lehman's bankruptcy caused chaos to be sure. but that was because it represented the government's complete reversal of a policy of rescuing large firms that market participants thought the government had established with the rescue of bear stearns about six months earlier. until the sunday before lehman filed for bankruptcy, the treasury and the fed thought they had a buyer for the firm. when that fell through, the government had no plan b. it refused to put up the necessary funds so lehman's bankruptcy became inevitable. although lehman's bankrupt lawyer was contacted earlier in the preceding week he was not authorized to draw any papers until late on sunday before the filing on monday morning. because of this government bumbling, any opportunity to keep lehman operating under section -- chapter 11 of the bankruptcy laws, was lost. still, while chaos resulted from lehman's bankruptcy, i want to repeat no other large financial institution failed. now, there is one group however, whose failure could cause a systemic event. these

lehman lehman's bankruptcy lawyer was contacted earlier in the preceding week he was not authorized to draw any papers until late on sunday before the filing on monday morning. because of this government bungles, any opportunity to keep lehman operating under chapter 11 of the bankruptcy laws was lost. still, while chaos resulted, no other large financial institution failed. now, there is one group whose fair our could cause a systemic event. these are the large banks, say in the trillion dollar category, because of their role in the payment system, the fact that they hold payrolls and form other financial services in the area, it could keep the largest banks from failing. it would do this through a process it called single point of entry. spoe and which i will pronounce as spoe. under its spoe strategy the fdis says it would use its dodd frank powers to take over the holding company of an operating bank and use the resources of the holding company to recap tallize the bank the bank would keep operating and no longer be a danger of creating a systemic default. it's attracted a lot of f

lehman's bankruptcy caused chaos to be sure. but that was because it represented the government's complete reversal of a policy of rescuing large firms that market participants thought the government had established with the rescue of behr stearns about six months earlier. until the sunday before lehman filed for bankruptcy, the treasury and the fed thought they had a buyer for the firm. when that fell through, the government had no plan b. it refused to put up the necessary funds so lehman's bankruptcy became inevitable. although lehman's bankrupt lawyer was contacted earlier in the preceding week, he was not authorized to draw any papers until late on sunday before the filing on monday morning. because of this government bungling, any opportunity to keep lehman operating under chapter 11 of the bankruptcy laws was lost. still, while chaos resulted from lehman's bankruptcy, i want to repeat no other large financial institution failed. now, there is one group, however, whose failure could cause a systemic event. these are the ve

andreas: lehman was a surprise. no one was expecting lehman to go down.expecting it to be saved. here in greece, we have a protected was all for five years. -- protected resolve for five years. the market is not reacting to the worst possible news. bad news is good news for the market. people expect draghi to come in and throw more in. erik: what happens here? andreas: we are witnessing a downward path. erik: to what though? mohamed el-erian says this country is on its way to becoming a failed state. andreas: it is too harsh. it is on its way to a huge hardship. maybe we will see the next european meeting will be about humanitarian aid to greece rather than aid for a package. erik: how does that take shape? the ecb is not humanitarian and titian. -- humanitarian institution?. andreas: the ecb is not a political organization to give money for nothing. they give money with respect to the value. the greek guarantees are up in the air because the backs of gun bankrupt -- the banks have gone bankrupt. they are waiting for the politicians to come to some sort o

that was main source of lehman.clays took over. >> remember the one bank that went under, and barclays bought it out of bankruptcy. based on my reading, that was largest source of income since 2007. 14 million of the roughly 29 million he earned. neil: how many years was he with them? >> seven years, right? that's a lot of money. it's great he paid very high taxes. i think 2013 where he made the most money, $7 million. i believe he paid 40% tax rate. that's really good, considering how democrats went after mitt romney. neil: rich guys could say, my man, you have to get yourself a better accountant. >> or say he didn't want to be greedy. he made enough money, he's a decent guy. jeb bush by all accounts is an honest, decent guy, he's going to have to answer for lehman and barclays. neil: why? >> first off, when you work for a wall street firm, as hillary clinton does stuff for wall street, people want to know what it is. these are firms that carry a lot of influence in washington. they destroyed the financial system i

