abe continuing to push that lehman argument.arallels once again between the global economy and the lehman crisis. with us this morning is simon, chief currency strategist. i want to pick up on one of the things they were talking about. we will come back to that because we have cpi. growth policy options. stimulus, some fiscal structural reform. where does that leave us? saw stuff we had heard before. the policy problem is the assignment, they would like to see it earlier this year. people not doing competitive devaluations. since then, it has been reiterated, the same story. the extremities we have seen in japan, unless you are going to go for something truly radical, you got to go to fiscal stimulus. for them to come over with the smorgasbord, is it surprising, really? anna: china was the subject of conversation. they are going to host that shortly. that was a topic of conversation. the extend with which we were seeing slowness. steel price. where did you see china in these debates. simon: it was fascinating about century for c

lehman,he edge with bad things are going to happen. a degree we have moved away from that, the financial sector is better capitalized in the u.s. i don't see that same initial risk from the financial sector. but the problem is that the issues which clearly g-7 are worried about in terms of the fiscal side in japan, the debt problems in china, european in without structural reform -- and geopolitics as well as you on of these have been solved in the last 12-18 months. francine: are they systemic? could they bring us back to 2008? >> any one of these could become a global problem. they have been papering over the cracks. the investment community have bought into that. things are quite fragile. any one of these could set off a chain of -- francine: what is the number one risk, china? picture, china. having said that, i think they are working hard to try and maintain this balance. they can find, extend and pretend. ishough, the biggest concern the concern that strikes the market down, that is a different discussion. guest,e: we had a looki

lehman makes clear that the 28 pages, mostly fbi summary reports, contain no smoking gun.e the 9/11 commission concluded, lehman does not believe the saudi government or any of the senior officials supported or were aware of the 9/11 plots. however, evidence of lower level saudi involvement was never sufficiently investigated and should now be, quote, vigorously pursued. other commission members, including former federal prosecutor are echoing lehman's call. >> we would not be so arrogant as to think that we, with our limited time and resources, have investigated every single aspect that there is to look at in the 9/11 disaster. >> reporter: when it completed its investigation into 2004, the 9/11 commission concluded it found no evidence that the saudi government as an institution or senior saudi officials individually funded al qaeda. saudi leaders have repeatedly cited that conclusion as eliminating the possibility of any official saudi role. >> if you look at the commission report, it deals specifically with saudi arabia's role that there was not a sod daudi role this s

it declined by close to 20% which was a decline not seen since the lehman shock. chinese imports declined 14% last year. it felt a further 12% this year -- fell a further 12% this year which means there is risk that the decline in global demand could become prolonged. however, becoming pessimistic will not help. i made it a point to spend the most time to discuss global economic issues, not to be pessimistic. we must be able to objectively and accurately understand the risk we face. we must have a shared understanding of the risk, otherwise we will not be able to work together and resolve the issue. many g7 members share the recognition and the strong sense of urgency that the world economy faces the risk of falling into a crisis the on the usual cycle if we fail to respond properly. we also agreed that the g7 plays its role by coordinating monetary, fiscal, and structural policies and take three-pronged approach on abenomics, emerging economies show a sign of weakness. abenomics must be expanded worldwide. we agree to expand tpp, the epa and other programs to the

abe saying there could be another lehman style crisis. we previously heard them say we won't delay the sales tax hike. >> i think this has always been the dilemma within japan. on the one hand the ministry wants to sort out its finances and on the other hand they realize if you do than on tox con consumption it hits -- this has been a game all along. absolutely. i don't think he's got some crisis in mind. ed. >> going back to what you were touching with the chinese market. saying fears abading on the chinese situation. when we look at the shanghai composite it's not been a very good month. 41% down month to indicate. what is going on? >> one thing to remember about the shanghai, even though it appears to outsiders an enormous market, it is the whole story that market going up and down isn't telling us anything about china. china almost everything still goes through the big banks and as a result they are building a the financial infrastructure in real time. and that is what we're watching. i'm not saying ig flor the shanghai composite but

