the u.s. financial system. they made the same statements before cesomttees and in testimony up here. on july 23, 2015, a senior treasury official said, quote, irannanks will not be able to hold correspondance with u.s. financial institutions or enter any arrangements with u.s. banks. this statement further associated, iran will continue to be denied accs to the world's largest financial and commercial market. that's us. that's what they said. on august 5, 201 the then acting under secretary o treasury for terrorism and financial intelligence testified before the u.s. senate committee on banking t quote, iran will be denied access to the world's most important mket, unable to deal with the world's most important currency, that being the dollar. he also stated, quote, iranian banks will not be able to clear u.s. dollars through new york, hold correspondent relationship with the financial institutions or enter into arrangements with u.s. banks. thesims weryere clear. the u.s. financial system was not to be used. de

has been touted as a potential problem and you know this may be one of these inside you know the financial system things explain to all the boom busters what the yield curve is why it matters and why some people look at it as a potential indicator of recession. well if your joke you bank you theoretically are going to charge somebody a higher interest rate bart if they're going to be borrowing out for longer because of your joke you bank you're taking on their credit risk for a longer period of time now if you're just making them alone for thirty days then you're not going to charge of nearly as much and that is what we call a normal yield curve where the short rates are lower reflecting that the risk is going to be taken on for a shorter period of time versus the longer you go on the curve in the case of michael sam in the u.s. treasury market that's the thirty year long bond you know economists start to get very nervous when they see short rates moving above long rates that's actually called a yield curve inverting right now the difference between the two year treasury and the ten year treasury

addition to protecting the workers america also took steps to protect the financial system. just the economic world in a way of the way things work and there wasn't much we could do about it like the financial cycles of the moon and those crashes hurt. also took down farmers,, tht small-business owners and employees and millions of people who got swept away by massive economic forces that they could not control. and then the big one here come the great depression. unemployment skyrocketed speaking at more than 20%. line swelled across the country, frightening rumors caused americans to rush to empty their bank accounts and triggered even more crisis. in the midst of this chaos, franklin roosevelt stepped in with a bold idea. we can do better. we can use regulation to end the boom and bust cycle, and that is exactly what he did. in the wake of the great depression, america put in place strong laws and rules that stabilize the financial system. they admit it is safe to put money in banks. the fcc was about to be a cop on the beach not on main street with a cop on wal street. an

the other banks and many of the other banks at least in the united kingdom in the certainly the financial system itself were bailed out by the inflation tax caused by the quantitative easing so they subpoenaed peaceful aides released that report to the public and way to go well we can't do that because of confidential confidentiality of our clients and our customers and things like well neil mitchell had the report and he released it in the matter of national interest he's a lot of you know the attitudes are the consumer in the banking sector in the u.k. straight them like mushrooms you feed them essentially feces and you keep them in the dark and feed them dog poop essentially that's the attitude that the regulators number ten downing street everyone who has any oversight capacity whatsoever for the u.k. banking industry treat them like mushrooms now we have chorus were reporting on this in real time we informed the british public about the frauds that were going on the massive fraud oh my little camera seems to have become flacid well put that over there first so i can maybe i'll go off the ai

we were consumers and they were a bank, but because the role of taxpayers and consumers in the financial systemh a big influential firm is influential in the context of the finances that affected everybody. an adjustment that we had to make very quickly. prior to the financial crisis, i never would have appeared at anything. my predecessors certainly didn't . it never would have occurred to me and i realized that if you don't describe what you do and help to define yourself, you will leave a vacuum that someone will very easily describe and define for you. that was an important lesson and i learned a lot of little lessons of crisis management that i never expected to need to know. at finance now to the eyes of those stakeholders, do you think that the government has represented their interests well? you have had his role of regulation. lloyd: i think the most important regulation and the most important role is the way the banking system has been the leveraged, forcibly and aggressively. even though in some cases it looked like a medium affair with all of these noises and hearings and everything

