of these big global institutions need to grapple with head on globalization has delivered more benefits than any other force in history integration connectivity the sharing of capital a sharing of ideas a sharing of education of knowledge has been absolutely vital but this hyper connectivity and it's increasing in intensity and was that leads to the propagation of systemic risks and we saw in the financial crisis and first of the big twenty first century crises it will not be the last so the question is how do we benefit from quite the connectivity how do we benefit from coming together without being more vulnerable to the system because shocks which also come from the us this requires wise policies this requires an understanding that globalization needs to be made to work for development which is indeed the title of my most recent book so what it will make it work for her i think in every dimension and wants needs to see the connection between this these different dimensions there are things that can be done for example on trade how do you build trade policies that will allow a food fr

stability for global growth and inclusive globalization it is going to have to be some give as well as some take from this process so. as we recognize that increasingly we are interdependent we have to accept that us into dependency implies some constraints as well as liberties for all of us but ensuring that these institutions are accountable means that we know what's happening but our elected officials are representation we might not always agree with their outcomes but at least we know what the hell they were arrived at at least you know what influence that and of course the other raising thing that's happening is that the is now the power of the internet so this was mass social media movements we saw in certain things like recent copyright legislation in the u.s. it actually was a completely new sort of process in this case the closing down of we could be here for a few days lead to a change in legislation so this increasingly will happen at the global level to level the pace and finance that because we've seen situations where the national markets are more powerful than governm

second, mf global used j.p. morgan as well as bank of america and other banks for cleaning services. third, j.p. morgan served as the administrative agent for two committed revolving credit facilities, one consisting of 22 and one of 10 banks that mf global had put in place. finally, mf global had entered into securities lending and repurchasing arrangements. these serve as a tool for mf global. as noted in my written statement, we worked hard to assist mf global, our client when it began having problems. these efforts, which would in turn then if it transports customers, include several options. we sent employees to assist mf global to unwind its securities lending arrangement. by doing so, mf global was able to regain access to the securities it had posted as collateral, and then sell those securities to generate additional quiddity. j.p. morgan also attended an auction at 4.9 billion securities held by mf global, involving multiple market participants. this is another way that we assisted in its liquidity. we

withdrawals from mf global inc. must be improved in writing by ecma's audit department. basically seamy is telling mf global not some of its own capital out of mf global without this approval. who just disseminate that information to when you receive that letter? >> i don't recall at the time. it obviously went directly to our finance group and i cannot remember back on that thursday. i recall having a conversation where people were aware of. >> so, did you all seek approval when you made the 175 million-dollar transfer to the mf global u.k. before you move that money? did you notify cme that you are making the transfer? >> i was not aware of that transfer before it was made so i would not know that. >> so you don't know who you disseminated the information to sell navy nobody got the mo? >> again, the memo went directly to the finance people and so the key people operating the transfers and things were all in chicago. i don't recall. >> mr.'s team camp i was interested in your testimony that you said you are the cf

>> i don't know. >> to be the experts that accompanied the mf global, the scope of mf global, there's sure a hell of a lot you guys don't know. [no audio] >> is there anything else that you might know, that you might want to share with us to give us a little bit more insight? >> i'm happy to answer any questions. it's extraordinarily broad. >> take a shot at it. >> i don't know where to start. we're talking about what happened over a very few days in an area that was handled by, you know -- by -- as far as i know serious professionals. well staffed, expert in customer segregation rules. you know deeply within the finance and treasury and operations groups in chicago. i share your frustration in not knowing what happened but again we learned about this hours before the bankruptcy filing. so you may have more access to information than we do but i share that frustration and, you know, as i've done for my entire career, i would have, you know, wanted to dive in on the first motion of learning there was a problem and understand everything we could but we have been cut off from that inform

global to j.p. morgan would be one of those five lines you know it's doesn't intervene and simple and there are a number of things he came out when when this first started he was prepping the media to assume more customers have to share customers have to get used to the idea that the. funds might not come out first which i'm almost out of time i just have a minute the question becomes why because this is an argument that happens with regulation all the time which is that it starts out small and then there's all of this confusion piled onto it loopholes makes it too confusing for people to understand and at the end of the day that serves the wall street players because no one can understand it but that is do you see this is similar i do here's the bottom line that isn't being discussed global is worth more to certain cities dead than it was alive and before we go who are those entities in your view i can't name this man oh come on give us one or two few morgan obviously there are a number of these if

