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tv   [untitled]    August 25, 2021 4:00am-4:31am AST

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kirsten 6 arrived on the cookie, paralytic the one i want you to investigate japan. problem history of caring for people with disabilities on i'll do 0. ah hello, i'm emily. angry into how these are the top stories on al jazeera us. president joe biden says the country is on track to complete evacuations from cobble by the august 31 deadline, but he's off the pentagon and state department to prepare contingency plans in case that needs to be extended. we are currently on a pace to finish by august the 31st, the sooner we can finish the better each day of operation is brings at risk to our troops. but the completion bog is 31st depends upon the tale bond. continuing to
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cooperate and allow access to the airport for those who are transport, we're transporting out no disruption to our operations. alum fishing has alighted from washington. they say when joe biden spoke, he was really sending a message to the taliban as well as to the american people to the american people. we've got this. we can get this done by august 31st to the taliban. we've got this . we can get this done. by august the 31st, as long as you don't gum us up and get in the way that they're taking off the flight or taking off every 45 minutes or so. they've already evacuated 70000 people since august, the 14th. he thinks that they're on schedule to make this by august the 31st, but he's making it very clear. get no, we cause problems, stop people getting to the airport. and then there is a difficulty vasa had from jen sack today saying, look, we want to get the americans or allies out an american and the african allies that
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helped us during the war. but we can get everyone, and they knew that there are thousands of people who've no connection to the american forces going to the airport as well, the priority american african allies, a need to allies. and they think they can get this done by august. the 31st one fly in the ointment, there was a security briefing on capitol hill in the last few hours. it was confidential, but many of the people who were in that meeting walked, seeing they don't think that the bite administration is going to hit the deadline. the taliban has insisted it will not allow western troops to remain beyond the august 31st deadline. the group says it's now stopping f can from going to couples . airport. the united nations has stress that keeping the airports safe and functioning is critical though, given the me to bring in and get people out. what is essential is that we have a working and safe airport to bring aid in to bring people in.
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if we need to bring more people in to relocate people, if we need to relocate and therefore needs to be at a certain level of standards for, for airline airlines charters or whatever to, to come in for insurance companies to feel safe to have their planes come in so it is we cannot underscore enough, the critical need to have a functioning airport in cover for to serve the humanitarian situation among others. the well bank meanwhile, has suspended aid to afghanistan. it's provided $5300000000.00 to the countries in 2002 and has $27.00 projects there. last week b, i m f last. the delivery of payment of the head of iran prisoner authority has issued a rare apology. after late the videos revealed how the chinese administrative surveillance
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footage linked by a hacker group shows god's beijing dragging and kicking inmates inside high runs evan prison. it has his political prisoners and jo nationals and the government has for years dismissed allegations of human rights abuses. algeria is cutting diplomatic ties with morocco after months of height and tensions between the 2 nations. the jerry and foreign minister accused his neighbors of hostile actions. he signed a list of grievances including morocco's reconciliation. with is round the decades they have been strained. relations on the disputed territory of western sahara. aka, in day he to lima has been sworn in and sam b as a new president. the one time businessman is promising an economic turnaround. he's going to challenge on his hands. sammy is settled with a date of more than $12000000000.00. those are the headlines and he continues here on algebra after the men who stole the world. ah,
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it was july 1st, 2009. i was living in hamburg, german at the time. i was in my flap with my wife that i had just married. 2 men came to the door. i did not recognize, did not answer the door. minutes later i left the building, walk to the car and to unidentified deutsche a police officers showed up in front of me and in german basically identified themselves and said they were their interpol, f, b,
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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 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 . the bill was taken on a plane to chicago with him where he had been criminal charge and entered the united states justice system, which is a really scary place to be was a thing charges up scalding with 4 $160000000.00 from the f b. i for fraud
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me. my name is phillip james baker and i'm the for me, managing part of a $1000000000.00 investment funds, the collapse during the financial crisis. my story is a rise and fall to redemption story. i've been rich. i've been on the top and i've been behind bars and i know what it is to be called a financial criminal. i admit my guilt, 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
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had no consequence. the titans of wall street, basically faith, nothing. for my life. i went to prison. 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 and the titans of wall street? the business started in the basement of my parents, and this company grew to be a 1000000000 dollar company lakeshore. it was a hedge fund firm. philip baker set up
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a hedge fund and it was designed to trade in commodities on the prices of oil, coal, and like that he was a marketer. he was the client guy. he was the one who would go out to wealthy individuals or institutions and get them to put their money with lakeshore clients were global investment banks from around the world. goldman sachs world, bank of canada. pure bank comments hsbc, banking. those goes credits with u. b. s. subs medalist we operated in close to 40 different countries around the world, brazil for room panama, columbia, japan, taiwan, hong kong, obviously throughout europe the were making millions per month. offshore accounts
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not paying taxes. i was living, the dream weren't worried about anything, but in my particular instance, i had something to worry. all sorts of investors all over the world were very eager to put their money with them 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. phillip baker and his partners were essentially making it up. they were like, ah, ah, the 2nd thing and in some way the more damaging issue is that as they sought to recruit
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additional investors, new investors, which were essential because they needed to paper over the lots of money that they'd already lost. they were in their prospectuses and the documents that they provided to investors to show investors how well they've been doing the relying there to when they were saying, instead of having lost 50 percent of their assets in the 1st year they were saying, look at us, we've had a long track record of very impressive return to use . they were lying not only about the returns, but they were lying about the longevity of the fun. so they were saying they had, i believe, a 14 year track record just wasn't true that they had not been traded for 14 years . trading results were falsely reported. and hence that was a fraud. you cannot do that one, penny not reported properly is wrong. the
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victims were everyone who invested with them investors who lost their money initially. investors who put their money in after the initial fraud had 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 the line? i wanted to protect what i had money, family power. everybody does that, don't they? what do you mean? how many people say no, i don't want the power. i don't want the money and walk away. would you say that you are right?
