nick lehman can't remember names and faces clearly last year he had a stroke. yes he. does but even. though it's my son nick lehman's condition sometimes makes him imagine he's not a nursing home but in the old settlement of. where everyone has a boat where christmas is celebrated in early january rather than in december and where people in nearly every home speak russian. to know there's. a group of. nick lehman is one of the few people here who still remember the russian era of the land its former legacy is gradually being forgotten much in the same way as old people's memories fade away i'd like to teach my children about their heritage and we've shared it. especially with our oldest child our son and i think the best way we can do it is to talk about it shares some of the stories maybe even some of the language i want them to understand are very rich cultural heritage is it makes me think of the. phrase and here is one of the most popular teachers at seoul don't know high school. he used to teach english to russian children in the russian town of. course today he t

i think with the lehman situation, they are of the size. there was at least one ready buyer for the bulk of lehman, i was told, i wasn't involved in this because of regulatory terms -- regulatory concerns about the credit quality and the need for speed in terms of making decisions and what kind of credit risk would be taken on. i think the faa had been concerned about that and a sale didn't go through. a bankruptcy ensued. we could have worked with the authority to address their concerns. we can hold back the unsecured debt and bad assets and market it and sell it quickly if you have ready buyers. we also, i think, you know, we have the ability to move the institution into a bridge institution. we have the ability to do that -- to continue to fund operations as it wound down, if you couldn't arrange an immediate sale. those tools are in place that we have used with banks. i don't want to underestimate the difficulty of this. it's never going to be, whether bankruptcy or whatever, these are going to be difficult and challenging processes. th

at lehman who is a distant relative of gary. four years ago he was the lieutenant governor of alaska . his only passing through today and has decided to stay with his uncle and aunt their ancestors were russians and they still use russian words in their everyday lexicon. was married were. a few hours later he will visit his father at a nursing home in the town of sold. i tell him i tell my father that everything. oh no you do that if it. doesn't see that russian heritage simply as a distant episode in the history of his native state he remembers well that when he was a child far more people spoke russian than english. with my brother's russian heritage and we. joked about it when we within about ten miles. were doing what we call speaking then we start talking like my father telling some of the stories it is still a very. part of my heritage. more in overdrive that sold around lunchtime he visits his father at the local nursing home he says a few phrases in russian. mikko i. was there come to. nick lehman can't remember names an

economy slowed down sharply after the global financial crisis, which was triggered by the collapse of lehman brothers in 2008. the government has restored high growth with massive stimulus packages. china's return to normal monetary policy is in contrast with japan and western countries, which are still struggling to get their economies back on track. >>> in the united states housing starts in september rose for the third month in a row, exceeding market expectations. the commerce department said on tuesday that a seasonally adjusted annual rate of housing starts rose to 610,000 in september. the figure is a 0.3% increase from the revised august estimate. but the number of building permits in the same month declined 5.6% from august, indicating weak demand for new homes in the future. attention is now on whether the improvement will continue as the housing market is seen as key to the u.s. economic recovery. >>> and tokyo stocks plunged on wednesday morning following an overnight sell-off on wall street. the nikkei 225 ended the morning session at 9,331, down 2.2%, or 208 points almost. shar

morgan is lehman brothers in the distance i see mcgraw hill building which holds s. and p. the new bank of america building is do east i'm us and on one of the windows if we look at all the way downtown to the world trade center and you need a binocular to do it you can see the merrill lynch building and we also have can see christ will building which has nothing to do with chrysler other than the name but it was pretty pretty fascinating that we were she right there in part in the word ground zero of bailouts the new york city economy has surprised people with how well it's done but throw a couple of hundred billion dollars at the headquarters of broken companies and that trickles down to the rest of the economy. right now so they've got these enormous bailouts that have gone these banks and lot of a lot of banks around in the in new york as you point out you can see them right out of you when now and as you point out it's it's horrible for the economy these bailouts because of this thing called moral hazard if these banks aren't yes aren't you know huling to some kind of

and lehman and fan. brothers which we very publicly shorted and said stay away from these the flip side of that is you know when a certain stock becomes cheap enough and it shows up in our screens and it shows up in our. system we turn around and we end up owning companies we may not necessarily like and a good example of that is citi group one it's in the low three three dollars and change it's cheap enough it's attractive enough and we know that the federal government is not going to let them go out of business the fiduciary obligation forces us to have a what's called a rental position in it all right so in the case of citibank you're running my citibank it's almost as a quiet kind of was still blowing i mean you're you're making the observation that here's a bank that's getting tons and tons of bailout money even though they're been underlying business model is really doing more destruction to the underlying banking system in the economy than helping but at some point as a trader you have to you know

we unveiled government decision making around lehman brothers. the official line was simply we could not save lehman brothers because we didn't have the legal authority. we found it was much more complicated. there are forces that did not want to bail them out and there were political considerations. i will give you an example of what we released in the last three or four weeks that i think is pretty significant information. we released information that showed the major investment banks, whether ubs, deutsche bank, goldman sachs or citigroup, had it deployed due diligence firms to look at the quality of mortgages they were buying from countrywide and the new century. we have known for some time the quality of those loans have become toxic. what we unveiled was the fact that the major banks had a very specific information about the quality of those loans that some 20% of them in todo from january 2006 to 2007 being bought by goldman sachs and merrill lynch did not even meet the miserable underwriting standards of countrywide were a new century. bu

