david: why did you decide to go with lehman brothers? was the most interesting cast of characters. that was before mba's went to wall street. they just hired at random. this was the first class of mba's that lehman was going to hire. and the people were fascinating. you had ex-cia agents. you had people that had worked on oil rigs. you had all kinds of unusual people working at the firm. i thought for whatever reason that it was the right personality fit for me. david: you became a partner at an early age, i think 31. steve: 31. david: so at 31 you are a partner at lehman brothers, and life is going well. then there was a problem, lehman brothers ultimately was sold, is that right? steve: that is right. i sold it to american express. the problem was that in the trading side of the firm, there was a position taken in the firm that really went wrong. david: you decided to join somebody who had previously been the president of lehman brothers. he was eased out. that was pete peterson. previously also the secretary of commerce in the nixon a

then there was a problem, lehman brothers was sold. steve: that is right. sold it to american express. there was a position taken in the firm that really went wrong. david: you decided to join someone who had previously been the president of lehman brothers. he had been eased out. that was pete peterson. he was the secretary of commerce in the nixon administration. you guys started a new firm in 1985. the firm's name was? steve: blackstone. david: blackstone starts. it was you and peterson. where did you get the money? steve: they did not require much. it was an advisory business. you talk and people give you money. david: you each put into hundred -- in 200 -- $200,000. steve: the strategic plan for the business was the m&a advisory business. it required no capital. the second was going into the private equity business. david: you have never been a private equity investor before. pete said let us have an up and let us bit -- let's us raise a fun. you said, let us raise $1 billion. that is fairly audacious. where we going to get that? steve: we went to our

so it could take a door should be going down or like lehman where you see this interconnected this of these banking system where you see this interconnected this of these banking system large start to fail one goes down a bit of one who probably took everything with it it wouldn't go back purge started to fail one goes down a bit of one who probably took everything with it it wouldn't go back to the thirty's of critics but it was a very big bank and we really thought much of it core down in the last 2 thirds of critics don't bet it was a very big bank and we really thought much of it done in austria but that was actually the 1st domino view of the system right and then and lehman brothers of course we are but that was actually the 1st domino view of the system right and then and lehman brothers of course in 2008 was kind of the domino theory. and 192021 there was arson 2008 was kind of the domino theory. and 192021 there was also a similar kind of collapse and. also a similar kind of collapse and. base my 1st 2nd to base money supply has declined by over 23 percent since 20 base my 1s

s he is mark lehman, president of jmp securities. rk, welcome nice to ha you here. >> thanks, sue.ate it. >> let's get to the picks. lyft is one of them. you say they put up a buying quarter. why else do you like the stock? >> well, they did put up a good quarter, the second in a row. obviously it's controversial like a lot o unicorns but they are gaining market share, growing revenue faster than people expected and the contribution margin means meaning the profit to the bottom ne is accelerating. i i ink that bodes wel the next couple years. they're putting a good topline. and i think they get the profitability a lot soon are than people thought. when that happens i expect the ghock to take off. >> all do you have a projectsen on how much you expect it to increase? >> they're growing revenues i think they growen rs close bottom line number by 5% sequentially in the quarter i thinks will accelerate ed. faster than people wanted in the models. if this happens by 2022 i think it will be very profitable and the stock will take off. >> all right. next onhe list is ana plan and planning

brothers of course in 2000 actually the 1st domino over the over the system right and then and lehman brothers of course in 2008 was kind of the domino theory. 192021 there was also a similar it was kind of the domino theory. and 192021 there was also a similar kind of collapse and i'll talk about base my collapse and i'll talk about base money for a 2nd the base money supply has declined by over 23 percent since 2016th 1st 2nd the base money supply has declined by over 23 percent since 20 sixteenth's this is by far the longest and deepest decline since the fed was created and this is by far the longest and deepest decline since the fed was created in december of 203913 the inflation deflation to december of 203-0913 the inflation deflation debate could be resolved soon and the winner could be deflation ok it could be resolved soon and the winner could be deflation ok. the base won't deploy. the. 28 percent as it's climbing to. 2016 because the. internet is the big it's the sound that's right to figure that would create a city that's what the fed was that's country and gated what does

