tv The Men Who Stole The World Al Jazeera May 22, 2020 11:00pm-12:01am +03
usa the current battle ground truth is it anyway on 0 every generation has higher purpose. hours. this is al jazeera i'm dating obligato with a check on your world headlines an air bus jetliner with 99 people on board has crashed into a crowded neighborhood near the airport in the coastal pakistani city of karachi 2 of the passengers survived it's not known how many people were killed or injured on the ground lee harvey has more. the crash happened as the pakistan international airlines flight was attempting to land for a 2nd time. initial reports say the airbus pilot sent a mayday message reporting problems with both engines and made
a go around. a few minutes later the airliner came down in a highly populated residential area near kharaj international airport the horse that actually got a funny for just the last words we heard from the pilots was that there were technical problems he was told on the final approach the both runways are ready and you can learned that the pilot decided he wanted to go around for that reason the technical problem was well good to go and look at that now. airplane parts were strewn among burning homes security forces were sent to help the rescue operation and managed to pull at least 2 passengers from the wreckage pakistan's prime minister imran khan tweeted saying that he was shocked and saddened by the crash offering prayers and condolences to the families of the dead. aviation apps identify the aircraft as a 15 year old airbus a $320.00 it was one of the 1st in p.i.a.'s fleet to restart flying this week after
flights were grounded to stop the spread of the coronavirus. crash investigators are expected to arrive to begin the search for clues and find out what went wrong on the relatively short flight of an hour and 45 minutes from lahore to karachi the crash coincides with the end of ramadan normally a busy time for travelers returning home for the need holiday it's also 4 years since another air crash in pakistan during ramadan killed all $47.00 people on board the hearting al-jazeera. brazil's corona virus death toll has now passed 20000 almost 1200 deaths were recorded in one day and health experts say the true figure could be much higher due to a lack of testing the world health organization says south america has now emerged as the new global hotspot for the pandemic so the american has become a new at the center for the disease we've seen many shows american countries with.
increasing numbers of cases. and clearly there's a concern across many of those countries but certainly the most affected is that at this point. we all should know this. the government of brazil has approved the use of hydroxy chloroquine for broader use but we do point to the fact that our current clinical and systematic review is carried out by a kind of american health organization and the current claim that clinical evidence does not support the widespread use of hydroxy chloroquine for the treatment for cope with 19 now the united nations says yemen's health system has essentially collapsed country has reported about $200.00 cases of covered $1030.00 deaths but yemen has one of the lowest rates of coronavirus testing in the world at only $31.00 per 1000000 people. u.s. president donald trump says he'll order the u.s. flag to be flown at half staff over the next 3 days as the u.s.
coronavirus death toll approaches 100000 all 50 states have partially reopened after 2 months shut down even though some are still recording a rising number of new infections trump has called for houses of worship to reopen this weekend saying he'll override any governors who don't allow it. india's prime minister narendra modi has visited areas hardest hit by the region's most powerful cyclon in decades at least $96.00 people were killed in india in neighboring bangladesh survived the damage done by cycling on pollen from the era before announcing financial aid for the states there are concerns corona virus could spread among people in emergency shelters you're up to date with the headlines on al jazeera we will have more news coming up after the men who stole the world that's coming up next.
it was july 1st 2000. and was living in humber german at the time. it was in my flap with my wife that i had just married. 2 men came to the door. of the not recognized did not answer the door. minutes later i left the building walked to the car and 2 and then a 5 towards the police officers showed up in front of me and in german basically identified themselves and said they were there interpol f.b.i. a warrant come with us. that was not at
all what he was expecting obviously he looked at his wife and blew her a kiss and it was pretty sure he would never see her again. that's a feeling of total fear because you have the total unknown of what the future holds . so if it was taken on a plane to chicago. which is where he had been criminally charged. and entered the united states justice system which is a really scary place to be. facing charges of ups gone down with $460000000.00 from the f.b.i. for fraud.
