investment bank lehman brothers declared bankruptcy employees weren't left with much else that was the fifteenth of september two thousand and eight it was the start of a global crisis bank of the banks seem doomed the result of toxic real estate loans they stopped lending to each other afraid they'd never see their cash again stock markets around the world crashed. but then taxpayers stepped in it was their payments that ended up dragging the spiraling financial system from the brink of disaster the world's largest insurance corporation a.i.g. received a one hundred eighty two billion dollar bailout from the u.s. government banks around the world were taken over recapitalize still slowly purged of toxic assets. many a still struggling to recover lessons appeared to have been learned worldwide politicians sharpened up banking regulations banks were required to have greater equity on hand and finance products subjected to tougher controls yet some institutions say the regulations are too tough just a few days ago u.s. president donald trump relax those in his country that's led to new w

. >> tucker: senator kirsten gillibrand of new york says if the lehman brothers were called lehman sistersheou entire 2008 financial collapse never would have happened. more from the genius of new york state coming up.wo comu introducing walkabout wednesdays. it's a great day for a great deal! tender, center-cut sirloin or chicken on the barbie, fries, a draft beer or a coke, all for just $9.99. only for a limited time. so don't walk, run to outback. ♪ >> tucker: the 2008 financial collapse was huge and complex. its causes are many, bad risk models, bad government policies for sure, bad business decisions, probably other things too. speaking on a panel of feminists yesterday, senate nonentity kristen gillibrand identified another cause you probably hadn't even thought of, gender. men are the problem she said. here's what she said about the collapse of the investment bank lehman brothers. watch. >> that's why the empowerment of women is so important throughout the economy and throught leadership in his office is because we don't value women in society and that's just a fact. if it wasn't le

. >> tucker: senator kirsten gillibrand of new york says if the lehman brothers were called lehman sisters08 financial collapse never would have happened. more from the genius of new york state coming up. ♪ introducing walkabout wednesdays. it's a great day for a great deal! tender, center-cut sirloin or chicken on the barbie, fries, a draft beer or a coke, all for just $9.99. only for a limited time. so don't walk, run to outback. ♪ feclaritin 24 hour relief when allergies occur. day, after day, after day. because life should have more wishes, and less worries. feel the clarity, and live claritin clear. >> vo: they share one planter. and last season, it was a flowering disaster. this year, they're not messing around. miracle-gro guarantees results with rich potting mix that uses ingredients fresh from the forest... and plant food that adds vital nutrition so you'll have three times the blooms. they bask in their success. miracle-gro. three times the beauty. one powerful guarantee. it's just a burst pipe, i could fix (laugh) no. with claim rateguard your rates won't go up just beacuase of

on september fifteenth two thousand and eight lehman brothers one of the largest u.s. investment banks collapsed because that in one was. a phenomenal speculative surfin mess because the. present so that your couscous a posse of honesty didn't want was there so give you the presumptive don't let. them continue to look good if a few more on to see debt good with the presumption the play. is good are clearly for they could have done it. because it is good with poppy it is surprise to us that in a while the reason. they don't is all they want to have in the coming every other time is develop. ok probably also on our ration the sequel is commercial good i took up so i did a fade to disagree go on to just what is on it would suggest that the other animals . after the fall of lehman brothers european banks with close links to american banks risked bankruptcy in turn. governments only just managed to save them in order to avoid the collapse of the whole system. and on and off a separate issue one a suture that are keeping no bond to god you have to prove the devil rip it is a

on september fifteenth two thousand and eight lehman brothers one of the largest u.s. investment banks collapsed because that iran was our supply. of an immense because it is serving much bigger to misunderstand the bonzi present so that your couscous a posse of honestly didn't mongols or so give you the presumption to be wrong don't join the focus use them continue across the uk if if you know on t.v. a humble city lay dead good give it a prison prove the currency get on play. good hockey live for it could be done you can see it on play the nickel sisters keep up the it is surprising us that in a while there was young ok bob almost on his own may only have it the coming every other time is over develop of wa but anselmo all in almost as good a busy ok about your zorra russian the bronze is equal is commercial good shotgun so i did a fade to disagree go on to choose what is on its agenda that the other animals. after the fall of lehman brothers european banks with close links to american banks risked bankruptcy in turn. governments only just managed to save them in ord

