david: why did you go with lehman brothers?ve: i thought it was the most interesting cast of characters. that was before mbas went to wall street. they just hired at random. this was the first class of mbas that lehman was going to hire. and the people were fascinating. you had ex-cia agents. you had people that had worked on oil rigs. you had all kinds of unusual people working at the firm. i thought, for whatever the reason, that it was the right personality fit for me. david: you became a partner at an early age, i think 31. steve: 31. david: so at 31 years old you are a partner at lehman brothers, and life is going well. then, there is a problem at lehman brothers, and they were ultimately sold. is that right? steve: that is right. i sold it to american express. the problem was that in the trading side of the firm, there was a position taken that really went wrong. david: you decided to join someone who had previously been the president of lehman brothers. he was eased out. that was pete peterson. previously also the secret

you decided to go with lehman brothers. why?en: i thought it would be the most interesting cast of characters. nba's went toe wall street. random.ed at this was the clip -- first class of nba sleep meant what higher. the people were fascinating. you had asked cia agents. people who worked on oil rigs. all kinds of unusual people working at the firm. thought, it was the right personality fit for me. david: you became a partner at 31? stephen: yes. david: you are a partner, life is going well. then there is a problem. lehman brothers was sold. stephen: i sold it. to american express. the problem was in the trading side of the firm, there was a position taken that went wrong. to joinou decided someone who had been at president of lehman brothers but he was eased out. that is pete peterson. former secretary of commerce. you and him decided to start a firm in 1985. that firm was blackstone. 1985, blackstone starts, to people. where did you get the money? stephen: it did not require much. it was an advisory business, so you talk and p

the one you decided to go with was lehman brothers. steve: yes.an brothers? steve: it was the most interesting cast of characters. that was before mbas went to wall street. they just hired at random. this was the first class of mbas that lehman was going to hire. and the people were fascinating. you had ex-cia agents. you had people who had worked on oil rigs, had all kinds of unusual people working at the firm. i thought, for whatever reason that it was the right , personality fit for me. david: you became a partner at an early age, i think 31. steve: 31. david: so at 31 years old you are a partner at lehman brothers, and life is going well. then there was a problem, lehman brothers was sold. is that right? steve: that is right. i sold it to american express. the problem was that in the trading side of the firm, there was a position taken that really went wrong. david: you decided to join someone who had previously been the president of lehman brothers. he was eased out. that was pete peterson. previously also the secretary of commerce in the nix

lehman brothers. we speak different languages we fight for different things that's fine but we all stick up for freedom freedom of speech and freedom of press. giving freedom of choice global news that matters w made for mines. hello and welcome to tomorrow today this week we're going places really fast. from brussels to barcelona and happen our no problem for the hyperloop a vision of future transit. and talking about future transport we take a spin in a driverless car on up by g. test track. also a robust simple and low cost electric vehicle that can be assembled anywhere in the world. do you sometimes feel overwhelmed by the abundance of new technology like all those relentlessly innovative devices with their hundreds of apps. or wearable computer systems that literally get on your back for the never ending flow of streaming services sometimes you might wish yourself back in a simpler and age. now google engineering is aiming to make that possible. once upon a time this mobile phone was the cutting

banks calling other banks very back back of the curtain political decisions that were made over lehman brothers and bear stearns specifically and you're about to have a reprise of it because there's so much leverage in the system collaterals not being trusted in between banks and counterparty insurance firms and yet the fad and very counter democratic and counter a capitalistic practices is keeping its mouth sealed over who's in trouble how they're in trouble why they're in trouble how many further tens of billions of dollars per night is being put into the overnight lending reposed market in order to bail out already bankrupted firms because they know better nobody else in the in the in the that's all it is is that evil of understanding their lucid ation that's what they said in prior to the 2008 crisis here alexandria hi kind of got ahead of me here and what i wanted to ask is that there is a common criticism and i think it's an interesting characterization is that there is socialism in america and it's for the rich and it's the it's the really everybody else has to go through the rigors of c

the day lehman brothers went bankrupt actually wasn't the worst day of the financial crisis.it was actually the day washington mutual went down because all the bondholders got wiped out. the equity gets wiped out, the bondholder get something. jeffrey: the bondholders get something. vid: there, the bondholders got nothing as well. jeffrey: so my cfo came in that day and gid, "hey, we are going raise equity, right, as much as we can get." we called goldman s up, we said, ok, what's the largest secondary in the history of the world? and they said--in those days, maybe 15 billion. i said, ok, we'r we're gonna do it monday. this was on a friday. we havleconference with our board on saturday morning. you know, nobody's there, just my cfo d i, but all the board members are calling in. "hey, guys, on monday we are going to go raise some equity." you know, you could just hear silence, ok, other end of the line. and roger penske, who i love, was on the board for a ng time. roger, first guy in says, "let's get the money." so then david-- this was the weekend washington was voting on ta

