Out of millions of dollars. Medawar was extraordinarily, um, good at what he did. He was the consummate con man. [ music ] i would ask the, uh, witnesses to, uh, rise. Andand raise your right hand. In the summer of 2002, a ceo is called before congress, grilled about why his company has gone bust, and why shareholders have lost a total of 180 billion. Each of you is now under oath. Good afternoon, mr. Chairman. I served as ceo of worldcom for 17 years. During that time, i helped a Small Company rise to one of americas largest corporations. Bernard ebbers, former ceo of worldcom, symbolizes an era of corporate greed and fraud. Worldcom is one of the fastest Rising Companies in u. S. History. And one of the hardest to fall. The year is 1983. At a diner in the small town of hattiesburg, mississippi, local businessmen meet over coffee and donuts. Ma bells monopoly on Long Distance is breaking up. The businessmen see an opportunity to get in on the Long Distance game. In the early days, the
Yesterday after those minutes from the Federal Reserve. You can see the eurodollar pretty much unchanged, off 0. 1 . Lets look at how european stocks are doing following the recession lower. The stoxx 600 off by 0. 6 . European stocks set for there were drop in more than a month. Thanks underperforming. Part of that down to the minutes we got from the fed, signals that the Federal Reserve may look at shrinking the Central Banks Balance Sheet. Also, about equity prices being high. You are seeing a weaker dollar, stronger yen. If you look at the bloomberg dollar index, we seeing that recover a little bit. It is ever so slightly higher. Eurodollar, we are also closely watching after comments from ecb president mario draghi. 1. 0646. Lar at the bund yield one basis point number as well. Now lets get the bloomberg first word news. Saidtian President Trump an apparent poison gas attack in syria which killed more than 70 people has changed his thinking on the civil war. He called heinous acti
First off, your reaction when you heard about jamie dimons throat cancer . Betty, i am a human being too, so we are all aware this type of thing could happen. It is horrible, i wish the best, and i hope he requires recovers quickly. As he was saying, it was detected early, it is curable, and he will be working throughout. There are questions about who will succeed him, and he noted they have Succession Plans for the immediate future, in three years, and in five years. Had thisst time we conversation about succession at jpmorgan was one jamie dimon was president obamas favorite banker and people were thinking he might be the next treasury secretary at some point. Stated, and aons successor was, sort of, anointed, and of course, that discussion faded and that person eventually left jpmorgan. Now, once again we are in this discussion, and people are talking about the head of asset management, and gordon smith, who runs the commercial management, and of course, the coo who used to run the
We now have about 1. 4 trillion in mortgages on their own Balance Sheet. Making the fed as i previously said the Worlds Largest savings and loan. The feds goal is to push house prices higher, and in my view, they have no overachieved. I want to look at house prices in a much longer perspective. I hope you can see some of his chart. This is a 60 year history that goes from 19532015. Its a slight of the Consumer Price index versus average u. S. House prices, both indexed to 1953 equal 100. What you can immediately see if you cant read numbers is that there is an extremely strong correlation and mean reversion of house prices to general inflation, which makes sense if you think about it. Obviously, with the bubble we went far off that underlying trend, and then with a shriveled house prices came right back. If you can look over on the right hand side they came right back and touched the trend but now have bounced up, well over the trend again. Indeed, as far over the underlying inflation
Foundation discussed the studys findings. This is an hour and 15 minutes. Hello and welcome to new america. Im the managing editor at new america which means i edit the digital weekly magazine. Im here here to welcome me to this event. The Obama Administration and the press surveillance post9 11 america. If you havent had a chance to see this report which i have you may want to rename the group that to protect sources say those of us who have done the job of investigative reporting the sources are our lifeblood and if they come to the sources we had better. Im also familiar with the court cases against sources. Its a bleak picture of to and including u. S. Attorney in chicago who was the hero pat fitzgerald. They put a lot of guys away who were investigating but when it came to blankly asserted that journalists who get leaked information is our witnesses to a crime which puts us in the crosshairs. Thanks for coming here it is a great report and if you havent read it please do. These gu