35 Burst results for "Lehman Brothers"

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

Smashing Security

06:19 min | Last week

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 | Last month

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 | Last month

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 | Last month

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 | 5 months 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 | 11 months 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 | 11 months 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
"lehman brothers" Discussed on Rich Dad Radio Show

Rich Dad Radio Show

02:56 min | 1 year ago

"lehman brothers" Discussed on Rich Dad Radio Show

"Bank pump out and the fourth asset class are commodities gold silver real estate food rail, commodities? Now, when Wall Street says to you or people like Alison say to you diversify their talking to you about de worshiping which means you go into the third category. Call paper as its stocks bonds mutual funds ATF while they say, you know, put sixty percent of your money in equities when you're young and forty percent in bonds. And when you get older put sixty percent and bonds and forty percent in equities stocks, you haven't diversified. You're still in paper assets, the risk. Of all assets. And the only people that make money on. It is Wall Street you smell the roses men. These guys are the ones selling this garbage to you now to do with Kim. And I do you have to financial education, right? That's correct. That's where the cash flow game. That's why with advisors. We have Ken macaroni on real estate not these phony flippers leaving on. I mean on paper assets, he got Andy Tanner. But he's teaching you how to trade with options, which reduces and mitigates your risk and you make Marcus crashes. So when when these financial planners, tell you diversify its de aura Safai, but you're, you're playing you make Marcus crashes. So when when these financial planners, tell you diversify its de aura Safai, but you're, you're playing straight into the hands of Wall Street as Goldman Sachs, Lehman Brothers all his Wells Fargo guy's ripping us off. That's why I wrote the book fake, and they hire these financial planner cycle out there until he owes us de worse a fi. You're not the versa fide. You're still in one asset class called paper. And when this market crashes down, which it will soon 'cause after two thousand eight they pump trillions of dollars to blow up the stock market and real estate market into a bubble when that baby comes crashing down. My generation, the baby boomers are gonna be toast. Maybe most of the most of the millennials and all that leaving school was student loan debt, and they don't even know. They think the banks provide student loan debt, the Bank, some provides to alone date in two thousand nine guy President Obama canceled the student loan program, and, and the banks got out of the student loan business, and the US treasury got end to it. But they don't tell you that it was President Obama was set up the current student loan program, and today, it is the biggest asset class of the US treasury today, one point six trillion dollars, but they don't tell you that on television. So there's the reason we are the rich dad company, and look. Gentlemen, you've got to be a lotta smarter than that today. Be careful who you take financial advice from.

Andy Tanner Ken macaroni President Obama Marcus US ATF Safai Alison Goldman Sachs Kim Wells Fargo Lehman Brothers forty percent sixty percent
"lehman brothers" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

10:07 min | 1 year ago

"lehman brothers" Discussed on Bloomberg Radio New York

"Twelve eighty seven ninety an ounce. The euro dollar fourteen sixty one the yen one eight point five q watching General Motors up more than six and a half percent this morning. It said that it'll grow profit in and twenty nineteen even as global auto sales level often investors haven't expecting a tough year. And FOX's confirming. It does not intend to bid for any of the FOX regional sports networks that Disney may sell as required under terms of its seventy one billion dollar aquisition of twenty th Century Fox assets. According to a regulatory filing, and that's a Bloomberg business flash. Tom and pitcher and thank you so much. I am one who does not do a lot of look back books. They look back in their history and all that. But every once in a while, there's a Jain enormous exception. That is true of the two hundred twenty eight pages of the fed in Lehman Brothers because it's not done by some crackpot Leman was wrong. The fed was wrong. Everybody's. Is wrong wrong wrong wrong, and you go. Yeah. But what of they know unfortunately as Lawrence ball at Johns Hopkins University. He's a first class. Economist Greg man-kyu among others up at Harvard raves about the fed in Lehman Brothers Lawrence ball. Good morning. I found your two hundred twenty eight pages chilling and riveting I wanna cut right to the key chapter. Which is at Leeman wasn't insolvent. How do you know that? Well, thank you for having me on your show. The way we know. Lebron's financial condition is there's actually a tremendous amount of evidence gathered primarily by investigations by the bankruptcy examiner for the bankruptcy court and also congressional commission which had subpoena power and got a lot of documents about leaving finances and real time and essentially Leeman at stated. Financial statements. What it's what it's assets were worth equity was. But we also have in real time estimate by other financial institutions are how much they overvalued their assets. And we can combine those together a sense of okay. How do you respond to someone who says okay, you're having a Cup a Cup of coffee with chairman banenky? And someone collegial says that's great professor ball. But it's twenty twenty hindsight. How do you respond to that criticism of the great year? Look back. Well, I think I can answer that question on two levels. I think. It is a little unfair with hindsight to say, they should have done everything perfectly measured. Everything perfectly at the time. Where I have more problem in a way with fed officials is not the fact that they what they did. Then was not ideal. It's what they said over the last ten years they've dug in their heels. With a story saying that they didn't make any mistakes that there were legal impediments that made it impossible to rescue Leman brothers. Whereas we know with hindsight that was not true. Professor ball their quotes that come from variety of emails. I know that you have written about it. But I just want to offer a flavor of some of them where a former secretary of the treasury Paulson told people, quote, I can't do it. Again. I can't be Mr. bailout. In addition secretary Paulson's chief of staff, put the point as you described it. Bluntly was an Email to Paulson's press secretary, quote, I just can't stomach us bailing out. Lehman will look horrible in the press. Don't you think is this the right way to go about thinking about these crises? Well, I think that is the right interpretation that it was a political decision made primarily by Treasury Secretary Paulson. I mean, certainly is not how the decision should have been made that decision should have been made by the Federal Reserve based on the costs leaving bankruptcy was likely to do the to the economy, and it's very very unfortunate. That political pressure is is what drove the decision because didn't Leman brothers have collateral that would have served as the backstop for a loan from the Federal Reserve. Absolutely. That's really the central point of my book is that that officials say there was no way we could legally lend the money because alone legally requires collaterally, they didn't have collateral and to make a rather long story short. There's detailed evidence that they did have plenty of collateral. At the collateral story is really just an excuse for. What was actually a political decision learns Paul joining us the Johns Hopkins University, the fed in Lehman Brothers setting the record straight on a financial disaster. Professor ball, I interviewed John shows were shaved to lose with this wonderful monograph, I'm gonna say eight nine years ago. Why are there so many banking crises, and he came back with an a lot of Matthew nece folks to it's all about politics. What was the political calculus that good economists and treasury officials faced what was the politics were? They were wrapped around. I think the politics are really based on a misunderstanding. There's the term bail out, which is very unpopular term and people have the impression that what happened with a G and Bear Stearns, what could have happened with Leman was the government giving away taxpayer money and a lot of people resent the idea of giving away taxpayer money to Wall Street executives who get in trouble that the reality is that these aren't giveaways, we're talking about short-term loans that are very likely to be paid back that have good collateral. So so really the economics of it is that these kind of assistance by the Federal Reserve does not really cost to the taxpayer and it has a tremendous benefit in dampening financial crises. So, but unfortunately, politically that that message doesn't get through has that message gotten through the current lawmakers in the sense that dodd-frank places restrictions on. Federal Reserve lending. Yes, I'm afraid that because of the popularity of bailouts the Dodd Frank act adds, new restrictions. Restricting what the fed can do in lending money. So actually if. Exact replica of the Liman crisis were to happen today. It arguably would actually be illegal for the fed to rescue the new Leeman because of the new legal restrictions, and where they could have done it legally during the actual crisis, and that's a big step in the wrong direction. I think tying the feds Hanson a crisis, you know, the ballet here in academics. As we go back to badge it and lender of last resort. I mean A Meltzer late Allen Meltzer. Carnegie Mellon went on. And on about this within the history of the fed did lender of last resort just fail here in the crucible of crisis. Yes, I think it's really as simple as that that there was essentially version of a Bank run on Leeman brothers and going back to badge it in the nineteenth century, the central purpose of central Bank is to provide liquidity provide cash during a run like that and prevent an unnecessary calamity. And unfortunately, the fed just didn't do that. Again. I think for political reasons and the Bank bankruptcy. They've tried to give explanations for why they couldn't do it. But those just don't hold water. This has been wonderful Lawrence balls. Thank you so much. I can't say enough about this non Matthew hugely accessible, Tim. I love the quote, you had from the fed and Lehman Brothers Lehman Brothers setting the record straight. What's so important about this folks, if you're on global Wall Street is two hundred twenty eight pages, and it doesn't matter really if you agree or disagree with professor ball? It really gets a brain thinking about where we go. And I go back to John shows were Shays incredibly timely and important very academic way. Wonky math book to lose France on why there are so many banking crisis in the summary of it is politics that is we just heard from professor I would think that would be the answer to a lot of the issue. A lot of things. The financial system right now, we saw the dollar strengthen the euro give way and maybe we can triangulate to headlines out of Turkey where they're beginning to do things on the Syrian border. I don't want to link them directly that would be improper. But that seems to be sort of the international news flow right now, I'm just looking at oil down two and a quarter percent. I missed that down a dollar each. In west, Texas. Yeah. Down a hundred eighty points on the Dow, and what are you gonna read about this week? And what are you gonna think about oh, I'm finishing the Steve Jobs book by Walter which is behind the curve. Yup. Well, that's a good thing to be buying a curve. What's interesting? There is that book now synthesize with the latest challenges of apple. Yes. Must be one of the reasons why I decided to pick it up again. Go ahead. Tell me. I'm Northern Ireland ignorant on Ireland. I told vinyl credit. I'm just bring that I'm clueless. I'm reading as much as I can go to Belfast and Londonderry. That's what I should do. Mrs king went to Dublin. The last time I go, I was working for a great place. She loved loved she went to like you to hangs very important transit hub during the second World War for allied ships. And there it is we thank you so much for listening. Lots of news slow and continued forward with Pimm FOX and Lisa Abramowicz. Dow again, negative one eighty two the vix.

