on september 15, 2008 , one of the largest investment banks in the united states, lehman brothers, announced its bankruptcy , followed by other american transnational banks, meryl, in a critical situation. lynch goldman sachs, morgan stanley and leading mortgage company fanima and freddie merk. the debts of the last two were bought by the us government the bankrupt banks partially absorbed the banks of america, then a term appeared, which is attributed to the economist haymon minske to big to fail, in fact, it means that these financial institutions. so significant that their fall means the collapse of the entire economy, so this cannot be allowed to follow. the entire world economy was severely impacted by the united states . for the first time since the second world war, gdp showed negative dynamics, trade decreased, and the middle class suffered the most from this, according to the bank’s estimates, loans from rice, its share in world wealth has decreased and continues to fall, but for the rich. and this is only 1% of the earth's population, which owns half of all material wealth in the w

international review events of the week of chronicles facts comments in 15 years of the collapse of lehman brothers the lessons of the 2008 crisis the consequences are still noticeable the results of the g-20 summit the global south raises the stakes materials of our program. against honey , the responsibility of the inventor is a premise of ethical discussions of the last century. the most fashionable cereal of this year for the same asphalt two-room apartments, i will explain. it's just unrefined millet. we mostly have it is proposed here for bird feed, but in vain , by decision of the un general assembly, 2023 was declared the year of millet. as an extremely nutritious and healthy product , the indian government lobbied for it, mainly and treated the participants of the group of 20 summit in new delhi with cable leaf chips with a scoop of yogurt and spicy sauce a kettle of jackfruit biscuits with wild mushrooms, pieces of millet, red rice and curry leaves. well , pudding and demand with the aroma of cardamom for dessert. that’s it, i don’t continue to work yet. is it any wonder that the results

on and on. >>> today marks the 15-year of lehman brothers filing bankruptcy.hs after the filing, the s&p dropped more than 45%. how much -- so much as changed. that was a seminole moment. >> yeah, i remember being on the floor back in -- during that time period and you had rolling closes where you're trying to solicit buy side on these events and you didn't know who was going out of business, who was going to be saved. i had friends that worked at lehman. it was a dire time. and we recovered and we looked back on it where the financial institutions are stronger than they've ever been. and hopefully, we don't go through another period like that again. >> we were on air. i remember it well. and wall street is not the same. there's no question that the dealer community, if you think about also the lack of the size of the book, the risk that's being taken, the size of the balance sheets, maybe it's good, some of it is bad. i think there's a lot less liquidity on wall street. sad day. tremendously talented people. wall street has contracted dramatically from that p

. >>> it is now 15 years since the lehman brothers collapse of 2008 and showing bankers leaving theiresks for the final time. the financial crisis would torch trillions of dollars of wealth according to the san francisco fed. mohamed danir joins us now to mark this moment. mohamed, were you trading the market back in 2008? i'm curious when you look back and the turmoil we have seen in the banking sector starting with the u.s. and moving to switzerland and whether you think this was reminiscent of what we saw back then? >> things have changed and haven't changed in a way. when you look at the different dr troubles with credit suisse, it is the same story. it doesn't look like we learned our lesson over there. it is always the risk and return in the markets and banks will always want to take more risk to execute more money to execute more trades. when it comes to the banking sector, small banks, it is a different story. the reason is different, but impact is the same. it looks like the regulators are either not applying the stress test properly or the stress test is not good enough to r

program international review the events of the week of chronicles. 15 years of the collapse of lehman brothers

this was after leaving lehman brothers it was only about a month. i had spoken to one of my long-term relationship it was sallie mae when sallie mae was still a government-sponsored entity. the senior vp of finance, i had done so much business with them we developed a relationship it turns out was a gentleman named mitchell johnson. and when i was leaving lehman i senate looking to leave them starting my own firm piece if you can bring the same quality of deals that you brought me for all of these years at lehman, you can bring those on your own i will make sure my team cuts through all the red tape at cutting through the red tape for a huge entity like a government-sponsored corporation like a fannie mae, freddie. >> in this case it was sallie mae it was critical. he did that. the very first transaction we did was $100 million financing for one of our corporate clients. that made all the difference the fact i could walk around and show it here is the financing on this prospectus. we did 100 million just our start up firm first sallie mae which was

alix: sonali and guy on sports stuff. 15 years ago lehman brothers happen.ber it, you remember it. it was a turning moment and global economies. guy: what was amazing about that whole period is to remember it as a compressed period but it was stretched out. it did not all happen fast. the lehman moment makes it sound like it happened fast. it was an incredibly slow burn with the moment of tension in it. all of those things that happened, over a long period of time. lvmh is bouncing back nicely. the dollar -- sorry the euro has bounced out 1.06 and bright -- brent crude at 86. when we come back hugh gimber. ♪ ♪ is it possible to fall in love with your home... ...before you even step inside? ♪ discover the magnolia home james hardie collection. available now in siding colors, styles and textures. curated by joanna gaines. nice footwork. sman, you're lucky,. watching live sports never used to be this easy. now you can stream all your games like it's nothing. yes! [ cheers ] yeah! woho! running up and down that field looks tough. it's a pitch. get way more into