the uk's financial syste m good. that is why the uk's financial system remains a national asset and a global public good. face of major structural change. the city's three reflects lessons learned over centuries that an effective... must be resilient, fair and dynamic. resilient so they can finance households in good times and bad, and a resilient system is anti—fragile, robust even to those risks we don't anticipate. to this end, we have spent the last decade competently reforming the financial system. an effective financial syste m system. an effective financial system is fair to end—users and the taxpayers who provide its ultimate backstop. that is why the uk has led the global effort to address misconduct, to restore trust in markets, and to end too big to fail. and an effective financial system is dynamic, with the foundations of resilience and fairness reinforced, the uk financial system is not innovating to serve a changing real economyjust as it did during three industrial revolutions into weakness of previous waves of globalisation. dude the years, it has been driven that private animation works

the u.s. financial system because as you recall the sanctions stayed in place with iran. ere saying there was no access to doj's financial system, they were actually providing a specific license to iran to be able to convert into dollars and eventually euros. i think it's important they have that oversight. >> cnn global affairs analyst tony blinken who once served as deputy secretary of state. they are very angry that while you were in office, the president was in office, you did this secret deal with iran of $6 billion they would have access to and you didn't inform congress of this. >> with great respect, it's simply wrong. first there was no secret deal. iran had money that was blocked in an account, its own money, that under the terms of the deal it had a right to bring back to iran and it needed some help in getting that done. the secretary at the time, jack loop, briefed to congress at a staff level. there was nothing secret about this, there was no effort to give iran -- >> were you involved? did you know about it? >> at the time, sure. it was, again, under the ter

the u.s. financial system to be used, we are not allowing the dollar to be used, keeping the sanctions in place, only the secondary sanctions and others are we allowing the array needs to have access to, when in fact, they were granting this license. it's just wrong. it's important that we flush that out because now with regard to the next iran agreement, or with regard to the agreement with north korea, will require more transparency and it is part of the recommendations. >> shannon: some response to the report, net price, part of the obama administration says, "they continue to malign the deal in an effort to justify president trump's unjustifiable decision." referring to the fact that president trump has withdrawn from the deal. they say this is about besmirching the deal and nothing more. speak of this investigation is two years old. it began long before president trump was president, much more that he would pull out of the iran agreement. but it was done in a totally straight up, objective way. we found that this had occurred, and i think it's important to me american people know about it.

the other banks and many of the other banks at least in the united kingdom in the certainly the financial system itself were bailed out by the inflation tax caused by the quantitative easing so they subpoenaed peaceful aides released that report to the public and way to go well we can't do that because of confidential confidentiality of our clients and our customers and things like well neil mitchell had the report and he released it in the matter of national interest he says a lot of you know the attitudes are the consumer in the banking sector in the case treat them like mushrooms you feed them essentially feces and you keep them in the dark and feed them dog poop essentially that's the attitude that the regulators number ten downing street everyone who has any oversight capacity whatsoever for the u.k. banking industry treat them all like mushrooms now we have chorused were reporting on this in real time we informed the british public about the frauds that were going on the massive fraud oh my little camera seems to have become flacid well put that over there first so i can maybe i'll go off

that's why i'm glad the five of you are here, secure and resisting financial system is the foundation of commerce in our economy. there's always a risk that cyberthieves will steal money or that a hostile country will seek to disrupt our financial system. we can't risk undermining faith in that system. it will take one cyberattack to undermine our trust in financial institutions. once that happens, it will take more than hearings, legislation or policy changes to restore that trust. i look forward to hearing all of you address these issues, thank you all for joining us. >> thank you, senator brown. we'll move to our witnesses and their testimony. we have with us five excellent witnesses and i will introduce mr. nelson, mr. daniel and mr. venables and senator brown will introduce our two witnesses from ohio. >> mr. bill nelson is president and ceo of the financial services information sharing and analysis center. also known as fsisac. did i get it right and has held such a position since 2006. it's a nonprofit association dedicated to protecting the global financial services industry f