of it down in austria but that was actually the 1st domino view of the system right and then and lehman brothers of course true but that was actually the 1st domino over the of the system right and then and lehman brothers of course in 2008 was kind of the domino theory. 192021 there was arson 2008 was kind of the domino theory. 192021 there was also a similar kind of collapse and. also a similar kind of collapse and i'll talk about base money for a 2nd the base money supply has declined by over 23 percent since 20 thought about base money for a 2nd the base money supply has declined by over 23 percent since 2016th this is by far the longest and deepest decline since the fed was saying this is by far the longest and deepest decline since the fed was created in december of 203913 in the in the foyer in december of 203913 the inflation deflation debate could be resolved soon and the winner could be deflation and deflation debate could be resolved soon and the winner could be deflation ok so. the basics when i said one apply supplies been i've been. caught out in 236 percent 23 percent 201

where you see this interconnected this going down or like lehman where you see this interconnected this of these banking system large start to fail one goes down a bit of these banking system large start to fail one goes down a bit of one who probably took everything with it it wouldn't go back to the thirty's or critics but it was a very big one who probably took everything with it it wouldn't go back to the thirty's the critics don't but it was a very big really thought much of it gore down in austria but that was actually the 1st dawn with over the open and we really thought much of it gore down in austria but that was actually the 1st dawn with an overview of the system right and then and lehman brothers of course in 2008 was kind of the domino theory of the system right and then and lehman brothers of course in 2008 was kind of the domino theory . and 192021 there was also a similar kind of collapse into 892021 there was also a similar kind of collapse and i'll talk about base money for a 2nd the base money supply and i'll talk about base money for a 2nd the base money supply has d

. >> item 29 is a motion to appoint and waive the residency requirement for jessica lehman, jennifer esteen and to appoint sarah short to the housing conservative ship working group. >> i'm sorry, residential wafers fowaivers for two of the three? >> 29, yes, i called 29. >> and did you mention -- >> yes, mr. president, i did mention the residency requirement to be waived. >> for who. >> jessica lehman and jennifer esteen. >> is there a reason why we're getting waivers for two of the fly appointees on this? and i ask this question consistently when i see so many people get waivers for residency purposes. there's a lot of people in san francisco that live here and why can't we find anybody? and i'm not saying tease people aren't qualified. so i don't know if you want to -- >> sure. as the chair of the rule's committee, i'm happy to respond. if i remember and remind me, there were five applicants for these three seats. so we didn't get an overwhelming response to the request for applicants. that's number one and number two, the sad reality in san francisco these days is that the people

the ceo from lehmans joins us. domestic just after 6:30 london time.ommerzbank as well, a lot of headlines. it cut its 2019 that income guidance. a year on year decline. it still targets a year and ratio of at least 12.75%. but it no longer sees slightly higher full-year net income. the ceo, we heard this yesterday in terms of the ceo welcoming the banking union plan. lots to discuss later this morning. afteric conversation 10:30 a.m. london time. we have got tons of breaking. estimateon euros, 1.19, so a beat from live tons of. it is a neat on the third quarter adjusted. the adjusted margin, 12.7% versus 14.1% year on year. revenue, 10.2 billion euros, estimate 10.1. it confirms the guidance. what you want to take away is that the prophet has declined and that has eclipsed cost cuts. even as the third quarter adjusted ebit was better than expected, earnings fall highlights the cost challenge. joining us for the hour, paul from newton investment management. all those earnings coming through, what is your first takeaway from what we have learned this mo

the incident happened at lehman high school in kyle, texas, south of austin. in another video, students say this is how the incident started. the principal released this statement saying, "we took swift action when this incident occurred and will do everything necessary to protect our students." the 16-year-old student was treated and released from the emergency room. her family's attorney released this statement saying, "we are shocked and disgusted after seeing the abuse and excessive force used in this teacher's attempt to discipline a special-needs child." the family's attorney says the teenager suffers from epilepsy. stunned parents are left to wonder why the teacher acted so aggressively and violently toward a child. >> no matter what a kid says to you, i mean, short of them pulling a weapon on you, i mean, i don't see any cause for that sort of reaction. >> reporter: the hayes county independent school district fired lankford after the assault. she had worked in the district since august of 2019. lankford was released on bond. her next court date is pen

