don't, theions workers don't. democrats are going to stand firmly with workers.

fannie and freddie have already paid over $110 billion more than they initially drew. do you feel they need to pay more to treasury >> you may recall under the december 2017 letter agreement that when the -- when their capital was raised to 3 billion the preference so the senior preferred treasury gap was raised by 3 billion and will likely keep a similar framework but do want to emphasize the secretary and i are still working on this. >> h much do you think they need to retain? 3 billion is not even the heari0 billion >> that's in the long run in which i should say the next couple of years. what this letter agreement will be by the end of the month should get us hopefully the next couple of years to give us some maneuvering room to get them this will set the path so, again this, is not going to be the end. this will be a further step. >> any rodblocks in these negotiations with the treasury secretary. >> not with the treasury secretary. of course, getting time is always a focus on it but we're making a lot of progress the secretary and i think very much see eye to eye

one obvious way to try to recap tallize fannie and freddie is allow them to retain their earnings they may need to supplement that with additional offerings of security into the market to raise public capital, but i think, you know, this is a -- it's inevitable that this cash flow needs to come to annen if people want to recapitlize these two companies. >> the dow is at session highs after we heard from jerome powell speaking in switzerland the dow is hanging on to a grain right now of 106 points. that's .4. it's by far the outperformer the s&p is up 7 points nasdaq is only up 7 as well. it's roughly flat on the session. here are some individual movers. watching shares of docusign. it got an upgrade. was initiated at outperforming rbc and the shares are up nearly 20%. michaels is on pace for its best week ever. up more than 34% since tuesday it's source sales where we talked about earlier and it's adding nearly 7% again today shares of zumiez are popping this afternoon and better than expected quarterly and full year guidance that retailer plans to open approximately 16 more new stores

mae and fanny-- fannie mae and freddie mac. it marks 11 years since the government bailed out and put those where they remain today. prior to 2008 the government- sponsored enterprises held $.45 in capital for every 100 in capital for every $100 in mortgages guaranteed. now they hold just $.19 after a $200 bailout from taxpayers. 11 years later these systemically important companies continue to be too big to fail and are more leverage than they were before the financial crisis. taxpayers inevitably remain on the hook for the next market downturn. in march pres. trump signed a memorandum directing the department of treasury and urban development to develop a plan for administrative and legislative perform of the housing finance system. many of the recommendations and the plans released on thursday are consistent with my outline to fix the finance housing system including attracting private-- protecting taxpayers against future bailout and promoting competition as well as preserving certain incremental reforms that have already t

housing market fannie mae and freddie mac. . sure let's start out by explaining who they are they're both government sponsored entities which means that they're somewhat private operating under the auspices of the federal housing finance agency and what they do simply is fannie mae buys mortgages from commercial banks pretty mad buys mortgages from thrifts they securitize them into mortgage backed securities and they sell them to the market and that's a wonderful thing it's quite profitable and the government has done quite well since 2008 with this model the situation is that if you privatized certain mortgages that would be available concerns to consumers may not be there and they may shift the landscape of the mortgage backed securities market but it may also do and this is what regulators and consumer advocates are very very concerned about we may revert back to a situation of 2008 where if there is a less government intervention and oversight we may have a situation where subprime were non-conforming loans are sold as part

freddie graham is facing four counts of arson. police say that freddie graham was in town from missouri for his high school's 50th reunion when he set those fires. our partner at the "mercury news" reports that graham told investigators that he was in an emotional state over his wife's death. records show she died in 2018. the couple had plans to drive together on calaveras road. that leads to the reservoir where those fires were set. the report goes on to explain that graham told investigators that he lit a paper bag and napkins from a fast food restaurant and set them on fire. a witness snapped a photo of graham near the fire scene, about 24 hours later cal fire personnel also spotted him there. graham was able to take off from the scene and head to his class reunion, but law enforcement caught up with him at the san jose airport before he was able to rush out of town back to missouri. graham's former classmates tell police he looked like he was having fun at the reunion. flames have burned about 128 acres in total. reporting li

