on september 15th 2008 lehman brothers one of the largest u.s. investment banks collapsed elected in an. often amends because it is certain must begin to. present itself so that your couscous a posse of honestly didn't mongols or so gleefully to the prison p.d.p. don't. continue to look good if a few more on. debt good with the presumptive the currency get on play. hockey live for they could have done it. you can sister's keeper puppy it is surprise to us that in a while the reason. we don't is all we want to have in the coming over all the time is develop put on. ok probably also on our ration the sequel is commercial i took up so i did a fade to distribute the go on to just what is on it would suggest that the other element was. 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. on an officer crucial issue when asked which other top keep their no bond to god you have to prove the devil blob i

a very tough economic period leading christine legarde to once famously quipped that had the lehman brothers bank been the lehman's assist is that the global financial crisis might not have happened a toll so certainly a firebrand for more women in positions of economic leadership and power and of course the greek debt crisis is well very much put in the spotlight despite the fact that christine lagarde is not an economist by training but many people say that her management of the international monetary fund such a large multilateral organization of 189 members puts her in a very strong position to lead the european central bank christine legarde might not be an economist as you pointed out but she is a very skilled negotiator as was shown in the greek debt crisis in which the i.m.f. were heavily involved. absolutely i think it's fair to say that her skills as a diplomat as a negotiator are legendary at the international monetary fund and that was exemplified really during the management of the greek debt crisis she really pioneered the release of those crucial funds your correspondent in wa

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. not on and off a separate issue one which other to keep down no bond to god you have to prove the devil look it is actually take you on to the proof it prescribes. proof dog proof was $300.00 proof or food near proven food in a prison in prison gone to prison on a sustained pleasure if it is was. in spain and in ireland after the advent of the euro and thanks to loans from german french and british private banks developers invested heavily in real estate . and a big don't need to back order to the good meaty danny and the rest buy new market is a or both back to on your longer. than yours morgan old labors why not speak you live on our own nuffin you do blair in gabby douglas cause you shift to new york on one dot. com you loudly grandma you are deliberately going to write an orderly book. about who are. it in blue sybil a plenty ski said country back they bet your salad bar a live

on september 15th 2008 lehman brothers one of the largest u.s. investment banks collapsed. and filaments because it is certain must begin to. present itself 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. debt good with a present for the currency get on play. good hockey live for it could be done you can't just wanted an ecosystem that is surprising us that in a while the reason. you don't is all going to have it is coming every other time is develop for. us it ok probably also on our ration the sequel is commercial good i took up so i did a fade to distribute the go on to choose 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. not on an officer who you want to switch on that are keeping your bank to god you have to prove the devil bloop it is actually take you on to the

woman she certainly sees that as an advantage she once famously equipped with regards to the lehman brothers had it been that lehman sistas the global financial crisis might not have happened a tool so she certainly sees women as being in a strong position and potentially move risk adverse when leading these kinds of institutions but the lehman sisters agree with her on that as well now her 1st if she gets the nomination would be november 1st that is the day after the u.k. is scheduled to leave the european union so we're talking about baptism by fire here will. even blink if she's faced with this. it's certainly a nasty 1st day at work i think of course a lot depends on how the u.k. leaves the european union but as i've mentioned she certainly weathered economic turmoil before now we're makani for example the current governor of the bank of england potentially take up her job at the international monetary fund she may find a very useful in to look at that but for example she she said evokes very clever with regards to greece and debt relief there when it was very reluctant to release that f

on september 15th 2008 lehman brothers one of the largest u.s. investment banks collapsed elected in one was us a piece. of an immense because it is certain must begin to misunderstand the bonzi present so that your couscous a pricey i've honestly didn't know was there so give you the presumption to be wrong don't. focus just them continue across the uk if if you know on t.v. a humble c. debt good particularly the presumption the currency get on play. is good clearly for it could be done you can't just wanted an ecosystem it is surprise to us that in a while there was young ok bob almost on his own may want to have it the government every other day on his own to develop of what potential model of all illnesses. ok about yours on our russian the on the sequel is commercial good i took up so i did i failed to disagree got on to just what is on its agenda that the early months of us. after the fall of lehman brothers european banks with close links to american banks risked bankruptcy in 10. governments only just managed to save them in order to avoi

i mean, those pictures cannot remember the lehman brothers pictures in new york when they were all outnd there they were all out of a job and there they were today in london as well. there is not musty but they around for bankers normally. but today perhaps a bit more than usual. let's end with a couple of photographs and the telegraph to first. this is a very good photograph ofjoe anett kontaveit, who is now in the last eight. johana konta. she is flying in unseeded player tomorrow so her chance of getting the three finals are very real. i had the privilege of meeting johana konta just a few months ago. at the national tennis centre. for a radio interview. and around that time, she had also spoken to the oxford union and she isa spoken to the oxford union and she is a very, very impressive person in so is a very, very impressive person in so many ways. the way she spoke at the austin unit was especially impressive about the pressures which she felt and lived with but on the other hand, there is a worry that hercareer other hand, there is a worry that her career has been up and down, i

