quite a lot of detail, but george osborne is interesting. he's seen as someone who doesn't come out in public unless he really needs to. >> that's right. george osborne is not only chancellor, but also the government strategist. he does have a finger in many of the pies of government, and his name and text messages have arisen during this inquiry to do with that bskyb bid, which is now proving to be a very controversial area for this inquiry. original originally george osborne wasn't intending to give evidence to this inquiry, but precisely because his name keeps cropping up, they've actually decided to call him. so this afternoon, he, too, will be giving testimony as to what went on when the murdoch entire was trying to bid for the satellite broadcaster, bskyb. >> key figure in the government, of course. naomi, thanks very much. after more than two decades of lawlessness and turmoil, somalia is close to forming a new government. african union troops have fought hard battles to drive the militant group from the capital, mogadishu, and restor

whop it's actually this one's kind of cold i deserve a rebate on that yes george osborne forced into pasty tax u. turn while we have been here the tax was twenty percent on any food served by temperature and it was seen as symptomatic of a government out of touch with ordinary working people cameron had defended the move designed to put twenty percent that on all food sold above ambient temperature insisting that he loves it pasty well known as politicians are not above and beyond temperature along the zombies are actually cadavers are roaming around the white all house of commons zombies repeating the same old shit over and over again but you're right to say it is past it's not pastry and we've been fighting the good fight for the people of cornwall for a number of years you know they sought regional distinction for the cornwall pasty and they deserve it like parma has the parma ham on the parma cheese the people of cornwall deserve regional distinction for the cornish pasty and i suggest that they go with this triumph and now by getting the exemption from osborne's hot food and bei

george osborne is the top treasury official. he told us europe must create a common banking system so that strong countries can support the weak. we asked him what he's been telling europe's leaders. >> the messages they're getting from myself, from the u.s. administration and from others are very, very clear that this is an exceptionally grave moment for the whole world economy. >> pelley: an exceptionally grave moment for the world economy. help the folks at home understand what the stakes are here. >> well, i think the stakes are very high. i think we might be plunged back into the kind of financial problems we saw in 2008 if we don't have a resolution of the euro crisis. and in a way, we've seen that movie already and we didn't like it. >> pelley: what has to happen to stabilize europe in your estimation. >> well, i think what has to happen is in effect what alexander hamilton understood a couple hundred years ago in the united states which is if you have a single currency then you need to have a national debt. you have trea

further they've got the momentum next kick out all the celebrity chefs from cornwall so max perhaps george osborne to get back with the common people it's a opes i made a mistake i didn't mean to tax cornish pasty i meant to tax home counties pigsties it is here above ambient temperature some would argue no so we go from pasties to cookie jars analysis j.p. morgan dips into cookie jar to offset london whale losses yes you know j.p. morgan lost all that money right there there we are in london do you see the london whale hopping through the background right munching on the plankton of fraud the krill of accounting miss leisure demand is right here with all the other big time for. crooks in london stacey this is where they breed this is where they live then they're so happy with the fraud they're committed in the city of london that in the olympic event for the summer for a limpid pulling a using fraudulent polls i think severus fantastic well to remind people what happened with j.p. morgan is they made a giant huge bet on the corporate credit default swap market they cornered the market and they we

actually this afternoon we will hear from the chancellor of the exchequer george osborne himself and not from prime minister tbor done brown. -- gordon brown. a little later this week a number of political figures are expected at the table, including john major, labour party leader ed millibland and -- miliband and ed clegg. we'll have live coverage of that all this week here on c-span2. >>> as this break continues, opening remarks from earlier today with former prime minister gordon brown. >> may i call this morning's witness, the right honorable gordon brown, please? >> thank you very much. [inaudible conversations] >> i swear by almighty god that the evidence i shall give shall be the truth, the whole truth and nothing but the truth. thank you. >> mr. brown, your full name, please. >> james gordon brown. >> you kindly provided us with a witness statement which is dated the 30th of may, 2012. it has the standard statement of truth, and you've signed it. is this your formal evidence to our inquiry? >> yes, it is. >> mr. brown, thank you very much. for the work that's, obviously, gon

george osborn will make a statement at the house 12:00 london time about the report.nd there are many others under investigation. >> 16 banks, something like that. this could have tons of litigation. jpmorgan's trading loss could be as much as $9 billion. four times higher than the bank's initial estimate. jaime dimon talked about that loss making position. >> yeah. our estimate, what the analysts put in their estimates, 9 billion if that's true or not. >> the risk is something in that range. the real question is ultimately what hit does this mean for the bang's second quarter profit. let's take a look on what's on the agenda. key economic data. 8:30 atm latest jobless claims report is due. also at 8:00 a fresh revision to first quarter of gdp. at 1:00 p.m. eastern the u.s. treasury will auction off seven year notes. on the earnings front we get reports from family dollar and after the "closing bell" results from blackberry maker research in mocks, one to watch. and nike. >> billionaire warren buffett joined force with bone jon jovi at a charity effect in new york. bo

