even investment banking, i did as possible.s much at lehman brothers, at the time, lehman brothers wasmazing. i thought i would do it again. there is a moment when entrepreneurs need to take risks . it is part of our lives every day, taking risks and solving problems. much, then you lose the appetite for risk, so i realized when i was 29 was the time to say no, never. then i put together my passion for fashion, my appetite for innovation, because i have always tried to come up with new ideas and look at things in different ways. 50% tech, and also one of the first to use the internet. i have always been passionate about the internet, and put them together with the competitive advantage of being an italian, talking with brands, having the same culture, being able to talk with different brands and bring them aboard. francine: but you were a disruptor, what did you see at the time? i want to build a come -- website for this company because etail will pick up in five years, or was it let's see how this goes? federico: no, no. inplan i wrote by myself the fall of 1999, was yooks will be the

was the holdout he was the and then they took lehman out back in two taps to the back of the head on water street and it was done lehman so here's the guy did not get bailed out but he and he paid for his mistake. and it's a good lesson because he had had thirty percent returns for like the decade before he went bad ok so past performance doesn't necessarily mean future before myself i'm going to explain why that's it may be for a different context investor who lost millions finally gives up on this china bet mark hart spent seven years and two hundred forty million dollars waiting on a crash in china's currency he lost sleep he lost clients he damn their loss to send any and now he's lost his conviction partly called for more than fifty percent yuan devaluation last year has turned bullish on china and its currency he's the forty five year old founder of cory n.t. advisors in texas and he bet big on the sub prime crash won a lot there for his investors bet big on the european bond collapse as well he won big there as well then he lost big on this trying china bet he assumed that chi

on september fifteenth two thousand and eight the death of lehman brothers the fourth largest u.s. investment bank marked the beginning of a huge financial and economic crisis that would spread worldwide. the likes of it had not been seen since the great depression of the thirty's a wave of corporate bankruptcy is followed with considerable loss of jobs. people blame the bankers like here and i see. eighty percent of the banking system collapsed and even more so in greece where the state teetered on the brink of bankruptcy. with the crisis of public debt skyrocketed as did household overindebtedness a veritable scourge that would affect one person in twenty in europe especially in the u.k. . five years ago me and my husband split up. i actually kicks my husband out and miss out a big impact on my children so i think i fell at the time there and i had a lot of making up to do to them and at the time i thought that the way i needed to make up to them was financially so i would just throw money at them and christmases i would go ridiculous find ridiculous amounts of money like thousan

until the day the bubble burst this has been a historic sunday aster to this hour the lehman brothers investment bank appears heading toward bankruptcy in two thousand and eight the poorest homeowners unable to meet their mortgage repayments began to massively sell off their properties the real estate market collapsed and along with it the banks who become embroiled in these subprime loans. on september fifteenth two thousand and eight the death of lehman brothers the fourth largest u.s. investment bank not the beginning of a huge financial and economic crisis that would spread worldwide going on the likes of it had not been seen since the great depression of the thirty's a wave of corporate bankruptcy is followed with considerable loss of jobs. to people blame the bankers like here in iceland for eighty percent of the banking system collapsed and even more so in greece where the state teetered on the brink of bankruptcy. with the crisis of public debt skyrocketed as did household overindebtedness a veritable scourge that would affect one person in twenty in europe especially in the u

until the day the bubble burst this has been a historic sunday asked at this hour the lehman brothers investment bank it appears headed toward bankruptcy in two thousand and eight the poorest homeowners unable to meet their mortgage repayments began to massively sell off their properties the real estate market collapsed and along with it the banks who become embroiled in these subprime loans am on september fifteenth two thousand and eight the death of lehman brothers the fourth largest u.s. investment bank not the beginning of a huge financial and economic crisis that would see.

on september fifteenth two thousand and eight the death of lehman brothers the fourth largest u.s.investment bank not the beginning of a huge financial and economic crisis that would spread worldwide. the likes of it had not been seen since the great depression of the thirty's a wave of corporate bankruptcy was followed with considerable loss of jobs. to people blame the bankers like here in iceland where eighty percent of the banking system collapsed and even more so in greece where the state teetered on the brink of bankruptcy. with the crisis of public debt skyrocketed as did household overindebtedness.

is this written for lehman brother lawyer's? >> guest: it's a book that comes out by a division of ww norton and designed not for the lawyers. i hope the lawyers find something interesting, but purposely written to reach a broader audience so they can see what corporations have done and understand the impact of this corporate rights movement on the scope of american history and on our own identity as americans. >> host: adam winkler is the author tried to-- "we the corporations". >> guest: thank you. >> book tv is on twitter and facebook and we want to hear from you. tweet us, twitter.com. book tv or post a comment on our facebook page, facebook.com. /book tv.

