during pregnancy like green and merrill had no evidence to back this up. merrill applied to the federal drug administration in one nine hundred sixty for approval to bring so little mite onto the american market and was allowed to conduct clinical trials on patients across the country now it wasn't a clinical trial at all what it was was a marketing campaign trumped up to look like a clinical trial michael magazine is an australian lawyer and former investigative reporter who spent years researching the thalidomide disaster what merrill wanted to do was to familiarize doctors with a drug so that once they got approval they would have doctors already to go through with the drug trade to prescribe it like crazy. during this time richardson merril handed out two and a half million dollars to my pills to thousands of doctors in the united states in canada. in germany going thousand advertising campaign was paying huge dividends and companies owner and executives were making fortunes overnight especially heinrich mukhtar going in thousand research director. dur

merrill poured on the pressure they contacted the f.d.a. fifty times they went behind a back to this period they can find a better and rotting threatens the proceedings they pushed and pushed and pushed and she was resolute she was unbelievably tough. but i know that we're always most indebted to dr kelsey the relationship in the hope that all of us have for our children in august one thousand nine hundred sixty two president john f. kennedy awarded the highest civilian honor an american can receive to dr francis kelsey so kill sea really so you know it starts from. the mother but then. i come home from the playground one day my mom says honey good news you're going to get arms dear i mean you just remember a day like that right i thought we were going shopping you know arms or us i don't know. i was very confused they they had hawks and they were made of metal and plastic and wood i mean i couldn't take off my shoes i wasn't allowed to use my feet can imagine a weird that was. so this became an interesting life half of my life was being el

fortunately, the ceo of merrill lynch saw the writing on the wall.d a deal with . " brokered over the weekend, the funding of independent brokers was going to come under pressure." hank: i think we caught a small aeak in the fact that b fof bought merrill, as opposed to lehman brothers. merrill would have failed and it would have been a much bigger bankruptcy and even done more damage to the economy. >> can you imagine what it would be like for hank paulson to see lehman brothers drowning and throw back his arm and say, cannot help you? unusual and so many frankly amazing things during the crisis, i think there is a , that thereelief was nothing the united states of america could have done to prevent it, a lehman bankruptcy. people generally believe ben bernanke, tim geithner and i told the truth and those that suggest there is something we could do, have difficulty suggesting what we could of done that would have worked. remember looking out the window and looking at the people on the street walking and going to work, all of those, some of which wor

>> what ended up happening, not merrill, b-of-a bought merrill. money either at time. merrill was bought for 50 billion, when made 100 billion all year. that was -- in the room for merrill at the time. the truth is, a lot of us are supportive of dodd-frank. we like it better when it was 100 pages than 10,000, granted. we had no tools. it was nothing to do with a globally interconnected bank. only thing we could do figure out a solution. we came up into a solution splitting it into a good bank, bad bank. where someone would buy the good bank. we thought it would be barclays. but they did not get approved. ie, a dozen of us would fund the bad bank over time. literally wind down the positioning. that unwound and -- trish: the uk wouldn't allow barclays to buy lehman because the u.s. wouldn't guarranty the debt? right? >> there were a few different things. the rumor fsa turned it down. number two, barclays need ad shareholder vote which would have been monday. we had to have an agreement sunday night. trish, the big elephant in the room was aig. when

>> he was at merrill in the early 1990's.nvestment bank that was also part of the credit card business. he comes with a wealth of experience. don't forget santander does have ambitions across a number of different lines of business, not just retail, u.k. retail. definitely a surprise. this signals a very good candidate with a lot of global experience. guy: what does that tell us about where ubs is right now? >> i suspect it tells us they are still going sideways. they are still building out the will management business in asia. and has been there since 2012. a lot of work has been done. the franchise changed focus. he did have a lot of focus -- experience admirals. : in some ways, it makes an awful lot of sense. if he needs challenge and sent under needs a new head. what is the strategy for santander? >> move away from being a large global retail bank when significant corporate bank. we are looking at asset management and other areas of expertise that he will bring. you can bet that santander is looking to build out. they hav

lynch ticket efg -- merrill lynch's efg. a way of looking at companies using attributes or factors we have not thought about as financial analyst. when you go to business school, you learn about book value, earnings, valuations and growth. you don't want about things about board diversity or employment policies around paternity leave, and these are the types of factors we're looking at in this efg report. david: we will look at why that is important but how do i know i am measuring efg? esg?g -- you get into esg. savita: it is very soft. look at these myriad data items and say what matters and what doesn't. there are all sorts of things we measure in esg. it could be reliance on a part-time workforce. is that a bad thing? the employee does not feel as confident in their prospects but it is probably good for the company because they have more flexibility around hiring and earnings volatility. there are a lot of different aspects we measure and what we found is that some actually drive financial returns. speaking of the financ

