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the president visits mississippi, alabama and florida over the next two days. tuesday night he goes on television to update the nation on how the u.s. government is responding to this growing environmental catastrophe. cnn plans to carry his address live at 8:00 eastern. the following day president obama meets with bp chairman carl hendrick sponburg at the white house. today republicans are blasting him, the president, for not doing this sooner. he could have picked up the phone and called the ceo of bp sooner than 50 days. i m glad he s meeting with the chairman of bp next week. i think the fact that he never spoke to the cee of british petroleum for the first 50 days of this incident semipolicewoem the detached style of leadership. as the new york times said this morning, i think everybody in america knew on day two whose a double s ought to be kicked. for the past 55 days we ve seen a lot of anger and frustration aimed at both bp and the government. lately mo ....
pretty horrible. a few of the stories we re following for you this saturday. i m natasha curry. dozens of rallies planned today across the country protesting arizona s controversial immigration law. here s a look at one of the rallies in new york. arizona s law gives police the authority to demand proof that someone is in the country legally. meaning that legal immigrants will have to carry their documentation, and some people worry it could lead to racial profiles, but arizona s governor says the law is necessary, because the federal government has failed to secure the border. the people of arizona are totally frustrated and pushing back. they want to feel safe and secure in their homes. i mean, this is our state. it is our nest. we ought to be protected, and it is the government s, the federal government s responsibility, and they re not doing it. and we are the gateway. we are the gateway for crime into the united states. it s very, very obvious. we have 1,000 ....
specifics for the volcker rules for congress. welcome to worldwide exchange. i m christine tan here in asia where it s 5:00 p.m. here in singapore. let s get a quick view of where asian markets are trading or have closed the session for the day. the negative session across the board we re seeing, of course, in japan, the nikkei 225 hurt by the strong yen. the yen is falling to its lowest level against the yen in two months. the kospi is off 0.3%. hang seng down 1.5%. china ma mobile is in focus after saying it was going to buy stakes in a bank. the shanghai composite, down 2.4%. the government is trying to reign in borrowing by local governments in china. in thailand, the s.e.t. is down 0.2%. and the australian markets is one of the few markets itching to the upside, up 0.3%. the jobs data in the u.s. is going to be key. the ftse cnbc global 300 index, down 14 points, 4,419. ross, how are your markets doing today? we ve got some slim losses. we haven t quite wiped ....
purpose of regulation should be to focus on@@@@@ @ @ @ @ @ @ @ h as i was saying before, there are certain class of instruments that you really cannot risk manage. we were talking about an airline that wants to put together a complex customized swap for fuel. there is no problem with that. everybody knows what the price of fuel is today. you do the work, and you can figure out what it is worth. the trouble comes if you look at the sub-prime complex structure of the acid market a few years ago. we had everybody in agreements on the model being the definition of a value for this class of instruments. one day a number of people on the buy side started to question that assumption. they started backing away from the securities, so did the dealers. so at in point it s hard to say win the consensus about value for that class of assets broke down. and that s where we are today. the buy side custom still does not want to know. so i question really how effective risk manageme ....
happens, i wrote an opinion piece in the wall street journal about goldman sachs. there is a curious incident, this became curious in retrospect. in september, lehman brothers had collapsed and aig was teetering. the fed wanted to prevent an aig from collapsing. goldman sachs said that their exposure to aig was not material. that is fine. in the middle of march, it turns out that all of the initial $85 billion of the bailout bailout money went to goldman sachs. well how do you reconcile? this goldman receiving 7 billion had no exposure to a aig. goldman was an empty creditor. goldman bought credit to default swaps from aig from, quote, large financial constitution s so care terribly much what happens to aig and it indeed was quite aggressive in terms of calling for collateral from aig. but it didn t work. what was interesting is it did work for goldman but it illustrates this issue, social issue. we are still wondering where the bottom is on aig. islamic and usi ....