when lehman brothers went bankrupt in 2008, our public pension systems lost over $480 million. solvency is important. we need to work toward it. we need to make sure that the investments that are made or sound investments. >> michael douglas as a question for mr. kasich. >> u.s. said that if he were elected, and gov. strickland's new evidence based model for primary and secondary education will be gone and you will put more money into the classrooms. what specific education model would you support? how we pay for it while eliminating the deficit and what dole will local property taxes play in that model. >> it is not paid for. he promised he would fix education. he said if it was not they still would be a failure. there is no money in the program. why we have done is to mandate a whole lot of unfunded programs onto local schools. i just met with the superintendent a couple of days ago who said this program was devastating and, if you check the record, you'll find that the evidence based model has not been successful wherever it has been tried. when you are 46 in americans putti

and they are just still alive you know and she didn't go out didn't go the way of bear stearns and lehman brothers a.i.g. the spawn of the devil's. putrid she d.s. . len arm is still active with the devils and lloyd blankfein to the room i'm sorry what do you think some of the e-mail right now guys are reported on t.v. are you should we waterboard or decapitated. blank line. next show based on the emails coming from you i want to get my box cutter ready for the decapitation i mean if it took down the twin towers it can certainly take down lloyd blankfein so some e-mail cards are reported r t t v dot ru next year we should bring you many rocks thank you not even texan to do the waterboarding or the decapitation oh this is going to grow so what is going on you know the g twenty met this weekend they did nothing to sort out the banking crisis and now let's look in the u.k. where they're introducing massive austerity measures to finance the bailout four of the bankers cable looks to avoid confrontation as he sets out banking vision so this is the business secretary of the coalition government

lehman brothers guys yet goldman sachs lives. and i think it's even deeper than that, governor. it's been inconsistent leadership out of the federal reserve. people don't pick on mr. bernanke, and he think they considering it so esoteric and complicated and he had his foot on the brake and accelerator and foot on the monetary brake and accelerator and we're getting inconsistency out of washington and that's a major to new business and employment. >> and taxes, doesn't that have an impact. nobody knows what they're costing. >> i've been absolutely murdered in the media saying i don't think they should let the bush tax cuts expire while there's a recession. they don't see the point in raising taxes on anyone in the middle of recession. when the economy recovers, when we're back at full employment, please god, yes, taxes on wealthy people should be raised definitely, but when there is this kind of level of lack of demand, i don't see why we should raise taxes on anyone. as i say i've been very severely criticized in the media for sa

the last time it was that i was before the collapse of lehman brothers in september, 2008.igroup, the largest bank contributing to the good mood, posted surprisingly strong quarterly results. a lot of people expect more quarterly results to lead to higher share prices in the coming days. others warn as soon as people get too optimistic, too many people get too optimisc, tt is a recipe for lower share prices. they ended up higher, at the beginning under pressure because the pessimistic statements from the dutch competitor. >> let's get that check on the market ended today. the dax index closed higher by about 1/3 of 1%. the blue chips, similar story. in new york, investors ignored fresh data showing iustrial proction was down 2/1 of . the dow industrials ended the day by almost 1% higher. on currency markets, the euro is trading for $1.39. it will be europe's biggest ipo in three years and it looks mighty green. italy's biggest power utility, nl, is hoping to raise 3 billion euros from spinning off about 1/3 of its renewable energy business. egpasbeen valued at 10.5 billion

get them to invest with lehman brothers. he says he was not successful, but i can tell you that when lehman brothers once -- went bankrupt, our public pension systems lost over $480 million. solvency is important and we need to work toward it, but we need to make sure we are making a sound investment. >> michael douglas has a question for mr. kasich. >> you have said that if you are elected, governor strickland's new evidence-based for primary and secondary education will be "don." you have said he will put more money into the classroom. what specific education model will you support and how will you pay for it while eliminating the deficit? what role will local property- tax play in that model? s thee problem i governors' model is not paid for. the program has not been fixed. there is no money in the program. we amended it a lot of unfunded programs on to local schools -- have mandated a lot of unfunded programs to local schools. if you check the record comedic and find that the evidence-based model has not been very succes

can you give us the lehman's definition of that. >> right.basically that refers to research about markets where buyers and sellers don't automatically find each other. that really refers to almost all markets except for things like commodities. so in the job market that means why does it take so long for people who are unemployed to find jobs even when there are job openings available? >> all right. so that's a particularly relevant question right now. tell us what the research suggests about the situation as these economists studied it but also as it applies to what we're looking at now? >> basically they were interested in, again, why does it take so long for people to be matched to jobs? their conclusion had a lot to do with the fact that people are not inter-changeable units. different people have different skills. they have different weaknesses. they have different strengths. jobs for that matter are also not identical cookie-cutter things. so what happens is it takes time for the right person to be matched to the right job. and beyond t

first told lehman was in fact going to go bankrupt? >> after the fact. >> after the fact. >> uh-huh. >> wow. okay. and what was your reaction when you learned of it? >> holy cow. >> so let me ask you. what is there to prevent another holy cow moment? do you believe that the right kind of regulation against this potential disaster is in place across the board now? >> i should hope so. >> is it? >> we've been working really hard in the last two months to put in place what our leaders decided was needed an alert control system, supervisory system, discipline in the markets, but it's a constant job because markets are very agile and they reinvent news schemes, they invent new channels, new circuits so we need to be careful for the whole public not just for wall street, not just for the city, not just for the stock markets. we need to protect individual. >> you talked about markets. to quote joseph steglus he says they're trying to appease the markets is like trying to reason with a crazy man. do you think you're trying to appease markets i