35 Burst results for "Lehman Brothers"

How Ami Horowitz Got Into the Business of 'Gonzo Journalism'

America First with Sebastian Gorka Podcast

01:52 min | 4 d ago

How Ami Horowitz Got Into the Business of 'Gonzo Journalism'

"Let's start at the beginning army for those who haven't caught our previous discussions here in America first. How did you get into the business of gonzo journalism? You know, it started with, I used to be an investment banker. I don't embarrass. And those kind of odd, what investment bank would hire ami Horowitz? I know it's weird. Wild, wacky stuff. What can I tell you? I worked on Lehman Brothers. So that goes to show you what they know. And one day I was actually watching a Michael Moore film bowling for Columbine and first I have seen it before. What were your politics at this point? What were you a politics army? Similar as today. My mother and my father raised me as a very serious patriot to always love this country and always defend the values of this country. That had never changed. But when I was watching this movie, boys were called by by Michael Moore, I was thinking about the United Nations and how screwed up the UN is, how it's really failed its mission around the world to protect people. And I was thinking, how do I get this message across? I was just kind of thinking about it and obsessing about it. And I looked over at the screen, I saw Michael Moore's movie as different as his politics are for mine. I realized that this was a very, very good medium. This idea of a dark documentary, a comically dark documentary, shot on location, where you can expose a particular issue. And I thought, this is my mission in life. I literally, this is a Saturday night. One day I quit my job, said, and I said, I'm going to raise money and make this movie raise several $1 million. We made this movie shot her around the world and it was a success. It was in 40 theaters around the country. And what was your background in making movies, army? I saw a bunch of movies. Does that count?

Michael Moore Ami Horowitz Lehman Brothers Army Bowling America United Nations UN
"lehman brothers" Discussed on Stansberry Investor Hour

Stansberry Investor Hour

01:48 min | Last month

"lehman brothers" Discussed on Stansberry Investor Hour

"All right. Eventually, dollars. My daughter, this morning was talking about, we don't have enough money. We need to go to the dollar store to buy the money. And I was like, it's not a bad way of thinking about what happened in the last two years with the fed going to the dollar store. That's cute. Kids. Yeah, they make it easy. Many mainstream analysts are predicting that stocks will recover soon. But I say we'll instead witness a cash frenzy, unlike we've experienced in 21 years before stocks recover. And I'm urging Americans not to buy a single stock until they see it. I predicted the Lehman Brothers crash in 2008, and I called the top of the NASDAQ in 2021. But this, this is the number one most important thing to pay attention to for 2023. And I'm not talking about another market crash or a politics or inflation or any of these other things. As all this unfolds the financial consequences of what I'm talking about could last for several decades, if you don't understand what's happening, there will be winners and losers and now is

fed Lehman Brothers
Nomuras Tim Albers Rejoins Barclays as Head of FX Strats  Structuring

Finance Magnates

04:04 min | Last month

Nomuras Tim Albers Rejoins Barclays as Head of FX Strats Structuring

"10 p.m. Friday, December 30th, 2022. Nomura's Tim Albers rejoins Barclays as head of FX strat structuring. LTP class Guatemala normal textile justify British universal bank. Barclays has. Hired Tim Albers, Nomura's former head of FX stricturing, AEJ, as its head of FX. Strats and structuring AEJ Albers left his role at Nomura after over 13 and a half years. LTP GTL TP class guitar normal quarter executive, who boasts of about 15. Years of industry experience, previously worked as a four X executive at Barclays. Capital between October 2008 and May 2009. He first joined the British company in October. 2008, after spending a year and 5 months as a Forex analyst at Lehman Brothers LTP GTL TP class guide MSO normal quat Albert joined Nomura in June 2009 as. Executive director of FX structuring and later became the executive director of FX options. Trading, Singapore, before becoming the head of FX structuring, AEJ. The executive holds a master of science degree in finance from the London school of economics and political science LTP GTL TPG GT check out the recent finance magnate summit 2022 session on what it means to hire financial professionals in today a past world LTP GTL TP class what MSO normal textile and justifiable Barclays and namier pas hires in recent months class what MSO normal quad over. The past several months, Barclays has made a number of appointments, including the ref cops dot finance magnates dot com executive asimov's Barclays Pixar river asco head off a gene quad theory. Of airflow tagged as co head of in Europe, Middle East and Africa, dot finance magnates dot com executive asimov's Ben Parkinson become as automation sale shed at Barclays subsidiary Iroquois. Promotion of Ben Parkinson will tag from managing director to head of global FinTech. An FX automation sales at Barclays corporate amp investment bank and the tahr coifs dot finance magnates dot com executive esmo chase Emma joins Barclays ashdod markets for Asia Pacific world selection. Of Hossein zamel tagged as the head of markets for the Asia Pacific region LTP GTL TP classwide MSO normal quad additionally, Nomura recently dot finance magnates dot com executive asimov's namur names Patrick's new group CEO quote. Patrick Eldridge will tagged as its new group chief information officer in a Tokyo based role. On the contrary, Ian. Daniels, a sales veteran Olaf coughed out finance magnates dot com executive essays veterani and Danielle's least namier Forbes partners quote left. Nominal tagged in late. September to join BCG partners as the global head of fenix NDF. LTP GTL TP class guite MSO normal quat meanwhile, Nomura. Singapore earlier in the year old ahrefs dot finance magnates dot com executive esmo sonami raising a pork picked anti Haas chairman quote tap pointed. Ten T whole tagged as the chairman of its board of directors. The subsidiary firm also chose how as chairman of the audit committee of Nomura, Asia Pacific holdings. House appointment came after Michael Lim stepped down from both positions LTP GTL TP class what MSO normal caught furthermore. No more dot finance magnates dot com executive asimov's namira point saying what if investment management and femara Costco feared? Robert Starkel tagged as the firm's head of investment management in the Americas earlier in the year LTP GT. This article was written by Solomon ala de popo at WWW dot finance magnates dot com.

Nomura Barclays Tim Albers Ben Parkinson British Universal Bank Aej Albers Quat Albert Fx Structuring AEJ London School Of Economics And Pixar River Asco Executive Asimov Barclays Subsidiary Iroquois Global Fintech Barclays Corporate Amp Investm Guatemala Esmo Chase Emma Joins Barclays Lehman Brothers Hossein Zamel Asia Pacific
Jim Cramer's Facebook/Meta Recommendation May Be His Dumbest Yet

The Charlie Kirk Show

01:42 min | 3 months ago

Jim Cramer's Facebook/Meta Recommendation May Be His Dumbest Yet

"From Tennessee, Charlie, I used to love Jim Cramer. I used to watch him for stock advice. Now I find him to just be nauseating. Did you see his recent tape with about Facebook? It was very funny. Yeah, look, I used to like Jim Cramer a lot too. He used to be really interesting. He used to kind of give people a window into the otherwise very complicated and private and difficult to understand Wall Street industry or the kind of the Wall Street network, if you will. And Jim Cramer always was bombastic. I mean, Jim Cramer's been wrong about a lot. I gotta be very honest. If you're taking stock advice from Jim Cramer after what he did in 2008, can we get that tape please, Ryan? When he said, you need to go buy more Lehman Brothers. Lehman Brothers are the best stock for you. Okay. When he was just going all in, I think there's a contemplation of Jim Cramer worth stock advice. The Lehman Brothers one was one of the best. It was just fantastic. He said, you want to know a rock solid company, Lehman Brothers. There's no chance Lehman Brothers would. And then recently, you remember he was talking about using the military to enforce the vaccine. He says, you know what we need? We need the military. Just get it done. We got to get that tape too. Jim Cramer going through it. And if you don't know who Jim Cramer is, he's on CNBC, mad money, obviously on Adderall. There's no question about it. A speed Adderall, whatever combination of very high intensity. Was a bear Stearns or was it, I think he was giving advice on Lehman and bear. I think he was giving advice on both. He's like, it's a great company. Got to go buy more shares. They're not going to collapse. And we all know how that worked out.

Jim Cramer Lehman Brothers Charlie Tennessee Facebook Ryan Cnbc
"lehman brothers" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

07:23 min | 4 months ago

"lehman brothers" Discussed on Bloomberg Radio New York

"Will pop up as primary concern. They listen to Sydney, RBA, blinks this morning, big, big news, about 12 hours ago, maybe off of Edward yardeni, doctor yard Danny there with a really controversial comment about a fed that has, quote, one more move left. Of course, part of the parlor game. We welcome all of you on radio and television, Lisa Bradley, and Tom hey, mister Farrell back in makeup for the next hour. Always good and important. For him, what do you think of doctor Jordan's effort there? I can say I don't think that the RBA only raised raised by 25 basis points because of what Eddie or Denny said on the show yesterday. However, I mean, I think though that there is this issue of a very different market and drawing the distinction between Australia and say the United States is going to be important for discerning the tea leaves for the Federal Reserve versus the RBA. And part of that is what we see in the fixed income market. Everybody has a lesson where they learn fixed income really, really matters for me years ago, it was when Amazon blew up and Lehman Brothers was way out front on the credit dynamics of Amazon versus all the buy only equity certitude that was out there. What is a bond market say right now about the ballet into fourth quarter? Well, there's a resetting right now as you are getting a real demand into particularly the long end into treasuries that are ten years out 30 years out. How much this really is any indication though. It goes back to something that Thompson saw us was saying that this actually is giving him some confidence in the reliability of this market not because you're going to see some constancy or lack of volatility, but because you're seeing real price discovery for the first time for decades. Maybe the zombie Ness drifts away in the bond market. Look for satoris interview out on Bloomberg digital. Right now, and this is a joy. Paul Davies is somebody, you know, he was at the journal of the FT. I was like, oh damn, I got to read this. He's now with Bloomberg opinion, and we are honored by that Paul Davies joins us. This morning, Paul, the litmus paper on CSG, and is over to bear in over to Lehman, clearly not accurate, clearly off the mark. How off the mark is it? What's the state of Credit Suisse versus our collective memories? Well, okay, so one of the simplest things I did to kind of think about this today was look at the liabilities, the kind of the funding of Credit Suisse in 2007, credit suites today and live in brothers in 2007. And that kind of helps to show you just how much things have changed. So for example, back in 2007, Credit Suisse is deposits and long-term debts was about 36% of its funding and now it's about 75%. And if you look at Lehman Brothers totally all the way around, short term funding and trading liabilities, securities, financing, all of that stuff. That was about 76% of their balance sheet at the time. So just in that very forget all of the liquidity coverage ratios and net stable funded funding ratios and CET1 ratios and all of this modern stuff, just in the simplest sense, the funding structure of banks today is completely different to how it was back in 2007 2008. So perhaps that means that Credit Suisse is in a poised for some sort of imminent swoon, but certainly the price valuation that we're getting with respect to the stock moves. And in the CDS market, our lack of faith that makes it much more difficult for credit suites to raise money effectively without further reducing their valuation. How much is this pushing Credit Suisse into some sort of acquisition sale, something that means that Credit Suisse will no longer be Credit Suisse as we know it now. Well, the preferred strategy to reshape the bank from the beginning, I think, has been to either find an injection of third party capitals and extra money just to help fund the securitized products business which they think might be more attractive to somebody else to a different owner or to find sort of assets to sell and we've had stories about how they might sell some of the wealth businesses and Latin America, for example. I mean, I don't think even when they started looking at this, they thought that capital raising was one of their first options, going straight to the equity market. And as time has gone on and as people thought about the fact that they might want to raise some capital, which at the end of the day is to speed up the restructuring. It's not to kind of solve problems that they have today. It's to allow them to restructure faster. As people have thought about the fact that that might happen, that's just hurt the shares more and they're now like, what, 20% of book value, they're just in no position really to do it. I mean, they would have to be really desperate to come to the market at this point. We were talking just now about the distinction between Australia's Central Bank and the U.S. Central Bank. What is the distinction between Credit Suisse and Europe European banking at large? This question of is it just an idiosyncratic moment or is it representative of further problems in the face of a tumultuous market and economy? Well, I don't know, that's a tricky question. I mean, I guess the main difference between you and you think of like the big German banks where the returns of the kind of ordinary lending and retail business that they do at home have consistently been very, very low for a very long time. And that's always made things like Deutsche Bank and comets bank much, much harder to turn around a much, much harder to investors to see as something very promising in the future. I have great Paula Davos asking these questions to banker types. When did the European banks merge cross border? Do you see any cultural newness to the idea finally? We'll get like what we saw with Fortis a million years ago. I mean, I guess that deal was born out of a different time. The problem is, is that European banking markets just don't work in a fluid way. It's not really a single market. It's very, very difficult to put a bunch of retail banks together across Europe and turn them into a single bank that has real synergies and real savings and really kind of boosts the returns that you can get from it. Paul, thank you so much, Paul Davies writing for Bloomberg opinion. Spectacular essay on credit suites, he says, calm down everyone, mister Davies, of course, with decades of experience there. And as well, at least with stagger to 10 a.m., let us review jolts, which is a real measurement two ways of the jobs market, unlike claims, it's a two way study. How much are companies posting openings? How much they need to employees. And what we've seen anecdotally is that a lot of companies are still hiring. Some are freezing, right? You see that from Facebook's parent company meta, they plan to be a smaller company next year. You hear this from a lot of companies. But on the peripheries, you're still getting a lot of postings and I go back to July, we actually saw an increase on a month over month basis. With the pandemic and with the shock of the fiscal impulse in a savings rate, which is depleted, I get that and all that, it's just absolutely original labor analysis into Friday's jobs report. I mean, this is completely original from anything I've seen. There have been a lot of people who've retired. There are a lot of people who are out of work because of long COVID. The uncertainties, the vagaries that are hitting all of these companies, having to be translated into some kind of policy by the fed is not an easy task. The retiree is going to go back to work. Now the COVID drifts away. I mean, a lot of people retired. So we'll see

Credit Suisse Lehman Brothers Paul Davies RBA Edward yardeni yard Danny Lisa Bradley mister Farrell Bloomberg digital journal of the FT. Suisse Amazon Denny Bloomberg Eddie Australia
"lehman brothers" Discussed on The Breakdown

