bank itself the rumor is that it's a basket case that is going to explode going to go the way lehman brothers your thoughts a slow death painful dwindling death because of this is model that doesn't make sense anymore when the model well it was london based capital markets and investment banking with this time. a rump bank back in germany they don't have a banking business in germany so they have to figure out what they want to do with themselves same thing with citi i thought why don't we marry them this wonderful german american alliance but in both cases you have businesses that are big fund them selves off the markets they don't have core deposits they don't have stable funding the way a wells fargo has for example and so they have to figure out a way to be profitable and they haven't they've lost money for ten years right wells fargo's business model is something other than stealing money from clients i'm not aware of that money where the only answer own money. they have something other than just a larceny you know it's basic banking a lot of the. same thing you know you wrote the book f

the imf, herself a woman, christine lagarde, who suggested, what might have been the result at lehman brothers it been called lehman sisters? in other words, if there were big companies run by women or at least many more women equally represented in the highest echelons of power? what can you say about that? >> well, studies have shown that women manage and think about risks very differently, so i agree that we may not have seen the same kind of crisis that we did because i do think women bring a different kind of view of risk. and that's why gender parity is not charity. it's good business. study after study shows that women are equally as good if not better investors as men. >> women who are professionals in this business and many others, and then who decide to have children, many, many instances and there's recently been a big expose by "the new york times," after having a child, even if women and men were paid equally, the woman's salary takes a major dent and almost never recovers. do you find that in your business? and again, what sort of effect does that have on women wanting to stay, w

the two thousand and eight financial crisis triggered by the collapse of the investment bank lehman brothers under a huge burden of bad loans banks around the world folded one after another trillions were lost the world economy went into standby mode bankers and the crisis that's what we're looking at today on mate it has become the stuff of thrillist like this one behind me starring leonardo di caprio in the wolf of wall street a german t.v. show also looks at how a young career obsessed investment banker brings the world of european finance close to collapse with the addition of a few characters and plot twist the banking crisis has been turned into compelling and to tame it but how realistic is that show well our reporter found frighteningly realistic. frankfurt the high octane world of international finance the pressure to succeed the seductive pull of prestige and power. good shoes love the shoes great shoes but that's the work that's stock work be aggressive discuss what with your heart and i need you guys i need a new job i need your vision so i do know by. the german luxembourg t.v.

the two thousand and eight financial crisis triggered by the collapse of the investment bank lehman brothers under a huge burden of bad loans banks around the world folded one after another trillions were lost the world economy went.

were sanctioned russia could default on its external debt and the federal afraid that's a new lehman brothers collapse with freezing of global liquidity. so all possibilities but i think that the u.s. government would be very careful in touching upon it. >> do we have any further questions? >> time is up. >> okay. well, thank you very much for an engaging discussion. bringing, you know, shining a light on this issue is progress. we'll see if we can continue to make progress towards autocracy but thank you very, very much. >>> supreme court nominee brett kavanaugh continues to meet with senators on capitol hill. follow the confirmation process on c-span, leading up to the senate confirmation hearings and the vote. watch live on c-span, watch any time on c-span.org or listen with the free c-span radio app. >>> sunday night on q&a, constitutional lawyer david stewart on "impeached: the trial of president johnson and the fight for lincoln's legacy." >> it's a scandal. it's a terrible -- the chapter on johnson, i won't speak beyond that. the chapter on johnson should be expunged from every library

and deloitte in that situation where they used unfair information incisor mation exactly like lehman brothers was cause not playing game ball with the other banks on wall street so had to be sacrificed a lot better start this is all of this story is an example of the fact that we have this revolving door we have it in the u.s. we have it everywhere where you have you know hank paulson leaving goldman sachs with two hundred million dollars tax free in joining the treasury and then he bells out goldman sachs and his other banker friends you have it on every layer of the big the big four banks the big four consultancy firms the big four audit firms the big. for telecom companies the big four chip makers the big four defense contractors the big four whatever they want the big four get whatever they want so that's something to be celebrated in the big four but in the u.k. the big four audit ninety nine of the footsie one hundred companies and ninety seven percent of the footsie three hundred fifty from ninety five percent five years ago so it's actually gone up since the financial crisis despite e

the two thousand and eight financial crisis triggered by the collapse of the investment bank lehman brothers under a.

