30 Burst results for "Bear Stearns"
The Charlie Kirk Show
Another 2008... Or Worse?
"From The New York Times here. Government regulator seized and sold off the first republic bank on Monday, making it the first, the third bank to fail this year after Silicon Valley bank and signature bank collapsed in March. These banks held a total of $532 billion in assets. That's more than the $526 billion when adjusted for inflation, held by the 25 banks that collapsed in the collapse in the 2008 at the height of the global financial crisis. And so that really begs the question reporting further. Are we living through a financial crisis that the kind of the new strategy is just kind of ignore it? Like, oh yeah, we're not in a recession. It's fine. Look, the Treasury Department is very nervous right now, and they should be very nervous. They're trying to downplay this. System is fully intact. Everything is perfectly fine. Because they are just a couple percentage points of human behavior changing away from legitimate bank runs. Even JPMorgan should be nervous at this point. But they're not Jamie Dimon is projecting strength. Oh, everything's fine. It's a great opportunity. The implosion in 2008 was of wamu, as well as Lehman Brothers and bear Stearns. This is more than Washington mutual bear Stearns and Lehman Brothers. I hope you guys understand that.
The Breakdown
Zooming Out on the Recent Turbulence in the Banking Space
"Today, we are catching up on the macro as we had an important moment to understand how the powers that be were feeling in the wake of the last few weeks turbulence in the banking space. Indeed, the world for this FOMC meeting looked very different from where things were last time. At least or especially to the casual observer. Now, consensus had been building for a shift back to a larger 50 basis point hike. In early March Powell attended annual congressional oversight hearings and delivered a Frank assessment of the macro situation. He said, quote, if the totality of the data were to indicate that faster tightening is warranted, we would be prepared to increase the pace of rate hikes. Jobs and CPI data for February had shown some cooling but were beginning to tell the story of sticky high inflation. Interpreting this as guidance that a reacceleration in rate hikes was in the cards, markets quickly adjusted. Pricing in a 78 percent chance that the fed would deliver a 50 basis point hike. Just days later, however, when the bank run at Silicon Valley was in full swing, the odds of a faster height collapsed entirely. Some market participants began to price in a chance that the fed would pause rate hikes with the probability peaking at 45% at the height of the panic. On Tuesday night of this week heading into the FOMC meeting, however, markets had priced a 73% chance of a 25 basis point hike, with the remaining probability assigned to a rate pause. Importantly, while this might sound like a strong consensus, that's actually the most uncertain market position in recent fed history. The fed almost always follows the market, but with a major economic shock occurring so close to a fed meeting, it was hard to know how the FOMC would weigh volatile market pricing. Jim Bianco actually outlined this in an excellent Twitter thread earlier in the week. He shared that the only example of the fed going against market consensus in the post 1994 forward guidance era was in September 2008. Bear Stearns had collapsed in March leading to large rate cuts, but by June policy had stabilized. That Lehman Brothers filed for bankruptcy, the day before the FOMC meeting, and markets scrambled to price in a 68% chance of a rate cut, where they had previously been signaling the expectation of no move. Fed chairman Ben Bernanke ignored this repricing of policy and health rates steady. Three weeks later, however, the FOMC would hold an emergency meeting to deliver a 50 basis point rate cut as markets rapidly deteriorated.
The Trish Regan Show
Banking Bloodbath: Contagion Fears Mount
"I predicted we would have some challenging times ahead. What we saw at Silicon Valley bank is just the beginning. We get a lot of challenges here and while the feds did step in to handle this situation. How many more times can they do it? And you have to ask yourself, is this sort of the bear Stearns moment before Lehman? Could we actually see the entire system come down? I certainly hope not. And Biden certainly hopes not, but this has happened under his watch. He tried to come things down, take a listen. I want to briefly speak about what's happening to Silicon Valley bank and signature bank. Today, thanks for the quick action of my administration over the past few days. America's going to have confidence that the banking system is safe. Your deposits will be there when you need them. Small businesses across the country, the deposit accounts that these banks can breathe easier, knowing they'll be able to pay their workers and pay their bills. Okay, so that's the good news. Yes, everybody's deposits at all the banks thanks to this window that the fed opened up on Sunday Night where banks could borrow money from the government if needed, well, everybody's deposits are going to be safe. But that doesn't change the reality that all of these regional banks any bank with less than $250 billion in deposits is not subject to the same kind of regulatory environment as the big guy. You know, the JPMorgan Chase is Wells Fargo's bank of Americas of the world. And as such, anyone who has money and then the one of these smaller banks may be looking to diversify the heck out of there.
Bloomberg Radio New York
"bear stearns" Discussed on Bloomberg Radio New York
"Be clear to be clear doctor, everybody seems to be at pains, including Jeremy hunt. In terms of the UK arm. But also regulators and politicians here to say, hey, this was not a bailout. You know, look elsewhere, move on. Nothing happening here. Why are they so worried that this was a bailout? Because of what we call moral hazard. Which leads to immoral behavior. That is to say that if you bail out all depositors, then everybody thinks that you're going to bail them out next time around. And that and therefore, you get people taking riskier decisions than they would otherwise in the belief that they'll get bailed out of things go bad. And that was after bear Stearns got rescued in February 2008. Nothing was done. And so you came to layman and then the fed decided, no, you know? We don't want to create that moral hazard. We don't want to bail out. And then look what happened. So that's one of the reasons why more serious regulation was introduced because the system. The politicians and the financial sector realized that we didn't want to go there anymore. Right. You know, so and that's this bailout of all depositors is I think a risky decision to have made. And what will be the fallout from that going forward? It may well be that depositors now say, well, oh, well, I don't have to worry about it. Right, right? All right, so we'll have to see our doctor Richard portis. Thank you so much for joining us, doctor Richard portis, professor at the London of business school right now. Let's head down to Washington, D.C.
The Café Bitcoin Podcast
"bear stearns" Discussed on The Café Bitcoin Podcast
"So I think long term Bitcoin's lack of counterparty risk is one reason among many why it's an attractive asset to hold during these uncertain times. Tone, what's up? Well, real quick, all right, and I was there in 2008 of bear Stearns of the company went down. Not that I want to see another financial crisis, but it would actually be super important for Bitcoin to go through that kind of a 2008 test. Before it's 20th birthday, right? Like it doesn't like sooner than later to see if it can handle it and the lightning network is almost there. Actually, less foggy than it would be for. Like Bitcoin network, I think, is maybe a year away from being strong enough to actually deal with it. Now, the price of Bitcoin may drop and someone else will have to bear through that. But Bitcoin never faced a 2008 style bank run test that launched right after that. So it's a good thing that it's already what 14 years old. So maybe in a year or two, it would be a very interesting path for the Bitcoin network to see how it handled it. I think it'll do well. Well, it's not just the network, right? The bigger test is the exchange system because our exchange system is garbage. It goes down during high periods of volatility. There's crappy liquidity, you know, yes, Sam is absolutely right. There is no counterparty risk for Bitcoin. If you have people to accept Bitcoin directly, but the vast majority of people need a liquidate their Bitcoin for dollars, which forces them into a counterparty situation. If they're going to have to meet any obligations. So that is a real concern and to tone point. I'd be more concerned to see how the actual exchange systems work in the amount of heavy withdrawals, financial stress. I mean, keep in mind, all of these crypto exchanges, even the most prominent ones are basically banks. They're essentially banks. Who grow great point, Joe, we are all concerned like what happens to binance. Do I like we saw what happened to bid max in 2020 when they have to shut down their servers even though they claim they didn't actually pull the plug. We see what happened with FTX just for one guy tweeting and the domino dot started. So there's just so, so many of these things like coinbase always goes down like if someone sneezes and the price moves a little too much. So yeah, that could be interesting. But that could also be partially blamed on the financial system shutting down as well, though that can explain coinbase. It shouldn't explain binance.