amounts but the point is during that time the administration was saying we are not allowing the financial system to be used, we are keeping sanctions in place. but allowing the access when in fact it is wrong and it is important to flesh that out because now with regard to the next iran agreement or the agreement with north korea and others we will require more transparency i hope and that is part of the recommendation. shannon: ned price said they continue to malign the deal in an effort to justify donald trump's unjustifiable decision. referring to the fact that he has withdrawn from the deal. this is about besmirching the deal and nothing more. >> the investigation is two years old, it began before donald trump would be president. or pull out of the iran agreement. it was done and totally straight up, we found this had occurred and it is important the american people know about it and for the future we have better transparency. anytime we know about it, the american people ought to know. it was kept from us because as you said earlier they were frustrated and angry, the documents, public and

these risks to the financial system in america personal data that these risks are growing. this will give us a window into how the financial sector works n private and public entities. financial institutions must work diligently not just to maintain standards set by industry and government, but tolso improve protections for financial infrastructure and customer data whenever possible. as risks increase, as threats become more advanced, financial institutions and government agencies must facilitate and encourage information sharing. banks certainly have the resources to invest in prote protecting their customers. the fdic reported on tuesday that banks are doing better than ever, including the benefit from the tax bill net bank income increased 27% compared to 2017. that's been consistent in most cases, double digit profit increase over much -- most of the last eight years. even without the tax benefits republicans in congress bestowed on the largest corporations and the wealthy, bank profits would have been up 12.6% from a year ago. record profits for banks shouldn't just me

the administration reported to congress they would have no access to american financial system but behindre giving license away. it is unbelievable the level of non-transparency we are seeing now that was happening in the previous administration. rob: this actually didn't get done. the administration told a couple banks do this. the pres. and the white house saying do this, these banks were smart enough to know this should be done. even with the white house giving them the approval. >> and of patriotism in this country with our banks, our financial system. they know the difference between right and wrong, they understand pres. ronnie --rouhani they hate israel, they hit the united states, refer to us as the great satan. i serve a special task force tracking terrorist travel on homeland security committee and we uncovered so much of what iran is doing supporting hamas and hezbollah, bringing terrorists into the middle east in the united states and yet this money that supposedly sanction the previous president was helping get into the hands of uranian's which is in the hands of terrorists.

well it is they stuffed a whole bunch of money into the financial system on the narrative that somehow it would be on land into the real economy it would somehow spur real productive growth and get back around to the sort of vestiges of what we need in terms of development and so forth that never really happened it really stayed within the banking system for their own purposes ok so let's get into one of the real purposes of the banking banking sector is use of this money that's being created by the way what the collusion of the name of your book with the clues it seems to me is strikes begins with this relationship of the probably that basically are the shareholders of the majority hold owners of the federal reserve itself that are basically people beneficiaries so it's essentially like they're they're benefiting from the increase of the quality of the quantum easing effect rate of basically issuing more currency that's going from the fed into the private banks. coffers but then where does it go what are the private banks really doing with this money all this quantum easing that's bee

unemployment versus inflation but the reality is they stuffed a whole bunch of money into the financial system on the narrative that somehow it would be on land into the real economy it would somehow spur real productive growth and get back around to the sort of vestiges of what we need in terms of development and so forth that never really happened it really stayed within the banking system for their own per. ok so let's get into one of the real purposes of the banking banking sectors use of this money is being created by the way what the collusion of the name of your book with the clues it seems to me is strikes begins with this relationship of the private banks that basically are the shareholders of the majority hold owners of the federal reserve itself that are basically people beneficiaries so it's essentially like they're they're benefiting from the the increase of the court in the quantum easing effect rate of basically issuing more currency that's going from the fed into the private banks. coffers but then where does it go what are the private banks really doing with this money all thi

it‘s a think tank and pressure group that campaigns for reform of the financial system. . what do you want to hear from the chancellor tonight? he will set out his vision for the future of the uk financial services act after brexit. he wants the uk to remain the undisputed centre for global, as. that will depend on getting a satisfactory deal for the eu, as. that will depend on getting a satisfactory dealfor the eu, with the eu. at the moment, the position of the government is that it wants something called mutual recognition, where the eu will recognise the uk‘s regular tory regime —— regular treat regime and vice—versa. they say it is not on the table so we will be interested to see what plan b is. it may be because we have to pay a lot for access to financial services. it is important we do not prioritise the interest of the financial sector over other areas of manufacturing because that would exacerbate the imbalances that exist already in the economy. as far as the city is concerned, what are your primary worries about drop and make job losses 7 worries about drop an