mortgage meltdown and initial crisis of 2008 which triggered the collapse of the investment bank lehman brothers, solve massive bailouts -- saw massive bailouts, and a global economic downturn. paul ryan, speaker of the u.s. house of representatives, lauded the agreement. >> the house voted to free our economy from overregulation. >> this new bill rolls back the dodd frank in three key areas, mortgage lending rules, stabilization, and capital bank requirements. only big banks are deemed a threat if they fail. raises the asset threshold for tests,anks face stress capital liquidity requirements, and other rules to $250 billion from $50 billion. this cuts the regulation for smaller institutions. the u.s. has over 5000 banks, these 13 account for over half of the sector by assets and deposits. those who oppose the bill point out that 25 of the largest banks are no longer subject to the same legislation collectively hold around 1/6 of the assets of the entire banking sector. these banks took $47 billion in bailout funds during the 2007, 2008 financial crisis. >> but check what is happening on the sto

on september fifteenth two thousand and eight lehman brothers one of the largest u.s. investment banks collapsed like is that iran was our supplier. of an immense because it is serving much bigger to misunderstand the bonzi. so that your couscous a posse of honestly didn't mongols or so gives you the presumption to be wrong don't join them continue across the uk if if you know on to real humble city debt good give it a presumption the currency get on play. is good it's going to hockey live for it could be done you can't use fondly the nickel sisters keep up the the surprise the us did in a while that was done ok bob almost did on his own may only have it the coming every other time is over develop of wa but also man of all illnesses. ok about your zorra russian the bronze is equal is commercial good i took up so i did a fade to disagree go on to just what is on it would suggest that the early months of. after the fall of lehman brothers european banks with close links to american banks risked bankruptcy in turn. governments only just managed to save them in order to av

if it wasn't lehman brothers but lehman sisters we might not have had the financial collapse. >> travelingdwestern communities, the rural south, traveling out west, i have read books like hillbilly elegy to try to understand other folks and when i read books like that i'm thinking these folks have so much in common with folks that live in my neighborhood. >> 2016 nearly 3 million more people voted for hillary clinton than donald trump but trump took the presidency. that is not exactly the sign of a healthy democracy. democracy hanks on the idea that whoever gets the most votes wins. that is the central starting point and it is worth repeating every single day. >> let's talk about it with fox news contributor leslie marshall along with larry o'connor. might have sprained an eye socket from the roles i saw going on. apparently we are democracy, not a republic. someone has that been reading federalist papers. >> this woman just derided federalism and the constitutional republic that makes our country a strong as it has all these years and said it is a weakness. this is where the democratic pa

if it wasn't lehman brothers but lehman sisters we might not have had the financial collapse. >> laura sisters. okay. how about i'm tearing up because new yorkers keep sending the cast of clueless to washington? oh, my goodness. these two politicians represent what many believe to be the democrats best hope ahead of 2020. if this is the best they have to offer, trump should be feeling pretty good right now. and this gets us back to my "angle." it republicans, do not screw up this golden opportunity to continue winning elections because the ideas trump has embraced are actually winning ones. don't abandon them now. don't go back to your old ways. that was a loser, 2007 amnesty went down in flames, 2013 amnesty went down in flames. don't try any cute little tricks, parliamentary discharge petitions or others because we are on to you. that's all the time we have tonight. see you tomorrow on the radio. we want to hear your thoughts about tonight's show. so tweet me. if shannon bream is next. miss shannon. >> shannon: laura, thank you very much. we begin tonight with a fox news alert. it is

