it was one month before lehman brothers goes down that the federal reserve says we better look at the00,000 derivatives contracts that lehman brothers has with other parties to see what will happen if they collapsed. we were flying blind in sliding this crisis because the policy makers had lost control of the financial system. tavis: i don't want to depress you given the great work you have put into this but if i said to you there are two reasons why i think it is not going to be taken seriously. there were a couple of folks on your committee so the entire commission could not agree on the report. a divided congress should not be expected to take this if the committee cannot be on the same page. why should they divided congress take this seriously congressman issa said he wants to investigate the work of your committee. what does it mean? >> yes there were dissenting opinions but there was a lot of common ground. nine out of 10 believe the investment act was not a factor. nine out of 10 commissioners agreed the credit regencies -- credit rating agencies fell down. most of this book is

morgan says lehman called as. go to what i'm sorry mr i thought you said lehmann called us up to go to. that is what i said he just said yes so lehman brothers and barclays deceived j.p. morgan chase with bad assets of the failed investment banks own employees dubbed toxic waste and go poo according to new court papers that escalate a legal battle between the financial firms a lot of people don't believe me when i say on the show that the banks they just exchange cocktail napkins they say they're worth a billion dollars they swap them they charge the other fake and then when it comes out that there is nothing there they go to the government for bail us i think we're joking about this but clearly the headlines prove exactly what we're saying the banks themselves call the assets that are swapping with each other go to go to let me tell you something a pile of gold who is not worth a billion dollars that's not what twenty billion dollars go to even if you had all the go to ever buy every go to the center go to it wou

. >> lehman brothers london continued to empty... >> under british law, lehman's london office had to be closed immediately. >> all transactions came to a halt. and there are thousands and thousands and thousands of transactions. >> the hedge funds who had had assets with lehman in london discovered overnight to their complete horror that they couldn't get those assets back. >> the film is about the systemic corruption of the united states by the financial services industry. that's what the film is about, and the consequences of that systemic corruption. >> rose: and you decided to make what kind of film? the story of? or did you know there was a story there that you wanted to tell? >> i knew there was a story i wanted to tell. it turned out the story was more extreme and more remarkable and shocking than i realized but when you get to the point where gigantic financial institutions are collapsing on a daily basis, something big is going on. >> rose: what didn't you know when you started making this film that you now know? >> i would say there are two things and i found them both, act

and so david lehman said, 'ok. sure,' you know, 'have a go at it.' and that afternoon, according to putnam, a friend of his from boston popped into his office, a publicist friend of his. and so putnam said, 'look, this is this -- this is this most interesting thing that's happening right now. let's find -- let's find this woman flier. let's find this woman who--to take the place of amy guest.' and then, of course, he could see all the possibilities and it was a really exciting project. so he, in fact -- in effect, had assigned hilton railly, and hilton lived in boston, went back to boston that afternoon, and he asked a friend of his if his friend knew anybody in boston in the aviation world. and, really, there was only amelia in boston. so they asked her down in new york and they interviewed her, and she was perfect and everybody fell in love with her. in fact, david lehman liked her so much he was--for one moment, amelia felt, as -- after she wrote about it later, she was -- she was afraid that he liked her so much, he was afraid to send her because

it's all being done despite the collapse of lehman brothers. they partnered with southern california developer in 20020 of tear down the old building and redevelop this prime piece of real estate. >> this property when we taken over by definition glich. we worked hard to clean up -- blight. >> they released money to do the democracy anything. the oakland city attorney fought to make it happen. >> the fact that an entity or developer or property owner is in bankruptcy doesn't absolve that entity from having to maintain safe use of their property. >> there was a time when none of it seemed possible. asbestos was found in the building and weeds took over. >> i wish they could start tomorrow on the vision for the community. >> a vision that is perhaps years off but it could turn night this, 960 homes and a retail shopping area. in oakland, cecilia vega, "abc 7 news." >> animal control officers say their shelters are packed with good dog that has need homes but one particular type of dog stays the longest. dan ashley reports. >> aural she wants is l

