to ask you to please respect this trip, no lehman brothers. invited back, maybe again. so it appears as though dick fuld, who went through the early stages of his time at lehman again starting in 1969 until his firm's demise in 200 8. will not be addressing the situation that led to the collapse of his firm, the filing of bankruptcy in september of 2008 in those, the darkest days of the financial crisis. steve, give me a comment. >> i really didn't expect him to say anything about it for him, it's no one's situation. first ever all, i'm sure there's still litigation going on, okay? number one. number two, what's going to come out of it? i mean the guy did as much as he could maybe he apologized at the end for being a bad steward. because as the the captain of the ship, you go down with the ship and he did it's time to move on. we've seen the pendulum has swung way too far the other way, in my opinion, which is why in the poll that steve liesman had the other day, 81% of the people that were surveyed, want to own homes, but can't. that's the re

one is my all time fave, call it the second coming dick fuld, this is his first speech since lehman brothersnollapse -- brothers's collapse. o your company? ask our friend from washington, a former member of the financial crisis inquiry commission, who on many occasions, interviewed mr. fuld. firms indicates why some thrive while others fail. i am not saying that dick fuld is making a comeback, but what do you make of it? guest: if i were an investor, at least i would ask some questions. itselfbrothers destroyed in a fairly spectacular way, and made mistakes that a lot of other firms didn't make, so i think there is a lot to learn from the way that lehman went down. the thing that investors need to es is, what did dick fuld learn this time around? couple of give you a lessons, i would say to listen to your risk manager. there were serious problems in the market, the risk officer was regularly sending signals, we've got a problem here. she was simply disregarded, and and somebody else unqualified as a risk officer was put in her place. the question for an investor is, uld listen to a risk off

he's at lehman brothers in september of 2008 was not a bankrupt bank. mark: i imagine he takes exception to being portrayed as the poster child for this because lehman was not the only one with problems. >> i'm sure he does take it very personally. he said my 96-year-old mother still loves me. this cuts deep to the bone and this is about why he is coming back. he thinks it's about redemption. you presided over the largest bankruptcy in u.s. history. why are you getting back into business? he said "bite me." he was joking, but then he said this is what i like to do. i have my team and we love to build businesses. he is getting back in. he quoted rocky, had a sense of humor about it. he did say he was going to donate all of today's speaker fees to charity. scarlet: i can't help noticing that he was quoted as saying this talking about a perfect storm causing this easy access to credit. we were all curious about what he was going to say -- he said it was a perfect storm. this buildup of u.s. bull market mentality. he put the bulk of the blame on the governme

olivia: we all wanted to hear what he was going to say about lehman brothers. he how he spoke about lehman's decision to go from being a fixed income trading to a universal investment bank. he spoke about what he thought made lehman brothers one of the great wall street banks and he said the key differentiator was the culture. he said people talk about lehman brothers did not have adequate risk management. had 27,000 risk managers in the form of employees because all of my employees held a stock in one way or another and acted like shareholders. please later said respect the fact that i don't want to talk about lehman brothers but finished up by saying lehman brothers was not bankrupt in september of 2008. mark: why is he saying this now? olivia: great question. why does you suddenly want to go public talking at a penny stock conference? there was a bit of legal overhang for the first few years. that has gone away. he said he thought it was time. not a day goes by that i do not think about lehman brothers. but i have to move on. he was asked why he was going --

the failure of the uncontrolled lehman brothers.it was in september of 2008 that policymakers realized they had a situation on their hands a w 20 is 08 that policymakers realized they had a situation on their hands and that we really were on the verge of another great depression. so the leaders of the advanced industrial countries issued a joint statement that no no additional basis to make important financial institution would be allowed to fail. aig was bailed out of congress passed t.a.r.p. on a second try. one after another, the banks flooded the financial markets with liquidity and governments put in place will play billy and other programs of fiscal stimulus. policymakers had indeed successfully avoided another great depression that the results of those policies have been less than entirely successful as you all know economic recovery in the united states has been lethargic. a couple of quarters of growth notwithstanding the u.s. economy has expanded only about half the rate typical of the recovery phase of the business cycle.