canon lehman found out by chance that the historic hermitage was for sale and turned it into a heritage site. there's a window one of his enclosure this is a beautiful rockwell church had been closed for years so i wanted to put it back in the spotlight and open it to the public thoughts. this was. the 1st guests arrive early in the morning and are given a tour of the caves right next to the church. as are here you know who got off from this cave is called gold oven as an alchemy just once lived here over these pits in the rocks were carved by hand and housed wooden beams used probably to support a wooden house as. we reach our destination veteran book abbey. an impressive building right on the danube my social here and around the years 617 that makes it the oldest monastery in the various. over the years the benedictine monks kept on building the abbey. the 18th century church owes its splendor to the us some brothers who designed many churches in bavaria. but for many guests the reason they came is the big garden this has been proved in the monastery for more than 1000 years another r

the district posting on facebook, under no circumstances is that behavior tolerated at lehman high school>> it's scary to know things like that are happening in school. >> reporter: in a statement, the student's family is demanding justice saying we're shocked and disgusted after seeing the abuse and excessive force used in this teacher's attempt to discipline a special needs child. tiffany shadell lankford was not available when we visited her home for comment. and tonight that family's attorney tells me the 16-year-old saw a neurologist and trauma specialist today because of the injuries from this attack, adding that family members and loved ones are standing close lester >> morgan, thank you >> up next tonight -- a veteran's homecoming after more than half a century. family members and loved ones are standing close. lester? >> morgan, thank you. >>> up next tonight, a veteran's homecoming after half a century. so you have the freedom to keep doing whatever is most meaningful to you. a reliable income that lets you retire, without retiring from life. that's the power of pacific. ask you

the frightening incident happened last friday at lehman high school in kyle, texas, south of austin. students posted another video saying this is how the incident started. the principal released this statement saying, "we took swift action when the incident occurred and will do everything necessary to protect our students." the 16-year-old student was treated and released from the emergency room. her family's attorney released this statement, saying, "we are shocked and disgusted after seeing the abuse and excessive force used in this teacher's attempt to discipline a special needs child." the family's attorney says the teenager suffers from epilepsy. stunned parents are left to wonder why the teacher acted so aggressively and violently towards a child. >> no matter what a kid says to you, i mean, short of them pulling a weapon on you, i mean, i don't see any cause for that sort of reaction. >> reporter: the hayes county independent school district fired nk lankford had worked in the district since august of 2019. she was released on bond. her next court date is pending. we tried to

in 2008 lehman brothers a new york based global financial services firm filed for bankruptcy after speculating in bad real estate loans. this development had a devastating impact on the world economy. unregulated economic activity can be dangerous we've seen this in the financial crisis. this doesn't mean the government should overburdened entrepreneurs' with paperwork and all kinds of other bureaucratic entanglements but it does mean you need to keep an eye on how things are going. so does globalization need regulation by whom and what should the priorities be mentioned just as and the laws that protect human rights can also be applied to international trade and the movement of capital and given that they have all the principles and objectives of the united nations are almost universally recognized. the organization often takes action on the big issues peace international justice schiemann rights. these are the themes that repeatedly lead to conflicts. as national interests take precedence and the u.n. has less and less room to maneuver that is one reason the united states will not participat

team is that women men know a lot of lehman for kurdish ness that he led by the element by not of their human one. he made me the evil demon there were no worth having had it for the squash. when. exit. the heart of a calamity of him by a man has said it will in an live action at tara when hannah lay him in. your article where god damn it almost isn't made more hot with endure a lot of almost sort of almost. 15 min handle here several meters of your national. well of course i mean hannah what several minutes wash and then you are a. very. meg morelli then whine about ash and me to show you. a game when i thought of us. with this our national however by team. up with them this. is an unfair. sprint with they are. there and if those are there but i will meet him that above at the meet in the above in the land of the. we are surrounded by the island. then i get that but the island i guess i'll begin the fallon in the next now that i'm in the law is what helen only. then. did good then how to stuff a stock to an out of one except. from the london broadcast center to special guests and conve

would them it is our brain quoted in my lab head those of dean is the name of many know a lot of lehman for kurdish ness that he led by the element by element of damon wanna be beneath a bit there were no words have been headed for the squash. when. exit. heard of a calamity of him by a man who said it will end in live action at tara when hannah lohan. you know because we had a god damn it almost isn't made more hot with endure a lot of almost sort of almost. 15 min handle hannah 7 minutes of polish and national. well of course i mean hannah what several minutes washing that i got then you want to. hurry. meg morelli then whine about me to show you i said no way. to give when i thought of us. with this our national how iraqi they can live with them this. is an unfair. sprint's with their job. though and if the lives of those a little bit album within that above at the meetin that above in the land of the. we are surrounded by phylum. they had led to file and i guess i'll begin fairly and then the next now that i'm in the law is when helen only. did a good then how to stuff a stock to an