monday and you know it's pretty amazing we just passed the ninth year anniversary of the bankruptcy of lehman brothers now on monday we reached a new record highs and if you look at it from the lows that we saw after the financial crisis that was in march of two thousand and nine since then the s. and p. five hundred has gained almost two hundred seventy per cent and also blue chips the dow jones industrial average was a new record we will have the federal reserve meeting on tuesday and wednesday and well no news or good news we didn't get a whole lot of economic news here on monday and that was good enough to get another record here on wall street and see how that we progress is thank you very much and scott on wall street for the analysis and one of the list companies their u.s. car maker general lauder's is recalling two and a half million cars in china the cars faulty airbags provided by the japanese supplier takata the vehicles have to be taken to g.m. service centers for inspection to cut those defective airbags are blamed for eighteen deaths the world and have led to massive recalls an

live you look it up unless you tell me who headed the way in the heaven equation you can get lehman pedal on that. when you come on pashto got a cannot. carry. the only reason i know you will have washington i never see the how about you stuff which in itself. i give cool and vision is that a shake at the new on the moon an ambiguous because of an additional just lets you say the getting. shortish take the lead then not. any shadow of a head then he needs to check this. shadow. of the things about in sanya head and. here's. a show. that should. be. known. and that. simple. and. if you. feel. that you can. hear it. you know just. from i've been w. bush it made him an abrupt on definition of the big outlay how to check off. and then you move that you've got to be a high horse that just a myth about the need of it to solve a marriage and waved him on the mind you couldn't manage without him that was. the benefit of the thumb in the form of one of the funny moment when. i give you is a cut of the blue to finish with that which you know. of the. movie shows how filming over the video phone and

to do so until the day the bubble burst this has been a historic sunglass street at this hour the lehman brothers investment bank of the year is heading toward bankruptcy in two thousand and eight the poorest homeowners unable to meet their mortgage repayments began to massively sell off their properties the real estate market collapsed and along with it the banks who become embroiled in these subprime loans.

we just passed the ninth year anniversary of the bankruptcy of lehman brothers. on monday we reached a new record height. if you look at it from the lows we saw after the financial crisis in march of 2009, since then, the s&p 500 has gained almost 270%, and the dow jones has a new record. we have the federal reserve meeting on tuesday and wednesday. no news is good news. we did not get a lot of economic news here on monday. that was good enough to get another record on wall street. javier: let's see how the week progresses. thank you very much for the analysis. back to the eu, where brexit talks are not making any real progress in financial markets worldwide are looking for guidance. on monday the bank of england governor discussed his central-bank's interest rate policy at the imf meeting in washington and sent the pound sterling down almost 1%. reporter: brexit is coming. in while some politicians in the u.k. still try to fake it as a positive for the country, most fear the road ahead. at the imf meeting in washington dc, the bank of england governor said brexi

lehman to bring in mark of jmp securities.e bullishness around amazon that still remains. justified in your view? >> i think it is. it is one of the most innovative companies. one of the reasons the stock has had such difficulty is a some of the estimates are that much higher. is wherehe revenue it's going to go. the issue is the profitability. some of the other stocks like facebook, the profitability has not questioned how the third quarter will turn out. i still like those stocks and you want to own them into the end of 2017. interesting you bring up facebook. the concerns are around the politics. do you think people should be concerned about the politics? seeing pretty dramatic language used it to describe the company and what will happen if they don't grip on things quick. >> it is a concern. you see some of the european regulators and the tarnished this company has taken over the last few weeks and months. this is a very formidable management team. they're doing other things with their other products like instagram and me

means to do so until the day the bubble burst this has been a star exeunt asterisk at this hour the lehman brothers investment bank appears heading toward bankruptcy in two thousand and eight the poorest homeowners unable to meet their mortgage repayments began to massively sell off their properties the real estate market collapsed and along with it the banks who become embroiled in the subprime loans.

we launched leapfrog with plinth and a short time later lehman brothers collapsed.ow of asia, africa, latin america, billions of people joining the grid and getting mobile phones. just tell us about this launch because you were 33 years old. you didn't know plinth. it was kind of, just your ten assy having met someone low down in his organisation and he invited you to speak publicly at his event and he introduced you. i imagine you were extremely nervous? well, gandy once said if you're the bearer of a truth, none of this matters because you are able to change structures and change things. ifelt you are able to change structures and change things. i felt we you are able to change structures and change things. ifelt we had a fundamental idea. that so many people could rise and they weren't going given the financial tools, the health care and the energy that they needed and this was a massive, missive business opportunity. it was just so obvious to me. so when i spoke to him and i spoke to folks who were our early backers and i said here are the team a group of ceos a