Crypto Voices
"bear stearns" Discussed on Crypto Voices
"Just break them all down here. Let's just round it. All right, $10 trillion in credit card transactions in 2022. That's 5 times more than M zero. That's 30% more than non M zero M1 IE demand deposits. 30% more. And it's a little bit less than M two and it's about the same as M three. So it's a major part of the quote money supply without being a part of it at all. It's completely detached from the money supply. It's just a spreadsheet of assets and liabilities. Floating around. It's not actual bank money. It's not actual state. Money. $10 trillion in purchases, 9 and a half $10 trillion in purchases in the United States with credit cards in 2022. That is the gross purchase volume. And I don't have that data going back in time yet to show you a comparison of how the other money supplies looked in comparison to credit card purchases, but what I can show you is the actual amount of credit card debt that has stacked up over the years and gone up and down over the years, and we can compare that. To the money supplies. And that might surprise you. It's actually quite low. Compared to all of these money supply. So I'm going to draw that in black, a black line right now. This is total revolving credits. For the United states. At the moment, it's about half the size of M zero. All the physical cash that's outside of banks in the United States. 2.2 trillion of that, total revolving credit, 1.2 trillion. Dollars. So, remember, I told you total purchase volume in 2022 in the United States was 9 and a half $10 trillion, let's say. All right. Actual credit card balance, the liabilities that don't get paid off by Americans. Every month in the cycle is about 10% of that. Now I'm not saying that's a good thing. You should definitely always pay your credit card debt, even though they say it can boost your rating if you have a small balance and pay that. So on and so forth. Not financial advice do what you want to do do what you need to do. But credit card debt is actually a very small outstanding component of the money supply. So let's zoom in here even from the financial crisis. Unless you show this again. So again, all of the green and the blue, these are liabilities from the banks and the central banks to you. To the public facing side of the economy. They are your assets. These are all your monetary assets in green and blue. With the credit card stuff here, the credit card revolving credit this line. That's a liability. That's what you have to pay back. So you can start to see we can build out balance sheets here for consumers for individuals for companies. Of course, mostly consumers use credit cards, although there are corporate cards as well. But this is total total revolving credit in the United States. It's actually a very small portion. Of the money supply. Now, I'm not saying that it's all great though. Let's compare now on the right accessories see the percentages. Let's look at the credit card debt. Versus the most important thing that we talk about when we're going to pay the credit card company. What is that? That's the checking account. The demand deposit account, the non M zero portion of M1. The darkest green here. On the chart. So let's take off M two, let's take off M three. Now we're just looking. Actually, let's take off N zero two. Now we're just looking at credit cards. Credit card debt. Versus checking accounts. And you see it was pretty close here to being equal. During the global financial crisis, actually, I think, December 2007, it was its highest, a $1 trillion of credit card debt. $1.08 trillion of demand deposits, so very, very close to being equal. Let's look at this now as a percentage. This starts to show a more interesting. Picture. So you can see just the accumulation of credit card spending and debt in the 80s and 90s, where it's basically nothing. Nonexistent. People wouldn't carry balances. As a proportion of their checking accounts as a proportion of the money that they had in the bank. To the eve of the financial crisis right after bear Stearns. End of 2007 start of 2008, you're at 93%. 93% of credit card debt to checking accounts. That means that if everyone in America paid off their credit card debt, they would basically be no money in checking accounts. And of course, that's not an even distribution. Many people have more credit card debt. Many people have none. Some people have more money and checking accounts than other people do. So on and so forth. But in a macro. Total level. Credit card debt was huge here. Pre financial crisis, but now. Ever since 2008. And certainly since COVID, but that's a slightly different story. But even ever since 2008 here, savings rates are growing. People are being more cautious. They're spending less. They're taking less credit card. Debt. So this actually is a good thing. It's actually a good thing. And it even went lower here after COVID, but why did that happen? Well, because of all the money printed. All of the government stimulus that happened during COVID, you just see, it was about 32%. Credit card debt versus demand deposits in February 2020, the ballooning of the non M zero M1 portion of the money supply basically halved that it have the credit card debt as a proportion of bank accounts of checking accounts. As of today. So there's a little bit of a mixed bag there. You can say credit card debt is falling as a proportion of total demand deposits, but then you have to worry about the value of the dollar, of course, because we have massive amounts of money printing. And this is part of another story, which we will talk about in future videos. Massive amounts of money printing that has occurred with really no underlying savings. In the economy, I justifying that other than just stimulus and avoiding people not being able to go to the factory or work because the government policies. You could say it's good that credit card debt is at 16%, like look, the last time it was there, you got to go back to 1981 levels. Yeah, mid 1981 levels. That's pretty good to say that. But the state of the dollar itself is obviously very, very different. Then the start
Crypto Voices
"bear stearns" Discussed on Crypto Voices
"20% in 1980 and in 1990 it pays 10%, the value of the bond is doubled. You've doubled dear investment. On top of getting interest. So it actually would get more if that was the actual math. So. I don't know if it answered your question, but basically there's a ton of different assets. That everybody was zoning. But government debt seemed good enough. It was getting more expensive. All through this period, like all through this period, government bonds in the United States were getting more expensive. That's another thing I could put as yields here. But I think it's just interesting to see what the Federal Reserve owned themselves basically, the Federal Reserve was owning less and less of government treasuries all the way up until the financial crisis. And there's a big precipitous decline there. What happened in O 8? Well, I guess it's like the end of the Bush administration there. Yeah, this is bear Stearns. So oh, I see. You see the bear Stearns was a year before financial crisis, so there's the bailouts actually started here in O 7 and of O 7. And so what the fed did and it got worse in the crisis. But the fed did was this was bailouts. So they didn't want to make their balance sheet seem so insane and they actually had like kind of like the balance sheet was so much more reasonable at this time anyway. Like look at the let's say from here. It was generally $800 billion, something like that. $800 billion at the time. And as we talked about government debt was only 10 trillion. But there were problems in the marketplace, bad debts, socialist bailouts, all the rest. So what the fed did was they bought all this falling here, was the fed said, okay, you take government bonds. Those are still fine. People think they're fine. You take the government bonds. We'll take your bad loans
Bloomberg Radio New York
"bear stearns" Discussed on Bloomberg Radio New York
"Perceived as you're not supporting your firm and all that kind of stuff. But let's talk about smart financial policy. Yes, I can see top management. The optics are just bad. You don't want to do this. You want to be seen as having skin in the game. But for almost everyone else, because the majority of the pay is linked to stock and prudent financial advice says you need to be diversified more often than not as soon as at best, as it is your pretty much attached to the firm you're working at your fortune is tied to them. So as soon as your stock, whereas, you might as well take it out and put it in an index fund if you like. We saw at the great financial crisis that unfortunately, too many people at bear Stearns and Lehman Brothers did not do that. And they just got wiped out. Yeah. Wiped out. Bummer. But at least a lot of them could go become teachers. Yes, they could. They could. All right, so I guess we'll get some more color on this over the next several months. And the payouts are usually February, right, tree kind of February March time frame. So don't be too happy to have your initial discussion and decide to leave a yearend because then you will not get your bills. You got to stick around at least until. Don't read our stories and leave. Yeah, exactly right. So that's when you see the turnover on Wall Street is kind of in that February March when people get paid, then they can start moving around. Treat natarajan does all that stuff for Bloomberg news. We appreciate that. Looking at the markets, they're still red on the screen. You know, but just Matt says not terrible, you know, we're down to 8 ten to 1%. It was a good print for those in the labor market better than expected on the labor market. Plus, we were up. Look, we were up 3% on the day Wednesday. We did nothing yesterday. If you look at the months, we were up 5.4% on the S&P in November, we were up 7 and 7% in change in October. So it's been pretty good. And now strategies for forecasting a drop for
Bloomberg Radio New York
"bear stearns" Discussed on Bloomberg Radio New York
"Morning to you all. Your equity market is slightly negative on the S&P 500, kicking off Thursday's trading negative on the S&P with the ultimate doing much on a ten year up a couple of basis points, three 77, 92. Equities down a half of 1%. Bit of news, corporate news, one from peloton, another piece of news from Credit Suisse. Just want to cover peloton quickly. Peloton cutting its workforce by roughly 500 globally or about 12%, the CEO saying the bulk of our restructuring work is complete. But saying to Dow Jones, this headline came from Dow Jones about 15 minutes or so ago. Lisa, this is the one that jumped out to me. If the turnaround fails, the company likely not viable on its own. What a turnaround in the last two years. I mean, considering how much the share has got absolutely blown up during the pandemic. Ridiculous. Positive way. And then absolutely deflated. But this is the fourth round of layoffs. This year, just to give you a sense, leaving with about half the number of employees globally, and this is the Hail Mary to get to a point where they actually are viable in the new era where people are going back to gyms. Okay, we're making jokes about this. I'm the worst offender. Forget about the jokes. Is the fed over? Is it just that simple? I think to some extent. I mean, I think people still love the bike because Tom, it's not about the best way of saying this. You can have a product you love. It doesn't make a good business. I think a lot of this is still love the product. They still love peloton. There's also a point at which a lot of these companies were able to raise money. And every which way, during the pandemic, when a lot of people's expectations were reset, and now we are having a reassessment of how much money costs and where those investments go. And some of these companies are finding that the investors just are not there. Perfectly put like triple C unsecured debt from a social media company. Correct. Which you'd like to go for a 11, 12%, which might have to go for 15. We can talk about that another time 16 now. Depends on which companies you're looking at. The latest news from Credit Suisse Tom. Trying to bring in an outside investor to inject money into a spin off of its advisory and investment banking business. They do not want to go and do an equity race anytime soon. There's no way under CHF 5 per share. Off our London and Zürich deaths with Marianne Houghton Meyer in Zürich joining us now their leader Michael Moore, who has terrific perspective on what banks do when challenged. Michael Moore, I'm going to cut Back to the Future that you and I lived. And I'm going to drive it forward. There was the government, there was a company called bear Stearns and as mister diamond to his immense regret says, JPMorgan came to the rescue. Where's the Swiss government and where's the JPMorgan in this discussion of Credit Suisse? Well, you have to think that the competitors are looking at the share