communiquÉ, where the prime minister said the world could face a similar shock to the collapse of lehmanhers. thinks over all risks are under control. course, you can always let us know what you think of our top stories. follow me on twitter @rishaadtv, use #trendingbusiness. the last trading day of the week. we are ending on a high note. quite a good rally coming through. despite that unconvincing lead from wall street. retail index on track for a third weekly gain. it is the last full week of the month on may. taiwan up 7/10 of 1%. singapore up a third of 1%. we are looking to japan for a lead, up 6/10 of 1%. shares have climb the most, up by 7.6%. some good moves in australia. up by 7/10 of 1%. a little weakness from gold players. gold close lower in the offshore session. a nice pickup from new zealand as well. toshiba.ed up by 7.5%. having a look at the, starting to weaken after an erratic session on those cpi numbers that came through. pretty steady, but weaker against the dollar. 109.82. a boost to japanese equities as well. rishaad: a summit communiquÉ saying leaders are committed

we were not able to present the crisis that followed the collapse of the lehman brothers. we are not optimistic on the outlook of the global economy. it is imperative that we have an accurate understanding of the risks in order for us to address the situation. from that interview, the g7 had a debate about the world economy. we agreed that we are confronted by a major risk. in order for us to confront this major risk, we agreed to ring in all ma -- bring in all available measures so we could shore up growth around the world. we could collaborate in tackling this issue. this is the point of our economic initiative which is a robust collection of policies. we will continue to promote structural reform and other economic policies and fiscal policies in order for us to drive demand around the world. infrastructure, environmental, energy, digital, and economic, as well as human talent development and science and technology, in these various areas, we will invest further in the private and public sector. based on this g7 agreement here in japan, we will bring in policies from al

liz: good friend mark lehman. security. >> liz, most importantly happy mother's day to you and to my mom. liz: to your mom too. happy mother's day to all our viewers and their moms. s&p set to close when you stretch it out to the week, down for second week in a row. here is closing bell. [closing bell rings] david and medical list pick it up for "after the bell." melissa: stocks ending moderately higher after lousy report that indicating to investors that there will be no rate hike soon. i'm melissa francis. david: i'm david asman this is "after the bell." donald trump hitting campaign trail hard with rallies in nebraska and oregon. he is expected to take the stage in omaha next hour. trump needs 1237 delegates, why he is telling supporters stay home, save your vote. republican leaders like paul ryan remain reluctant to give him their full support. can trump unite the gop ahead of the convention? >>> weak jobs report for month of april. smallest gain in seven months. guess what? president obama now pointing his fi

and that's the idea of lehman sauers. one of -- lee lehman sisters. there's a book by a guy named dr. john coats who is a neuroscientist in cambridge, who talks about -- who actually did a study of banker in london and tested -- swabbed their cheeks for testosterone, and the more testosterone they had, the riskier the bets were. and they posited this whole theory that financial bubbles are created by men, because there are too many men in wall street and not enough women to balance them out. so when men are around other men they're tesss toker to -- testosterone compounds, and the gets get riskier, and the whole thing explodes and the bubble bursts and me market classes, men secret a hormone, i guess -- and so when they should sell they don't. they freeze. and women actually produce the antidote to that. so just by having physically more women in the room, you could actually theoretically, according to the doctor at cambridge, solve financial bubbles because you have not so much testosterone and not so much freezing agent and the markets would be easi

but not another lehman's moment.een asset management ceo spoke about all of the risks. >> no, i don't think so. i think it will be very uncomfortable for a few days. currency will be volatile. the share market will be try toe while people work out what the affect is. part of that is because markets are really pricing and that we are staying in currency markets. that could be, as i say, create extreme volatility. anna: martin gilbert there. the four year operating profit has risen by 46%. joining us now for the first and review of the day is tommy breen, dcc's chief executive. i wanted to guage from you your approach to mma versus organic revenue. you said you got the capacity in balance sheet for further developments. what is your expectations for how much growth comes from mma, and how much are chemically going forward? >> the story from dcc for many years has been, like any other business, we try to drive out whatever organic growth we can. we have been very fortunate that the business has been very cash generative

g-7, warning about the lehman crisis. prime minister failed to get that language into the policy communicate during g-7 nations talked about how their strength and resilience in their own economies to avoid falling into a crisis. thato actually bring growth, the recipe behind it remains tangled over geopolitical issues. there are questions of how this plays into japan's domestic story. up fact that they did bring language of the lehman crisis, signals he may be delaying that failed tax hike. there could be a decision on that as early as next week. as far as brexit concerns, in the 11th hour that was thrown into the policy communicate. leaders saying that it does pose serious risks to the global economy and could potentially reverse this greater global trade and investment along with jobs greeted with it. bloomberg, japan. g-7: the latest on that meeting today in japan. much more coming up on "bloomberg markets." we're 20 minutes away from the close of the friday session. we talked to a treatment for next. here's a look at