the first time since lehman wen down, you have bonds in high points >> one final point here. can understand what you are saying about the general tone of the bond market and the high yield. but those are only in certain parts. generally speaking, take a look at the etf that attract high-yield debt. is this really a scenario where we think the credit markets are signaling something bad ahead? >> we saw this in 2007 there were pockets of risk one by one by one, as they grew. it was a credit spread contagion. just in the past month, this was moved from tightness, loans now dipping into single bs they had to cave on the balance sheet. the ability to finance bad assets and all of the problem with wework. right now, this is the most important part of the interview. we are seeing underperformance of u.s. banks cds. it is starting to widen, that tells you, it is some type of credit contagion spreading through. >> thank you for joining us. let's look at some other top stories. tesla ceo elon musk unveiling the all electric pickup truck dubbed the cyber truck unveiled in l.a hard angel

i should say said andy union sentiment in the united states and i say let lehman it's in i said it's almost a sacred to me elite so that the shift in the map that the fundamental couper of labor are adults who were over the beliefs they were acquaintance to fill in the in that are not basic principle in the international labor organization. is the radiator for free a seriously so a solution it should. which would mean the rich would mean the right to formulate need for mute us has never us has and never ratified before i. think i think the us is maybe alone among maybe just major society eyes and ears and there's never a better so. it's it's considered so so for out of there and out of the scene picture of america certain tried to exterminate a little bit early history and politics it literally has never been considered. a rumor that the us has never been considered. for the us has a lawn very violent labor history his. lawn very violent labor history his. side of. the. clear moon had been very strong. but the labor movement had been very strong by the 1920 s. in a period not unlike

with regard to lehman bock, he's been quiet. you haven't heard his voice, and that is going to be something that ensure moon fears because lee was you point out a popular figure. [inaudible] >> jailed for one charge, yeah. [inaudible] >> what is the solution for the -- [inaudible] any idea? [inaudible] >> what would force him to step down? the question it what would force moon jae-in to step down. you know, gallup korea just came out a few hours ago with its most recent poll which showed moon's approval rating was 40%, and historical. gallup korea general has numbers that are higher than other service. so moon is really unpopular. part of it is because of the appointment of cho kuk which is a watershed moment. i don't know if moon would actually ever be impeached, but that is of course what people in south korea are now saying. so you know, the situation in south korea is volatile, but if you got, for instance, the conservative opposition doing well on april 15, then they very well may take revenge. because as the question befor

>> reporter: michael bower had a son who graduated from lehman high just last year. >> no matter what a kid says to you, i mean, short of them pulling a weapon on you, i don't see any cause for that sort of reaction. >> reporter: a tenth grader who was in the class and didn't want to be identified told reporters lankford was aggravated by students who were laughing. >> me and a group of friends were all laughing. it was just a joke somebody said. >> reporter: the attorney for the family issued a statement, "this is unacceptable, to say the least, and we will demand justice to the fullest extent of the law to enact the change so obviously necessary." the school fired lankford. she had only been working as a substitute for the district since august. lehman high school will have crisis counselors on hand to work with students and staff. >> i hope there's more than a firing there. that's a perfect example of somebody who should not be in a classroom with children, whatever happened. >> those students, they were taking the video, but they also got help. >> good. >> very tough to see that.

dean is the name of many know a lot of lehman for kurdish ness that he led by the development by not of damon one . he made me daily but there were no words have been had it for the squash. when shelley lived it had about 4 exit. how typical of him. a man has said it will in an live action it's hard when hanna lay him. you know because we had a god damn it almost isn't my moral code within do a lot of our most horrible most young men who face our mates 15 men handle him 7 meters a fish and national damn well of course i mean hanna whatsoever i met wash and i got a new water. mag morelli then whine about me to show you i said no lady in the game when i thought of us i'm going to take you with us our national however vikki they can live with them this. is an unfair. sprint with their top of. their and if those are their about album it in that above at the meetin that above at the end of the. we are surrounded by phylum. danny i've had that before i am i guess i'll begin the fallon and then the next now that i'm in the lies when helen only. then. did a good then how to stand up till now