see, those are fox business cameras at least some people expected he would address his role in lehman brothers disaster. a 158-year-old firm goes up in flames, thousands of jobs lost. all he said when asked about lehman was, maybe some other time. charlie gasparino was the only reporter to attempt to confront dick fuld today. why? there's more that dick isn't sharing with the public. >> i don't know if we have the video of him shaking my hand. he did shake my hand leaving the conference. the microcap conference that he he was at. liz: but he didn't answer the question. >> he didn't. dick fuld can't talk too much about lehman brothers. a story about a suspicious deal he was involved. in a penny stock deal or small-cap stock deal. i looked at his brokerage records, his brokerage records say pending investigations continue into his role in lehman's collapse by the securities and exchange commission, by the new jersey department of securities. he still faces some potential regulatory issue, and when you face a regulatory issue like that, he also has civil lawsuits outstanding. you have a problem.

, the upshot is this: dick fuld really didn't say much during this speech, particularly about lehman brothersher. why didn't he say much in well, look at his brokerage records. he still has pending sec investigations, sec investigation about lehman that is still pending. david: that's been going on a long time. >> listen, i thought i misread it on his broke arage license, on -- broke ridge license, it's a finra document from the financial, the regulatory authorities. i thought i misread it. it says "pending," and it's the latest one. new jersey department of securities and other civil suits are pending against him. so really speaking at this thing he couldn't do too much. he couldn't say too much. one other point i want to make, john mack is an adviser to kkr right now, former head of morgan stanley. lloyd blankfein still own runs goldman sachs. dick fuld is now a deal maker in the penny stock business. it shows you how far he's flown, including the sort of very troubled deal we talk about -- david: well, the one in the -- it sort of reminds me of the man behind the curtain in "the wizard of

one in which we did hear from the former lehman brothers ceo dick fuld for the very first time since the financial crisis. talked about his early days at lehman but did not and frankly would not address those last days at lehman brothers. that's all for us. "power lunch" picks the ball up now. >> halftime is over. the second half of your trading day begins now. >> scott, thank you very much. welcome, everybody. along with mannedy drury, i'm tyler mathisen. a new way to fight cancer and new ways to invest in cancer therapies. >> news is breaking ahead of the big cancer fighting conference this weekend known as asco. also jamie dimon accusing shareholders of being lazy. is he right? >>> and if you had to pick just one to fund which would you choose, the 401(k) or your 529 college funneled. today hard evidence of which is the right choice. >>> but we begin with the war on conference. the research conference. novartis stock is up about 12% this year. but what exactly is this new treatment? what does it mean for those with cancer? meg terrell got an exclusive tour of the manufacturing plan

life after lehman brothers. dick fuld's murky investment secret. the former ceo makes his first public appearance since the collapse, and charlie gasparino on the scene watch out, dick. >>> raising alarm over the taliban five, new concerns the former gitmo prisoners will return to terror now. more "money" coming up. . melissa: very nervous dick fuld speaking for the first time since lehman's implosion in 2008. why was he so nervous? might be because charlie gasparino's story about latest murky deal. charlie joins us with the exclusive details. charlie i heard he shook your hand. >> yeah, it was kind of, he came out after the speech today at this microcap conference in midtown manhattan he had a scowl on his face and believe it or not, when he saw me he smiled shook his head and we shook hands and he jumped in his car, actually he fell and jumped into his car. you got the feeling today by watching him speak it was a pretty rough day for him. the first time he spoke since the lehman brothers collapse in 2008, and, you know, as i predicted early on to

. >>> still ahead, former lehman brothers ceo dick fuld speaking for the first time since 2008.s what he left out that had people up in arms. could increased competition force the hand of one top analyst make a change to his apple rating? find out in a minute after the break. >>> welcome back to "fast money." a quiet thursday saw the dow, s&p and nasdaq all drop a fraction of a percent. the shanghai plummeted more than 6%. here's what's coming up in the second half of "fast money." one biotech firm could be on the verge of a billion dollar break through. >>> plus, former lehman brothers ceo dick fuld speaking out for the first time in seven years. there's one thing he didn't say that had wall street up in arms. google announcing its android pay product today at its developers product, service similar to apple pay. on the hardware side, chinese device maker schau me saying they will start selling in the u.s. hugo barra shed some light on this u.s. launch. >> we're bringing our highest end head phones as well. also for a great price. we're bringing our first wearable product which