their story is next in sports. ,, sue lehman ,,,, sue la man ,,,,,,,,,,,,,, >>> "eyewitness news" isby heaven greens. >>> we're a little more than a month away from march madness and there's only one team still undefeated. the ohio state. number 18, minnesota, could have used kevin mccale today. first half off the minnesota turnover the buckeyes burst it the other way. big man derek sell ingerry warded with the run. the buckeyes up 9. on the glass, he rebounds the missed three and goes back for two and the foul. 18 points on 13 rebounds for sell ingear. did i mention he can do more than score. selling gear finds lauderdale for the open looks. all four buckeyes scored in double figures. they make it 24 straight winning 82-69. >>> clippers taking their challenge to south beach. speaking of challenges. blake griffin, given the rookie trophy already, he recorded his 42 under double double of the year. chris bosh returns the favor. they started on an 18-4 run. dwayne wade led the way with 28, lebron james powers in a season low 12. heat win by 20. >>> the pga returns to california this we

two point four percent on news of one lawsuit filed by lehman brothers. russian carmakers sollars and u.s. auto giant ford well invest one point four billion dollars in a new joint venture in twenty twenty intention is to raise ford's market share in russia to nine percent from the current four point seven percent the car makers hope to get a state secured loan reportedly from national bank with most of the money to be spent on launching new models locally made parts sollars reached an agreement with ford but halted talks on a partnership with italy as the science failed to agree on intellectual property rights. that's it from me your up to date now would you and in less than one hour stifle more business news. good samaritan. excellent professional. extravagant possessing an extra ordinary car. the doctor who helped many people in his country. the political criminal responsible for thousands of deaths. was it an attempt to repent. or just escape a fair trial. the other life. on r t. half past the hour here in the russian capital and you with r.t. now of

then lehman collapsed, financial crisis. the prices came back down. now that there's a global recovery, we're going right back to where we were in 2008. and so basically, what we've had is a phenomenon that we already reached three years ago, but then postponed because of the global economic crisis. now we're back to it. and we need solutions on primary commodities. we need solutions on the global food supply. we need to handle water better. we need alternative energy and all of this requires leadership, technology, cooperation. we have none of that anywhere. >> amazing. so do you think this is a warning sign of sort of a deeper systemic problem that the world is facing? like we saw in 2007 and 2008 in housing? like we saw in 2000 with, you know, sort of this build-out for dotcom and the internet. what should be done to address this problem? >> this is absolutely a warning sign. i call it living on a crowded planet. 7 billion people. the average through put for person in output is 10,000 per person. that means we have a $70 trillion world economy. we

barclays rose two point four percent the news it won a lawsuit filed by at lehman brothers. russian carmakers solo's and u.s. auto giant ford will invest one point four billion dollars in a new joint venture in two thousand and twenty the intention is to raise ford's market share in russia to nine percent from a current four point seven percent the car makers hope to get a state secured loan reportedly from the african non-bank with most of the money to be spent on launching new models good locally made parts solar's reached an agreement with ford but hold the talks on a partnership with italy's fear of the sides feel to agree on intellectual property rights. so we have for you what you can always buy most or is on our website r.t. dot com slash business. and this is the price of healthy eating. meat. immune response lower nutrition for environmental contamination don't you feel like a. son considered the experiment in human treatment. significant difference between the g.m. . but they weren't treated so well themselves one question one career. one question. and you might be

partly rose two point four percent on music one a lawsuit filed by an lehman brothers. russian comic assault us auto giant ford will invest one point four billion dollars in a new joint venture in two twenty twenty. the intention is to raise ford's market share in russia to nine percent from the current four point nine percent the car might make us hope to get a state secured loan reportedly from michigan on bank with most of the money to be spent on launching new more also with low point made parts sold us reached an agreement with ford but altered talks on a partnership with each of the sphere size sales to rio on intellectual property rights. that's it from me your up to date you can get more store small website r.t. dot com slash business.

