the failure of lehman. he built the firm, as well as what went wrong in those ultimate months as the credit crisis was unfolding. >> we're going to hear from mr. fuld. we know that kate, we know you'll bring us the reporting on that as well. kate kelly in midtown, along with traders, we're joined on set by larry mcdonald, sok jen's head of u.s. strategy, back in 2008, larry was a vice president at lehman. good to have you here and we have our own andrew ross sorkin standing by live at 30 rock in midtown. andrew wrote the seminal book on the crisis, "too big to fail." later turned into an hbo film. i would like to get your thoughts, first, first time since the crisis we hear from fuld. what's in your mind today as this event is going to take place? >> i'd love, we've all been waiting to hear from him in the most candid moment that he could. we heard from him briefly after the crisis, but they were in hearings and he had to hold his tongue. he had particular views with what happened to him personally and what

that clearly didn't happen at lehman.anie: all right, tom, i want you to stay with us, and i want to bring in my partner, erik schatzker. he should be listening to those risk managers, especially the in 2008, that was ghetto of the security industry. running risk any longer. my question is this, how toxic should people like eric fuldbe viewed -- -- dick be viewed as? joet is not just him, it is gregory, also from lehman brothers, or other members of the executive committee or could be stan o'neal board someone from merrill lynch or a tom harris from citigroup. to your point, they weren't listening, they -- stephanie: hold on a second, told on the second, i am reading the headlines right now that are crossing from dick fuld's comments. "we are all risk managers, i am managers," i'm sorry, we are all risk managers? there is not someone who worked in the banking industry in 2007 who thought of themselves as this has they had been given stock as part of their compensation reward. eric: tom, should these people be forgiven eff

the treasury secretary helped bail lehman out lehman would be in business today. he blames the regulators. he did a little bit about lehman and his new business. let's be honest part of my story on foxbusiness.com. dick fuld has gone from wall street royalty which is what he was at lehman one of the biggest investment banks to a penny stock guy. that's what he does right now. gets involved in very small deals. they call them microcap companies that's what the conference was a microcap conference. the bottom line is that's the arena he's in, and a risky arena, a lot of the deals are risky companies don't make it. some of them are frauds, as you know we've been covering a lot of that lately about frauds in the stock market. so that's where he was today, i think dick fuld would do well to stop scowling every time he sees a camera. maybe he should see me more, he did smile. melissa: are you sure the scowl wasn't for you you got a little smile. >> no he smiled when he saw me and shook my hand. melissa: charlie gasparino, thank you for that. few stories on the radar, mc

dick fuld can't talk too much about lehman brothers. a story about a suspicious deal he was involved. in a penny stock deal or small-cap stock deal. i looked at his brokerage records, his brokerage records say pending investigations continue into his role in lehman's collapse by the securities and exchange commission, by the new jersey department of securities. he still faces some potential regulatory issue, and when you face a regulatory issue like that, he also has civil lawsuits outstanding. you have a problem. you cannot say anything. he went up there, made a few benign remarks about lehman. he said it wasn't bankruptcy. it wasn't bankrupt in the typical sense, which is his theme since 2008. we suffered from a short-term liquidity squeeze. if the treasury secretary at the time didn't pick winners and loser, chose to bail out goldman, not us, we would still be in business. he danced around that at conference. we should point out, what the story talks about beside the tragedy in the deal, one man involved in the deal as we were report

lehman was not a deposit taking bank.lehman didn't have retail depositors so it followed if you took that great depression narrative literally that laymen's failure couldn't post such serious problems. this view informed by the lessons of the great depression have a variety of other implications. it's why the so-called basel or capital accords setting capital capital standards for financial institutions focused on commercial banks. .. it was too late. that focus led to the neglect of lehman's derivative position. it ignored the fact that wholesale creditors and other financial institutions could run on the bank and the result of which became what i described a couple minutes ago the single most serious mistake of the financial crisis. the failure of the uncontrolled lehman brothers. it was in september of 2008 that policymakers realized they had a situation on their hands a w 20 is 08 that policymakers realized they had a situation on their hands and that we really were on the verge of another great depression. so the lea