The Breakdown

08:03 min | 4 months ago

"lehman brothers" Discussed on The Breakdown

"The show. It's worth taking a minute to ask why we actually even care about Credit Suisse. The company is classified as a globally systematic important bank by the financial stability board. It is classified at level one, which is the same as BNY Mellon. There are 12 banks classified at higher levels considered more important to the global financial system. These classifications require banks that could cause global contagion to hold additional capital buffers, an extra 1% in the case of Credit Suisse. The point of this is that the contagion risk is real. It has been designated as real if there are major problems at Credit Suisse. Another point of concern is that these globally important banks are much larger than they were in 2007. As the banking sector has significantly consolidated since then. When Lehman Brothers collapsed it had only 600 billion in assets under management. Credit Suisse today has around 1.6 trillion. The last few years have also been rough for Credit Suisse. The main problem has been horrendously bad losses for its investment banking division. Credit Suisse lost 5.5 billion after arca's capital blew up in June 2021. Defaulting on debt so to the bank. It had also funded greensill, a scandal ridden logistics financing company which collapsed in April 2021, which caused the loss of 1.7 billion to bank clients. The loss of reputation though was the most concerning part of the greensville collapse. The bank had sold greensill's debt to wealth management clients who now face a multiyear legal battle to claim repayment. The bank is also faced legal troubles and regulatory action. Between 2012 and 2016, the banks sold $1.3 billion worth of tuna bonds for the republic of Mozambique for critical infrastructure. It was later revealed that the financing involved a 130 $7 million kickback program to bankers and corrupt officials. The bank was fine more than 450 million by U.S. and UK regulators and decided to forgive $200 million worth of debt in exchange for lighter sentencing. Important to note, the legal problems surrounding these things, especially greensill and arcades, are ongoing, which means we can expect more repercussions in the years to come. To this end, the bank is increased litigation provisions in its reporting for the last two quarters to over 700 million. In the face of this pile of scandals, both the chairman and CEO have resigned over the last year. This was the second CEO to depart the bank in two years with the previous executive being implicated in a corporate espionage scandal where former employees were surveilled as they attempted to move on with their careers at other institutions. The most recent CEO resigned after quarter two earnings for this year reported a significant $1.6 billion loss for the quarter. And speaking of, let's turn now to the numbers on their actual books. Crypto merley and did a threat about this, writing? It's Credit Suisse and solvent? Taking a look at their Q two report, the best indicator of short term liquidity is their LCR. Looks pretty healthy at 203%, but might not tell the whole picture. In the three months since, markets have been pretty volatile, but overall are lower than they were at June ME. The LCR is a weak metric in some regards, the outflows on committed facilities, for example, are much lower than has been seen in reality. On top of this, the Swiss regulator holds its two largest banks to a higher standard. They're not expected to have an LCR of 100%, but more like 140%. Looking at the impact of arcades, for example, this had the double impact of reducing HQLA, but also blowing up contingent outflows on derivatives collateral. So if you smaller versions of this could cause issue. So it may be that they are not actually insolvent, but they are in breach of or close to their regulatory limits and currently in crisis mode trying to resolve that problem. Others on Finn twit noted that Credit Suisse has around a 160 billion in cash, 400 billion in at call liabilities, meaning they can be redeemed at will by clients, 900 billion in leverage exposure to derivatives markets, and 40 billion in equity at book value. That is actually dramatically reduced and is currently worth about 10 billion in markets. But as we heard before, while these numbers sound alarming, especially with that gigantic amount of outstanding derivatives exposure, banks capital adequacy remains at 13.5%, which is well above the 8% standard international regulatory requirement. In other words, this is an entirely different situation to the pre GFC era where capital adequacy below 5% was common and where Lehman Brothers was at a reported 3.1% when it hit problems. This has led to some saying that the narrative on FinTech is just wrong. Paul J Davies from Bloomberg opinion wrote a piece today called no Credit Suisse isn't on the brink. He writes, Credit Suisse is in a tight spot, but it isn't on the brink as the fever typists of social media imagined over the weekend. This was bank, however, is going through its darkest hours at exactly the worst time. When markets are volatile and everyone is nervous about what's around the corner. Disappointment is still more likely than disaster. Financial markets aren't getting any friendlier. The quicker that credit Suisse's board can complete its strategic plan and end the uncertainty, the better. Now broadening this out a little bit, someone Finn twit noted that it wasn't just CS. Alistair MacLeod wrote, Credit Suisse is not the only major bank whose price to book is flashing warning signals. He then shared a list of globally systematically important banks, with price to book of under 40%. And said, a failure of one of them is likely to call the survival of the others into question. Txi trades wrote, seeing the chatter in my feet about Credit Suisse feels like one of those moments where Finn Twitter has sniffed out a big problem long before the broader media catches on. Michael gaye of lead lag report writes, look at the chart of Credit Suisse and tell me again, we aren't in for another financial crisis. Look at the chart of long government bonds and tell me again we aren't in for another financial crisis. We are way past an inflation crisis. This is now a credit crisis. The happy Hawaiian wrote, the Credit Suisse CDS explosion to a level above 2008 doesn't mean they're going bankrupt. It means they're going bankrupt if central banks continue to be hawkish. So the fed and ECB have the choice. Pivot or destroy a global systemically important bank. Still at the end of the day, many were quick to remind that there are dangers and overly relying on old narratives. Guy la basse writes, everyone on Finn twit seems busy this morning fighting the last battle. So let me point out the 2008 can not happen again in the same way because one counterparty risk hedging regulation to central banks and governments are more aware of banking interconnectedness, three bank capital is way higher, which isn't to say that a bank couldn't fail, just that the risk of systemic failure from counterparty risk is not a significant worry. Joseph Wang said if a major financial institution were in danger, the government would step in and bail it out. Thinking Lehman is fighting the last war. Indeed, many ultimately when all was said and done, think that Finn twits excitement about this was really just about their desperation for the fed's hand to be forced to a pivot. Tarek brooker writes a scenario. Major global investment bank goes bust, gets spelled out with highly targeted assistance. No Lehman moment equals no mass QE. Market sees no boost from intervention beyond initial euphoria and disappointment that the liquidity tap remains a trickle. So if things aren't like 2000 8, what is likely to happen next? Lin Alden tried to take this on in one tweet. Seeing lots of social media chatter about bank contagion, so I'll retweet this here. The bigger economic and financial issues here in 2022 are centered in sovereign bonds, currencies and energy. They're not centered primarily in banks like 2000 8, except for some areas. To be clear, the riskiest banks are indeed vulnerable as they are in every recession, especially in parts of Europe, and especially for common shareholders. I'm talking about the banking system as a whole and about where the core issues are, which are different than 2008. Lightning rarely strikes the same place twice, especially because protection gets put on what was struck. So where I think we're left is that something is clearly going on with credit Suisse that the company has to address. And that's something isn't just about market volatility, although that's not helping things. But when it comes to what it means for markets more broadly, I think that's a lot less clear. Certainly it's something we're going to be debating all week. So I look forward to keeping you up to speed. For now I want to say thanks again to my sponsors next to IO, circle and FTX, and thanks to you guys for listening. Until tomorrow be safe and take care of each other. Peace. I want to tell you about coin desk's new event. The investing in digital enterprises and asset summit or ideas. The event facilitates capital flow and market growth by connecting the digital economy with traditional finance. Join coindesk October 18th and 19th in New York City for a 360° investment experience, where you can source invest and secure the next big deal in digital assets. Use code breakdown 20 for 20% off a general pass. You can register today at coin desk dot com slash ideas.

Credit Suisse Finn twit BNY Mellon Lehman greensill republic of Mozambique financial stability board Swiss regulator
"lehman brothers" Discussed on The Breakdown

The Breakdown

07:37 min | 4 months ago

"lehman brothers" Discussed on The Breakdown

"By nexo IO, circle, and FTX, and produced and distributed by coindesk. What's going on guys? It is Monday, October 3rd, and today we are talking about Credit Suisse. Before we dive into that, however, if you are enjoying the breakdown, please go subscribe to it, give it a rating, give it a review or if you want to dive deeper into the conversation, come join us in the breaker's Discord. You can find a link in the show notes or go to bit dot LY slash breakdown pod. All right folks, well, listen. This weekend, we were gone at a wedding, and I was basically completely off Twitter. But even through that, it was impossible not to notice everyone on fin twit screaming about Credit Suisse. So today we're going to look at what the hell was actually going on and what it means for markets in the broader economy. Early on Saturday morning, ABC Australia, the state news company, published an article about the crisis in the UK bond market and potential systemic weaknesses in the global financial system. This was to be clear a fairly standard article, similar to a hundred others from last week. What sparked the subsequent panic was the accompanying tweet from the reporter, seemingly based on an anonymous quote and narrative angle that didn't make it into the article itself. Quote, credible source tells me a major international investment bank is on the brink. By Saturday afternoon, the Finn twit do machine was in full swing, pushing the narrative through news aggregators as credible source as a major international investment bank on the brink. ABC Australia. In other words, making it seem that the national news service had lent credibility to the quote. Although no bank had been named at that point, the online consensus immediately jumped to the conclusion that Credit Suisse was the bank in question. As the story developed reporting by Reuters the previous day resurfaced to give additional context and quotes. On Friday, credits we CEO Ulrich corner sent a memo to staff saying, I know it's not easy to remain focused amid the many stories you read in the media. In particular, given the many factually inaccurate statements being made. That said, I trust you are not confusing our day to today stock price performance with a strong capital base and liquidity position of the bank. Additional comments in the memo said that the bank was at a quote critical moment ahead of a restructuring plan to be announced on October 27th. Team leaders at the bank apparently were working the phones all weekend to reassure clients, counterparties, and investors about the bank's capital and liquidity. Back on Twitter, meanwhile, Finn to it was totally focused on market signals. The most obvious market signal was around credit default swaps or CDS. These financial instruments function as insurance in case of default on bonds. The higher the perceived risk of default, the higher the cost of a CDS. On Friday, Credit Suisse CDS closed near levels reached at their peak during the 2008 crisis. They've been steadily rising over the course of the year and particularly rapidly over the last three months. The other market signal people were looking at is stock price. Credit Suisse equity has also been taking a beating recently. Their stock had fallen by more than 20% in a day on the Friday before last, from CHF 5 to below four. The stock is down 55% for the year and has been on a slow march downward since its post GFC high of CHF 52 at the end of 2009. On October 1st, Wall Street silver tweeted, Credit Suisse is probably going bankrupt. The collapse in Credit Suisse share prices of great concern. From 1490 in February 2021 to three 90 currently. And with price to book ratio at 0.22, markets are saying it's insolvent and probably bust. 2008 moment soon, systemic bank risk. Ben woodman at Waterloo capital management rights, credit Suisse's 5 year credit default swap spreads are approaching 2000 8 levels. The time of the global financial crisis. Markets are sensing a lot of risk in CS and Europe generally. And let's capital rights either credit Suisse or Deutsche Bank or both are on the brink of failing. CS seems more imminent based on CDS blowing out, but that unregulated $30 trillion derivative book at DB could blow the entire financial system up as contagion spreads. Holger shape its rights, oops, credits we CEO seeks to calm as default swaps near 2009 level. Cornered out strong capital after shares touched new low. The cost of ensuring banks bonds against default climbed about 15% last week. Markets priced default probability at 20%. These are just a few examples of the dominant narrative. But it wasn't the only narrative. But as Weinstein, the founder of Saba capital management wrote, oh my, this feels like a concerted effort at scaremongering. In 2011, 2012, Morgan Stanley CDS was twice as wide as Credit Suisse's today. Take a deep breath guys. So let's try to get a slightly more dispassionate summary. Alex goode wrote a long viral threat about this, saying Credit Suisse, below I will summarize what has happened and what I think the implications are. Credit Suisse options price and explosive equity move over the next three months. Implied volatility of 61 at decade highs imply moves two X times U.S. financials. Bonds in CDS paint a similar story. CDS are a bit hard to understand, so instead I'll focus on the bonds. The 20 25 Credit Suisse bonds trade at 6.4%. Compare this, for example, to Ukraine 2025 debt trading at 67%. Talk about Ukraine debt default makes sense. Siesta default, less so. CS bonds are not pricing a pending credit event because as of the July quarter, CS's CET1 capital adequacy was at 13.5%. Within the bank's own target and well above the 8% international regulatory requirement or the 10% Swiss hurdle. In the pre O 8 era sub 5% CET ones were common. That said, corners Friday comments, quote, no doubt there will be more noise in the markets, and in the press between now and the end of October. All I can tell you is to remain disciplined and stay as close as ever to your clients. Did not sound great for equity holders. CS results have four levers. A, a Swiss bank and wealth arm serving rich folk doing great. B, an investment bank that's losing share with no prime brokerage due to Bill Wang's blow up. C, big legal liability and fines from B, D, a flailing fund distribution suite. The drop in Sia's stock price has coincided with declining earnings expectations. CS price to book is similar to Deutsche Bank or one 6th of JPM's and one third of HSBC's. Good goes on then to get deep into the company. He talks about their wealth management business. He talks about the $5.5 billion blow up based on Bill Wang's arca goes from last year, and so on and so forth. In total, he says, that leaves a pretty nasty setup to the Q three plan announcement later this month. The leveraged finance group probably lost even more money and other banks won't have risk appetite for a structured products group given what's happening in mortgages and other credit markets. Am I jumping up and down to fade the CS panic? No. Is it Lehman? No. Lehman was the cause, CS is a casualty. Could the stock go to zero because it bond market liquidity issues compounding its asset sale plan? Yes, which is probably relevant to the financial stability narrative. Want to keep more profits when trading? Get the best possible prices and trade with 50% lower fees on nexo pro. The new spot and futures trading platform uses aggregated liquidity of over 3000 order books collected from multiple sources. Utilizing the complete nexo suite allows you to earn interest and borrow funds as you wait for the next trade setup. Visit pro nexo dot IO. That's PRO dot NEX O dot IO and sign up today. The breakdown is sponsored by FTX U.S. FTX U.S. is the safe regulated way to buy and sell Bitcoin and other digital assets. With up to 85% lower fees than competitors. There are no fixed minimum fees, no ACH transaction fees, and no withdrawal fees. One of the largest exchanges in the U.S. FTX U.S. is also the only leading exchange that supports both Ethereum and

CS coindesk national news service CEO Ulrich corner ABC Suisse equity Ben woodman Waterloo capital management ri Australia Twitter Saba capital management Bill Wang Morgan Stanley CDS Alex goode
"lehman brothers" Discussed on CoinDesk Podcast Network