barclays rose two point four percent on news it won a lawsuit filed by at lehman brothers. russian carmakers solo's and u.s. auto giant ford will invest one point four billion dollars in a new joint venture in two thousand and twenty the intention is to raise ford's market share in russia to nine percent from a current four point seven percent economy because hope to get a state secured loan reportedly from mr canady bank with most of the money to be spent on launching new models would welcome a part so it was reached an agreement with ford but hold the talks on a partnership with italy's out of the sides feel to agree on intellectual property rights. so we have for you but you can always find most stories on our website arche dot com slash. culture is that so much different and there's a huge musician on the market days of rage revolution in the arab middle east is the era of dictators coming to an end in this vital region and as the west. does france to your trisha's and this is product of the price of healthy eating. we need to test these foods toxicity allergenicity imm

crisis and it's a budget deficit because of the banks this is a crisis that we know was created by lehman brothers by city big this is a crisis created by the super rich but what's happening now is that it is a demonization of public sector workers of steel workers of teachers of nurses as if they are the ones that created the crisis as if it somehow their fault now the burden of this crisis is burden of this budget deficit is being shouldered on working families the people that need help the most while the millionaires and billionaires who created the crisis are experiencing record profits and the argument of all these right wingers and tea parties around the country is their argument is in support of those multimillionaires and billionaires who contribute absolutely nothing. take a look now at some other stories making headlines across the globe a suicide bombing in the eastern afghan city of khost has killed eleven people including two police officers and wounded thirty others the incident happened at a roadside checkpoint police say they grew suspicious of the bomber and opened fire o

crisis it was a budget deficit because of the banks this is a crisis that we know was created by lehman brothers by city big this is a crisis created by the super rich but what's happening now is that it is a demonization of public sector workers of steelworkers of teachers of nurses as if they are the ones that created the crisis as if it's somehow their fault now the burden of this crisis is burden of this budget deficit is being shouldered on working families the people that need help the most while the millionaires and billionaires who created the crisis are experiencing record profits and the argument of all these right wingers and tea partiers around the country is their argument is in support of those multimillionaires and billionaires who contribute absolutely nothing. japan's chief cabinet secretary yukio edano is going to view russia's lesser creel change from an airplane it comes after recent visits by russian officials to the islands which tokyo claims earlier russia said it would not tolerate japan's radical approach towards the territories and announced reequipping creels

barclays rose two point four percent on news that one a lawsuit filed by lehman brothers. u.s. stocks opened lower and oil is rising to a fresh two year high in violent protests and levy it continue the unrest sent up to ninety seven dollars a barrel many traders a worry the revolt could read levy is low production in early trading the dow jones industrial average is down point three percent and nasdaq is point four percent lower. now the shop rise in the oil prize due to the unrest in the middle east has raised fears the global recovery might be stopped in its tracks economists argue the high energy costs will drag on fragile economy still struggling too much from the financial crisis but from what created beliefs the fears of being overplayed especially since all supplies are still moving relatively freely. we need to take into account the global economic developments they take considerable time so assuming that the situation in the middle east doesn't escalate further significantly we should rather concede there is like a short term problem i should emphasize that so far we

to investment giants are locked in a lawsuit over undesirable assets with lehman brothers suing j.p. morgan chase for over eight billion dollars later our financial guru max kaiser explains how banks swapping toxic assets is a common occurrence. bank state just exchange cocktail napkins they say they're worth a billion dollars they swap them they charge other thing and then when it comes out that there is nothing there they go to the government for balance they think we're joking about this but clearly the headlines prove exactly what we're saying the banks themselves call the assets that are swapping with each other go to. the kaiser reports on in just over an hour here on r t so stay with us for that if you can and meantime we'll bring you the latest from the world of business with the . hello and a very warm welcome to the business days of soft commodities have skyrocketed in the past month on supply concerns cocoa and coffee have jumped to the highest level in nearly three decades sugar is up forty percent in one year while cotton has added forty five percent since the beginning

crisis it was a budget deficit because of the banks this is a crisis that we know was created by lehman brothers by city big this is a crisis created by the super rich but what's happening now is that it is a demonization of public sector workers of steelworkers of teachers of nurses as if they are the ones i created the crisis as if it somehow their fault now the burden of this crisis is burden of this budget deficit is being shouldered on working families the people that need help the most while the millionaires and billionaires who created the crisis are experiencing record profits and the argument of all these right wingers and tea partiers around the country is their argument is in support of those multimillionaires and billionaires who contribute absolutely nothing and michael snyder the founder of the economic collapse blog believes that banks profiting from food stamps widens the gap between rich and poor. it's really just all there to here's j.p. morgan they receive these huge bail outs from the u.s. so they get back on their feet but then they're making be sued you crawl up to