he still has pending sec investigations, sec investigation about lehman that is still pending.ing on a long time. >> listen, i thought i misread it on his broke arage license, on -- broke ridge license, it's a finra document from the financial, the regulatory authorities. i thought i misread it. it says "pending," and it's the latest one. new jersey department of securities and other civil suits are pending against him. so really speaking at this thing he couldn't do too much. he couldn't say too much. one other point i want to make, john mack is an adviser to kkr right now, former head of morgan stanley. lloyd blankfein still own runs goldman sachs. dick fuld is now a deal maker in the penny stock business. it shows you how far he's flown, including the sort of very troubled deal we talk about -- david: well, the one in the -- it sort of reminds me of the man behind the curtain in "the wizard of oz." even when he was running lehman, whether he was more smoke and mere -- mirrors than the real thing? >> that's a good question. we should point out he put his money in this -- i gu

he's at lehman brothers in september of 2008 was not a bankrupt bank. mark: i imagine he takes exception to being portrayed as the poster child for this because lehman was not the only one with problems. >> i'm sure he does take it very personally. he said my 96-year-old mother still loves me. this cuts deep to the bone and this is about why he is coming back. he thinks it's about redemption. you presided over the largest bankruptcy in u.s. history. why are you getting back into business? he said "bite me." he was joking, but then he said this is what i like to do. i have my team and we love to build businesses. he is getting back in. he quoted rocky, had a sense of humor about it. he did say he was going to donate all of today's speaker fees to charity. scarlet: i can't help noticing that he was quoted as saying this talking about a perfect storm causing this easy access to credit. we were all curious about what he was going to say -- he said it was a perfect storm. this buildup of u.s. bull market mentality. he put the bulk of the blame on the governm

saying lehman brothers was not bankrupt in september of 2008. why is he saying this now? olivia: great question. why does you suddenly want to go public talking at a penny stock conference? there was a bit of legal overhang for the first few years. that has gone away. he said he thought it was time. not a day goes by that i do not think about lehman brothers. but i have to move on. he was asked why he was going -- he saidusiness "bite me" in a joking manner. he says this is about redemption. i have a team and we love to build businesses. he 69 years old, back in the game. he made a couple jokes at the end. he says it's easy to look back and could have, would have, should have. he said he would have bought himself a time machine and says his 96 euros mother loves him and he is going to donate his speaker fees to charity. that's his 96-year-old mother loves them. the government was driving the bulk that she blamed government -- he blamed government incentives olivia stu so much. , weng up in the next hour will have the latest on the greek bailout

talked about his early days at lehman but did not and frankly would not address those last days at lehman brothers. that's all for us. "power lunch" picks the ball up now. >> halftime is over. the second half of your trading day begins now. >> scott, thank you very much. welcome, everybody. along with mannedy drury, i'm tyler mathisen. a new way to fight cancer and new ways to invest in cancer therapies. >> news is breaking ahead of the big cancer fighting conference this weekend known as asco. also jamie dimon accusing shareholders of being lazy. is he right? >>> and if you had to pick just one to fund which would you choose, the 401(k) or your 529 college funneled. today hard evidence of which is the right choice. >>> but we begin with the war on conference. the research conference. novartis stock is up about 12% this year. but what exactly is this new treatment? what does it mean for those with cancer? meg terrell got an exclusive tour of the manufacturing plant. meg, run us through. >> mandy, that's right. it sounds a little like science fiction but it's close to becoming a reality. a

. >>> plus the man behind the fall of lehman brothers.mer ceo dick fold making a rare public speech today. we'll bring you those highlights and get reaction from wells fargo ceo john stumpf coming up. [container door opening] ♪ what makes it an suv is what you can get into it. ♪ [container door closing] what makes it an nx is what you can get out of it. ♪ introducing the first-ever lexus nx turbo and hybrid. once you go beyond utility there's no going back. >>> so these next few minutes are going to be crucial to the trading day. a new "wall street journal" article arguing the last half-hour of the trading session is the most important one. >> didn't we know that already? it took a credit suisse report. tle did a study that says there has been increasing number of trades occurring in this last half-hour of trading. largely due to the rising use of index funds, algorithms, computer models that prefer to trade at the close of day and it has trades between 3:30 and 4:00 p.m. that have increased nearly 5% since 2007. with more than 1 in 6 tra

it's over the top to blame him for lehman when there was a lot of other stuff going on at lehman. he was the guy at the top but other people running the management day to day that screwed up. the general consensus, that speech was a flop. did not answer the question, did not give us insight into what went down in lehman. he went out there and it was like a perfect storm that killed the company. which it wasn't. the company invested in bad real estate deals and didn't diversify enough and leveraged too high, and the problem for that was not just him but others, but he was part of that. it was bad risk management and that destroyed lehman. the other thing that hurts him coming out of that conference yesterday was that it is now clear that dick fuld is not part of the wall street mainstream. that event he was at was put on by a penny stock operators, penny stocks are stocks that trade below $5 a share, extremely risky, trade on the pink sheets over the counter, they don't trade on the listings because they can't trade high enough on the nasdaq. the vast majority don't make it, and, y