Federal Reserve Leman professor Lehman Brothers Lehman Brothers Lawrence ball Lehman Brothers Lehman Brother Paulson Leeman secretary Johns Hopkins University Lawrence General Motors FOX Matthew nece Disney Lehman Bloomberg Tom
"lehman brothers" Discussed on The Dentalpreneur Podcast with Dr. Mark Costes

The Dentalpreneur Podcast with Dr. Mark Costes

04:05 min | 1 year ago

"lehman brothers" Discussed on The Dentalpreneur Podcast with Dr. Mark Costes

"I just realized what my what my shortcomings are. And I usually try to surround myself with people that overcome my shortcoming. So I just I just. Surround myself with people that are smarter than me and take their advice. Well, that humility tends to be quite profitable of time. Hit hit to get back to. 'cause I don't dodge the question, which I may have accidentally about what can be done and what is important. Yeah. What's the practical practical scenario here the work? That's done inside the aside, the work that you and Jake talk about margins into it'll costs getting on top of your actual practice, knowing where your money is coming and going this is this work has never been more important. It is never been more important a contel, you how many how many multi practice owners individual in a behemoth practice on his reach out to me. And if I asked for their numbers, the minutes almost like it's written on a note pad or thump be dumped into an excel spreadsheet crazier. You can't sell spreadsheet is good. I mean. Yeah. That that's that's considered really really. But it's just a really recently just a data dump his everything that's happened this year, you, you know, how do you imagine? If if you're flying a plane, and none of your your dials were turned on a working, and that's a that's a swagger that. That you really can't afford in going into recession so getting on top of your costs. And I mean, honestly friends out they go back listen to conversations with with mocking Jake and talking about getting on top of your numbers. If you're. As I say, we've helps on the way we're going to be working on some stuff to make an accessible to you. What exactly to do? But that's a great place that you can start right away. Yeah. If dick fold had his head across way, his numbers were and what was going on. And he didn't have the arrogance of assumed that hundred and fifty eight limits. Five hundred fifty five hundred hundred and fifty layman would still be in business today. Just out of curiosity. What happened to him? He's he went down with the ship. I'm sure he's not working anymore. He was. Yeah. He y'all think he'd probably retreated to his hovel in the Hamptons in Upshur. He's doing just fine. Yeah. I don't think he'll build the spend the money that he he earned through Lehman Brothers. We how's this for for a gloss of of hell bulletproof arrogance can be and the the power of hubris in just three weeks before Leeman turned upside down new book, a boom in the CEO's and the other the executive directors of Neuberger Berman, which is another investment banking phone. Had everybody had been circling the wagons rather circling around the caucus of Lehman Brothers as it was falling apart. They're like jackals in wondering where they could step in grab a piece new book Bilman took the harrowed and Santon Email to the executive Lehman Brothers saying we strongly recommend that you forego this fourth quarter bonus there were millions of dollars that the executive team was taking as a bonus in the financial crisis. The main liaison of forget his name. Now say McBride that was liaison between Yuga and lemon in their kind of crisis. Talks Santa out an Email to everybody limits saying I'm so sorry that shameful. What Neuberger is suggesting what's going on of the undead apologize for bringing them mean? It's just and talk them out of it was shocking. Unbelievable. Unbelievable. So I wanna go back to the sentiment that. You express the last master meeting in that is there is no bad news. Right. Just news. You wouldn't expect? It says news your words expecting so now whether or not you choose to to believe everything that that. That is the theme of this podcast. That's your own choice. Obviously. But there is. Tengible evidence that this is going to continue to go in this direction as we speaking. This headline just came across on Bloomberg US food quarter, economic growth revised down this. It's upon us..

Jake Lehman Brothers US Neuberger Berman executive Neuberger Upshur dick Leeman McBride Santa Bilman CEO three weeks
"lehman brothers" Discussed on WTMJ 620