there is concern fannie and freddie could lead to more extensive mortgages.t is concern for the president going into 2020. if you already have signs of a slowing economy, that is not something you want going into an election year. david: we have to remember fannie and freddie are there to make mortgages cheaper. one of the costs we discovered in 2008 was they are cheaper, but that is because people are taking more risks. how can they keep the mortgages cheaper not take more risks? kailey: that is it exactly. because they dominate about half of the mortgage market, one of the treasury plans is to great more competition. the question is how long it will take to do that. david: thanks to kailey leinz. coming up, he spent more than four decades in the marine serving as a commander in the gulf war and the war in iraq. jim mattis then answered the call of duty to be defense secretary. ♪ devices are like doorways that could allow hackers into your home. and like all doors, they're safer when locked. that's why you need xfinity xfi. with the xfi gateway, devices conn

vonnie: i spoke with the fhfa director earlier this month and asked him about when fannie and freddiee private capital. let's have a listen to his answer. >> the first thing i think we need to do is start to retake capital, and we will have to have a number of months of retaining earnings to show the track record and that cushion before they can go to market. again, emphasizing process driven and calendar driven, the earliest you could see going to market would be fourth-quarter 2020, but 2021 is more likely the case. i do want to emphasize, a lot of things need to be done before we can get to that point. vonnie: it sounds like we still have a long ways to go, maybe even 2021 before this private capital raised. waterlly throwing cap up ash basically throwing water on the whole thing, saying capital is impossible to raise. jesse: there's optimism that the trump administration wants to do things with these companies. we kind of had a decade-long process of purgatory, and these companies, they are so volatile, you could even argue that a strong wind can push them around. every utterance

soon to be privatized mortgage giants fannie mae shares are down 8.75% and sibling freddie mac down 9% as investors start to realize the treasury department's plan may be more of a bleak house than a dream home scenario. nicely written. >> who wrote that? liz: charlie gasparino. >> you know, you're right. they are both penny stocks. the even bigger story here is not so much the common shares, which you know, common shares are just so you know, the lowest level of the capital structure. if you restructure a company, common shares almost always get wiped out. those are penny stock levels. it's the preferred shares, if you look at the preferred shares, they are down as well today, as well today, so it's kind of a scary scenario for shareholders. listen, this plan was supposed to bail out the shareholders. they are a very active group of shareholders. by the way, they call themselves fannie-gate. they believe the government was essentially screwing them over, stealing all of fannie mae's profits, that fannie mae and freddie mac didn't have to go into receivership. i think bill ackman owns

however, to actually remake the fannie and freddie, and return them to private markets and they wouldgislation which is hard to imagine anything will get past in the next -- before the election. >> yes, it does. a lot of individuals still are -- they play lottery tickets. >> yes >> we have to assume competition in the fast food space wendy's back into breakfast, downgrade out of guggenheim on the heels of that saying it adds risk to the shares mcdonald's buys a small voice tech company and is forming what they're calling mcd tech labs in silicon valley to help them leverage ai and digital tech. >> voice is the new thing. i got to meet some young people as part of a comcast venture and two companies involved with voice. and live person involved with voice and voice is important i think that's smart wendy's, i thought the downgrade was fatuous. saying that ty penagore will have a hard time as ceo managing breakfast. you have this day part and you need to have that day part be used that was the secret behind if you want to look at what really changed the american story for starbucks, kev

no problem. >> nothing out of the or nor. >> absolutely nothing. >> reporter: he says freddie thanked him for tracking himoni omethick in miod about his wife. >> reporter: after finding him, richard says the 68-year-old told him about losing his wife last year. >> he shared with me that his wife had passed away, and he had dreams of driving in the hills and showing her where he grew up. >> reporter: those hills are where investigators say graham set 13 fire fires. >> he was distraught. and i continuing hit him. >> very lonely guy. >> reporter: this woman says she met graham on an online dating site last summer, and it was obvious he was still grieving over his wife. they exchanged text messages while he was here in california. >> just why, why would you do that? and why didn't you reach out for help? >> reporter: graham is no stranger to the law. he is accused of setting a tractor trailer on fire in missouri last august. >> obviously this man was distraught. and angry. >> reporter: richard plans to visit grahal tomorrow. he hopes he says yes. >> i'm telling him, what you did was wrong