CoinDesk Podcast Network

05:50 min | 4 months ago

"lehman brothers" Discussed on CoinDesk Podcast Network

"As a globally systematic important bank by the financial stability board. It is classified at level one, which is the same as BNY Mellon. There are 12 banks classified at higher levels considered more important to the global financial system. These classifications require banks that could cause global contagion to hold additional capital buffers, an extra 1% in the case of Credit Suisse. The point of this is that the contagion risk is real. It has been designated as real if there are major problems at Credit Suisse. Another point of concern is that these globally important banks are much larger than they were in 2007. As the banking sector has significantly consolidated since then. When Lehman Brothers collapsed it had only 600 billion in assets under management. Credit Suisse today has around 1.6 trillion. The last few years have also been rough for Credit Suisse. The main problem has been horrendously bad losses for its investment banking division. Credit Suisse lost 5.5 billion after arca's capital blew up in June 2021. Defaulting on debt so to the bank. It had also funded greensill, a scandal ridden logistics financing company which collapsed in April 2021, which caused the loss of 1.7 billion to bank clients. The loss of reputation though was the most concerning part of the greensville collapse. The bank had sold greensill's debt to wealth management clients who now face a multiyear legal battle to claim repayment. The bank is also faced legal troubles and regulatory action. Between 2012 and 2016, the banks sold $1.3 billion worth of tuna bonds for the republic of Mozambique for critical infrastructure. It was later revealed that the financing involved a 130 $7 million kickback program to bankers and corrupt officials. The bank was fine more than 450 million by U.S. and UK regulators and decided to forgive $200 million worth of debt in exchange for lighter sentencing. Important to note, the legal problems surrounding these things, especially greensill and arcades, are ongoing, which means we can expect more repercussions in the years to come. To this end, the bank is increased litigation provisions in its reporting for the last two quarters to over 700 million. In the face of this pile of scandals, both the chairman and CEO have resigned over the last year. This was the second CEO to depart the bank in two years with the previous executive being implicated in a corporate espionage scandal where former employees were surveilled as they attempted to move on with their careers at other institutions. The most recent CEO resigned after quarter two earnings for this year reported a significant $1.6 billion loss for the quarter. And speaking of, let's turn now to the numbers on their actual books. Crypto merley and did a threat about this, writing? It's Credit Suisse and solvent? Taking a look at their Q two report, the best indicator of short term liquidity is their LCR. Looks pretty healthy at 203%, but might not tell the whole picture. In the three months since, markets have been pretty volatile, but overall are lower than they were at June ME. The LCR is a weak metric in some regards, the outflows on committed facilities, for example, are much lower than has been seen in reality. On top of this, the Swiss regulator holds its two largest banks to a higher standard. They're not expected to have an LCR of 100%, but more like 140%. Looking at the impact of arcades, for example, this had the double impact of reducing HQLA, but also blowing up contingent outflows on derivatives collateral. So if you smaller versions of this could cause issue. So it may be that they are not actually insolvent, but they are in breach of or close to their regulatory limits and currently in crisis mode trying to resolve that problem. Others on Finn twit noted that Credit Suisse has around a 160 billion in cash, 400 billion in at call liabilities, meaning they can be redeemed at will by clients, 900 billion in leverage exposure to derivatives markets, and 40 billion in equity at book value. That is actually dramatically reduced and is currently worth about 10 billion in markets. But as we heard before, while these numbers sound alarming, especially with that gigantic amount of outstanding derivatives exposure, banks capital adequacy remains at 13.5%, which is well above the 8% standard international regulatory requirement. In other words, this is an entirely different situation to the pre GFC era where capital adequacy below 5% was common and where Lehman Brothers was at a reported 3.1% when it hit problems. This has led to some saying that the narrative on FinTech is just wrong. Paul J Davies from Bloomberg opinion wrote a piece today called no Credit Suisse isn't on the brink. He writes, Credit Suisse is in a tight spot, but it isn't on the brink as the fever typists of social media imagined over the weekend. This was bank, however, is going through its darkest hours at exactly the worst time. When markets are volatile and everyone is nervous about what's around the corner. Disappointment is still more likely than disaster. Financial markets aren't getting any friendlier. The quicker that credit Suisse's board can complete its strategic plan and end the uncertainty, the better. Now broadening this out a little bit, someone Finn twit noted that it wasn't just CS. Alistair MacLeod wrote, Credit Suisse is not the only major bank whose price to book is flashing warning signals. He then shared a list of globally systematically important banks, with price to book of under 40%. And said, a failure of one of them is likely to call the survival of the others into question. Txi trades wrote, seeing the chatter in my feet about Credit Suisse feels like one of those moments where Finn Twitter has sniffed out a big problem long before the broader media catches on. Michael gaye of lead lag report writes, look at the chart of Credit Suisse and tell me again, we aren't in for another financial crisis. Look at the chart of long government bonds and tell me again we aren't in for another financial crisis. We are way past an inflation crisis. This is now a credit crisis. The happy Hawaiian wrote, the Credit Suisse CDS explosion to a level above 2008 doesn't mean they're going bankrupt. It means they're going bankrupt if central banks continue to be hawkish. So the fed and ECB have the choice. Pivot or destroy a global systemically important bank. Still at the end of the day, many were quick to remind that there are dangers and overly relying on old narratives. Guy la basse writes, everyone on Finn twit seems busy this morning fighting the last battle. So let me point out the 2008 can not happen again in the same way because one counterparty risk hedging regulation to central banks and governments are more aware of banking interconnectedness, three bank capital is way higher, which isn't to say that a bank couldn't fail, just that the risk of systemic failure from counterparty risk is not a significant worry. Joseph Wang said if a major financial institution were in danger, the government would step in and bail it out. Thinking Lehman is fighting the last war.

Credit Suisse BNY Mellon Finn twit greensill republic of Mozambique financial stability board Lehman Brothers Swiss regulator arca
"lehman brothers" Discussed on CoinDesk Podcast Network

CoinDesk Podcast Network

05:00 min | 4 months ago

"lehman brothers" Discussed on CoinDesk Podcast Network

"Price performance with a strong capital base and liquidity position of the bank. Additional comments in the memo said that the bank was at a quote critical moment ahead of a restructuring plan to be announced on October 27th. Team leaders at the bank apparently were working the phones all weekend to reassure clients, counterparties, and investors about the bank's capital and liquidity. Back on Twitter, meanwhile, Finn to it was totally focused on market signals. The most obvious market signal was around credit default swaps or CDS. These financial instruments function as insurance in case of default on bonds. The higher the perceived risk of default, the higher the cost of a CDS. On Friday, Credit Suisse CDS closed near levels reached at their peak during the 2008 crisis. They've been steadily rising over the course of the year and particularly rapidly over the last three months. The other market signal people were looking at is stock price. Credit Suisse equity has also been taking a beating recently. Their stock had fallen by more than 20% in a day on the Friday before last, from CHF 5 to below four. The stock is down 55% for the year and has been on a slow march downward since its post GFC high of CHF 52 at the end of 2009. On October 1st, Wall Street silver tweeted, Credit Suisse is probably going bankrupt. The collapse in Credit Suisse share prices of great concern. From 1490 in February 2021 to three 90 currently. And with price to book ratio at 0.22, markets are saying it's insolvent and probably bust. 2008 moment soon, systemic bank risk. Ben woodman at Waterloo capital management rights, credit Suisse's 5 year credit default swap spreads are approaching 2000 8 levels. The time of the global financial crisis. Markets are sensing a lot of risk in CS and Europe generally. And let's capital rights either credit Suisse or Deutsche Bank or both are on the brink of failing. CS seems more imminent based on CDS blowing out, but that unregulated $30 trillion derivative book at DB could blow the entire financial system up as contagion spreads. Holger shape its rights, oops, credits we CEO seeks to calm as default swaps near 2009 level. Cornered out strong capital after shares touched new low. The cost of ensuring banks bonds against default climbed about 15% last week. Markets priced default probability at 20%. These are just a few examples of the dominant narrative. But it wasn't the only narrative. But as Weinstein, the founder of Saba capital management wrote, oh my, this feels like a concerted effort at scaremongering. In 2011, 2012, Morgan Stanley CDS was twice as wide as Credit Suisse's today. Take a deep breath guys. So let's try to get a slightly more dispassionate summary. Alex goode wrote a long viral threat about this, saying Credit Suisse, below I will summarize what has happened and what I think the implications are. Credit Suisse options price and explosive equity move over the next three months. Implied volatility of 61 at decade highs imply moves two X times U.S. financials. Bonds in CDS paint a similar story. CDS are a bit hard to understand, so instead I'll focus on the bonds. The 20 25 Credit Suisse bonds trade at 6.4%. Compare this, for example, to Ukraine 2025 debt trading at 67%. Talk about Ukraine debt default makes sense. Siesta default, less so. CS bonds are not pricing a pending credit event because as of the July quarter, CS's CET1 capital adequacy was at 13.5%. Within the bank's own target and well above the 8% international regulatory requirement or the 10% Swiss hurdle. In the pre O 8 era sub 5% CET ones were common. That said, corners Friday comments, quote, no doubt there will be more noise in the markets, and in the press between now and the end of October. All I can tell you is to remain disciplined and stay as close as ever to your clients. Did not sound great for equity holders. CS results have four levers. A, a Swiss bank and wealth arm serving rich folk doing great. B, an investment bank that's losing share with no prime brokerage due to Bill Wang's blow up. C, big legal liability and fines from B, D, a flailing fund distribution suite. The drop in Sia's stock price has coincided with declining earnings expectations. CS price to book is similar to Deutsche Bank or one 6th of JPM's and one third of HSBC's. Good goes on then to get deep into the company. He talks about their wealth management business. He talks about the $5.5 billion blow up based on Bill Wang's arca goes from last year, and so on and so forth. In total, he says, that leaves a pretty nasty setup to the Q three plan announcement later this month. The leveraged finance group probably lost even more money and other banks won't have risk appetite for a structured products group given what's happening in mortgages and other credit markets. Am I jumping up and down to fade the CS panic? No. Is it Lehman? No. Lehman was the cause, CS is a casualty. Could the stock go to zero because it bond market liquidity issues compounding its asset sale plan? Yes, which is probably relevant to the financial stability narrative. Want to keep more profits when trading? Get the best possible prices and trade with 50% lower fees on nexo pro. The new spot and futures trading platform uses aggregated liquidity of over 3000 order books collected from multiple sources.

credit Suisse Suisse equity Ben woodman Waterloo capital management ri Saba capital management Morgan Stanley CDS Alex goode Deutsche Bank Finn Bill Wang Holger
"lehman brothers" Discussed on CoinDesk Podcast Network

CoinDesk Podcast Network

02:07 min | 4 months ago

"lehman brothers" Discussed on CoinDesk Podcast Network

"Welcome back to the breakdown with me and I'll W it's a daily podcast on macro Bitcoin and the big picture power shifts remaking our world. The breakdown is sponsored by nexo IO, circle, and FTX, and produced and distributed by coindesk. What's going on guys? It is Monday, October 3rd, and today we are talking about Credit Suisse. Before we dive into that, however, if you are enjoying the breakdown, please go subscribe to it, give it a rating, give it a review or if you want to dive deeper into the conversation, come join us in the breaker's Discord. You can find a link in the show notes or go to bit dot LY slash breakdown pod. All right folks, well, listen. This weekend, we were gone at a wedding, and I was basically completely off Twitter. But even through that, it was impossible not to notice everyone on fin twit screaming about Credit Suisse. So today we're going to look at what the hell was actually going on and what it means for markets in the broader economy. Early on Saturday morning, ABC Australia, the state news company, published an article about the crisis in the UK bond market and potential systemic weaknesses in the global financial system. This was to be clear a fairly standard article, similar to a hundred others from last week. What sparked the subsequent panic was the accompanying tweet from the reporter, seemingly based on an anonymous quote and narrative angle that didn't make it into the article itself. Quote, credible source tells me a major international investment bank is on the brink. By Saturday afternoon, the Finn twit do machine was in full swing, pushing the narrative through news aggregators as credible source as a major international investment bank on the brink. ABC Australia. In other words, making it seem that the national news service had lent credibility to the quote. Although no bank had been named at that point, the online consensus immediately jumped to the conclusion that Credit Suisse was the bank in question. As the story developed reporting by Reuters the previous day resurfaced to give additional context and quotes. On Friday, credits we CEO Ulrich corner sent a memo to staff saying, I know it's not easy to remain focused amid the many stories you read in the media. In particular, given the many factually inaccurate statements being made. That said, I trust you are not confusing our day to today stock