that is four days after the bankruptcy filing of lehman. it is easy to forget how things were spiraling out of control. if anybody asked one week before that one week later neither morgan stanley or goldman sachs could not open their doors, no one would believe you. the markets were in disarray, lending locked up, the dow is crashing every day. investors run to safety. the u.s. drafts sweeping plans to address the crisis. in this headline, i don't know if you notice the picture, that is president george w. bush. if you read much, you would not know the crash happened while he was president or that tarp happened while he was president or many of the bailouts. many are surprised to learn that president obama had not even been elected yet. that is what i say when you need a little context and history. things, of course, kept getting worse. we had a money or get mutual fund that broke the buck. i think the country was around 237 years at that time, the first action such -- first time such action had ever been taken. as the e-mail from the prior

even a lehman event would not cause a lehman event now. has been -- a lot of buffers have been put up we know the public sector will stand behind. that doesn't mean a greek exit is trivial. a greek exit will have huge implications for the future of the european project. if greece exits and then starts to recover, which it probably would, that in turn would be encouragement for other political movements to challenge the euro. this is not trivial. no we're not talking about 2008 all over again. >> steve rattner and several others the general view in the business community feel look the truth of the matter is the fundamental problem is greece is massively uncompetitive. it's a highly overregulated economy. if you look at its retirement age, you look at areas like pharmacy, too many regulations, very business unfriendly and a swiss-cheese-like model of taxes. that's what really the germans are asking for more than austerity. >> the one about tax collection, while it's true there are a lot of holes, greece mon the less does manage to collect a

-- after lehman brothers failed, that this idea is wrong. no other large financial institution failed as a result of lehman's failure. and this is true even though lehman was one of the largest than bank financial firms and -- nonb bank financial firms and a major player in the credit default swap market. and also its bankruptcy occurred at a time when market participants were very worried about market instability. this shows that large nonbank financial firms are not dangerously interconnected, and if one of them were to fail, it would not drag down others. so there is no need to designate nonbank firms as sifis and no need to save them when they fail. since designating firms as sifis is unnecessary and extends the too big to fail idea to other areas of the economy beyond banking the fsoc's designation authority should be repealed. title ii of the act is called the orderly liquidation authority and provides extraordinary power for the fdic to resolve large failing financial firms including banks and nonbanks. from what i said earlier about

>> this is gary lehman. i'm a certified access specialist, and i am also the chief building official for the city of orvil so what i do in assisting the small businesses in our community is i reach out to them through the chamber of commerces. with the chamber of commerces what i provide to them -- once again as i indicated proactive is the ability that i will for free of charge because i am community service go to their site in their business and walk the business. have them have a list and i will indicate to them what kind of barriers they may have within their business and they put that list together. this is then what generates the barrier removal of the barriers in a kind way. what it has done is open the businesses to come in freely and feel comfortable coming into the building department and be comfortable with myself coming into their business because i'm not going in there saying "you have to do this" and knocking at the doors to shut them down. i'm going in and saying ", well here's the things that

>> this is gary lehman and i can kind of answer this. well, pre-ada i was in construction, started my construction career back in 1976 but accessibility was still required because we had the 1961 standards and it was required to be accessible. now, the understanding of what a curb ramp was supposed to be like because the standards was quite vague we did pour numerous curb ramps and tear them out and redo them and tear them out and redo them and trying to figure out what it was supposed to be where today it's pretty much there as to what is specifically supposed to be for a curb ramp. the same thing was for the restrooms and it indicated that you had to have turning clearance and you had to have -- okay, it never gave a dimension where today's codes now it gives strict dimension, so that's come a long ways. also in the 80's i was inspecting under the ansi standards and under some of the california accessibility standards codes and the ansi standards was quite again quite vague. it's what we went by in nevada in the casinos and i was inspe

but the lehman brothers experience taught me an awful lot about how ceos and job creators think, andut it to work. and i'm sure glad i was there. >> i think i hear the police are about to arrest tom weaver. >> get weaver. you know he's hanging here on the porch. what are you asking me? >> there is an apb out. >> bless you. >> for the latest on the race to the white house head over to cnn politics. the director of the fbi speaking out about what keeps him up at night. still ahead, james comey's one-on-one interview with wolf blitzer. what he says is the biggest threat to the u.s. next. ♪ the staff at this beautiful resort . . . will stay with you forever. ♪ especially if you don't leave. ♪ you got it booking right. booking.com booking.yeah >>> isis is not your parent's al qaeda qaeda, that from james comey in a one-on-one interview with our wolf blitzer. comey was discussing bigger threats to the u.s., in particular isis. take a listen. >> the threat isil presents to the united states is different in kind and type and degree than al qaeda. isil is not your parents' al qaeda. it's a ve