fuld the former ceo of lehman brothers.oday he is making something of a return to the limelight speaking at a conference this afternoon. bill cohan is here. see, in training for fuldcket -- why would dick choose what some describe as a penny stock conference to make his return to the public eye? bill: since he is not talking to me or any of us, what i was able to surmise the writing this story is he had just advised something called the national stock exchange, a small, penny stock, less than 1% volume stock exchange, i believe based in new jersey. he went to china to talk about it. i think this is a business thing. .etty: i loved your piece, bill how you were trying to find these guys. , still playing bridge. 2008 -- talked to me in betty: and then go silent. erik: we know what dick fuld is doing. bill: the used to have his attorney who would take all of the calls and then say no he will not talk to you. his attorney retired so now he has no one playing that role. , he made your piece half $1 billion in about seven , if th

why would it be worse than lehman brothers?rs is the worst thing that anybody has seen in the financial markets unless you are 85 years old. barry: i said that back i think european policy makers have been running as fast as they can to prepare themselves. at the same time, look at what happened in the last couple of weeks. small shops greece is only 2% of the european economy and they can still have very big consequences in markets that are not as liquid as they used to be. in a situation where greek asset would cast a pall over the future of the european union, i think no one wants to go there. neither the greek public, 75% of which still supports the euro nor policymakers in brussels and berlin. erik: however, those are known risks. the thing about lehman brothers back killed everybody where the unintended consequences. the things that people could not foresee or neglected to foresee. what are some of those things? barry: number one, it begins in the balkans, number two, a lot of european investment banks debt out there that

there was also the failure this time to anticipate the collapse of lehman brothers and how it would be. so with the lessons of the great depression and the narrative focuses on be disruptive impact of a bank failures of commercial banks by retail depositors that we see every christmas when we watch it is a wonderful life. lehman brothers did not have retail depositors of if you check that great narrative literally that the failure could not pose such serious problems this review informed by the left had a variety of other applications with the capital accord setting standards for financial institutions with deposit insurance regulation and focusing on commercial banks of which led to the shadow banking system investment banks and hedge funds and money-market funds and secured kaisers and tell it was too late that led to the neglect of the derivative that wholesale creditors was the result of which is what i described as the single most serious mistake of the financial crisis for the and control failure of lehman brothers. at that point september 15 that policy makers realized they had

people were desperate to hear him say something about lehman brothers and his role in it. >> same old same old. >> it was a little bit of the same old same old. i think people were expecting more on that topic and he didn't want to go there. so the economy and all sorts of things. it wasn't one way or the other but i didn't think there was a great revelation except by the way this whole thing clearly haunts him and possibly -- it was a lose-lose situation. he is one of those brands. what can you say? >> you can't move on until you addressed what has happened. >> and can you? >> i don't know. but i know you can't unless you do address it. >> right. >> it is what it is. you say it's a perfect storm. wasn't bankrupt anything that you say, well look this is -- let's just look at what happened. you can't deny it. >> he wishes he could say you should have -- basically the best he could have done is said you should have rescued me like everybody else. >> there were some things self-inflected. remember the way that they were holding -- what was that big real estate holding they had? on the bo

. >>> plus the man behind the fall of lehman brothers.mer ceo dick fold making a rare public speech today. we'll bring you those highlights and get reaction from wells fargo ceo john stumpf coming up. [container door opening] ♪ what makes it an suv is what you can get into it. ♪ [container door closing] what makes it an nx is what you can get out of it. ♪ introducing the first-ever lexus nx turbo and hybrid. once you go beyond utility there's no going back. >>> so these next few minutes are going to be crucial to the trading day. a new "wall street journal" article arguing the last half-hour of the trading session is the most important one. >> didn't we know that already? it took a credit suisse report. tle did a study that says there has been increasing number of trades occurring in this last half-hour of trading. largely due to the rising use of index funds, algorithms, computer models that prefer to trade at the close of day and it has trades between 3:30 and 4:00 p.m. that have increased nearly 5% since 2007. with more than 1 in 6 tra