most wanted to hear about lehman. what they got was a whole lot else.e a listen. >> i haven't done this in a while. forget this. closer to it, i'd swallow it. there is no inflation at all. except -- except for food and some of the key consumer goods that people need. all of you, please continue to eat. desperate to regain the dominance. political dissertation. we need new leadership. >> the one thing he didn't say that everyone was waiting to hear, i'm sorry. not that. dan. >> i don't think a speech like that, that was a goofy clip we ran there of him. i'm sure it was somewhat substantive. i don't think it's the stuff that re-instills faith in american people and large financial institutions. >> those were tragic times. i was selling bear stearns. nobody knew what was going on. he could have been uncomfortable. i don't want to toss him a bone. he looked like he was uncomfortable in front of that podium. he looked like he was uncomfortable. let's give him a break. he's had a tough back half. i don't know what he was thinking but i'm sure he's sorry for w

what's interesting is he didn't say much about lehman.marks about it, but didn't say much. why is that? if you look at my report on foxbusiness.com today i discuss what he's been doing since he left lehman involved in a lot of sketchy risky deals including one deal that blew up, and one of the people involved in the deal committed suicide as fox business was reporting it. and in that story, you'll see i looked at his brokerage records. he has pending cases against him. he can't say much, and i think that's one issue faceing. >> how is he to you? did he acknowledge you, you obviously chased him for years? >> he's always liked me. i've always been fair to the guy. he came out with a scowl on his face. you don't really see this. when he saw me he smiled and went like that. neil: we're the same way here. charlie's in. >> it's one of the half smiles. but here's the thing the other part of the story is, this neil, most people involved in the financial crisis are doing well, john mack of kkr funds. look at what he went from lehman brothers to pe

fuld the former ceo of lehman brothers.oday he is making something of a return to the limelight speaking at a conference this afternoon. bill cohan is here. see, in training for fuldcket -- why would dick choose what some describe as a penny stock conference to make his return to the public eye? bill: since he is not talking to me or any of us, what i was able to surmise the writing this story is he had just advised something called the national stock exchange, a small, penny stock, less than 1% volume stock exchange, i believe based in new jersey. he went to china to talk about it. i think this is a business thing. .etty: i loved your piece, bill how you were trying to find these guys. , still playing bridge. 2008 -- talked to me in betty: and then go silent. erik: we know what dick fuld is doing. bill: the used to have his attorney who would take all of the calls and then say no he will not talk to you. his attorney retired so now he has no one playing that role. , he made your piece half $1 billion in about seven , if th

the first public appearance since the collapse of lehman.sparino broke the story but he has been running a boutique investment firm named matrix and visors it kicking deals using his big rolex. much more throughout the day on fox business. back to today's top stories lauren has them for you in case you missed it. >> new information on the security breach at the irs this old data on 100,000 taxpayers. a cyber source telling fox news the sophisticated attack a originated in russia. this is something the agency was warned about especially by the director of national intelligence james clapper saying this in february. >> this insidious trend will continue. cyber poses a very complex set of threats because profit motivated criminals ideological motivated hackers or extremists and variously capable nations state like russia, china north korea and iran are all potential adversaries who if they choose can do great harm. >> meeting stolen tax refunds. more flooding fiers in texas and oklahoma. rising rivers in texas sparking evacuation in the sea, hu

let's say bailing out lehman was right. nonetheless it creates terrible incentives in the system and will it lead to worse problems in the future and encourage risk? >> i think the time to install new smoke detectors in the home is not during the midst of the fire. so there is a problem that bailouts can encourage risk taking and that is why the argument for strengthening regulations is stronger and another reason why it has to be stronger in the wake of this kind of crises. but i don't think that was a point we could afford to make in the midst of the event. >> well, you are listening to the commonwealth club of california radio program and our guest is political science and economist discussing lessons learned from the great depression of the 1930's and the great recession of 2008. let's talk about some of the repre reprecussion of the financial crisis in the world we are still living with. one is the massive liquidity and the cash pumped into the system to fend off the worse effects. we are still living with that. a ques