i mean, there's this guy, ernest lehman, who is credited with the screenplay. but then again, he produced the movie too. but i think he changed two sentences of my entire script and maybe cut about five minutes, so the text was intact. and i am told all sorts of apocryphal stories about hollywood and film. i am told, for example, that a screenplay was written in which the nonexistent child was changed into a real deeply retarded child that they kept upstairs somewhere. i don't know whether i believe stuff like this or not. but anyway, i was quite amazed when i went to see a rough cut of the movie that it was what i wrote, very much what i wrote, except those two dumb sentences: "hey, let's go to the roadhouse" and "hey, let's come back from the roadhouse..." [laughter] which destroyed the claustrophobia that was very important to me in the film. so i saw this rough cut of a very, very good, tough movie. it puzzled me a little bit when i saw it as to why it was being shot in black and white, since when i wrote the play, i wrote it in color, you know. but i reali

barclays rose two point four percent on news it won a lawsuit by lehman brothers. the russian comic us soldiers and u.s. auto giant ford will invest one point four billion dollars in a new joint venture and twenty twenty the intention is to raise ford's market share in russia to nine percent from the con four point seven com makers hope to get a state secured loan reported from michigan on bank with most of the money to be spent on launching new models with locally made parts so it's reached an agreement with ford but hold it talks on the partnership what it lays out at the site.

why did the government decide that goldman sachs should live and lehman brothers should not? i look around at all these so- called conservatives who were supporting tarp. there is nothing conservative about the government bailing out poorly, recklessly manage companies to got in trouble because of their own mismanagement. the fact is, the role of the government is to be that of the referee. they are there to where the striped shirts and referee the game to make sure everyone is playing fairly. their game is not -- their job is not to put on a team jersey and determine the outcome by picking the team that is going to win to the exclusion of the others. when the government says we are going to let lehman brothers fail, but not goldman sachs, aig, we are going to bail them out. why? if the companies are in a position to fail because they were not run properly, i hate to say this, but maybe they need to fail. maybe good companies and better run company should rise to the occasion in come to the top. i have heard all the arguments from republicans, the hand- wringing, the sweating

to you live from moscow to investment giants are locked in a lawsuit over undesirable assets with lehman brothers suing j.p. morgan chase for over eight billion dollars well the financial guru max keiser explains how banks swapping toxic assets it's a common occurrence. the bank state just exchange cocktail napkins they say they're worth a billion dollars they swap them they charge other fake and then there comes out that there is nothing there they go to the government for a bailout they think we're joking about this but clearly the headlines prove exactly what we're saying the banks themselves call the assets that are swapping with each other go to. reporters on r.t. in just over an hour's time so about up next those the business news. hello and a very warm welcome to the business update oil prices have surged to a two and a half year high as the unrest in libya and the wider middle east sense of the shocks through the market which is a wrong the world have been reacting negatively to events but here in russia the high oil price is strongly supporting the energy sector let's take a loo

barclays rose two point four percent on news a lawsuit filed by lehman brothers. u.s. stock stumble on wednesday.

it was rather frightening to hear the testimony from lehman in which a number of the major executives, and in fact, the top executives, actually put into their basic portfolio the derivatives that were synthetic -- in a way that they want, thought they were worth what they were supposed to be worth, because they were aaa rated, rating agencies obviously is another area that needs to be dealt with. but that they seemed to be -- ignorant of the fact they had to make margin calls if the numbers changed relative to what they were holding. that was fairly frightening to some of us who thought tat these people, at least in some way, eard the amounts of money they were receiving. but that was so fundamentalist to be shocking. so i do think there are some areas that were, frankly, just gathered up, not unlike the stimulus bill, that had been desired regulatory moves for some time, and plugged into the do dodd/frank act. and there were clearly areas that were left out. of cours it would have been nice to wait for our report to be able to analyze it, but frankly, that was not of concern to me.