there was no access to the financial system of the u.s. that was a lie. >> and after the deal was done after this rolled on, you had secretary of state john kerry and other administration officials in europe telling european banks, please -- i'm paraphrasing -- please do business with iran because they were trying to get the iranian economy started when -- in this case, u.s. financial institutions were not doing and could not do business with iran. it's important to point out, as you said, two u.s. banks said no and refused to do this transaction. this is why pulling out of the i ran deal, american businesses largely expected this. it was not a treaty. it was not ratified that way. you had boeing that cut a deal with iran. it's europe and the businesses there quaking in their boots because they rushed in. the americans refused to step up and it's worth pointing that out, this is the guts and gumption of american business. >> let's see who the europeans have jumped into bed with. the iranian regime is just not another country. the iranians

secure the financial system is foundation of commerce hand economy. there is always the risk that cyber thieves will try to steal money and personal data. or a hostile country will disrupt our financial system. we can't risk under mining faith in that system. it would take one cyber attack to undermine our trust in financial institutions. once that happens it will take more than hearings, or policy changes to restore that trust. i look forward to hearing from all of you address these issues. thank you all for joining us. >> thank you, senator brown. we'll now move to our witnesses and their testimony. we have with us five excellent witnesses today. and i'll briefly introduce mr. nelson, mr. daniel, and mr. venables and senator brown will introduce our two witnesses from ohio. >> thank you. >> mr. bill nelson is president and ceo of the financial services sharing and analysis center also known as fs isaac, did i get it right? and has held such a position since 2006. this is a nonprofit association dedicated to protecting the global industry from cyber a

the five of you here. secure in financial system is foundation of commerce and our economy. there is always the risk that cyber thieves will try to steal money and personal data or that a hostile country will seek to disrupt our financial system. we can't risk under mining faith in that system. it would take one attack. once that happens it will take more than hearings, legislation or policy changes to restore that trust. i look forward to hearing from all of you address these issues. thank you all for joining us. >> thank you, senator brown. we'll now move to our witnesses and their testimony. we have five excellent witnesses today. and i'll briefly introduce mr. nelson, daniel and venables and mr. brown will introduce our two witnesses from ohio. mr. bill nelson is president and ceo of the financial sharing and fa analysis center also known as fsi sack. did i get it right? and held such a position since 2,0 2006. its members include banks, and insurance companies, security firms. mr. michael daniel is the president and ceo at the cyber ale analysis. it was formed 2014 to sh

the u.s. financial system. converting millions of dollars worth of reals to euros and the easiest way to do it, the best way to do it is to go through the u.s. dollar, that's what the currency is tied to. they were trying to give them access to do that. and in the end, banks actually refused to do this and the obama administration was not telling congress they were doing and certainly republicans feel very much that the administration wasn't being honest with them. what is the objective of your report here? >> by the way it is not just republicans, the state department itself at the time said that it was outside the scope of the agreement. so i think you stated it very well objectively speaking, they misled congress and misled the american people. and the permanent subcommittee on investigations is an oversight body. it is our job to expose those kind of misleading statements and in this case misleading testimony and the report also, of course, lays out legislative solutions. one is transparency. in other words

coming up live for us central banker faces prosecution for bribery corruption plagues the country's financial system. the global trade dispute is hotting up canada joining the fray stopping almost thirteen the billion us dollars worth of tariffs on goods from their southern neighbor the move is in retaliation to washington's levies on canadian steel in alimony i'm match the dollar for dollar flanked by the workers whose jobs she's value to protect canada's foreign minister outlined her country's response to u.s. tariffs on steel and aluminum these counter measures will only apply to goods originating from the united states they will take effect on july first and will remain in place until the united states eliminates its trade restrictive measures against canada described as canada's biggest trade auction since world war two the retaliatory measures are worth well over twelve billion u.s. dollars as well as imposing additional levies on american steel they also target every inch of u.s. consumer goods meeting canadian shoppers like sheila malloy will notice the effects she's already pledged to buy c