put that into lehman -- -- into layman -- guest: the original technology that was used for the firstpany that entered was a technology also used for ancestral research. but as we go into the field of health, being able to look at the whole of genome, not just snips of it, but the whole gene really transforms our ability to include more people and understand many more risks. for us, that's why we chose a subscription model. it really aligns our interest with consumers. ancestry health plus integrates a comprehensive health history understanding with a comprehensive understanding of your genetic risks, looking at genes from next-generation sequencing, and there are more applicable insights to deliver to consumers. there are many more to come to help us put consumers on an empowered path to preventative health. taylor: that was ancestry president and ceo margo georgiadis. now joining us is bloomberg's max chafkin. he also had an interesting story about the u.s. cto and controversial comments he made in lisbon. what did we learn today from what that cto said? max: he became cto in august

federal budget four times after leaving congress in 2000 john kasich worked as a managing director for lehman brothers where he helped companies secure the resources they needed to succeed the author of fort new york times bestsellers. the battle for america's soul. every other monday and most recently to pass america divided or united. it's up to us it was just released. please join me in welcoming john kasich. that is the queue. i'm so excited to be in ohio. it was really a wonderful experience i have a great time. let me just tell you a couple of things that might give you a little bit better sense of who i am in after eight years i think you would really know me. i was raised in pittsburgh, and just a little town the rocks was a very blue-collar democrat town. they used to put roadblocks up. it was conservative god-fearing. he have a very hard life. they would not pay him for the work. and it was tough. my father and my uncle george flour sacks that were made up by the mother. she was from yugoslavia. and she could barely speak english. you could just imagine i wasn't the family living in

team is the name of lehman for kurdish less than 11 either malamute by not of damon one or d. maybe the even there were no worth having had it for the squash. when harry lived it had about 4 exit. how typical of him. a man has said it will in an live action at tara when hanna lay him. your article where god damn it almost isn't mag more hot with endure a lot of almost sort of almost. 15 min handle him several meters of the national damn well of course i mean hannah what several minutes wash and i got a new out of all the harry. mag morelli then whine about me to show you i said no lady in the game when i thought of us. which is our national how iraqi they can live with them versus who. is an unfair. sprint's with their thought what. they were left in the lives of those of their what album within that above at the meetin that above in the land of the. we are surrounded by phylum. dany i could lead by flying them than a felon in the international allies when highly. active good then how to stuff a stock to an out of an excel. from the london broadcast center to special guests an

team is that women men know a lot of lehman for kurdish ness they're led by the element by adam not of damon wanna be beneath a bit there were no words have been had it for the squash. when helen lived it hard for exit. how typical of him by a man who said it will end in live action it's hard rock when hannah lohan. your article where god damn it almost isn't made more hot with endure a lot of almost sort of almost. 15 minute handle hannah 7 minutes of polish and national damn well of course i mean hannah what several minutes wash and i got a new out of the hoodie. mag more i really don't whine about to show you i said no lady in the game when i thought of us. which is our national however by a team they can live with them this. is an unfair. sprint with their top of. the 11 in the lives of those a little but i will meet him that above at the meetin that above in the land of the . we are surrounded by phylum. then i had led a file and then a fallin and then anathema now i'm in the lies when helen only. then. did a good then how to stuff a stock to an out of number one except. the prime

statements issued a lehman commitment to multilateralism and vowed to preserve the u.n. role in international conflicts. international criminal court judges approved the opening of an investigation into crimes committed against myanmar's muslim minority. the allegations spend -- stem from military actions that begin 2017 following and ensure urgent attack. bangladesh to escape what is being called in ethnic cleansing campaign with mass rapes, killings, and the torching of homes. global news 24 hours a day, on air and @tictoc on twitter, powered by more than 2700 journalists and analysts in over 120 countries. i am mark crumpton. this is bloomberg. david? talk: coming up, we will to the top republican on the house budget committee, congressman steve womack of arkansas. his thoughts on jay powell. that is coming up next. on balance of power, we are on radio. ♪ david: this is "balance of power" on bloomberg television and radio. i'm david westin. jay powell testified to congress for the second state date today. congressman steve womack of arkansas as the ranking republican.