Code Story
"bear stearns" Discussed on Code Story
"This is code story. The podcast bringing you interviews with tech visionaries. Who share in the critical minds of what it takes to change an industry and build and lead a team that has your back. I'm your host, Noah lab part. Today, how Robert cook built the high performance data platform to enable developers to create enterprise apps rapidly. All this and more on code story. Ever since he was a little kid, Robert cook always had a fascination with computers, even when he was super young when he didn't know much about them. He was still intrigued by this magic box. At the same time, he loved Legos, but found it was very expensive to expand his LEGO set. To contrast that, he could build as big as he wanted within a computer. And he was hooked. He built video games, explored databases, and even an accounting system in his teens. As he started validating a new idea, Robert visited a number of top tier banks and looked for consistency in the problem they were facing. He found a starting point to build out a data platform to enable his three pillars of data delivery. This is the creation story of three forge. So three fours we have a core product called AMI. That product really is answering the question that I've been asking my whole life, which is how do you interact or how do you integrate users with data? So the company is found in 2012. Part of that, I worked at several companies in finance, including JPMorgan, bear Stearns, was the head of architecture at infrastructure at the dark pool liquid net. And all along the way, I always had this fascination in this vision of building this sort of generic solution where we could start to tie data together across multiple systems or to be specific with finance across different asset classes and allow people to have this consolidated view. Now, at some point, I would realize in each one of these instances that these are banks, these are financial institutions that have a very clear incentive and a very clear objective as to what they need to build. And really creating generic technology while I could get funding for it in drips and drabs became difficult to do. And so in 2012, I basically stepped outside of the industry and basically spent the next two years building what I would consider a minimum viable product in order to go in and sell this back to the banks so that they could start to work on this. The product itself, well, let's forget about the product. The solution I focus on three different areas. And so this is what I've come to realize when I say allowing humans to interact with data. I break it into three components. The first component is real-time streaming data. So the idea there is that you've got moving information, going through systems, and then users that information needs to be pushed to users. The analogy I like to use, the easiest one to consume is emails. Someone sends an email and it magically shows up on your screen. You don't have to do anything. It just shows up on your screen. You've been alerted to something. The second component is the ability to now navigate data or to basically as I call it, make a request and get a response. So an example, there would be Google. So you go to your Google browser and you type in a keyword. And now it comes back with a bunch of different machines you can buy. So that comes back on the screen. And now you can choose what automated dog feeder you want. So that would be request response. And then the third thing is data entry. And so I've distilled it down to those three things. You need to have real-time streaming data. You need to be able to do request response and you need to be able to data entry. In each one of these, I could go down a path and spend hours talking about the intricacies and what it takes to really fully fledged build that out. Because again, with emails, you have one email. Well, what happens in finance if you have 10,000 orders come in at once? How do you manage that? How do you make that consumable? You talk about request response. One thing is going and asking Google a question, another thing is if you've got hundreds of different systems and you need to ask a question and needs to basically dispatch that across many systems, bring the answer back, consolidate it, aggregate it and give that to a user. So that's an example of where that game more complicated. And then data entry speaks for itself, data entry can be as complex or as simple as you want it, especially once you start to get into workflows and things like that. That is AMI. And then three forge is the company and really the company's broken down into two parts. It is the development and maintenance of AMI itself. And then there's working with our customers on building integrated solutions and integrating an inside four walls so that they can use that software. Tell me about the MVP for am I then? How long did it take to build? And what sort of tools did you use to bring it to life? So in the beginning, in 2012, I was fortunate enough to have a lot of people who worked in the industry. And I could shop ideas around. So I went to various tier one banks, and I kind of talked about what it is I wanted to make. And I was kind of looking for some consistency in terms of the problems they were facing and how maybe I could get a step in and help them solve it. One of the biggest issues that they were facing back in 2012 and they still face today is real-time data. So they need bloggers. Everything in their world are a big part of the world, especially when you get to front office and investment banks is we need to have a blogger that shows huge amounts of data and allows us to do all the things you'd expect from a blog or I need to be able to sort it. I need to be able to filter it. I need to be able to export it. Those sorts of things. So our MVP that got us in the door was the ability to attach to many different systems and basically as that data streamed into AMI, put it in a dashboard in real time, where then people could walk across the data. So if you imagine you've got system a and system B, that are both pumping data out, they could be both pumped into AMI, and then through our dashboard, you could link the data together. So you could say, oh, when I click on this data, find all the data from system B with the same account. So that was the minimum minimum viable product that put us on the map. And our first early adopter was in 2014. And then it's been off to the races since then. This episode is sponsored by web app IO. Web app IO helps developers build world changing web applications. Faster than ever before. Add things like product screenshots, cypress test recordings, technical SEO health, and even full stack review environments to get feedback without being blocked by staging servers. Web app IO takes care of speeding up end to end test, disposable staging environments, and continuous integration, all in one place. You can focus on shipping website changes instead of managing your DevOps. Try it for free at web app IO slash code story. That's WEB APP dot IO slash code story. This message is brought to you by immediate. Did you know that financial stress is impacting 9 out of ten of your employees performance? This means that the quality of your employees work is being compromised. And essentially, robbing your bottom line. That's where immediate comes in. 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The Charlie Kirk Show
A Look Back at the Great Financial Crisis of 2008
"So in 2004, 5 and 6, you saw the housing boom, largely thanks to Fannie Mae and Freddie Mac. Thanks to the negligence of our own quote unquote housing regulators, cheap money policies from Washington, D.C., buying up bad mortgages and incentivizing people to do the same. We built an entire economic model on a House of Cards of people that were bar waitresses earning cash tips that had three homes, two of which they've never visited because people were incentive incentivized to go to low income neighborhoods and sign up people for as many mortgages as they possibly can. We all know what happened next, which was the great financial crisis, Lehman Brothers, bear Stearns, and for the first time ever, despite the insistence of Jim Cramer, those companies went under. In the years that followed 2008 and 2009, our leaders were faced with a tough decision. You see, the 2000s saw an economic boom the likes of which we never thought was possible. Now what our leaders decide to metaphorically take the cough syrup, tighten the belt, tell Americans that we're not going to indulge in this continual behavior of deficit spending and debt mounting on future generations, of course not. Barack Hussein Obama won the election in the fall of 2008 was sworn in in 2009 and Ben Bernanke then Federal Reserve chairman, Hank Paulson treasury secretary and Timothy Geithner under treasury treasury secretary three awfully treacherous people if you asked me all decided, hey, let's just keep interest rates low. It's not like we're going to experience long-term inflation. And then we saw a stimulus package passed by Barack Obama, a then 850 to $900 billion stimulus package. It was passed as the national recovery act after that Obama passed ObamaCare, a takeover of the American healthcare industry. Debts and deficits continued to sword, and then a couple years later, I started to get
Bloomberg Radio New York
"bear stearns" Discussed on Bloomberg Radio New York
"I'm Brian chuck And I'm Doug Chris Bloomberg world headquarters in New York Let's check this hour's top business stories on the markets talks are underway between the U.S. and China over Beijing's new aircraft cleaning requirements Sources telling us China's new sanitation mandates significantly extend the time planes are on the ground and they largely copy steps that U.S. carriers already take to clean aircraft between flights The new requirements prompted delta to turn back a flight from Shanghai to Seattle in response delta says service to China will remain very fluid The former CEO of bear Stearns James Cain has died until 2007 Kane known as Jimmy who was one of Wall Street's brightest stars but by the end of that year bear Stearns was staggering from losses in the U.S. subprime mortgage market and in January 2008 shareholders pressured Kane to step down He did so Jimmy Cain was 87 Apple has issued stock bonuses to some engineers in an effort to retain talent We are told they range from about $50,000 to as much as a $180,000 in some cases We check markets every 15 minutes here on Bloomberg Right now in Sydney the ASX 200 pushing higher by more than 1% as the Australian equity market returns from a two day holiday In Tokyo the nikkei is weaker by 9 tenths of 1% in Hong Kong its healthcare stocks leading the hang seng lower by 7 tenths of 1% on the Chinese mainland Shanghai composite down 6 tenths of 1% and in sold the Cosby now weaker by more than 8 tenths of 1% WTI crude oil back below 76 a barrel in the electronic session a ten year treasury now in the Tokyo session yielding 1.47% and the dollar steady against the majors with the Bloomberg dollar spot index rising a tenth of 1% Global news 24 hours a day on air and on Bloomberg quick take powered by more than 2700 journalists and analysts in more than 120 countries This is Bloomberg.
