if he wasn't getting his message across why did he come out later to the press to the financial times after he was fired i don't know if you've lived in japan or spent any time the i have not no i mean japan is truly an alice in wonderland works to a different set of rules to anywhere else on this planet i did try six letters to my board colleagues pleading begging them to bring in forensic accountants and ninety six later i asked for the resignation of the chairman. and of the vice president mori and i asked my other board colleagues not to put the fact that i was a guy getting a foreigner before the facts and put the company before any personal loyalties but they took no notice and fired me in a very brutal way as well. then i wanted the truth was to come out and the way things work in japan and i asked three. journalist the same question at the foreign correspondents club in tokyo in november what would have happened if i had gone to the japanese authorities would have acted and only three people put their hands up to say they would so to me was essential that oversees scrutiny and

later mid october of last year he was unexpectedly fired by the board now according to the financial times a limp is portrayed him as an outspoken westerner who diverted from the rest of the management team but michael would verge had a much different story he exposed to the press the mismanagement and accounting cover ups he discovered at olympus shortly thereafter the company admitted to hiding losses and we saw this. the japanese camera a medical equipment maker of a involvement in one of japan's biggest corporate scandals they faced up to ten years in prison of. meanwhile woodforde for his part became the first c.e.o. of a global multinational company to blow the whistle on his own company and he then says he fled japan fearing his life michael woodford is here to tell us about and the broader issues we should be aware of his former president c.e.o. of the m.p.'s and he's written a book about all this you can see it there it is called expose your and he's going to expose to us what perhaps a limp is serves as a lens into corporate culture to sorry i just had to get all those horrible l

weeks later mid october of last year he was unexpectedly fired by the board now according to the financial times a limp is portrayed him as an outspoken westerner who diverted from the rest of the management team but michael would furred had a much different story he exposed to the press the mismanagement and accounting cover ups he discovered at olympus shortly thereafter the company admitted to hiding losses and we saw this. the japanese camera a medical equipment maker limpness involvement in one of japan's biggest corporate

the financial times picked mario draghi as its financial person for the year. earlier in the program, we asked you who would be your pick. bruce tweeted in to say silvia wadhwa, she's my favorite. silvia gets our vote, too. get in touch with us by e-mail, worldwide@cnbc.com, tweet us or tweet ross even though he's not here. in fact, i encourage that. >>> east london has been hailed to europe's answer to silicone valley. can it really compete? and what's in it for investors? tom mckenzie reports. >> in just a few years, london's tech city has grown from a handful of companies to a buzzing cluster of close to 5,000 businesses. it's spawned favorite start ups like moshi monsters and wonga.com. google and facebook have opened offices here and it's a major part of the uk government's growth strategy. british prime minister david cameron recently announced a 50 million pound cash injection for the tech hub. >> this will provide entrepreneurs and staff hubs with the spaces that they need. it is a 21st century civics space and i think will be a global landmark for east

the global financial headlines to name two kinds of reports on our. american billionaire new york michael bloomberg supported looking to buy one of the world's most respected newspaper britain's financial times not the deal would also include a stake in the economist which is a secular nation grow during the past few rollercoaster years and to national finance expert mugs for a while so long for new york but this and it's a possible ramifications much evening bluebooks apparent avid reader of the financial times about the be pleased but given that newspaper's a struggling everywhere why would he want to poyet what's the plan if you think the savings. well i mean to some extent the bloomberg constellation of companies has done a pretty good job snapping up print assets with excellent names and prestigious think businessweek a recent acquisition among many that they've made the price that we're sort of hearing bandied about would be very well within the range of an institution as wealthy as bloomberg their bloomberg news and it would be another distribution channel another way for them to sell those terminals and what he's doing is using all these other assets to keep people inside the incredi