in the lehman case, there were two really important differences.was much bigger, and perceived to be much more risky. the world was much more fragile. there was not this long list of willing buyers. charlie: he saved aig. tim: we did. in aig's case, they had a set of businesses around the world that were generating and would for the foreseeable future quite a lot of income, and we could lend against that legally. our judgment was at that time that where we had the authority to act, we would air on the side of acting. the imperative did not change our scope of authority. charlie: david boys is representing greenberg, suing the government, based on a decision having to do with the negotiations. you were a witness in that. i assume it's not fun to be the cross examiner. the conventional wisdom is that what he started off with was a case that nobody thought he could win, and now he's looking at a situation where people think he may win at the district court level. his argument is that the negotiation was not necessary, it was necessary to do something

in the lehman case there were two important differents. one is lehman was much bigger. and it was perceived to be much more risky. and the world was much more fragile so there was not this long list of willing buyers willing to stip and buy-- . >> rose: you saved aig. >> we did. in the aig case, they had a set of businesses around the world that were generating and were likely to do so for the foreseeable future quite a lot of income. and we could lend against that legally. and our judgement was at that time, because the world was so fragile, that where we had the authority to act we would err on the side of acting. but we couldn't, the imperative didn't change the scope of our authority. we just thought in that case we had the ability to use it we should use it. >> rose: as you know david boist is representing hank greenberg suing the government. based on a decision having to do with the negotiations. you were a witness in that. i assume it's not fun to be cross examined by david boyd. but the conventional wisdom is that what he started off with was a case that nobody

people were desperate to hear him say something about lehman brothers and his role in it. >> same old same old. >> it was a little bit of the same old same old. i think people were expecting more on that topic and he didn't want to go there. so the economy and all sorts of things. it wasn't one way or the other but i didn't think there was a great revelation except by the way this whole thing clearly haunts him and possibly -- it was a lose-lose situation. he is one of those brands. what can you say? >> you can't move on until you addressed what has happened. >> and can you? >> i don't know. but i know you can't unless you do address it. >> right. >> it is what it is. you say it's a perfect storm. wasn't bankrupt anything that you say, well look this is -- let's just look at what happened. you can't deny it. >> he wishes he could say you should have -- basically the best he could have done is said you should have rescued me like everybody else. >> there were some things self-inflected. remember the way that they were holding -- what was that big real estate holding they had? on the bo

why would it be worse than lehman brothers?rs is the worst thing that anybody has seen in the financial markets unless you are 85 years old. barry: i said that back i think european policy makers have been running as fast as they can to prepare themselves. at the same time, look at what happened in the last couple of weeks. small shops greece is only 2% of the european economy and they can still have very big consequences in markets that are not as liquid as they used to be. in a situation where greek asset would cast a pall over the future of the european union, i think no one wants to go there. neither the greek public, 75% of which still supports the euro nor policymakers in brussels and berlin. erik: however, those are known risks. the thing about lehman brothers back killed everybody where the unintended consequences. the things that people could not foresee or neglected to foresee. what are some of those things? barry: number one, it begins in the balkans, number two, a lot of european investment banks debt out there that

there was also the failure this time to anticipate the collapse of lehman brothers and how it would be. so with the lessons of the great depression and the narrative focuses on be disruptive impact of a bank failures of commercial banks by retail depositors that we see every christmas when we watch it is a wonderful life. lehman brothers did not have retail depositors of if you check that great narrative literally that the failure could not pose such serious problems this review informed by the left had a variety of other applications with the capital accord setting standards for financial institutions with deposit insurance regulation and focusing on commercial banks of which led to the shadow banking system investment banks and hedge funds and money-market funds and secured kaisers and tell it was too late that led to the neglect of the derivative that wholesale creditors was the result of which is what i described as the single most serious mistake of the financial crisis for the and control failure of lehman brothers. at that point september 15 that policy makers realized they had

and i want to thank lehman for hosting us here today.y college system, our public education institutions they're all pathways for success. we're very proud of what they do. everything that we've done since i've been president the past 6 1/2 years, from rescuing the economy to giving more americans access to affordable health care to reforming our schools for all of our kids it's been pursuit -- it's been in pursuit of that one goal creating opportunity for everybody. we can't guarantee everybody's success. but we do strive to guarantee an equal shot for everybody who's willing to work for it. but what we've also understood for too long is that some communities have consistently had the odds stacked against them.