my name is philip james baker and i'm the former managing the $1000000000.00 vested fund collapsed during the financial crisis. my story is a rise and fall to redemption story. i've been rich. i've been on the top. i've been behind bars. i know what it is to be called a financial criminal. but now i'm free. and i want to speak out. because of what i saw because i've been there i can tell that if we do nothing . everything can happen again.
they had no consequence. the titans of wall street basically faced nothing. for my life i went to prison and. some people would say well you know what you did wrong it's fair it's just. argument could be i agree. but what about the people in the titans of wall street. the business started in the basement of my parents and this company grew to be a $1000000000.00 company. it was. set up a hedge fund designed to trade in commodities. prices of oil coal things like that he was
a marketer he was the client. he was the one who would go out to wealthy individuals or institutions and get them put their money with. clients for global investment banks from around the world goldman sachs bank of canada. h.s.b.c. bank of nova scotia. u.b.s. . we offer it in close to 40 different countries around the world brazil. japan and hong kong obviously throughout europe. we were making. offshore accounts. i was living the dream. weren't worried
about anything but in my particular instance i had something to worry about. all sorts of investors all over the world were very eager to put their money with him because he was generating very good returns and that's what investors want he turned out to be doing something else which was he was misappropriating the investors' money and the investors thought they were achieving these excellent returns in reality they were not full baker and his partners were essentially making it up they were lie. the 2nd thing and in some ways the more damaging issue is that as they sought to recruit additional investors new investors which were essential because they needed
to paper over the last the money that they'd already lost they were in their prospectuses in the documents they provided to investors to show investors how well they've been doing their lying there to it when they were saying instead of having lost 50 percent of their assets in the 1st year they were saying oh look at us we've got this long track record of very impressive returns. they were lying not only about the returns but they were lying about the longevity of the fund so they were saying they had i believe a 14 year track record just wasn't true that they had not been trading for 14 years . trading results were falsely reported and hence that was a fraud you can do that one penny not reported properly is wrong. the victims were everyone who invested with. investors who lost their money
initially investors to put their money in after the initial fraud occurred and so there were hundreds of millions of dollars that vanished as a result of this. i've been asked why did i break them on i wanted to protect what i had money family power the liberty business all that but to me how many people say no i don't want the power i don't want the money. and walk away. were you says that you are right good of women were this.
is very interesting when you see your name. philip james baker versus the united states of america. it's overwhelming. then you face the assistant u.s. attorney as he's looking you in the eye and when you go through that circumstance there are no words that really can describe the depths of the loneliness and feel of the moment. ultimately. completed a plea deal with the united states government. i was sentenced to 20 years. for wire fraud. bill because
a criminal is he the type of financial mastermind that caused the financial crisis absolutely not this is a guy who is was not very sophisticated about his crime was not very. malicious about his crime and but he admitted that he committed a crime this is a classic example of where the justice department takes a shortcut they want to generate publicity for themselves as going after financial drugs and everyone wants them to do that. and yet time and time again the people that they're going after are these little minnows they're not going after the big fish they're not going after the bankers for the most part they're certainly not going after the senior executives at the banks or other big financial institutions that were the decision makers leading up to the financial crisis.
10 years after the financial crisis except iceland. how many white collar criminals are behind bars. from credit suisse is the only banker of wall street to go to jail related to the crisis. just a few 1000000 not really big fish not a true. only one big bank top executive name. the number of people convicted of crimes linked to the crisis in the u.s. according to the financial times 324 people from main street. wall street chief executives have been to prison. even though there is today absolutely no doubt that wall street executives a politician's were complicit in creating the crisis.
this is the story of how massive global banks made billions. by packaging toxic mortgage loans and financial products and sold them all around the world. the american politicians pulled the trigger. it all started with a political philosophical or a grand admission of allowing everyone to own a home. our government is supporting homeownership. because it is good for america. it is good for families. it is good for our economy . part of the american dream that was pushed by you know also. it's of presidents clinton bush whatever for years was homeownership.