"lehman brothers" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

07:59 min | 6 months ago

"lehman brothers" Discussed on Bloomberg Radio New York

"In 2012. The crisis started with the subprime in 2011, then with Lehman Brothers in 2008, and then in 2010 and with the strain and Italian crisis 2011. And I was at the helm of the ECB during all those periods, and we had to take very, very tough decision, as well as the decision which were taken by my successor that you referred to. But we could protect the Euro area through various very bold endeavor, including the securities market program, the SMP that we started in 2010 to I would say cope with the problem that gig, Greece, Ireland and the Portugal had, in 2011, with the problem that Italy and Spain had, and it was so grave and so dramatic that I had to write two letters to the prime minister of Spain and Italy to tell them we are in a dramatic situation. We help you. We purchased treasuries on the secondary market, but you have to help yourself in order to cope with the crisis. So you see, the OMT, which was the new program, substituting to the SMP securities market program, the outright program of the Mario Draghi at the helm of the ECB was something which was extraordinarily important because we needed again the S&P having been interrupted to have a new way to cope with the dramatic crisis that the sovereign risk had took up with in Europe. The UNT work extremely well and I would say the UNT is still there. It didn't have to function. It was a formidable deterrent. So the reason why I mentioned that is that there is something like some kind of mistake, which is made by some market participants and some observers, the UNT being still there and the deterrent of being still there. It's out of question to speak of the possible dismantling of the possible major difficulty. What had worked in 2012 and after should work now, but on top of that, the ECB embarked on a very, very wise in my opinion, new scheme, which is called transmission protection instrument. Maybe we could go back to that, which adds to the OMT, something which looks very much by the way, like the securities market program that I decided in my time. But we will see exactly how it works, but I was very happy that the TPI had a unanimity of the governing. Have a look around your home because your home feel you or does it feel you ten years ago. Maybe it's time to update your home with a fresh coat of beer, premium plus interior paint. Today, make your home feel more you, bear the most trusted brand, ranked most trusted paint brand based on the 2022 life story research study. To decide upon and that is something which I consider very, very important because unanimity of the governing council in some dedicate, I would say, episodes is very important. Yeah, it's a really interesting to talk about the evolution of that because of course it was part of the evolution of the institution of the European Central Bank as well to come up with these new tools to tackle the crises as they arose. What do you think is the legacy of all of that now? What you built and then was followed on by Mario Draghi has now of course been taken on by Christine Lagarde, she's facing a whole new range of challenges with record inflation in the Eurozone and the energy crisis that we've been talking about. What that groundwork that was laid is that still as strong today well, as regards the X differential threat of the Euro area, which is still in the mind of some market participants or observers or economists, I think that it's really over. We proved that we could go through a succession of terrible crisis subprime and brother and you name it. And we succeeded. So the problem is much more. What do you do? Now that you have inflation, so you are in totally different universe and to global level. We had an inflection point that started at the beginning of the present year. And that inflection point is observed in all the global economy in all countries in all continents. So that, of course, is a new challenge of extreme importance and on top of that, you have all elements that are adverse to Europe, including, of course, war in Ukraine, war in Ukraine is European war first. Second, it is touching the I would say price of gas and oil, but gas in particular very, very heavily, and this is much more dramatic for Europe than for the U.S.. So we are in a special case, and it calls upon all participants governments, parliaments, and of course the ECB to be up to the challenges. I take it that the last decision they took was good one, right one, appropriate one with a consensus to increase rate by 50 basis points at the unanimity to embark on the transmission protection instrument. Have they still got the power to convince markets, though, as you say, the existential question is saddles about the Euro now for most market participants, the promising of this anti fragmentation tool was such an important moment for the markets. Does that power of rhetoric still exist in the European Central Bank to be able to drive markets ahead of being able to roll out the details of this tool as we saw in this case? But let's reflect a little bit. If we were in a dramatic situation, the OMT, which it was so powerful that its deterrent suffice without being activated, which still be there. So I think that we should not confuse the issues. The issue at stake is for the ECB to be sure that each monetary policy transmission is done as correctly as possible, knowing that in any case, if there was unleashing of speculation of abnormal speculation, then the OMT is there. But I think that the transmission protection instrument, which was decided unanimously by the council, is correct instrument in cases you have abnormal tensions in the eyes of the ECB, but also abnormal tensions objectively because the country itself would do what is required by the circumstances. From that standpoint, I think it was right to have some criteria for eligibility. Given the gravity of the situation we're talking about, you know, Russia scaling back, gas supply to Europe, does the ECB need to go further still and does it have the power to tackle inflation? Well, all taken into account the ECB was given the responsibility, I would say, main responsibility, do you according to the treaty to

ECB UNT Mario Draghi Spain Italy Lehman Brothers Europe Portugal TPI Greece Christine Lagarde Ireland Ukraine S OMT U.S. Russia
"lehman brothers" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

03:13 min | 6 months ago

"lehman brothers" Discussed on Bloomberg Radio New York

"And services and I have to talk a little bit about your growth rate. You began with $54 million all in your 8 billion in assets totally, obviously a lot of that is not just growth, but new investors coming along. But still, that's a PE company. Alpine is really seen quite a corporate growth trajectory. Tell us what led to this success rate. Yeah, so when the recession hit, we were not well positioned. Now, when you say recession, because some of our audiences, you know, older than 25, I'm assuming you mean O 8 O 9. Crisis. Okay. Not the one in 2020. And not the one that maybe happens sometime in 2022. And certainly not 2000. That's right. So the great financial crisis, so great financial crisis happens, we invested the last dollar from our third fund two weeks before two weeks before Lehman Brothers blew up. Wow. And so we were out of money. And it took us forever to raise the next fund. But that period where we didn't have any money, turned out to be the most important period for us. Why? Because we started deciding we were going to look at our own business, you know, kind of like rather than working in the business we're going to start working on our business. So I hired an executive coach. Really? And he really helped me kind of redefine the business that I truly was in, which I'll come back to. We hired a consulting and coaching firm for our whole organization. And so we really started doing some soul searching for lack of a better word. And then, and from that, we really changed our strategy and developed kind of a new playbook. So let me interrupt you there because you raised something that I'm fascinated by. So first, what leads you to say, we need a pro to come in and show us how to do this. And second, how do you even go about finding an executive coach? That sounds like, man, that's a consulting field fraught with, you know, let's be polite and just say high risks. Yeah, it's a great question. And I am a huge fan of executive coaching. I have had a coach since 2009. I've talked to a coach every week or every other week since O 9. No kidding. And we at Alpine have 23 coaches that are part of our ten 99 folks, but they're part of our ecosystem that's available to our people at Alpine and our executives. So I'm just a huge fan of coaching. And basically what I love about coaching is you create space away from the busyness of the day to day and you ask yourself a bunch of really important questions, what do I want? What success look like? What do I want to what's a 5 year plan look like? And you actually have to really burn some energy and some thinking time thinking about those answers, which are really hard answers. Which most of us never spend time thinking about. Was it just in the midst of the crash and recession that you said, hey, maybe we just need a little help. We're not, we don't have the

Alpine Lehman Brothers
"lehman brothers" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

03:13 min | 7 months ago

"lehman brothers" Discussed on Bloomberg Radio New York

"And services and I have to talk a little bit about your growth rate. You began with $54 million all in your 8 billion in assets totally, obviously a lot of that is not just growth, but new investors coming along, but still, that's a, as an PE company, Alpine is really seen quite a corporate growth trajectory. Tell us what led to this success rate. Yeah, so when the recession hit, we were not well positioned. We did. Now, when you say recession, because some of our audiences, you know, older than 25, I'm assuming you mean O 8 O 9. Crisis. Okay. Not the one in 2020 and not the one that maybe happens sometime in 2022. And certainly not 2000. That's right. So the great financial crisis. So great financial crisis happens. We invested the last dollar from our third fund two weeks before two weeks before Lehman Brothers blew up. Wow. And so we were out of money. And it took us forever to raise the next fund. But that period where we didn't have any money turned out to be the most important period for us. Why? Because we started deciding we were going to look at our own business, kind of like rather than working in the business we're going to start working on our business. So I hired an executive coach. Really? And he really helped me kind of redefine the business that I truly was in, which I'll come back to. We hired a consulting and coaching firm for our whole organization. And so we really started doing some soul searching for lack of a better word. And then from that, we really changed our strategy and developed kind of a new playbook. So let me interrupt you there because you raised something that I'm fascinated by. So first, what leads you to say, we need a pro to come in and show us how to do this. And second, how do you even go about finding an executive coach? That sounds like, man, that's a consulting field fraught with, you know, let's be polite and just say high risks. Yeah, it's a great question. And I am a huge fan of executive coaching. I have had a coach since 2009. I've talked to a coach every week or every other week since O 9. No kidding. And we at Alpine have 23 coaches that are part of our, there are ten 99 folks, but they're part of our ecosystem that's available to our people at Alpine and our executives. So I'm just a huge fan of coaching. And basically what I love about coaching is you create space away from the busyness of the day to day and you ask yourself a bunch of really important questions, what do I want? What's success look like? What do I want to what's a 5 year plan look like? And you actually have to really burn some energy and some thinking time thinking about those answers, which are really hard answers. Which most of us never spend time thinking about. Was it just in the midst of the crash and recession that you said, hey, maybe we just need a little help. We're not, we don't have the

Alpine Lehman Brothers
"lehman brothers" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

02:01 min | 1 year ago

"lehman brothers" Discussed on Bloomberg Radio New York

"Daybreak Middle East this is Bloomberg Take a not so random walk through hot topics in markets and finance Listen to odd lots a weekly Bloomberg podcast hosted by Joe why isn't all in Tracy alloy Odd lots explores everything from how the Seinfeld TV show can teach you about economics to why the Federal Reserve blundered by letting Lehman Brothers fail The odd lots podcast available every Monday on the Bloomberg terminal Bloomberg dot com iTunes SoundCloud and whatever app you use to browse podcasts Are you interested in a challenging and exciting career One where you can be part of solving complex challenges across industries and geographies Bloomberg's ever expanding technology data and news and media services foster innovation empower clients and offer nearly limitless opportunities for career growth visit Bloomberg dot com slash careers today to view our current job opportunities Bloomberg LP is an equal opportunity employer The address once again is Bloomberg dot com slash careers You know the difference between your bank in the banking business The new chief executive will take the bank in a different direction Your clothes in the fashion industry This is the new look of retail Your house and the real estate market Is that something you see reflected in the real estate business So do we Bloomberg for your professional side Is the U.S. really bad immune to some of those influences Bloomberg radio the Bloomberg business radio dot com and die hard radio apps and Bloomberg radio dot com Bloomberg the world is listening When will you be able to go to a meeting where nobody smells like hand sanitizer Who knows But we can give you the latest business and financial news Fragrance free Plus he's out some of what you just said Are there tools in the toolbox for the fed Does that point to the need for continued monetary support Bloomberg radio the Bloomberg business app and Bloomberg radio dot com You do realize.

A Look Back at the Great Financial Crisis of 2008

The Charlie Kirk Show

02:02 min | 1 year ago

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

Freddie Mac Fannie Mae Jim Cramer Bear Stearns D.C. Lehman Brothers Washington Treasury Treasury Barack Obama Hank Paulson Ben Bernanke Timothy Geithner Federal Reserve Treasury
An Economic Reckoning Is Coming

The Trish Regan Show

02:15 min | 1 year ago

An Economic Reckoning Is Coming

"The Federal Reserve coming out today saying, oh yeah, we're finally going to move, you know, in March. I'll believe it when I see it. Frankly, because this is a fed that kind of looks for any excuse, including when the market gets really, really upset to do something else. I think they're overly influenced, unfortunately, but the market. But we've seen we've seen them consistently, and this is throughout my career. I mean, I've been covering the fed forever. I first started in finance actually starting my career Goldman Sachs way back in 1999, so I've been around this for quite some time. And what I would say is over and over again, I've seen the fed. Inadvertently create bubbles of its own. I mean, what do you think happened in 2000? That was a result of really the fed day late dollar shore. In 2008, great example again of the Federal Reserve, thinking somehow that it was wonderful that everybody could get a mortgage. You know what? Not everybody should get a mortgage, okay? Like I'm sorry. They created incentives and Capitol Hill had something to do with that too to make sure that everyone that was no income no asset loans need your loans that they talked about. Everybody could get a mortgage. And the banks went on it too, and everybody was, you know, really happy about it. But I kept saying this, this isn't right. What happens when all these interest rates reset and these people that think they're going to be paying 800 bucks a month for mortgage or suddenly paying 1100 bucks a month? They're not going to be able to afford it. And that's exactly what happened. And it took nearly the entire system down. It did take the whole system down. I mean, you had Lehman Brothers going out of business. You had speculations that were going to be many, many more. They had to come up with the tart program for emergency landing. Well, my fear is that the Federal Reserve inadvertently did that all over again. I get it. They had to step up to the plate in the middle of COVID, right? You do what you got to do in a time like that. But come on. I mean, we had one two stimulus programs from Donald Trump. We got a third stimulus from $1.9 trillion from Joe Biden in consequently, we put too much money into the system along with a $120 billion a month at the flood, the fed was just flooding into the markets. And so you had everything going up. And now I think there's kind of a reckoning going on. And so yes, Jerome Powell is trying to manage this, but it's too little too

FED Goldman Sachs Capitol Hill Lehman Brothers Donald Trump Joe Biden Jerome Powell
What the Volatility Index (VIX) Tells Us

The Trish Regan Show

01:21 min | 1 year ago

What the Volatility Index (VIX) Tells Us

"I'm watching very closely the volatility index known as the vix, which I always keep an eye on because it's a measurement of fear. And what we see with the vix today is that it's not anywhere near the levels that we saw say in November of 2008. After Lehman Brothers went out of business or even in March of 2020, when it was clearly the thick of COVID and the whole country had shut down. It actually in March 2020, we were up around 65 on the vix and back in 2008, we were in the 70s on the vix. And I think it's really just important to keep that in mind and keep it in perspective as we watch the vix today. We see it's up about 13%, trading around 32. So up there, but nonetheless, it shows you that this is not sort of full capitulation, even though you've seen a 10% downturn in what we're looking at in the NASDAQ. Meaning, yes, it could get worse before it gets better, and it's the reason why I wouldn't say, you know, go all in, although, you know, look, I mean, I think a lot of people said today when it was draining off a thousand, it was time to get a little bit back in and to nibble. What I would say is you want to be sharpening your pencil right now. You want to be looking for companies good companies that have been sold unnecessarily.