the japan prime minister sounding a warning of a lehman crisis at the g7 leaders summit.enting data to his fellow g-7 spiraling into a crisis if appropriate policy measures are not taken. abe cited the fall in commodity early from 2014 to the start of this year. a similar move that we saw eight .ears ago the comparison could play into shinzo abe's slant of domestic policies. we heard the prime minister saying he would delay the sales tax hike if there is a lehman event or earthquake. there was doubt coming from the other g-7 leaders about abe's reference to this high risk crisis. we heard from president barack productivity about on thursday night and stressing the need to ramp up economic growth. president obama: we have discussed issues of the global economy and the need to continue to accelerate growth. to use all of the tools at our disposal to make sure that we are not only putting people back to work, but also helping lift wages. yvonne: other topics on the agenda was the risk of a trump presidency. what it would mean for the global economy. as well as china. g7 lead

there is absolutely no chance we'll have a lehman moment. it is really a question of insuring that the assets are cleaned up. investors have a good idea of the ambulanbalance sheet of the. and that's under way. i think this is a good process. >> can we draw another distinction for our u.s. audience about the difference between subprime and what you are facing. a lot of tycoons were lent money through these big public entities. how does that alter the clean up task that you are facing versus whether the u.s. went through? >> first our is not a retail but a wholesale problem. and a lot of these problems wasn't because of corrupted lepidoor corruption. it was because to world changed. at a time when things looked really good. previous projects for example had been brought in on time with moderate levels of leverage. so with all of the optimism that surrounded the world in 2007, 2008 people decided to go with more leverage into areas where it is hard -- it would look like the last time. they would be able to deliver. and then the economy slowed.

on the first day of the summit coming out and saying in the first session he's warning of another lehman-like in the economy. specifically citing emerging markets and commodity prices are levels not seen since the crisis in 2008. saying commodity prices have dropped 55% since 2014 which he says is the same as the 55% drop right before the lehman collapse so that certainly making head lines on this first day but of course the global economy, the big topic of discussion here among the g7 leaders specifically on china. not just about the economic slowdown there and what kind of effect that could have on larger economies but also at it relates to the geopolitical risk and the territorial dispute in the south china sea. china of course lost in a tense debate with six other asian countries. g7 foreign minister have already released their own statement condemning coercive and unilateral actions. and while the u.n. has replain on the side lines, president obama did discuss it in a joint meeting with president abe yesterday. >> we would very much like to see a peaceful resolution of those disputes. wh

of the global economy being the world is going to into the downward spiral like what we saw in the lehmanrisis. he talked about the slowdown in demand. concerns about emerging economies, as you mentioned. he called it the biggest risk, the shadow cast on these emerging markets. the global economy was the biggest theme. they also talked about ethics policy. saying disorderly moves had no good impacts toward the economy and nations should refrain from currency manipulation. we will see how that goes. in terms of the sales tax, that is a question. he said he was going to make before the summer election. whetherk to me about the brexit was the biggest concern. they talked about trump as well. von: trump was one thing. it had rattled some of the nations. brexit seem to be a development. brexit wasn't even on the list when it came to risk to the economy. in the official document, we are seeing language like posing a serious risk to the economy. this would actually reverse the trend when it came to greater global trade as well as investment. not to mention the jobs created behind it. we heard da

. >> translator: i will raise the tax as planned, barring economic crisis, like the lehman brothers failure or a great disaster. i will ask a panel of experts to discuss the issue before making a final decision in a timely and appropriate manner. >> abe acknowledged that personal spending has been weaker than expected since a tax raise two years ago. and he said he'll look into it. >>> one week after he was accused of using public funds, more information is coming to light. an nhk investigation has found evidence that he may have used political funds to buy art for his personal collection. the allegations of financial impropriety were first made by one of japan's week his magazines. >> i draw a clear line between my hobby collections and instrument of international cultural exchanges. >> it was revealed he bought this her written by keith herring through an internet auction. nhk tracked down the man who says he sold the letter to the mayor. we found out the letter was bought with funds from a bank account in masuzoe's name. the date of the deal and price both match an expense listed in his