stearns underwent a restructuring translation they are in a full on crisis mode now the debts of lehman brothers and bear stearns were quick and painless but the coming the rise of deutsche bank has been long drawn out and very painful and recent times davey's investment banking division has been among the largest in the walls comparable to goldman j.p. morgan and they have led book writers and notable i.p.o.'s such as go daddy and aston martin and ali baba. and more but today with the stock trading at $7.00 per share that is down 95 percent from its peak in 2007 the lowest it's ever been in its 150 year history the bee is in an irreversible death spiral and this restructuring is too little too late now this was an interesting quote from miles edwards yesterday. actually view it interest you look more like a bear stearns and a lehman because i like lehman i think is not in the fall it's not the end growth they still have some call ability. some really terrible decisions which are scaring off institutional and hedge funds themselves so now let's take a look at some of these bad decisions in octob

obviously lehman brothers has an intriguing story behind it as disastrous as it was. it captivates people's interests. carol: there was a federal bond certificate signed by -- jason: george washington, and it sold for $265,000. that is a fascinating story. they will not tell you who the bidders are at that price. hedge fund guy or ceo, a lot of times are the bidders for the expensive ones. we are not sure who bought it, but the dealer said he would have gone to $1 million for a u.s. bond from 1792 signed by george washington himself. waives thesche bank white flag and goes back to basics in its latest turnaround plan. jason: hong kong protesters who want democracy are testing beijing patience. carol: this is bloomberg. ♪ carol: welcome back to "bloomberg businessweek." i am carol massar. jason: i am jason kelly. join us on radio, and catch up on podcast. listen and subscribe at itunes and soundcloud. carol: you can find us online and on our mobile lap. deutsche bank had one predominant goal to compete with wall street. fast forward to this week when germany's biggest

unfolding ining affairt would lend to the market turmoil that we saw during the financial crisis with lehman brothersanks taken that kind of an outcome off the table? >> our books now published in 12 languages, a colossal failure of common sense the name of the book a decade ago. and now ultimately the problem is not in the banking system anymore, really the problem is the leverage has been transferred over the last decade to governments and corporations in terms of corporate debt so this next crisis that is coming at us that new york fed recession model is now up to 33% as of yesterday, the highest ra rate so the next crisis will come from corporate balance sheets, government balance sheets and defaults over there, not the banks. >> and so what is the outlook the rest of the year we're seeing some signs right now of global economic slowdown and as those concerns play out, we are seeing some market activity is to the up side or down side for markets as we head towards 2020 >> well, some markets -- this blows me away. so since september, brillian equities on say small caps are up close to 50%. u.s. sm

obviously, lehman brothers has an intriguing story behind it as disastrous as it was.hat captivates people's interest. carol: it is not just stock certificates, as you mentioned, there was a federal bond certificate signed by -- jason: george washington. michael: it sold for $265,000. that is a fascinating story. they will not tell you who the bidders are at that price. you will hear these guys say -- hedge fund guy or ceo, a lot of times are the bidders for the expensive ones. expensive ones. carol: welcome back to "bloomberg businessweek." i'm carol massar. jason: and i'm jason kelly. join carol and me for bloomberg join carol and me for bloomberg businessweek everyday on the radio. fast forward to this week, and germany's biggest bank is giving up on that ambition. jason: that turnaround plan, there have been many of them, the latest, investors are not so excited. that plays through into the share price on a relative basis. taylor riggs is with us, walk us through it. taylor: it doesn't look good. as you know, in equity markets, sometimes the valuation measure that

we've got the latest on the largest cut since lehman brothers.-cortez, now the democrats in a he very public battle over border funding as congress returned today. team usa victory, the women's team making history at the world cup. high lights ahead and what it could mean for the big pay divide between men and women. all that right now, "mornings with maria" begins right now. ♪ ♪ tonight. ♪ we are young. ♪ so let's set the world on fire. ♪ we can burn brighter. ♪ than the sun. ♪ maria: we've got a big show this morning. coming up, former speaker of the house, author of collusion, newt gingrich is here. fox news senior judicial analyst, judge an du andrew napo is here, along with marty davis, interesting story with his business in china. former connecticut sense connee lieberman is here. joining the conversation this morning, fox business networks jackie deangeles, tom b,tom be s