look at what he went from lehman brothers to penny stocks. fascinating down fall.ff. >> and great millennial stuff. you have seen the latest one. neil: wait until you here this before the cowboy saddles up it's time to meet a letter if it's like your own don imus package and he isn't even dead he just looks that way. congratulations. you're down with crestor. yes! when diet and exercise aren't enough, adding crestor lowers bad cholesterol up to 55%. crestor is not for people with liver disease or women who are nursing, pregnant, or may become pregnant. tell your doctor all medicines you take. call your doctor if you have muscle pain or weakness, feel unusually tired have loss of appetite, upper belly pain, dark urine or yellowing of skin or eyes. these could be signs of serious side effects. i'm down with crestor! make your move. ask your doctor about crestor. usaa makes me feel like i'm a car buying expert in no time at all. there was no stress. it was in and out. if i buy a car through usaa, i know i'm getting a fair price. we realized, okay, this not only could

look at what happened to lehman brothers when they let that one go. i don't know if the argument is a fair 1 -- maybe they should have saved lehman brothers. trillionbout the $15 disbursed by the fed. what was the negative? the positive was the financial system was rescued. we may not like the way it worked -- i have been a strong advocate for changing the incentive and making sure nothing like that happens again. but it would be hard to second-guess what they did and it would be hard to say what they did in 2008 was a mistake because it really did save the system. we could have rolled the dice and found out what it would have been like if they didn't do it which would have been an interesting experiment that a lot of people would have suffered more than they have ended. dennis: we don't disagree on that. but at the same time, you cannot have the entire treasury available in a so-called crisis and expect those companies not to be too big to fail. we need a clear break so that we and too big to fail and don't have federal taxpayers on the hook because

and ceo with lehman brothers is back in the public eye. at a conference in midtown manhattan being built as his first appearance. he is expected to talk about how companies valued at under $500 million could make it in today's tougher capital environment and expected to touch on lehman brothers, the financial crisis in his speech. catch live coverage of that speech starting today at 12:30 eastern time only on cnbc. i will be doing a little color commentary. >> you'll be watching it from afar. >> from afar. >> if he touches on how that happened gotten over hank paulson yet? >> i don't think he has. >> see how you can touch on it. >> i think he may make some comments. he thinks he was the unlucky one. >> hank paulson didn't like him. always vindictive. >> we will see whether he has comments on that. in the meantime just seconds away from jobless claims. we are going to go to rick santelli standing by in chicago at and he has those numbers. rick? >> yes. 282,000. so that's a bump up of 7,000 from a 1,000 upwardly revised 275. originally state

the former ceo of lehman brothers. olivia: i like mid-cap stocks. figure out why dick fuld wants to make his big reappearance at a penny stock conference. i like the new york post's take on it, the guerrilla in the jungle. -- the guerrilla back in the jungle -- the goldrilla back in the jungle. erik: he spoke at a college that is not the same thing as getting up in front of the podium and talking to a bunch of investors. is there redemption after the financial crisis? will be back. ♪ olivia: google's developers congress kicks off in san francisco. you are looking at the bay bridge. in previous years this conference as seen larry page hold an impromptu q and a session. what can we expect? who better to ask than cory johnson? what are you expecting today? cory: you can see people lining up. the doors to not open for another 45 minutes. the big event the differences between that big mobile operating system apple and google. a new version of their operating system, a new photo app that spun off of google plus, some iterations on their car software , pla

two key components, first his after thoughts on the bank runruptcy of lehman brothers. he talked about mistakes he made. missing the spread of contagion from one asset class to another. perhaps misgaugeing where things stood and imlying they had fallen prey to other agendas but without elaborating on who and why. he also talked about today's economy in his capacity as a strategic advisor with mna and others that they make. the need for liquidity is still omni present. in order to keep margins intact. he talked about geo political risks whether it's isis or russia or slowing growth in china. a lot of interesting thoughts from him. let's take a listen to the key components. >> the income gap, income inequality. i know you don't want to hear this from me. the wealthy are getting wealthier. i'm a hardcore capitalist. let's be fair capitalism only works if it starts in the top and filters down. if it doesn't get down we're going to lose. >> you can see he's very much focused on the current picture and the future although he did say as well not a day goes by that he doesn't t