amount but of this amount which should be as mission where the deposit switches which stabilize the financial system and the cash reserves which is still an investment still as a cash they are saying that at the central bank. is there any sign of an end to this blockade that you can see will topple or was engaged in a constructive manner with the emir of kuwait with the president of united states in order to put an end for this crisis our concern is about our people and the problem that caused because of the crisis the separation of family our priority is the regional security we see that their region is in a period which is which which has a lot of disturbance around us and cannot afford any to this crisis so we need to see a solution for this crisis because of those two reasons but this solution should be . in a logical way they cannot impose demands on a sovereign country if they have any concerns or any grievances they have to sit on a dialogue table and discuss those. concerns and it has to result with a collective obligation on all of the countries they cannot point a finger on lee on the to b

the u.s. financial system. extraordinary story. it's another one of these stories not entirely surprising because we've seen the pattern of behavior from the obama administration but the obama administration had testified both before and after this granting of temporary access to the iranians to the u.s. financial system that they wouldn't do this. this was a problem republicans raised again and again saying give us assurances you won't do this and one obama administration after another testified and gave answers in interviews, what have you, saying we won't do this and then did it. what they did is clear. they lied. they said things that were not true -- they knew they washingtweren't true. going from reals to dollars to euros which is what they did what they were allowed to do -- >> sandra: we're talking billions. >> right. it made it more efficient. it didn't happen because the two u.s. institutions were so concern about blow back they decided not to be involved and you just have to take a step back. if you b

amount but of this amount which should be as mission where the deposit switches which stabilize the financial system and the cash reserves which is still an investment still as a cash they are saying that at the central bank. is there any sign of an end to this blockade that you can see will topple or was engaged in a constructive manner with the emir of kuwait with the president of united states in order to put an end for this crisis our concern is about our people and the problem that caused because of the crisis the separation of family our priority is the regional security we see that their region is in a period which is which which has a lot of disturbance around us and cannot afford any to this crisis so we need to see a solution for this crisis because of those two reasons but this solution should be . in a logical way they cannot impose demands on a sovereign country if they have any concerns or any grievances they have to sit on a dialogue table and discuss those. concerns and it has to result with a collective obligation on all of the countries they cannot point a finger on li on the to be

and cut off their ability to access the global financial system. it was pretty useful. more. i mean, that was a problem that had been percolating for years and years, but really came to the fore after 9/11, and was something that the treasury department really built an entire uniaround. it was pretty effective in the minds of most people. carol: right. that is the point, right? it is pretty effective. you have the u.s. currency is kind of the global currency. it is the global currency. you have so much of the global financial system working its way through the u.s. system. does the united states not still have that leverage? >> we still do, but it is not preordained that it will be forever so. this depends on two key ingredients. the fact that our allies are going to go with us on this, and that the entire global financial system will use the dollar as a reserve currency. we are starting to see both of those start to wane a little bit. we see a lot of sniping of europe about the u.s. pulling out of the iran deal, and then we see china basically doing a lot to build up it

the single biggest task will be closing the books for the first time in our financial system. which is a process we're starting now. we'll take the first half of the fiscal year and that'll be the last of our firsts for this year. this is completing a financial cycle. closing the books in the new system will be a significant effort for us and a significant accomplishment when we complete it. on the systems side, the last row there, we're continuing to work to stabilize the city's new financial system. this is a system that replaced a legacy system initially installed in 1980 and last upgraded over 20 years ago. this has been a very significant undertaking for us and the financial family in the city. we're continuing to work on training so that users are more comfortable with the system. we're continuing to fix bugs as we discover them in the system. and we're continuing to work on changes to policies and procedures and desk procedures so that we can maximize the new system. we're not there yet, but we're making progress on those fronts. and then lastly, in the system space, we