authorities kept interest rates very low in order to make money. very used to bore . wall street and politicians had agreed to work together. to wall street with the pursuit of profits. the politicians with the pursuit of government interference on economic growth. which could be turned into election victories for years to come. this was the beginning of the housing bubble. when the bubbles expanding everybody is aware. everybody is a genius. the lenders bank money the real estate development companies make money the construction workers make money everybody loves a bubble. but this was a devil's deal between politicians and wall street. the setting to
a perfect storm. of what happens in a booth is lenders take more and more risk and borrowers take for the race because they both think things are safer than they appear to be and one of the ways they persuade themselves. to take more risk is through financial innovations. wall street created the risky loans called subprime to americans. and people afford to pay the bank loans. that they had just applied for. the public were given access to 0 low income and even no job. so if you wanted the absolute craziness it would be the ninja loan so ninja stands for no income no job and no assets
and. the idea is that you would lend money to people that gave you no information. about whether they had any income with the at. the assets. it will allow you to grow enormously because now you can loan in the us context 2 and's of millions of people. able or. how many people out there are there who can't. get alone. tens of millions of people in the united states tens of millions of people in france in these circumstances. this goes under the general
category of predation in the united states the people that were targeted for the worst loans were overwhelmingly a combination of the 4 demographic factors blacks latino's the elderly and females that is incredibly and so why almost everywhere in the world these things are crimes. these talks of loans became a gold rush for the whole u.s. banking financial industry. all the major actors of wall street want a piece of a song crime part of. goldman sachs. lehman brothers
organ stanley merrill lynch their sterns j.p. morgan citigroup and so on. the friends extended itself the loans were sought by the public by falsifying their own financial situation on loan applications. therefore the public and banks were complicit committing bank fraud. my name is richard cohen. i was senior vice president and business chief underwriter for citigroup.
at the time citi group was the largest bank and. it was my responsibility to make sure that the $90000000000.00 a year that we were purchasing were going to loans that were originally aided by other banks and mortgage companies these not our policy standards. in early 2006. i discovered that over 60 percent of these mortgages did not meet our guidelines they were by definition defective when i discovered this in this was june of 2006. silly me i thought it was my job i started issuing warnings because i was supposed to make sure that these met our policy guidelines. and i sent an e-mail i put it in my weekly report i made committee presentations i'm not
a shy guy i cornered people in the hallways at the water fountain and everyone say yeah we we we know we need to fix that but nothing would happen and through 20062007 the volumes kept increasing and the rate of defective mortgages increased from $62.00 in excess of 80 percent it was 80 percent of these mortgages that we were in terms selling. and giving our representations and warranties that they were they met our policy guidelines did not meet our policy guidelines this is misrepresentation that is true as a matter of fact it was fraud. i've seen plenty of alone documents with my own eyes that were falsified and the
borrower still signed them as if they were correct. people who were typically hairdressers gardeners and such reporting incomes of over $100000.00 a year now their actual incomes would be in the range of about $16000.00 in those cases their income is inflated by it 6 times. you would have the waiters in a restaurant showing that they made $150000.00 a year i mean that clearly is. it is out of line but nonetheless the long type permitted that to happen. richard bowen and his staff very carefully very professionally are documenting. that these loans their reps and warranties are false. but city is overwhelmingly
turning around in reselling these loans. citi group did not want to know because if it looked ringback at these places it couldn't possibly continue . to use them. it was all about generating the revenue. the people who worked on wall street conceived of the idea of securitizing mortgages. packaging mortgages up into securities they actually arranged to buy the mortgages they would pack of them up into securities they would file documents with the security exchange commission that they had to be able to call them securities and then they would sell them to investors all around the world and all along the way they were making money was almost like it was a perfect product that anybody who touched a mortgage i made money off of it. november
the 2nd of 2007 sitting at my kitchen table i put together an e-mail. and i simply e-mailed to robert reuben who the next day on sunday at the board meeting was named chairman of the board. i also sent it to the chief risk officer the chief financial officer in the chief ordered. i said urgent read a meeting at work financial issues i put that in all capital letters. i call for an outside investigation i said come in here from the outside and investigate what is going on here because everybody here already knows and no one contact. throughout november throughout the summer there was no
contact no one said it. will tell you that that particular point in time. before i would even get in my car. is doing what they do in the us i'm just looking underneath my car and. it was a very frightening time i. said you worry the 6th i received there was an e-mail that went out with regard to reorganization and in that reorganization i was stripped of all my underwriting responsibilities that next week i was put on in the street he believes and told him not to come back to the back.
