street has destroyed the wonder that was america michael thomas is a former banker he was at lehman brothers for thirty years he was a partner there and he's saying that now the excuse that bankers use over and over whenever there's a giant crisis this is the government's fault somehow regulations forced us to steal all your money to take your money your segregated account to leverage up a hundred to one government forced us to do that we wouldn't have done that on our own saintly selves but michael thomas says once people realize how wall street made its pile understand how financier's get rich and what it is that they actually do the time will become ripe for someone to gather the spreading ripples of anger and perplexity into a focused tsunami of retribution to make the bastards pay properly for the grief and woe they have caused perhaps not to the extent proposed by h.l. mencken who wrote that when a bank fails the first order of business should be to hang its board of directors but in a manner which on pain of proportionate to the collateral damage so he says maybe. while like that he's

these include soring crude oil prices, a global economic down turn after the collapse of lehman brothers and the rise of china and other emerging countries. >> so what does the future hold? for some answers we spoke with an expert on the japanese economy. >> says japan's manufacturing sector has recovered since the disaster in march, 2011, but the country will post trade deficits for another three to four years to come. >> i think it is difficult. there is no prospect for the japanese nuclear power plant to come back. it is highly likely that by this april or may all of them, 54 of them will be closed. there will be no nuclear power supply. japan has to keep importing, increasing volume of sources from outside which will continue to have an effect on the japanese overall trade balance. >> a report in the wall street journal declared an end of an era for japan's exports. the report says japan could struggle to fngs a debt burden that surpasses italy's as a percentage of its economy. he says it is important to look beyond just trading goods. japan continues to enjoy a surplus of more than

the worst was recorded in 2008 after the collapse of lehman brothers. the second worst was in 1990 when the japanese bubble economy began to collapse. >>> let's get you a recap of the latest market figures. >>> looks like a lackluster start to the asian trading day, catherine. we'll see where china opens next hour. >> thanks very much, ai. >>> iran has rejected a u.s. warning letter that suggests retaliatory action if it closes the strait of hormuz. iran has threatened to shut down the gateway to the oil-rich persian gulf if western countries strengthen their sanctions against its oil exports. ali akbar velayati, an adviser of international affairs to the supreme leader ayatollah khamenei said that the letter from the u president contains no new information. a spokesperson said on tuesday that the letter did not have any contents that could lead to a new development, but he indicated that iran has a positive stance on the reopening of talks with the west over iran's nuclear program. the spokesperson also suggested the country's willingness to cooperate

. >> the day the do-do hit the fan at lehman brothers is basically what it's about and you realize the stuff is declining in value and you have to get rid of it, i think that is the movie that will be the one we go back to look at. >> rose: anything you want to bring out? >> i wanted to say did b"margin call"recognition for best origil screenplay. it's really the writing that brings it together. >> rose: let me move on. best actress. before i do that, i'll just tell you who the best picture nomies are. war horse, theistry of life, "moneyball," midnight in paris. "hugo," "theelp." >> best actresshat performance stands out. of the nominees for best actress. >> of thos nomineees, i think meryl streep is formidable and really quite remarkable as-- in a very flawed movie about margaret thatcher. i thought viola davis brought extraordinary poise and digni and depth and emotion to "the help." i liked, also, gle close in "albert nobbs." it's in some ways a stunt performance. she's playing a woman who disguised herself as a man. but i think it's-- that's a triumph of technique. i like those thr

surplus right through the two biggest financial shocks -- the asian financial crisis and the lehman brothers collapse. >> these japanese cars are bound for europe, does not as many as before. the country is also shipping of your machines and electronic devices compared to years past. japan exported less overall in 2011, a 2.7% drop over the previous year. and japan purchased more from abroad, pushing imports up by 12%. a number of factors were damaged in the earthquake and tsunami that hit japan early last year, and that hampered exports. since most of the country's nuclear power plants have been shut down since then, japan had to import more crude oil and other raw materials. strong yen and economic troubles in the u.s. and europe have hurt investment in japanese products. >> we need to nurture new industries through regulatory reforms and comprehensively promote policies that will strengthen our growth potential. >> efforts to modernize production centers and invest in new technologies will play a big role in making that happen. >> a day after delivering his state of the union address, pre

it was set up after the collapse of lehman brothers to prevent german banks from going under. reactivated fund will have 480 billion euros at its disposal. germany has one of the strongest economies in europe, but its banks are seen as vulnerable, and some are struggling to meet new european banking authority capital requirements. eads has named new top boss. the parent company of airbus has named a german to take the helm in june. under his direction, airbus had record orders of 1400 airplanes last year. eads is shuffling its supervisory board. jean-claude church it will join the body. >> reports are coming in right now that a german engineer has been kidnapped in nigeria. germany's foreign ministry says it cannot yet confirm the abduction in northern nigeria, a city recently hit by a series of attacks blamed on an islamist sect. president jonathan has called on the group to identify itself and state their demands as a basis for talks with a police in nigeria said they have no information linking boko haram to the kidnapping. the arab league has renewed its call for the u.n.