he worked at lehman brothers he worked there as an advisor. he did stuff for them. wall street and how they are making it in washington and you are jeb bush and lehman brothers was taken over by barclays. if you look at 29 million he made after he left the florida's governor mans part of it came from wall street. he needs to disclose this what did he do involved in the bailout efforts. charles: on the bailout effort is there someone wrong with someone trying to save their company by reaching out the richest man in the world? >> that's the point. why is he hiding it? >> because the public when they hear lehman brothers and wall street, and here is what i say, the public is scared about wall street. because wall street and the connection for washington it's a lot of bad things. and i think with bob ruingen worked for bill clinton and-- >> he went for the bank and benefits the most from getting rid of glass-steagall and-- >> you've got to disclose this. charles: i think there's an incestuous relationship between washington and wall street that-- >> how many times did y

betty: is that a lehman's crisis in the making? >> it is contained.rto rico is almost like greece and likely talk about detroit. been lookinget has at puerto rico for some time. this is not new. when you speak of your pensions in general on to fund, you should not be worried at all. as i always end my comments when i talk about munis, grandma, grandpa, don't sell your m unis. the mutual funds that have invested in puerto rico over the years have more or less on out. are two types of significant investors in puerto rico right now. hedge funds, which go in there and go into distressed situations where they think they can make a lot of money, meaning points. your typical investor once a nice tax exempt yields. lay your head on your pillow and go to sleep. a hedge fund goes in and they want 10%, 15%, 20%. they started fighting the debt last week trading $.76 on the dollar. -- aaybe a little that the little bit back today. they started fighting on the cheap. the other are the high-yield funds who know what they're doing and know what they are getting. you.

kasich also worked at lehman brothers at one point.xpected to make the announcement at approximately 11:35 a.m. eastern time paper will carry the speech live on the fox business network. donald trump trying to extend an olive branch to the gop. the presidential candidate on "the o'reilly factor" last night and appeared to back off a bit of his criticism of senator john mccain military service. >> i have respect for john mccain. i used to like him a lot. i raised a lot of money for his campaign against president obama and if there was a misunderstanding i would totally take that back. dagen: in the meantime, i was largest newspaper "the des moines register" call and the comments disgraceful. the paper joining others in calling for him to drop out of the race. space x ceo elon musk says an unusual structural failure is the cause of last month's explosion at an unmanned falcon nine rocket. faulty metal support restore the rocket in the cargo castle carry more than $100 million in supplies. basque saying he expects space x servers and carg

former lehman brother chairman is putting a property up for auction in sun valley.pound includes three residential structures, main service orders and a separate guesthouse in a gatehouse with a combined total of 11 bedrooms and 10 bathrooms. living in this secluded style is not going to come cheap. the auction expects the estate to bring $50 million for deckfuld and company. . crumptone now is mark who will be with me in the next hour. valley, we know this week is the week meeting of billionaires. they say this is the playground of billionaires. some important deals have been consummated their. it's an exchange of ideas but it is not open to the press. betty: there are some press who attend off the record. mark: i have always found that interesting because you hear these juicy tidd it's betty: and you cannot act on it. mark: you are told not to say a word but i think you get a sense. i think you engender some loyalty from these folks because they realize what we are trying to do is talk about the economy and how we can help the economy. i'm sure they don't mince wo

many of us were thinking, oh my goodness, it's a mess after lehman.were in a race after these deals and chased prius is that prices higher and higher. jonathan: that's exactly what happened. she could work for you. real states that tends to be pretty linear fit when prices go up, they go up forever. one sales go up, they go up forever. it's not. it's more of a reset. the level of growth we have had the past couple of years is not sustainable. this is almost a relief that we are seeing this moving sideways behavior right now. stephanie: does any of it have to do with the fact that people who bought homes out there without? many have said it takes too damn long to get there. other locations are becoming more acceptable. there are other places to go besides the hamptons. hanie: if you are a true ball or, are you going to the island or the mediterranean? jonathan: it's no international buyers. it's all new yorkers. hanie: they don't want to pay the taxes. the ride from new york is longer so it's a lot of competition. : people are going other places. the e