no reason to believe we will have the panic that we had following the bankruptcy of lehman brothers.nother global financial crisis. but there has been a great deal of debt issued. there has been a battle to be the person who buys that debt. the battle has taken the form of down the quality of the safety, so there's a lot of risky, aggressive debt that's been issued in the last five-plus years. with a weakllides economy, i think there will be great opportunities. lisa: right now, there's a record amount of dry powder, cash being committed to these mandates. i wonder where you are seeing opportunities, even though everything has been bid up. howard: opportunities are few today. investing in distressed that is a struggle today. the economy is too good. the capital markets are too generous. it is hard for a company to get into trouble. if they get into trouble, the capital markets are happy to bail them out. it is a struggle today. it would be misleading to your viewers to talk about where they are opportunities. they are practically nonexistent. lisa: does that mean that you are not inv

congress in 2000, case sick worked as a manager director in the investment banking division for lehman brothers and helped companies secure resources thy needed to succeed and create jobs. kashich is the author of four "new york times" best sellers. courage is contagious, stand for something, the bat for america's soul, and every other monday, and most recently, two paths, america divided or united. which reflects on his 2016 run as republican primary presidential candidate and his hopes for america's future. his latest book entitled, it's up to us, ten little ways to bring about big change, was just released. ladies and gentlemen, please join me in welcoming john kashich. [applause] >> thank you. thank you. well, is it possible that whoever is upstairs to turn the lights town just a little bit? so i can see everybody. they're all so attractive. that's the cue. turn them down just a little bit. thank you. folks, i am so excited to be in ohio. i live in ohio. i used to be governor of ohio. did you know that? and that was really a wonderful experience. had a great time. and he went through all th

congress in 2000, kasich work as as a managing director on the investment banking division for lehman brothers where he helped companies security resources they needed to succeed and create jobs. kasich is the author of four "new york times" bestsellers, courage is contagious, stand for something, every other monday, and most recently, america divided or united which reflects on his 2016 run as a republican primary presidential candidate and his hopes for america's future. his latest book entitled "it's up to us: ten little ways we can bring about big change" was just released. ladies and gentlemen, please join me in welcoming john kasich. [applause] >> thank you. well, is it possible was ever upstairs to turn those lights down just a little bit so i can see everybody who are also attractive? that's the queue. turn them down just a bit. thank you. hey, folks, i'm so excited to be in ohio. i live in ohio. i used to be governor of ohio, did you know that? that was really a wonderful experience. i had a great time. he went to all this resume but let me just tell you a couple things that might giv

leaving congress in 2000, k-6 worked as a managing director inin the end banking business for the lehman brothers where herc helped companies get the resources they need to succeed and create jobs. k-6 is the author of four new york times best sellers. courage is contagious, stand for something, the battle for america's soul, every other monday, and most recently to pass america divided or united which reflects on his 2016 run on primary presidential candidate and his hopes for america's future. his latest book, entitled it's up to us, ten little ways we can bring about big change was just released. ladies and gentlemen, please join me in welcoming john kasich. [applause] >> thank you. [applause] is it possible for whoever's upstairs or turn the lights down just a little bit so i can see everyone? there also attractive. [laughter] that is the queue, turned them down just a little bit, thank you. heyy folks, i am so excited to be in ohio. i live in ohio, i used to be governor of ohio did you know that? and that was a wonderful experience, had a great time. and he went through all this resume, but

if we've been sitting here at the end of 2007, no one would have said, well, bear stearns and lehman brothersmarket bubble. is there anything on the horizon that has that kind of potential? >> i mean, it's a very fair point. if the election were held today, i think trump would win a 40-state re-election land slide. people don't vote against prosperity. but you're also right, a lot can change in ten months. leland: there is the black swan. >> of course there is. people can me that all the time, what is the one thing that worries you most about the economy, and i can answer that in two words, elizabeth warren. and it's kind of -- leland: [inaudible] >> you know, because listen to what mayor peter is saying, listen to what bernie sanders is saying -- leland: it's interesting -- >> they're basically saying anti-growth, anti-business, anti-worker, and that policy is -- and, by the way, or anti-stock market as well. leland: it's interesting you say that because the fella who held the famous fundraiser now for pete buttigieg -- >> a poor person, right? leland: he was asked would you support elizabet

grandparents going through 2008 a significant amount of appellant the bear stearnss of the world wacovia lehman brothers want to get involved about educating them teaching them, this is a great way to accumulate wealth especially with 401(k) or 401b plan pretax a terrific way to save and grow money. >> hi dominic i just kind of curious do you think we will see slowing first couple days of january where people are taking profits pushing cal gains out? >> i know, in our own practice, we really held off selling anything i did not want to today taxes did not want clients paying taxes held off, hoping that we could shift that tax burden, into 2020 so we will be harvesting some profits i think a lot of people too. in our industry, i also think a lot of investors came in, last couple weeks that missed the boat all of the sudden going to see selling going on, they might be quick to bail i wouldn't be surprised if we see a little bit of a pullback in the first couple weeks of the year. >> i am curious if you agree on that one. >> i had a question along those lines, dominic, the marketing basically straight up si