WTMJ 620

04:58 min | 1 year ago

"lehman brothers" Discussed on WTMJ 620

"Lehman Brothers exposed how cavalier the world had been towards risk with time though. Even the deepest traumas where up and there are signs that risk taking is returning though in different forms from before more from Greg hip chief economics commentator at the Wall Street Journal, Greg revisit that time. We gotta crack basically because everybody became someone blinded to the president of risk. But it was bankers who thought that the loans could never default or homebuyers who thought their homes could never decline in price. They didn't realize the risks. They were taking on. And bankers investors. Individuals have really tried to avoid a repeat by limiting exposure risk. Whether it's the regulations are attitudes towards risks such as we want to buy stocks, and what type of stocks we buy. And I think that helped explain the kind of economy we've had the last ten years it's been very stable growth because we haven't had a lot of boom box and crate these, but it's been very muted growth because you don't get the kind of investment in risk-taking from which long term prosperity is born that's interesting. So you wrote households and investors are much warier of risk. What's the what's some of the other evidence that you've seen? Well, how did it a very good example? Like, you could be here, we'd build one and a half million new homes. So far, it's more like a million. And there's reason for that one is that well. So maybe people need homes, but often regulators have made it harder to get mortgages limited who can buy a house and also I think young families young adults are also more hesitant to make that size of a commitment, and you can see that in their own behavior. They live at home with their parents longer. They take longer to have get married and longer to have children what kind of ripple effect. I guess does that have. Well, I think one thing you look at it the business area businesses, for example, a lot of them were caught with too much debt or not enough cash on hand in a crisis. They've learned to be more cautious. They're investing, and so we see investment if you look at housing combined, it tends to be a little bit more muted. You don't have so many people going to start their own business Bartlett couldn't get the loan. You know, used to turn to a home equity loan to start your new business are harder to get. But I also think people are at an age just something. They don't wanna do. Sure, you have your Beatles here and there, but they're really kind of the exception. You know, even if you look at Silicon Valley, but people want. To not stuck next Google or Facebook. But to be bought by the next Google or Facebook level of new businesses being formed is actually historically quite low troublesome potentially people need to take risks to come up with a newer, a better product, and nobody wants to take risks. We're going to stagnate we're speaking with Greg chief economics commentator at the Wall Street Journal. He's written a piece entitled the financial crisis crisis made us afraid of risk for a while. So you mentioned it before like this pessimism is why the bull market has lasted so long does that mean once we arrive at a downturn? It might actually be a softer downturn. Or not related. I think it helped explain why the bull market has lasted as long as it has. I mean, there's an old saying on Wall Street the bull markets climb a wall of worry that everybody pessimistic. There's nobody that's fully invested and therefore some kind of shock knocks prices down. You don't have a lot of people, of course, capitulate and fell into that. So there's some sense pessimism is a healthy background for the stock market. To rise. And that the economy if you don't have a lot of people investing in crazy project, you left leg, and you got a bust in a recession. Now that said I think you can find that does wariness is wearing off the market is extremely rich very high level evaluations are very high. You see that in the property market as well. Some of the pessimism that we've noticed for the last eight or nine years has worn off. I call it. The most hated bull market in history any longer. And I think those are the circumstances but about which risks start to grow. And if you look at the regulatory to. Yeah, we've got a very good job of protecting our banks from the sorts of risk-taking that caused the last crisis, but you know, risk Dipa kinda like goes away sort of changes shape. It's sorta like water running downhill. Encounter the barrier. Tried to find a way around it. And we knew that happening now some of the risky types of loans that banks will make too like heavily-indebted companies those are being made by other companies like an investment banker private equity funds. So you some sense still have risk out. There is just informed that we're not used to. And we can't have a lot of confidence bellwether. We'll be safer as a result. Greg. Greg chief economics commentator at the Wall Street Journal. It's twelve minutes now after the hour on this morning. America's First News Turkey bay style. Coming up next should the school day match the hours of the workday. What's.

Wall Street Journal Greg Google Facebook Lehman Brothers president Beatles Bartlett America investment banker twelve minutes nine years ten years
"lehman brothers" Discussed on Masters in Business

Masters in Business

03:57 min | 1 year ago

"lehman brothers" Discussed on Masters in Business

"Companies. And not a lot else. We sold off the aircraft leasing business the consumer finance business as I said, all these other worldwide life insurance operates they had a ton of assets that were very save -able. They were very save a bull and as a result of the asset sales. We manage to use the sales to pay off the feds loans, leaving the federal government with you know, fifty billion dollars of preferred stock we converted the preferred stock into ninety two percent of the common stock. And so we now had a liquid market eventually we had a liquid market into which to offload the treasury shares of common stock. So so that brings up another peeve of mine. I think that process where the rescuer gets most of the equity is reasonable one. Hey, we're taking all the risk. We're putting up all this money. Maybe this works out. Maybe it doesn't. And so there's a big. Upside at the end of it, not that the government is doing this for the trade. They want to prevent the next great depression. But it seems fair we didn't seem to do that with anybody else. We rescued Bank America Merrill, Lynch city for on the fourteenth times. He's been bailed out I think three or four over the past century. They they have a long history of that go down the list of other companies that were that needed bailing out and were rescued and were illiquid, but they're balanced was transparent. S-, you know, the the one lesson. Everybody forgets from Lehman Brothers is if you're going to have an opaque balance sheet. That's forget the insolvency just the inability for anyone figure out what the hell is going on there. If you need rescue, you're in trouble. And and that's a big part of that. So why didn't we take a similar approach to AIG where? Effectively Uncle Sam was the debtor-in-possession financing. And when that worked out they captured whatever upside there was to be captured. Yeah. So I think look I think the the structure of the tar program which was where we in few ultimately determined to infuse preferred stock equity into the balance sheets of all the major financial institutions. I think there could be some serious criticism of the way it was done potato by. I think it may have created more of a political backlash for sure against the program that party and everything else. Well, I mean, they're the origins of do party or something we made for a while. But no doubt the crisis had some into. But I think the one I mean, the one criticism I would have of the initial tar program was that the as long as the preferred stock was outstanding the company should not have been permitted to pay the kinds of bonuses. That right. I mean. Long as you're beholden to the federal government for equity on your balance? And now the fed have to sign off on bonuses. Eventually they they didn't sign off on the two thousand nine bonuses two thousand eight bonuses. And I think that was the one those the bonuses that provoked the enormous political because most of backbone is not paying I think most Americans were kind of, you know, right in the view of like, wait a second. You're paying billions of dollars of bonuses with taxpayer money for bankrupting the company. Nice work. Here's a bonus. Now, the counter, you know, what secretary Paulson would say who designed this. These preferred is it was important that everyone participate every all the major institutions participate because we couldn't permit the negative inference that of Jamie diamond held out that he was the only solve Bank in America. And so they had to make the terms of the preferred as relatively benign and painless as possible..

federal government feds Lehman Brothers AIG Bank America Merrill Jamie diamond secretary Paulson America Lynch city fifty billion dollars ninety two percent
"lehman brothers" Discussed on Masters in Business

Masters in Business

03:12 min | 1 year ago

"lehman brothers" Discussed on Masters in Business

"You know, I think in retrospect, given the fallout that immediately occurred upon the filing of that bankruptcy. Maybe we should have been more creative. We could have voiced losses on the shareholders. We could afford it. It is. Well, we had a bankruptcy. You know, we could've achieved the kind of, you know, anti moral hazard problem with bailouts potentially in the way, we structured alone to the broker dealer. So as to avoid the kind of adverse impacts that. I mean that the finally Lehman Brothers created a panic. Well, okay, I'm not going to disagree with that. And so you know, that the whole the whole script of the rescue from, you know, the beginning of Bear Stearns to the opening of the FX lines to make sure that the European banks didn't default against their on their own dead and therefore default on their American counterparts. Which would have created a liquidity crisis here to the putting Fannie and Freddie into conservative ship this saving ahe the series of emergency. The alphabet soup of emergency lending programs. The fed instituted, you know, the prime dealer credit facility the talents that. Half. The you know, commercial paper facility. I mean, you know, there was a every market that had frozen up. They intervened in tried to restart in order to provide liquidity to the system. And so the question is, you know, in the midst of that just Stu NAMI of credit support and liquidity you decide to take one company now. My my pet thesis is dick fold said no to Warren Buffett's offered to inject capital over the summer. And I I wish it was a fly on the wall in that room because I have to imagine between Paulsen and Burnett making Geithner someone said this this idiot said no to Warren Buffett. How can we possibly save him? They had an opportunity. He was a pig. I always been a pig and now he should be in an orange jumpsuit, but let's not atomic tons of personalities and personal histories matter. And I so I don't think there's I don't think you're crazy in that thought. So let's talk a little about what's going on. On currently in your career after you leave treasury, you go to work as a background and an investor, and you pretty much decided to hang out your own shingle, Milstein and company tell us about the launch of that firm. And and what the thinking was is opposed to being attached to another giant financial entity. Yeah. I mean, one thing working in the government cures, you of the desire to have a boss. So I decided I would set up my own shop, I really had no grand plans. But we went from, you know, one answering another call to another call to another call him before. I knew it, you know, I had offices in New York and Washington, and we were working on large corporate restructuring since often restructurings again. And and also, you know, reinvesting the profits of the business partners the guys who join me guys and gals who join me, you know, we all agreed that the advisory businesses business that goes up and down revenue volatile..