>> yeah, i think -- look, i've allocated hundreds of deals when i was on the sell side at lehman brothers going to be challenging, because the most important thing right now is actually not the performance for the company's sake but for the market's sake in terms of the ipo market. so i look forward to a strong performance from the ipo. but because of the strategic investors, it has all the right things going on. valuation, they've not giving it away, but nonetheless, it doesn't mean it won't work. i think it will work well. i'll look at it after it settles down in trading. but it's interesting company, very interesting company. the market has been anticipating the ipo for a number of years, and coming to market. so i think you will see it will do quite well in the after market. >> a lot of interest in the chip space. is this one going to get as much attention as some of the others, and should it? >> well, chips are up 77% this year as a group. so the market loves them, and it's very smart that these guys are going public today. whether this is a group that can continue to be on that tren

is evergrande potentially the lehman brothers as opposed to the other banks that the u.s. did cash infuse or capital infuse back in the financial crisis? >> that's a great question. i think that evergrande is the canary in the coal mine. i think if it goes down, i don't think the chinese are going to have any option but ultimately to start bailing out, if not these companies, the people who have invested their money. the problem in china is the chinese people have given these companies money in advance to build up a house or a condo or whatever they're going to buy, now those companies are so much in debt that they can't pay it back. at least the chinese government has to protect its own citizens if not these particular banks. it's a tough question. >> do these property developers have enough people to move into the buildings they've built? >> no. i could give you a longer answer but i think the answer is no. there's several million properties in china are empty now. one of the problems is we know about the big cities in china, shanghai and the rest. the third and fourth t

i, when i was working at lehman brothers running the etf desk and these issuers came to me telling mebout these leveraged etfs would issue i was shocked that the sec ever agreed to do this. charles: by the way we put it on the screen for viewers. sell shorts, deep puts, in the money puts and use futures. just a guesstimate then, you're a student of history, you outlined for us, paved the trail, painted the picture, when do you think it would be safe to go back long stocks? do we have to go through a lot of pain before then? >> i don't think this will be a generational bear market. i don't think we're going to have a 40 or 50% draw down. i think it is possible we could have an additional 15 other 20% from here which would be pretty painful. so i mean i think we're at the beginning of this, not the end. i think you're probably looking at three to 6 months before you would even thinking about dipping a to back in again. charles: jared, great stuff i appreciate it. a tough message but we have to hear it from time to time. >> thank you why coming up senator bill cassidy, dan greenhaus will

. >> this week is the 15th anniversary of the collapse of lehman brothers. we discuss the 08 financial crisis showed us how everyday people can have their lives turned upside down due to wall street greed now wall street is pushing back to make investors tell the real fact about their businesses. what step is the sec taking to ensure that investors have the information they need to make informed choices? >> investors get the basic bargain. they have to have complete information. that, if they are public companies, to really have the full, fair and truthful information is the passion we have with climate or the discussion you had around cyber risk. material information is what they need to make their choices. also in crypto to the extent that crypto token is a security that investors get a chance to make their decisions based on the full, fair, and truthful disclosure. >> you noted the sec has a private fund role and they want to pose increase transparency for investors. how will providing additional information on fees and performance help workers and invest

and then and then 2000 lehman brothers and the whole thing collapsed . collapsed. >> so definitely feelat. that's expected. >> okay. >> okay. >> so that's it for part two. but upin >> so that's it for part two. but up in part three, you but coming up in part three, you can't say anymore, even can't even say fat anymore, even though just did. though i definitely just did. and pronouns be a problem and pronouns could be a problem for navy. well, use for the navy. well, they do use the his in most of the the word his in most of the ships news radio. well come back to headliners. >> let's move now to the sunday telegraph and nick, the nhs has some private dicks , which seems some private dicks, which seems fitting. that's good. that was a good one. i was laughing inside . nhs trusts hiring ex—police officers in a move that could discourage whistle blowers. so the is revealing that the telegraph is revealing that retired been retired officers have been employed currently employed by a trust currently under for its treatment under scrutiny for its treatment of raise patient of doctors who rai