. >> in 2008, zimmer left his job at lehman brothers, just before the company crashed, to pursue hisision of ride sharing with partner logan green. four years later, lyft was launched with a signature pink mustache on the front of its cars. today, it operates in 200 cities across the country, provides about 13 million rides per month. and is valued at $5.5 billion. carpooling, to most people, with strangers, was a nonstarter just a few years ago. everyone is doing it now. when did you see attitudes start to change more broadly? >> we actually had a tag line you're a friend with a car. and we encouraged people to sit up front because we realized we had to change behavior. right away people started getting excited, meeting new people, and it took off so fast we had to create a waitlist. >> now, about 30% of young americans use ride sharing services, and 15% of adults of all ages do the same. that's according to the pew research center. but even as americans embrace this new frontier of transportation, the taxi commission's entrenched in our cities were not as welcoming. i'm sure you've

and thee debt bombs government thinks one of those could trigger a financial crisis like lehman brothersrnment -- so the government is trying to prevent a financial crisis. they are looking at the ways that might happen. they are switching their focus to the property market because the household that has over 20% 100% of their disposable income, that could double in three years and it blows up. so, the government is trying -- looking around for ways the financial crisis might happen and there trying to do something about it. you can say it is trying to whack-a-mole. andy, on one side you have these great rhinos that finance expansion through credit and that has shifted to these chinese developers now is what you are saying. plugall these grey rhinos these games, and surely these developers are not? andy: in china, the property market by large is a ponzi scheme. in japan. are higher there has to be a ponzi scheme. and these schemes are based on the expectations that currency values will depreciate because you cannot take money out and you're still printing money a lot. drivingfear factor

coming winter in 2007 when you listed alibaba.com come and winter came quickly with the collapse of lehmanateral damage. i was watching your progress through the tech bubble. you have had these challenges that white familiar names off the board. i we facing a similar kind of tech bubble right now with these billion-dollar unicorns and inflated tech themes? are there any similarities? >> no, not that much. , a challenge at that time lot of people did not understand how powerful the internet is, how to do internet and whether internet can sustain, so people just started to do it here it i've found a lot of people have crazy ideas come to do not know how to operate. they do not know how to make their dream happen. they, everybody knows that internet will be powerful and change human history. also, the infrastructure of the better thanmuch 10-15 years ago. , ifou are not that greedy you're not that stupid and crazy , it is easy to survive today. that was the founder and executive chairman of alibaba jack ma speaking exclusively to stephen engle. you can catch more of our half-hour special comi

fromis the ba in economics lehman there. -- the college of william and mary. in -- join me me in welcoming congresswoman murphy. murphy: i really honored to be here this morning. especially given recent events on the korean peninsula, i don't think this event could have been more timely. thank you for that one introduction. as he mentioned, he is the director of asian studies address and university. that is where i received my masters degree. ands a terrific teacher even better public servant. i am really hopeful that he will soon have another chapter. i also hope that professor cha is not great in my performance today, if he is, i hope i did better than my d+ -- that was my +. b that was my average in grad school. i was born in vietnam and came to the united states. i am also a member of the house services committee where i serve on the subcommittee for readiness for emerging threats and capabilities. in addition, along with congressman jimmy panetta from california, i cochair the house democratic caucuses national security purposes -- caucuses. democrats in

that would be certainly good for jmp in the lehman family.he ipo is see innovation not just intact, the biotech wake, the biotech like you said. more innovation and whether it can technology. roku will have a lot of eyes on it because there's cord cutters that we talked about. but i do think there's an opportunity with less regulation and we need that. that's what this market really desires is more the buyers are there. tran do you put new money to work in this market. >> it would appear boosting a little test on the bottom side. i think bonds are not going a lot higher anytime soon. the bond market to 20 will make the stock market looks huge. maria: thank you so much. marc much. marc lehman joining us that the clock is ticking on tax reform. the president meets with leaders in washington to take the message on the road again hoping to gain traction for a tax plan. we would get into it with kevin mccarthy, now. the future of daca. jeff sessions outlining the administration's plan to outline the deferred action for childhood arrivals program.