end there was such confusion about derivative positions,, it's only four weeks before the crash of lehman that the federal reserve is trying to figure out what exposure ist th created by 900,000 lehman derivatives contracts. this was a completely opaqueosur market and, therefore, it contributed to the panic. >> time of the gentleman from massachusetts has expired. >> i thank the chairman. thank you.e >> the chair now recognizes thea gentleman from new mexico for five minutes. fr >> thank you, mr. chairman. mr. angelides, if -- if i'm trying to get some>> understanding, you're saying that cdss pushed through the mgss, the mortgage-backedh securities. that was a key to what wasro go on, is that correct? i just want a yes or a no.. >> yes. tha i believe they helped create the collateralized debt obligations and made it possible for senior -- i b >> okay. so, basically, you have -- >> yes. >> -- you have mortgage-backedit securities that don't have much value. those mortgage-backed securities are based on a combination of individual loans that have very little value, is that correct?us just y

the last time use was up was just before the collapse of lehman brothers.at does this mean for the greater good? well, the optimist would say this is a sign that the economy is coming back, that people are willing to spend more because they are more conscious about job security. this is in spite of the jobless numbers that are not so hot. and, of course, the crummy housing market. it could also be a sign that more people are using credit cards to start a small business. again, that would be another sign of academy tense in the economy. the pessimist on the other hand looks at this as a last-ditch effort on behalf of consumers to stay afloat. the thought being more people have run out of cash and are turning to credit cards as the only way to make ends meet. reporting live in san jose, bob redell, "today in the bay." >>> thank you, bob. >> meantime, we want to check in with christina this morning. we have been talking about how gusty and windy it is out there. >> yeah, but one thing it hasn't been is frosty. another good use for the credit cards when you are

as director of lectures and seminars it's my privileged to welcome everyone to our lewis lehman auditorium. we welcome those who join us on our heritage.org website as well as those who will be seeing us on a future occasion on c-span booktv. we would ask everyone in-house to check that cell phones have been turned off. and for those viewing us online, questions or comments can be submitted at any time. simply emailing us at speaker@heritage.org. hosting our discussion this afternoon is heather sexton. ms. sexton serves as director as our young leaders foundation. she oversees heritage's youth efforts for the ex-generation of political activists grassroots leaders and public policy professionals. among the programs under her oversight are our internship program, campus outreach activities, student group briefings and our young leaders program virtual think tank webcasts. before serving as director of this program, she was our intern coordinator as well as having served as a heritage intern herself. a graduate of the university of michigan. you get that clear the university of michigan. she

the last time use was up was just fwfr the collapse of lehman brothers.does this mean for the greater good? the optimist says this is a sign that the economy is coming back, that people are willing to spend more because they are more confident about their job security. this in spite of the high employment and the crummy housing market. it cold also be a sign that more people are using their credit cards to start a small business. again, another sign that things could be getting better. the pessimist on the other hand looks at this as a last-ditch effort on behalf of consumers to stay afloat. this all being that more people have run out of cash and are turning to credit cards as the only way to make ends meet. depends how you look at it. reporting live in san jose, bob redell, "today in the bay." >>> thank you, bob. >> 5:36 right now. a common sight at kids' parties won't be seen any longer at walnut creek. city leaders bounced bounce houses from city parks because of budget cuts. not only do they wreak havoc on lawns but processing the permits for them ta

if you think back to that period when lehman brothers had collapsed and the markets had frozen and nobody quite knew which was the next institution that was going to fall and nobody quite knew how we were going to get out of this, and people were sort of grappling around for solutions because they didn't quite yet understand how serious the crisis was. and we had tried just about everything. and so had the americans. we tried to provide liquidity or short-term finance to the banks on the ground that this was simply a cash flow problem, if you like, rather than a structural problem. we tried to give the banks money. then we tried to persuade the banks that they should get extra capital through rights issues, so they'd been issuing shares and trying to get people to buy them. [inaudible] and all the time we were getting nearer the point at which banks would not be able to handle the cash to their customers because they just did not have the money coming in the way that was necessary, despite the fact that the fed and the bank of england and the european central bank were providing resources