steven mnuchin unveiling a plan that would re-privatize fannie mae and freddie mac. it was back during the bush administration that the republican part of that $190 billion bailout from taxpayers issued a conservatorship for fannie mae and freddie mac. as of now, they make up about half of the mortgages in the $11 trillion mortgage market. it is a long shot to get them privatized. even behind the scenes, talking to sources this morning, republican saying something they would like to see happen, but with the divided government and heading into an election year, the plausibility of this getting over the finish line remains a challenge to say the least. also presentrdles some opportunities for hedge funds. that would mean they would be able to invest in this type of market. the administration says they want to see more competition in the mortgage market as well. it is a benchmark, it is a long way to go, but a long-awaited unveiling from the treasury department. david: it is a process. you have to start somewhere. many thanks to kevin cirilli. let's go to detroit. i was

my buckingham constituents and and our three fe hildren, oliver, freddie and jemimah. [applause] mr. bercow: from the bottom of my heart, i thank them all profusely. i could also not have served without the repeated support of his house and its members past and present. this is a wonderful place, formed overwhelmingly by people o are motivated by their nation of international interests, by their perception of the public good and by their not as delegates, but as representatives to do what happens they believe is right for our country. we degrade this parliament at our peril. i served as a member of arliament for 22 years and for last 10, as speaker. put it been -- let me explicitly -- the greatest privilege of my professional life, for which i will be eternally grateful. i wish my successor in the chair in ery best fortune standing up for the rights of all of our right honorable for parliament institutionally as the speaker of the house of commons. thank you. cheers and applause] is mr. bercow: you are really a very bunch of again rouse people. i love this place. you l

fannie, freddy would make their ability to get a loan easier, because they, because they don't have the with all. they can go to a bank. neil: we went overboard ahead of the meltdown. we saw owning a home, was a goal to know, it's a birthright. >> fannie and freddie led us into the mortgage meltdown. how did they do that? they were incentivized pushed, they are regulated by government, by hud. neil: community rye investment act. >> was more than that andrew cuomo as hud secretary pushing fannie and freddie to dive buying up subprime loans. think about that. neil: can i switch gears with you, thoughts on the john bolton thing? two different interpretations. we'll sort out that drama later. but are you hearing that this upheaval at the white house is short-lived thing, just continuation? many can look at this, say well, we didn't like, spartan, in your face foreign policy approach of a john bolton and this might show a more measured president going forward? >> i never was quite sure why trump picked him. if you know john he is much more of an interventionist. he is not about reducing foot

we anticipate hearing more about fannie and freddie throughout the afternoon.low along on your bloomberg at live . bloomberg businessweek is continuing its study of the top mba programs. carol massar and jason kelly join us from new york. with them, the graduate business school's dean. : we are at columbia business school all day. the 16th dean of columbia business school has been a longtime professor and also an award-winning scholar. >> we are so happy to be here with you. we have some of your students. it is sort of like college game day for business school. far inve you learned so the top job? >> thank you for taking the time to come and visit us. it is great to have you here. i look forward to having a new campus in two years when we moved there. a few things to say. i have been embraced with a lot of enthusiasm from my colleagues, and we are actually working on interesting initiatives at the school, both to improve and change education, and also to talk to business leaders that have been flocking in to meet the new dean and see how they can be involve

i have served the beatles, the stones, freddie mercury, eric clapton, pete townsend, take that, god,e my favourite, they were fantastic deserves. eric clapton came in a few yea rs deserves. eric clapton came in a few years ago, deserves. eric clapton came in a few yea rs ago, because deserves. eric clapton came in a few years ago, because he gave his first guitar the hard rock, print —— pecans and had about this and he sent his down with a note a week later saying that mine is just as good. they gave me a job in 1971, a job that i have walked in and every second minute, hour of the day i have enjoyed every second of it. they were my darling, whenever you are ready to pay me, come back, and bring yourfriends, great are ready to pay me, come back, and bring your friends, great to see you. well, stay with us here on the travel show, because coming up: we will be meeting the filipino islanders keeping a perilous tradition alive. plus i will be asking just what goes into natural wine? hello, would you like... oh my god! i was not expecting that! at all. i think as far as entrances go, tha