has recovered to levels we saw before the global financial crisis triggered by the collapse of lehman brothers. for more let's go to the tokyo stock exchange. what are you seeing so far? >> good morning. the dollar rapidly gained after a string of upbeat u.s. economic data increased prospect that a rate hike in the u.s. could occur much sooner than expected. dollar/yen is currently just above 123 yen at 123.04. the greenback broke its key technical level of 122 yen during late asian trading hours yesterday, and after that it quickly hit the highest since july 2007 and that was on the back of friday's inflation data and hawkish comments by fed chair janet yellen. yesterday dollar buying fueled up with consumer confidence and new home sales. the dollar spike led to a sell-off in u.s. stocks on tuesday with the dow jones suffering its biggest one-day drop in three weeks closing down over 1%. and here in tokyo, stocks are snapping its longest winning streak since last summer following the negative handover from wall street. the nikkei is opening at 20,381 now down about a quarter percent and the t

we hear from him, he's speaking in this speech and he didn't bite when it comes to lehman brothers.ke that economy, geopolitics, as you said food inflation i think he mentioned but as far as lehman brothers, he didn't apologize, kept his stance as we had seen him many years ago testifying before lawmakers and he did sort of blame it on the government, on some of the policies that led up the to the housing market crash and defended his firm in some way saying the 27,000 people that worked at lehman brothers were all risk managers and all owned a piece of the firm. so a lot of people on wall street, the reaction, i can tell you, was it was a bit odd because it wasn't like he came out and had all that to say about the crisis regraetz he is had. nothing like that. it was really sort of a stream of consciousness about issues. >> cnbc's sara eisen, thank you very much. have a great weekend. >>> still ahead, they both came to power in 1922 and together changed the course of history. the fascinating new book on pope pius xi and mousse leeussolini. and government research shows they live jus

but what would have happened if it had not been lehman brothers but lehman sisters? [laughter] dir. lagarde: against this background, i hope to see more work done on governance and change in risk culture. the firm will always be a strong supporter of regulators and independent supervisors. we will continue to do so. i would like to see institutions themselves take up this matter. shareholders and bondholders too. there should be a drive in the private sector for better alignment of risk and incentives. this applies to advanced and emerging economies. indeed, emerging economies can learn a lot from the pitfalls of their event counterparts. on this point, we released a study of a few days ago that re-examines financial deepening from the viewpoint of emerging markets. a key finding is that the gains from growth and stability from financial deepening remain large for most emerging markets. but there are limits to the size and speed. when financial sector development outpaces the strength of framework, there is excessive risk-taking and instability. the experience in many countries, inc

the former lehman brothers chief executive has been blamed for the investment bank's collapse.peaking today and we have details. stephanie: what is behind the glut of new tv shows this year? there are hundreds of them and not enough time or viewers to watch. pimm: good afternoon. i am pimm fox. stephanie: i am stephanie ruhle. we're going to get you started on a look at the markets.

thee were many who believed world was ready and cushioned for what happened at lehman brothers and how they were. greek failure and seeing what it's contagion consequences are on -- are an experiment no one should want to run. are they doing too much, too little? will leave the administration to speak for itself. of thee very much aware stake the united states has in europe. has: one thing the u.s. weighed in on is the value of do remember the currency.nese larry: it is up in real terms against china's trading part owners against the time when they had a 10% trading surplus. it's about a 2% trade surplus right now. that is in the range of what happens to countries, so i don't think there is the systemic undervaluation problem that there was and i don't think it happened automatically. i think that was a tribute to the economic diplomacy of president obama, secretary geithner, and many others. but it's time to recognize there -- hans: can you have an economic summit without china and brazil? larry: sure, you can. there are crucial issues facing the united states, europe and japan. top f

today he will give what i believe is its first public comment since lehman brothers imploded in 2008.s had a microcap conference here. that means pennystock spared the keynote speaker at a penny stock conference conference here in midtown manhattan at the grand hyatt hotel at grand central. we have written a long investigative piece on some of its activities and they are mainly in the world of penny stocks. it just shows how far the former ceo of lehman others have fallen in the days of being wall street royalty and fox business.com. one deal blew up. a lot of people said they lost money. one person calling himself as fox business was reported this out. the big part is this and we will find out exactly what dick fuld said. we point that out in the story today. sec investigations are pending for whatever role he might've played back in 2008. keep this in mind. dick fuld is now a player in the penny stock market. he's gone from lehman to penny stocks and another seven years. >> i can see you standing in the street. reporter: we actually did ambush him. fox has tape of him we should be r