there was a major analysis of crib of lehman accidents of fines, thousand infants and toddlers are injuredeach year by a defective cribs, talbots. toddlr beds. the children are old enough to trying climate of those trips. let's give you another live look outside as we continue to follow the conditions out there as you make your way out the door here's a live look good over stanford's is go moving its way to the city we have modern shares coming down in san francisco also in walnut creek. we will be right back wih the kron 4 morning news, weather and traffic in just a few moments. >> james: welcome back to the kron 4 news. were you one of the many in the bay area who saw this? hail coming down. we have reports of hail in san francisco, north bay, antioch. a lot of folks at this and we could see more today. in fact thunderstorm's do. louisa is following that. there's a lot of stuff going on rain now. >> louisa: a lot of rain, when then starts to happen even have the possibility of peddling on the roadways. keep that in mind. here's a shot of downtown san francisco, you can see the wet weathe

"county's portfolio with lehman brothers hit for $150 million." what does the san mateo county treasurer have to say about it? let's see. that's it. where are they going to get the money from? from people like you and me that did everything right. we put money in iras and 401(k)s and then we got our tax deduction, and then we were told the big lie. you know what the big lie is? remember that? that's not even true now. that's not even true now in today's rates. really, most people, looking at today's rates, you don't know how good you have it right now. it's only 35%, the top rates. but that's not even true now. why? because at some point, after 70 1/2 all those savings and 401(k)s and iras, it has to come out. the government wants its money back. and you have to add that income, whether you need it or not, to your tax return. you got to know how a tax return works. a tax return is like a pinball machine. any time you add income, all the bells and whistles go off, and anything good on a tax return, like deductions, exemptions, credits, start phasin

of lobe and company has vanished, gone the way of all flesh along with more recent casualties like lehman brothers. but it was once a maim to conjure with in this city. it was, in fact, the name on a par with j.p. morgan in the days when jacob schiff, the great patriarch at the center of the family group, was the master of railroad finance. in this city. so for those of you who are dedicated to the study of new york history and new york history alone, this book has something for you. [laughter] what it has is a tale of failure. siegmund war burg's failure to persuade his relatives that he had to change lobe or it would die. it's an extraordinary drama, a transatlantic drama. warburg became a directer, spent weeks and months in new york trying to turn the firm around and, ultimately, failed, was ultimately thwarted by his own relatives. the rest, if you want to follow that story, is in the book. [laughter] so the scene after the failure to turn the firm around shifts to london, and it's a tale of resurrection. resurrection of thety of london as -- of the city of london as a financial cente

faced with a choice of propping up large failing institutions or risking bankruptcy as we saw in the lehman brothers failure. landmark dodd-frank act enacted last year created a regulatory and resolution regime to protect the american people from the severe economic consequences of financial instability to get it gives the regulators the tools to curb excessive risk-taking, enhanced supervision and facilitate the liquidation of large banks and non-bank financial companies in the event of a failure. the act requires or authorizes the fdic to implement some of 44 regulations including 18 independent and 26 joint rulemakings which we are doing as expeditiously and has transparently as possible. many of the fdic rulemakings stem from the mandate to end to big to fail. first implementing the new orderly resolution of doherty we are making clear there will be no more bailouts of the large financial institutions. our goal is the market expectations and financial restitution credit ratings should over time fully reflect this reality. consistent with the dodd-frank mandate our recent rule requires c

we should have been protesting -- in front of goldman sachs and lehman brothers and congress, for that matter, because the overseers or not paying attention to what was going on. that is really bothers about the whole financial disaster. host: flushing, michigan. mary is a democrat. you are on. caller: i am in a unique position. all of my children and grandchildren living in madison, wisconsin. i am very familiar with the situation there, and i am very familiar with what is happening in michigan. yes, it could happen everywhere. where ordinary working people are beginning to ice -- fight for survival. the crisis was really over the financial institutions who went unregulated. i cannot go into it. i know my time is limited. we have not really ever looked at the real cause. why we are in the financial mess. and then we turn around and talk about shared sacrifice -- instead of sharing the sacrifice to bail out of the financial situation that was not even a created by working people. the burden is put on the working people and the elderly. in wisconsin and in michigan they have been giving