and i could as an infant i was there while there and. they mad that i was sad that could leave dizzy and i mean look. bad as if caught on the other end. of a model and. the it was are that much of mother caught on that kid and not always but often the most are that the end of a bob part of that and then that's at the fly but the addict to it what can they met that he had to get asthma what men and. i've worked it out as their anger since its launch as a principal presenter and as
a correspondent with any breaking news story more to hear from those people who would normally not get the voices heard on the international news channel one they would all be very proud of was when we covered the whole earth quake of 2050 a terrible natural disaster and the story that needed to be told from the heart of the affected area to be that to tell the people story was very important at the time. it can bring your people back to life i'm sorry what dates on the best of al-jazeera is documentaries in living color was the focus of the list and nobody like any other student greenline continues with spirit child to do stories that have impact on society i testify in the court of law to make sure that the bad guys i put behind bars so many people have gone to jail etc zolotov my way rewind on al-jazeera. bodies on the line for india's biggest
on earth but the industry's stunt performers are unknown and under 101 ace mates the name and women risking it all for the bright lots of dollars on al-jazeera. or whatever. this is al-jazeera i'm dating obligato with a check on your world headlines an airbus jetliner with 1009 people on board has crashed into a crowded neighborhood near the airport in the coastal pakistani city of karachi there are at least 2 survivors from the plane it's not known how many people were killed or injured on the ground the cause of the crash is under investigation. brazil's corona virus death toll has now passed 20000 after almost 1200 deaths were recorded in one day and health experts say the true figure could be much higher due to a lack of testing the world health organization says south america has now emerged
as the epicenter of the global pandemic so as americans become a new at the center for the disease we've seen many shows american countries with. increasing numbers of cases. and clearly there's a concern across many of those countries but certainly the most affected is that at this point. we all should know this. the government of brazil has approved the use of hydroxy chloroquine for a broader use but we do point to the fact that our current clinical systematic review is carried out by a kind of american health organization and the current claim that clinical evidence does not support the weight spread use of hydroxycut requests for the treatment with 19 the united nations has yemen's health system has essentially collapsed the country has reported about $200.00 cases of covered $1030.00 deaths but yemen has
one of the lowest rates of coronavirus testing in the world at only $31.00 per 1000000 people presidents all trump says he will order the us flag to be flown at half staff over the next 3 days as the u.s. coronavirus death toll approaches 100000 all 50 states are partially reopened after a 2 month shutdown even though some are still recording a rising number of new infections trump has called for houses of worship to reopen this weekend saying he'll override any governors who don't allow it's india's prime minister narendra modi has visited areas hardest hit by the region's most powerful cycloid in decades at least 96 people were killed in india and neighboring bangladesh. those are the headlines on al-jazeera it's back to the man who stole the world backs then it's the news hour at the top of the hour i'll see you then by .