there were big companies that went belly up including 157 banks, lehman brothers, bear stearns and others. no one anticipated there would be a run like there was. no one. how can you assure us, and by the way, i still felt confident my money was safe in my bank, how can you make those assurances? how can you do it when we are profit entity,or you are not doing this just for the fun of it, how can we be assured our money is going to be there? mr. marcus: senator, when it comes to libra, because the reserve is one-for-one and not fractional, the issue we have at any events you highlighted were because some of the institutions didn't have appropriate reserves and we also want the appropriate regulatory oversight to injure anyone will have the ability to understand how big the reserve ifand how many libra coins, you will, are in circulation at any point in time to rest assured that the value they hold is backed at any point in time with the same amount in the reserve. senator: when we met last week, thanks for coming in, by the way, the reserve question has to be answered, it has to be someth

obviously, lehman brothers has an intriguing story behind it as disastrous as it was.hat captivates people's interest. carol: it is not just stock certificates, as you mentioned, there was a federal bond certificate signed by -- jason: george washington. michael: it sold for $265,000. that is a fascinating story. they will not tell you who the bidders are at that price. you will hear these guys say -- hedge fund guy or ceo, a lot of times are the bidders for the expensive ones. we are not sure who bought it, but the dealer said he would have gone to $1 million for a u.s. bond from 1792 signed by george washington himself. carol: up next, deutsche bank waves the white flag and goes back to basics in its latest turnaround plan. jason: plus, hong kong protesters demand democracy, and they are testing beijing's patients. carol: welcome back to "bloomberg businessweek." ♪ carol: welcome back to "bloomberg businessweek." i'm carol massar. jason: and i'm jason kelly. join carol and me for bloomberg businessweek everyday on the radio from 2:00 to 5:00 p.m. love it time, also,

five or six days which i think is interesting i mean, i'm not suggesting it's baier stearns or lehman brothers but that there aren't far-reaching aspects, i don't know if there is, but i can categorically say there's definitely, you know, it's not is or isn't but it's -- you can't -- you can't be completely confident that the answer is no there's no systemic risk >> in a nutshell, you four are bearish to varying degrees >> yes but let me say i'm always long it's always going to be my bias. >> structurally cautious, tactically optimistic. and i just -- one more thing about deutsche and what the guy's talking about because he's talking about a real -- if germany, europe's biggest economy, and deutsche, their biggest bank, are under a lot of pressure, it means there's going to be a lot of unit in the european union -- unity in the european union which basically is controlled by the germans so that's very good for bailout and policy and everything that the stock markets love >> all right >>> our next guest says the rally has been propped up by hopes of a rate cut but investors shouldn't chase stoc

this looks very much like lehman brothers 10 years ago, when you had everyone leaving the office is on. the irony is this is going into a bull market, whereas lehman was really kicking off a spark. david: people know they have lost their jobs. it is tragic. a lot of people will just not know what their future is. we don't know all of the 18,000. area.what regions, what the ceo and cfo will speak a little later on. in the markets, it is a very calm, wait and see day. euro-dollar pretty flat, a mixed dollar story. is a summerit story, the other half waiting for what chair powell will say in the senate. david: must-see tv. it is time now to focus on the week ahead. --ay conservative british today, british conservative party members cast their vote for the next prime minister, expected to be boris johnson. we get china cpi and ppa numbers. wednesday, fed chair jay powell begins two days of congressional testimony on monetary policy. wednesday, the fed releases its minutes from the most recent fomc meeting. in the meantime, let's find out what is going on outside the business world. if yana

2008 there was a run on the banks with big companies that went belly up in 157 banks, while moo, lehman brothers and others. nobody anticipated a run like there was. nobody. how can you assure us and still feel confident my many was safe in my bank. how do you make those assurances when we talk about a for-profit entity you're not doing this just for the fun of it how can we be assured the money will be there quick. >> senator when it comes to libra because the reserve is not fractional the issue we have had in the event that you highlighted they didn't have the appropriate reserves but we also want the appropriate regulatory oversight that anybody has the ability to understand how big the reserve is and how many libra coins are in circulation at any given point in time but to be rest assured the value they heard on --dash they hold is backed. >> when we met last week, by the way the reserve question has to be answered and something that is not up to you to determine what that reserve is. when times get tough, stuff happens. there has to be that kind of reliability there no different situation t