i have served the beatles, the stones, freddie mercury, eric clapton, pete townsend, take that, carnabys— and jackie and joan collins, they were my favourite. we're in the philippines with the people who risk their lives preserving a dangerous art. plus i'll be finding out why the natural wine movement is on the rise. that's really nice. theme music plays hello and welcome to the travel show, with me, lucy hedges. this week i'm in vevey, a small swiss town on the shores of lake geneva, as it hosts the world's biggest and perhaps most infrequent wine festival. as well as being home to unesco—projected lavaux vineyards, vevey is known for its living tradition, the fete des vignerons, a three—weeklong celebration of wine that transforms the town. while switzerland might not spring to mind when you think of wine, they actually produce around 100 million litres a year, exporting only 2% of it. it is said that during the fete des vignerons, visitors to this unsuspecting lakeside town work their way through — are you ready — over half a million bottles of wine. the festival itself actually bega

house stuff, my buckingham constituents, and and all, my wife, sally, ur three children, oliver, freddie, and jermima. [applause] from the bottom of my heart, i thank them all protuesdayly. i -- profusely. i also could not have served without the repeated support of this house and its members, past and present. this is a wonderful place filled overwhelmingly by people who are motivated by their otion of the national interest , by perception of the public as not as delegates, but representatives to do what they believe is right for our country. we degrade this parliament at our peril. i have served as a member of arliament for 22 years and for -- this has been -- let me put it explicitly. the greatest privilege and honor of my professional life for which i will be eternally rateful. i wish my successor in the fortune in y best standing up for the rights of honorable and right honorable and for dividually parliament institutionally as the speaker of the house of commons. thank you. [applause] >> you really are a very, very generous bunch of people, indeed. and thank you on both sides of th

fannie and freddie, if we want to get into this a little bit, fannie and freddie because they went soying loans off the books, because government wanted policy that everybody should own a home, they really did make housing prices go through the roof. neil: then argue they emboldened bubble? >> not only argue -- neil: they dodged a bullet and reprimand and punishments almost everyone had to endure. >> yes. listen there are a lot of conservatives say fannie and freddie should remain part of government. if you will have a government policy making 30-year mortgages for everybody, let the government totally own it. don't make these quasi-public companies that trade stock. when you're a public company, think about it this way, your goal is to maximize returns and take risk. when you're a government entity, our goal is not take risk, maximize concerns, protect taxpayer. you can't have those two. this will be really interesting. it is politically fraught. if they do something radical, totally priced advertise them, my guess less loans will be made by fannie and freddie. they will not be able

. >> freddie gham will be making his first appearance in court this morning. jobina fortson is live in san jose with the other information we're learning. >> good morning. molice say freddie was in to gwnha froram missouri for hi school's 50th reunion when he set those fire his classmates are stunned and say that graham appeared to be . crews were battling those plames that burned 128 acres in total. our "mercury news" reports that gram told investigators that he was in an emotional state over his wife's death. records show she died in 2018. the couple had plans to drive together onroad. graham set a paper bag and napkins from a fast food restaurant on fire once he got up there. a witness snapped a photo of graham near the fire scene, about 24 hours fire personnel also spotted him there. graham was able to take off from the scene and head to his class reunion, but law enforcement caught up with him at the san jose airport before he was able to rush out of town back to missouri. right now graham is being held on $2 million bail. reporting live in san jose, jobi

staff, my buckingham constituents, and above all, my wife, sally, and our three children, oliver, freddie, and jemima. [applause] mr. bercow: from the bottom of my heart, i thank them all profusely. i also could not have served without the repeated support of this house and its members, past and present. this is a wonderful place, filled overwhelmingly by people who are motivated by their notion of the national interest, by perception of the public not asnd by their duty, delegates, but as representatives to do what they believe is right for our country. we degrade this parliament at our peril. i have served as a member of parliament for 22 years and for last 10 as a speaker. this has been -- let me put it explicitly -- the greatest privilege and honor of my professional life, for which i will be eternally grateful. i wish my successor in the chair the very best fortune in standing up for the rights of honorable and right honorable members, individually and for parliament, institutionally, as the speaker of the house of commons. thank you. [applause] mr. bercow: you really are a very, ver