Warren Buffett Bear Stearns Lehman Brothers fed Stu NAMI Fannie Milstein Paulsen Freddie New York Washington Geithner Burnett
"lehman brothers" Discussed on Masters in Business

Masters in Business

03:54 min | 1 year ago

"lehman brothers" Discussed on Masters in Business

"Show. Up at our doors is our clients. We presided over and help them liquidate themselves, in fact, and. So I, you know, my intent went up, I got smart about the subprime crisis and leveraging the financial system, and how they were levering themselves around these products and others. So when this call came, you know, having become a student of what had gone on in the American financial industry between two thousand and two thousand eight you know, my curiosity alone. Drove me to Washington. So so the news crosses AIG gets a hundred and eighty two billion dollar bailout. What your media response when you see these these are heart. We're kinda used to them today. The time these numbers were just on fathomable. Yeah. I mean by the time, I got there g hit already borrowed from the fed in one pocket or another one hundred and thirty two billion dollars. So that was in over the course of eight weeks between September eighteenth. When the first loan was initially Inc. Wiz inked to the time. You know, the transition team was in place, and we're now trying to figure out what was going on. They had borrowed one hundred thirty two billion dollars. And that's when you know, the restructuring I began, right? The in in in most cases with exceptional Leman brothers. What the federal government the fed the treasury and the FDIC did during the course of two thousand eight was just refinanced the balance sheets the short term debt coming due on the balance sheets of all of these companies sickly saying these companies are affectively solvent. But they have a very short term liquidity issue. And if we could free that up will these companies worth worth saving, and if they crash it causes a big problem. Well, and it's expert would say they're two definitions and solvency balance-sheet and solvency where your liabilities Acceder fair market value of your assets. And then there's illiquidity your inability to pay your debts. When do it was clear at the time that ne. None of these companies could pay their debts. Do they needed in effect? What the fed was established to do to be a lender of last resort. An emergency provider of liquidity when the market's frees up their panics, and the fed the FDIC in the treasury department did this to affair the well during the Bush administration under the leadership of secretary Paulson, and Ben Bernanke the fed. So the time we get there in latoya. We haven't yet assumed the powers, but there's a transition going on a baton passing exercise going on between the tall Paulson treasury department and the guy nerve treasury department and those guys had worked together previously. So it wasn't like they were strangers Geithner was the president of the New York fed. So everybody kind of knew each. Yeah. Know, the there was a very seamless transition, and you know, sometimes you get lucky as a country we have the leading economic historian of the great depression setting as the chairman of the Federal Reserve he may not have had a playbook as to what to do. But he knew what the fed did wrong in the thirties. And he was dedicated not to doing that. Again. Hey, learning what not to do is half the battle, but way, head of people. So so you mentioned difference between the liquidity of event and a solvency event, and you math mentioned in passing Lehman Brothers. Let's talk about that a second. There have been some academic studies that said at the time. Lehman Brothers went belly-up. Their value was somewhere between a negative hundred billion dollars and negative two hundred billion dollars of all the companies out there. They really seem to be completely insolvent. Well, so if you took a snapshot, I would venture to say if you take a snapshot and Mark tomorrow at the balance sheets of any of the major financial institutions tickly the broker dealers Goldman.

fed Lehman Brothers FDIC Washington AIG Goldman treasury federal government treasury department latoya Acceder Ben Bernanke Paulson Geithner chairman of the Federal Reserv secretary
Elon Musk's 'erratic behavior' continues to rattle Wall Street

KCBS Radio Morning News

00:32 sec | 2 years ago

Elon Musk's 'erratic behavior' continues to rattle Wall Street

"Susan Tesla's stock continues to grind gears after taking a big dive at the end of last week start losing about eleven and a half percent of the final two sessions with Friday's selloff. Inspired by Elon Musk's tweet mocking the securities and Exchange Commission must behaviors becoming a bigger question. Mark for investors with hedge fund manager, David Einhorn, comparing tesla to failed financial firm Lehman Brothers saying the deception is about to catch up to tesla Einhorn goes on to say in green light capitals quarterly letter that Musk's erratic behavior suggests he sees it the same way. Shares in tesla

Susan Tesla Tesla Einhorn Elon Musk David Einhorn Lehman Brothers Exchange Commission Fund Manager
Greenlight Capital's David Einhorn likens Tesla to Lehman Brothers

Bloomberg Businessweek

00:28 sec | 2 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
Jamie Dimon says Trump should take some credit for the strong economy

This Week with George Stephanopoulos

00:41 sec | 2 years ago

Jamie Dimon says Trump should take some credit for the strong economy

"Which began with the collapse of Leman brothers, ten years ago this weekend. Now a decade later could a Wall Street executive diamond be the next businessman to make a run for the White House. Are Rebecca Jarvis caught up with him this week in New York. Why not throw your hat in the ring, Jamie. I said as before Trump was elected now you're not gonna get a wealth and yorker elected president. Boy, he's dead well. By the way this well, wealthy New Yorker actually earned his money. Wasn't a. It wasn't a gift from daddy p. Morgan CEO, Jamie diamond taking aim at the president saying he could beat Donald

Donald Trump President Trump Jamie Diamond White House Morgan CEO Rebecca Jarvis Morgan Chase Executive Banks Lehman Brothers Leman Mckim New York Twitter Merrill Lynch
Today marks 10 years since Lehman Brothers collapse

Morning Edition

00:31 sec | 2 years ago

Today marks 10 years since Lehman Brothers collapse

"Simon. The Carolina coast wakes up today to damage from wind and water. That includes Beaufort, North Carolina, a city of four thousand that's on the edge of the Outer Banks, the mayor there is written and he joins us. Now newton. Thanks so much for being with us. Good morning, Scott. How's your city doing? Well, we were very much in a recovery mode right now, we have a lot of downed power lines. We have downed trees. So we're asking those that evacuated. Please stand by while we clear pass for them to start

Barney Frank Mr Mayor Scott Simon Beaufort North Carolina Ameet Morales United States Signature Bank Nevada Newton Florida Rachel Carson Lehman Brothers Japan Bank Newburgh
Uber heads in new direction with Toyota on self-driving cars

KCBS Radio Weekend News

00:53 sec | 2 years ago

Uber heads in new direction with Toyota on self-driving cars

"Is expanding and alliance with Uber through a new investment and a plan to get self driving cars on the road Toyota will invest about five hundred million dollars and will manufacture Sienna vehicles equipped with Uber's self driving technology another company not yet identified publicly we'll operate the fleet. The company has previously bought Volvos and retrofitted the cards with its self driving technology and now operates the fleet on its own dime. Lower the company that makes Mercedes Benz vehicles will own and operate its own self driving cars on Uber's network. Now this latest deal in which Uber licenses its technology is another way in which it's becoming a force in autonomous driving earlier this year, a group of investors. Valued Uber at sixty two billion dollars. Toyota's investment now values it at seventy two billion.

Uber Geoff Colvin Toyota Lehman Brothers Bloomberg Fortune Magazine Brothers Toyota Will Sarah Shuster America Michael Lisek Benz Merrill Lynch Sienna Three Hundred Eighty Billion D Five Hundred Million Dollars
Brookings Cafeteria, Brookings and US discussed on The Brookings Cafeteria

The Brookings Cafeteria

00:19 sec | 2 years ago

Brookings Cafeteria, Brookings and US discussed on The Brookings Cafeteria

"Ten years ago, global financial services firm, Lehman Brothers declared bankruptcy. It was the fourth largest investment Bank in America, but it's a lapse was doing large part to its involvement in subprime mortgages. It stands as the largest bankruptcy filing in US history, and as part of the US global financial recession that began a decade ago.