george osborne, i called him david earlier, george osborne finance minister of the uk apparently hintingctions could come in this libor probe, basically to summarize the comments i've read off the headlines they want to know who is responsible, how exactly this happened and they're going to hold people accountable and there was some hint that criminal, not civil, not money but criminal action could be taken in this probe. to your point, andrew, this news came out in the libor probe yesterday morning and looks like traders and investors have had a whole 24 hours to synthesize it and say wow, maybe this could grow, now maybe the possibility of criminal action, you've got the british bankers' authority calling not for banks to regulate libor but for the government to do it. >> it raises the question if you found this at barclays it's one thing if it's one bank but if you think it's more pervasive, the way the banks may work, then it raises much more significant questions. >> and adding hsbc, rbs and ubs to the list. i imagine stocks across the board are going to have a tough time. >> i was

have to leave it there and go straight to the house of commons with the british prime minister george osborn talking about the barkley's situation. >> by far the most prevalent benchmark record rates used in the eurocom u.s. dollar, and sterling interest-rate derivative contracts. the outstanding interest rate contracts are estimated to be worth $564 trillion u.s. yesterday they published notice that barkley's had on numerous occasions acted inappropriately and that breached principles of business. as a result, they have imposed a financial penalty of 59.5 million pounds on barclays. it reports that the bank on numerous occasions did not conduct its business with skilled care and diligence. the bank did not take reasonable care to organize its affairs responsibly and effectively with adequate risk-management systems and this bank did not observe proper standards of market conduct. barclays' misconduct created the risk that the libel would be called into question and the confidence in or the stability of the u.k. financial system would be threatened. barclays is not alone in this. they are co

starting monday, former prime minister gordon brown and george osborne. the hearings investigate the relationship between british leaders and the press. testimony begins at 5:00 a.m. eastern on c-span2. >> talking about reform does not solve anything. you have got to get specific about it. i would bet if everyone in the room designed a plan, i could sign on to 90% of them. >> warren buffett, tonight at 8:00 on c-span. >> today on "washington journal" the political commentator discussed his new book on the obama administration. he talked about the economy and administration policies. this is just under 45 minutes. this is just under 45 minutes.

the pole shorter and shorter which means more gold medals which means more bailouts oh my god george osborne must be in charge of the states here well max actually speaking of the olympics there's a lot of fear mongering about the olympics and there could be all sorts of attacks that's why we have missiles on the top of all these apartment buildings out here but this is also the center of the fear mongering about europe and particularly directed at the greeks right now there's also horror stories about what will happen if they vote for one of the anti bailout parties greece responsible four point four percent.

i suspect george did the same thing. >> how important it was mr. osborne's advice in relation to this process? were you reliance on in? >> it was important. george and i worked very closely together. he thought this was a good idea. but as the state department and elsewhere, this was my decision. i take full responsibility for it. and no, i don't try and shuffle off in responsibilities to anybody else. >> in paragraph 237 of your statement, mr. chairman, -- mr. cameron, you say you are sure that you would have discussed his appointment. that's mr. coulson's appointed, with rebekah wade. to be clear by this time may 2007, we have accounted, catheter, pardon me, as much of your friend? >> yes, i think it would. as i say in evidence, i can't recall when i discussed it with there. whether it was before, during or after, but i'm sure i would have at some stage had a conversation with her about it. >> can you remember how many conversations? >> no. spink might it have been more than one or not? >> i don't think so. the process was george, we both met him before. i

wealth away from citizen savers to financial skimmers and con artists fraudsters and gangsters oh george osborne is the. the chancellor of the exchequer in the u.k. he had just imposed a new group as it's called the granny tax which is another wholesale fact from savers to the speculators this is five billion pounds on top of this sixty billion pounds already taken from savers and his justification was well these grannies these older people these pensioners they were spared all of the ravages of austerity so far so they need to pull their weight and sacrifice for the greater good but didn't they unfair underwrite by having all their savings decimated by zero percent interest rates at the bank of england same thing all around the world to sacrifice an incredible amount of income already aren't they the ones the ball work that's kept this thing floating by sacrificing all their income to keep the speculators operating exactly correct. they have already sacrificed hundreds of billions of pounds euro's in dollars in income was two or three years of zero interest rate policy that's also smith unbelie

it's a hot pasty max hop it's actually this one's kind of cold i deserve a rebate on that yes george osborne forced into pasty tax u. turn while we have been here the tax was twenty percent on an.