the driving force of globalization is economic, and at the core of the global economy is the global productionystem. du neng ji makes nike shoes-- one of tens of thousands of nike employees scattered across the world. du neng ji and his fellow workers are a small part of the chinese link in the chain of global production. ( du neng ji speaking chinese ) translator: the reason i came to work here is simply to earn a living. i came from chendgu in sichuan province. i didn't have much of a job back home. i've been working at the number two factory for 2½ years. i feel good about it. my ambition is to become a manager. narrator: most of these workers are like du neng ji. until the facties came, they either ratched out a living from farming or had no work at all. now life has changed dramatically. ( du neng ji speaking chinese ) translator: although we have to work hard for eight to nine, sometimes ten hours a day, i still feel very happy. i live in a dormitory, but i feel as if i'm living at home. narrator: millions of chinese have left their homes to work in places like guangdong. man: china has

the administration has identified global food security, global health, and global climate change as the highest priorities for our development assistance this year. historically there has been broad support for participation to feed vulnerable population on combat infectious diseases. i will be interested to learn and agree to which our food programs have engaged our own farmers and are highly regarded agricultural research institutions to achieve greater productivity and higher yields in countries struggling with food insecurity. the administration's expansion of global health investments beyond those established raise several questions. is the priority of the global health initiative combatting and preventing infectious diseases or is it building local health infrastructures and capacity? how is the agency setting priorities? what ways are policies moving to country ownership? what is our strategy and time table for turning those responsibilities over to recipient countries? as the administrator knows, i had misgivings about the new global climate change initiative. under this budget

find out what's really happening to the global economy with my stronger run over the global financial headlines tune into a report on our. top stories tonight over two thousand people have been killed and many more injured than the security to the heart of the syrian capital it's a desperate attempts at the u.n. to bring the conflict to a peaceful resolution. to mend from guilty of last year's terror attack in minsk have reportedly been executed despite calls from international human rights groups for the death sentences to be reconsidered. and small issues inside the e.u. nazi soldiers heralded as heroes in latvia in a rally enjoying top level support but triggering public outrage. to washington now and laura distance covered writing more of the latest financial turbulence. good afternoon and welcome to capital account i'm lauren lister here in washington d.c. and these are your headlines for march sixteenth two thousand and twelve first are we think an emerging market for this. imo glow in the wet ball perspiration it now a congressional budget office with the war has come out alleg

global was getting around u.s. leverage limits this way similar to a idea in two thousand and eight and why it's going on unchanged and double reserve chief ben bernanke he gave his economic checkup to lawmakers today which meant to reacquaint is with republican presidential hopeful ron paul. something that i think would be a compromise that we could work along those reviews. but first of all good to see you again because most of. it's always entertaining while in europe eight hundred banks hit the e.c.b. for liquidity the longer term refinancing operation for five hundred thirty billion euro will fill you in on the easy money makers of the central banking regime meanwhile bank of america find yet another way to cash in on taxpayers and j.p. morgan c.e.o. jamie diamond find yet another way to cash in on attention as a drama queen or king i guess soundings gets a friend on regulation wall lashing out at us the u.s. media we'll tell you what we think let's get to today's capital account. the u.s. commodity futures tr

morgan being in a position to do a lot of due diligence on a global on a global it would have had suspicions about their ability to meet with marching up a lot of due diligence is really an understatement one of the most interesting points that came out yesterday is the. they were already on the no no no debit they were on a close watch because j.p. morgan very well if they had run out of money and why and they asked for the comfort level yesterday j.p. morgan said it's an extremely rare occurrence to ask for that letter they knew that money was not money that they should be touching to pay back the j.p. morgan credit on your question from day one of the all of us had very strong suspicions and nothing's happened since then that our money is a cheapie more than you know we were going to get it back however is to break through the safe harbor provisions of the bankruptcy code because they've already grabbed the collateral and you can do that if you show that some sort of criminality took place and there's criminality of all different flavors and varieties that we throw all through this situat