Brookings Cafeteria Brookings United States Lehman Lehman Brothers Molly Reynolds Congress Brad Kavanagh David Emerson Assistant Professor Of Economi Fred University Of Illinois Chicago America Assistant Professor David M Rubenstein
Dalai Lama meets alleged victims of abuse by Buddhist gurus

BBC Newshour

01:26 min | 2 years ago

Dalai Lama meets alleged victims of abuse by Buddhist gurus

"Of abuse. In the Roman Catholic church from Germany to Chile to the United States would be making headlines for years now and continue to do. So as we've seen this week. But what about abuse within Buddhism? Well, today, the Dalai Lama the spiritual head of Tibetan Buddhism has been meeting alleged victims of abuse by Buddhist teachers in the Netherlands, it was organized in response to an urgent appeal. The twelve victims sent to him the alleged perpetrators are said to be active in a number of countries. I'd be speaking to the Dutch investigative journalist. Rob HOGAN, Don his spent years looking into this festival. How widespread is abuse in Buddhism? It's very widespread. And it's under reporters. It's only now that's investigative reporters. For instance, are starting to look into this. I've done so myself for some six years now, and I've been very active in the Netherlands collaborating with other reporters, and I'm working on twenty. Three fouls on twenty three individual abusers. And we have fifty thousand Buddhists in the Netherlands. So that's a very high incidence of abuse and still I'm not covering everything there is because new cases pop up, you know, every month. Does that include sexual abuse? Then all of these cases are sexual abuse cases. So these are twenty three separate sexual abuse cases in the Netherlands alone. And I'm pretty sure that wants

Netherlands Volkswagen Germany BMW Editor BBC Roman Catholic Church Europe Autocar Magazine Rob Portman Rob Hogan Beetle Delilah Lama Alistair Darling Autocar Bbc Bbc Lehman Brothers United States Engineer
What happens when the next financial crisis strikes?

Bloomberg Markets

00:37 sec | 2 years ago

What happens when the next financial crisis strikes?

"World. Bob diamond atlas merchant capital founding partner and CEO tells Bloomberg he does not see a repeat. Of the financial crisis as it relates at least two banks banks, particularly the larger banks are safer and sounder. I don't think there's a crisis with banks around the corner. I do think there's an interesting. Addition to that thinking, which is that if we do have a crisis in the financial markets is unlikely in my mind to be caused by the large banks. It's also unlikely that the large banks will be part of the

Bloomberg Lehman Brothers Founding Partner CEO Ten Years Fifteen Minutes One Decade Two Year
Investors still wary 10 years on from Lehman Brothers collapse

Mike McConnell

00:34 sec | 2 years ago

Investors still wary 10 years on from Lehman Brothers collapse

"Later this week is the tenth anniversary of the financial crisis. When Lehman Brothers investments and other investment groups went broke or nearly broke. What happened ten years ago? The economy still affects decisions in corporate boardrooms at kitchen tables today it hangs over the economy pay raises disappeared in still not fully recovered. Some believed the collapse of Lehman Brothers investments ten years ago, even lead to the election of Donald Trump because when the banks were bailed out of making bad mortgages, many Americans felt they were not helped to when the values of their homes

Judy Genshaft Facebook Newsradio Lehman Brothers President Trump Joaquin Vasquez Sosa Saint Wilford Episcopal Church Johns Pass Virginia Donald Trump Bonilla Assault Joey Levy Donald Followers Charlotte County Soto Florida Director Groves United States
British Airways apologizes after 380,000 customers hit in cyber attack

BBC World Service

00:25 sec | 2 years ago

British Airways apologizes after 380,000 customers hit in cyber attack

"With me Ed Butler, where today we're recalling the collapse of Lehman Brothers ten years ago this month, the Bank failure that spawned the global financial crisis a decade on have we even begun to emerge economically politically from the shadow that lemans cast. That's business daily coming up in a couple of minutes.

BBC British Airways President Trump Taliban Lehman Brothers Ed Butler Turkey Airboats Denaru Ashraf Ghani James Mattis New York Times Kabul Syria Jerry Smith United States NFL Hokkaido Donald Trump
"lehman brothers" Discussed on KQED Radio

KQED Radio

08:13 min | 2 years ago

"lehman brothers" Discussed on KQED Radio

"Los Angeles. I'm KAI result is Tuesday today the fourth of September good as always to have your long everybody on the theory that now with Labor Day behind us in the midterms in front of us. The news is gonna start picking up again getting busy first of all where people even paying attention in August. But also because sometimes it's good to just stop and reflect when you know there is a busier stretch coming. We're going to start today with a look back a look back at the thing that affects this economy to this very day, the financial crisis and the recession that followed in Minnesota the other day to talk to Neil cash car. Now, the president of the Minneapolis fed, but ten years ago as we were heading into the worst of the crisis, Lehman Brothers and AIG and all of that. He was the person handling what would become the tarp the Bank bailout for Treasury Secretary Henry Paulson, anyway, we got through his office. We chitchatted for a little bit. Got the backstory on a couple of pictures from the George W Bush White House that he has on his book shelves, and then we got right to it. So this is a tricky way to start this interview. But. Your guy who chemical attacks? You're from pimco you had your stint in the treasury. And I'm wondering when the York Times run your OBE it in fifty years. I sentence is going to be no cash cashcard who led the biggest bail out of banks in American history. Died today at the age of ninety four. With Adam and your free market guy from way, back and natural legacy. The tarp the bailout. Well, I'm absolutely proud of what we did during the financial crisis. And we were as you indicated we were a free market Republican administration that hated the idea of intervening and market, but it became apparent that we were facing a one in one hundred year economic crisis, and we needed to stabilize the economy. And so although we hated it got to that point. I'm proud of the action that we took. I'm proud of the people that I worked with and I would not turn my back on that experience in any way, I own it. I embrace it. I'm proud of it. I was actually gonna ask us later in the interview. But but since you were so forthright in that I'm gonna go with it. Now, you arguably are the guy whose life was changed the most by that incident. Right. Burn Anki and Paulson and guidance her, you know, they were at the top of their careers and they've moved on than other things. Bush Obama, we know what happened in this literally was a life changing event for you. It was a life changing event for me in terms of my career, but it was a much. It's more dramatic life changing event for millions of Americans who lost their homes, right people who lost their jobs to people. The reason this crisis was so unfair. As a lot of people were responsible bought homes. They could afford then when the great when the financial crisis turned into the great recession, and then they lost their jobs, then they lost their homes. It was much more traumatic for them than it was for me. I want you to start in the spring of two thousand eight you would call Hank Paulson a couple years earlier and said, hey, I want to come work at treasury. And he said come on down. I want to get things done as as Paulson's wants to do. And then things start going south. And he says to you Neil. I need some help with this. What was the first introduction? You had to how bad things were going the role you were gonna play. It was a slow process. It was summer of oh seven when he said, I want you to be in charge of housing for treasury. And I said Hank I don't know anything about housing, but he said nobody else in treasury knows anything about housing either. So figuring out work with our best economists work with people that hide in the White House figure out what's going on in housing. And what if anything we should do about it? And again, we were our our bias was not to intervene are bias was let the markets run. Their course, that's the way markets are supposed to work, and as we got deeper into it. And as time went on, it became more and more and more serious. And I remember it was January of two thousand eight. When there's a phone call that secretary Paulson, and I had with the former chairman Alan Greenspan, and in his very quiet way that Alan Greenspan speaks heard him say over the speakerphone, this might be a one in one hundred year event that set us back and that made us think oh my gosh. Alan Greenspan, saying this might be a one in one hundred year, we need to get ready for the worst. So you guys put together something called the break the glass plant. That's right. Which was an essence if everything goes to to the dogs as it were. Here's what we do. What was in that? I plan. Well, so my colleague Phil Waigel also treasure and I drafted it. We went through a bunch of different options at a very high level everything from putting capital into banks to buying up assets from banks a range of different options. It was ten pages. Probably six or eight different ideas. No details. Just concepts just to say, let's have an idea of what we might do if we really needed needed to do something dramatic. But we also knew that congress would have to approve any of this. They would have to allocate the dollars for this. So we presented this to chairman Bernanke. He and secretary Paulson they both said, yes, this looks reasonable weight backup. Henry Paulson really say the first time you said, Hank. Let's talk bailouts. Well, Hanks told us hang told us to pull this together. He said go work on what we will do if the you know, what really hits the fan, right and the economy on the verge of collapse pulled together some idea. So it was his idea that we do this work to begin with. We showed it. To him. He said, let's go show this to burn Anki. Paulsen? Banenky said this seems reasonable. But there's no way we can go to congress right now for this. They'll say, you're crazy. So let's just put it on the shelf. And let's hope we don't need it talk to me about the political environment of the time. I mean, we had a presidential election going on. Right. We we wound up going from a Republican to a democrat in the worst crisis in more than a generation. Did you think congress in the tarp put aside, did you think that the politicians had your back? Oh, no, no. I mean, the leaders. Yes. But the rank and file politicians didn't. I mean, I was taking the brunt of it because I'd have to go testify in front of congress many many times. And generally speaking, the members of congress for much more deferential and respectful to the Treasury Secretary or the fed chair then to some thirty five year old assistant secretary and. But the members of congress will reflecting the anger of their constituents. Their constituents were angry their constituents were confused. Didn't understand what this crisis wasn't whose fault? It was. And so I got to feel firsthand that anger when did, you know, it was going to be okay. I mean, you had Lehman in September you had tarp in early October. And then what it was a slow burn of the big banks coming under more and more pressure. I had on my treasury had a Bloomberg screen, and I was watching all the various tickers throughout the day and watching the big banks their stock prices approach zero wasn't indicator for me that the market did not believe we done enough to stabilize the crisis. So in March of nine I think the financial institution hit a minimum. And then when we got through the stress test in late April early may have oh nine that's when I said, okay. We've turned the corner. The worst is behind us now, and people know that they basically people know that the US. Government. The US taxpayers are standing behind the economy. And that was a message that we had to send more from Neil cash car in the second half of the program on those big banks in our collective economic fate. But a couple of quick present-day indicators before we go on oil prices spiked a bit today over seventy one dollars a barrel in New York. One point lots of crude natural gas production being shut in in the Gulf of Mexico because of tropical storm, Gordon. Also, you heard about Amazon today possibly it had a trillion dollar market capitalization for about a hot second this morning. The company by the way has more than doubled in value over just the past twelve months, otherwise in equities at the corner, Wall Street and broad today. A gentle band toward the downside. We'll have the details when we do the numbers. Just.