What Bitcoin Did
"bear stearns" Discussed on What Bitcoin Did
"Exactly. Wow. And they were the things that pre they were the instruments that foresaw the default of Lehman Brothers and bear Stearns and the like. So how does the bond market get fixed? Because it sounds like it's a broken market right now. I mean, it still works, how it's meant to work, but in terms of earning a return, if all bonds are essentially negative yielding on a real basis on a real basis. And we know some people have to buy them. Yes. Because they're mandated to. But essentially, it is a broken system. It's a fear system that doesn't make logical sense. Peter, I don't know how it gets fixed if they do not let yields go to their natural level. Now, that natural level is open for debate. But Stanley druckenmiller feels that the natural level for U.S. ten year treasuries would be four and a half percent. Again, it's trading at 1.5% right now. There's other people that argue that the fed is not impacting the shape of the yield curve. And I just say, come on, guys. There's an elephant in the room that was purchasing a $120 billion worth of bonds a month. A month. Tell me that's not impacting the fed. Excuse me, the yield curve. And if someone says it isn't, I think that you've never traded markets before. There's Bond bulls out there that are swear that swear that it hasn't impacted the yield curve and I'll just go guys, take your heads out of your out of the sand because supply and demand is what it is. And that's what sets the price of bonds. Okay, sorry. What's stopping bonds for each their natural rate of four and a half percent? Again, fed in the market buying a 120 billion of it per month. Right. That's just the biggest buyer out there by far, is in the market. And when you're a buyer, you're soaking up sellers, meaning the way I yield rises Peter is the price goes down. And when the price of the bond goes down to reach an equilibrium level, the yield on the Bond gets adjusted accordingly. So as the price goes down, the yield goes up. And we'll do a quick Bond math here. If a ten year bond were to move from one and a half percent to four and a half percent, where Stan Lee drug and Miller thinks it should trade. The price or principal trading value of the bond would drop by over 25%.
Newsradio 700 WLW
"bear stearns" Discussed on Newsradio 700 WLW
"Was on Charlie Rose. She did CBS this morning at 19 years old Elizabeth Holmes dropped out of Stanford CNN. I mean, on and on and on. No one has ever seen this year. The first one. Wow. Her company, Theranos was poised. To change healthcare forever. If she had made this work, she would have been the next Steve Jobs. But today Elizabeth Holmes is under criminal indictment. She pleaded not guilty, but she's facing up to 20 years in prison if convicted. So how did it happen? It's a story of greed, and it's a story of incredible deception. In the drop out. We'll look at how Holmes initially won over everybody from investors to politicians to the media, and we'll tell you how it all came crashing down through exclusive interviews and never before heard depositions to your knowledge. Did Miss Holmes know at the time she made those statements that Theranos could not do all those tests. Yeah, she knew. I'm Rebecca Jarvis. I've been covering business for more than a decade from the housing collapse to the fall of Bear Stearns to the Bernie Madoff scandal, But no story comes close to the mystery and intrigue of Elizabeth Holmes. You've got this really smart female CEO. Who's going to do a wonderful thing for the world. It is a great story. We all want that to work. Subscribe to the dropout. Wherever you get your podcasts, Listen and follow this podcast for free on the I Heart radio app number one for music, radio and podcasts, all in one The world needs more heroes or action oriented. Do gooders more. Here's how I can help Right hand side kicks the world of sarcomas no different than if you're thinking, Let's sarcoma we're glad you're listening. Sarcoma is a rare cancer of the body. Soft tissue and bone in this cancer affects.
The PR Week
"bear stearns" Discussed on The PR Week
"In afghanistan and see how we could support man support other employee groups have impacted just a lot. There's a lot of things going on every single day. In as i said. I tried to leave room for that. Typical day is early early in the morning or late at night before. I read everything so that i'm not surprised at what's coming the next morning. And and then what i do. Is i surly up with money. Eight people around the world and run. Our businesses was going to be hot for the next five hours. And then we just As i said it's fun it's been thirty five years but every day is different in. How much does it dictated by. What's most affecting the ceo the c. suite Ultimate city rights. Topor is is. Does it depend on exactly what it is not really. It's more what's packing. The reputation of the company are our. Ceo jamie dimon even though he has a big public image. She's very nets he is. He's very sophisticated consumer of at what all of us do for a living terms communications. Pr he gets it. He gets the importance of it. He respects journalism which always makes our lives easier because journalists are not the enemy and so so he's he's more of a partner to us and so i find lower down the line it gets trickier so it really is. What's what's attaching our customers. Let's touching mutation what's touching the stock prices on. Yeah how much would you say it's changed. You've been thirty five via so you've got a greg perspective. On how many has changed the media how society has changed. What would you say. The biggest two different sousa. But it's crazy. Because when i started we had twelve thousand employees on now. We have two hundred and fifty thousand employs. When i started if you look at the top ten minutes in america. Seven of those banks right. Now are thinking morgan chase. So whether you're talking about what we can. I chicago or ban. Waen or washington. Usual or chemical were chased bank manufacturers hanover. Bank the bank of new york bank branches and so forth throw casanova and fleming overseas and bear stearns. And so you know we were doing one. Press release every two months. When i started and now we're doing for day. We were getting three press caused day and now we get over five hundred a day so there's just a lot more activity. I'd say things move a lot more quickly. They don't stick. And so so you're you're constantly just pivoting from one thing to the next biggest change that i've seen. I'll try to make this a short answer. But the biggest change that i've seen is when i first heard if you were number one in your industry in profits or top firms if you were number one rankings league tables if you're stopped was at a record high if your customer service ribbons were added eight high. If you no problem recruiting you used to get good. Pr and you know. He used to pray for other things happen now. You need all that but now it's do you care get back. Are you too big. Are you part of a system. Is the game raid. Who are lending to. It's it's a whole different set of topics. And so i can just saying like that soft stuff. The all day is e. Common the hard stuff and it really does guide pretty much everything we do. From a public relations standpoint businesses become more of a consumer topic. It that people have a much more of a consumer's ends and staffers like much. More of an interest in the organization say engage with all. They work for in that that. That's kind of driving now. I guess absolutely yeah because sometimes land for they started. Hurling me now. So would you say that the financial crisis in late said you know. Two thousand eight nine was that probably the toughest period or the most challenging in terms of a brand in a reputation point of view that probably was the toughest but it was. It was tough not just because of the brand and reputation but the fact is we were also doing transactions. We did the washington mutual which was mirus takeover thrift in history. And we did that. So so from pr standpoint. We had on wednesday night. We knew that we were taking them on thursday morning but their company didn't even know and so we had opened a whole new man. I didn't even know reminding them And you at eight hours. In that needs have all the public relations media relations messaging the investor relations the rating agency. Toss everything ready. Same thing happened over the weekend when we had to take over bear stearns so you saw a ton of volume going through. We then had tar Which was survey a black on the reputation of vance you a the presidential the administration sort of attacking nixon. You saw sort of america mad. All big institutions that caused the problems that institutions were basic glean wall. Street got our men and lesser extent media. And and so that was just a lot of a lot of pressure. And so i'd say that probably was see the toughest toughest. Did you get a buzz. Alpha as a communicates romance. Because you know you've got to step up in the room for mistakes. Well i mean one thing. I always tell my team is p more will remember how active during the crisis. So i always tell when when you're going to craziness like that you know don't do things you'll look back on ashamed slam the doors right. The letters to the editor live mislead storm out. All of that stuff is that you don't really know that you're in this crisis and and think about think about how you're adding how you're behaving and so it really is. It's it's great. It's it's a great. It's it's great to learn because we're not you know in my job we're not bringing peace to the middle east or curing cancer redoing. Pr for back. and yes. it's super important but we also have to adjust be professional. Knew what we can control. We can't control in. I that during those crises your relationships get stronger and stronger With the people you're serving We as you're in the foxhole with them so any time we have any crisis. I try to use it as an opportunity to dig and i'm not sure i can get a buzz out of it because it's exhausting.