dick folds from lehman brothers. first time since 2008. liz: where? >> at some conference. l have a major story about fold coming out about what he's doing since leaving lehman's. very controversial. liz: everyone stay tuned for that. twenty-eight minutes away for closing bell. green arrows all around. attention, meat eaters, from beef to chicken, a lot of food for thought coming up. the money-making potential is huge. forget the mug, forget the tie, forget the golf clubs, the apple wasp, omaha steaks. look at that. they say they're the perfect father's day gift this year. beef, even as the government says don't eat beef. senior vp todd simon is grilling up his case for us right now. stay tuned. liz: we all know it pays to have friends. nobody knows that better than singer taylor swift. lego land held this competition to see who visitors would like to be best friends with. a lot of kids involved. right? taylor swift won by a landslide. look at this thing. they created this tribute using 38,000 legos. that's a gorgeous portrait. my staff. my genius staff did not have two days

it was the day that lehman brothers went unbder. it mayde me question why did i go to new york? more i thought about it, it did not make any sense for me. i been working in california for 10 years at that time. i had relationships with people who knew i wanted. relationships with guests who would come to our restaurant. there were people that wanted to work when we opened. it was crazy to give that up. i look back and i think if we opened in new york, we would have been a very different restaurant. charlie: benu means what? corey: it means the phoenix bird in egyptian mythology. it stands for long life regeneration. charlie: the long view is always there for you. corey: starting a restaurant is a risky venture and you inspired to have longevity. for people that move to san francisco to start this project, the idea of the phoenix bird resonated with us. charlie: what does it mean that you were so close to the tech community, silicon valley? corey: it is a very important part of the culture in san francisco. it has become an area synonymous with innovation, newness, embracing new

coming up, dick fuld breaks his silence, the former head of lehman brothers speaking publicly for the tim since his firm's collapse in 2008. you'll hear him live. >>> buyer beware, we talk to a fund manage another says stay away from that sector. >>> and expectations of broadcom's big deal today could be one reason that dr. j has been buying that name. who he thinks will be the next chip to fall. see you at the top of the hour. dick fuld live during the halftime report, looking forward to that. >> google developer conference also today in san francisco. mark bergen covers the company for re/code and joins us now. mark? >> hey, all eyes are on the next version of android and virtual reality here at google i/o. and google still needs to prove he it keep innovating. android dominates the market would wod worldwide. 78% of smartphones. but developers like these earn more money with apple. on virtual reality, google risks losing to rival like facebook. google's approach is to take vr mass market. a $20 cardboard headset. but connecting people with more advanced devices like occulus rift. a

it was the day lehman brothers went under. it was a volatile time in new york city and made me take a step back and question why am i going to new york? why do i feel the need to open a restaurant in new york? the more i thought about it, it didn't make sense for me. i had been working in california ten years by that time. i had relationships with purveyors who knew what i wanted. i had relationships with guests who had come to our restaurant. there are people i wanted to work when we opened, it was crazy to give that up. i look back and think if we had opened in new york it would have been a very different restaurant. >> rose: benu means what? the phoenix bird in egyptian mythology that stands for long life regeneration -- >> rose: the long view is always there for you. >> exactly. starting a new restaurant, a new business. it's risky. you aspire to have longevity. for those of us who uprooted our lives and moved to san francisco to start the project the idea of the phoenix bird resonated with us. >> rose: what does it mean f