for example, if we have a substantial trade war, that mergers between the us and china, we have a financial systems the pressure? from that kind of global conflagration conflagration? there are the makings ofa conflagration? there are the makings of a trade war happening right now, with the us and europe, us and its nafta partners as well as us and china. what are your warnings about that? in this day and age it is not sensible to get into a trade war. the problem right now is that some of what appears to be the beginnings of what appears to be the beginnings ofa of what appears to be the beginnings of a trade war may be seen as a bargaining ploy is. the difficulty, of course, is when bargaining ploy is don't stay as poise and people are sucked in to actually carrying out some of their threats. famously, you predicted the gmc back in 2005. right now we are in a stage where many of the rules and regulations that came into place to prevent banks from taking such risky behaviour are now being scaled back. are you worried that something similar could happen? there is some maxxis but i don't think it i

you have so much of the global financial system working its way through thes. system.united states not still have that leverage? >> we still do, but it is not preordained that it will be forever so. this depends on two key ingredients. the fact that our allies are going to go with us on this, and that the entire global financial system will use the dollar as a reserve currency. we are starting to see both of those start to wane a little bit. we see a lot of sniping of europe about the u.s. pulling out of the iran deal, and then we see china basically doing a lot to build up its currency, and build up some of its ability to become -- maybe not a one-to-one competitor with the dollar, but to become more of a reserve currency. jason: on the topic of european views of this, this is about to come to a head in a couple of very specific ways, correct? there are the pipelines and the cross-border payment system. this could really come to a head fairly quickly. >> when we look at what we have done with iran, it is different from when we all went in in 2012, 2013. by we, i mean

the u.s. financial system." for what happened to the $6 billion in oman, the report says iran likely retrieved it gradually using european banks. shannon. >> shannon: rich edson at the state department. thank you. russian president vladimir putin's has the u.s. will have to offer north korea solid security guarantees if it wants to strike a deal. putin says he hopes next week's summit between president trump and kim jong un produces positive results. negotiations aimed at making that happen continue. here is senior foreign affairs correspondent greg palkot. >> as preparations bill for next week's summit in singapore, involving with green leader kim jong un and president trump, new signs the regime might be back down further. saying that satellite image. last month's claim description of a nuclear test site. >> kim jong un got back on his hands and knees and begged which is exactly the position you want to put him in. >> others warned caution. talks continue. still to be confirmed, how committed the regime is to

she gave a great speech that was an indictment of the iranian regime and the financial system. not because of the nuclear deal but because of the practices and behavior. most banks and companies don't want to do business there anyway. with our oversight from congress. the regime will be under enormous arrests. the gentleman from new york. thank you for the invitation to today's hearing. we obviously had a diverse group of speakers today. i tickets important to talk about how we move forward with i'm sure all five that are concerned with the need to protect america at home. it might be how to get there. if i don't mind. i just want to get some other perspectives in this. when the deal have you identified as needed to get fixed. several of the provisions the ideal case would be after a year or whatever. that's a very common practice. they know that they are that way. we have an agreement and then you build trust between the parties. the following agreement. what would you want to see in that. i'm happy to take 15 years on this. i would not have objective -- objected to the longer

central bank is set to face prosecution for bribery we take a look at corruption plaguing the country's financial system. and the ugly side of business french cement joint charge with complicity with syria in a crimes against humanity. this is your business update on ellen on free glad you could join me georgia banks u.s. division has failed the second round of the u.s. federal reserve's annual stress tests now a test was pasta by thirty one of the thirty five banks examined shareholders all continuing to question the overall health of germany's number one lenda share they've taken a tumble as the bank's new ball struggles to bring the bank back from the brink. georgia banks u.s. division had passed the first round of the stress test the quantity of section that measures capital levels against a severe recession in the second qualitative round of the test however the fed cited three critical deficiencies for deutscher. weaknesses in its data capabilities revenue and loss forecasts and its internal control systems. the message from the fed the us army suffers from poor management. the report comes one mo