could it be a lehman like moment? >> no. i don't think so. be very uncomfortable for a few days. currency will be volatile, the share market will be volatile while people try and work out what the effect is. and i think part of that is because markets are really pricing in that we are staying in. currency markets certainly. say, could be, as i extreme volatility if we vote to come out. guy: the view from aberdeen. up next, why calls on swiss stocks showed the franc trauma, continuing to rumble on. that is our chart of the hour, next. ♪ matt: block him back to "on the move." let's get your chart of the hour. nejra cehic has it for us. nejra: thanks. i'm looking at the swiss market index. we know this is one of the worst-performing stock markets in the developed world year to date. it is down almost 9%. of what this chart shows is that traders expected to get worse. this is showing the ratio at its highest since 2012. the ratio of put the cause outstanding has also surged 18% in just two months. there may be more pain ahead for the swiss market

in september of 2008, lehman crashes.y october 2009, the underemployment rate was over 17%. 27 million americans in october of 2009 were either out of work or working part-time because they could not find full-time work. the economic catastrophe that fell on this country did not fall on the too big to fail banks who get bailed out and we basically socialize their losses, and that is a big part of what better markets is now trying to do and has been trying to do for five years, put back in place sensible rules that prevent their losses from being shifted to the american people. bettermarkets.com if you want to check them out online. an independent, texas, good morning. caller: are you familiar with naomi prince? how accurate is she? some of herned to interviews on youtube and she is kind of scaring me. she is terrific and smart and has written a number of books. i have not read everything she has written and i have not gone to youtube to be completely honest with you, naomi prince has been a strong voice calling out and id

i disagree with the lehman comparison, but the message is clear.l stimulus at hand and not imposing the sales tax? john: there is the double negative. by not doing a bad thing it is ultimately a good thing. it is a question of how effective would that be? it is going in the right but onen of our view, thing that has been true is it is hard to beat or exceed expectations. not onlyllenge will be to loosen fiscal policy, which he is on track to do, but to do so in a way that changes the trajectory, which is a tall order. david: those are the three stories that matter to markets. abigail in advance of the open to find out which stocks are moving. abigail: the best names are trading higher, time warner and netflix. the financial times says apple could be looking to buy a media company. i top apple executive has approached the idea of buying time warner. bankers are saying a better fit would be netflix. apple is looking to diversify from the phone business. also trading higher in the premarket are shares of dollar capri and dollar general. the retail rou

he continued to talk about their lehman crisis even after the fact that the g7 didn't buy it.could not get that language into the communique. instead we heard leaders declare in this document that they have strengthened their resilience of the economies to avoid falling into a crisis. try to fixthe g7 this coordination, but trying to get that recipe on boosting growth, that remains tangled over geopolitical tensions. david: they did not get the language of crisis in, but in the 11th hour, they added the uk's referendum about leaving the european union. what happened with that? yvonne: that is right, and david cameron really got the last my effort to get that added in. they added a line that says brexit is a serious risk to the global economy. it was a good weekend for the prime minister. he was able to get support from the g7 when it came to china's steel overcapacity issues. the g7 saying they will tackle this excess, which has been fueled by government subsidies and support. not singling out china, but the references seemed to point to it. jonathan: as the data drops in the

they said it would be a lehman moment but some very uncomfortable aspects for a few days.he remained in the european union. we have numbers due out in today's program. manus: industrial production better to be up at 1.2%. previously just 1%. month onl production month 3.8% up and over. let's get straight to yvonne who has the back story on this. industrial production was a major beach. yvonne: it looks like better numbers for the month of march. 3.8%. the prior number was 3.6%. if you take over the first quarter i don't think it is enough to show that anymore improvement is coming. quarterhe second economists are still not too optimistic. they think it is going to look weak. we have the impact of the q shoe earthquake of course. brisk air. a sustained rebounded production. gdp numbers coming tomorrow. that will be a big one that everyone is watching. possible recession in the fourth quarter. that economy contracted. what will japan and the bank of japan do. that leaders meeting is coming on in 10 days time. let's head back to oil now. it is trading at a six-month high ahea