do you worry that doing such a thing will be a lehman-like moment? mr.on: we are dealing in a world today where there is no playbook and there is unintended consequences of monetary policies which we have needed for a long time, but maybe we do not need -- i'm not saying europe does not need voluntary policy. in terms of the unintended consequences, of course i worry about unintended consequences but to me what i worry about much more, you talked about the lehman moment. the underlying problem have been the fundamental flaws we have had in structural flaws in the economies for some time. mark:anus: join us on twitter. i have a bit of our going on on twitter. anna: starting the conversation about reforming britain's relationship with the eu. we discussed the risk of a grexit up next. ♪ mark: last week's elections saw david cameron's party win. first things first. you 100% said it off air on air. the conservatives that was a brave call. let's move it on. enough cutting on the back. we will talk about the eu roger. how smooth or un-smith will the process be

brothers but lehman sisters? [laughter] now, against this now, against this background i hope to see more worked on governance, change in risk culture. always been a strong supporter of regulators and supervisors independent supervisors as well and we will continue to do some. but i would like to see institutions themselves take up this matter shareholders, bondholders as well. they should be a drive in the private sector for better alignment of risk incentive. this applies both to advanced and emerging economies. indeed, emerging economies can learn a lot from the valuable lessons, the pitfalls of there advanced counterparts. on this issue we released a study a few days ago the re-examines financial deepening from the viewpoint of emerging markets. a key finding is that the gains from growth and stability from financial deepening remain large for most emerging markets but there are limits on size and speed. when when financial sector development outpaces the strength of the super mature framework there is excess

at lehman college in the bronx. now my brother's keeper alliance will aim to end the issue of young black men falling behind in school. >> we couldn't be prouder of him. it's grade to see. [applause] -- it's great to see. i'm getting practice from from malia and sasha leaving home. i want to thank all the members of congress and elected officials wore in the house. you've got a couple of proud lehman graduates elliot engel where is elliot, there he is and jose serrano. and we've got some more folks we've got three other folks from the new york delegation. gregory meek.

look at what happened to lehman brothers when they let that one go. i don't know if the argument is a fair 1 -- maybe they should have saved lehman brothers. trillionbout the $15 disbursed by the fed. what was the negative? the positive was the financial system was rescued. we may not like the way it worked -- i have been a strong advocate for changing the incentive and making sure nothing like that happens again. but it would be hard to second-guess what they did and it would be hard to say what they did in 2008 was a mistake because it really did save the system. we could have rolled the dice and found out what it would have been like if they didn't do it which would have been an interesting experiment that a lot of people would have suffered more than they have ended. dennis: we don't disagree on that. but at the same time, you cannot have the entire treasury available in a so-called crisis and expect those companies not to be too big to fail. we need a clear break so that we and too big to fail and don't have federal taxpayers on the hook because

dick folds from lehman brothers. first time since 2008. liz: where? >> at some conference.ll have a major story about fold coming out about what he's doing since leaving lehman's. very controversial. liz: everyone stay tuned for that. twenty-eight minutes away for closing bell. green arrows all around. attention, meat eaters, from beef to chicken, a lot of food for thought coming up. the money-making potential is huge. forget the mug, forget the tie, forget the golf clubs, the apple wasp, omaha steaks. look at that. they say they're the perfect father's day gift this year. beef, even as the government says don't eat beef. senior vp todd simon is grilling up his case for us right now. stay tuned. liz: we all know it pays to have friends. nobody knows that better than singer taylor swift. lego land held this competition to see who visitors would like to be best friends with. a lot of kids involved. right? taylor swift won by a landslide. look at this thing. they created this tribute using 38,000 legos. that's a gorgeous portrait. my staff. my genius staff did not have two day

and ceo with lehman brothers is back in the public eye. at a conference in midtown manhattan being built as his first appearance. he is expected to talk about how companies valued at under $500 million could make it in today's tougher capital environment and expected to touch on lehman brothers, the financial crisis in his speech. catch live coverage of that speech starting today at 12:30 eastern time only on cnbc. i will be doing a little color commentary. >> you'll be watching it from afar. >> from afar. >> if he touches on how that happened gotten over hank paulson yet? >> i don't think he has. >> see how you can touch on it. >> i think he may make some comments. he thinks he was the unlucky one. >> hank paulson didn't like him. always vindictive. >> we will see whether he has comments on that. in the meantime just seconds away from jobless claims. we are going to go to rick santelli standing by in chicago at and he has those numbers. rick? >> yes. 282,000. so that's a bump up of 7,000 from a 1,000 upwardly revised 275. originally state