. >> now i don't agree with this trickle down idea but the former lehman brothers ceo is talking aboutd that is progress. it's the same language we're hearing from some top 2016 gop candidates who are sounding more like someone else i know these days. >> the only way we get change is when enough people in this country say i'm mad as hell and i'm fed up and i'm not going to do this anymore. are you not going to go back and represent me in washington, d.c. if you are not willing to pass a meaningful infrastructure bill if are you not willing to refinance student loan interest rates and stop dragging in billions of dollars in profits off of backs of kids who otherwise can't afford to go to college, if you don't say you're going to find the nih and nisf because that is our future. >> there is a shift happening in this country on the issue of fairness, and it's not a movie, it's real and there are big questions about what it means for 2016 and beyond. joining me now is ryan grimm, washington bureau chief for "the huffington post." he's written about senator ron johnson's comments about "the

after leaving congress in 2000 and running for president he worked for lehman brothers as managing directorthe investment banking division and a commentator for fox news and a presidential fellow at the ohio state university. john kasich has written three new york times best selling books. in 2010 the republican was elected governor of ohio, he is a fiscal conservative who believes in this quote responsibly. john kasich is married and has twin daughters. with that good to see you thanks for joining us. you look strongly at a presidential run 16 years ago. how have things changed? >> back then i was talking to a lady in a kitchen near the sink, we bring getting along just great and i am thinking i may have this lady as a supporter and joy looked at her watch and said what time do you think the candidate is going to get here? it is a little different now. i had a pretty strong record. i came off of balancing the federal budget, one of the chief architects of that. we had strong economic growth but i wasn't really known, was awfully young and if you do it once might be lucky if you do it twice

the following year he was at the centre of the government's decision to allow lehman brothers to fail. he writs about all of this and more in stress test refleks on financial crisis it is currently out in the paperback. and i'm currently pleased to have tim geithner back at this table. welcome. >> nice to see you charlie. >> rose: can i just clear this up. did you say in the acknowledgment which i missed that i had asked you were you going to write a back and you said no. >> no chance of that. >> rose: no chance of that. >> yeah. >> rose: what does that tell us. >> you know i thought about it a lot. >> rose: and then he died-- decided. >> i wanted to give people a chance to sit in our shoes and look at that terrible mess of choices through our eyes. and understand better, at least, why we chose to do what we did. they may-- it may not convince them that we were perfect, with everything right. they might choose differently but a better bases. >> rose: it is essential for someone in your position to do that. you actually said i thought was really good it talks about the power of questio

guest: i don't think it's a lehman brothers moment.contagious affect in the financial system. i think this is be an isolated event within the system. the bank of england set a couple of months ago that if anybody hasn't written off greek debt already i don't think this is a major threat to the european monetary system. it would have major implications for greece. greece is in chaos inside the euro. it would be in short-term chaos outside the euro as well, but at least he could take decisions into its own hands. this is the least palatable option in the short term. guy: the anglo-saxon world if greece would leave would rip the euro part? guest: what we are trying to judge are the political forces within the european union itself. public statements are not what they believe will happen. they are trying to put a line in the sand. the problem for those european diplomats and politicians is if the project is not successful or constantly moving forward, they fear it will drift back. there are a lot of people, not just the u.k., a lot of coun

dame julius: i think there is very little chance of a lehman brothers type moment.he greek debt is now held by official holders ecb, european governments, the imf. there is not a private sector or private banking sector to be affected the way there was in the lehman case. it has been anticipated, as a possibility for a long time. i don't think the effect would be very large. certainly, the ecb's current qe program flooding europe with liquidity will help to cushion whatever shock or blow there is. francine: one of the ecb board members was saying that they are buying some of the purchases in the bond markets because of weak liquidity during summer months. they are buying some bonds in may and june because of the weak summer months. should we read more into that? dame julius: i did not realize there was a summer low. there might as well be. it could be that they are trying to achieve their target. that does not necessarily mean that they do it each month. it could be that they are frontloading it to get ahead of the target. it probably does explain why some of the yi

after that he worked for lehman brothers is a managing director and the executive making divisive andalso a commentator for fox news and a presidential fellow at ohio state university. he has written three "new york times" best-selling books as well. in 2010 the republican was elected governor of ohio him he is a conservative who believes in personal responsibilities. he is married and has twin daughters. >> governor, it's good to see you. >> good to be here. >> how are things changing compared to 16 years ago? >> back then i was talking to a lady in the kitchen and we were getting along just great. and i said i may have this lady is a supporter and she said what time do you think the candidate is going to get here. so the little bit different now. i think that i had a pretty strong record then. i came off of bouncing the federal budget, i was one of the chief architects of that. we had strong economic growth but that was not really known i was awfully young and so they save you can do it once, it's luck of you can do it twice. the largest tax cut in america as a governor strong econo