we do not see a chain reaction as we have seen it with the bankruptcy of lehman brothers. that is the main take here. we have seen the action has been rather moot. >> and unexpected drop. what was that all about? >> it is a nice way to put that. it is quite bitter. it greece might be a small factor because it is -- if the dollar should continue to trade higher, it could put pressure on commodity prices. and overall, what is going on in china. the big question is the selloff in the marketplace. on top of it, there's talk about loosening the sanctions. there could be a flood of oil out of iran. they saw this big selloff in oil prices. >> we heard the flamboyant and controversial greek finance minister was replaced. the new man in charge of getting greece a bailout deal everybody is asking, who is that man. he is described as the brain behind the far left economic policies. in oxford university educated economist. he was greece's lead negotiator. it was regarded as the strongest signal that the greek prime minister wants compromise to keep greece inside the eurozone. it is no

brothers we should point out that jeb bush worked at lehman brothers for two years, he earned couplenown as advisor to the investment bank, and what he did was, and his people keep trying to change the subject. tell me he was involved in some tell come deal. he won't to carlos slim mexican billionaire and asked for a bailout. he did that according to bankruptcy report filed by antoine lucas major player that is a report view. >> most said they did that. >> what they're telling me is they're involved in a telecom deal i don't know where they're -- >> different on telecom deal an trying to urge support. >> yeah. and i'm trying toe get to the bottom. i understand why jeb bush doesn't want to talk about his years in lehman and on wall street barely mentioned that he worked after at barclays. well barclays took it, and his contract extended barclays. by the way, most of his money made the by two between lehman and barclays i understand why he doesn't want to talk about his role at the prm which was large test i believe bankruptcy ever. american people deserve to know his connection to wal

>> i just don't think greece is anywhere close to a lehman meltdown situation. think it's a situation they'll have to figure out. i think when they do there will be some decent fundamentals in europe and the u.s. >> appreciate the time as always, ed yaydeni. coming up, when it's like to be an american in gress right now talking to some honeymooners there amid the turmoil. plus john and pete talk about a historic day at the cme. the closing of most of its future pits. when a moment spontaneously turns romantic, why pause to take a pill? and why stop what you're doing to find a bathroom? cialis for daily use, is the only daily tablet approved to treat erectile dysfunction so you can be ready anytime the moment is right. plus cialis treats the frustrating urinary symptoms of bph, like needing to go frequently, day or night. tell your doctor about all your medical conditions and medicines, and ask if your heart is healthy enough for sex. do not take cialis if you take nitrates for chest pain, as it may cause an unsafe drop in blood pressure. do not drink alcohol in

can a appear or permanent grexit work or is this another lehman like moment? >> i don't think it's a lehman-like moment in the sense a lot of private creditors have gotten out of greece. greece is a small country. china create anew greece every six weeks. it threatens the political integrity of the european experiment. one falling out, what's 9 future for portugal spain, italy? i think it creates a slow burn problem because there needs to be real' political integration that isn't there yet. >> when we come back doesn't this mess in europe make america's crisis management look even stronger? we'll talk about that in a moment. this allergy season, will you be a sound sleeper, or a mouth breather. well, put on a breathe right strip and instantly open your nose up to 38% more than allergy medicines alone. so you can breathe and sleep. shut your mouth and sleep right. breathe right. (water splashing) (birds chirping) are you moving forward fast enough? everywhere you look, it strategy is now business strategy. and a partnership with hp can help you accelerate down