and deloitte in that situation where they used unfair information incisor mation exactly like lehman brothers was caught not playing games ball with the other banks on wall street so had to be sacrificed a lot better start this is all of this story is an example of the fact that we have this revolving door we have it in the u.s. we have it everywhere where you have you know hank paulson leaving goldman sachs with two hundred million dollars tax free in joining the treasury and then he bells out goldman sachs and his other banker friends you have it on every layer of the big the big four banks the big four consultancy firms the big four audit firms the big four telecom companies the big four chip makers the big four defense contractors the big four whatever they want the big. get whatever they want so that's something to be celebrated in the big four but in the u.k. the big four audit ninety nine of the footsie one hundred companies and ninety seven percent of the footsie three hundred fifty from ninety five percent five years ago so it's actually gone up since the financial crisis despite e.u

itself the rumor is that it's a basket case that is going to explode going to go the way the lehman brothers your thoughts a slow death painful dwindling death because of this is model that doesn't make sense anymore but in the model well it was london based capital markets and investment banking with this time. a rump bank back in germany they don't have a banking business in germany so they have to figure out what they want to do with themselves same thing with citi i thought why don't we marry them this wonderful german american alliance but in both cases you have businesses that are big fund them selves off the markets they don't have core deposits they don't have stable funding the way a wells fargo has for example and so they have to figure out a way to be profitable and they haven't they've lost money for ten years right wells fargo's business model is something other than stealing money from clients i'm not aware of that money where the only answer own money. they have something other than just a larceny you know it's basic banking a lot of the. same thing yeah you wrote the book for

and deloitte in that situation where they used unfair information incisor mation exactly like lehman brothers was caught not playing game ball with the other banks on wall street so had to be sacrificed a lot better start this is all of this story is an example of the fact that we have this revolving door we have it in the u.s. we have it everywhere where you have you know hank paulson leaving goldman sachs with two hundred million dollars tax free in joining the treasury and then he bails out goldman sachs and his other banker friends you have it on every layer of the big the big four banks the big four consultancy firms the big four auditing firms the big. for telecom companies the big four chip makers the big four defense contractors the big four whatever they want the big four get whatever they want so that's something to be celebrated in the big four but in the u.k. the big four audit ninety nine of the footsie one hundred companies and ninety seven percent of the footsie three hundred fifty from ninety five percent five years ago so it's actually gone up since the financial crisis despi

lehman brothers has filed for the biggest bankruptcy. >> the largest financial disaster in decades andra in american business. >> what happened in september of 2008 was of a scale i had never seen before. >> you really did think, oh my god, the financial world could collapse. >> confidence in our financial system and in its institutions is essential to the smooth operation of our economy. and recently that confidence has been shaken. >> after a tumultuous two terms, president bush's dealing with the financial crisis that could be devastating to the nation. >> fear has taken hold of the financial market. >> this is irrational panic. people are selling first and asking questions later. and bush and his team decide that the answer's going to be government. >> i faced a choice, to step in with dramatic government action, or to stand back and allow the irresponsible a/cs of some to undermine the financial security of all. under our proposal the federal government would put up to $700 billion taxpayer dollars on the line to purchase troubled assets clogging the financial system. >> the troub

it's been published in 12 languages it was about the failure of lehman brothers i think today we're lookingt another colossal of common sense. you're talking about capital flowing into these names etfs today, some of them -- just like shadow banks and cdos, the amount of capital flowing in, there's no sustainable way if we go into a meaningful bear market that these etfs can provide true liquidity. >> do you think this will end up poorly will this have a bad outcome that everybody is piling in these stocks >> if you look at the market now, the amount of stocks that are making 52-week highs are down at 71 compared to in january, up to 350. so near-term, there's definitely -- even though google had a fantastic quarter, probably another late cycle phenomenon, another quarter near the top of the turn, of course this will end badly. there's just not enough true underlying liquidity that can allow investors to get out if there's too many people heading towards the door >> you look at it in pro sports, you can have one player who almost single handedly -- look at lebron james, there's other good p