global but yes the m.f. global scandal is a high watermark in the malfeasance going on in the wall street led economy we're wealth was simply stolen from customers right out of their accounts but you know the economy rebounding as such. by definition a poll only of those people that survived the last poll grow the last financial hole a cost that wiped out millions those people aren't counted anymore they're considered to have been you know dr system of the remaining group that's there then they say we're all of those wealth that we stole those people are now wealthier and therefore the economy is growing and some people are feeling positive because they only had ten percent stolen in the example of m.f. global banks with inside track take advantage of m.f. global mystery so this is from francine mccann and she says five months on from the m.f. global collapse we know less now than we did when they declared bankruptcy there's one thing we know for sure however and that is some banks must know where the missin

that would double the size of the global fire wall that is designed to keep the global economy from being affected by the crisis in europe. it is on the stage of global finance that she performs her best. she is the rock star for whom the japanese finance minister weights, a little nervously. -- waits, a little nervously. she is trying to convince europe and the emerging economies to surrender their domestic political interests to the global good. >> i have not had anything this morning. it will be perfect. >> we caught up with her for the morning session. >> the ministers are not at the central banks and only. generally, this is a time when people can make some very pointed comments but they would not necessarily make publicly. >> one country that has no problem saying what it thinks in public is your's dominant player. unflappable, even under the considerable pressures of 5 pints of beer down her back, angela merkel is resisting pressure. >> if you have a good relationship with angela merkel. are you frustrated she will not move quicker? >> it is a matter of patience. she does not want

by the united states and the european union country laying the bricks to a new global economic future the five fastest growing economies in the world are meeting in n.d. on this week paving the way it's one answer national bank and possibly a new global currency i'll give you a preview i urge that we not begin a new world without a full debate without a vote without careful consideration of the ramifications of a third or even a fourth war in this past decade i dare for respectively object. rand paul brings an unpopular stance to the senate floor and a new message look before you leave and conflicts with iran of all congress lesser or is it all speed ahead or war. plus it's the case that has pittsburgh's muslim community all riled up a thirty four year old man arrested seemingly after being provoked by the f.b.i. to make good harvest remarks so is this justice served are another case of entrapment and the u.s. will debate. its lands a march twenty eighth five pm here in washington d.c. i'm liz well you're watching our team. well it's a group of countries banding together in a troubled

global collapse we will speak to a lawyer representing eight thousand and the global customers in the bankruptcy he says new u.s. regulations will not stop firms from going the way of m.f. global as long as they can go to the u.k. to take on virtually on limited leverage well tell us how m.f. global was getting around us leverage limits this way similar to a idea in two thousand and eight and why it's going on unchanged and credible reserve chief ben bernanke he gave his economic checkup to lawmakers today which meant a real acquaintance with republican presidential hopeful ron paul. something that i think would be a compromise that we could work along those of use. but first of all good to see you again because most people. that's always entertaining while in europe eight hundred banks hit the e.c.v. for liquidity the longer term refinancing operation for five hundred thirty billion euro will fill you in on the easy money makers of the central banking gene meanwhile bank of america find yet another way to cash in on taxpayers and j.p. morgan c.e.o. jamie diamond find yet another way

global's revolving credit facility there. it goes on and just a reminder he mentioned re high population and how major of a part that place you can find our breakdown of that very important term on our you tube channel we get a word of the day on it. all right before we go let's lying down with some loose change we've got in a tree and shannon to talk about this first mcdonald's pulled away and then petitions to and what's been dubbed slime found in ground beef in school lunches in grocery stores went viral on the internet and then this. the maker of the meat additive known as peak slime is suspending production at all but one of its plants the ammonia treated filler came under fire and social media and so people got laid off pink slime closing down people pulling it oh but wait not everyone hates pink slime after all the u.s. department of agriculture the governors of five states are coming out supporting the company's beef products inc that makes this pink slime are going pink slime has been unfairly labeled and is actually