The PR Week
"bear stearns" Discussed on The PR Week
"Role like that would love to get a. I guess you could say there isn't an average day but the great sagacity will fail for some of the things that you're doing on a daily basis. You're right there's not an average day by the communist so we catch so many different things that one of the reasons i stayed in. This job is because every day is different. I actually try to carve out about a half mile. Gay for unexpected because we never know is so yesterday we had any terrible assault From a man with a hatchet going into one of her age goes on on broadway. Now hannah and the police put the video and it's on the front page today. That was that was something that came out of the blue at the same time. A former president trump attacked our ceo on fox news. And you know another thing that was happening. Yesterday was We have a large group of former military and we were trying to see what we could do to how those employees especially In land what was happening in afghanistan and see how we could support man support other employee groups have impacted just a lot. There's a lot of things going on every single day. In as i said. I tried to leave room for that. Typical day is early early in the morning or late at night before. I read everything so that i'm not surprised at what's coming the next morning. And and then what i do. Is i surly up with money. Eight people around the world and run. Our businesses was going to be hot for the next five hours. And then we just As i said it's fun it's been thirty five years but every day is different in. How much does it dictated by. What's most affecting the ceo the c. suite Ultimate city rights. Topor is is. Does it depend on exactly what it is not really. It's more what's packing. The reputation of the company are our. Ceo jamie dimon even though he has a big public image. She's very nets he is. He's very sophisticated consumer of at what all of us do for a living terms communications. Pr he gets it. He gets the importance of it. He respects journalism which always makes our lives easier because journalists are not the enemy and so so he's he's more of a partner to us and so i find lower down the line it gets trickier so it really is. What's what's attaching our customers. Let's touching mutation what's touching the stock prices on. Yeah how much would you say it's changed. You've been thirty five via so you've got a greg perspective. On how many has changed the media how society has changed. What would you say. The biggest two different sousa. But it's crazy. Because when i started we had twelve thousand employees on now. We have two hundred and fifty thousand employs. When i started if you look at the top ten minutes in america. Seven of those banks right. Now are thinking morgan chase. So whether you're talking about what we can. I chicago or ban. Waen or washington. Usual or chemical were chased bank manufacturers hanover. Bank the bank of new york bank branches and so forth throw casanova and fleming overseas and bear stearns. And so you know we were doing one. Press release every two months. When i started and now we're doing for day. We were getting three press caused day and now we get over five hundred a day so there's just a lot more activity. I'd say things move a lot more quickly. They don't stick. And so so you're you're constantly just pivoting from one thing to the next biggest change that i've seen. I'll try to make this a short answer. But the biggest change that i've seen is when i first heard if you were number one in your industry in profits or top firms if you were number one rankings league tables if you're stopped was at a record high if your customer service ribbons were added eight high. If you no problem recruiting you used to get good. Pr and you know. He used to pray for other things happen now. You need all that but now it's do you care get back. Are you too big. Are you part of a system. Is the game raid. Who are lending to. It's it's a whole different set of topics. And so i can just saying like that soft stuff. The all day is e. Common the hard stuff and it really does guide pretty much everything we do. From a public relations standpoint businesses become more of a consumer topic. It that people have a much more of a consumer's ends and staffers like much. More of an interest in the organization say engage with all. They work for in that that. That's kind of driving now. I guess absolutely yeah because sometimes land for they started. Hurling me now. So would you say that the financial crisis in late said you know. Two thousand eight nine was that probably the toughest period or the most challenging in terms of a brand in a reputation point of view that probably was the toughest but it was. It was tough not just because of the brand and reputation but the fact is we were also doing transactions. We did the washington mutual which was mirus takeover thrift in history. And we did that. So so from pr standpoint. We had on wednesday night. We knew that we were taking them on thursday morning but their company didn't even know and so we had opened a whole new man. I didn't even know reminding them And you at eight hours. In that needs have all the public relations media relations messaging the investor relations the rating agency. Toss everything ready. Same thing happened over the weekend when we had to take over bear stearns so you saw a ton of volume going through. We then had tar Which was survey a black on the reputation of vance you a the presidential the administration sort of attacking nixon. You saw sort of america mad. All big institutions that caused the problems that institutions were basic glean wall. Street got our men and lesser extent media. And and so that was just a lot of a lot of pressure. And so i'd say that probably was see the toughest toughest. Did you get a buzz. Alpha as a communicates romance. Because you know you've.
Biz Talk Radio
"bear stearns" Discussed on Biz Talk Radio
"You're listening to America is talking to investors, and he's got to be big with the crowd is just on its feet here. Send around a boy with Gary Cole bombing comes highly recommended. You're gonna feel better if you talked. Oh, Welcome once again to investors edge. We said Wait a bit. Remember, I used this poster child of a stock that just went crazy to the upside again. One that's been trading publicly, for God knows how many years still has no sales. And I guess the people on the chat boards it read it or whatever they call them got ahold of it again, and we just tell you Listen, we're not telling you to buy sell shorter cover. Just don't be the last one in That was M V. I s Micro vision. Well, they were poured another loss and just letting you know that three days ago was 28 that as I speak, it's 15 in three days. We need you to remember these things. We cannot begin to tell you how much money has been lost in these speculations that everybody has been jumping over each other with 28 the 15 and three days What is that my breast, the abacus says. 47% And there are people on these reddit boards. Crapping in their pants right now would happened. What did I do? And the worry is that type of attitude and activity, the froth speculation the buy anything at any price that's moving 1999 Times of Brazilian What we're seeing in some of these things, making 1999 look like just pikers. Hikaru ish. So just letting you know that froth and speculative crap. They continue to get bomb. We had a three days with a rally them up, and they just crushed them in the last three days, and we hope you listen on the Soler's Because they are now getting mauled. Latest first solar reports Earnings look good had down 12% today. Just a measly 11 bucks down to 76 bucks. And that's we mean by the way to the evidence. We saw all the Solarz at the same time doing the same thing. And what did they do The exact characteristic of a pretty damn good top. Thus, we got on the show and said to just letting you know Now for over ever able again to say that about The doubt. You'll know. We'll tell you. And you know how well doubly No, because the Dow was only 30 names. You know, that's simplifying it right. I give me the 100. Simplifying. I could just go through 30 names and I see 30 names at the same time. Start topping out. I'm gonna be yelling and screaming at you. That's not happening yet. Not at all. Just the heads up. Just a little heads up. It will be ready. And where is our major edge? It's not us. It's it's them. Wall Street. Never sees a bear market coming. Doesn't know a bear market has started doesn't want to know. And they will be telling you everything's OK as it keeps going away and ripping at your capital. With the same language. Don't worry. Think long term it will come back. It has all the time they don't tell you. Citigroup is down 95% from 09. Citigroup, You know the financial company that you have to own for life. They don't tell you that. See, we tell you to hold long term. But make sure what you're holding long term. Is doing the right thing. They don't tell you That Merrill Lynch, Bear Stearns, Wachovia Countrywide Financial Lehman Brothers went out of business. You never hear that. They don't tell you. IBM is trading Where was 21 years ago? Make that 23. They don't tell you that. And they also don't tell you what we know. And when I say we know We know Because of these central banks, preventing The normal ebbs and flows of bull in bear markets In order to keep markets afloat. The bear markets end up being much worse because the extension of the bull markets that should not be extended. Get ridiculous leverage and froth in the system and what we call the one sided trade. And when I tell you to go look at a chart of margin. And what it's done is the neck At the last six months, you will see a gargantuan move in borrowed money to buy stocks. And that is one of the biggest indicators. Of that lady Nick and just the removal of that latest move. Is going to cause a pretty stiff drop when it occurs. Why Because that's not even real dollars. That money has to come off first before real dollars or even sold. So be ready. We're not there yet. Sing some IQ. We just gave you all of it. Most of it. We're not.
WTVN
"bear stearns" Discussed on WTVN
"Devices that I know that we made mistakes. Not so long ago, Stanford Dropout turned CEO Elizabeth Holmes was a rising star in Silicon Valley. These tests detect doesn't a medical conditions based on only few drops of blood from from my finger prick. She was on Charlie Rose. She did. CBS this morning at 19 years old Elizabeth Holmes dropped out. Stanford CNN. I mean, on and on and on. No one has ever seen this year of the first one. Wow. Her company, Theranos was poised to change healthcare forever. If she had made this work, she would have been the next Steve jobs. But today Elizabeth Holmes is under criminal indictment. She pleaded not guilty, but she's facing up to 20 years in prison if convicted. So how did it happen? It's a story of greed. And it's a story of incredible deception in the drop out. We'll look at how Holmes initially won over everybody from investors to politicians to the media, and we'll tell you how it all came crashing down through exclusive interviews and never before her depositions to your knowledge. Did Miss Holmes know at the time she made those statements that Theranos could not do all those tests. Yeah, she I'm Rebecca Jarvis. I've been covering business for more than a decade from the housing collapse to the fall of Bear Stearns to the Bernie Madoff scandal. But no story comes close to the mystery and intrigue of Elizabeth Holmes. You've got this really smart female CEO who's going to do a wonderful thing for the world. It is a great story. We all want that toe.
Green Connections Radio - Insights on Innovation, Sustainability, Clean Energy, Leadership, Entrepreneurship, and Careers w Top Leaders, Women
Aligning Your Money & Values With Kathleen McQuiggan of Artemis Advisors
"Women are known for spending their money focused on helping others and the community as well as making more money. Men tend to just focus it on making more money. Women have always been values based investors. I remember this. When i worked at bear stearns and american express deloitte by the way i did campaigns on women and well women have always been values based investors and now the rest of the world is catching on it's called. Espn investing for environment society and governance focused investing basically designed around the un development sustainable development goals or the sdg in fact the sec the securities and exchange commission now has its first head of es g an investing is outperforming other strategies including even in this economy. So how does it work. I'd like you to meet cathleen mcguigan. She is a wealth advisor at artists financial group and a woman. Who's been in my world about these issues for several years. Previously she was in the packs. World investing as head of global women's investing and ran global women's index fund and prior to that. She spent thirteen years at goldman sachs welcomed green catches radio kathleen. Thank you for joining us. Finally thanks for having me and it's great. It's great to finally have this conversation. I appreciate it. So let's start with defining some terms so that people are were were were not losing people define investing for people who aren't familiar with it and talk about the power. Sure angie investing. And i i should do the disclaimer. I feel like you know the financial services industry we use so much jargon acronyms and you know i think sometimes people just get overwhelmed by not understanding some of the inside lingo and you know. I think it's important that people realize that you said earlier right you. Your money is power and women need more of both and sustainable investing which is how we refer to it at artists. And i think this is an emerging sort of language. It isn't bit of alphabet soup. But if you think of sustainable investing what back in the seventies was known as socially responsible investing what is sometimes being referred to now as impact investing. You these things are starting to mean different things. But i'll use sustainable and responsible investing is kind of a general framework for explaining how in the investment process in addition to looking at the traditional financial. Metrics that most organizations would use in making investment decisions sustainable and responsible investing ads. On what i say as an additional layer and it adds on looking at a accompanies in mental. Which is the social. Which is the ass and governance. Which is the g so these. E s g factors as are commonly referred to to be incorporated in the overall investment process or Analysis environmental social and governance factors are additional things that get analyzed and looked at for people to make decisions as to where they want place their buddy so i think of this and i tried to explain it to people as think of it as adding more of the things that were looking at to decide what is good company that we may or may not want a purchase or use an additional set of factors in analyzing investments.