lehman brothers filed for the biggest bankruptcy in history and merrill lynch has taken over. >> certainlyal disaster in decades in the country and perhaps the end of an era in american business. >> what happened in september 2008 is a scale i never saw before. you really did think, oh my god, the financial world could collapse. >> it's essential to the smooth operation of our economy. recently, that confidence has been shaken. >> fear has taken hold of the market. >> this is irrational market. >> bush and his team decide that the answer is going to be government. >> i faced a choice. to step in with dramatic government action or to stand back and allow the irresponsible actions of some to undermine the financial security of all. $700 billion taxpayer assets on the time for those clogging the financial system. >> shows how much resistance there was. >> this bill offends my principles. >> the idea was we need the government to have access to a huge amount of money we can then use to show our banks. >> how many times do we have to dig in our pockets? >> a lot of people hated it, obviously. t

particularly when you consider the fate of some of the other pure investment banks, whether it was lehman brothers that had to be taken over. that comment coming exclusively to me from jaime navarroe jaimet >> jaime diamant doesn't look like de -- >> i'm sure he does not expect lloyd to popov the board tongue-in-cheek close. >> of course of course. wilfred frost. catch him on the closing bell later. speaking of big names, we have a big lineup for our eighth annual delivering alpha conference. that's tomorrow in new york. speakers including larry kudlow, mary, mark los angelesry, jonathan gray, jim chenos, howard marks we, by the way, will be there live tomorrow. we'll have jim chenos joining us as well. >> the company has gone through restrictiving. maybe it's not that quarter, but it's going to be the second half of the year. >> have we mentioned your added role yet >> we did not. >> we did not. portfolio manager at tiaa. >> oh, congrats. >> and. >> a fun stock that we have owned. roku it got an upgrade from key bank today, and it's clearly got a lot of momentum. just in the last three months, it

a lehman brothers collapse with the global liquidity. but iare possibilities, think the u.s. government would be careful. >> any further questions? >> time is up. [laughter] >> thank you for an engaging discussion. shining a light on this issue is progress. we will see if we can make progress for democracy. thank you very much. [captioning performed by the national captioning institute, which is responsible for its caption content and accuracy. visit ncicap.org] >>> secretary of state mike ompeo will be on capitol hill next wednesday to talk about north korea. precentery -- recent trip to the nato summit, nd his visit with vladimir putin. 3, p.m. eastern on c-span c-span.org, and the c-span radio app. up live friday on c-span, a discussion about the mpact of the u.s. withdrawal from the iran nuclear agreement hosted by the middle east policy at 10:00 a.m. eastern. at noon eastern, health nsurance officials discuss the role of the individual health insurance market. and the nation's governors meet new mexico. you can watch the national governor's association meeting at 11:00 a

a lehman brothers collapse with the global liquidity. but iare possibilities, think the u.s. government would be careful. >> any further questions? >> time is up. [laughter] >> thank you for an engaging discussion. shining a light on this issue is progress. we will see if we can make progress for democracy. thank you very much. [captioning performed by the national captioning institute, which is responsible for its caption content and accuracy. visit ncicap.org] >> mike pompeo will be on capitol hill next wednesday to talk about north korea. motion --eeting with russian president vladimir putin. live coverage at 2:30 p.m. , c-span.org,span3 and the c-span radio app. >> vladimir putin spoke to russia diplomats about his country's foreign-policy goals. we will have that next. then, paul ryan is talking about politics, the republican agenda, and the future of his party. and trump's nominee to lead the consumer financial protection bureau testifying at the senate banking confirmation hearing. journal, live every day with news and policy issues that impact you. morning, tim chapma