at the g7 summit, japan's prime minister is warning of the risk of a 2008 lehman brothers style shockeconomy. he said economy prices fell 55% between 2014 at the start of this year. if there is aat major shock to japan's economy, he would delay -- global news, 24 hours a day, powered by our 2400 journalists in more than 150 news bureaus around the world. thank you. financial markets got better than expected date of this week showing the economy might be recovering faster than anticipated with. bill gross has some ideas. he manages the janis unconstrained fund. he spoke exclusively to erik schatzker yesterday at the bloomberg fixed income event in california. erik schatzker asked him when he thinks the fed will hike. bill: i think they move in june. and i think that is because the second quarter is looking like a 3% had with quarter. it will come back from the first quarter and jobs will be adequate, in terms of growth. the dollar has gone down instead , it is close to its peak. for all those reasons and economic statistics, this is their time. i think janet yellen is more dovish than

he did link it to lehman brothers and said he would possibly revise his decision on a sales consumption are joined by callum henderson and our very own bloomberg editor in chief. thank you both for coming on to the program. when you look at the g7, this is a botched affair. they came in saying, we need to create jobs and have economic growth and they did not deliver or talk about either. callum: yes. you are talking about the g7 or the g-20 -- i think you can rename both of them the league of nations. that is what we are talking about. we have long-term allies, the u.s. and japan, and you had an effect humiliation of japan by jack lew, the finance minister, when he warned in japan. then you had prime minister abe lecturing obama with regard to okinawa. if these were friends, i would not like to see enemies. francine: which is a fair point, but it is good for them to talk. john: it is a low barrier. [laughter] league of nations is a little bit tough. thing whereays this each of these meetings, somebody's agenda moves into it. i think shinzo abe is looking for some degree of security, som

leaders there was significant risk to the world economy, the lehman shock, which has fueled speculation abe will announce a delay in the levee hike. that thrust japan into recession in 2014, and the economy has suffered from contraction. abe says japan has no other options and has delayed a hike to sustain recovery. the government may hold off for as much as 2.5 years. this is likely to trigger a general election and put the plan of public. parliament may have to be dissolved if the sales tax hike is delayed again. to unveil aeady stimulus package, this one up to dollars.ion expect more turbulence in the summer election. rishaad: let's look at a state owned enterprising china looking to raise money. let's find out about that story and some of the others we are covering. like crrc is on track for a $1.8 million share sale. they are china's only maker of are ready trains and to sell shares valued at a 4.8% discount to the last close. crrc plans to buy 692 million shares. crrc was created last year when the government merged csr and cnr. it is one of 10 focus industries highlighted as part

. ♪ rishaad: you are back with 2000ding business", the attack on lehman brothers by david einhorn havehing in common. they were both launched at a conference. the event is returning to hong kong. our next guest is one of its star speakers. we will come to the conference at the end, but it's about coming up with one big idea and whatever, so you can share your big idea with us, but give us a general theme you have. >> i'm going to speak about japan again. rishaad: you talked about it a year ago. >> i have been constructive on proactivedoing activities to help their return on investments. they started for the first time ever back in march and i think they will continue very aggressively. we have the largest gains just announced today, the largest gains last year of ¥1.2 trillion. that is a large gain for japanese companies. the companies will continue getting better. creating shareholder value is what you are suggesting here. that's the point. are we moving in the direction of good corporate governance? everyone rushed ahead with abenomics thinking it will fix it, but these things take t

francine: could brexit be a lehman brothers like moment? ?t impact pier: it would impact the european construction. it benefits from european integration like all other european countries. if brexit happens, if the referendum delivers the decision to leave europe, we will enter a medium-term several years period of continued negotiation, which on how to disentangle the u.k. from europe and europe from the u.k. we know when we start that we do not know how we end. padoan, thearlo italian finance minister with francine lacqua. soybeans,arkets and with a little bit of boj. do not miss it. ♪ vonnie: it is time now for our global battle of the charts where we take a look at some of the most telling chart of the day and what they mean for investors. you can access all of these charts on bloomberg by running the function at the bottom of your's green. kicking things off, matt miller. matt: this morning i was showing mark barton in the world house bearish everybody has gotten. we have a number of things happening in june like the brexit, like the fed