TalkRadio 630 KHOW
"bear stearns" Discussed on TalkRadio 630 KHOW
"This is the story of the rise and fall of the world's youngest self made female billionaire. Concern you that a number of tests weren't working on their anuses devices that I know that we made mistakes. Not so long ago, Stanford Dropout turned CEO Elizabeth Holmes was a rising star in Silicon Valley. These tests detect doesn't a medical conditions based on only few drops of blood from from my finger prick. She was on Charlie Rose. She did. CBS this morning at 19 years old Elizabeth Holmes dropped out of Stanford, CNN. I mean, on and on and on. No one has ever seen this year. The first one. Wow. Her company, Theranos was poised to change healthcare forever. If she had made this work, she would have been the next Steve jobs. But today Elizabeth Holmes is under criminal indictment. She pleaded not guilty, but she's facing up to 20 years in prison if convicted. So how did it happen? It's a story of greed, and it's a story of incredible deception. In the drop out. We'll look at how Holmes initially won over everybody from investors to politicians to the media. We'll tell you how it all came crashing down through exclusive interviews and never before her depositions to your knowledge. Did Miss Holmes know at the time She made those statements that Theranos could not do all those tests. Yeah, she did. I'm Rebecca Jarvis. I've been covering business for more than a decade from the housing collapse to the fall of Bear Stearns to the Bernie Madoff scandal. But no story comes close to the mystery and intrigue of Elizabeth Holmes. You've got this really smart female CEO was going to do a wonderful thing for the world. It is a great story. We all want that toe work. Subscribe to.
WHAS 840 AM
"bear stearns" Discussed on WHAS 840 AM
"Prick. She was on Charlie Rose. She did CBS this morning 19 years old Elizabeth Holmes dropped out of Stanford, but CNN I mean, on and on and on. No one has ever seen this year of the first one. Wow. Her company, Theranos was poised to change healthcare forever. If she had made this work, she would have been the next Steve Jobs. But today Elizabeth Holmes is under criminal indictment. She pleaded not guilty, but she's facing up to 20 years in prison if convicted. So how did it happen? It's a story of greed. And it's a story of incredible deception. In the drop out. We'll look at how Holmes initially won over everybody from investors to politicians to the media, and we'll tell you how it all came crashing down through exclusive interviews and never before her depositions to your knowledge. Did Miss Holmes know at the time she made those statements that Theranos could not do all those tests. Yeah, she did. I'm Rebecca Jarvis. I've been covering business for more than a decade from the housing collapse to the fall of Bear Stearns to the Bernie Madoff scandal. But no story comes close to the mystery and intrigue of Elizabeth Holmes. You've got this really smart female CEO was going to do a wonderful thing for the world. It is a great story. We all want that toe work. Subscribe to the dropout. Wherever you get your podcasts, Listen and follow this podcast for free on the I heart radio at number one for music, radio and podcasts, all in one.
600 WREC
"bear stearns" Discussed on 600 WREC
"At 19 years old Elizabeth Holmes dropped out of Stanford CNN. I mean, on and on and on. No one has ever seen this year of the first one. Wow. Her company Theranos was poised. To change healthcare forever. If she had made this work, she would have been the next Steve Jobs. But today Elizabeth Holmes is under criminal indictment. She pleaded not guilty, but she's facing up to 20 years in prison if convicted. So how did it happen? It's a story of greed, and it's a story of incredible deception. In the drop out. We'll look at how Holmes initially won over everybody from investors to politicians to the media, and we'll tell you how it all came crashing down through exclusive interviews and never before her depositions to your knowledge. Did Miss Holmes know at the time she made those statements that Theranos could not do all those tests. Yeah, she did. I'm Rebecca Jarvis. I've been covering business for more than a decade from the housing collapse to the fall of Bear Stearns to the Bernie Madoff scandal. But no story comes close to the mystery and intrigue of Elizabeth Holmes. You've got this really smart female CEO was going to do a wonderful thing for the world. It is a great story. We all want that toe work. Subscribe to the dropout. Wherever you get your podcasts, Listen and follow this podcast for free on the I Heart radio ad. Number one for music, radio and podcasts, all in one. I. Heart radio goes one on one with Bryan Adams to discuss the metamorphosis of a song as years pants. I mean, the interesting thing about a song and metamorphoses of song, is it You spend? I don't know. This is this has been two months making a record and you put out a song. Becomes permanent in people's minds. You know, it was like if you're going to Dillon play, and you just.
This is Actually Happening
What if you were hunted by the Japanese Mafia?
"By most profound theory lights was that i would lead and uninteresting life and i was forever in envy that other people would read an interesting life and i wouldn't. I came from kind of a prototypical new york city to kid. Jewish family father was a stockbroker and my father became time to perfect barometer of the stock market so he would come home in the evenings and his behavior was completely function of how the stock market had done that evening. My mother by contrast was a much more complex individual who had been a market researcher at the beginning of her career and felt that no amount. The questions she asked of her children would ever be enough growing up. Under my mother's careful observation was extremely close to the experience of being cross examined by a brilliant attorney so speaking through my teenage years. She was a person to be diligent. We avoided this wonderful figure in my youth and my teenage years. And i've actually my college years. My mom's first cousin who was art buchwald art buchwald by first cousin was america's preeminent political satirist in the sixties seventies eighties He tried to hide as much as possible that he was highly aligned with the democratic party. But he in fact actually was at became the godfather of bobby. Kennedy's kids as ethel chose him To help advise her and support her. After bobby. kennedy's assassination and sixty eight. He wrote a series of. I think about thirty five books that made the new york times bestseller list was syndicated in seven hundred papers and he was an incredible force of personality. Everything about art was kind of exuberant consciously or unconsciously As i went through college. And i spent a little bit of time in dc where though i did live in his house i tried to live as much as possible on his dime soaking up as many free lunches either in his office or what may some blank where. He held court several times a week. in his company just because he was so funny and so connected in washington society the closer my commencement from university came the greater. Manning's -iety grew that. I needed to come up with something interesting to do. My experience upon graduating from university was a lot like the film. The graduate i moved back into my parents house and settled into. What i think is for a lot of people the most profound depression that the ever have to return to their parents home and to be faced with the prospect of organizing the rest of their lives. I moved back in and tried to come up with an interesting concept and The only thing interesting. I could think to do it seemed lucrative and it seems. My skill set were Jobs on wall street and since my father had spent thirty five years on wall street and was a good guy. I received an offer to go to work for bear stearns and the idea of accepting that offer filled me with horror so one night upon accepting that offer. My mother and father took after dinner. My mother in attempting to make levity of suggested that she would buy me a picture book of the world and this idea stopped me dead in my tracks me sitting in a cubicle up two. Am in an investment bank office and taking the book out for my desk and looking at pictures of japan. I decided that japan was paris. Paris was where buchwald had begun his career. So this moment hit me like a brick. And i. I never showed up. I never accepted the job or went to work. Through a series of connections. I found out there was position open to become a newspaper reporter in tokyo naturally. Went to see my uncle about it. He said you've got to go. This is your moment. There's a travel agency on the first floor. Get up off your seat. I'm going downstairs to buy the ticket for you.