greed was definitely a good driver. as it is almost for a lot until. citigroup was not the only one. a comparable level of fraudulent mortgage loans have been seen in all the big wall street banks. and knowing the risk of bankruptcy. banks began to pour vast amount of money to buy more and more mortgage loans and package them into derivatives. the top underwriter in the peak years of 2005 in 2006 is limited drugs. at $106000000000.00. naman it was one of the largest makers and sellers of the the absolute most oxic loans in the entire world lehman brothers was one of the largest
fraud vectors in the history of the world. my name is am time belugas. to go by the name tony. in the year 2009. 3 months after the lehman bankruptcy i was appointed by the federal court in new york to act as an examiner. i was independent of i me of the party. and among the responsibilities the court charged me and my team with was to determine how and why lehman went into bankruptcy and when you're talking about the lehman bankruptcy you are talking about the largest single bankruptcy in the history of financial institutions total
amount of the bankruptcy $693000000000.00. so we told the story of what happened. lehman brothers with the 4th largest global investment bank in the world. that by themis c.e.o. dick fuld. hi my name is dick fuld the chairman and chief executive officer of lehman brothers now's a terrific time to be joining lehman brothers i've been here 30 years and i can't think of a better time to take part in changes in opportunities that are going to. do you good food but would be the 1st thing that crossed your mind. a person who was viewed as a lion on wall street i believe that in the year 2008 the very year the bankruptcy
was named by forbes as one of the top 10 executives in the country. they call them the gorilla and i think they call them that for a reason he was brusque borish take no prisoners kind of guy you know run through a wall for lehman brothers. hypercompetitive. stick. squeeze some of those shorts. squeeze him hard. to open. not that i want to hurt him who don't get that please because that's just not who i am who i am soft i'm lovable but what i really want to do is i want to reach in ripped out their heart and eat it before they die the man who lost them and brothers the man who presided over its
decline and fall a man who could have done something about it but chose not to the man who refused to see the writing on the wall the man who you know. kicked off in many ways which became the great recession. my name is all over buddha and i was an in-house lawyer at lehman brothers for years. i discovered many things that were at least unethical. if not illegal. and eventually i decided to quit. i was earning a lot of money. but it was not enough for me to turn a blind eye to all that was happening. the tone coming from the top didn't fuld the guys around him more go for pushing go beyond the limits
the key at lehman was to evaluate the risk and the reward and never mind the law that might be in between there if if the reward is high enough and the risk is low enough we will do it and we will sort it out later. this was a culture of risk. and this was all about money. lehman brothers risk analysis program was considered a model on wall street i mean it was brilliantly conceived. the problem was it was simply ignored you have to understand you talk about to pull folks made his fortune at lehman brothers he was a billionaire. so if you say why i think he had it wrong it ask you are you a billionaire if you made a $1000000000.00 trading. and he had. 2 2 in the years leading up to the crisis everything the financial health of lehman
brothers could not have been better at least on paper. the. expanded the use of their toxic the routers and the ratio of lending expanded. in 2008 the humans was massively leveraged. lehman brothers had one of the highest leverage ratios in american financial institutions a leverage ratio is a ratio of your debt to your equity another word for equity is capital it's ratio depending on the exact time was 30 to $40.00 to $1.00 another words for every dollar of suppose a capital that had it had $30.00 to $40.00 in debt. lehman became the focus of worldwide attention because they were perceived as the next
weakest link they were the next domino to fall. so lehman it engaged in a scheme. accounting scheme to make it look better and what they did was involved was called greek bow one of. this was something that lehman used every quarter to hide some of the borrowed money. you see lehman would borrow money and they would pledge securities that they had as collateral. at the end it was $50000000000.00 each quarter they would borrow $50000000000.00 and they would give $50000000000.00 in collateral. but they would actually say that this was a sale this was not a pledge for a loan but this was a sale of those assets for $50000000000.00 and they would treat the $50000000000.00 not as debts but as cash that they just got. and by doing that and
using that cash to pay down still other jat they could they could materially. significantly moved that leverage ratio down. then as soon as the quarter was over and they had published their number they would undo that transaction and presto they would. give back the money take back the securities and again be leveraged just as high as they were before they did this only to fool the public and no other reason. the effect of that was in june they were able to show that their leverage had been dropped dramatically. and the street said wow lehman's doing ok. are for of a strong today so will the merge from the cycle he even stronger. we've done it before. and we will do it again so if it's the number
yes in my opinion they absolutely fudge the numbers they they engaged in a trend even within their own e-mails they referred to it as a drug they were on. a sham an accounting gimmick to make themselves look better so they knew what they were doing so they were i to get information to the public yes that's my that was if anybody can be reached in the report isn't it against that oh well if you file a misleading statement and you knowingly file a misleading statement in a judge concludes that you have done so or a jury does that is against the law yes there was a basis by which such a claim could be made yes we did indeed against dick fuld the c.e.o.'s yes. but nobody was arrested or charged for that now is there were no arrests there were no charge there was no jury trial there was no civil case brought which the jury
heard the case and then decided the case not all those things took place now. let me start by saying that i have absolutely no recollection whatsoever of hearing anything about we're seeing documents related to repeal 105 transactions while i was the c.e.o. of lehman you think it's possible that deferred even now is the of course of course. there were senior executives at lehman who were interviewed by mr valukas and others who said that yes he did know that e-mails were sent to him that showed the repo 105 portion of the financials to show the facts of this and then dick fuld answer was well they might have sent me e-mails but i don't know how to work a computer i don't know how to open an attachment that would have a spreadsheet to show this so i never saw it i was never aware this was historic.