and purposes disappeared during this crisis there's the bankruptcy of lehman brothers the sale of merrill lynch to bank of america and word of trouble with the world's largest insurance company american international most of the financial crisis was not concealed by some dastardly. plot most of it was just widely ignored by the public and publication and most journalists you know this core the shakespeare trust in american institutions and most of the coverage leading up to the crash ignored the really central problems which was. pro-choice tactics were rife and they were really what drove the crash. oh i want to take your name. next they can't pay their bills. oh you. know critical we are a financial journalism mold so i wrote a system that was unsustainable that will. never forget that it was my reasons miscalculation a mis regulation that caused the problem. in the years leading up to the financial crash global stock markets hit new highs real estate was booming investment banks used ever more complicated financial instruments primarily collateralized debt obligations and credit defaul

it the institutions that have been around since the great depression bear stearns lehman brothers merrill lynch for all intents and purposes disappeared during this crisis there's the bankruptcy of lehman brothers the sale of merrill lynch to bank of america and word of trouble with the world's largest insurance company american international most of the financial crisis was not concealed by a. plot most of it was just widely ignored by the public and politicians i missed you know the shake shack or the shakes your trust in american institutions and most of the coverage leading up to the crash ignored the really central problem which was that. pro-choice tactics were rife and they were really what drove the crash. oh i want to pay for your neighbor's mortgage that's next they can't pay their bills right. oh. the most critical we are a financial journalism mold so i run the system that was unsustainable and that was . never forget that it was my freeze and miscalculation a mis regulation. that caused the problem. in the years leading up to the financial crash global stock markets hit new h

we understand at lynton crosby, who was involved in borisjohnson‘s merrill campaigns asa involved ins merrill campaigns as a political strategist, is involved in some kind of campaign to give an alternative to the chequers plan, and there is a lot of concern among brexiteers but also among remainer is about the brexit plan and talk about borisjohnson being potentially a leadership candidate. liam fox said the idea of changing a leader doesn't change the arithmetic in parliament because the conservatives don't have the majority they need to railroad any deal through parliament, but also we heard from david davis and he left the government over the chequers deal, he said he didn't know what boris johnson's plans deal, he said he didn't know what borisjohnson‘s plans work but on this issue of theresa may saying she wouldn't compromise, one of the key lines in the article, she says exceptin lines in the article, she says except in the national interest and david davis doesn't believe that means she will not compromise because it leaves the way open. the other argument i made at that cheq

in addition to merrill lynch, the bank of america has made an unprecedented investment not only in this $65 million project, but in our project citywide. this is over $2 billion in capital, and this project is just the tip of the iceberg. there is just down the street in chinatown hundreds of more units that are being subjected to the same loving treatment and rehabilitation in the pings where the board of supervisors with jane kim and the entire complement back when london breed was president has bestowed every bit of capital that we can get our hands on. i was worried this project could kill c.c.d.c., and if it did not kill it, it would emerge stronger. you have emerged stronger. congratulations. [applause] >> supervisor peskin: i would like susanna from the tenant's association to come up and get an award from the board of supervisors, as well as cathy lamb. i know you are humble, i know you hate the spotlight, but you have no choice in this matter, miss lamb. come on up here. [applause] >> cathy lamb, your moment has come, cathy. >> supervisor peskin: and miss tau, who is the presid

and purposes disappeared during this crisis there's the bankruptcy of lehman brothers the sale of merrilllynch to bank of america and word of trouble with the world's largest insurance company american international most of the financial crisis was not concealed by some dastardly. plot most of it was just widely ignored by the company and publication and most journalists you know the shake shack or the shakes or trust in american institutions and most of the coverage leading up to the crash ignored the really central problems which was. pro-choice tactics were rife and they were really what drove the crash. oh you want to pay for your neighbor's mortgage that's next so they can't pay their bills right. oh. so critical we are a financial journalism mold it's so. around the system that was unsustainable and that was. live as never forget that it was my reasons miscalculation a mis regulation that caused the problem. in the years leading up to the financial crash global stock markets hit new highs real estate was booming investment banks used ever more complicated financial instruments prima