. >> lehman brothers has discussed the financial crisis showed us all how everyday people can have theires turned upside down. doing to wall street greed and now it's pushing down your attempts to make them to tell the investors the real facts about their business. what steps is sec taking to ensure to make informed choices. >> investors have to have complete and information. the public companies to have the full fair and truthful information as the discussion of center tester about climate risk or what you mentioned around a cyber risk. material information is part of what they need to make their choices. also in crypto to the extent a crypto token is a security and investors get a chance to make their decisions based on that irfull fair and truthful disclosure. crapshoot noted in your testimony sec finalize the funds role that require private equity and hedge funds to increase transparency for their investors. how will providing additional information on fees and performance help protect workers with pension funds especially also charitable endowments and for other investors? >> this f

i was a bond trader at lehman brothers, so i did frequently go to new york, to the headquarters .l , also three world financial, also known as the american express tower. it's the green pyramid building connected to the north tower by pedway, right across the street, right across west street from the north tower. so i was just greeting a customer , i was just greeting a customer, a client of mine at on our on our on the ninth floor at lehman, when the first plane hit. so i had no idea what had actually happened. >> did you feel that? oh, yeah. >> did you feel that? oh, yeah. >> you definitely felt what >> you definitely felt it. what did think? did you think? >> of it was hard to interpret. >> it was the people on the perimeter that were, you know, right across from the north tower. you know, because it's an open trading so the open trading floor. so the people the perimeter were people on the perimeter were yelling to those of us in the centre to get out. right? so i didn't i had no idea to even when i was outside, we went down the fire escape, which is a little know, it was litt

i remember distinctly because 15 years ago today was the death of lehman brothers, where i had worked believe it has been that long. this is one of those conversations that will go home and listen to later. fantastic to see you. barry knapp of ironsides macro economics. s&p 500 is posited by zero. lauren goodwin joining us in 20 minutes. right on cue, buried you mentioned the effective rate at 3.60. that is amazing. going down but then inching higher to around .60. this is where the effective rate is. we know where mortgage rates are. if you go get one today, this is the average rate at the moment. tom: it was very important and hugely nonlinear. it is going and the ramifications of it continues to move higher to the tension barry said at the curve. it is not linear. jonathan: only around a 10 are paying around 6% or something. this will take a long time to see the 3.60 shipped higher towards seven. even maybe seven soon to come. tom: the only way to work out is to get a substantially shorter yield. jonathan: this is great. there is a strike in detroit for the victory and we are waiti

worry markets around the world worry that is going like that china is going to be like a new lehman brothersraordinarily, absolutely. >> signs of >> and there's signs of political unrest, which is why. but government's very but the government's very heavily indebted. can't heavily indebted. so it can't just throw money problem just throw money at the problem like in the aftermath of like it did in the aftermath of 2008. but let's have a look. the global economy is still pretty sluggish. the demand for oil is not going gang busters as it would be when we're growing fast . demand for oil . so it's not the demand for oil that's pushing the oil price up. it's from $70 to $95 in it's gone up from $70 to $95 in two and a half months. that's a 35% rise. that's why we're seeing really high petrol and diesel . and oil going diesel prices. and oil is going up even though the global economy is sluggish because of opec, of the opec opec, because of the opec exporters cartel, they are deliberately restrict supply. they working conjunction they are working in conjunction with non opec member russia, the s

we had those in the run up to the global crisis, the global financial crisis, the collapse of lehman brothershat happens when the market starts getting really juiced dangerously toppy. juiced up and dangerously toppy. as we say in financial circles. so i do think there will be pushback from the regulators against offering mortgages which don't require, i'm afraid, mark, a pretty chunky deposit. >> yeah, yeah, yeah. >> yeah, yeah, yeah. >> okay. liam halligan our business economics editor. business and economics editor. very see you. thank you very good to see you. thank you very the tributes coming in to >> now the tributes coming in to actor sir michael gambon. of course, most recently getting international fame with the role of professor dumbledore in those harry potter films. his family saying he's died peacefully in hospital today at the age of 82. >> yes, a statement issued on behalf of lady gambon and his son fergus gambon said, we are devastated to announce the loss of sir michael gambon, beloved husband and father michael died peacefully in hospital with his wife, anne, and son fergus

as you will remember, a year later we saw at lehman brothers go down.he cards would fall? did you know the scale of what was coming? i the cards would fall? did you know the scale of what was coming? i knew it was hugely — the scale of what was coming? i knew it was hugely significant. _ the scale of what was coming? i knew it was hugely significant. and - the scale of what was coming? i knew it was hugely significant. and i - it was hugely significant. and i knew this was the biggest story. i knew this was the biggest story. i knew this was the biggest story. i knew this issue of the trouble that the banks were in would be the biggest story of my career and i had been talking to news editors at the bbc for some months about it. sol suppose, yes, iwas bbc for some months about it. sol suppose, yes, i was sort of psychologically prepared for the two or three interns working years of my life, but i also knew where to look, what the issues were. in life, but i also knew where to look, what the issues were.— life, but i also knew where to look, what the iss