sure enough, the win came pretty quickly with the collapse of lehman brothers.ching your progress through the tech bubble and that bursting. you had these challenges that white familiar names off the board -- that wiped familiar names off the board. we facing a similar bubble right now with these billion-dollar unicorns and the inflated -- are we facing a similar bubble right now with these billion-dollar unicorns? >> no, not that much. i think the challenge at that time, a lot of people did not understand how powerful internet , andow to do internet whether internet can -- people were just jumping. i found a lot of people have crazy ideas, but they don't know how to operate and do not know -- to today, everybody knows the internet is powerful. it's going to change the human history. also, the infrastructure of the infrastructure is much better than 10, 15 years ago. if you are not that greedy, if you are not that stupid and crazy, it's easy to survive today and yesterday. emily: alibaba founder jack ma. you can see more of that unprecedented and exclusive acces

the chief executive of the lehman brothers took home something like half $1 billion in the decade before a billion dollars. it is serious money. standing behind the line that the law of contract, we had to respect that, there is nothing we can do... i wonder why that doesn't explain why people are so mad? i think the right lesson from that is to make sure that such contracts cannot be written in future. i know the regulators in the uk, the financial conduct authority, they are taking serious steps to ensure that bankers can be held personally responsible for what happens which will feed through to the ability to take money out of the bank. but to say that you tear up contracts retrospectively is not a sensible way in which to base a market can be. —— economy. we all lose in future on that basis but those things were clearly wrong. it is up to individual regulators to do what they can. they need to be given powers to prevent that kind of thing happening and they were not giving up those powers before the crisis. but you know and you understand why people, one decade after, say that they h

about the coming winter when you listed alibaba.com and winter came quickly with the collapse of lehmaners and we saw collateral damage. i was watching your progress through the tech bubble, you have had these challenges i wiped familiar names off the board. are we facing a similar kind of tech double right now with these billion-dollar unicorns and inflated texting? other any similarities? jack: no. not that much. i think the challenge, at that time, a lot of people did not understand how powerful internet is. how to do internet, and whether internet can sustain. people are just jumping into it. i find a lot of people have crazy ideas but don't know how knowerate, and does not how to make their dream happen. today, everybody knows internet is powerful and will change the human history. also, i think the infrastructure of the internet, the infrastructure of technology is 10-50 yearsthan ago. if you are not that greedy, if you are not that stupid and crazy, it is easy to survive today. and yesterday. tracy: that was alibaba's founder and executive jack ma speaking exclusively with 's ste

got to participate and at the end she said not only will i sign up, but i am going to have senator lehman signed up also. just an amazing woman. thank you for writing those incredible books. >> the books were incredible. >> we have time for one more question. >> i noticed that you called the years 1933 to 1938 in your previous volumes. my sense is that they were also the defining years for franklin and i wonder if you have any insight into how he moved from the 1933 franklin to the 1938 franklin. >> as the new deal unfolded and he's all what was possible in housing and security, there were so many changes. i think fdr just what i didn't write that. it's housing for everybody, education for everybody and that became the goal. it became franklin's goal and eleanor. and i think there was an effort to make that happen. it's education for everybody, real opportunity. this has to happen. and if that ronald reagan had so much in the revolution. and in the years after that moment i think a new movement is aborning and we just have to continue the fight. it's never over until i it's ov. revolution

is this written for lehman brother lawyer's? >> guest: it's a book that comes out by a division of ww norton and designed not for the lawyers. i hope the lawyers find something interesting, but purposely written to reach a broader audience so they can see what corporations have done and understand the impact of this corporate rights movement on the scope of american history and on our own identity as americans. >> host: adam winkler is the author tried to-- "we the corporations". >> guest: thank you. >> book tv is on twitter and facebook and we want to hear from you. tweet us, twitter.com. book tv or post a comment on our facebook page, facebook.com. /book tv. [inaudible conversations] [inaudible conversations] >> me i have your attention. please take your seats. the presentation is about to begin. there will be a question and answer time at the end of the presentation. you can go to one of the two microphones and line up for a question for you to begin i like to, tv critic for npr. [applause]. >> how you doing? thanks so much f

strong canada, lehman low. when mr.llar-canada wa weaker than it was during the lehman low. the question is, can canada breakout to new looney strength given the new leadership? >> i think they will be important drivers of the outlook and an important observation of the bank of canada. we have seen over the last few months, significant appreciation. we have seen a 3% in the canadian dollar versus the u.s. dollar. there are different drivers behind that. the canadian economy has been surprising on the upside. we have good gdp numbers coming up for the second quarter of this year. also, the composition of this growth is more constructive. we are seeing finally more support coming from exports and investment. there is reliance on the household sector, which is an important driver. one of the big questions, we continue to see this, is what will happen to the strength of the currency? francine: that is where i wanted to go, because you can see the yield difference. oil replaced as the primary driver of the currency in the cu