the pole shorter and shorter which means more gold medals which means more bailouts oh my god george osborne must be in charge of stays here very well max actually speaking of the olympics there's a lot of fear mongering about the olympics and there could be all sorts of attacks that's why we have missiles on the top of all these apartment buildings out here but this is also the center of the fear mongering about europe and particularly directed at the greeks right now there's also horror stories about what will happen if they vote for one of the anti bailout parties greece responsible four point four percent of the world economy now poses a threat to international prosperity as investors raise bets it's days using the euro are numbered a greek departure from the currency would inflict collateral damage says pimco at worst it could spur sovereign defaults in europe as well as bank runs credit crunch as a recession's that may spark more euro exit greek exit at worst means more money printing for the banks and they've already priced that into their stocks and their bonuses what they're really

else is new and his island nation is sinking into the muck the austerity measures are a bust george osborne is trying to walk back as aggressively as he can without losing his entire support the coalition is a shambles and that that won't last much longer yes but max i believe hedge funds and goldman sachs have already bennie in the so-called emerging economies for quite a few years now we've been talking about at the bric nations even was a coin by jim o'neill from goldman sachs so now cameron comes of this brilliant idea where people have already ben for years and years and years and in fact those guys are kind of getting out of china saying get out of china get out of brazil the reality is like at all time ha yeah the french for this is topic to topic davy so he's coming in at the top you know it would be like buying facebook on the i.p.o. for example you top tip top ticking this stock before it plummets or buy groupon or at the open this is the topic you know after that it's a twenty thirty fifty percent drop so yeah there. cameron is stumbling into these markets one of the horses bolte

osborne. your full name, please? >> george gideon oliver osborne. >> thank you. now, you kindly provided us with two witness statements, the first is dated the 4th of may, the second the 11th of may this year. each with a at the same time of truth. is this your formal evidence of our inquiry? >> yes, it is. >> you, of course, are the>> y chancellor of the exchequer anda were shadow chancellor betweenho 2005 and 2010s that right?e >> can indeed. >> mr. osborne, first of all, thank you very much indeed for the obvious effort you put into these statements. i do want to clarify one fact or correct the misapprehension sent to the public domain.rr for some people i have made it clear that they will have to give evidence.opl to others i've wanted to wait and see what they say before deciding whether they have to give evidence. it's quite wrong to suggest, as i know has been suggested, thats you've been required to give evidence after the evidence of mr. hunt. the fact is as you know, but i'h very keen the public shouldt understand some considerableblic time ago having s

they say george osborne is not so keen about you getting that idea because he wants to succeed cameron. >> people should feel the top job is coveted and it's very important for the democracy that people should feel that. like it's a jammed jaw. >> rose: and compete for it because only because of the competition for it -- >> and will the country be best served. because it's only if you do have a ruthless process of elimination by thousands of people, which is an argument i make in this book. >> rose: i just want one last question. can you tell me whether you intend at any point to make a run for prime minister. >> as i said, i think that is improbable. >> rose: improbable is your answer. not impossible but improbable. >> in the phrase of michael -- >> rose: didn't quite make it. as minister of defense. >> i cannot foresee the circumstances in which i would be. >> rose: all right. this is now video taped as you know. >> i've got four years and i've got a lot to do. >> rose: including the olympics. tell me about the coming of the olympics to london. >> it's going to be a great thing for t

into phone hacking continues with former british prime minister quarter brown and george osborne testifying. coverage begins tomorrow at 5:00 a.m. eastern on c-span2 and will continue throughout the week. next, a commencement speeches by a missouri government -- governor jay nixon and samuel palmisano, barney frank and general martin dempsey. >> of the be-52, everyone thinks back to vietnam, at they think of the history of the cold war, but there is a different kind of power associated with the b-52. >> women and confederates who knew each other prior to be civil war and fought against each other in 1862. here they are at age 100 talking about the old days. >> the date to the west is 903. they reflect or reference a moment of the bomb which was at 9 02. >> every month on book tv and american history tv. look for the history of our next stop, jefferson city, missouri. >> governor jay nixon was that commencement speaker at northwest missouri state. he spoke to the class of 2012 about the importance of higher education and alternative energy advances. jay nixon was the attorney general for fou

there was a story about george osborne. andy coulson came up with the most destructive headline about me anyone could manage. the. i am making is that there were some people and the conservative party who did not want a tabloid editor. my view was that it was necessary to have somebody tough and robust. i think he did his job very well and was somebody who had a good code of behavior in how to do his job. >> with the inquiry and the ethics of the press, tabloids have featured in that. they are associated with some of the worst aspects. that was the rescue were taking, it might be said. >> the risks i set out was what i considered and i made the decision. >> talking about the controversial aspect, he resigned in january 2007, did you assess at all there was a risk or not? and he said he had resigned because he did not -- i have to be careful what i say -- and these were undertakings given and accepted by the police, the commission, given to a court in a trial, they were undertaking quarter and around so he called andy coulso