lehman ultimately went away. what do you do about a.i.g.?government came in and charged 14% interest rates and took control of 80% of the company. >> huge issues. and a number of other institutions were in the middle of issues as well. even on that weekend we tried to be constructive. we tried to work together with solutions that would help the industry. i have to say through all of that i felt like we had positioned the bank really from the time i came in in may '07, we had been de-risking the bank. that was something we were criticized for early on. peel people said you're missing opportunities. our view was things were pretty frothy in the markets. we felt like with everybody moving forward taking risks, we felt like dealing with clients. >> that is a big deal. >> any time. for you maria, any time. >> thank you so much. brady duggan joining us. >>> up next the new document dump of hillary clinton's e-mail account tells us the story. her campaign is amassing fundraising. we'll look ahead on "sunday morning futures." with more news. now bac

i guess the guy who was ceo of lehman brothers wasn't available. it doesn't make sense.ly: what's your take on this, as somebody who worked at paypal? cameron: i think it's a great move. competition is heating up. payments are super hot. emerging markets are the area of focus for paypal. i think that this move makes them independent and they can move much more nimbly and quickly to counter what some of these other people are doing. emily: what kind of challenges is paypal going to run into in places like brazil and china? kamran: everyone looks at the opportunity in the tens and millions of users. payments are hard in those countries. in brazil, 50% of people don't even have credit cards. if you look at one of our customers on facebook, you print out an invoice and take it into a convenience store or bank branch, you pay cash, and that's how you're paying for advertising on facebook. i think it is great they can go after india and china, but it's not going to be easy. emily: it was interesting he suggested partnering with facebook. the guys who are running facebook messe

we do not see a chain reaction as we have seen it with the bankruptcy of lehman brothers. that is the main take here. we have seen the action has been rather moot. >> and unexpected drop. what was that all about? >> it is a nice way to put that. it is quite bitter. it greece might be a small factor because it is -- if the dollar should continue to trade higher, it could put pressure on commodity prices. and overall, what is going on in china. the big question is the selloff in the marketplace. on top of it, there's talk about loosening the sanctions. there could be a flood of oil out of iran. they saw this big selloff in oil prices. >> we heard the flamboyant and controversial greek finance minister was replaced. the new man in charge of getting greece a bailout deal everybody is asking, who is that man. he is described as the brain behind the far left economic policies. in oxford university educated economist. he was greece's lead negotiator. it was regarded as the strongest signal that the greek prime minister wants compromise to keep greece inside the eurozone. it is no

seven years after the fall of lehman brothers, it is still stuck in a crisis. how did we get here?his takes a closer look at this trap as it calls it, a tragedy in five acts.it looks at what european countries can do to react to the. in the meantime, another magazine looks at how can we save europe as a whole. after the greek no last week, lots of papers think there could be a contagion of eurosceptic parties that euro --euro skeptic groups. the charlatans against europe -- whether they are from the left wing or right wing, it points out it has been a historic fight between these anti-european parties and people who wanted to build europe ever since the creation of your. -- of europe. it seems like the skeptic parties are gaining ground. could there be an anti-european epidemic? that is what this wonders this weekend because three european countries are scheduled to hold elections before the end of the year. portugal,:, and spain. lots of papers -- portugal, poland, and spain. this magazine says they are imposters threatening europe. genie: plaza commentators especially those in ge

understand it is not going to be another lehman event because they are going to manage it. then we could move on. then we could have an interesting to me -- interesting qe trade in europe. we call it the by the dax and dollar -- the buy the dax and dollar trade. it gets derailed when you have any kind of risk off sentiment. it could have been isis, china and japan fighting over each other -- fighting with each other over an island. i think it was a difficult period for that trade. alix: what keeps you up at night? for joe, it was greece for, like, five years. david: what keeps me up at night is how central bankers are ultimately going to get out of their great experiment. i worry a little bit about the fed. it keeps me up at night. i worry a little bit about the u.k. i wonder how many bumps and wiggles we will have along the way. it's one of the reasons we left the u.s. alone this year. let's watch the exit from a distance. let's not have a big s&p position. let's move over to where they are just starting qe, where we kind of have a playbook. we saw what happened. the s&p w

it wasn't actually lehman.we've got to look at the derivative effect of the tightening and where the risk is going to come from. >> now you're scaring me, i'm saying what are we doing with my money, rich? >> we're not going to buy emerging market equities right now. we're staying away from emerging market debt. we've got to also look at the fix income environment is where rates could replay low as a result of flight to capital to treasuries going forward. if there is this global risk. we still like the equity markets, we think increased volatility caused by fed normalizing rates will provide an opportunity for hedge funds. >> so rich, you know, just to be clear. even if the fed does go this year, you still see rates staying lower. you see the curve flattening here just to be clear here? >> yeah, front end, one to five-year paper will likely go up in light of the tightening. we think the front end of the curve is severely misunder pricing or not recognizing fed action right now. longer end, we comfortable with r