global's to use. roe wants the subcommittee to question bank witnesses about why it kept the money when it suspected it might belong to customers. >> if you knew there was a problem with the transfer and they refused to swear to you that this wasn't customer money, why do you still have it because, very clearly, it is customer money. >> reporter: roe says, to date, members of his coalition have received about three-quarters of their money back. he's still optimistic they will eventually be made whole. diane eastabrook, "nightly business report," chicago. >> susie: home prices in most of the nation's major cities dropped for the fifth straight month in january, a sign the modest sales increases seen recently have yet to boost prices. the s&p case-schiller index found the average home sold in january lost eight-tenths of its value from december. prices in 17 of the 20 cities the index tracks fell from january of last year. >> while this report is disappointing, it's disappointing for this particular mon

world are meeting in india this week paving the way it's one international day and possibly a new global currency i'll give you a preview. and if you're wondering why you haven't heard about this historic meeting that's probably because you were watching the mainstream media viewership is down way way down on some of the top cable networks will ask journalist david seaman why. these are news corp's these are in the business of making money and it's no secret that whether you're in the wrong or you're repeating them for your seat with iran people news channels. there's a crisis and. these days it seems the mantra is the bigger the crisis but that it is the ratings even if this means suppressing facts and censoring on popular opinions in the process will show you how most media coverage is based on what's profitable. it's wednesday march twenty eighth four pm here in washington d.c. i'm liz wahl and you're watching our. well a group of countries banding together in a troubled world economy they have been coined the grex that is brazil russia india china and south africa heads of states fro

global and exceeds the total net worth of m.f. prior to bankruptcy so it doesn't seem like this is a simple clerical error so is this clearing evidence in your mind of a criminal violation of c f.t.c. rules you've said that there was this criminal yes. simple answer so where is the case is it just too tough one thing that an attorney told us is that white collar crime is very difficult because of attorney client privilege and these financial firms everything they do is have a lawyer and so it's very difficult to build a case is that the problem. well there is a fraud of prime exception to attorney client privilege and as regulators and prosecutors and people bringing civil suits we use that very aggressively against the frauds and it's not being done i mean not much of anything but rest of it is being done in against the major financial frauds other than in an insider trading where they're actually have been some successful prosecutions but otherwise you can commit these fraud so far with impunity under both the bush and obama adm

and global finance, might be thought of as "placeless power."d when those come together in time and space, it can have perhaps some unprecedented geographical impacts. i think the question needs to be... needs to be aske is this a viable long-term development strategy? will it... in 30 or 40 years, will these dams still be generating enough electricity to produce significant revenues, and even though it may increase the total g.n.p.-- or gross national product-- of laos, how will it actually impact people. narrator: but for now, laos's plans for engagement in the global economy are focused on exploiting its water resources and overcoming its geographic isolation by developing its transportation infrastructure. new roads are planned to link china and thailand with seapos in vietnam. suthernd: the country's going to open up very quickly, and that's going to bring a lot of good to the country. but there's also a danger that it will bring a lot of influences, particularly from thailand, that are not so good. fox: thailand and laos are sort of analog

briefly i took the lead in reaching out to mf global's general counsel and mf global's deputy general counsel and received assurances from both of them that mf global understood the customer segregation rules and had complied with them. over the course of our conversations we discuss the contents of a letter we have requested to confirm mf global's compliance with customer segregation rules. as you heard ms. ferber testified she and her deputy raised concerns about the scope of our proposed letter. we narrowed the letter as they requested and as she also confirmed earlier during this hearing we were told the narrow version of the letter would be signed. although the letter ultimately was not signed that weekend before mf global filed for bankruptcy we believe we had been given clear and credible assurances that the transfers were lawful. i would like to thank the committee for the opportunity to share with your respective on this matter and i'm happy to answer any questions you may have. >> thank you. mr. roth, you are recognized. >> i am the president of the national futures associat

the global warming

why global warming? here we have to look at the deep seated moral intuitions that differ from left to right, and i say intuition because reality is something felch. its emotional and visits to down a course of reasoning. it's not necessarily over your control but it has the revulsion of someone who disagrees of you are a situation. by individualism what i mean is the private the system the government leaves you alone. it's the opposite of communitarian as some of which the government takes care of the people. they also tend towards a hierarchical morality meaning that its various types of inequality are okay. they are threatened by global warming because it means markets have failed and governments, global governments in some cases have to step in and fix things and they might have to interfere and this threatens the way the world to work deeply and some of them will go in for conspiracy theories and say that scientists were the world of collaborating with the u.n. to hoax us and believe this false thing