the former ceo of lehman brothers. olivia: i like mid-cap stocks. figure out why dick fuld wants to make his big reappearance at a penny stock conference. i like the new york post's take on it, the guerrilla in the jungle. -- the guerrilla back in the jungle -- the goldrilla back in the jungle. erik: he spoke at a college that is not the same thing as getting up in front of the podium and talking to a bunch of investors. is there redemption after the financial crisis? will be back. ♪ olivia: google's developers congress kicks off in san francisco. you are looking at the bay bridge. in previous years this conference as seen larry page hold an impromptu q and a session. what can we expect? who better to ask than cory johnson? what are you expecting today? cory: you can see people lining up. the doors to not open for another 45 minutes. the big event the differences between that big mobile operating system apple and google. a new version of their operating system, a new photo app that spun off of google plus, some iterations on their car software , pla

a couple of browed lehman graduates. -- proud lehman graduates. elliott and josÉ.pplause] we have some more folks. three other folks from the new york delegation. gregory. [applause] the always dapper charlie. [applause] the outstanding yvette clarke. [applause] and a visiting from florida frederica wilson. [applause] they all share the same passion that i do and that is making sure every young person in this country has opportunity. that is why we are here today. because we believe in the idea that no matter who you are, what you look like, where you came from, your circumstances come if you work hard, if you take responsibility, america is a place where you can mix on thing of your life. -- america is a place you can make something of your life. our public institutions are all pathways for success. we are very proud of what they do. everything we have done since i have been president from rescuing the economy to giving more americans access to affordable health care to reforming our schools for all of our kids come it has been pursuit of that one goal -- creating

but what would have happened if it had not been lehman brothers but lehman sisters? [laughter] dir. lagarde: against this background, i hope to see more work done on governance and change in risk culture. the firm will always be a strong supporter of regulators and independent supervisors. we will continue to do so. i would like to see institutions themselves take up this matter. shareholders and bondholders too. there should be a drive in the private sector for better alignment of risk and incentives. this applies to advanced and emerging economies. indeed, emerging economies can learn a lot from the pitfalls of their event counterparts. on this point, we released a study of a few days ago that re-examines financial deepening from the viewpoint of emerging markets. a key finding is that the gains from growth and stability from financial deepening remain large for most emerging markets. but there are limits to the size and speed. when financial sector development outpaces the strength of framework, there is excessive risk-taking and instability. the experience in many countries, inc

. >>> expected to touch on lehman and the financial crisis. following the company's bankruptcy he was called a villain by congress. he blamed the government for not saving the firm. now steve spoke to him at the meeting and asked how japan was fairing since the crisis. listen in. >> after the lehman shock in in 2008, against the euro and also against all asian currencies and then in the last two to three years, yen depreciated against the dollar. not against the euro but and it is only comparable to the shock. so in that sense the yen appreciated in the last years depreciated and reached the level before the shock. so although i don't say anything about the exchange rate but exchange rates deflecting fundamentals. the most important and appropriate and i don't think the alignment among major currencies does not deviation from the relationship justified for fundamentals. but of course exchange rates could move and could fluctuate. not just monetary and physical policy but some kind of event. but of course the market is a little bit concerned ab

he said lehman was the result of a perfect storm he says began with the government. a weird speech. said enjoy the ride no regrets. here is a listen to what dick fold said yesterday. >> regardless of what you heard about lehman brother's risk management, i had 27,000 risk managers because they all owned a piece of the firm. >> cover of ft quotes a former lehman employee saying he should have had a plexiglass shield in front of him. >> he did, like nixon, praise his mother. >> why not? she is 96 apparently. good for her. >> that was my take away. >> why relive it again? look at what the leverage ratio was and where the assets were and what they really were. >> why with relive it? i don't know. talk more about your mother. you can never go wrong. nixon had game on the go out. >>> finally this morning, amazon reportedly planning to expand its private brand of product lineup. "the journal" said it will include milk cereal baby food household cleaners. amazon approached private label manufacturers seeking a partner. what a week it's been for amazon and e commerce in general. whether it's

two key components, first his after thoughts on the bank runruptcy of lehman brothers. he talked about mistakes he made. missing the spread of contagion from one asset class to another. perhaps misgaugeing where things stood and imlying they had fallen prey to other agendas but without elaborating on who and why. he also talked about today's economy in his capacity as a strategic advisor with mna and others that they make. the need for liquidity is still omni present. in order to keep margins intact. he talked about geo political risks whether it's isis or russia or slowing growth in china. a lot of interesting thoughts from him. let's take a listen to the key components. >> the income gap, income inequality. i know you don't want to hear this from me. the wealthy are getting wealthier. i'm a hardcore capitalist. let's be fair capitalism only works if it starts in the top and filters down. if it doesn't get down we're going to lose. >> you can see he's very much focused on the current picture and the future although he did say as well not a day goes by that he doesn't t