Lehman Brothers
"lehman brothers" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

02:23 min | 1 year ago

"lehman brothers" Discussed on Bloomberg Radio New York

"Out How long are we expecting this to go on for So I think they've set aside a week for the case And then after that the UK court of appeal is usually relatively quick It could be anything 6 months But even then the actual outcome for them will depend on other legal cases You know there's one that will be happening in the U.S. later this month on a CDS trade which has been snag courts for like a decade or something like that So it will still take plenty of time when we talk about Lehman for a little bit longer I guess Well we've been talking about it for over 13 years So that was our reporter Luca de paoli bringing us the latest on the fight for the last scraps of Lehman Brothers taking place at the court of appeal in here London today and as Luca told us this is a complicated case with lots of different strands So we do a weight that outcome when we get it Thank you so much again Luca for being in the studio with us this morning 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 and Leanne guerin's this is Bloomberg a roger Leanne thank you fascinating to know demons still going on I know you barely remember it But you know what I mean I do remember roger Everybody carrying the boxes out of the buildings Remember that I almost felt like those pictures have never really left my mind And 13 years ago gosh I was even allowed to watch it I wish I was still in school Anyway it was terrific really interesting a fascinating thing still going on Right let's get the latest sport now with Colin benzene Manchester City boss Pep Guardiola is confident Liverpool will take action against one of their fans If it's proven they spat in the direction of one of his backroom staff during their two two draw at Anfield in the Premier League the champions have made an official complaint and believe the alleged incident was caught on camera Liverpool are investigating Brentford at just two points behind third place city after grabbing a two on win at West Ham Crystal Palace fought back in their two all draw at home to Leicester Elsewhere former Chelsea and Leicester boss Claudia ran the areas reportedly close to becoming Watford's new manager apparently a club sacked Cisco munoz yesterday after less than a year in charge and torquay to tasso is just the third gen winner of horse racing's.

court of appeal Luca de paoli Lehman Brothers Luca Leanne guerin roger Leanne Bloomberg Colin benzene Pep Guardiola UK U.S. London Liverpool roger Manchester City West Ham Crystal Palace Premier League Brentford Leicester Claudia
"lehman brothers" Discussed on WABE 90.1 FM

WABE 90.1 FM

04:56 min | 1 year ago

"lehman brothers" Discussed on WABE 90.1 FM

"Some of its debt How do the electric carmakers financial issues mirror ever grant as a whole The issues that they're having stem completely from the group's larger financial deficits And the problem with the car company in particular is that they don't have as many working prototypes as they had hoped So there's not much working product to show that this is a valuable company and then to sell that to another electronic carmaker Meanwhile you're also buying into the risks of the bigger group and those risks are that they have as you mentioned more than $300 billion in liabilities and overall debts they still have a bunch of bond interest payments at their schedule to make They are set to default and at least one of them And so it's unclear how ever grand is going to be wrapped up It's almost certain that it will be allowed to go bankrupt but the question is what happens to the people evergreen doze Right now wealthy investors and others who put their money into evergreen are demanding their money back What are the potential ripple effects here One thing is the investors who put money into evergreen are not always wealthy These are often retail investors so just regular individuals who may have bought financial products or bought shares and ever grand or bought apartments that ever grand was selling and now evergreen has no money to finish building those units So these are average people for the most part who are now asking for their money back And a big chunk of the debt that ever grant owes is not just to banks but it's to other companies So these are construction companies and contractors These are people who provided building materials and they're now facing bankruptcy and can not pay their workers because they're owed in some cases hundreds of millions of dollars by evergreen There have been protests in China right from people affected by the company's crisis by suppliers investors and basically people who bought homes How is the government handling this They've been trying to negotiate on behalf of these investors local governments have dispatched officials who are directly working with local evergreens subsidiaries to one make sure that people get their money back if they invested money and two if people bought houses already that those units are then built in the future even if that means another developer has to step in and take on that project The home buyers many of whom I've interviewed are astonishingly optimistic because in the past given the Chinese state's weariness about protests usually when there is some uncertainty about a developer going belly up the government will step in will bail them out and will make sure those houses are built So there's that moral hazard expectation that's built into the evergreen crisis but this time I think we'll be a little bit different I think the government will let ever grand default the question is how smooth that default will be and how wide the ripple effects will travel Right some experts have expressed concern that evergreens financial issues could result in major consequences for the global markets not unlike what happened with the Lehman Brothers when they filed for bankruptcy back in 2008 How quickly could something like that happen Chinese regulators and policymakers are very very aware of ever grand and their very conscious that evergreen could lead to depressed property sales that could then lead other developers to default so they will be stepping in the next few weeks to tamp down those fears They likely will press state own companies to buy off some of immigrants assets and unfinished projects and they'll likely pressure stayed on banks to Hoover up some of that bad debt that evergreen can not pay back So things are going to hurt China is working with a much slower economy lower retail sales property sales that were already dipping because of the COVID epidemic even before ever grand but they are going to make sure that the pain doesn't pass through the rest of the Chinese economy That being said they want ever grant to serve as an example to other developers This is the end of debt fueled infrastructure building that has stimulated the Chinese economy for the last two decades Emily before we let you go over the weekend China Canada and the United States completed this prisoner swap that sent an executive for Chinese tech giant Huawei back to China and return for Canadian diplomat and entrepreneur What do we know about that exchange The Chinese executive you mentioned moon Jo landed back in China Saturday night and trying to time to immense fanfare Huawei and the local government arranged a delegation to meet her She gave a speech on the tarmac in which she was fighting back tears and she thanked the Chinese Communist Party and the motherland for caring for her and bringing her back and she's become this nationalist hero So you've seen this really amazing divergence in how the two countries are perceiving the same issue and China this is an example of trying to standing up to U.S. bullying and in Canada and the U.S. and other countries that are American allies I think this case is being seen with a lot of moral disgust that somehow hostage diplomacy is now the de.

China evergreen Lehman Brothers Hoover moon Jo Chinese Communist Party Huawei Emily U.S. Canada
China's Evergrande Collapse Would Have 'Profound Consequences'

Wall Street Breakfast

01:27 min | 1 year ago

China's Evergrande Collapse Would Have 'Profound Consequences'

"Possibility of china property company ever grand is leading to concerns in markets. This morning as we saw shares of ever grant are off more than eleven percent today at the stock has fallen more than eighty percent this year as it struggles to meet debt payments. The company has more than three hundred million dollars in debt and has warned about default. It has a eighty three million dollar payments due on thursday for a march. Twenty twenty two bond according to reuters and this is leading to concerns of a domino effect as this would have an effect on other china and hong kong property developers and a systemic effect on the rest of the economy. That's according to jenny. Zang co head of asia fixed income at alleanza bernstein quote in the offshore dollar market. There is a considerable large portion of developers who are implied to be highly distressed. Zang said on cnbc. These developers quote can't survive much longer. If the refinancing cheinal continues to be shut but she played down the possibility of ever grant being akin to the collapse of lehman brothers noting that the fragmentation of the china property market is much less involved than lemans

China Zang Co Alleanza Bernstein Reuters Hong Kong Jenny Zang Asia Cnbc Lehman Brothers
"lehman brothers" Discussed on Dentistry Uncensored with Howard Farran

Dentistry Uncensored with Howard Farran

02:25 min | 1 year ago

"lehman brothers" Discussed on Dentistry Uncensored with Howard Farran

"Doc eight practices the two thousand eight bankruptcy. Lebron's rather i met. The financial crisis led to the great recession investors which were record one hundred ninety six billion from their money market accounts twenty twenty euro. Two thousand eight. I've been contacting my buddies at henry. Shine benko in twenty twenty benko close. Fewer accounts do the collection payment issues than either twenty eighteen or twenty nineteen in fact in twenty twenty the number of accounts. Close benko according to my buddy chuck cohen. Who's the managing director of benko and the only man to this day. I ever read his name in the harvard bizzare v. I can still remember sitting in the airplane. Holy moly shut bay. The harvard business review. He said there are practice. Retirement sells the closures actually declined twenty percent in two thousand twenty over twenty eight nineteen and athlete through twenty twenty in june now. The numbers indicate the trend is still holding. Study why the federal gut programs support dennis only the p p p paycheck protection program. Actually work can you imagine that. A government program that work hallelujah. Then go ahead. Fewer collection issues in twenty twenty versus two prior ears fares of the pandemic leading to either an exodus of dentist from the professional to hell. Financial fears are an overall consolidation due to dso acquisitions were massively overblown. In fact fewer dennis closed due to retirement cells closer than the previous two years probably due to a combination of either a slowdown in practice. Acquisitions by the largest players and directly after the shutdown and dennis deciding to remain in practice post pandemic possibly because they're not worth declined after the pandemic and i've been telling young associates adam for thirty years that when you get a job in associate he's and the and that the dentist says well i'm sixty four. I'm gonna retire next door to sixty five and never happens. Every time they get to retirement date they decided. They need to upgrade their ford. One fifty two to fifty need to remodel their wife goes out and buy something crazy. So dude. I spent the weekend for father's day at great wolf lodge. That place was packed. We're back baby. It's up to you to start operating like we're back time. That is so hilarious..

benko Shine benko chuck cohen harvard dennis Lebron henry adam great wolf lodge ford
Is Your 401k Working for You?

Money Rehab with Nicole Lapin

01:58 min | 1 year ago

Is Your 401k Working for You?

"401k as a retirement account established by employers for employees. That's tied to the stock market if you're out of company that offers a 401k. You can make contributions before the money hits your paycheck and then your contribution is invested in an account with your name on it. They will get super excited about 401k's because sometimes the employer can make a matching contribution to your account which is like getting free money and any money. You contribute goes in before taxes. However don't think this money is tax free because you do have to pay tax when you take the money out if you take it out before your fifty nine and a half yes. That's really the number of the. Irs up with you have to pay penalty fees. 401k's do tend to be the most popular retirement plan. But that doesn't necessarily mean it's the best one for you. Remember trusting your employer with your money is trusting your employer with your money. Why not trust yourself instead. Most people don't even realize that 401k's aren't actually meant to be retirement accounts for your entire retirement. They're technically profit sharing accounts because they allow you to have one hundred percent of your money in your company's stock which you should never do hello worldcom tyco and ron lehman brothers folks. Maybe it's just me but the basic idea of having your retirement and your job. So closely linked seems wrong after all familiarity might breed contempt in family but it breeds blindness in business. If you put all your money in your company's stock and the company goes out of business your livelihood is doubly screwed now with losing your job and later with losing your retirement savings. Let me repeat 401k's aren't and were never intended to replace your entire income when you retire. It's just how we started using them once traditional pensions which are meant to replace your income when you retire started becoming less

Worldcom Tyco Ron Lehman
"lehman brothers" Discussed on Liberty Talk FM

Liberty Talk FM

06:06 min | 2 years ago

"lehman brothers" Discussed on Liberty Talk FM

"Any pay is always doing awesome and amazing and clever things and I look forward to Seymour Amazing things from them in the future, But let's go to the phones. We've got Scott, the biggest calling from Florida Scott, you're on free talk live. Good evening Gallery on the young. How are you? Hey, good. It's on your mind. Did you did? You always want to be fried Chicken Mike? My broadcast that you will hear me on our Rush Limbaugh today. I don't listen to Rush Limbaugh on order. I really listen. Any other shows? I'm way too busy for anything like that. Don't listen to Rush Limbaugh gig. I'm sure you are but off. The reason why I'm calling is up. You familiar with Stephen Cohen? The hedge fund managers that he all lost $700 million from this game. Stop short. He was the owner of the Nets. No, no, never heard of him. I don't pay attention to those people. But I'm glad to hear that hedge fund manager has been losing a bunch of money because of Gamestop. That's great. I'm so we're starting to make it back, one of them a 200 million today. I know we don't agree on a lot of and but at least we agree on that I hate Wall Street. It's greedy, You know, they say it's all right for Wall Street to swindle people on Main Street, but one main street strikes back and beat them at their own game. Crying foul. There's nothing but a bunch of hypocrites, pretty evil hypocrites, but it turned out in the depositing of the game. Stop training, which I guess is what you're talking about when they cried foul. It turned out not to have been Robin Hood's fault, or any of the hedge fund manager is putting pressure on Robin Hood or anything like that. It was one of these settling companies that Robin Hood uses to actually buy and sell the stocks. Required that for the amount of volume that they were doing. Robin Hood have more assets to actually back up the risks they were taking on. They need to three billion. They only had two billion so once they were able to raise the money to get up to $3 billion, essentially collateral, they were able to resume trading of game stop. Yeah, And I'm helping that out that these hedge fund managers lost. Stop billions. They should go broke. You know this hits home for me because On September 15th 20 away my parents and I was swindled out of $190,000 Promise, Doc when Lehman Brothers went bankrupt two Remember when Lehman Brothers went bankrupt? Bigly. Well, it was very traumatic for me. And, you know, my folks went to their grades, never getting a dime back. And my father was a tough guy who worked 30 Oxford's money, and I remember when, when I got the call from my broker it Morgan Stanley, which by the way, don't do business with any more. He said. Scott, look on the Keep Promise TV. I said Why? What's wrong? You said Lehman Brothers as we speak is going bankrupt. Isis. What are you trying to say? He says, Well, you know, 190,000. What in common stock. I said yes, he says. Well, that's gone. You lost that, Uh, it's gone, and it was a price 13 years later past four with it in an area I love that go back from from our Lehman Brothers or the FCC, and I never will. And what hurts me more is that my parents went to their graves being swindled. I want disgrace Richard's fault CEO who I blame, he destroyed the legendary 157 year old investment bank and you say Well, how Because he was greedy and incompetent. And thousands of Lehman employees lost their jobs and thousands of leaving investors such as myself. Luckily, we weren't wiped out, but I'm sure there weren't nothing that were wiped out, and I mean I mean, if you put your hands, you put your money in other people's hands. You kind of get what you get right? Well. And this is why this is why you had a bad a bad brokerage firm. I can't imagine any of these brokers allowing someone to put $190,000 into just a single company. Well, that's one of the things that advisor. That's why they're so angry about this Robin Hood thing in this AMC and game stops in there like, Oh, that's not trading. You can't put everything into one company that's not proper invested get mad, because people just place a bet on a company instead of buying, you know, a mutual fund or whatever, which has a bunch of different companies in it. On some of them did really, really Well, I mean, I hope they sold it the 300 rather than holding for 1000. Because apparently Gamestop is down to like 100 something now. Well, you said the hedge funds are making their money back. How are they making their money back? I don't know. I didn't click the article because I wasn't super interested in it. But I know at least one of them because this stock is going down now, and they had to buy it or something in order to pay off their debts, And so now they can resell it or sell it and replied, I have no idea. Yeah, I just know that. You know, I saw the news of one of these hedge funds making $200 million on the I think it's probably am see if they can ID like you. Listen. Is that a listening to me by up to as much physical silvers and possibly counted you made say why? Because if you buy up a lot of physical silver You will put companies like J. P. Morgan Chase. It's not out of business. You will damage their profit and margin line because if their CEO Jamie Diamond has been deliberately manipulating precious metals That's why golden silver gold gold key in an area said $10,000 an ounce and I'm serious go silver should at least be $200 an ounce. Diamond is playing games and deliberately keeping the price down. Well, I want to know where these people are going to strike next. God, Thank you. So much for the call. I want to know where these people are going to strike next. The folks from Wall Street bets because there was a talk about AMC theaters, but that never materialized. Did that actually is gone down from when we picked it up, or I picks a few of them up last week. That's I never finished verifying so and then people have been talking about by silver by silver. It did go up like a dollar yesterday, but I don't know if it's done anything today. I mean, generally It's a bad idea to buy When things are up. You want to buy it when they're down, But I mean, there's it's always a risk, right? Maybe it's going to go up more. Maybe it's going to go down tomorrow. Whenever knows. You don't know Scott. Thank you for making called night having discussion with us without saying anything racist. That was refreshing..