. >> you care about this because he was at lehman brothers before that. how much does he delegate? he is really want known for, he was ahead of fixed income. he was well-known for being a he foughtmanager, so for taking on too much risk and what transpired is a few years before the crisis, he wanted to so he is nohe risk, -- known to be a very good risk manager. have isthe strategy to going to delegate the strategy and he will keep a close eye on the risk factor. >> you know exactly what happened and why he decided to make the exodus? >> there are multiple versions of the story. from lots of different sources, the basically, i think the just is he felt he that heted so much wanted to be a partner and initially, it looks like that but, when thatse did not happen, it never came, they fell out because when you --l the -- feel you are not you are riveting and not getting anything to show for, eventually you say, i can do this on my own. >> just looking at the volatility index. reminder, tv , you can find all the exciting charts you see her out our program. you can check up on them.

if it was lehman brothers but not lehman sisters we might not have had a financial collapse. >> lehman sisters. how about new yorkers keep sending the cast of clueless to washington. politicians represent what many believe to be the democrats best hope ahead of 20/20. if this is the best they have to offer trump should be feeling pretty good right now. this gets us back to miami. republicans do not screw up this golden opportunity to continue winning elections because the ideas trump has embraced are actually winning, don't go back to your old ways, that was a loser, 2007 amnesty went down in flames, 2013 amnesty went down in flames, don't try any? little tricks, parliamentary discharge petitions or others because we are on to you. see you tomorrow on the radio. we want to hear your thoughts about tonight's show. tweet me at in graham angle. shannon bream's next. >> we begin with a fox news alert. breaking news from north korea. kim jong un threatened to scrap a historic meeting with donald trump a day after canceling talks with south korea and jim comey back in the news, the doj respo

he joined millennium soon after leaving lehman brothers and he and then herly on left the firm becauseuch risk that -- gelband thought was irrational. he really contributed to the growth, they went into many different methods. become more at millennium and when that didn't happen, they fell out and assorted ended their story and they fought over that for a little bit before you can start this one. yalman onaran. thank you. shery: president trump is set to meet this afternoon with the white house with deputy attorney general robert rosenstein and also fbi director christopher wray, according to the abc news. president trump demand for the justice department to investigate whether the fbi surveilled his campaign for the obama administration. that's excited to be a topic of discussion and president trump is expected to meet with the attorneys general run rosenstein and also fbi director christopher wray at the white house monday afternoon. live from new york, this is bloomberg. ♪ mom you called? oh hi sweetie, i just want to show you something. xfinity mobile: find my phone. [ phone rings

they said think of the financial crisis, they were wrong with lehman brothers and bear stearns. they didn't expect the financial crisis to come. how low does the stock have to go before we start calling it a bailout or saying this bank needs help, according to the europeans, that's not going to happen, not going to see a bailout and not going to see it go under. liz: well, that's good. we don't want to see it go under. that wld cause real problem, people don't want t see the tax dollars go to floatin these guys. annual high of the stock 20 bucks, right now at 11 and change. kristina, thank you for the warning. >>> a vote of confidence for rex tillerson's replacement. not the one at the state department but at exxonmobil. closing bell ringing in 47 minutes. exxon leading the dow 30 in the top pole position. up $3.13. getting a bump from higher oil prices today, but also after shareholders voted at the company meeting, not to force a split between the chairman and ceo rolls into two separate positions. so darren woods, the guy on your screen gets to continue wearing both crowns or

. >> the subprime mortgage mess claims lehman brothers declares bankruptcy. >> the worst financial crisismarkets in disarray. >> in the fall of 2008, the financial system is on the brink of collapse. the stock market plummets. panic spreads that another great depression is imminent. >> we are in the midst of a serious financial crisis. the federal government is responding with decisive action. >> congress establishes the troubled asset relief program in october 2008. authorizing $700 billion in taxpayer money to bail out the country's financial institutions. >> essentially, the economy and all the banks don't go down on top of each other. >> at the same time, congress creates a commission to watch over the program and to study possible regulatory reforms. >> the motion is adopted. >> professor warren is tapped for the job. >> i am at home in cambridge. the phone rings. this man says, harry reid. i said who? he said, harry reid. the leader of the united states senate. >> i want you to come to washington. i want you to do something for me and the country. >> try to put accountability on how