on wall street as lehman forest gump merrill six apart buyer, aig hunts for cash. the next day u.s. takes over aig and $85 billion bailout. central banks reject -- inject cash. mounting fears shake world markets as banking giants rush to raise capital three days after lehman collapse of the notice in the lower right in order already a world, worst crisis since the 1930s with no end yet in sight. and e-mail asacol became officials on friday february 19 to enter a federal reserve bank of new york e-mail, and i believe it to you quote -- >> that's nearly four days after the bankruptcy filing of lehman. it's easy to forget now how things were spiraling out of control and unimaginable events were happening to if anybody askedasked the week before if you don't a week later that night a morgan stanley or goldman sachs would open the doors, nobody would've believed you send it. the markets were in disarray. blending locks up, the dow was crashing every day. the new phase of financial crisis as investors run to safety. the u.s. drafts sweeping plans of the turmoil worsens.

gary lehman has developed surveys and inspections in california and nevada since 1987 and in construction for over 35 years, building inspection, plan review since 1987 and a california licensed contractor since 1995. he holds a bachelor's degree in construction management and masters in public administration. he is a certified accessibility specialists who has performed more than 500 accessibility evaluations for public accommodations and public facilities so welcome gary. jeff bytheway and has experience as a licensed contractor and serving the city of los angeles since 2006. he is a senior building inspector with the city of los angeles. has served as the training officer for the los angeles building residential and energy and zoning codes and a certified access specialists. welcome jeff. randy goodwin. randy has 30 years of experience in building architecture and open space development. he earned his degrees in architecture from montana state university and randy works for the city of west sacramento as the architectural projects manager and city architect and building official. it's

when lehman brothers crashed and we had our financial crisis, china went down the tubes, too. the chinese government started pumping money into the markets. t the stock market is one thing they wanted to buoy. they wanted companies to use that money to continue to grow. if china doesn't grow fast, they get protests in the street. they get social instability. it actually challenges the government, the communist party. they want to keep those markets up and keep the economy growing. but it is a bubble. growth has been slowing in china. the big question now is can the government manage this? >> absolutely. let's get back to alison kosik who's at the stock exchange. alison, what's the very latest? is trading still halted there? >> reporter: we are seeing that trading is still halting. still waiting on a comment from the new york stock exchange. the ni they have suspended all trading. i'm hearing from a trader which could be a technology glitch and not necessarily something that happened intentionally, meaning the nyse putting a halt. it could be a technology glitch. interesting be

the failure that touched off the crisis, one was lehman brothers and two was aig. yes, there are always going to be in america financial institutions that are too big so if they fail we can ignore it. anybody who thinks the answer to the too big to fail is to break up the institutions is talking about an undoable task. you are talking about breaking them into ten parts. what we say this the bill is this. it would be aig. if aig came and said we can't pay our debts, the first thing that would happen is they would be taken over. they fail. that's the thing the law does. if you can't pay your debts and you are so big that this is going to cause a problem you fail. we take you over. you are dissolved. we'll put people in there to run it. we will take every pen question we can from your coffers to pay some of the debts, enough to keep it from spiralling out of control. if if it fails, it goes out of business. that's the difference the law makes. >> let's talk politics. donald trump is the leading presidential candidatement what do you make of it as a democrat? >> my fir