lehman brothers risks, they went under big-time. so?o cover your risk and your investments, the i.r.s. says 15% is the investment rate to cover any risk of any kind of stocks, bonds, real estate, et cetera. now, mr. romney's income, the word income covers all revenue gained in the calendar year, involving work, commonly known as salary, or as if a fee, as in doctors' fees, lawyers' fees, lecturer fees. the i.r.s. says the salaries are taxed during the calendar year. the taxes 35%. now, yearly mr. romney gives a lot of speeches. he collects lecture fees. last year, 2011, he gave lectures and for which he received fees that amounted to $375,000. that $375,000 has been taxed by the i.r.s. already as 35%. americans who ighest of the six earn, that is worked for this money as opposed to money from >> i'm turning to, mort, for obvious reasons for your business. do you know your income into investments to collect 15% tax, rather than the tax for fees or work that you've done -- >> not salaries it's called. >> wages. >> call it what you will. h

essentially what we saw happen in 2008 with lehman brothers, nobody wants to see it happen again. >> pelley: anthony, thank you very much. mitt romney and bain capital. what the record actually shows. the death of former cbs news correspondent richard threlkeld. and michelle obama's random correspondent richard threlkeld. and m[ male announcer ]ndom say goodbye to "ho-hum," and hello to "whoa, yum." use campbell's cream of chicken soup to make easy enchiladas, cheesy chicken & rice, and other chicken dishes that are oh...so...whoa. campbell's. it's amazing what soup can do. ♪ tell me what you really mean ♪ do you know what you want? ♪ while beating up on yesterday ♪ ♪ rolling on, moving on [ female announcer ] the space of a small suv. and more ways to connect to your world. ♪ do you know what you are? the all-new prius v from toyota. ♪ do you know? the all-new prius v from toyota. i remember the day my doctor told me i have an irregular heartbeat, and that it put me at 5-times greater risk of a stroke. i was worried. i worried about my wife, and my family. bill has the most common t

to the predatory behavior on wall street and the city of london no more bear stearns no more lehman brothers the competition is shrinking the too big to fail problem is growing the agency fraud as bill black calls it is increasing well between these two headlines max i haven't told you this yet but i did put out word to the primate community basically looking for somebody to audition to be our fund manager and i've got this video here from gibbon he's our you hedge fund manager and of course it is impossible but he could pull in there. yeah this guy has got the chops and he's got what it takes to be a good fund manager because he used to. you know there's a credible analogue between a suicide bomber and a hedge fund manager they are willing to die for market fundamentalism without thinking about it too much what i'd like to see lloyd and jamie performing next to them and see who could do that better swinging on those a rope while some clearly the government isn't down in ways that i don't think either of those other two gentlemen are but clearly maybe not great for the hedge fund industry fo

shocked in september of two thousand and eight the dollar rallied twenty two percent right after lehman brothers declared bankruptcy in a very real way it reasserted itself as the trade went to some extent of course and that's also there's a website because so much of it is the character that you've written about right many years right and that's that's there's that tension in the economy is something that's our daily bread because when i and i say when not if there is an alternative to the u.s. dollar i believe that people rush for the exits so how do you see that do you see that as something playing out in the near term how do you see that happening in terms of alternative because the one alternative to the u.s. dollar has been essentially precious metals or commodities basically people seem to play hot potato instead of thinking that maybe maybe towards the late ninety's people were thinking more how to make money a lot of people now are worrying about how to avoid getting hit and i think it's a big paradigm shift at least among sophisticated as well it's a paradigm shift that we recognized t

public declared a person of the sense of it the same for lehman brothers there were two or three other investors who were a student of us who did it safely for general growth properties these were obvious imbalances in the system but they couldn't be seen because everybody was taught to look at things the same way at the same way they went to the same schools with the same professors the same curriculum with the same deals graduated went to the same banks using the same trades with the same methods and techniques the same message there's no diversity that lack of diversity creates you know a lot of the system so harvard degree didn't mean that you were going to see the financial crisis coming and in fact a ton of people missed it. how is this playing out today because you're talking about two thousand and twelve predictions how a lot of people see kind of the broader threat to be iran you have your eyes on another country entirely tell us who it is and why. yes i think maybe the biggest threat to stability would probably be germany for the mere fact that germany is the linchpin that's

quarterly basis that might impact their earnings and bonuses of course we know from documents from lehman brothers and others they play a rest of prosody game where they park each other's debts on each other's books for a few days to escape having to report those debts therefore making their earnings artificially high the our earnings in the u.k. and the us for banks are supposedly up because they don't reveal the debt until it's time to put a gun to mervyn king's head of the co and let's get more bailout money because their assessments because their peers because their opponents well mag's they're also very well paid chief executive pay outstrips company performance so teef executives in eighty seven of the footsie one hundred companies took home five point one million pounds in basic pay bonuses share incentives in pension contributions and twenty ten to twenty eleven a new report reveals this is from the institute for public policy research and they found that the total remain a ration of tea for executives increased by thirty three percent while the average increase in company shares was up on