KindredCast: Insights From Dealmakers & Thought Leaders
FinTechs Pandemic Pivot with Cross River CEO Gilles Gade
"Hi everyone is Rei and welcome back to kindred casts I'll sitting down today with my friend Jill gave the founder President and CEO of Fintech powerhouse and Unicorn Cross riverbank crossover was started by Jill two, thousand eight as one branch bank located teaneck new. Jersey. At the technology company now, powers companies like affirm circle best a coin based rocket loans stripe of star and transfer wise at are backed by big investment from Ktar, a French battery ventures, Andriessen, and Lyari. Issue over the past twelve years, the firm has grown to three hundred fifty employees providing over thirty billion dollars in loans over eighteen million customers, and during the crisis crossover helps nearly two hundred thousand small businesses would be yuan's through the paycheck protection program, which really puts it in the company of the big banks like Bank of America Vicki Morgan Wells Fargo Right? They're pretty impressive and very helpful to our overall recovery drinks endemic last two years it was named the most innovative bank to work for. Job GonNa try to give you a run for your money on that one here line. But I WANNA wish you. A Happy New Year it's a real pleasure and honor to kick off the year in the Jewish calendar fifty, seven, eighty, one podcast, and as I like to say when you have gone for over five, thousand seven hundred, eighty years, there's downs, ups and Dowse said via a shot at the by pleasure to. Today. It's real pleasure. We've. Meeting of last year's restaurants and and peers of isolation and zooms that in person you're one of my first meetings safety and security and I really wanted to stay closed during this dynamic given how busy you've been thus give everyone a background here because I really think through cross. River. Everyone here is going to get a lens of not only the fintech universe and where. We're going in banking what we've come from, but also what has been going on on the ground during the period in helping so many businesses on Main Street get back on their feet again, and that's really why this is such a story around business and building value but also round helping people around a real heartening narrative that I really wanted to to bring out here to. Tell us how the company was founded. In An Giang aid is a quite an unusual and interesting story towns came to be across different, very ginning. Sure. So I don't want to log on the history because I think the more recent stories much more fascinating just trying to help two hundred, thousand small businesses get back on their feet. As, been. Me Crowley the biggest side, my career and I think probably would be the highlight those anybody spuria stage. So something that's we're very proud of York buster the go back in time. So I came to the United States in Paris fries whenever airs went to school there worked a little bit I was actually analysts that CPR venture capital in Paris. Working on. Some of the first. Time nineteen eighty, nine, hundred ninety in Europe actually, and then crossed the Atlantic came in Nineteen ninety-one go to job at bear stearns I was in International. Working on. Of. Banks insurance companies. So that was my first foray on shown initial services got very fortunate. I. Wide. I landed in finishing the group at bear stearns and our retrospect you gentlemen standing of our God does things and just put. So you know some pebbles along the way that one day you're going to be caught to inspire where you heading in. Then I took a Atas when I got married and I went to learn fouls. Wow Yeah Joe Jr ethics, which is a commentary on the on Jewish law. In companion. I did ask a couple of years came back to of making this time. The only job I could land was open difficult to give back to the market I worked for Barclays Capital. Zoom one of the Thomas Tell you that made you on jump back into banking. More by necessity. With all the day will undoubtedly the feedback I needed to go back to work I. Think. All my life savings where it's only exhausted it's not a life that was prepared to date or the rest of my life. So regretfully, so because it's it's really fascinating as size definitely intellectually stimulating. Question about it but I still enjoy doing it. By the way I still earned every single day studying law in this is something that will stay with me Probably you know for the rest of my life. A lot of good business lessons and haven't company in the home. Absolutely I mean there's definitely a concepts of humility ethics respective others listening to the position particularly respecting the physician and there's always a counterpoint that. Is Truly a hundred centre-right nobody's abso-. Medium. Or these always way and ruth compromise, and this is only a life lesson that is invaluable. And by the way, you know any book that I've Read Entrepreneur and as points to she's. Have successfully led their companies through an exponential organization at goal example, Faisal Volleys. So just running about them under different concept different setting and they're trying to allies them intellectually and then trying to fly them. Businessworld is something that I was very fortunate or being able to do the. So you hundred that's that was very formative for me and trolley in the central step along my travels and my journey in becoming the COO crosser in that like say like the only job I could land at the time was in technology banking and nothing about technology. For aqueous capital. Under Sunday night, who's global head of technology and worked on some Fascinating Tales Global Crossing Iridium satellite network in then work on the transaction war on the computer associates CSC sale merger it was really fascinating to. To work on the technology front been trying in in learning about a new trade and look at this you know like some fifteen years later. It's a rejoinder between technology and banking.
Bloomberg Markets
Federal Reserve Expands Business Lending Program
"That in response to the economic impacts from the coronavirus the federal reserve is stepping up and stepping in in a big way supporting liquidity in the market not just buying treasuries but also going into the corporate bond market to get a sense of what that means for the credit markets welcome Bob Michael Bob the chief investment officer and head of global fixed income currency and commodities at JP Morgan asset management Bob thanks so much for joining us so as we take a look at what the fed is doing here in its support of the markets in liquidity the markets what do you make of their moves into the corporate credit markets good morning Paul but I think moves into the corporate market and also let's not forget into the municipal market and into parts of the non agency mortgage market where critical and necessary so I applaud it they try to keep those markets functioning they they could allow what was happening in those markets where they were effectively froze and with very little trading going on because they were perceived to be outside of any kind of central bank safety not to continue to operate that way so I I think it was a good first step Bob the fed has said that they're going to delve in the into the corporate debt market they have yet to actually do so and I think it's interesting that yesterday fed chair Jay Powell indicated they were willing to go further and yet they haven't even taken the first steps when it comes to actually implementing it in the credit markets do you think the market's gotten ahead of itself piling into junk bonds in particular with the expectation they'll be backstopped by the fed yeah I think so and when you think about what the fed is doing third they're going to buy fallen angels or companies that were rated investment grade towards the end of March that may drop into the high yield market I think that's smart because those are companies that were running basically investment grade financials before the crisis the crisis isn't their fault and you were putting too much pressure on the rating agencies you're effectively telling the rating agencies without being able to buy fallen angels that they could be leveling a death sentence on these companies so they they took that away but when we look at their support of the high yield market we estimate that it will be roughly ten percent of the high yield market it's not a lot it will keep the high yield market functioning but it also doesn't prevent high yield companies from defaulting I think you're going to see a rise in default rates for a prolonged period of time so but here's what I'm struggling to understand yesterday after fed chair Jay Powell's press conference about half a billion dollars flowed into H. Y. G. or at least that was the total amount of flows yesterday into the biggest U. S. high yield bond ETF which bought by the broad market not just fallen angels and you said that you do think the market's gotten a little ahead of itself so does that mean that you're selling high yield bonds here what does that mean in terms of your positioning well it means a lot of things I think well a lot of the market got confused when he said there would be a new platform sheet on the man's main street landing facility and most investors took that to mean that the leverage limit that was put in place might be relaxed or eliminated which we've been broadened out the coverage two more highly leveraged companies and a broader array of of the universe after all they they all are employers well I think people additionally winter that we step back and say hang on it in this market you've got to take every company and you've got to structure than we do multiple stress test trying to think you know how how how deep could the recession go for how long where does the pecan unemployment we do things like a shut down for nine months and unemployment peaking at over twenty percent and then see what a company's balance sheet could look like could it withstand it do they have access to capital and by the way when you run that kind of stress you find a lot of companies even though they may have access to capital at that point in time actually it doesn't make sense for them to do additional borrowing because they'll realize at the other end of this their ability to pay back all that that won't be there the market's got to start to realize that just because there's access to lending and borrowing doesn't mean companies will continue to take on another turn of leverage at some point they'll realize they can't service it sebab given you know the backdrop for your economic outlook at that JP Morgan investment management asset management how much risk are you guys willing to take right now a very moderate level of rescued in fixed income group the core of our portfolios are invested along the stream of contrast with the central banks what they're buying you buy that's a pretty good safety net at least for liquidity around you then roll up your sleeves and and look at what falls outside of that safety net in Yemen the the corporate space in the securitized based in the meeting space and see who can withstand an extended period of a shut down and high unemployment and then you find out that there are some companies out there there are some industries that can but there are awful lot that count I'm just wondering Bob what's your base case you said you're looking at potential stress cases of nine months just quickly here what's your base case for the economy well our base case is that that you don't return to normal for a while and that we will see unemployment peaked at over twenty percent and then as you start to get to the end of of twenty twenty one you're down to about nine percent now that may seem great relative to a peak of over twenty percent but let's not forget that during the financial crisis unemployment peaked at ten percent and we know what kind of pain that was to try to recover from that so there's a lot of hardship ahead this feels to me like the second quarter of two thousand and eight where the first quarter was horrible there were policy responses and and the market immediately became optimistic and then the horror of what had actually happened starts to hit into their data Michael with a pretty bleak assessment Bob even right many times it's always a pleasure speaking with you Bob Michel chief investment officer and head of global fixed income currency and commodities at JP Morgan asset management saying invest alongside the fed don't go into much riskier credit and really the idea that this reminds him a lot of the second quarter of two thousand and eight when people said Bear Stearns was anomaly and then of course in September
WSJ What's News
Jeffrey Epstein's Troubled Wall Street History