that say with confidence lehman brothers, bear stearns, and the entire subprime mortgage ecosystem didot set out to bring the global financial system to its knees. i can say with confidence the brilliant minds and nobel prize did notbehind ltcm set out to trigger the financial crisis. i can also say with confidence the deregulation of the early that bankers did not set out to trigger the savings-and-loan crisis, but it did. that, they all typically founded their logic and innovation, expanding is access to financial services and arguments of inclusion. and yet they all broke the system. and the people at the bottom of the socioeconomic ladder systemically paid the heaviest price. so you may be speaking earnestly when you tell us the lofty goals, but i was here in congress when secretary paulson came to us and told us we were within days of a complete shutdown of the global financial system. i don't expect you to understand what that was like, but i assure you it was absolutely terrifying and one of my worst moments in congress. and i want america to remain a global leader in financial

we all had the backs pressed against the wall with lehman brothers. this started in asia. if you look online, people are being pushed out the door pretty quickly before 11:00 a.m. the german media was grilling them about losing so many jobs. mystery? is the you all have reported on this over the weekend and i have been stealing from you like crazy. allison: we want to know how big is big enough. the businesses you want to be in, you need to compete against others that have this capability. tom: thank you for joining us. jose, thank you for not participating. [laughter] story, continue our looking at deutsche bank and share price is right now. we can is, francine, on deutsche bank. 7.11 for the euro. coming up later, head of global macro asset allocations. it don't miss that interview at 10:30 a.m. in new york. that's 3:30 p.m. in london. this is bloomberg. ♪ tom: bloomberg surveillance. francine lacqua in london and tom keene in new york. let's look at investment and then get to francine and europe .n the ramifications inflation and disinflation in eu

of jobs 18,000, in what is likely the largest cut for the industry, since at the collapse of lehman brothersg him to joe biden very latest on 2020 coming up, too close for comfort a cruise ship dangerously close to crashing into a doc, in venice, all those stories coming up monday morning joining me to break it down fox business neck jackie deangelis realclearpolitics founder precinct tom ben "barrons" associate editor jack how. >> what is on your mind. >> the futures you mentioned two stories boeing and apple, very company specific stories that are dragging the dow down so while investors i think are worried about what the fed may do what may happen with china i think they are also, you know, watching those things play out, and looking at things in a reasonable rationale way remember wednesday, abbreviated session records again stock market strong. maria: jo understand why talk 50g basis point cut going to hear from fed players this week jay powell speaking again we had jobs numbers on friday 51-year low unemployment rate cuts 90% chancie? >> trying to bring down financing you saw 10 year e

lehman brothers, wamu, bear stearns, and others. nobody anticipated there would be a run like there was. nobody. how can eyou assure us -- and b the way, i still felt confident my money was safe in my bank. how can you make those assurances? how can you do it when we're talking about for-profit entity, whether it's called non-profit or not, it's a for-profit e entity. you're not doing this just for the fun of it. how can we be assured that our money is going to be there? >> senator, when it comes to libra, because the reserve is actually one for one and not fractional, the issue we've had in the events that you highlighted were because some of these institutions didn't have the appropriate reserves. >> didn't have, okay. >> and we also wants the appropriate regulatory oversights to ensure that anyone will have the ability to understand how big the reserve is and how many libra coins, if you will, are in circulation at any given point in time to rest assured that the value they hold is backed at any given point in time with the same

could that be a lehman brothers event in europe, the european banks?> i don't think so because its been happening for so long but i think the equity holders if you own stock in this company, i think you could have trouble. it's not going to lead to a run on the banks or a major financial crisis in germany or throughout europe, but if you're a shareholder in the equity i think you have problems. stuart: okay the equity is not doing well. $7 a share on boy bank, price of oil this morning $57 a barrel, price of gasoline pretty much where it was before i left for vacation, 2.74 is your national average. >> did you drive? stuart: no i didn't drive. i don't drive. i actually don't drive at night. by the way in california, the average price of gas is $1 higher than the national average it's 3.74. >> almost $4. stuart: that's california, yeah. amazon workers, oh, this is outrageous. some amazon workers plan a prime day strike. this is at a warehouse in minnesota, prime day starts monday. it's a two-day event. i don't think the strike is going to effect, but oh

on september 15th 2008 lehman brothers one of the largest u.s.nvestment banks collapsed elected in one was our supply. of an immense because it is something much bigger to misunderstand the bonzi present so that you could ski supply c i've honestly didn't want was there so give you the presumption to be wrong you don't join the focuses them continue i quite see the effect you know on to be a humble city debt good particularly the presumption the currency good on play is good clearly for it could be done you can choose to handle it and you can sisters get with poppy it is surprising us that in a while there was young ok but obama said on his own we want to have a d. government every other time is over develop of well put on your model of all illnesses. ok about yours on our russian the on the sequel is commercial good i took up so i did i failed to disagree got on to just what is on its agenda that the early months of us. after the fall of lehman brothers european banks with close links to american banks risked bankruptcy in 10. governments only j