the government charges that milken whispered that secret to boesky in new york.betrayed his client, charged a million dollar fee and then secretly earned 6.5 million more at the client's expense. >> authorities are worried that further disclosures resulting from the affair may weaken public confidence in financial markets and weaken the markets themselves. >> i just came from inside, it looks like a mad house. >> i guess the bull market's over. >> it's a blood bath down there. >> they're calling it the monday massacre. >> i call it the nearest thing to a meltdown i ever want to see. >> by the closing bell, the dow jones industrial average was down more than 500 points. >> this is a crash people hadn't seen since the great depression. no one had seen the stock market fall that quickly, that fast. >> losses of more than $500 billion. october 19th, 1987, wall street's black monday. >> that crash was one of the first signs of how dangerous this new era could be. that what the market had given, the market could take away and take it away really, really quickly. >> the

manus cranny is standing by with michael milken, chairman of the milken institute. thank you. had 40day sessions. welcome to bloomberg. great to have you with us. mike: it's mike. i'm not old enough to be a "mister." manus: three major upsets in the world. brexit. trump. and "re-xit." matteo renzi's exit. very fewre are surprises. what has occurred here was building for a number of years. the promise of finance and the promise of capital is to create opportunities for your citizens. median united states' income is lower today in 2016 that it was in 1999. the same in italy. there's a commonality between many of these issues you are seeing here. forink the need and search what is my career in the future, what is my job in the future, seen,s my future is being particularly in europe, the united states, japan, korea, and many countries around the world. aroundone can then turn donald trump saying he will make america great again. do you think he has overpromised? mike: well, one person is not capable of delivering. you have to be able to lead to make that happen. think the reactio

again, i guess a basic argument -- i was discussing this at milken yesterday, i was at the milken event yesterday and talking to people about whether or not it's too early to get in and buy the italian banks. do you think italy will be a place with no banks or will they do something to try to rejig things, save things. by the looks of things, they're here for the time being. >> we're two days in. >> credit suisse has issued a gloomy outlook downgrading its profit targets for asset management and trading activity in asia pacific, the bank is also confirms its ahead of schedule when it comes to cutting jobs. it is aiming for an additional 1 billion swiss francs in savings by 2018. the group says given the unsupportive market conditions we're facing the realization of other profit objective plan is now more geared to the delivery of cost reductions. when i spoke to credit suisse following the release of the bank's third quarter numbers at the beginning of last month, they sounded confident about the bet on asia. we have outperformed everybody in asia, 160 billion in asset management and th

let's get out to howard shore, chairman of shore capital joining us fromm the milken institute in london. mr. shore represents a pro brexit view. thank you very much for joining us. how do you reconcile the view that you were in favor of exiting the eu, but at the same time you run a small boutique finance firm? >> i'm looking at the long-term benefits to the uk. i think the big question is how do we take advantage of brexit? do we de-regulate and become the si singapore or hong kong of europe? it's a fantastic opportunity, and you need to frame the arguments in the next 10, 20 years, not the next 10, 20 months. >> the financial sector is at considerable risk of losing its passporting rights to the eu. how would that be beneficial for the financial sector? >> i had the strong view that we'll have continued access to the single market. i think it's akin to a divorce settlement. europe's moving in our direction. we saw that with the italian vote. this issue over freedom of movement is, in my view, going to be a non-issue because europe wants the same as us. the solution is quite clear, we'

. >> when milken his career he was responsible for cosponsoring and but it is his leg is the was very much creative. >> charles hayden originally borne in ticket come laugh comes up west many in his trail in the it eventually makes the senate passed the three - - run for a 34 case. von that the different wishes to rule that this endeavor addresses the real concern of the flight risk by giving mandatory detention for certain criminals or those arriving at our shores. the ninth circuit and did that to two redo so azalea's unless the government can paris six months that the tension remains necessary. this is a serious misuse of the appointments. with respect to those aliens even the ninth circuit recognized the vast majority of applications of those out later cases and with respect to criminal aliens the approach in many it is constitutional has written under this court's decision. . >> what is the constitutional entitlement? if they are not a flight risk or a risk to the safety of the others? what is the constitutional title of opportunity that is neither of those for those and their re

that's a business where you're doing childhood learning for corporates, where it's scaleable, whereas milkened to roll up random child care -- >> but i like, one of the messages to me in the book is the people who were doing this did it in good faith. and there's such a sense -- there's often a sense in the media and elsewhere that -- a cynical sense, that they doing it strictly for profit. >> and overwhelmingly, that's not the case. unfortunately, the fact that you have good intentions doesn't make it either good for the world, or good for your pocketbook. >> jonathan knee, the book is called "class clowns," great to see you. >> thanks a lot. >>> coming up, new york stock exchange president tom farley will be our guest host for the next hour. we'll ask him about the climate for business under president trump. and later, senator ron johnson joins us from washington on trump's cabinet picks and potential confirmation battles. that's coming up. since i added futures, i have access to the oil markets and gold markets. okay. i'm plugged into equities- trade confirmed- and i have global access 24