gary stern, former minneapolis fled -- fed president, michelle meyer, merrill lynch.g with us. italy up, uncertainty in to meet their midnight budget deadline. this is bloomberg. ♪ emma: this is "bloomberg daybreak." i am emma chandra with your bloomberg business flash. almost every analyst who covers amazon has it as a buy. stifle has made the target price the highest on wall street, a 20 pro -- 20% increase to where amazon sure string now. amazon is higher in premarket trading. cvs,.5 billion merger with selling its medicare prescription drug business to welker health plans. their investment may help resolve objections to the aetna- cvs deal with regulators. goodgument that there is a reason to allow a purchase by t-mobile. regulators customers are fleeing and it is unable to cover from crippling losses. sprint said along the takeover would set a strong competitor to at&t and verizon. david: the clock is ticking for italy, which has until midnight tonight to reach a budget plan for 2019. this is the deputy prime minister, who just said the government and is and shou

barrel -- merrill lynch was taken over by bank of america. the u.s. million -- in an $85 million bailout. ben bernanke and hank paulson testified before the banking committee about the bush ministrations plan to put assets from the banking system. a look back at what it was like during those days at the height of the financial crisis. we spoke with michael spencer. guy johnson asked him what happened. >> all the financial stocks took a massive divide -- massive dive. lehman int exposed to the negative way. , i am down 100ng million quit today -- 100 million quid today. francine: we will keep watching throughout the week. let's get straight to the bloomberg first world news. taylor: more than a million people living in the path of hurricane florence have been ordered to leave their home. it is poised to become the strongest storm to hit the region and more than 30 years. forecasters say it will make landfall late thursday or or early friday. says the damages could reach $27 million. which of administration is preparing to unwind obama era limits of met

i'm max merrill and welcome to another week of your remarks your daily dose of european lifestyle and culture let's take a look at what's in store for you today. beautiful beethoven.

talk to american investment banks piled in to take advantage of the new opportunities merrill lynch goldman sachs morgan stanley and also. lehman brothers the oldest of the lost and st for the strong culture of its u.s. operations lehman brothers was a significant i mean horton player in the twin towers in the us in the investment banking industry at that time it was number for me money also was one of the most aggressive players in the industry people kids i mean it's students would love to go and work for the money i mean that's what the prime job for them. is a commodity joint lehman brothers in two thousand and six as a vice president in the mergers and acquisitions group in new york the farm was a behind civic success lehman had a very strong culture very a lot of pride. in every employee in working for lehman brothers there was almost a lot of confidence that lehman could take on the bigger competitors and we. found it in one thousand and fifty lehman was the remarkable survive the great depression two world wars and it was still making money over the years lehman's bankers had gained

michel also has his own views and experiences of xenophobia so welcome to the show problem and max merrill as been this legal expert for d.w. sports has been following all the latest developments in the far right violence we've witnessed recently here in germany for to be here but first there was some grateful paul played in the bundesliga on sunday the late much saw shoka try to recover from last week's false starts with a tasty home much against hatta berlin. excitement in the shall cause stands mirrored by early action on the pitch and defended now is only the golden chance which is he reflected on what might have been a our officials were taking another look at the build up their verdict knew how to jury given the chance from the sports. he flopped his mind's eye they couldn't believe it but soon it goes a whole lot worse defense turns were attacked with the slickest of touches patches andre do down the goal scorer i within two minutes home hopes have been turned upside down. in the second half frustrations only grew a shock a crash to equalize raytown here in qana priyanka was sent so

i'm max merrill welcome to the day's edition of your i'm x. your european lifestyle and culture program here's what we've got in store for you today. the trace vintage car physiologist flock to the most of us to vote in denmark. historic inventory we visit the high.

i'm max merrill and this is your i'm actual daily dose of european culture i'm lifestyle is what's coming up. treasure trove of british food prices set out to save the italian cost of making the. intriguing illusions and the exhibition in munich focuses on this really.

lauren: coming up, millions forced to flee their homes as hurricane florence barrels-- merrill stores the east coast or janice will be here to let you know what you need to know especially in the storm's path. as hundreds of passengers at the airport when pilate went above and beyond to keep them comfortable doing something to calm their nerves and fill their bellies. markets this morning, dow is down over 100 points. likely on the news that china has asked the wto to authorize trade sanctions on the united states. we will be right back so, i need, and i heard that my cousin's wife's sister's husband was a lawyer, so i called him. but he never called me back! if your cousin's wife's sister's husband isn't a lawyer, call legalzoom and we'll connect you with an attorney. legalzoom. where life meets legal. the full value oft wyour new car? you'd be better off throwing your money right into the harbor. i'm gonna regret that. with liberty mutual new car replacement we'll replace the full value of your car. ♪ liberty. liberty. liberty. liberty ♪ >> we do not want to risk one south carolina