it has recovered to levels we saw before the global financial crisis triggered by the collapse of lehman brothers. for more let's go to the tokyo stock exchange. what are you seeing so far? >> good morning. the dollar rapidly gained after a string of upbeat u.s. economic data increased prospect that a rate hike in the u.s. could occur much sooner than expected. dollar/yen is currently just above 123 yen at 123.04. the greenback broke its key technical level of 122 yen during late asian trading hours yesterday, and after that it quickly hit the highest since july 2007 and that was on the back of friday's inflation data and hawkish comments by fed chair janet yellen. yesterday dollar buying fueled up with consumer confidence and new home sales. the dollar spike led to a sell-off in u.s. stocks on tuesday with the dow jones suffering its biggest one-day drop in three weeks closing down over 1%. and here in tokyo, stocks are snapping its longest winning streak since last summer following the negative handover from wall street. the nikkei is opening at 20,381 now down about a quarter percent

the president will make the announcement today at lehman college in the bronx. >>> students at sterlingdle school say gang members tried to recruit them. five students from park view high school tried to recruit middle school students earlier this year. the loudoun county sheriff's office issued a search warrant in this case and deputies reviewed surveillance video that verified the students' stories. one student said he was punched in the chest. >>> today defense lawyers could call members of dzhokhar tsarnaev's family to the stand. they're hoping to convince a jury not to sentence him to death. last month the jury found tsarnaev guilty on all counts. >>> today a state department worker is expected in a courtroom. daniel rosen is charged with soliciting a child for sex. fairfax county police said he had a series of online exchanges with a detective. security clearance has been suspended. he's on administrative leave and he's facing separate charges for voyeurism and stalking in the district. >>> this is a story we'll be watching in the week ahead. fairfax county school district is cons

brothers but lehman and sisters?ter] against this background i hope to see more work done on governance, unchanged and risk culture. the fund has always been a strong supporter of regulators and supervisors, independent supervisors as well as will continue to do so. but i would like to see institutions themselves take up this matter shareholders, bondholders are they should be striving for better climate in wisconsin. this applies both to advanced and emerging economies. and, indeed, emerging economies can learn a lot from the valuable lessons from the pitfalls of their advanced counterparts. on this point we released a study a few days ago that re-examines financial deepening from the viewpoint of the emerging markets. the key finding is that they gains from growth and stability from financial deepening remain large for most emerging markets. but there are limits on the size and speed. when financial sector development outpaces the strength of the framework there is excessive risk-taking and instability. the experie

lehmans got this voice mail. >> we will issue a $600 credit pending that you sign a non-disclosure agreementorter: yes, they were told comcast would give them their $600 credit but only if they agreed not to talk about it. the camerons didn't have that issue. >> good news well, channel six came through and got our $200 back. >> reporter: comcast says we have apologized to our customers and these issues have been since resolved to their satisfaction. this week, comcast announced plans to significantly improve the customer experience. and those efforts will go a long way to prevent the experiences that these customers went through last year. so, what is comcast promising? well among other things, in the the future digital receipts when customers turn in equipment. new measure in place lets customers drop off their equipment at certain ups stores. comcast says, that walk in, drop off and that is it. then my advice ask for and keep your receipt. meantime as part of the owe called transformation, again comcast promises to add 5500 customer service jobs over the the next few years. it also says it

dame julius: i think there is very little chance of a lehman brothers type moment.he greek debt is now held by official holders ecb, european governments, the imf. there is not a private sector or private banking sector to be affected the way there was in the lehman case. it has been anticipated, as a possibility for a long time. i don't think the effect would be very large. certainly, the ecb's current qe program flooding europe with liquidity will help to cushion whatever shock or blow there is. francine: one of the ecb board members was saying that they are buying some of the purchases in the bond markets because of weak liquidity during summer months. they are buying some bonds in may and june because of the weak summer months. should we read more into that? dame julius: i did not realize there was a summer low. there might as well be. it could be that they are trying to achieve their target. that does not necessarily mean that they do it each month. it could be that they are frontloading it to get ahead of the target. it probably does explain why some of the yi