Lehman Brothers Robin Hood fund manager Rush Limbaugh Scott Gamestop CEO Seymour Stephen Cohen Florida Oxford Jamie Diamond AMC Nets Morgan Stanley J. P. Morgan Chase advisor Richard
"lehman brothers" Discussed on Biz Talk Radio

Biz Talk Radio

01:45 min | 2 years ago

"lehman brothers" Discussed on Biz Talk Radio

"A lot of people. You know, they just still not understanding this whole squeeze thing, And, you know, it's like the movie trading places. For those of you watching at home. You know, at the end, they try to corner the orange market, and that's kind of the orange juice market concentrate on juice market, but It's amazing that you would That, um, I worked the cheers and Lehman Brothers and 1987 in the, uh, block Institutional trading desk. And I was there on black Monday, and that was quite the experience. Might I add Tonto? I learned a heck of a lot sometimes you Ah, you know, it's early in your career. These things help you in the long Learn how to operate under serious pressure. Well, that's it, John. I mean, that's why for me. This is this has been fun. I love volatility. I I cut my teeth on volatilities. I went down there right as the hyperinflation point, and I was also in 1987 on Black Monday. I was there in 1990 when when the oil market Because of the Gulf war that lasted a few days. But still it drove the price of oil from like 30 up to 100 just a matter of days. So this Tito us is not necessarily unusual and you know as a result, what do you need to trade this? You need a set of rules, and I think ultimately that's what's going to come out of. This is just like People that went broke on carried off the floor. There were people who may be lost some of it but maintained it and felt like all well, if I really want to do this, I better figure out how to do this with some rules. And then there were the people who made millions and either stuck around or went off to do other things. And that's exactly what's gonna happen now. All right? Well, unfortunately right now This segment of time.

Lehman Brothers John Tito
"lehman brothers" Discussed on Biz Talk Radio

Biz Talk Radio

02:06 min | 2 years ago

"lehman brothers" Discussed on Biz Talk Radio

"You know, they just still not understanding this whole squeeze thing, And, you know, it's like the movie trading places. For those of you watching at home. You know, at the end, they try to corner the orange market, and that's kind of the orange juice market concentrate on juice market, but It's amazing that you would That, um, I worked the cheers and Lehman Brothers and 1987 in the, uh, block Institutional trading desk. And I was there on black Monday, and that was quite the experience. Might I add Tonto? I learned a heck of a lot sometimes. You Ah, you know, ridge early in your career. These things help you in the long Learn how to operate under serious pressure. Well, that's it, John. I mean, that's why for me. This is this has been fun. I love volatility. I I cut my teeth on volatilities. I went down there right at the hyperinflation point. And I was there also in 1987 on black Monday, and I was there in 1990 when when the oil market Because of the Gulf War that lasted a few days. But still it drove the price of oil from like 30 up to 100. Just a matter of days. So this Tito us is not necessarily unusual and you know, as a result, what do you need to trade this? You need a set of rules. And I think ultimately that's what's going to come out of. This is just like People that went broke on carried off the floor. There were people who may be lost some of it but maintained it and felt like all well, if I really want to do this, I better figure out how to do this with some rules. And then there were the people who made millions and either stuck around or went off to do other things. And that's exactly what's gonna happen now. All right? Well, unfortunately right now This segment of time is up, but I want to thank you very much. It was a great illuminating segment for your first time on I look forward to having you back Shell Schneider from market And in him. Airlines have just reduced their prices even more Look, 30 days in advance and save big want the absolute lowest prices on your airline tickets,.

Lehman Brothers John Tito
Interview With Chelsea Hirschhorn

Skimm'd from The Couch

04:46 min | 2 years ago

Interview With Chelsea Hirschhorn

"Hey everyone it's genial. I'm really excited today. And i have so many questions because today chelsea her short our guest on skinned from the couch. She is the founder and ceo afrita a company that makes products to make parents lives easier. I'm so excited. Because i like in my soon to be future. I will be obsessed with these products as my friends already are. It's one of the top selling parenting brands on amazon and you can find their products in over thirty thousand stores across the country chelsea. Thank you for being here. Welcomed skin from the couch. Thank you for having me a dory guys skin from the couch and take on a whole new meeting. yeah. I think everyone now is working from their couches. Okay we're gonna start out with an easy question. Skim your resume for us. Ooh okay. i worked in a candy store in high school in my town in in westchester my parents. Instill that of work ethic in both me and my siblings from a very young age but pressing fast forward too many details that far back i graduated from college went to law school where i met my husband and during law school. I was a legal intern for the new york. Mets my summer internship know the legal internship. When you're in law squad to your second year of law schools are a pretty big deal and it usually ends up. Hopefully if all goes well was an offer at the end of the summer and so my my summer internship after my second year of law school was with gotcha which was the pre eminent. Bankruptcy firm is started with them a second year of law school that was in two thousand seven and then got my offer. September two thousand eight. The world imploded. They actually asked. If i would start early. I started with them. I think it was like october. Two thousand eight. I joined the restructuring group and my first experiences. A lawyer was filing a general motors in american airlines bankruptcy and lehman brothers so spent about two years there and then my husband and i got married in about two thousand ten and he was general counsel for a brazilian private equity fund. That had just acquired burger king. They asked him and one of the other associates from the firm to go down to miami and run the restructuring. that's for burger. King is space and was founded. I left while you know shortly after we got married. Florida has what they call authorized house. Counsel's you actually don't have to take the bar if you work in house as an attorney. So it's really focused on finding an inhouse role and at the time removed. The miami marlins baseball team could had experience in baseball from law. School was opening a new ballpark so previous to that they had actually the facility from the miami dolphins the football team and they didn't have their own ballpark so they were building their own miami. I was brought on as associate in-house counsel director of non baseball revenues. So for the first time in franchise history. They were going to be trying to drive revenue that wasn't affiliated with baseball revenue. So it's sort of you know my first foray into running a peon. Al like an entrepreneurial or business unit within a large the larger confines of a much more resource organization and so i was there for four and a half years. I got pregnant with my first son a now three and we bought our first house in miami beach and my neighbor i was still working for the marlins in house. I was about probably six months pregnant at the time. My neighbor who was like the mayor of our blocks is lovely swedish woman. She invited us over for dinner and had been time about this business that she had started in her garage really and it was still in her garage. Had a few boxes of this swedish nasal spray that she sold to pediatrician's offices and baby boutiques and her kids were now teenagers and she wanted to know anyone. Miami interested in taking over the business. And i said you know about my okay my era i wasn't a parent yet. It didn't even it almost like went right over my head. Yeah i couldn't imagine what. The product was an eric as she wants you to buy the inventory for her. Then eventually you take over an hour running freda yes fast forward. What something that people can't find out about you from google earth lincoln that i really you know up until that moment i really was not a risk taker at all. I told the line. I did what was laid out for me and i i would never in a million years have predicted that i would have veered off. Course

Afrita Baseball Chelsea Westchester Marlins Mets Amazon Miami Lehman Brothers American Airlines General Motors Burger King Miami Dolphins Burger New York King Florida Football Miami Beach
Interview With Chelsea Hirschhorn

Skimm'd from The Couch

04:15 min | 2 years ago

Interview With Chelsea Hirschhorn

"Hey everyone it's genial. I'm really excited today. And i have so many questions because today chelsea her short our guest on skinned from the couch. She is the founder and ceo afrita a company that makes products to make parents lives easier. I'm so excited. Because i like in my soon to be future. I will be obsessed with these products as my friends already are. It's one of the top selling parenting brands on amazon and you can find their products in over thirty thousand stores across the country chelsea. Thank you for being here. Welcomed skin from the couch. Thank you for having me a dory guys skin from the couch and take on a whole new meeting. yeah. I think everyone now is working from their couches. Okay we're gonna start out with an easy question. Skim your resume for us. Ooh okay. i worked in a candy store in high school in my town in in westchester my parents. Instill that of work ethic in both me and my siblings from a very young age but pressing fast forward too many details that far back i graduated from college went to law school where i met my husband and during law school. I was a legal intern for the new york. Mets my summer internship know the legal internship. When you're in law squad to your second year of law schools are a pretty big deal and it usually ends up. Hopefully if all goes well was an offer at the end of the summer and so my my summer internship after my second year of law school was with gotcha which was the pre eminent. Bankruptcy firm is started with them a second year of law school that was in two thousand seven and then got my offer. September two thousand eight. The world imploded. They actually asked. If i would start early. I started with them. I think it was like october. Two thousand eight. I joined the restructuring group and my first experiences. A lawyer was filing a general motors in american airlines bankruptcy and lehman brothers so spent about two years there and then my husband and i got married in about two thousand ten and he was general counsel for a brazilian private equity fund. That had just acquired burger king. They asked him and one of the other associates from the firm to go down to miami and run the restructuring. that's for burger. King is space and was founded. I left while you know shortly after we got married. Florida has what they call authorized house. Counsel's you actually don't have to take the bar if you work in house as an attorney. So it's really focused on finding an inhouse role and at the time removed. The miami marlins baseball team could had experience in baseball from law. School was opening a new ballpark so previous to that they had actually the facility from the miami dolphins the football team and they didn't have their own ballpark so they were building their own miami. I was brought on as associate in-house counsel director of non baseball revenues. So for the first time in franchise history. They were going to be trying to drive revenue that wasn't affiliated with baseball revenue. So it's sort of you know my first foray into running a peon. Al like an entrepreneurial or business unit within a large the larger confines of a much more resource organization and so i was there for four and a half years. I got pregnant with my first son a now three and we bought our first house in miami beach and my neighbor i was still working for the marlins in house. I was about probably six months pregnant at the time. My neighbor who was like the mayor of our blocks is lovely swedish woman. She invited us over for dinner and had been time about this business that she had started in her garage really and it was still in her garage. Had a few boxes of this swedish nasal spray that she sold to pediatrician's offices and baby boutiques and her kids were now teenagers and she wanted to know anyone. Miami interested in taking over the business. And i said you know about my okay my era i wasn't a parent yet. It didn't even it almost like went right over my head. Yeah i couldn't imagine what. The product was an eric as she wants you to buy the inventory for her.

Afrita Baseball Chelsea Westchester Mets Amazon Marlins Lehman Brothers Miami American Airlines General Motors Burger King New York Burger Miami Dolphins King Florida Football Miami Beach
New Start-Up Helps Websites Store User Names, Postal Addresses of Anonymous Readers

Smashing Security

06:19 min | 2 years ago

New Start-Up Helps Websites Store User Names, Postal Addresses of Anonymous Readers

"Now Chum, Chum's imagine. For a moment that you're interested in checking book maybe maybe book by celebrated newly published author and you think all I'd love to find out more about that book visit an online bookshop But then you change your mind maybe you're distracted by something else right and then maybe half an hour an hour later. You receive an email saying, hey, we saw you visited our website. How would you feel what's? By giving them my email address. I haven't allowed in or anything like that. I'm just perusing the shop you haven't logged in you haven't given them your email address and yet they know you came to their website and they've contacted you var email we'll surely I mean. If Google facebook of God, a tracking code on the sides then they could tie that together with unless it's technically possible in fighting. So Nice. Say I'm Kinda surprised we haven't crossed that Rubicon yet it's happening. Well imagine they Semaj and you have a particularly niche porn interest may be a bit of a further on the side and you decide to go. Further, you said. You say you mean grab. With A. Reliably. Informed that fervor it's up people who? Like dressing up as very animals like a mascots at a football game. and. They get their kicks from these sort of things. Fit It looks like my husband because he's quite Harry. You must be a secret forever. I can't figure out what would be more disturbing called if he found out attractive or unattractive. So. Imagine you visit the site. You get your fill of wherever you want and they knew receive an email saying, hey, we'll see you're a bit of a fervored. Ejected throws it back in your face. WHOA says we've got even more that kind of stuff. Why don't you come back sometime if you had never give me your email address, you can be stabbed, right? Yes. Considerably, and also, of course, if someone's got your email address, any navigate some is the potential for doc seen or blackmail knows what you'd better tell me how they got our email address. Okay. There's a fascinating article on Jessica Bell. Jessa Bell has written about an outfit could get emails a startup. They claim to be the all new audience growth tool for publishers and they say they can fill up jeff way. They say they can convert anonymous website visitors into names email addresses and even their home addresses boom. And I know sales sorted. posted. Another Chapter Jeff any incredibly they claim they can do surrounded by a third of all US web traffic cheese. Okay. Well, their claims earn press Whoa Kay, let's look a little bit more into this. They say that their services already been used you know that Chap Tucker Carlson on Fox News. Well he is one of the founders of a website quite right wing website surprise you it cooed the daily caller. That is one of the sites which is using exactly this technology right now, this potentially some could find out if your partial particular political views as well. Don't understand Outta sorry you've lost me. Okay. So how is the daily caller this website run by Tucker Carlson, taking advantage of this technology so they are a customer of this firm could get emails. Okay. Get emails is run by a guy called Adam. Robinson right is a former Lehman brothers employee and his girlfriend Helen Sharp. And they've actually put together a video where they explain how that thing works. He can go and check that out on Youtube link but I can explain in very simple. Work. So, there are lots of scammy kind of websites on the Internet surprise surprise. No, there are no a shock. So there are websites which will claim Oh. We can get you better health insurance. So we can get better car insurance just enter your details here. And we will go away and find an answer for you right and what you don't do when you fill out those what most people don't do. They don't read all the terms and conditions and remained the new mock me about every week when. You're one of the unusual people who actually does that crew, but those sites will gather all that information and not really set up to. So you health insurance in countries, they do sometimes or read you. But what they're really doing these crates and a huge database of people's contact details. Okay and they are then selling those two people and that is all apparently legal because people chose to give their information and they agreed to the terms and conditions to be marketed up soon, the I've always thought those sites you know like insurance compare sites or mortgage compare sites I. think that's exactly what a lot of them are doing. I think some of them are legitimate getting A. Lot of the deals, but they say we are sharing this with interested parties on purpose to get you the numbers you want right really have to share that information with third parties. They don't have to give you a list here. Exact people were doing because it's changing all the time and some of them might be you know very bonafide companies. Some might be shade or one of the companies which is buying this kind of information is this company get emails and what they've done is they've generated md five hashes. So check some for all of those email addresses. They reckon they got about half a billion now and they're adding about one million more every day. And they say they've also partnered with mailing lists firms so that when folks click on a Lincoln newsletter and go to website a cookie can be set computer containing that MD five check some for their email address on their computer. And so what they're able to do is when you go to the daily caller cool website or never website, which is running, get email script, they can compare the hash in the Czech some to the hash in get emails database, which they've gathered from these sites around the world and they've got all information which you filled in on that full. Yeah, that's good instincts

Tucker Carlson Jessica Bell Google Rubicon MD Youtube Fox News Football Adam United States Lehman Brothers Jeff KAY Robinson Helen Sharp
Zuora and Integrate