now lehman brothers and merrill lynch."nat: "is your money safe? is your job safe?"nat: "economists say this is the worst financial crisis since the great depression."christine romans/cnn chief business correspondent: "it was dramatic. it was so dramatic. and what could have happened was so scary. what could have happened if policymakers and big executives and luck didn't all line up perfectly was your credit card wouldn't work. you wouldn't be able to get money out of your bank account. there could have been a run on the banks, but you didn't want as a reporter, you didn't want to scare people, but you had to tell them exactly what was happening."nat: "lehman brothers for 150 years a corner stone on wall street failure to find a buyer over the weekend means it is now bankrupt. but, the mercy of wall street is a mess that main street is now feeling its banks react with a sharp tightening of credit a highly uncertain market making business loans harder to come by."christine romans/cnn chief business correspondent: "i remember long conversations, some on the record and

they asked merrill lynch to look how much it would cost to move all of their production to the united states. that merrill lynch report found that it would be 20% more on an iphone price if all of their production was here. if they move 50% of the production to the united states, iphone increases 14%. because labor is 2.6 times higher here in the u.s. than in china. apple the bottom line for them, if these tariffs go into effect, 25% on $200 billion worth of chinese goods, it would affect almost all of their products saying it would result in lower u.s. growth here and higher u.s. prices. melissa? melissa: edward, thank you. david: here to react. gary kaltbaum, kaltbaum cap pal president and fox news contributor and danielle dimartino booth. former fed advisor. gary, the market turned around on good news, i want to focus, start there. 6.9 million job openings in the united states. that is what turned this market around. when i woke up we were to the negative by over 100 points at least in the futures. we ended up over 100. so i think it is just the economy is so strong, you have small

where were all of those standards when president barack obama nominated merrill garland who was activelytively blocked for over a year? i mean, he certainly had pedigree, he certainly had a long record. so doesn't it seem hypocritical to now have a different standard for this nominee than you used to stall the nomination of merrill garland? let's talk right here. what happened to pedigree and record then? >> fair enough. and i will respond to your question, i just want to respond tie couple things -- >> no, first respond to my question. >> i'll respond to you. you are not going to hear me say anything negative about chief judge merit garland. chief judge merit garland say fine public servant. >> so he should have been seated. >> if i could finish. >> should he have been seated in the yes, you can finish but should he have been seated? >>s that wa a decision made by the republican senate in a presidential election year where a justice is going to be sitting for as long as 25 or 30 years and with the supreme court very much on the ballot for the first time in a long, long time that that wa

that weekend and as you mentioned bank of america was going to buy lehman but instead they bought merrill lynch and. lehman didn't really have. to be their white knight to take over and so forth barclays was going to be really at the end of the week whatever we remained and our accounts of both securities accounts and futures were transferred the barclays capital on the end of that week on the close of business of that friday the nineteenth but the u.k. government wanted some assurances guarantees as you just mention and they just could not be worked out over that weekend keep in mind and from the audience burst back to of lehman filed for bankruptcy on september the fifteenth there was a monday morning. and the regulators in washington try not successfully but they try to try to. find a buyer a home for lehman and they took a i guess a big sigh of relief monday morning lehman filed for bankruptcy that afternoon as you mention they get notice that a.i.g. insurance company is about to file for bankruptcy but for that bailout and. needed over one hundred and eighty five billion dollars and

i think lehman just went down and then i was just trying to figure out i thought -- i was saying merrill, then just going down the line, morgan stanley would go, then it was going to be the end of the system so how was it going to stop? i think that was when i though it was going to end. >> tepper went on to tell me yesterday, steve, that it's now famous how he went all in in march of '09 he saw what others didn't see and made a big bet others weren't willing to make and, in farther, sort of underscores why he is who he is. >> he told us that also about the airlines i remember him telling me, going back to playing golf, and he said think of an industry selling at single digit earnings growth like multiples of one or two times. i couldn't think of it he said the airlines 5% of every public airline so he goes in but most notable, as you point out for financials. he bought the preferreds, everything you could buy on those companies and had a huge, huge year when everyone was derisking and running for the hills. >> i asked him in the second part of our sitdown whether another crisis could ha