they believed the world was cushioned and ready for what happened at lehman and what how wrong they wereink seeing a greek failure and seeing what it contagion consequences are, as an experiment no one wants to run. hans: is the u.s. doing enough? larry summers: i will leave them to speak for themselves. there are a lot of people there with a lot of experience and skill, and i know they are very much aware of the united states stake in successful europe. hans: the imf has declared it is now accurately valued, what is your be of -- what is your view? larry summers: i think u.s. policy has had a triumph. against china's partners since the days when they had 10% trading surplus, it is about a 2% trade surplus right now, that is in the range of what happens to countries. i don't think there is the kind of systematic -- systemic undervaluation problems there was. i don't think that happens automatically, i think that was a tribute to the economic diplomacy of president obama secretary geithner, and others. i think it is time to recognize that is no longer the kind of issue for the global econ

do you worry that doing such a thing would be a lehman like moment?lson: they're all kinds of things where we -- there is unintended consequences. we are dealing in a world where there is no playbook. there is unintended consequences of monetary policy which we have needed for a long time but maybe we do not need -- i am not saying europe does not need. so, in terms of unintended consequences, of course, i worry about unintended consequences, but to me, what i worry about more -- which i think is underlined -- you talked about the lehman moment -- i think the fundamental problem have been the fundamental flaws we have had an structural flaws in our economies for some time. francine: as greece seems to be making progress on a deal let's get straight to athens. joining us is the president of the athens chamber of commerce. constantine, great to have you on the program. give us a sense of how relieved you are that we seem to be making baby steps but at least some progress between greece and its european creditors. constantine: there seems to be some prog

we hear from him, he's speaking in this speech and he didn't bite when it comes to lehman brothers.ke that economy, geopolitics, as you said food inflation i think he mentioned but as far as lehman brothers, he didn't apologize, kept his stance as we had seen him many years ago testifying before lawmakers and he did sort of blame it on the government, on some of the policies that led up the to the housing market crash and defended his firm in some way saying the 27,000 people that worked at lehman brothers were all risk managers and all owned a piece of the firm. so a lot of people on wall street, the reaction, i can tell you, was it was a bit odd because it wasn't like he came out and had all that to say about the crisis regraetz he is had. nothing like that. it was really sort of a stream of consciousness about issues. >> cnbc's sara eisen, thank you very much. have a great weekend. >>> still ahead, they both came to power in 1922 and together changed the course of history. the fascinating new book on pope pius xi and mousse leeussolini. and government research shows they live jus

there are many who believed the world was ready for what happened at lehman. how wrong they were.ing a greek failure and areng what the consequences is an experiment that no one should want to run. >> do you get the sense that that view is shared in the u.s. and frustration, are they pressing too much, doing too much too little? leave administration to set its own course. there are a lot of people there with a lot of experience and skill. i know they are very much aware of the state the united states has of successful growth in europe. thing the u.s. has weighed in on is the valley of their renminbi. they say it is accurately valued. what is your view? >> u.s. policy has had a real triumph here. a remnant be is up 50% in real terms on -- against all of china's trading partners since the days when they had a 10% trade surplus. about a 2% trade surplus right now. that is in the range of what happens to countries. i don't think there is the kind of systemic undervaluation problem that there was. i don't think that happened automatically. a tribute towas the economic diplomacy of pres

the former lehman brothers chief executive has been blamed for the investment bank's collapse.peaking today and we have details. stephanie: what is behind the glut of new tv shows this year? there are hundreds of them and not enough time or viewers to watch. pimm: good afternoon. i am pimm fox. stephanie: i am stephanie ruhle. we're going to get you started on a look at the markets.

new federal lehman dated speed control measures will be on the stretch between washington, d.c.ding train flew off the tracks killing eight people. a short distance away from that crash philadelphia's mayor and other officials took a moment to reflect on those who lost their lives. >> let us recognize that we have many patients in the hospital. we have families who are burying loved ones. today is about respect for all of them. >> one of those victims was buried in hayward. he moved back east from the bay area to work for wells fargo in 2008. >>> police say nine people died in a gun fight involving motorcycle gangs in waco, texas. 18 other suspected it gang members went to the hospital after being under woulded. detectives believe as many as five gangs met to iron out their differences at a restaurant. tensions escalated when a fist fight broke out. people broke out knives and guns. >> a mistake on a website has turned her life upside down. yvonne edwards is a teacher and a mother whose phone is buzzing day and night. she has been getting text messages and calls from men asking