wall street misrepresented its financial condition. at the same time millions were spent. this was a jackpot. place to make money and the most money was wall street. bonuses reached levels that had never been even approximated in the world. millions of dollars a year it's like the greatest job that you could ever imagine getting without putting any of your own capital with. its lifestyles. they were willing to take risks to support that lifestyle.
there's a great bit of narcissism an anti-social personality disorders with those they might feel like they have a sense of entitlement or they're above the law or they're too good to get high. on wall street these c.e.o.'s they can they pull away and some of them would pull in $100000000.00 a year and dick fuld had several years were. it was $789100000000.00 in one year. he had a multimillion dollar home in greenwich and that's where he lived most of the time but he also kept a very fancy malls i $1000000.00 apartment on park avenue and he had another home down in florida also worth $1015000000.00 another place in idaho a sun valley some sort of a cabin in the woods there but again multimillion dollar property.
since 2000 you've taken home more than $480000000.00 that's almost half a $1000000000.00 your company is now bankrupt our economy is in a state of crisis but you've got to keep 480 $1000000.00. out of a very basic question for you is this fair i would say to you the 500 number is not accurate and i believe the amount that i took out of the company over to that was. i believe a little bit less than 250000000000 still a large number that still a large number. rather i mean you know in fact both numbers were wrong and both numbers were low the true number was 530000000 420022007 dick fuld said you know i only made $310.00 that's over $200000000.00 that he took off his total under oath i swear to tell the truth the whole truth he did it on television 1 for the world and this stood up.
for what. i don't even think i could resist if you gave me the opportunity to make $550000000.00 and all i had to do was hurt $6000000000.00 people i would think about it the temptation is there the real message is we don't care how you did it we don't care where there's real we don't care whether it's honest just do it. because you'll be rich and i'll be rich. in the financial context modern executive compensation didn't just create the most criminogenic environment it created the biggest crimes in financial history and has nothing close. this is. wall street has seen very very few days like this.
the house of cards came falling down. 150. banks. down by bad mortgage investments which has 25000 employees. you know corporations die of cancer investment banks heart attacks. there was a time when the. and when that completely. anybody has a terrible problem and that's the situation lehman found itself in. people basically ran. to it and the government behind it collapsed. the 15th of september 2008. lehman brothers goes bankrupt. because in
a single day since. banks began to stop lending money to each other. the collapse of lehman brothers triggered. the 2008 financial crisis displayed. financial contagion. there was a worldwide recession you know the value of real estate plummeted people lost their homes you could go through. foreclosure foreclosure foreclosure home after home after home they were going belly up as a result. numerous businesses went out of business. this is a fraud but this is not random it's not hoops.