i was trading emerging markets before lehman brothers and it felt worse. since -- we are expecting an end of the world, emerging markets, they are looking terrible. even though i think we will get more emerging-market pain in the weeks ahead, this is nothing like back then. back then, all emerging markets were on one cycle, there was one game and show, the commodity super cycle and the credit cycle in the u.s. both those things meant emerging markets were connected and when they blew up, they all blew up together. there are several different do enomics in d play. this will be as a buying opportunity by long-term investors. guy: has the pound lift got legs? mark: it does. sold off a long way recently. a has -- the pound has terrible deficit. i do not think the brexit situation is sorted. the news that he might send a customs union for longer delays the brexit problem. it creates another problem in terms of cabinet turmoil. given the weakness we have seen in the sterling it will be sizable. there is room for reasonable thanks in the next week or two. and is

that was after lehman brothers. we were fighting hard to win.s by an honor code and that was an example of it. >> well, he's a profile in courage. teddy, tell us about the movie. i watched it today. it's on hbo. anybody who's got hbo can watch it. i was wondering for how you were able to get him to sit for all this time. i love the pacing. but the beauty of yours is it's quiet, it's an sedona. it felt quiet and a chance to hear from a guy about his soul i thought. into thanks for having me, chris. well, when we pitched the show to john, it was an immediate yes, and let's get you down to see doan nap quickly while i'm still doing well and he and mark were in the middle of writing their book and he was already in a reflective spot. so for us, it was a dream come true sitting on his front porch, if you could hear the cicadas, we had some issues with that, but we were able to capture what we thought was the truman. >> what do you think it was about him that gave him this serenity? he's going to die. we're all going to die. he has this thing chasing

if it was lehman brothers -- lehman sisters. >> traveling to the rural south, traveling out west.o understand other folks. when i am reading books like that, i am thinking these folks have so much in common with folks that live in my neighborhood. >> 2016, nearly 3 million people voted for hillary clinton than for donald trump. but trump took the presidency. that is not exactly the sign of a healthy democracy. democracy hangs on the idea that whoever gets the most votes wins. that is the central starting point, and it's worth repeating every single day. >> shannon: let's talk about with leslie marshall. along with larry o'connor who i feel like might have strange and eye socket from the rolls i saw. democracy, not a republic. someone hasn't been reading "the federalist" papers. >> she just derided what makes our country as strong as it has been paid and said it's a weakness. this is where the democratic party is right now. you look at those two reports back-to-back. people who are already aiming at 2020 for the democrats, cory booker and elizabeth warren and leland vittert's repor

there's not going to be anything like lehman brothers where they simply stopped lend and everybody elseending. liz: okay ben stein great to see you thank you so much for coming in. ben: always great to see you thank you very much. liz: we hope you have a good memorial day weekend. ben: thank you so much. liz: hollywood producer harvey weinstein pleaded not guilty to multiple charges of rape and other charges as well. what do his accusers have to say you're going to find out and to this story president obama jokingly bragging about no scandals happening on his watch, well we counted nearly two dozen that's coming up next. it's easy to think that all money managers are pretty much the same. but while some push high commission investment products, fisher investments avoids them. some advisers have hidden and layered fees. fisher investments never does. and while some advisers are happy to earn commissions from you whether you do well or not, fisher investments fees are structured so we do better when you do better. maybe that's why most of our clients come from other money managers. fisher