. >> the very last issue of the financial times coach lynn hit the stands today with a bit of humor. >> gallows humor, that is. the front page carried the headline "finally in the black" and it was called "the final time storage line." >> but the business side has been no laughing matter. a direct losses every year since it started publication back in 2000. and finally in the black -- an ironic reference to the fact that in its entire 13-year history, "the financial times to richland" never made a profit. >> we did not have a chance to build up our readership over decades. whoever enters the market last is the first to go when these kinds of structural crises strike. >> the final editorial meeting in hamburg -- following a transition perido, -- period, more than 300 employees will lose their jobs. the crisis in print media leaves them facing an uncertain future. >> i do not know yet what is in store for me. i do not intend and giving up journalism even if the market is so bleak. >> from a drawing to a gift- wrapped box containing a first edition, by sunday, the staff will have auctio

. >>> new york city mayor michael bloomberg is reportedly considering buying the "financial times" groupe's speculation the publisher of the "financial times" is about to lose two of its top executives and the paper could be up for sale. the paper is estimated to be worth about $1.2 billion and includes half interest in the "economists" magazine. >>> there is plenty of interests in the comings and going in washington. as randall pinkston reports even small businesses have a lot to lose if huge cuts and spending starts at the beginning of the year. >>> he operates a business. >> we make sampling kits for weapons of mass weapons. >> reporter: quicksilver an lit ticks makes tests to test. >> every air force base in the world recently bought a sam plirng kit, all the special forces guys, coast guard, strike teams. >> reporter: but now with the post election budget team fight in washington over the fiscal cliff he faces a battle on three fronts, all of which are up in the air. defense cuts, tax hikes, employee health care costs. >> uncertainty kills businesses because you can't plan, you can'

with this sort of talk making the rounds of serious publications like the financial times clearly something is wrong the republican party which thought it was headed for a big night november end up getting creamed losing the presidency losing seats in the senate and receiving more than a million fewer votes in the house than democrats in fact the only reason republicans still have a majority in the house is because republican state legislatures in places like pennsylvania virginia and ohio gerrymander the congressional districts to neutralize democratic voters in america the republican party is following in the footsteps of the nineteenth century we are already rapidly descending into irrelevance but in the fledgling new nation of billionaire a stand republican party is achieving new prominence and has staked out their position as the ruling party of this tiny nation comprised of extremely wealthy american ex-pats the problem whether you're republican party as we knew it is that a handful of billionaires have taken it over and they're using it to push the interests of their exclusive little

things called newspapers we have playing weekly magazines and things of that sort i read the new york times in the financial times and the washington post you know in the wall street journal every day i mean that's how people used to get their information those things still exist you can pick up the new york times you can read it on on the on your computer any time you want to they willfully. facts i find this all the time with my own writing they simply deny that these things exist they just make up numbers and they have idiots like dick morris who tell them that they're right and then when the world doesn't conform to their fantasy they're there they're shocked there's a isn't though there a certain level of human nature that seeks validation of one's worldview sure you know and so if somebody is going to peddle allegation bias is very very powerful but the difference the difference is used to not have the easy availability of a complete and total network you know in the broadest sense of the term where you never have to step outside the right wing universe to get right wing opinions and if you watch thes

at the -- "the financial times" has the different headline. which of these is more true? [laughter] >> on wall street, they live in the zone of a on peaceful coexistence of optimism and pessimism. you can speak to somebody in the investment world on wall street and in the morning they are optimistic and in the afternoon they are pessimistic. so, i think probably -- you do not know. both papers have great reporters. they are talking to people about that and so forth. i would go with "the post" in the short run because look at what the markets have done. >> when you talk to people behind the scenes, off camera, when your tape recorder is off, what do they tell you about what is likely to happen? >> i think there is a lot of real worry. >> worry about what? >> worry we are not going to fix that -- you know. what is the bottom line here? the fiscal house of the united states government, the financial house is not in order. it is in disarray in a way that no one would permit in their business. bank of america, right, john? they would never permit this kind of in coherence in w