global because he had an investment in a global and it wasn't doing well and he thought this was a way to maybe try to energize his investment it's curious that only this has been brought out anywhere that actually mr gore's and remains a managing partner of j.c. flowers company remains on the one that boards of his they and yet no one stopped about the conflict of interest possible dealings between those two companies etc so you find goldman everywhere and yet of course gary gensler. gary gensler sure i mean how how would someone a farmer. who contributed to mr reelection campaign in new jersey and he's supposed to be in charge of regulating it you know a lot of the spin masters from the other side were leaking stories and the rest of the means to the press are going to get by you guys who are on top of it that the trail has one cold yeah what i would say to that is if you haven't even taken the bloodhounds out of the kennel how can you say the trails won't quote there's been nobody looking after what really happened behind the story again with one exception of this committee which i'

economy we have global economic entities but we don't have global governance structures that give people a seat at the table sort of fractal how do we. talk about inequality and the damage that inequality does and james well over seven k. pickett done a brilliant research on this equality trust in the u.k. . what. what are the consequences of inequality in the united states and around the world and how should we best interest. it's socially destructive in the most fundamental way and you know we're just coming out of the first decade in american history for job creation went down median incomes went down social mobility went down inequality went up as it's been going up for a while and is a relationship between the two and there's a direct relationship between the two and if we don't fix that that's our system we have a recovery last year ninety three percent of the benefits the recovery went to the top one percent seven percent table scraps with the rest of us that's not sustainable because what happens is the people at the very bottom they fall out completely no education the majority

global was stolen twice first by course i next by j.p. morgan this was twisted to hide the involvement of powerful figures the strong ties to the political system and multinational corporations operating out of new york and the city of london as richard dreyfus said in the movie jaws well this is not a boat accident now remember the response from richard dreyfus was to the corpse of the first victim of top. and to the public to the tourists coming to amity it was a boating accident that had killed this woman and will of course when he saw this the body he said this is not a boating accident and we see the same thing in the financial markets now is regulators and politicians seeking office to keep on telling us it was just a boating accident was just a little accident a few dreamed that it was blew up accidentally there is no predator involved here there's no violence the equivalent is they keep saying it's a liquidity problem there's a problem of liquidity we need to keep stoking the banks with more liquidity they don't mention that it's

that would double the size of the global firewall that is designed to keep the global economy from being affected by the crisis in europe. it is on this stage of global finance that she performs best. she is the rock star for who the japanese finance minister waits a little nervous see. a woman in a largely male world who was trying to convince america, europe and an increasingly confident american economies to each surrendered their domestic political interests to the greater global good. i have not had anything this morning, t would be perfect. >> it is horrible, i made it myself. >> we caught up with her at the g-20 sessions. >> tonight is a meeting of the foreign ministers. today, during the course of the meeting, there will be more people. generally, this is the time when people can make some very pointed comments that they would not necessarily make very publicly. >> one country that has no problem saying what it thinks in public is europe's dominant player. unflappable, even under the considerable pressure of five types of gear down her back, angela merkel is resisting pressure. i

all of it so again the global financial crisis one of the causes of it was a global house and volatile so here he is stoking it again the other element to the global financial crisis was the four x. market currency volume surpassed pretty lehman peak bank of international settlement estimates so currency trading may have risen to a record five trillion dollars per day in september some passing the peak reached before lehman brothers collapsed in two thousand and eight according to the bank for international settlements foreign exchange trading has surged as central banks including the federal reserve flooded markets with cash to combat the global financial crisis to pan intervene to help its exports after record earthquake and a tsunami a year ago while the swiss central bank imposed a cap to stem frank straight in september when the room for fraud on a five trillion per day for us market is enormous and this is only again empowering and rewarding the worst amongst society that becomes a caca stock r.c. where the worst qualified in the most corrupt rise to levels of influence and power