the financials, if you look at them - >> with all due respect, there were 35 analysts covering lehman brothers and it didn't end up mattering. >> this is interesting i thing a lot of u.s. investors are scared in investing overseas because of that very reason. would that prevent you from saying to somebody, it's not safe to put money into an etf like eem >> not saying it's not safe. i'm saying there's a reason why you get the huge discount. and maybe ten years ago, when there was such a huge difference in growth rates, right now, i think we sneeze, they catch a cold that's how i look at it. >> a really good point the second quarter in the u.s. gdp is now on track for 3.5% quarter on quarter you're not going to get anywhere near that growth rate if you invest in european stocks. actually, the opposite earnings revisions decrease in europe after a very lofty expectation going into the first quarter. when you're looking where you're starting to see business pick up in the u.s. versus revisions moving negatively downwards, investors are looking for value and also looking for growth. that's why grow

you know, if it wasn't lehman brothers but lehman sisters we might have had the financial collapse. to react we have wendy osefo also a contributor for the hill and keisha is an attorney. thank you for being with us. >> good morning. >> kish sharks i will start with you. oftentimes we say actions speak louder than words. in this case it seems like words are speaking a lot louder than the actions. >> i agree. the senator's comment was very, in my opinion, a very ignorant statement. and it contradicts her actions as you stated. she has voted against numerous women who tried for leadership roles and it's just contradictory and doesn't make sense to say that one gender is better than another gender. abby: wendy, when she is talking about the 2008 financial crisis and should have been if it were the lehman sisters maybe we wouldn't have had a financial crisis do. we want to have a conversation about what gender is better than the other one? >> no. i don't think that's what she is doing here. she is not saying one gender is better than the other one. what she is saying is we have a lot of

finishednce they are and we have lehman brothers settling of their derivatives battle soon, once thetlements are out of the way, do you go back to life as normal, particularly with things like dodd-frank? concern.hat is the a lot of people say there should be the cost for doing business. pay the fees and settlements and get rid of it. some people are saying there is a lot of work to be done. they are trying to raise awareness to these practices that could be to miss behavior. he is saying we're not -- miss behavior. the foreign exchange market used to be a bonds market, where it is based on the honor of yourself and your customer. since the rigging scandals have taken place, there is a lot of distrust in the market. a lot of people are looking over their shoulder and wondering if their banker is taking care of them and if people are being honest. that level of dishonesty has per many -- permeated the industry. vonnie: i would imagine the fines are deterrence. obviously, if you want a job and keep it, there are fewer and fewer in fx trading anyway. lananh: exactly. thank you for -- vo

at that moment, it wus post lehman brothers we were the under dog and we knew it. seems poignant. >> let me ask you, personally, knowing john mccain, respecting john mccain and loving him as much as you do, you are a bit of a fighter yourself. >> yes, sir. >> and, meghan mccain expressed her deep concern and anger when people say extraordinarily insensitive things about a great american like john mccain right now in the battle for his life. how personally do you take it and let me ask you, even though he's taking the high road, will you ever be able to look past what these people have said? >> well, yes and no. i mean, if it's after 6:00 and i have had a drink and look at twitter, i take a dim dunk off hannity. >> i'll tell you what i tell mika, don't do that. >> but, you know, i try to always tell myself that that's not the real world. that really isn't humanity. those are people who act like jerks anonymously. >> right. >> i have said this before, but a year ago, before he was diagnosed, he and a friend had gone to see the diamondbacks, whom he loves, play the na

lehman collide with the g. and a so that. they're not caught in one door that i'm in service i don't want to do that of any well not as a brother. but that and i don't know. but i'm going to head in that the thought that if you know why the fifth and the most i mean i am going to understand it behind. bin laden's one and only press conference was in may nine hundred ninety eight. he appeared with ayman al-zawahiri on his right and al qaida as military commander mohammad atta on his left. before a select few journalists he announced what he called the international islamic front for jihad against jews and crusaders. the press conference represented a categoric statement of intent the fronts would take the war to america. time. pakistani journalist mass holly found was one of the few journalists present at the conference. the journalists were under strict instructions no independent videotaping was allowed khan only managed to take photographs. or a little bit of. the book you make is that when you say let me league aloha to my right it would be the right of the boat to fire at that one that as he had up there was a lot of nobody