a great all to really much more of course on our website w dot com slash culture all right robin merrill from did any closer thank you so much. and we just want to bring you this story one more time if you haven't seen these pictures the san diego zoo safari park in the u.s. has welcomed its newest but certainly not smallest resident a one hundred twenty seven kilogram baby elephant of the female count is the biggest ever to be born at the zoo of the birth of the giant baby took zookeepers somewhat by surprise as it came earlier than expected mother elephant dani and her new last spring do appear to be doing well does you is now home to fourteen cents. or are there modern our top stories that we're following for you right here on turkey's president to one has met with germany's chancellor angela merkel for talks here in berlin edouard called on america's government to extradite what he said were the hundreds of supporters of the clerics the two the group who are residing in germany at one blames going for instigating the failed two thousand and sixteen crew in turkey. and the u.s. senate

official state visit with a mission to repair a bruised and battered diplomatic ties and to mollify mrs merrill. reject type once presidential plane touching down in berlin this is a once first state visit to germany as turkish president but it's not without controversy he faces heavy criticism and to learn about the rule of florence turkey and he hopes this visit will lead to closer cooperation between the two nations or one received a mixed reception in the german capital many supporters waited on the streets hoping to catch a glimpse of his motorcade but there was signs of protest outside the turkish embassy. the president's visit was hotly debated in parliament with criticism coming from all sides. the somewhat arbitrary imprisonment of german citizens has taken a heavy toll on bilateral relations german citizens remain behind bars on charges of a seemingly political nature you want to save your own life the government is rolling out the red carpet for anton even though he hasn't changed his ways since july twenty seventeen absolutely nothing has improved in turkey that's why i think holdin

we are joined by craig coven, vice-chairman at bank of america merrill lynch.vid, also -- ruth david, also joins us here. ruth, if i can come to you first, good morning to you. thank you craig for joining us. i want to talk specifically about the ipo. there's a little bit more about sets this morning and about what happens after this. ruth: we've been talking a bit about selling 25-30%, looking at valuation of up to 10 billion euros. if this high deal happens, it's going to be one of the largest in europe, probably the largest oil and gas in the last decade. it seems like this is a really big deal and it will be a test of investor appetite. and if i can jump to craig on that, craig, one of the things that we've seen this year is in that european equity indices have underperformed compared to u.s. counterparts, and we've seen them taken money out of the region, but we have a slew of ideas lined up. this morning, up to 4 billion euros. aston martin on the road. what's going on? why do think there is investor appetite for these deals? guest: i think the ipo market

dot com slash culture our culture editor robin merrill thank you very much for. time for a round of sports now and drivers in the world rallying championship they have to say extra focus this week as they negotiate a new race in turkey no one has ever experienced this rocky terrain on the course nor marmaris before thursday's shakedown had championship driver to view uncomfortably close to the road edge in his hyundai the belgian has labeled the route a lead into the unknown reigning a five time world champion sebastian or ga had similar difficulties in his four day he raced in the last rally of turkey in two thousand and ten but on very different roads. tennis star naomi osaka has returned to her native japan to a big welcome having become the country's first grand slam singles champion she defeated her idols serena williams at the u.s. open last weekend there was huge controversy with williams being docked a game for calling the umpire a thief but osaka told a news conference in tokyo that the incident the negative crowd reaction did not take away from her succ

i'm max merrill and welcome to another week of euro max your daily dose of european lifestyle and culture let's take a look at what's in store for you today. beautiful beethoven the german composers being on it with the crest of a. delightful dog with three legged pomeranian became an instagram star. precious porcelain a number of international artists exhibit that china creations in mice. but we start rolling with the real highlights for film fans especially for those who favor the genre of action comedy two of the dramas biggest stars were the actors but spencer terrence hill and every year fans from all over europe gather in germany to celebrate their contributions at the spencer hill festival despite the american aliases they actually hail from italy and their real names are carlo petter soli and mario good up to this year the festival is being held in saxony in the town of la much which has a special link to one half of the. mostly they keep their cool. but if things get critical. they leave behind a trail of destruction. the dynamic duo of action comedy but spencer and terrence hill

are the imax merrill and this is your m actual daily dose of european culture and lifestyle is what's coming up. treasure trove of british food prices set out to save the italian custom making art. intriguing illusions and exhibition in munich focused on this really of deception. and good beats only follow just on d.j. dominic all back combines his two concerts. granma makes the best food that's a pretty widespread opinion all over the world i'm italian grannies or make the best pasta makes sense right a british log out living in italy was sad to see the tradition of pasta making dying out so she set out to film talented ladies whipping up their special creations in order to preserve the crafts for future generations of course along with flour water and oil as a healthy helping of love added into the mix. fatty . jack. but. just say that you said. it. is ninety five years old she's from the island of sardinia and she's been making pasta for more than eighty years with body and soul. needing the past to do is part of her daily routine every single noodle is handmade . from the shape fi

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