and globally interlinked and i want to speak a little bit more about the global interlinking of economies i want to talk about currency because you made quite a splash back in two thousand and nine with the financial and alternative media with this interview i want to play a little clip and then ask you about it it may resolve itself in some cycle of a global currency crisis and then if the global currency crisis unfolds then inevitably you get. i guess an alignment under a global world government. new global currency and a new world order so i guess the question now is of course about the dollar and it's a horrible trajectory it could go down back in two thousand and nine and i'm curious if now if even you're surprised at the relative strength the dollar is seen more recently. right well you know i we were we were in a very very difficult situation as your member in two thousand and eight or the beginning of two thousand and nine it didn't get much better. and i made those comments on c. and b. c. asia at the time and the dollar would need effectively to take out a new low and so the dol

everyone stayed man made gases are causing catastrophic global warming. i thought maybe it was true. i didn't pay that much attention to it until they came out with the cost of this thing. the wharton school. wharton economy metrics forecast. it stayed cost of this for the united states for us would be between $300 billion and $400 billion a year. then m.i.t. and ores came in, c.r.a. and they all kind of agreed. the frame has been between $300 billion and $400 billion a year. then i went back and recalled the the largest tax increase. it was the clinton-gore tax increase. this would be 10 times that amount for my state of oklahoma and the -- susan, our phones rang off the hook, people calling in. scientists calling in on how they were rejected. for our listeners and viewers, this thing started with the united nations. with this -- fast forward to 1992 is when they had the earth summit. now they are going to have the earth summit, plus 20. that's going to take place in rio, i think. the we spent a lot of time going back and when the scientists started to c

global c.e.o. the former one john kors on whether he authorized or didn't authorize customer money transfer to j.p. morgan before the firm imploded meanwhile bernanke is warning about unemployment and the financial industry is wondering whether or not this means more quantitative easing is coming from the central planner in chief but below these headlines and below the surface of the banking system on any given day is this gigantic shadow banking system including the derivatives market of course ninety five percent of all of these trades are in the unregulated over the counter market according to a european commission report and this market is over the counter derivatives market amounts to more hundred more than seven hundred billion dollars these are drive it is which warren but buffett investor has famously called weapons of mass financial just struction and it was a credit derivative junk resigned was trading that led to m.f. global imploding now we are lucky that our guest janet have a koli pre

exposure, global businesses. so given especially what's happened in europe over the last couple of years, was that the right emphasis, the that emphasis still work? >> yes. we absolutely believe that the world, the global phenomena is very real, it is certainly kind of overpromoted maybe as a way to deliver high returns. but as a phenomena, it is very real. and most of our domestic companies who are highquality are inact global enterprises. we have many companies that receive 50% plus of their revenues overseas. it could be anyplace, it could be exporting, it could be sourcing, costs, it could be a variety of ways. but the global thing is very real, and it's very important to small companies, sort of that counterintuitive, but it's extremely important for small companies. >> why? >> well, because small companies aren't so small. the small companies for us would be the $2 billion company that -- >> revenues? >> well, market capital. might have the same amount of sales. and those sales would be sourced around the w

we have witnessed the greatness of the global filipino every day.with you, our community leaders, we play a very critical role in helping build a strong global filipino community. together, we create the image of the filipino in places where we live. the world's image of the filipino is really in our hands. here in the united states, we have made our mark, whether through our work at the community center, the fight for rights for our veterans of world war ii, or our friends south of market. or, you know, just inserting filipinos in the san francisco lantern parade every christmas. the towards of filipino-american legacy continues to burn brightly as our community renews evarts every year to impact history, society, and culture in san francisco. this year is no exception, and we feel very privileged to be part of distributing to seven organizations that have made key milestones. the filipino nurses association of california, northern california chapter. the filipino womens' network. the literacy initiatives international foundation. the filipino-amer

this is all on the global scale. we know that treatment as prevention has been documented to reduce transmission by 96%. this is remarkable evidence of progress. we now know that if you are on treatment, not only will you live longer and healthier, but you'll be 96% less likely to spread hiv to others. that's a game-changer, in our understanding of how the epidemic works and how to treat the epidemic. how to manage the epidemic, how to control it and prevent it. but even with a modest level of cd-4 count, we're still at only 47% coverage. mail circumcision is at least 60% effective in reducing female to male transmission of hiv. our coverage is less than 5% glo globally. but we've seen that it can be scaled up. kenya, for example, has scaled up remarkably. and done nearly 400,000 voluntary medical mail circumcisions. and they will have an enormous benefit from that effort in fewer transmissions, fewer illnesses, more productivity in future years. the vaccine, we're still a long way from where we need to be, but we ne