lehman brothers and bear stearns were so massive it was had ard to imagine them vanishing, but they did. the market value of fossil fuel reserves that can't burned is around $20 trillion, do, according to the world bank. that is such a big wipeout, it is hard to comprehend, let alone anticipate. so people wait until tomorrow and then the tomorrows pile up into a bubble and then the crash comes when the first person panics and everybody runs. one other market failure here is actually how the crooked political pressure of this industry is causing us not to focus on the 2-degree celsius ceiling scientists warn us about for global warming or the 1 .5- degree celsius burning ceiling. but existing reserves will blow us through. we cannot have both a safe planet and full extraction, and the fossil fuel industry is choosing extraction. that political castle of climate denial will fall sooner or later. it is false. so not only is condition one met -- untrustworthy players -- but condition two is met. there is actually a massive, multiple market failure in fossil fuel awaiting correction. which b

the lehman brothers holding. our marshall. michelle parker, pension benefit guaranty corporation whistleblower. nancy paul blew the risks -- whistle on high risk can the patients. the department of homeland security. the department of energy. marcel reid, the acorn whistleblower. dan richardson, bristol-myers whistleblower. the missouri national guard whistleblower. he -- approved reprisal. scottsdale ozona houma -- arizona homeowners association. service disabled veterans. north carolina court system. the united states air force ig. white house. the u.s. department of state. corruption and the suffolk county, new york school. the department of commerce. u.s. securities and exchange commission. new york state whistleblower. body armor whistleblower. fbi. kenneth williams, law enforcement whistleblower. stephen zanowick, u.s. marshal service. it.i do believe that is is there anyone i missed? if there is, please stand up. do not be embarrassed. do not be embarrassed to be a whistleblower. if i missed your name, stand up and anno

surprise that in the years leading up to the financial crisis top executives at bear stearns and lehman brothers cashed out within $2.4 billion for the stock for those companies collapsed. it is no wonder that the sophisticated investors have for decades struck limited their own executives freedom to cash out chairs. in the wake of the financial crisis congress new that is important to force managers to keep skin in the game in the long run. that is why the dodd frank act included several provisions that were designed to give investors more information about whether and how managers would cash out. unfortunately, as you all know too well, those rules have still yet and completed by the sec. investors stole the dark about the executives incentives. nearly eight years since that landmark legislation is completely acceptable that the sec has not yet promulgated these and other roles that are required by law. it is not just the regulations have not been finalized but the problem itself keeps getting worse did the trump tax bill has unleashed unprecedented wave of buybacks and i worry that lacks sec

the near failure of bear stearns, the default of lehman brothers, that was a huge wakeup call for the city. collateral processes are much better today their counter process management is much better today so today, for example, almost all interest rate swaps in the u.s. and europe are cleared to clearinghouses and that has dramatically reduced counter party risks. >> let's walk through some of the other headlines. ken griffin on trade, what do you make of the fight that's taking place, what do you think about what larry kudlow just said on eintinternational trade. >> the president clearly has the right mission, the united states, post world war ii, embraced a series of trade deals, one, to help rebuild war torn europe. you need to remember that the united states got out of world war ii economically intact as compared to the rest of the world, and we were willing to use a series of policies to help the world regain its footing those were absolutely the right moves for us to make as a nation with respect to china, and opening of trade to china, the view of was that a strong trade relati

this would lead to outcomes like enron or lehman brothers where you had a problem with upper managementrises anywhere to that level but you have to be concerned who is running these companies. stuart: yes you do. brian, thanks for joining us. he appreciate it. good stuff. >>> now this. the supreme court, three red state democrats you see on your screen, they voted to confirm justice neil gorsuch but brett kavanaugh's confirmation will be a big test for these moderate senate democrats. joining us north dakota congressman kevin cramer. congressman, you're running against heidi heitkamp for the senate. that's what you're doing. which way is she going to vote on mr. kavanaugh. >> consider it breaking news she will vote for judge kavanaugh for the supreme court. whether she is prepared to announce it or not, let me announce it. she will vote for bret carve gnaw. stuart: how do you know that? >> recent poll bitter recognize group, 6% of north dakota tan want her to that is judge kavanaugh has been right on some issues. certainly finalist, maybe any judge in the appellate circuit anywhere, esp