. >> you talk about the coming winter when the winter came pretty quickly with the collapse of lehmanwas watching your progress to the tech bubble and that bursting. you have these challenges that wiped familiar names off the board. are we facing a similar kind of tech bubble right now with these billion-dollar unicorns and the inflated tech scene? are they are any similarities? >> no. >> none? >> not that much. i think the challenge at that time, a lot of people do not understand how powerful the internet is. how to do internet and whether internet can sustain. just started jumping in and doing it, and people have crazy ideas but they don't know how to operate and make their dream capital. today, everybody knows the internet is powerful and will change human history. and also, the infrastructure of the internet and technology is much better than 10 to 15 years ago. if you are not that greedy, if you are not that stupid and crazy, it is easy to survive today than yesterday. ♪ ♪ scarlet: you are watching "bloomberg best." i'm scarlet fu. all week on bloomberg television, we examined th

. >> you talk about the coming winter when the winter came pretty quickly with the collapse of lehmanwas watching your progress to the tech bubble and that bursting. you have these challenges that wiped familiar names off the board. are we facing a similar kind of tech bubble right now with these billion-dollar unicorns and the inflated tech scene? are they are any similarities? >> no. >> none? >> not that much. i think the challenge at that time, a lot of people do not understand how powerful the internet is. how to do internet and whether internet can sustain. people just started jumping in and doing it, and people have crazy ideas but they don't know how to operate and make their dream capital. today, everybody knows the internet is powerful and will change human history. and also, the infrastructure of the internet and technology is much better than 10 to 15 years ago. if you are not that greedy, if you are not that stupid and crazy, it is easy to survive today than yesterday. ♪ ♪ scarlet: you are watching "bloomberg best." i'm scarlet fu. all week on bloomberg television, we exam

they also want their own check lehman -- laymen.the people weighing it are saying it is only so much, because there are rocks in it. so they want to be able to go be on the company store. they want to trade in their communities and go to trinidad and other areas to purchase products. the last one is asking for the enforcement of the colorado mining laws. may want the laws to be obeyed. when the national guard is called out. it is the national guard, is people volunteering with the military forces. they were used for strike breaking. the toers will refer them as the state militia, sort of saying, you are not really in the army, you are a militia that you raise of yourselves. so the strike will happen and the governor of the state of colorado, he will be siding with the national guard and with the company. the company in denver, they will tell other denver businesses, you do not want to support the strikers because if there are strikes in southern colorado it could extend throughout the rest of the nation and it could affected negativ

.>> reporter: the lehman brothers. jeremiah and jalen sophomores kendall and cameron. >> the biggest confusion is him realizing they are brothers. and they are twins.>> that confusion extends to their teammates.>> they can never tell the difference between us.>> reporter: and their coach. >> twin 1 and twin 2.>> that is an issue. at the spur of the moment you are trying to say something real quick. you cannot remember which name they are. i guess we will get all of their attention. it is easy because they cover about seven different positions. it helps us out on the chart.>> reporter: there is an interesting dynamic one siblings play sports together. how does it work with four brothers on the same field at the same time? >> it is almost like they know where each other is at all times on the field. >> my brothers help me on the field. when i do something bad or not know what to do -- they say you have to do this. >> we tried to be role models. they look up to us. hopefully become better players.>> reporter: that support

normalized percentage change from the lehman low's. every time. mergers and combinations unlock value, don't they? >> there are two rather different m&a savers, those which are based on industrial logic, and the two big deals we have had. they are great deals for long-term businesses. through the glory years of private equity and there was way too much money to deploy, large numbers of deals were done for the reason of financial engineering as the zeitgeist of buybacks in the states. that resonates. there is a lot of hot air and not substance in these transactions. tom: thanks so much. appreciated greatly today on you tx and rockwell collins. much more on this in the next hour. coming up, a conversation with carl weinberg. this is the perfect way to get the new year started, the business new year. kids are back in school. maybe we think back up on thursday or friday. carl weinberg will assist us on all boats rising. this is bloomberg. ♪ ♪ tom: president trump labored on labor day, how to respond to the clear and present danger of north

god bless you bert lehman, praying for you and your recovery and staying strong.at for us, never miss an episode of the five, hannity is up next. >> sean: thanks to all our friends on "the five." welcome to "hannity." this is a fox news alert. what could be a catastrophicic strike from hurricane irma with two nuclear power plants directly in the path of this hurricane. also, georgia, south carolina, north carolina are racing to prepare for the impact from the strongest storm ever reported in the atlantic ocean. this is absolutely a massive hurricane moving all across the caribbean. leaving a path of total destruction in its wake.ne president trump is now saying fema, the federal resources are all on the ground. estimated at this point to cause over $100 billion in damage. tonight, rick scott,