with your life in a shambles and lost their lives and so there was almost hell into a trap the financial system designed the shoes the money assessors hired by the banks inflate the prices of people and the banks want to offer more launch yet about their businesses somewhere else they want to resell or mortgages. they just get a young. woman with three with the cutest benevolence you a lot of banks in north america were involved in this are the same banks that collapsed you that lehman brothers goldman sachs merrill lynch all those banks involved in the north american real estate bubble bank was the level of the economist of what it's ok oh that's why it was the economic crisis as well that popped up bubble in the united states and along stopped. as he can with the we have to defend our democracy. but we must not think the world is perfect or even perfectible in with but if you do no one can think about democracy if they're angry at night or have to live in subhuman conditions can be funny in film and. the. amityville come here i am afraid to leave my job. and i'm going to survive without money

and so there was almost fell into a trap the financial system designed to this is the money assessors hired by the banks inflate the prices of people and the banks want to offer more loans yet about their businesses somewhere else they want to resell or mortgages. they just get a young. woman with three but the the key in this than it was a lot of banks in north america were involved in this the same banks the collapsed lehman brothers goldman sachs merrill lynch all those banks involved in the north american real estate bubble bankers the lovable of them economist of what it's ok oh that's why it was the economic crisis as well that pop that bubble in the united states and alone stopped. i think in with that we have to defend our democracy. but we must not think the world is perfect or even perfectible going with but if we did no one can think about democracy if they're angry at night for him to live in subhuman conditions when the journey infidel my man. the. yamit the you i am afraid to leave my job. can you not going to survive without money you. could not start a car but you also

everybody itself to in the world not only transformed the financial system, but everything in london.u said a powerful expression, the big bang, a powerful expression in the faith to improve lives. that we seeing challenged over and over again, the pushback on globalization. >> yeah, it is very sad. carol: what is the lesson to learn what is happening with london. they are pushing back to because of the exit. >> what it is really all about, if we just open ourselves up to the other, we will all benefit. what has happened with the populism, whether it is trump emma with her it is the opposite of that. it's fear of the other. when you have fear, people doing things out of fear, this request are themselves. they become smaller, not bigger. big bang was about becoming bigger because it wasn't about -- it was about and the other in every which way. margaret thatcher was all about i don't care who gets the job done, whether it is americans or our british boys here as long as we get the job done. that was radical. carol: that's a tough sell, right? >> it was a tough sell, but she had perform

the head of latvia central bank faces prosecution for bribery corruption plagues the country's financial system. and dodgy bank flanks the fed stress test but share price gains share with vest as prying. i did for one let's do business latvia's central bank governor is taking to the. than today of a bribery and anti corruption probe saw him detained in february it must receive it has denied all charges latvia has been beset by banking scandals its finance sector has acted as a regional hub for cash from the former soviet union. a makeshift shrine marks the spot in riga where a lawyer working on the winding down of a bank was shot dead he was killed while driving his car. inspecting the crime scene today r younis veda and antonio correcto who work for an anti corruption agency. the murderers cast an ominous shadow over lotfi as financial sector the killer and their paymasters have yet to be identified the state is in ohio and interior minister said that they will be on assistance other counties to search for the murderers and law and order should be placed again their next stop is the main offic

that doesn't really affect public accounts or at least not to massively in the near term but the financial system their financial system could be another touchy issue yes but they get they can deliver something which is really undermined the fiscal sustainability so they can claim they can do something while at the same time again behavior somewhat responsibly. thank you and that's it for the show back on saturday the two year anniversary the british people just the european union. the nineteenth is the day that hundreds of chinese protesters were killed or wounded by british warships. twenty eighteen coverage we've signed one of the greatest. but there was one more question and by the way it's going to be our coach. guys i know you are nervous is a huge star among us and the huge amount of pressure to come out you have to be the center of the shuttle we're with you and we will solo all the great game the greatest game you are the rock at the back nobody gets past you we need you to get down going left go. alone and just i want you and i'm really happy to join the team for the two thousand and th