. >> this is gary lehman. in orvil sometimes we have some historic and older buildings and they go in and do alterations and repairs, and so this is when e equivalent presentation is provided and northern california independent living service that i have a very close relation with as well as with my cass reviews that i have them assist me in review my review the process or what's being brought forward and provide their input what would be better used or better approach to them if they felt, so yes, i do use it and they have changed their name just recently but the northern california independent living services which is an advocacy group of different disabilities, not just one, and so i take advice from them and i also have them review and approve along with my approval, so this is one approach that i use to overcome politics shall i say sometimes. >> it's a great question. randy good one. one of the many hats i wear i have been trying to guide a group in the city with our transition plan updating our transiti

if greece was going to become the next contagion lehman gold would be going up. gold's down.is telling you the markets are saying that this may not resolve itself well for greece but it probably won't cause this big contagion that everyone's worried about. >> there is one theory of thought on both of those things that gold is not benefiting from the greek situation as much as you might think because it is not a currency crisis it is a political crisis. take away the dead limbs and maybe the eurozone is stronger. >> well that's true but that would imply that there isn't going to be this global slow-growth slowdown just because of greece. i don't think there will be a global growth slowdown because of klein. when china was up 160% on the year, or year over year, i didn't hear anyone telling me this would cause a big boost in global growth. he don't think we'll see a problem there. >> certainly didn't cause a big boost in chinese consumers buying u.s.-made products. >>> eric to you, same question. which is more important on your radar? china or greece now? >> i agree with andrew

so you know if you think about the lehman brothers story where one financial institution turned out to have massive repercussions that was because the rest of the financial system globally was so interconnected through derivatives trade through accounts in london. and greece is the opposite. the private creditors have left a long time ago. the debts are owed basically to the official sector. so i do not for see a lot of contagion, i think you have seen that in the market today. >> i think sebastian is right about all of this. but merkel is also completely aware of it. and the issue is no not that there is economic contagion. shoot is if you have a unified greece and a unify politte in greece that is then forced out effectively by the germans refusing to blink, refusing to budge, that the geo political response is going to be very different. >> rose: what will that be? >> well, i mean then you have a question of the greek government saying the european model doesn't work for us. we're turning to russia. we're turning to china. we're going to be a very different orientation. i mean why w

it appears to show police getting physical with moat near the 200 block of lehman street. da jack whelan held a news conference this afternoon and says the video is misleading. >> in the process of removing the weapon from his waistband attempting to place him into custody mr. moat turns around, punches the first officer in the face and then ultimately punches the second officer in the face. this is not clearly seen on video. but as mentioned the video doesn't show everything. >> da says the officers were responding to a possible burglary in progress when moat came at them driving the wrong way down a one-way street and the da says he's not taking any action against the officers. >>> all lanes of i-495 are back open in new castle county aft a deadly crash. skyfox over the scene where two cars collided just south of route 13 around 7:00 this morning. police say 35-year-old will burt mabel of wilmington was driving in the northbound lanes. they say he swerve for some reason, went into the median where his car flipped and landed on a car in the southbound lanes e-mail died at

. >> in 2008 when lehman brothers went under, the banks all froze, it was a terrible time for my company. it was a terrible time for the country. toyed do whatever was necessary to see that the company survived. we cut our expenses. other we cut our sales. >> but cutting exintentions and worrying about revenues was really not enough. they also had to put the versailles house on hold. eventually they listed the half-built mansion for sale for guess what, $100 million. the whole thing was captured by a filmmaker interviewing jackie for a movie called the queen of vur sigh. did you like that? >> i hated it. >> he hates it because it makes him look like he is mean, upset about business, like we have a bad marriage and all that, where, really he was just mad because the camera people were always around. we had no privacy. he is a business man. and business goes up and down. he is very smart, and obviously, hae bounced back so much more man he was even a few years ago. >> indeed, david and west gate did bounce back, and the company became profitable again, and vur sigh was never sold. >> what'

exactly like they had a great scenario for lehman in 2008. not have a scenario for exit because you don't know where the things are going to fall once things simply fall apart. come sunday there still may not be an agreement. they have a talent to kick the can down the road. but the deadline in my opinion is july 20th when greece has to make a 3.5 billion euro payment to the european central bank. from my discussions in athens i can tell you that cash just does not exist. and the greeks are not going to tighten their belts again in order to pay. what we learned in past debt crisis joe and sara is the fact that if you say to the people in the country, would you tighten your belt further so that the banker sitting in london or new york can increase his or her bonus, it's not going to get a sympathetic response from the citizens. and that's the problem we are in right now. >> okay, sri. that's a compelling case for the other side which we haven't heard a lot of that recently. so sunday and then the 20th. sri, thank you. >> thank you, joe. >> i w