oil is a global commodity and the price is set globally. sometimes on speculation and no more than rumor. but every time the price of oil goes up a dollar a barrel, it costs the united states navy $31 million in additional fuel costs. when libya started last spring, the price of oil went up $38 a barrel. almost overnight. now, libya is an oil producer. but in the global scheme, it's not huge. but that one operation, that one uprising caused the price of oil to shoot up almost $40 a barrel and for us that was a $1.1 billion bill that we had to pay. and the only place that i or any secretary has to go to get that money is out of operations. so it meant that we steamed less, we flew less, we trained less because of that. even iran's near threat to close the strait of hormuz boosts the price of oil. as the people in this room know so well, when you run a military organization you look at vulnerabilities. you look at vulnerabilities in potential adversaries but you also look at vulnerabilities of your own force. when i was nominated for this job

economy but the global economy as well. so following the crys is, even though the brought under control, the u.s. economy and much of the global economy went into a sharp recession. the united states, gdp fell by more than 5%. which was a quite deep version. there's some other statistics. 8.5 million people lost theirnt. very consequential impact. as i said, this was not just the u.s. situation. was, in fact, kind of an average recession. many countries around declines, particularly those dependent upon international trade. so it was a global slowdown. and as all this was happening, fears0s depression were very real. so nevertheless the great depression was much worse than the recent recession. and i think the view is increasingly gaining acceptance that without the forceful policy response that stabilized the financial system in 2008 and early 2009, we could have had a much worse outcome in the economy. here's a couple of indicators just to close with a couple of graphs here. so this -- i think this is an interesting graph

but hiv remains the leading global cause of -- the leading global challenge in terms of infectious diseases. and before i get there, i'll just give you a sense of the scope of our activities. we have global disease detection activities around the world. we have immunization assignees helping to ensure that countries are effective immunization policies and programs. we have influenza assignees, tracking it so we can have an early warning system to know what is happening and prepare for what could be a terrible pandemic. we have malaria assignees, providing technical assistant with ministries of health and with governments and programs to ensure that the programs have high impact and are documented. our field training programs have turned out more than 2,500 highly trained people in recent years, about 80% of whom stay in their host countries, doing important work to document the spread of disease, design programs, implement programs and see if those programs are working. and we work with the department of defense in strategic areas. and, of course, with the global aids program and pepfar. we

global c.e.o. john corazon gave direct instructions did you hear that direct instructions himself to transfer two hundred million dollars from a customer fund account to meet an overdraft and one of the brokerages j.p. morgan chase accounts in london this is big news we'll talk about it let's get to today's capital account. so as i just said we have gotten news bloomberg news obtained a memo drafted by congressional investors that according to an e-mail. sent by a firm executive at m.f. global jon made that direct order to transfer customer funds to the tune of two hundred million dollars to j.p. morgan in london before the firm went bankrupt this should be a game changer we'll talk about it with our guests but now let's get to ben bernanke it's been a busy week in the spotlight for the federal reserve chairman today ben bernanke you spoke at the opening of a fed conference in washington with other central bankers this rounds out a week where he gave two lectures in his college class the first ever

global before but before i bring gerald back because this is just completely insane to us so i'm of global's european administrator k.p.n. g.e. now expects litigation to deny payouts to clients or to delay payouts to clients after the landmark ruling and the bankruptcy of lehman brothers so in this ruling britain supreme court said that lehman's clients whose cash the u.s. investment bank had nixed with its own have the same rights as clients whose cash was segregated in a segregated account so this means effectively for m.f. global that if your money was in a segregated account you have exactly the same right to claim it as if you didn't this just blows my mind and gerald celente was once on our show telling us that his money was frozen in a segregated account as a result of this whole am of global he said it was to the tune of six figures i want to bring him back and just follow up with that notion of what we're talking about before the break because they're all just on a personal level do you think you're going to get your money back and how does that make you feel. oh it's wonderful i lo