"Now our main story this morning it it has to do with jeffrey epstein more than a dozen women told a federal court yesterday that they'd been sexually abused and emotionally manipulated by him and his associates shontae sean t davies was one of them <hes> it makes me sick to my stomach that there's <unk> perpetrators out there that obviously helped him in many ways for a very long time and they're still out there with no punishment. Yesterday's hearing took place less than three weeks after mr epstein was found dead in a manhattan jail where he was awaiting trial on federal sex trafficking charges. Now we report the investigation is turning to mr epsteins financial dealings and the relationship he had with some of wall street's biggest biggest banks. Charlie turner has been finding more from gregg zuckerman greg. A big question seems to have been outed. He makes his money his time at bear. Stearns earns provides a good example of his stormy relationship with the bank. Why don't you tell us about his time. At bear stearns sure it is <hes> both interesting and maybe can shed some light into how he operated so basically he's to work bear stearns he laughed the firm he actually got fired for various dealings financial dealings and there was a little bit of controversy he he left yet. He retained this unusually strong and close relationship with bear stearns somewhat surprising given that he was fired and yet there were people there who had affection for him. He was charismatic. The end of the day and had the surprisingly strong connection with people like jimmy kane jimmy kane went onto ron bear stearns and was considered among the most powerful executives on wall street for many years and jimmy kane looked out for for jeffrey epstein even though the firm fired him and for years so it suggests went to start his own financial firm he started representing a few people not many but i am particularly les wexner who ended up running the limited abercrombie abercrombie and fitch exactly exactly and basically <hes> jimmy. Kane said hey look out for jeffrey epstein as he dealt with the firm. He traded with the firm. You use is bear stearns and <hes> the court has the story is take care of jeffrey epstein so <hes> he had powerful people looking for him and you're right that mr epsteins relationship eh bear stearns came apart as the firm did as the firm. I guess collapsed. Yes like many of jeff f. hints relationships they ended poorly for those who dealt with him up sadly in many ways and in the case of bear stearns it was the fact that the editorial falling out so for while he was sort of the ideal client <hes> looking out he traded with them but he made sure that the prices were were levels were bear stearns could profit and he himself profited then he became a quite difficult client and then in the n. anti invested in the firms hedge funds they had a couple of hedge funds that ended up a blowing up and and there were losses and were lawsuits that resulted between jeffrey epstein and bear air stearns there was a lot of fighting about shares he owned of the firm and whether the firm and people like john mccain <hes> had told him to hold on and there were lawsuits that resulted there were we're also complaints and lawsuits involving city group. That's true so he went on afterwards too closely with city among the most powerful and largest banks
NPR's Business Story of the Day
Trump Mulls 2 Kinds Of Tax Cuts While Browbeating Fed About Interest Rates
"The trump administration says the u._s. Economy is fundamentally healthy but the white house is now talking about doing some things that are often used to stoke in economy. That's not not doing so well this week. President trump talked about the possibility of implementing two different kinds of tax cuts and he keeps yelling at the federal reserve on twitter to cut interest interest rates. N._p._r.'s chief economics correspondent scott horsely is on the line good morning scott good morning oil okay so the president is talking first about cutting payroll taxes and that's something that would affect just about everyone who gets a paycheck in this country. Here's what president trump said about that payroll taxes something that we think about and a lot of people would like to she that that affects the workers the workers of our country and he's right about that so when in the past has the u._s. cut payroll texas this congress authorized a temporary payroll tax cut back in two thousand eleven <hes> it's important to note that lawmakers did that as we were digging our way out of the great recession recession <hes> the economy's a lot stronger now and to the extent there has been a a weak spot in the economy. It hasn't been consumer spending. It's really been business investment <hes> <hes> but let's say that congress worded do what they did back in two thousand eleven and once again cut the payroll tax by for example two percentage points that would would balloon the deficit by another hundred and fifty billion dollars a year it would put about eight hundred dollars in a typical workers <hes> pockets over the course of a year but a lot of that savings would then be eaten up by the president's own tariffs <hes> j. p. morgan chase estimated this week that if all the china tariffs go into effect that'll that'll cost typical household about a thousand dollars a year interesting so it could just be a wash regardless. The president's also talking about reducing the capital gains tax. Now that is is not something that would have any bearing on most americans. Can you explain it. This is an idea the administration has floated before and you're right this would overwhelmingly save money for the wealthy <hes> more than three quarters of all capital gains taxes are paid by people who make more than a million dollars a year capital gains are capital gains taxes are taxes on investments is like real estate or stocks that go up in value and what the president's talking about doing here is eliminating taxes on that part of the game. That's eaten up by inflation over over time. Now one thing the white house likes about this. Is they argue that they could do this without congress. They could do it through an i._r._s. Rulemaking process although there's actually some question about that and it would almost surely invite a legal challenge okay president trump also wants the federal reserve to help stoke the economy by cutting interest rates. He talks about this all the time time. That's also something that we see when economy is doing not so well or when it's expected to do not so well is the president getting any traction. They're the fed did cut interest rates by a quarter percentage point last month but trump wants to see much bigger cuts this week. He tweeted that the fed should cut rates by a full percentage point. Now yeah that sort of economic equivalent of that hypodermic to the heart in pulp fiction this is to put it in perspective back in two thousand eight when bear stearns collapsed and the economy me was sliding off a cliff the fed cut rates by three quarters of a percentage point so trump wants them to go even further now even though his administration continues continues to insist the u._s. Economy is solid here for example is vice president pence speaking this week in the swing state of michigan despite the wishful thinking of some naysayers in the media and in the democratic party. The american economy is strong. It's stronger than ever before if so it's hard to imagine why the administration's calling for such aggressive stimulus well is it impossible to say which it is is the economy strong or does it need intervention the way the president's been talking about. You know we're still adding jobs. We're still growing but it's definitely downshifted did and some of the biggest slowdown has come in the part of the economy that the administration likes to champion. Here's vice president pence again earlier this week. I'm talking about people who make things growth axe spend their days building more than a facebook page manufacturing has been particularly affected by the slowdown partly because the president's trade war or even industries that are supposed to benefit protect <hes> protectionism like steel are are suffering <hes> now. It's not a dramatic slowdown. We're not shifting into reverse but for a president whose reelection chances may hinge on the economy. Even a little slowdown can be scary. <hes> n._p._r.'s chief economic correspondent scott horsely. Thanks got you're welcome.
Morning Edition
Trump to choose Treasury's Malpass to lead World Bank
"York, President Trump has decided on who he'd like to head the World Bank. A critic of the Bank, David Malpass this according to Reuters and other published reports marketplace's Nancy Marshall Ganz on the line from Washington. Nancy good morning and who's Mr. Malpas. Well, right now, he's under secretary for international affairs at the treasury department. He used to be chief economist at Bear Stearns before its collapse in the financial crisis. He's generally skeptical of. The international institutions for one thing. He for one thing he says the World Bank's should stop lending money to China because he says China is now wealthy enough to stand on its own. He says China doesn't need low interest World Bank loans. He also thinks salaries at the World Bank or too high. And given that we will we expect him to do at the Bank itself. Well, he apparently wants the World Bank to focus more of its lending on the poorest developing countries over the past few years when the World Bank asked its member countries for more money map is initially argue against increasing the US contribution the treasury department did end up agreeing to the increase, but only after the World Bank promised to cut back on lending to China and start to rain in salaries and Nancy short answer for us. What is the World Bank? Good question. It is an international Bank that provides low interest loans and grants to poorer countries. One of its goals is ending poverty with no more than three percent of the world's population living unless than a dollar ninety day by the end of the decade. Now, the US has traditionally chosen the president of the World Bank. But mouse would need to be approved by the bank's executive board. And he could face some
Bloomberg Daybreak: Asia
China merges bank, insurance regulators to tackle risk
"The hour we update markets every fifteen minutes here on bloomberg radio some news out of beijing and the nbc meetings this morning that china has announced plans to merge regulators that are responsible for some forty three trillion dollars of financial assets the china insurance regulatory commission will be merged with the china banking regulatory commission and also this word that china plans to combine some roles of the ministry of commerce along with the foreign ministry in china well president trump has signed an order blocking broadcom's purchase of qualcomm citing national security concerns and the stocks have traded lower this morning broadcom down about two percent in after hours trade and we also get this from a person familiar with this story that cnbc personality larry cudlow has emerged as president trumps favorite to replace gary cohn cohn is the outgoing director of the white house national economic council trump may name kudlow as his top economic advisor within the next day or so kudlow was an economist at bear stearns and served in prisoner reagan's administration in japan february producer prices rising two point five percent year on year that matched the estimate little lower than last month's two point seven the nikkei is down sixty six points down about a third of one percent the end has been stronger this morning doll yen one six thirty five the euro at a dollar twenty three the gold price thirteen hundred twenty five dollars right on the button and bitcoin has recovered twenty five dollars or so nine thousand two hundred dollars per coin terms.
Bloomberg Daybreak: Asia
Future of Japan's Shinzo Abe at risk as scandal deepens
"The nation's third largest lenders says the proceeds will then be used to replenish core equity tier one capital this is the biggest ever follow on share offering by any charges company that comes as chinese banks gird for more stringent accounting standards coming later this year and also us policymakers intensify their efforts to curb lending and rain and shadow banking in hong kong song i'm david ingles daybreak asia david solomon has become the next in line to replace lloyd blankfein as chief executive officer at goldman sachs it means the other top contender harvey schwartz has been passed over bloomberg's erik shot skar says that solomon came to goldman via drexel and bear stearns david solomon comes out of the high yield world leveraged finance moved into investment banking in a much broader way at goldman sachs and of course ran that business before becoming president co president of the former schwartz back in two thousand sixteen in the meantime schwartz abruptly announced his resignation it's not clear when blankfein might hand things over to solomon goldman hasn't released a timetable for blankfein retirement paul well things are getting a bit missy and japan the government says the names of the prime minister shinzo abe has wife and finance minister taro aso deleted from documents at the heart of land scandal that erupted last year ed baxter this go global news in our bloomberg nine sixty san francisco newsroom yeah paul that's exactly right finance minister tara also admits the staff in his office tampered with documents and that they have resigned ave also telling reporters at an investigation will continue to try to get to the bottom of says we understand we're in serious public scrutiny with regards to how something like this could have happened and the matter is currently being investigated ave saying that also should take some of the blame if not full responsibility he oh is now saying that also does not play as now planning to skip.