Zero to IPO

04:43 min | 2 years ago

Zuora and Integrate

"Well today we have teams O on the show and teen is the CEO of Zora, and amongst many accomplishments is one of the most noted people on the idea of the subscription economy. Zora is the leading way for companies to launch and manage subscription services. He is a noted expert on this, but he's also the eleventh employees at salesforce going way back way before. He's the best selling author on the subscription economy. Let's be really clear about that. Yup One hundred percent totally clear. What am I? I thought I was like. Wait a second team. You're the eleventh employees at salesforce. You're the first CMO salesforce. Why aren't you on a beach somewhere? Why even working in? Was Wrong with you. Why are you on our podcast? There's a lot more to do. There's a lot more do a lot more technology to build in this lot more things. We want to do in the world, so we're busy. We're GONNA. Get into all that we want to pick your brain. We WanNA learn as much as we can from you to let me introduce our other guests Jeremy, bloom is our first Olympian on the show Freddie, and as if that wasn't enough has also played in. In the NFL was drafted initially by the eagles, and then played for the steelers as well most notably, you're the CEO and founder of integrate which is a company that helps other companies automate demand marketing, and for our listeners today we're going to be talking about a stage of growth about a set of problems and challenges that occur not in the early days, because Jeremy and integrator beyond the early days they've raised a significant amount of capital and so I think the question on the table is. How do you grow at a high cadence after you've made it through the initial stages of raising money, it's been a journey were somewhat described as an overnight success ten years later. It's taken us a while to to get where where we are phase of the company. We're about three hundred people. Our mission is is to move everything into a central database in the cloud so that we can make more informed decisions on where we should be spending their marketing dollars to create revenue. Let's get into the meat here. In the last twenty four months, integrate has tripled in size as we all know, we are in a moment of real turmoil and market instability teen. You're at salesforce. Eight your leading Zora through the current turmoil. What kind of lessons can we gain? How aggressive or defensive should we be in moments market instability as we actually started the end of two thousand and seven, and so we lived through the two thousand and eight crisis, where the prevailing wisdom was, there was never gonNa to be any cash. Will you like it's over? It's over or were you? What was your mindset well? We didn't plan to start to. China recession the economy is starting to look really really good and We got a little lucky right. A little luck always helps along the way. We closed our series B. in the summer of Oh eight. And I think we had signed the term sheet. And then Lehman Brothers collapsed. And Economy starts shutting down a little worried for awhile. We actually wouldn't get the cash. I don't think we cut anybody, but we really spent about saying. How can we use resources? We have the people we have, and they just focus focus really on customers really needed what we were doing. Focus really on on making sure we service them well. Making sure that we we were spending. are are the most valuable things, and we continue to acquire customers you know, prove ourselves. be smart about our cash. Which is Kinda Nice actually? All the time when when things are actually going crazy around us, especially the Tech Company, there's such a big push to hire to grow, and so moments like these where the pressure is off right now really allows you to kind of reflect and build build quality systems right in foundation for how you want to operate their last year's Jeremiah question for you in your mind right now. Are You thinking offensively or defensively? We're we're really thinking offensively were we're grateful to serve the enterprise right? So when you look at our customer base, it's salesforce. It's Microsoft. These are big companies right so they're going to make it through. We're well capitalized able to make some rnd bets through this downturn. We're also able to continue marketing, and maybe even marketing. Even harder, but differently, so I think a lot of reinvention is going to happen. Re architect. Thing is going to happen. It's pretty staggering. You know the amount of innovation and change. That's happening right now and sometimes. We can't see it

Salesforce Zora CEO Lehman Brothers Jeremy Steelers Eagles Microsoft China Freddie Jeremiah NFL Founder
Zuora and Integrate

Zero to IPO

04:43 min | 2 years ago

Zuora and Integrate

"Well today we have teams O on the show and teen is the CEO of Zora, and amongst many accomplishments is one of the most noted people on the idea of the subscription economy. Zora is the leading way for companies to launch and manage subscription services. He is a noted expert on this, but he's also the eleventh employees at salesforce going way back way before. He's the best selling author on the subscription economy. Let's be really clear about that. Yup One hundred percent totally clear. What am I? I thought I was like. Wait a second team. You're the eleventh employees at salesforce. You're the first CMO salesforce. Why aren't you on a beach somewhere? Why even working in? Was Wrong with you. Why are you on our podcast? There's a lot more to do. There's a lot more do a lot more technology to build in this lot more things. We want to do in the world, so we're busy. We're GONNA. Get into all that we want to pick your brain. We WanNA learn as much as we can from you to let me introduce our other guests Jeremy, bloom is our first Olympian on the show Freddie, and as if that wasn't enough has also played in. In the NFL was drafted initially by the eagles, and then played for the steelers as well most notably, you're the CEO and founder of integrate which is a company that helps other companies automate demand marketing, and for our listeners today we're going to be talking about a stage of growth about a set of problems and challenges that occur not in the early days, because Jeremy and integrator beyond the early days they've raised a significant amount of capital and so I think the question on the table is. How do you grow at a high cadence after you've made it through the initial stages of raising money, it's been a journey were somewhat described as an overnight success ten years later. It's taken us a while to to get where where we are phase of the company. We're about three hundred people. Our mission is is to move everything into a central database in the cloud so that we can make more informed decisions on where we should be spending their marketing dollars to create revenue. Let's get into the meat here. In the last twenty four months, integrate has tripled in size as we all know, we are in a moment of real turmoil and market instability teen. You're at salesforce. Eight your leading Zora through the current turmoil. What kind of lessons can we gain? How aggressive or defensive should we be in moments market instability as we actually started the end of two thousand and seven, and so we lived through the two thousand and eight crisis, where the prevailing wisdom was, there was never gonNa to be any cash. Will you like it's over? It's over or were you? What was your mindset well? We didn't plan to start to. China recession the economy is starting to look really really good and We got a little lucky right. A little luck always helps along the way. We closed our series B. in the summer of Oh eight. And I think we had signed the term sheet. And then Lehman Brothers collapsed. And Economy starts shutting down a little worried for awhile. We actually wouldn't get the cash. I don't think we cut anybody, but we really spent about saying. How can we use resources? We have the people we have, and they just focus focus really on customers really needed what we were doing. Focus really on on making sure we service them well. Making sure that we we were spending. are are the most valuable things, and we continue to acquire customers you know, prove ourselves. be smart about our cash. Which is Kinda Nice actually? All the time when when things are actually going crazy around us, especially the Tech Company, there's such a big push to hire to grow, and so moments like these where the pressure is off right now really allows you to kind of reflect and build build quality systems right in foundation for how you want to operate their last year's Jeremiah question for you in your mind right now. Are You thinking offensively or defensively? We're we're really thinking offensively were we're grateful to serve the enterprise right? So when you look at our customer base, it's salesforce. It's Microsoft. These are big companies right so they're going to make it through. We're well capitalized able to make some rnd bets through this downturn. We're also able to continue marketing, and maybe even marketing. Even harder, but differently, so I think a lot of reinvention is going to happen. Re architect. Thing is going to happen. It's pretty staggering. You know the amount of innovation and change. That's happening right now and sometimes. We can't see it

Salesforce Zora CEO Lehman Brothers Jeremy Steelers Eagles Microsoft China Freddie Jeremiah NFL Founder
Zuora and Integrate

Zero to IPO

03:58 min | 2 years ago

Zuora and Integrate

"Well today we have teams O on the show and teen is the CEO of Zora, and amongst many accomplishments is one of the most noted people on the idea of the subscription economy. Zora is the leading way for companies to launch and manage subscription services. He is a noted expert on this, but he's also the eleventh employees at salesforce going way back way before. He's the best selling author on the subscription economy. Let's be really clear about that. Yup One hundred percent totally clear. What am I? I thought I was like. Wait a second team. You're the eleventh employees at salesforce. You're the first CMO salesforce. Why aren't you on a beach somewhere? Why even working in? Was Wrong with you. Why are you on our podcast? There's a lot more to do. There's a lot more do a lot more technology to build in this lot more things. We want to do in the world, so we're busy. We're GONNA. Get into all that we want to pick your brain. We WanNA learn as much as we can from you to let me introduce our other guests Jeremy, bloom is our first Olympian on the show Freddie, and as if that wasn't enough has also played in. In the NFL was drafted initially by the eagles, and then played for the steelers as well most notably, you're the CEO and founder of integrate which is a company that helps other companies automate demand marketing, and for our listeners today we're going to be talking about a stage of growth about a set of problems and challenges that occur not in the early days, because Jeremy and integrator beyond the early days they've raised a significant amount of capital and so I think the question on the table is. How do you grow at a high cadence after you've made it through the initial stages of raising money, it's been a journey were somewhat described as an overnight success ten years later. It's taken us a while to to get where where we are phase of the company. We're about three hundred people. Our mission is is to move everything into a central database in the cloud so that we can make more informed decisions on where we should be spending their marketing dollars to create revenue. Let's get into the meat here. In the last twenty four months, integrate has tripled in size as we all know, we are in a moment of real turmoil and market instability teen. You're at salesforce. Eight your leading Zora through the current turmoil. What kind of lessons can we gain? How aggressive or defensive should we be in moments market instability as we actually started the end of two thousand and seven, and so we lived through the two thousand and eight crisis, where the prevailing wisdom was, there was never gonNa to be any cash. Will you like it's over? It's over or were you? What was your mindset well? We didn't plan to start to. China recession the economy is starting to look really really good and We got a little lucky right. A little luck always helps along the way. We closed our series B. in the summer of Oh eight. And I think we had signed the term sheet. And then Lehman Brothers collapsed. And Economy starts shutting down a little worried for awhile. We actually wouldn't get the cash. I don't think we cut anybody, but we really spent about saying. How can we use resources? We have the people we have, and they just focus focus really on customers really needed what we were doing. Focus really on on making sure we service them well. Making sure that we we were spending. are are the most valuable things, and we continue to acquire customers you know, prove ourselves. be smart about our cash. Which is Kinda Nice actually? All the time when when things are actually going crazy around us, especially the Tech Company, there's such a big push to hire to grow, and so moments like these where the pressure is off right now really allows you to kind of reflect and build build quality systems right in foundation for how you want to operate their last year's

Salesforce Zora CEO Lehman Brothers Jeremy Steelers Eagles Freddie China NFL Founder
There's only so much the Fed can do

Marketplace with Kai Ryssdal

05:41 min | 3 years ago

There's only so much the Fed can do

"The last time we heard from the Federal Reserve about interest rates between official meetings was October of two thousand eight the collapse of Lehman Brothers was still fresh the hazards of the financial crisis. Perhaps just then really becoming clear and let me be clear here for a second. This is not that markets are functioning. There is no credit crisis. There is plenty of liquidity. But there's also plenty of uncertainty about what the NAVA Corona virus might mean for the global economy. And so this morning for the first time in eleven something years the Federal Reserve cut rates between meetings because said chair Jay Powell. They saw a risk to the global economy and chose to act but PAL added. We do recognize that a rate cut will not reduce the rate of infection. It won't fix a broken supply chain. We get that. We don't think we have all the answers K. But we do believe that our action will provide a meaningful boost to the economy by more specifically it will support accommodative financial conditions and avoid a tightening of financial conditions. Financial conditions are things like stock indexes and bond yields of the value of the dollar. All of which Powell in the federal hoping and it will help boost household and business confidence with the caveat that it's early yet not a whole lot of market confidence was boosted today. Details at the usual spots in this program. But there is a slice of this morning's events that are worth couple of minutes here because before the Fed made its announcement. The Group of Seven finance ministers and central bankers came out with honestly a pretty bland statement. We're keeping an eye on things in essence is what they said so with that background. How then did the Fed go about making the decision to cut? And how audit be red that we call Daniel Torello. He was on the FEDS Board of Governors for eight years. Got There just after that. Two Thousand and eight cut we started with. He teaches now at Harvard. Law Mr Trillo. Welcome back to the program Sir. Good to be with you. Kai with the caveat as I said that you're not there When the Fed made its two thousand eight cut. Could you give me some insight into the mood in the room? Or the mood. I suppose on the conference call when the Fed makes decisions on the precipice of a crisis. So I suspect first off that a lot of preliminary discussions were held last week in advance of Chair. Powell's statement on Friday so I would expect that. This was a relatively brief meeting wedged between that g seven call and the announcement by the Fed in the late morning the mood was probably a fairly somber one and I again. I suspect without knowing that they didn't do anything close to a full go. Round with lots of analysis by all the members and remember the Reserve Bank presidents would would almost all if not all have been participating by video. Conference right Okay so so. The personal subjective question. Were you surprised when you when you read about this? I was a little surprised. A ASSUME THAT. In retrospect that what happened was when they set the G. Seven call. They figured that they were gonNA move. Regardless of what the g seven did. I was more surprised by the outcome of the g seven. Call which was about as little as you could have had such call the well the the markets sorry. Turner up the Marxist. This morning did not care for that. G seven call at all right because the G. seven basically said Yeah. We're watching right. Exactly and and expectations are obviously raised. And so I assume that the Fed intended to do what it did regardless of how that call came out But it probably did take at least a little. Bit of what positives they were looking for a way from the from their own move. Yeah so speaking of the positives they were looking for. They did not get any At at you know so far anyway Out of the market today Reading the tea leaves for me that would Ya. I mean clearly. It looks like people are worried that the Fed knows more than the rest of us. Know there does seem to be a little bit of. I'm just reading the market reaction the way you are but there does seem to be a little bit of that reaction mean to me the questions since in the last couple of weeks since people have been actively talking about this have been a couple one. How much and how does a rate cut at this moment? Actually help given the supply chain issues that the chair referred to and secondly to the degree. That one's munition is limited. Is it wiser to keep most of it to deal with the actual fallout when viruses receded? And you're fighting recession or is it better to kind of preemptively act now in an effort both to signal the markets and also perhaps trying to lay some foam on the runway last thing. And then I'll let you go to words fiscal policy. There is a whole nother apparatus of government that can affect the economy. It's Congress and the White House and taxing and spending. How concerned are you that we haven't seen anything from them yet? Well I mean this is kind of the story of twenty twenty in America right that that the political branches seemed to have more difficulty responding. And I I noticed the Secretary. Mnuchin said he's he's interested in working with Congress but it does seem as though everything is moving awfully slowly. Daniel Tarullo for Eight years a little bit more than that. Actually member of the Board of Governors of the Federal Reserve Bank of the United States now professor at the law