sterling was already down this morning on the measures announced last night with george osborne and king. u.s./sterling is up to 0. 140. gilt yields are lower at 1.667. let's show you the rest of the markets, yields are lower in both spain and italy. spain, 6.83%. we broached that 7% mark. 6 opini 6.05 for italy. european stocks up a bit. the ibex has been a sharp out-performer this week. it's bouncing off nine-year lows and it has been bank stocks that have driven that action. plenty to talk about. let's remind ourselves with what happened last night in the city of london. the bank of england and the british government are joining forces to boost growth. the chancellors told an annual gathering of financiers that now is the time to coordinate banks and i dundustry. >> in order to inject new confidence in our financial system and support the flow of credit where it is needed in the real economy. we are not powerless in the face of the eurozone debt storm. >> meanwhile, the package includes funding for lending plan designed to cut bank funding costs in exchange for lending to the real eco

osborn. your full name? >> george gideon oliver osborn. >> each with their own set a true spirit is this reform of inquiry to power questioning? you are the chancellor of exchequer ever show chancellor between 2005 and 2010? >> indeed. >> first of all, thank you for your efforts you are putting into the statements. i want to clarify one fact, or correct the misapprehension in the public domain. for some people, i have made it clear that they will have to give evidence appeared to others, i wanted to wait and see what they said before deciding whether there would have to give evidence. is quite wrong to suggest, as i have now been suggesting, that you have been required to give evidence after the evidence of mr. hunt. the fact is, as you know, and i'm keeping the public should understand, some considerable time ago, having seen your statement, the view was taken that you ought to give evidence and are content to do so and arrange to do so accordingly. so i wanted to correct that. >> thank you. >> may we start off with

> well, obviously quite aggressive articles sometimes, you know. when george osbornee, u had the story about him. andy coulson came up with are the most distracted headline about me which anyone has measured which were three words i never uttered which wer [inaudible] the point i'm making is there were some people i think in the conservative party who don't have tabloid editor. my view was that it was necessary to have someone tough and robust. -in my dealings with him that actually he did his job very well. a taxi he was someone who h think a good code of behavior and how he did his job.d to say they are, some would say> associate with some of the wors: aspects of thed: cultural practe and ethics of the press.d>d>d>d some might say that was the ris you are taking. spent as i say, the risks are e ones i've set

i suspect george did the same thing. >> how important it was mr. osborne's a good idea. but as the state department and elsewhere, this was my decision. i take full responsibility for it. and no, i don't try and shuffle off in responsibilities to anybody else. >> in paragraph 237 of your statement, mr. chairman, -- mr. cameron, you say you are sure that you would have discussed his appointment. that's mr. coulson's appointed, with rebekah wade. to be clear by this time may 2007, we have accounted, catheter, pardon me, as much of your friend? >> yes, i think it would. as i say in evidence, i can't recall when i discussed it with there. whether it was before, during or after, but i'm sure i would have at some stage had a conversation with her about it. >> can you remember how many conversations? >> no. spink might it have been more than one or not? >> i don't think so. the process was george, we both met him before. i met andy coulson when he was editor of "news of the world." we both got the impression he was very effective, very effective individual. george

george osborne warning that an attempt to pull it out of recession is in his words being killed off by the crisis on our doorstep. the 17-nation currency block is britain's single largest export. let's go across the pond where kelly evans is standing by in london. miss evans. >> hello. first of all, it's rayoy. the spanish prime minister is rajoy. the "j" is an "h." let's recap the weekend. $100 billion in aid to spain's banks. this, of course, not being called anything but a line of credit by mr. rajoy or the thing that happened over the weekend. not a bailout in his words, although everyone else is. the money would come from the efsf at least until the permanent esm in permanently in place. why us the this matter? if you're a creditor, esm pushing you down. efsf does not. the specific amount of loans going to spank we won't know for about ten days when more detales are available. let's stack this up. now, importantly the tirchs between spain and some of the other peripheral countries is that this aid was for the banks and for the other countries it was for them itself. going back to

osborn's evidence was that he also obtained assurances. breyer aware of that? >> i do not -- were you aware of that? >> i do not recall. i suspect george did the same thing. >> how important was mr. osborn's advice in relation to this process? were you reliant on him? >> it was important. george and i worked for a closely together. he thought this was a good idea. but this was my decision. i take full responsibility. >> in paragraph 237 of your statement, mr. cameron, you say that you are sure that -- his appointment with rebecca wade. would you have accounted -- counted her as a months your friends? >> yes, i think i would. i cannot recall when i disgusted with her. -- when i discussed it with her. >> can you remember how many conversations? >> no. >> more than one? >> i do not think so. we both met him before. we both formed the impression that he was effective. george met him after he had resigned as editor of "the news of the world." i made the decision to employ him. >> in your discussions with mrs. brooks, were you taking some sort of reference from her? >> i was not seeking a reference. when you are employing someone like this,