. >>> "the new york times" reports that michael bloomberg is weighing a big for the financial times group. >>> and it looks like christmas came earl at the vatican. pope benedict, the proud owner of two shiny, new custom-made mercedes pope mobiles. and what else, mother of pearl white. snazzy. >>> what's with thieves these days? first dognappers steal puppies. then a guy in handcuffs escapes out back of a police cruiser and gets into the driver's seat and steals a police car. that's up next. >>> and some other stories making news across america for you this morning. we begin with a brazen car heist that looked like a scene from a movie. a texas police dash cam rolled as a handcuffed burglary suspect turned a police vehicle into his getaway car. the man easily escapes the back seat and gets behind the wheel. he floors it and then he vanishes. police are still on the hunt for this gay. >>> texas police also searching for a pair of puppy thieves who raided a pet store. the men swiped eight puppies valued at more than $12,000. investigators believe the suspects will try to sell the dogs quick

anyway but how do you actually quit the currency wolfgang when charles research just that's at the financial times he joins us now so how do you leave the euro. e.u. law that stops you know that stops greece from imposing you noted before there would be emergency laws naturally i mean you would have to you know you would have to basically collect all the money stamp of the existing bank notes to you know make them greek euros so it's quite a bit of quite a bit of stuff that you need to do in order in order to get to and you need to impose bank holidays so this is not doable in a weekend single probably have to close down the bank so what we hear of greece goes what will happen portugal is in between spain and greece it is it has some of the characteristics of ways a very poor country and it has some of the characteristics of spain with a high private sector indebtedness especially foreign indebtedness supporter go you know if greece if greece could go then portugal could go its route of these are the two countries that are most like most endangered you know if spain were to go for some reason the

money and buy more bonds i mean this all the time folks like paul krugman for example a this all the time now isn't it true however that in this global financial lives world where wages and labor been taken out of the equation and it's just bankers versus hedge funds versus money markets versus sovereign wealth funds that if the chase for precious metals gets to a certain critical mass and people begin to start dumping bonds to buy precious metals the doesn't matter how many dollars and pounds these cultural governments are going to print or yen. precious metals are going to skyrocket and both are going to get hammered of course is is there's a natural tipping point somewhere in that exactly where we are we don't know but what's interesting is bill gross you know the head of pimco the world's biggest bond fund manager little eyes bought gold several times in the last twelve months as being something one or two and so i think we will gently moving that tipping point is being to delay due to the two things market manipulation of the b.m.a. and the failure by mainstream media particularly b.b.c. to report on the facts i think i think the failure

previously she was the global editor at large of reuters and the united states managing editor of the financial times she's also the author of the critically acclaimed book plutocrats the rise of the new global super rich and the fall of everyone else she joins me from our new york studios chris you're welcome great to be here and so nice to be a conversation with great minds well you know it's hard felt actually i measure i measure the quality of a book by how many pages i've dog eared marked up in your book is littered with posted notes and you start the book with the story of the party in new york city that was coincidentally at the at the kind of the peak of great riches among the the the robber barons of the robber baron era and also at the tail end of the longest depression in american history two facts that i think most americans don't know can you tell us a story about that party and how and what its impact was. well this is the bradley martin ball and i'm glad that you're singling you know tom because i agree with you that the nineteenth century is not so far away but we've forgotten a lot a

i'm joined by the middle east and north africa correspondent for the financial times. welcome to the program. just a w days aft predent morsi asked the army to restore peace to the streets of egypt, the head of the military has called for national reconciliation dialogue. what's going on? >> well, there's a couple different possibilities. one is that you're seeing a little bit of the army reentering the scene. viewers may recall that just a few months ago, president morsi made a dramatic move against the army and got them somewhat out of politics. at least visibly. on the other hand, this could also be sethi that msi himself had suggested in an attempt to ease tensions, to bring the opposition to the table. so far morsi has said that he will attend these talks tomorrow afternoon, but the opposition says they're still debating. >> suarez: the face-offs between pro morsi and anti-morsi forces on the streets of the country seem to be escalating. have we reached a point of no return? can these two groups even talk to each other any longer? >> you raise a very good point. th