fannie mae and freddy back. -- freddie mac. they will be allowed to boost their capital.hey will be allowed to retain their earnings until the capital buffer hits $25 billion for fannie. for freddy, it will be allowed to hold $20 billion. under the current bailout arrangements from the financial crisis, both are restricted from holding more than $3 billion in capital, which meant they cannot survive without government control. if they can get to $25 billion, if they can get to $20 billion, maybe they can survive without the government. it will take them a while to get there. there are still significant challenges to recapitalization, and one of them will be to the outcome of the 2020 elections depending on how long this takes. it does go stocks i am watching. that wraps it up for me. coming up on "the open," strategic head of fixed income research as we wrap up the last day of the third quarter. this is bloomberg. ♪ y95óóo jonathan: from new york city for our audience worldwide. i'm jonathan ferro. "the countdown to the open" starts right now. ♪ jonathan: coming up, wrapp

staff, my buckingham constituents, and above all, my wife sally, and our three children, oliver, freddyand jemima. here, here! from the bottom of my heart, i thank them all profusely. i could also not have served without the repeated support of this house, and its members, past and present. this is a wonderful place, filled overwhelmingly by people who are motivated by their notion of the national interest, by their perception of the public good, and by their duty, not as delegates... hear, hear! but as representatives to do what they believe is right for our country. we degrade this parliament at our peril. i have served as a member of parliament for 22 years, and for the last ten as speaker, this has been, let me put it explicitly, the greatest privilege and honour of my professional life, for which i will be eternally grateful. i wish my successor in the chair the very best fortune, in standing up for the rights of honourable and right honourable members individually, and for parliament, institutionally, as the speaker of the house of commons. thank you. just want to update you on th

the trump administration unveiling its plan to privatize fannie mae and freddie mac.he two companies were bailed out by taxpayers after they nearly collapsed in the financial crisis. lauren: hillary vaughn is at the white house with the details. good morning, hillary. >> reporter: good morning, lauren and ashley. the treasury department along with the department of housing and urban development is recommending that the government release control of fannie mae and freddie mac after they turned into government sponsored enterprises following the housing crisis. right now, fannie and fed dry fe giving the government billions in revenue after the bailout. now the government has a plan to restrict future bailouts. there is no timetable for them to exit conservatorship. this official saying it could be through a public or private placement. treasury officials also say changes could be made to fannie and freddy's net worth sweep. right now, all their profits go to the federal government but that could change. however, there are no details yet on how much. treasury is submitt

mac, but he did make it clear that fannie and freddie need a government backstop paid for by privateital and they also need to be recapitalized. currently, they each retain $3 billion in capital, but secretary mnuchin said they would need a lot more. >> if i were to give you a range of a number of, it's more like $100 billion than it is $6 billion. >> and the treasury secretary also reacted to the court ruling friday saying the treasury sweep of all fannie and freddie profits was illegal. he said, they may appeal that to the supreme court. back to you guys >> all right thank you very much, diana olick. and thank you for watching "power lunch." >> a busy hour it has been thank you very much. and "closing bell" starts right now. >>> welcome to the "closing bell"! i'm here at the jpmorgan post. that stock up 0.8% today, over 3% in two trading sessions we've got the constructive comments from chairman and ceo jamie dimon coming up. broader markets, though, lower, down 0.4% on the s&p 59 minutes left of trade >> and i'm morgan brennan in for sara eisen let's look at what is driving the ac

freddie graham, who is from missouri, was in town for his high school reunion. he was arrested last week and then accused of arson. abc7 news reporter chris nguyen is live at the santa clara county hall of justice with the update. chris? >> hi, ama andy on. cameras were not allowed inside the courtroom today, but we can tell you that freddie graham has been accused of setting 13 fires over a two-day stretch while in town for his 50th high school reunion. late this afternoon, questions remain over the motive behind a series of fires that burned the milpitas foothills a little more than a week ago. the accuse ed arsonists, freddi graham is being held at the elmwood correctional facility. supervising district attorney bud porter. >> it was extremely dangerous to set fires up in the foothills at this time of year, at that time of day given the temperature and the location. >> graham has lived in the kansas city area for nearly 30 years, but was in milpitas to attend his 50th high school reunion at the sheraton. investigators believe he intentionally set a total of 1