Federal Reserve Jay Powell Group Of Seven Finance Ministe Lehman Brothers Feds Board Of Governors Reserve Bank Daniel Tarullo Congress Daniel Torello Mr Trillo Harvard Federal Reserve Bank Official America Secretary

How I Built This

08:37 min | 3 years ago

"So what are the guiding principles of creativity is that some of you very best ideas. Come out of sheer frustration products like honest tea or cliff bar olders dyson these all came about because their founders couldn't find the beverages or energy bars or shoes or or vacuum cleaners that they wanted so they invented them but in the case of Tristan Walker. I think it's safe to say that he didn't just start from a place of mild frustration. He actually started from a place of being fed up even angry because for most of his life he had felt completely league ignored totally overlooked whenever he walked into the shaving. I'll drugstore virtually all the big shaving brands were making products that worked well on men with relatively straight hair but tristen couldn't find a high quality razor that worked on his curly facial hair without leaving razor bumps olivarez neck Kajol line and he knew that like him many African American men were dealing with the exact same problem so he decided to design bevill a shaving system with a simple single blade razor that was easy on his face and he wanted everything about the product to look and feel great not like the dusty boxes of shaving products for African American men that we seem to be on the bottom shelves at the drugstore and his ambition to build a black owned and led consumer Marand as big as Johnson Johnson or proctor and gamble but of course when I tried to raise money from all those VC firms on sand hill road in Silicon Valley and he got a lot of knows but eventually he was able to launch his company with a razor some shaving cream but of oil and brush and over the past five years his brand has grown to include more than thirty specialized hair and beauty products for men and women which are now sold and lots of big retailers lers across the country a few weeks ago. Tristan sat down to tell me how he did it in front of a live audience at the Lincoln Theater in Washington. DC tristen Walker Central. I'll take it so let's start. Let's start at the beginning. Tell me about about out your childhood knew you grew up in Queens where I like to describe. It is a bit of the Rosa grew from concrete story. I grew up in Queens New York projects. It's Welfare Bouts of homelessness that sort of stuff right and I realized very early at one goal in life and as as wealthy as possible as quickly as possible Salaam. I realized three ways to do it. I was to be an actor athlete that didn't work second second was to work on Wall Street that didn't work in the last entrepreneurship and then thank goodness. I came to that realization. We were a little boy. A A your dad died. He was killed killed and you grew up with an older brother and your mom. What did your mom do yet for work so oh my mom worked three jobs mainly New York City Housing Authority Administrative Assistant? She spent some time working for Time Warner Cable and she did some retail all at the same time within seven days. I don't know how she did it. She did it. Thank goodness for her. It was not easy but she persevered and as a result of I think her perseverance good fortune beam I graduate college in my family and she she really in what what do you remember about like your neighborhood growing up as a kid I mean would did you do. Did you add in do much because I couldn't do much like my father was killed. When I was three years old? I don't remember too much about him other than the fact that he was killed when I was three years old which is a little bit telling to Kinda type of environment that I did grow up in so you know I lived probably the first six seven years of my life live in Jamaica Queens New York forty projects in the time I turned around seven years old. We moved to flushing Queens. Another project can development and it was much of the same right. My mother was like you're going to be the one you're not gonNa go through this stuff very disciplined. Stay home. Get Your studies and you're not going outside. When I snuck snuck outside? She caught me. I got in a lot of trouble but that was really kind of my life right. Get to school get home. Do you work repeat and you know that discipline actually Kinda got me to wearing them. Now school easy for you has a kid yeah. I was a good student because the discipline that was inspired me I always excelled right. I tended to be at least up until high school anyway at or near the top of my class you know and I kinda slow down when I say that stuff because by the time I got to high school. I realized I didn't even know what a verb was right. I wouldn't do this entire time. All the way up until my high school years doing really really well at the top of my class not even knowing what verb now and that sort of thing was as a teenager you ended up going to this really elite private boarding school hotchkiss in Connecticut the way I like to describe posh kisses is the first time I got to see how the other half lived. I went to school literally rockefellers Ford's right and I learned a couple of things first name mattered to being wealthy wasn't same as being rich and the last and probably the most important was I can compete with each and every one of them while while while I didn't know Oh what a verb was I learned and by the end of my four years they're you know on a roll like that. Sort of thing you know is then absolutely just wonderful experience for me but transformative in a little bit different from how I grew up was it was the transition for you when you got there because you were like fourteen years old. I've been living away from home since I was thirteen fourteen years old and were the first few months at hard for you. academically we get to the school and I realize I don't even have a computer and you know all of my other classmates had computers that sort of thing and I went to leave as the English professor who is my adviser at the time and I remember he took me to this basement. We're all used textbooks are and then he was old compaq like Presidio L. Computer that we had the like hall out and take it to my room so academically. It was very tough because I wasn't equipped with the tools to compete but over the years accelerating so you fish you go to Stony Brook University New York to study economics. Most most students don't necessarily know what they're gonNa do but did you have a sense of what you want to pursue their and what you thought you would do after I mean I was always thinking about the after I wanted to get wealthy yeah I was pretty singular in that help very singular in that hope and overtime that's kind of morphed and changed and the things that are important Ed Morrison changed but I knew I was very very very focused on how to get there and Wall Street was the next greatest option. All this silicon valley stuff at new idea about my world was New England so you're thinking do this degree and I'll go into finance plows e- economics is the closest degree we had at Stony Brook again to Wall Street Okay and in between my first and second year of university I got an internship and Lehman Brothers back office halfway through I I said I want to try some of this front office stuff so I left that enjoined trading desk at the time just observing so when you graduate so you you went actually went to work for Leman and then as a traitor and then everything and eventually JP Morgan in that time at that time time period. Did you still think this is what I should be doing. This is my sort of path to the worst years of my life. This is two thousand and five when I joined the company and as a traitor. Your job is to make money

Tristan Walker Queens Time Warner Cable Queens New York Jamaica Queens New York Stony Brook University New Yor Facial Hair Lincoln Theater New York Johnson Johnson Washington Silicon Valley New England Walker Central Ed Morrison Ford Lehman Brothers Jp Morgan
Clean Energy's Ever-Changing Policy Risk

The Energy Gang

12:25 min | 3 years ago

Clean Energy's Ever-Changing Policy Risk

"In the summer of two thousand eight Britta von Essen took an internship with a major investment bank after wrapping up business school. It was considered at the time one of the top places to work it was with a company called Lehman Brothers and it was actually a fascinating summer. I was working in their global power group but focused on renewable energy and you know there was a lot going on at the time. Tax Equity was really ramping up. People were figuring out how the structuring was going to work with that. There are a couple. IPO's that were right on the horizon so it was a fascinating summer from renewables perspective and also what was going on at Leeman. It's been an unnerving week for US financial markets and now the potential collapse of Lehman Brothers once the fourth largest investment firm in the US at at that time. Lehman Brothers was the top investor in renewables it had bought big portfolios of wind and solar projects. It was a leading equity investor and it was helping take companies public it was an exciting time but as the summer war on market conditions worsened investors got nervous in things got grim for Leman analysts say the bank's future is in doubt out afterward reported a loss of nearly four billion dollars in the last quarter. Leman brothers is suffered heavy losses as a result of the US housing slump while I was there. It was just constant reassurance that that these cycles are normal and and you know financial markets go through this occasionally and everything was going behind of course it was not fine be one of the watershed days in financial markets histories. He was a manic manic Monday in the financial markets. The Dow tumbled more than five hundred points after two pillars of the street tumbled over the weekend leman brothers or one hundred and fifty eight-year-old firm filed for bankruptcy in the lead up to the Leeann bankruptcy in the fall. IPO's fell apart project financing dried up and cleantech companies beneath loans underwritten by the bank were suddenly exposed to risks. They didn't foresee. BRITTA had a front row seat to all of it. After leaving lemon she picked up and moved to Italy where she helped build wind and solar projects for a German developer soon after she witnessed yet another period of chaos the swift rollback of feed in tariffs the Italian market came to a screeching screeching halt. It did teach me a lot about developer resiliency the fundamental optimism that is required to be of renewable energy developer and and taking the long view on a lot of these projects so British took those lessons and apply them to the next chapter of her career. She now advises clean energy companies knees on how to manage risk so you've managed to witness the collapse of one of the biggest investment banks and one of the biggest European renewable energy markets back to back. That's quite an entrance into the industry well. I swear it's not me I'm not the not the driver and all of this but I think what it taught me was that things change and the markets move and those that are resilient and those that figure out how to work in the new paradigms that they're given are the ones who are successful so I've taken a huge amount of those lessons into my current job and into my current business where I'm basically advising folks how to roll with the ever changing markets that we see in wind and solar. I'm Stephen Lacey in this episode produced in partnership with Cohnresnick and cohnresnick capital talking talking with British Ivano sin about those ever changing market conditions today Britta's a managing director at cohnresnick capital over the last decade. She's seen all kinds of market risk mostly expiring or changing policies that create financial risk you know I it was the sixteen o three grant expiring then it was. ITC expiring PTC's stepping down. What are the safe harbor policies we we didn't even get the IT safe safe harbor policies until fairly recently. I think it's just a fundamental aspect of this industry. It's Salat about planning for the unexpected in British. Job is to help figure out how to get renewable energy deals done in the face of those challenges so I sat down with her to unpack some of those policy uncertainties and what they mean for renewables and I wanted to know how often does policy change derail projects so I have. You've worked on project many projects that were potentially derailed that we manage to work around various policy changes. I think change in tax law was a really interesting time where we had to figure out how to keep the investors active of an investing in two projects that would probably not be commissioned for another twelve months and how to get around the fact that there was a very likely change in tax law to be passed at that time and yet nobody knew exactly what that was going to look like. I think this PG bankruptcy recently and the California I think it was a be ten fifty four the wildfire response bill that has been high in the mind of a lot of California developers at the moment who were focused on contracts with sce NASD Johnnie and whether or not those credit ratings. We're GONNA take ahead that policy was passed and I think both of those organizations are are quite secure and short up and that was that was great news for California winging developers across the board with or without contracts well. Let's walk through some of the big drivers and uncertainties around them so you mentioned. PG Ag any I'd like to talk about PG and understand. What are you now looking for in a bankruptcy proceeding what kind of risks to contracts tracks are there currently what has been sorted out and what's still left to be sorted out that would impact renewable energy developers so I believe there is still still quite a bit of uncertainty as far as the potential for PG any to cancel contracts that are considered out out of market today so these would be some of the earlier vintage. PPA's there are several conversations and I know cohnresnick has been a part of several several of these about trying to restructure this through bilateral negotiations with pg any and kind of nipping in the bud lead and coming to a good solution for all parties but otherwise I think there is still a strong degree of uncertainty here there there are investors who are then making plays in this and trying to pick up these assets making a bet as to whether or not there will be restructuring of the contracts are not as as well as you know. It's an unfortunate situation but it's certainly a very active group of projects and sponsors that are figuring out working working through how to navigate that uncertainty. Let's go to tax equity. The solar investment tax credit is now facing the beginning of its step down schedule this is obviously going to impact the economics of project development but we have had some clarity on this step down unscheduled for for years now how is facing down the IDC GONNA change the way projects are financed and does it present any risks that were not there previously so you're right. There is a very clear step down schedule which I think has been helpful for folks trying to new forecasts what this looks like that being said given the safe harbor provision. I would venture that there is a generic assumption option from those who are procuring. PPA's at the moment that their assets that their projects will be safe harbored many of the major. I pee pees Jason. Strategic are making significant safe harbor place. They are you know doing this both for their own projects jags and under the assumption that there will be Ebony advantages over the next few years which I agree with. I think a lot of these developers that are procuring making this assumption are going to limit themselves to buyers of the assets that can then fulfill the safe harbor in order to meet the Economics Amax. What do you think the chances of an extension of the investment tax credit are. I know that the Solar Energy Industries Association has all of a sudden and put this back on their priorities list. They think maybe there's an opening to extend the federal tax credit. What do you think the chances of that arc given what you know so there's a couple a couple aspects of this that are important absolutely it would be beneficial to the industry right that being said we are months away from the step down last time this extension happened. I think we had a good twelve months of lead time so it allowed loud folks to plan at least partially accordingly in this case you would actually jam up probably some more some of the more major players who have made significant safe harbor plays that would have been capital that was not necessary to deploy a and potentially at pricing that is not beneficial to their assets so there are mixed mixed feelings throughout the industry about this. I think there is a decent chance I also think it's interesting giving kind of the economic markets at the moment and the potential for a downturn. Let's call it in the next twelve to eighteen months renewable such a critical component of job security and job growth in the US economy at the moment that especially if we're facing some type of downturn it may increase congressional and government support for some type of extension here. What about the storage tax credit. That's been floating around Congress for for a long time if there is this renewed push for potential solar. It see where does the storage. I T C fit in there would would it be something separate. Would it be wrapped together. And what do you think the chances of getting this thing finally pastor. I think the storage credit is actually much more critical critical than the than the solar one in the in the near term here I think with Alda we will continue to have murkiness around trying trying to loop storage into either wind or solar tax credits which is is just messy. It's hard for investors to get their heads around it. Just adds a lot of confusion and it also limits what you can do from adding storage onto existing renewable energy projects objects. I think throughout the energy community there is a consensus that storage is a critical component that needs to be deployed on a large scale will in order for renewables to continue on the growth. It is an in order to hit. Some of these are targets hundred percent in California boring. If for example you you have to have the storage component there otherwise you're facing you know a variety of issues on you know intermittent see or demand or any variety of aspects so. I am a little more bullish on the storage tax credit. I I think a standalone tax credit does a lot to simplify and streamline financing aspects for storage whether or not it connected to renewables and whether or not commissioned at the same time as the

Lehman Brothers Developer United States California IPO PPA Britta Solar Energy Industries Associ Britta Von Essen Leeman Pg Ag Leman PTC
Greenlight Capital's David Einhorn likens Tesla to Lehman Brothers

Bloomberg Businessweek

00:28 sec | 4 years ago

Greenlight Capital's David Einhorn likens Tesla to Lehman Brothers

"About tesla David Einhorn who has been a longtime critic of tesla coming out publicly and saying the woes of tesla any line must closely resembled those of none other than Lehman Brothers, which David Einhorn. Notably was short back there in two thousand seven two thousand eight and saying and I'm quoting here drawing to the perilous quote threatened shortsellers refuse to raise capital even bought back stock and

David Einhorn Tesla Lehman Brothers Shortsellers