Henry Paulson treasury congress Alan Greenspan secretary Los Angeles chairman George W Bush White House US Lehman Brothers Minneapolis Neil Minnesota York Times president Amazon
Women and Minorities See Significant Gains as First-Time TV Directors

24 Hour News

00:36 sec | 2 years ago

Women and Minorities See Significant Gains as First-Time TV Directors

"Television is getting more diverse studied by, the directors guild of America shows the, industries hiring a first time female directors and, directors of, color hit record highs for the second year. In a row women represented forty one percent of first time. TV episode directors last season and the found directors of color represented thirty one percent, of first, time hires up from twenty seven. Percent of the previous season but the directors. Guild said the picture is complicated by hiring practices it says writers actors and others already. Connected with the, TV series can be gifted one time directing jobs blocking career progress for other directors

United States John Mccain Directors Guild Of America Vanessa Marquez Washington National Cathedral Washington Hoover Dam Tim Maguire Pasadena Senator California Lehman Brothers Guild Vietnam European Union Eurostat Germany
"lehman brothers" Discussed on KGO 810

KGO 810

06:41 min | 2 years ago

"lehman brothers" Discussed on KGO 810

"The top of the page the right of my bald spot and, send me an Email give me a call you call right here right now A couple of minutes before the phone lines back Histories why everybody falls in after the phone, lines are, switching made a, fall, after the show but Dennis as a question Dennis what do you need a financial advisor Just came into, a, wet ball a won a lottery and I've got, about three hundred thousand Aaron I'm looking at checkup surviving retired living on social security, and and and being compensation And I, got this money and I'm seeing a. Multitude of places everybody's telling me what. To do with where to go, with it and I haven't even cash the check I should have scored and, deposit in the Bank then search around. Or she's the every financial advisor in the world and I you, know seems to be looking for us But the deal is I don't really know. What's the, first move, should be you have an account You mean who does your taxes for you have any I didn't need any of that. Stuff I I lost all of my all of my 401K and all that. Stuff during the crash Back and I haven't had to worry. About much money since? Then because I was broke I think that the the first step really is to? Figure out how much so you're getting income for? Social. Security into your VA benefits what do you need how. Much money for this three hundred thousand. Dollars, do you need to live on and how long did you need to last you four Well I'm seventy four years old so? You know God well and ten or fifteen years? Anyway Well so I mean it just from that massive. You took out twenty thousand dollars a year. You're going to exhaust this windfall over that, standpoint you don't need to do anything with it and the next question in my mind is do you know how much risk are you willing, to take on you if you could earn just for purposes of of just ease around numbers earned five percent a year on it and it produced fifteen thousand dollars. Year would fifteen thousand dollars change your lifestyle or enhance your lifestyle for the next fifteen years I mean in the other part of the question is. You, want to leave this money to somebody later on you wanna create a legacy for yourself No unfortunately it's, it my age everybody was near. And dear is already died okay or just appeared but the deal is. That, I was looking for security I burnt so, bad during the two thousand eight nine crash. At that time I was we Schwab and and. Even had sock and Lehman Brothers give me. A break but I want to secure I, don't want to be able to go through that again now that I've got money to worry about well they're nothing is secure their everything is, I always like to say everything has hair on it you just need to understand the risk associated so for example if you're in a Bank CD let's just say. A Bank CDs not gonna pay you anything and then you have inflation risk so your money's losing money because you're purchasing power is diminish over time If you were in some type of income. Strategy based on what the fed does may, it, may create a volatility. To your portfolio of you're just invested in fixed income type strategies the. Stock market we all understand how volatile stock. Market can't be, for at times ever since President, Trump got elected I think, the, market is up twenty eight, or thirty eight percent in that. Two year period so everyone so in many respects that looks looks great The the trick the trick. Is to create something that water that you understand and you're comfortable with otherwise if you're not. Cover all. Did any of the, choices out there then And a depletion strategy may be the best way of going if you feel like you're going, to be around for another sixteen years, take one sixteenth out every year and spend it have fun with it or. If you think you're gonna make it more than ten years spend it over the next ten years do stuff that you want to enjoy would be my my advice, to you I. Know there's a, lot of guys out there want to sell you some type of insurance product because they're going to tell you you're never going to. Lose money and that's true you'll never lose but you're, only going to get the, money back over a particular, payment schedule based on the claims paying ability of that insurance company so. So that when I say there's hair, on everything you kinda get my gist there's going to be an there's going to, be something that you have. To give up my firm we put a high value on liquidity but sometimes those. Products, at that give you guarantees, do make a lot of sense but, it But you really, have to sit down and. In my opinion look across, the table into the guys is who's gonna take this you know this. New found money for yourself and come, up with a approach to it so that you feel comfortable with the money it, makes sense Yeah. Makes sense I'm just so worried. About their, sorry I lost everything else playing the stock market last time I didn't, keep anything from all invested well I think you just summed, it up you said you you're playing with the stock market you, cannot play, with the stock market the stock market's like mother nature you know when you think you've got it figured out they sloppy. In the face You can't play with. The stock market you got to be disciplined and unemotional, about it because there's too many factors that you cannot? Control what the stock market so y- you if you don't know how to do it yourself? You, need to. Hire someone who has the time to, temperament and the understanding of how the markets work and. Then that that person and this is. The, challenge it sounds like you're at Schwab. They make money based on your trades a charge. Fee but who was it that was. Really giving you guidance was somebody. Fresh out of school that you never had any experience, with a bad market before Again oftentimes it's ego it's there's there's different conflicts and, when you're dealing with a big box firm they don't? Have any fiduciary obligation to you their their job is to get.