. >> volatility or could it be a freeds or lehman-like moment? >> no.ll be very uncomfortable for a few days. currency will be vol tile. the share market will be vol tile. what people 2r50eu to work out what their fact is. and i think part of that is because markets are really pricing in. we are staying in currency markets. so there could be, as i say, extreme volatility if we vote to come out. >> i would say, simply put, we are in the proceed with caution step. so what we have done in response to this more tepid economy is, our fund sizes are sized to intercept. we have 1,000 people globally. we're staffed up to invest responsibly and really proceed with caution. o we have about a $7 billion -dollar u.s. fund and we have sized it to fit where we think there are opportunities. >> give me a little more detail, if you don't mind. what from a private equity investor, what does proceed with caution mean? how does that translate into action? what are you not doing that you might do in se a more confident -- >> i'll tell you what it translates to. there are m

you can consider lehman the loser, filed chapter 11.uld be more news if dham on and said, no, i think we're going much lower. >>> the new york stock exchange will officially open. this is like opening up a bunch of i pos all at once. >> an early start to the weekend with your favorite beverage of choice. >> my favorite watering hole and the management going here. holy cow. >> speaking of opportunities, kelly bought this tie online. >> i just noticed the vix is down. >> i have to look up to you. >> i'm getting used to that these days. >> it's going to fix the hook and give you more high. >> i understand that. now i've got to do it though. >> i'm just going to hug you. this is nice. >> top mexican sue. >> i'm floating on the cloud. >> no, you've got the wrong map. here. yeah. >> we have cheerleaders here. >> you know what i think of them. i'm going to come back because they have no natural enemy. >> i think you ought to do that. >> here's your cake. there we have the most iconic image. >> that is unbelievable, that cake. well, thank you,

this is the over-the-counter trading floor at shearson lehman.e than 17,000 daily transactions involving millions of shares and millions of dollars. made and lost here every day. and it's a game for young people. when you get home at the end of the week and you you look back at what you've done sitting in this desk, what gives you a sense of satisfaction? >> i guess making a lot of money. >> for yourself or for the company? >> for myself and for the firm, yeah. >> when the economy started to recover and become more vibrant i think there was a great sense of exhilaration, we survived this miserable period, let's celebrate, let's party, we have money to spend. >> today the fad among young people is to have big salaries, fancy clothes and fast cars, and they're calls upies. but who are these partiers with portfolios? >> a yuppie is a person who owns a macintosh, eats quiche and drinks fine wine. that's me. i'm having a great time here. >> a 29-year-old is making a million a year, expecting to make a millimeter and a half next year and 2 million the

. >> all these things are intermediate and especially for the lehman to understand.t person is security conscious and knows what to do, they can be extremely secure. >> not taking these measures open them up to morris being. we have some of these on our website in the bay area. i'm michael finney, "7 on your side." >>> happening now streets are already closed in anticipation of the opening of the brand new san francisco museum of modern art. howard street between third anda thorn was closed at 4:00 a.m. to make way for the grand opening. the $335 million remodeling includes seven floors of gallery and took six years to complete. entertainment starts at 8:30. it opens at 10:00. >> happening today, a chance to meet steph curry's better half in sonoma. she's an accomplished chef and landed her own show on the food network. she will conduct a cooking celebration at 1:00 this afternoon. the celebration runs today and sunday from 11:00 to 4:00. much more ahead on the news. hillary clinton's new ad that attacks her rival donald trump. why she and other officials want trump

he continued to talk about their lehman crisis even after the fact that the g7 didn't buy it.could not get that language into the policy communique. instead, we heard leaders declare in this document that they have strengthened their resilience of the economies to avoid falling into a crisis. we did see the g7 try to seek some coordination, but trying to get that recipe on boosting growth, that remains tangled over geopolitical tensions. david: they did not get the language of crisis in, but in the 11th hour, they added the u.k.'s referendum about leaving the european union. what happened with that? we had seen an earlier draft that did not have that language. yvonne: that is right, and it seems like u.k. prime minister david cameron really got the last effort to get that added in. they added a line that says brexit did pose a serious risk to the global economy. it was a good weekend for the u.k. prime minister. he was able to get support from the g7 when it came to china's steel overcapacity issues. the g7 saying they are going to tackle this excess, which has been fueled by