everybody got hurt i mean the impact across the world was measured in the trillions of dollars the value of. what was watched for an employee time is almost incalculable we've never seen anything like that since 1920. this crisis has changed the world to many long lost state where. without the crisis breaks it would not have happened and donald trump would not be president of the united states this is a major turning point you never know what it will be but the thirty's transform the
world because it was it brought us the 2nd world war it's about something old to become chunks of germany without the great depression so it changes everything. the leading company executives were ever brought to justice. i lost everything. all the money everything i have. i why my family connections i lost everything. i'm just a small fish and. i was brought to justice. they all went free. the
system is what it is. and until the system changes the powerful continue to walk. the you've seen that there were some very large settlements that were made but they never admitted that they did anything. there was no ignition of guilt there was no charge of any criminal activity and i have always represented that those payments were nothing more than payments for
the store sion to the department of justice to seal the evidence to lock up the evidence so the public would never see how widespread and pervasive the fraud was that was committed and i truly believe that. these crimes are so vastly larger than any blue collar crimes that's just off the charts non comparable in terms of these things it's what balzac actually set behind every fortune that you can't explain lies thought just a fraud but one fraud executed so well that it wasn't prosecuted. we are now in midtown manhattan on park avenue. this is the old
this is where lehman was after 911 and this building across the street is where dick fuld the c.e.o. is working today in his new company matrix capital nothing has changed he's in the same business he always was some people may think of him as some sort of. you know guy that was banished forever but now he's just fine. the world collapsed there were trillions of dollars of damage it didn't cost dick fuld a dollar to man put $550000000.00 into his pocket he kept it all and presumably he's probably grown that child quite considerably perhaps he has a 1000000000 by now the stock market has been doing very well since the crisis. prison was the beginning of the dems. the judge told me to. do something good with
your life. and that's why i'm trying to make a difference by speaking to the public. about my failures and how they can be aware of. what the world is facing. do i think it could happen again do i think that it's i think that yes i do. the seeds of the next financial crisis have already been planted they're growing. we can't see them yet but there are plenty of signs all around of of trouble brewing. i think there is no doubt that. we are going into another crisis of a greater stability than we have just been through. i can't predict what the instruments are going to be i can't predict the specifics but i know it will be
driven by greed and misbehavior has no consequence we have shown that. we the public and decision makers. basically haven't learned because we never so much understood the crisis of the bankers have learned the lessons. and the lesson was this is wheat. this is perfect this is a sure thing i will be fabulously wealthy and i will not pay any price for it thank you lord.
but. we got some quasi weather now into the southeast of us try to following on from massive storm sandy full nato into victoria recently that's in the process of pulling out of the way the powerful a precious still left in the tasman that's heading on to wards new zealand behind got this because she would have cloud which had been producing some useful rainfall across the pos of queensland and indeed into northern territory still some lobby downpours here as we go through saturday still want to see blustery showers the into the southeast as we go i wanted to send stay as well but somewhat dry and
brought to us we go towards the weekend may well have it's also west $27.00 celsius there in perth on sas they make the most of it because this next system is rolling through this is well it'll be the remains of tropical side plan a mango which will make its way into what way as we go through sunday session damaging winds large season rip tide said something to watch out for some other weather to making its way into new zealand as that system pushes across the tasman as we go through the 2nd half of the weekend meanwhile in sewage upin here it is lossy fine and dry we've got this streak of cloud with stretches all the way back into southern china should dry up as we go on through the next couple of days for southern parts of china temperatures in hong kong around $31.00 degrees. on counting the cost brazil's health of economic crisis made was by its president no longer recession proof more than $1000000.00 health care jobs have been lost to
the u.s. at angle of of course $500000000000.00 euro plan to save the european union. county the cost on al-jazeera. a story of blackmail. and. has killed i have strength i have a story of current political defeat is real. passion. and very soon you just. the latest news as it breaks the mine sits within a valley surrounded by bush land and most of its operations have been about 500 made his name to surface with detailed coverage of the malaysian navy recently prevented a boat carrying around $200.00 range of refugees from landing from around the world
summit leaders are accusing their opponents of trying to topple that by toppling with financial stability. al-jazeera. here watching the news hour live from london i'm sure you know coming up in the next 60 minutes brazil's supreme court releases a video presidential year of also narrow saying he will sack top law enforcement officials to protect his family. after brazil's coronavirus death toll past 20000 and the world health organization says south america is the new epicenter of the pandemic. a passenger.