Schwab advisor Dennis fed Lehman Brothers Aaron fiduciary Fee President Trump fifteen thousand dollars fifteen years ten years twenty thousand dollars thirty eight percent seventy four years
"lehman brothers" Discussed on FT Everything Else

FT Everything Else

02:40 min | 2 years ago

"lehman brothers" Discussed on FT Everything Else

"And so for me, it, I lost interest, I think towards the end because suddenly the things that kept us going, I the family and the sort of tangible were lost. I think it's a contrast to the Enron play. If anybody saw that, which would be centered on explaining what was wrong with then company in is in fact, one of the best visual examples of fraud I have ever seen, and I was waiting for that, and I was really disappointed because I was hoping the final act which show us what was wrong. It will be nice if was one more. Doesn't make it very long evenings. Description of exactly what happened was exactly what I wanted to have at the end of the play offs. I will. I should know more about leaving brothers. So this is my office to get it ended just didn't come. I think he's asking, you know, he's asking, how did we get here in really, really sort of big way. And I think I think one of the big questions is asking is, does capitalism actually contain the seeds of its own destruction? Where did this go wrong? Where do we move from people doing what? It's basically a good thing, you know, selling making money making a world being useful name store? Yes. When did success become greedy? When did that actually happen? You know what? I'm why is it necessary? Could we've avoided it? But it's also thing that can actually do. You know, I think it did ask that. But frankly, it could have been a car company, and there were there was relatively little sense of banking and they do a great up early on of explaining how they become middleman and brokers. That was a really good explanation for how the kind of job they did was created. It just that final act is just to worldwide, like. Let's do eighty years including more than that. It's it's it's one hundred years pretty much and you'd never get a sense of what happened. I mean, this is the seeds of its own destruction. Show us destroying itself will loosen is like outside this is character. Philip Liman who seems to be almost presented as like a sort of father figure of modern banking has said, he's the one who understands that what they're dealing in something abstract, but I think he died in nineteen forties. So really, we kind of lose that thread vary Elian you know, I'm sure Phillip where he to be transported to two thousand and eight wouldn't recognize that financial system. I think the whole concept is confused because most of the most successful bits are about the family saga, but it's also it's about this Bank and I didn't think it knows exactly what which one it hasn't chosen decisively. Okay. This is about Lehman Brothers or this is about the brothers who created the Bank? Yes, but it's about how did we get from one to the other is I mean, what we're all missing is whether it's very long we missing another acts, maybe. But you know, the one that said of x. goes into that in a bit more detail, but some two, why do you think we don't get the climax? But you'd have to Stefan Messini that who just run out of steam..

Philip Liman Lehman Brothers fraud Stefan Messini Elian Phillip one hundred years eighty years
"lehman brothers" Discussed on FT Everything Else

FT Everything Else

03:11 min | 2 years ago

"lehman brothers" Discussed on FT Everything Else

"You then take the mortgages and you squash him together, slice and dice them and sell out slices to other people. But in the late two, thousands people stopped paying back and Liman had done this slicing and dicing and failed to sell off all the pieces. And so when people lost faith that these things were worth any money, they lost faith. Lehman Brothers had any money. Lehman Brothers was not a traditional Bank despite the fact we call it a Bank. It didn't have deposits. It didn't have access to what's known as the Federal Reserve discount window which is emergency money. So. When people lost faith in it, it had nowhere to turn. And so the US government decided not to open the discount window to it and said, go bust. And so when it went bust, it basically took down or would have taken down the entire financial system with it. But it is seen as sort of the final straw that just sent the world into economic tailspin in September. Two thousand and eight is very complex, but also does an inherent drama and you can see why it might have appealed to the theater makers here. Do you think that the play rap was with this complexity? Not at all. It's a play which you could like for lots of other reasons. The play never actually gets to residential mortgage backed securities. The last thing you hear about is somewhere in the sixties and seventies Liman is getting into trading trading is perfectly valid and had nothing to do with what brought down Lehman. I mean, does it in any way, showing new light on the collapse and the kind of the crisis that followed. It reminds you that behind this company that has become a synonym. For evil were people who had worked hard and spent their whole lives building something, and that it wasn't an inherently evil structure. And I think that's worth remembering because investment banking and banking have been so torn ish and people lose side effect that they actually do good in the world. We have banks for a reason in that it is good. It doesn't tell us anything really about the financial crisis does. It don't remain to Cise capitalism. Yeah, I suppose it doesn't mean you see these immigrants arrive and they build something and we are told fundamentally that they're making things happen and helping America grow. But that's actually true. And I think actually to be fair to as they get into riskier things, the thing they refer to as trading, you get the sense that something bad is starting to happen. So I think actually it's not completely unfair Hof way through when Philip says, the flower of all cake is is not money. It's no longer just investing in cotton. Is that not a moment when it becomes it starts coming. Some dock at the doesn't seem if. Money is not inherently sinister. Obviously, you're talking to someone who's covered the banking industry for many years, financialisation and money just to make money is bad, but an awful lot of what they were doing, especially at that moment which was helping people bring money together and then lend it back out again. So you can make functional economy is still necessary. So there is this reference to something has gone bad and they've lost sight of the that banks should serve society as opposed to banks just making money. On the other hand, the thing they were actually doing again at that moment wasn't such a bad thing and Sarah thinking about this as a welcome theater, does it work in the way that it tells.

Lehman Brothers Liman Federal Reserve Lehman US Philip Sarah America
"lehman brothers" Discussed on WRVA

WRVA

02:47 min | 2 years ago

"lehman brothers" Discussed on WRVA

"Give you another one soros and move on dot org are now promising a massive protests around the country bank of america executives have now said that they are going to stop loaning banks to firearm manufacturers that is something i warned you about there's only five big banks and the fifth big bank is not lehman brothers goldman sachs i don't even think of that as a bank that's how few big banks we have now because of the crash of oh wait and what the clowns and congress did you've got two of the big five now saying we're not gonna make loans to people who make guns you don't need to repeal the second amendment we have people screaming at each other we have people defining hatan all different kinds of ways there was a story that i read about hampers people have been stuffing these little cards it's okay to be white will there from there from an identity tarian group here in america the neo nazi group and they're starting to pop up all over and people are outraged well what about the outrage of the new mural that is at the at usc the campus of the university of south of of south california southern california there's a mural that just been up the been put up that says dismantle the whiteness a taliban mean i'm sorry i demand an answer what does that mean because when i got in trouble for questioning whether the president has a problem with white culture little miss funny pants what's her face katie couric tries to quarter me and say what what do you mean by white culture trying to make that sound racist itself what what is what does usc mean by dismantle whiteness because if i was racist for questioning if the.

soros congress california president bank of america lehman brothers goldman sachs america usc university of south taliban katie couric
"lehman brothers" Discussed on 1410 WDOV