he continued to talk about their lehman crisis even after the fact that the g7 didn't buy it.could not get that language into the communique. instead, we heard leaders declare in this document that they have strengthened their resilience of the economies to avoid falling into a crisis. we did see the g7 try to fix this coordination, but trying to get that recipe on boosting growth, that remains tangled over geopolitical tensions. david: they did not get the language of crisis in, but in the 11th hour, they added the u.k.'s referendum about leaving the european union. what happened with that? yvonne: that is right, and prime minister david cameron really got the last effort to get that added in. they added a line that says brexit is a serious risk to the global economy. it was a good weekend for the prime minister. he was able to get support from the g7 when it came to china's steel overcapacity issues. the g7 saying they will tackle this excess, which has been fueled by government subsidies and support. not singling out china, but the references seemed to point to it. jonathan

in 2007 when i was at a place owned by lehman brothers and my phone rang in 2007, they called me, picked up and said what can i do for you? we are going to have dinner tonight at the russian tea room with hillary clinton. i need you to be there and write a check. that is how it really works. many of these people on wall street donating to the campaign aren't donating because they believe in it or want to believe in it because of what the business is. these firms have for years supported candidates and if you are a senior executive in the firm you are not going to be terminated if you don't make a contribution but you certainly will think twice about saying no. >> you see me and looking down, don't need to be rude, covering breaking news, chairman of the house oversight committee jason chaffetz who has been in your lucky seat a couple times. has issued a statement, long-standing weaknesses, it clearly exists within the office of secretary of state, may have been exploited by department officials for self-serving purposes and it goes on to talk about the state department should immediately

this is the over the counter trading floor at lehman.ver 1,000 daily transactions made and lost here every day. and it's a game for young people. when you get home at the end of the week and you look back at what you've done sitting at this desk, what gives you a sense of satisfaction? >> i guess maybe a lot of money. >> for yourself or the firm? >> myself and the firm, yeah. >> when the economy started to recover and become more vibrant, i think there was a great sense of exhilaration, and we survived this period. let's celebrate, let's party, we have money to spend. >> today's people want to have fancy money, fancy cars and fancy clothes. these people are called yuppies. >> 29-year-olds making a million dollars a year, expecting to make a million and a half next year and 2 million after that. >> for this generation, business is hip. capitalism is no sin, it's in. is money the number one goal? >> yes. ♪ >> in a world where mere millionaires are a dime a dozen, there is a newbi billionaire in town. he makes his money from manhattan real

this is the over-the-counter trading for lehman.aily transactions involving millions of shares and millions of dollars made and lost here every day. and it's a game for young people. when you get home at the end of the week and you look back at what you've done sitting at this desk, what gives you a sense of satisfaction? >> i guess maybe a lot of money. >> for yourself or the company? >> for myself and the firm. >> when the economy started to recover and become more vibrant, i think there was a great sense of exhilaration. we survived this miserable period, let's celebrate, let's party, we have money to spend. >> today the fad among young people is to have big salaries, lots of money, fast cars, and they are called yuppies. >> a yuppy is someone who has a fast car and drinks lots of wine. that's me. >> they expect to make a million this year, 2 million next year and 3 million after that. >> capitalism is no sin, it's in. >> is money the number one goal? >> yes. ♪ all of the fun is waiting for you at the castle, trump's castle ♪ >>

he will still continue to talk about this lehman crisis even after the fact that the g7 didn't buy itould not get that language into the communique. instead, we heard leaders declare in this document that they have strengthened their resilience is in their economies to avoid falling into a crisis. we did see the g7 try to fix this coordination, but trying to get that recipe on boosting growth, that remains tangled over geopolitical tensions. david: they did not get the language of crisis in, but in the 11th hour, they added the language about the u.k.'s referendum about leaving the european union. what happened with that? there was an earlier draft that language. yvonne: that is right, and prime minister david cameron really got the last effort to get that line into that communique. they added a line that says brexit is a serious risk to the global economy. it was a good weekend for the prime minister. he was able to get support from the g7 when it came to china's steel overcapacity issues. the g7 this excess, which has been fueled bgovernment subsidies and support. not singling out c

dam bursts because i think the american people particularly do with citigroup and goldman sachs and lehman brothers, but they didn't know much about this insurance company. it had a very spotty public image. >> host: so it became the poster child, one of the most if not the most hated recipient of the government be allowed into this hundred 87 billion. that the controversy in the financial crisis was the idea that a chunk of the money. in these risky deals that they had done, talk a little bit about how they felt about that. >> guest: it infuriated him that they were being bailed out at 100 cent 100 cents for the d. it made no sense and he called them vultures. and then additionally, they were all in the building. i mean they were reaping hundreds of millions more in consultative fees. they were all brought in to do studies. there was a huge plan called project destiny that cost untold millions that was supposed to sell off the company very quickly into its contingent part. and that all drove him that. he thought that it was unconscionable they got paid off before the public did. >> host:

for barack obama, it was the collapse of lehman brothers on september 15th, 2008. it was kind of a defining event in that campaign. there will be other kinds of situations that will arise between now and november that will test different aspects of their experience, their profile, their temperament. and this one may be in the rear view mirror by then. >> you know, john, it's funny that david should say that because i often make these observations. who could have forecast that reverend wright or in 2012 there would be a comment about mitt romney talking about the 47% or that in this cycle there'd be a debate about the size of a candidate's hands or a week ago we would be talking about whether we could authenticate a tape of donald trump from perhaps 25 years ago. to david's point, in the next several months, we have no idea what what hay'll bring. >> no, we have no idea. this is my eighth presidential election. david's been through quite a few. michael, you as well. when yo view established politicians, in this case, he's an established politician. they always think

burst because i think the american people particularly new but citigroup was in goldman sachs and lehman brothers but they didn't know much about this insurance company. it had a very foggy public image. >> host: so aig became the poster child, one of the most if not the most hated recipient of the government bail out and up s 187 billion. that's one of the controversies was this idea that a chunk of the money that was funneled through plans to bail out its counterparty zombies credit default swaps like goldman sachs that received payments for these deals they have done so talk a little bit about how he felt about that. >> guest: he was furious. it infuriated him that they were being bailed out at 100 cents on the dollar it made no sense to him. he called them vultures and then additionally they were all in the building reaping hundreds of millions more in consulting fees and brought in to do studies. there is a huge plan called project destiny that cost untold millions that was supposed to selwere supposed tosell off they quickly into its contingent parts come and that drove him nuts. h

john lehman, the navy secretary in the reagan administration, says he believes there's evidence some saudi government officials offered support to the 9/11 hijackers. saudi arabia was home to 15 of the 19 hijackers on 9/11. a federal judge has ruled against a section of president obama's health care law, finding the administration overstepped its authority in subsidizing deductibles, co-pays, and other cost-sharing measures. the suit was brought by house republicans, who have unsuccessfully sought to repeal obama's health care law. they argue that the subsidies were unconstitutional because congress had already rejected a request for this funding in 2014. the obama administration is expected to appeal the ruling. in alabama, the execution of death row prisoner vernon madison has been halted after his attorneys argued dementia has left madison unable to understand his death sentence. he was convicted of killing a police officer in 1985. in a 4 to 4 decision, the u.s. supreme court stayed the execution thursday night, only hours before madison was scheduled to die by lethal injection a

a great theory since she worked in the industry is called beaman sisters where is the idea of the lehmanrothers had been sisters, the global financial crisis wouldn't have happened because women take less risk and so i look at this and it is an interesting question do you think it's true? >> i would have to think about that one. i worked for a bank for bank of america and i can remember at that time we would actually go over the loans and credit risk and i can remember there was one in particular making tons of loans but lots of them didn't work out and i can guarantee that implementation i did was so thorough and i'm not an expert on people and their analysis but i can document in my own experience that certainly was the case. when i first got hired i was right out of law school going into the division i was the first woman in this department and the city that had been hired to work on that part of the bank and i remembered i was told by the head of the department of women that they had assigned to be my assistant said no she wasn't going to work for a woman and i said wait a minute she

i think the american people, particularly new what citigroup was an goldman sachs was in lehman brothers. but they did not know much about >> host: so aig became the poster child, one of the most if not the most hated recipient of the government bailout it was hundred and 87 billion. but one of the controversies of the is that the chunk of the money that was funneled actually went to bailout its counterparts on all of these credit default swaps like goldman sachs who received payment in full for these risky deals that they had done with aig. talk a little bit bit about how bob felt about that. >> guest: it infuriated him that they were being bailed out at 100 sensitive cents to the dollar. it made no sense to him. he called them folgers. -- vultures. they were being paid more in consulting fees, to do studies, there is a huge plan which cost millions which was supposed to selloff the company very quickly into a contingent parts. that all drove him nuts. he thought it was unconscionable that they got paid off before the public did. >> host: it is interesting, it sounds like he ended up ru