but you might remember a question that i, too passed, what would've happened if it hadn't been lehman brothershman and sisters? [laughter] against this background i hope to see more work done on governance, unchanged and risk culture. the fund has always been a strong supporter of regulators and supervisors, independent supervisors as well as will continue to do so. but i would like to see institutions themselves take up this matter shareholders, bondholders are they should be striving for better climate in wisconsin. this applies both to advanced and emerging economies. and, indeed, emerging economies can learn a lot from the valuable lessons from the pitfalls of their advanced counterparts. on this point we released a study a few days ago that re-examines financial deepening from the viewpoint of the emerging markets. the key finding is that they gains from growth and stability from financial deepening remain large for most emerging markets. but there are limits on the size and speed. when financial sector development outpaces the strength of the framework there is excessive risk-taking and

there were many who believes that the world was cushioned for what happened at lehman brothers.wrong they were. i see -- i think seeing a greek failure is an experiment that no one should want to run. hans: you get the sense that that view is shared within the u.s. administration? are they doing too much, too little? summers: i will leave the administration to speak for itself and set its own course. there are a lot of people there with a lot of experience and skill. i know they are very much aware of the stake the united states has an successful growth in europe. hans: the one thing the u.s. has weighed in on in that is the value of the run than the. -- the reminbi. what is your view? summers: u.s. policy is had a triumph here. the roman -- the eremimbi is up against all of china's trading partners. it is about a 25% trade surplus. that is in the range of fort happens to countries -- is in the range now. i don't think that happened automatically. i think that was a tribute to the economic diplomacy of president obama, of secretary geithner and many others, but i think it is tim

he left congress in 2001 and became an executive at lehman brothers and the host of a fox news programhe won an overwhelming victory in his bid for reelection last year. now on to this afternoon's mechanics. as always we are on the record here. no live blogging or defeating. -- no live blogging or fe tweeting. to help you relist -- help you resist that sophie urge, we will e-mail you pictures. if you would like to ask a question, please do a traditional thing and send me a subtle nonthreatening signal. i will happily call on one end all in the time we have available. we will offer our guests the opportunity to make opening comments and we will move to questions around the table. thank you for doing this, the floor is yours. governor kasich: i think this is the first time i have been in washington twice in one week since 2000 when i walked out of this place. something must be going on for me to be here. it is nice to be back and be with all of you. i remember all of the old breakfast i used to do that in the old days when washington -- people got along and you can discuss things. i am t

. >> regardless of what you heard about lehman brother's risk management, i had 27,000 risk managers because they all owned a piece of the firm. >> cover of ft quotes a former lehman employee saying he should have had a plexiglass shield in front of him. >> he did, like nixon, praise his mother. >> why not? she is 96 apparently. good for her. >> that was my take away. >> why relive it again? look at what the leverage ratio was and where the assets were and what they really were. >> why with relive it? i don't know. talk more about your mother. you can never go wrong. nixon had game on the go out. >>> finally this morning, amazon reportedly planning to expand its private brand of product lineup. "the journal" said it will include milk cereal baby food household cleaners. amazon approached private label manufacturers seeking a partner. what a week it's been for amazon and e commerce in general. whether it's google adding a buy button android pay, same day delivery for prime. >> you were out there. you did a fabulous job. what did we talk about in the east? firing people, jpmorgan. what

it was a public-private partnership whose underwriter was lehman brothers. the financial crash took care of that. everything that could have gone wrong went wrong except one it was approved, it came in on time. and under budget. the community was involved, girl scouts have to name the tunnel harriett after harriet tubman. they had a job fairs in every language you could imagine. the construction jobs were temporary. the real jobs are the ones being created because of activity in the port and less than a year later, 80% of those 18 wheeler trucks have been diverted from downtown miami directly to the interstate. they can carry more cargo faster. it will be good for everybody. of course, less congestion and pollution in downtown miami. i call it the wind temple win -- quintuple win. well done, miami. host: by talking about the emerging net of smart growth -- vehicles give us an overview of where we are going. panelist: if we are going to have a vision of our mobility jerk, it has to involve technology. tech entrepreneurs have to be at the table. which one of y