1410 WDOV

02:03 min | 2 years ago

"lehman brothers" Discussed on 1410 WDOV

"Give you another one soros and move on dot org are now promising a massive protests around the country bank of america executives have now said that they are going to stop loaning banks to firearm manufacturers that is something i warned you about there's only five big banks and the fifth big bank is not lehman brothers goldman sachs i don't even think of that as a bank that's how few big banks we have now because of the crash of a wait and what the clowns and congress did you've got two of the big five now saying we're not gonna make loans to people who make guns you need to repeal the second amendment we have people screaming at each other we have people defining hatan all different kinds of ways there was a story that i read today about in pampers people have been stuffing these little cards it's okay to be white will there from there from an identity tarian group here in america a neo nazi group and they're starting to pop up all over and people are outraged well what about the outrage of the new mural that is at the at usc the campus of the university of south of of south california southern california there's a mural that has just been up been put up that says dismantle the whiteness.

soros congress california bank of america lehman brothers goldman sachs america usc university of south
"lehman brothers" Discussed on BizTalk Radio

BizTalk Radio

02:17 min | 3 years ago

"lehman brothers" Discussed on BizTalk Radio

"The evidence more evidence than i could say and they decided they will no crimes committed here and what they really did put the effort and tried but they did they did they didn't have one single there's one thing will highprofile press here's they've been who bear strengthen that gave up and we should say for people to the the don't realize the scope aig itself uh almost could have caused the global financial system to collapse not only was cassano not held responsible both when he was ousted they gave him the huge monthly consulting contract has no one understood what was going on there yeah yeah uh absolutely and he uh uh aig spectacularly huge juice no question i wanted to leave and leaving brothers now because we we had twenty baluch was on the show he was the bankruptcy examiner and you know he finds its its repo 105 which was essentially uh playing with the books in of financial firm all it has use the integrity of its balance sheet it's fine dances and um and then they sort of misled on the liquidity we've had aaron kelanamas well although i believe that she did know lob was going on because she was there briefly and had really didn't have a cfo background should leave would have been prosecuted should dick fulton have been prosecuted odd lincoln v anke i don't think should have been prosecuted because i don't believe really in pressing into these especially one met had gone out of business um i think that it's possible that they could have developed the case against the cold in it for doing this essentially what un kevin lake it which is mislead the public in leave lenders about the state of the visit i focus on the with the misrepresentation lehman brothers made in the book and i think uh which for lucas tony uh uh really uncovered in um so one thing i say is that acquittee representations were spectacularly with leaving for their lenders in the public and the regulators they said that that they had billions and billions of dollars in liquidity but actually that were those numbers were encumbered vega pledged that his collateral through other back and um they knew it they had a chart at fed here's our liquidity and listen easily monetize the and this is not easily could always um and it's something you can't get cash out of it than not liquid i mean and and.

global financial system cassano lob un kevin lake lehman brothers lucas aaron kelanamas cfo dick fulton lincoln
"lehman brothers" Discussed on USA Today

USA Today

01:58 min | 3 years ago

"lehman brothers" Discussed on USA Today

"Job reports coming out today what are you making those well i think it's excellent news for the for the economy for your average consumer who at this point most folks who need a job in wanted job can get one so that's good news but um it it you don't always see a direct correlation between the employer the employment market in the stock market sometimes the stock investors a don't always a trip track the the jobs just as closely so you know i think it's a really good news but uh but there is some concern that people's investments their retirement funds are going to take a hit this year with some of that concern for how things are going this year how fear comparisons to what we saw in two thousand eight i think it's unlikely to that will have anything like what we saw in two thousand eight in early two thousand nine it you know there's an it's natural to be concerned about that but that was a pretty unique circumstances uh you know this perfect storm of terrible situations involving you're the collapse of the housing market the bankruptcy of lehman brothers the automotive industry collapsing you had so many different things happening at the same time here we have a strong employment market there is no signs of distress in the housing industry you've got a strong auto industry so you know there are certainly some issues like weakness in the junk bond market etcetera but i don't think we're going to look at a mirror image of what happened in two thousand eight with the stocks rallying late thursday and then two day friday is this an optimistic sign i think it is a sign that maybe we are entering a period of stability here for the markets after a week of turmoil so obviously is impossible to project in i think concerns about china will still be on investors minds for most of the year thank you so much nathan for more of nathan's work follow him on twitter nathan bomi more from this story in much more online at usa today dot com.

stock market lehman brothers auto industry china twitter nathan bomi two day
"lehman brothers" Discussed on BizTalk Radio

BizTalk Radio

02:41 min | 3 years ago

"lehman brothers" Discussed on BizTalk Radio

"Your longterm investment plan yep i know it's boring by anna hold is boring you here by an hope is stupid i say the latter is way more stupid and the data you know me i'm at the data guy supports it the data supports it uh here's proof the lehman brothers bankruptcy september two thousand and eight which set off the worldwide financial crisis disrupted the market for a relatively long duration it took the s p five hundred seventeen weeks the bottom out at forty six percent lower our and another forty one weeks to climb back to its pre bankruptcy level with reflection the great recession the worst market crash since 1929 required fourteen months to recover hm this was certainly an extremely difficult period for investors would still a relatively modest setback on most investors time arise hm i went back and looked at some of these events that caused crashes or panics in the market here are some member that taper tantrum that was back in may of 2013 when we first heard about the federal reserve gonna start raising interest rates soon which they didn't do until december in 2015 but everybody freaked out market lost like one percent that day it took seventeen days to recover that's all the next one the us debt downgrade was more serious that was an august of september union august not september of 2011 that was a seven percent drop i believe the first day and it took a hundred and forty four days to recover i mean hundred and forty four days come on man it's not that long you can't keep your powder dry for a hundred and forty four days or even fourteen months for crying out loud japanese to nami six days to recover the flash crash big deal we all made about it on the news four days to recover.

financial crisis interest rates lehman brothers us forty four days fourteen months five hundred seventeen weeks forty six percent forty one weeks seventeen days seven percent one percent four days six days
"lehman brothers" Discussed on Global News Podcast

Global News Podcast

02:14 min | 3 years ago

"lehman brothers" Discussed on Global News Podcast

"Ten years from the start of the global financial crisis the former british finance minister alastair darling has wounded rising consumer debt is a growing concern in a bbc interview he urged financial regulators to be very vigilant about the risks to the economy it was on this day in two thousand and seven the french bank bnp paribas shut down several investment funds citing problems in the us securities market cereal bank collapse his what to follow in the us and europe culminating in the demise of the giant investment firm lehman brothers this intern triggered a financial panic and a deep recession from which the system is yet to fully recover i'll business corresponded dominic o'connell has been looking back at what happened and asking whether we learned any lessons this is canary wharf the financial services center in east of london arm in the coming here among the skyscrapers on a tuesday night in february two thousand and seven it was blameless nine for a couple of big banks and the empty champagne bottles were lined up on the edge of the payment like a row of green soldiers who saluting this wonderful money machine that was making people here very very rich one thought the whole system was about to implode so when official was chairman of the giant american bank city greek during the crisis he led around to cheer lloyd's very very there are a few people actually thought it was there was some excesses in the system but was it likely to lead to a crisis note did you think actually that the people at the top of the firm's of whom you a one really knew how series things were perhaps later they did but at the time no probably not nor was the problem apparent to politicians alastair darling now lord darling was chancellor of the exchequer from july two thousand and seven when i became chancellor of the exchequer the issue of financial stability simply didn't arise so when ten years ago in august of two thousand seven.

finance minister chancellor lord darling official london financial services canary wharf europe shut down bbc global financial crisis lloyd chairman dominic o'connell intern lehman brothers us bnp alastair darling Ten years ten years