lie board settlement is expected to be announced wednesday according to the financial times others reporting it could come as early as tomorrow here are some more of the details we know from the f t's coverage so this settlement is over alleged rigging of the yen library interest rate over several years involving deaths from tokyo to london the bank will pay close to one point five billion dollars according to f.t. others such as bloomberg are saying that number could be slightly higher as much as one point six billion and an aspect of these settlements we don't typically see u.b.s. is japanese subsidiary will reportedly admit wrongdoing pleading guilty to a criminal charge however the f.t. cites a source saying the bank will not lose its ability to conduct business in japan in addition about three dozen bankers and senior managers will be implicated in the alleged rigging now all of these folks will not reportedly face criminal or civil charges but we have seen a few arrests others have been notified they are being investigated so here are talk about how exactly to see this expected deal is

impossible to know the scale of any loss like you say there's no proof of collusion and yet the financial times in the very same day talks about banking collusion and a banking conspiracy so ok jeremy warner why does he feel compelled to a misrepresent the facts be outright lie see curry favor with terrorists while it jeremy here's here is you know standing in his sights sure he looks like you know george soros is after birth you know the somebody found out a tailoring shop and gotten all smartened up but he's. these propagating propaganda that's what it is jeremy so now u.b.s. has been fined they agreed to pay the fine and you mention and gerry warner who there says that there's no way to know the cost well we do know fannie mae and freddie mac. are the two government sponsored entities in the united states which are now fully owned by the u.s. taxpayer they underwrite something like ninety five percent of all mortgages now in the united states well when you take out all these contracts mortgages interest rate swaps they're tie to the libel rate an internal auditor at fannie mae and freddie ma

lie a bore settlement is expected to be announced wednesday according to the financial times others reporting it could come as early as tomorrow hear some more of the details we know from the f t's coverage so the settlement is over alleged rigging of the yen library interest rate over several years involving deaths from tokyo to london the bank will pay close to one point five billion dollars according to f.t. others such as bloomberg are saying that number could be slightly higher as much as one point six billion and an aspect of these settlements we.

new york mayor michael bloomberg is putting in a bid for the financial times group. >> pope benedict is a proud owner of two shiny new custom made mercedes popemobiles. in what else, mother of pearl white. excellent choice. >>> all right. so what is with thieves these days? first, some dog nappers steal puppies. okay. and then a guy in handcuffs escapes out the back of a police cruiser and then gets into the driver's seat and steals the police car? huh? you're watching "first look" on msnbc. d a toy, it has to work. ♪ make just one someone happy and when it's a toys for tots child, well, what could be more important? so this year, every hasbro toy donated to toys for tots will be powered by duracell. happy holidays. duracell with duralock. trusted everywhere. till you finish your vegetables. [ clock ticking ] [ male announcer ] there's a better way... v8 v-fusion. vegetable nutrition they need, fruit taste they love. could've had a v8. or...try kids boxes! and with my bankamericard cash rewards credit card, i love 'em even more. i earn 1% cash back everywhere, every time. 2% on groce

the financial times reports three dozen bankers and senior managers will be implicated in the riggingiber interest rates when ibf settles with global regulators later this week. close to finalizing a deal in the united states, the uk and switzerland in which the bank will pay roughly 1.5 alien dollars. morgan stanley paying $5 million fine to the state of massachusetts over facebook ipo. the complaint against the banking giant cited improper influence of bankers over wall street analysts. morgan stanley shifted into fox business state is pleased to have reached a settlement and put the matter behind us. american drivers are getting more relief at the pump as gas prices dropped to the lowest level of the year. according to aaa daily fuel gauge, the national average is down $3.25 per gallon. we continue our countdown to the closing bell with liz claman. liz: thanks, adam. nicole, let's get to you. looking at one mobile phone record that has been on a roll. everybody has these things for holiday gifts. nicole: let's take a look at the stock, up nearly 3% on the day. nokia cracked the $4

weeks later mid october of last year he was unexpectedly fired by the board now according to the financial times a limp is portrayed him as an outspoken westerner.