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color printing. if they're interesting, when you see your name, phillip james baker versus the united states of america. it's overwhelming. then you face the assistant us attorney as he's looking you in the eye. and when you go to that circumstance, there are no words that really can describe the depths of the loneliness you feel at that moment. the ultimately completed a plea deal with united state government. i was sentenced to 20 years for waterfront.
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they'll be a criminal. is he the type of financial mastermind that cause the financial crisis? absolutely not. this is a guy who is, was not very sophisticated about his crime with not very malicious about his crime . and 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 groups and everyone want them to do that. any time and time again, the people that they're going after are these little minnows. they're not going after the big fish are 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. in
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10 years after the financial crisis, how many white collar criminals are behind bars dreams, golden from credits with is the only banker of wall street to go to jail related crisis. e last, just a few 1000000. not really big fish. not a true alcohol. could you tell me only one big bank top executive name here, or the number of people convicted of crimes linked to the crisis in the us? the court of the financial times 324 people for mainstream 0. wall street chief executives have been depressed even though there is today absolutely no doubt that wall street executives and politicians were complicit. reading the
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price i i. this is the story of how massive bull bangs me billings by packaging toxic mortgage loans and financial products, and sold them all around the world the american politicians or the trigger. it all started with the political philosophic or a grand emission of allowing everyone to own a home or government is supporting home ownership because it is good for america. it is good for our families. it is good for our economy. 7 part of the american dream that was pushed by, you know, all sorts of president clinton bush,
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whatever for years was home ownership. authority kept the interest rates very low in order to make money very, to boil wall street and politicians had agreed to work together. wall street was the pursuit of profit politicians of the pursuit of government in appearance on economic growth, which could be turned into election victories for years to come. this was the beginning of the housing double. when the bubbles expanding everybody as a winner. everybody is a genius. the lenders make money. the real estate development companies make money . the construction workers make money. everybody loves a bubble. but this was
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a devil's deal between politicians and wall street. the setting to a perfect storm. what happens in a boom is lenders take more and more risk and borrowers take for a risk 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 on wall street and created the risky loans called for merck. and to deal afford to pay the bank that they had just applied for the public were given access to 0, low income and even no job loans. so if you want to be
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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 know, information about whether they had any income, whether the at any job and then you asked that it will allow you to grow enormously. because now you can loan in the u. s. context 2 ends of millions of people have a lot of how many people out there are there who can't get alone?
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tens of millions of people in the united states, tens of millions people, and friends. in these circumstances. this goes under the general category of predation in the united states. the people that were targeted for the worst, well, were overwhelmingly a combination for demographic factors. blacks, latinos, the elderly, and the males. that is incredibly important as to why almost everywhere in the world these things are crimes ah, in, ah, the talk to loans became a gold rush for the whole us banking, financial industry. all the major actors of wall street,
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one of the piece of the some prime party goldman sachs, lehman brothers, morgan stanley, merrill lynch bear stearns, j. p. morgan, city group. and so the friends extended itself and loans were sought by the public by falsifying their own financial situation on loan application. therefore, the public and banks are complicit. committee bank for the me. my name is richard. i was senior vice president and business chief
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underwriters for 2nd grade me at the time city group was the largest thank and it was my responsibility to make sure that the $90000000000.00 a year that we were purchasing and mortgage alarms that were originated by other banks and mortgage companies. these met 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 showing warnings because i was supposed to make sure that these met our policy guidelines. and i sent email. i put
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it in my weekly report, i made committee presentations, i mean, i'm not a shy guy. i cornered people in the hallways at the water fountain and everyone say, yeah, yeah we, we, we know where we need to fix that. but nothing would happen. and through 20062007, the volumes kept increasing and the rate of defective mortgages increased from 60 to an excess of 80 percent 80 percent of these mortgages that we were in turn, selling and giving our representations and warranties that they were that met our policy guidelines did not meet our policy guidelines. this is mr. presentation that is true. as a matter of fact, it was fraud. i. i've seen
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plenty of alone documents with my own eyes that were falsified, and the borrowers still find them as if they were correct. people who were typically hairdressers gardeners and such reporting incomes of over a $100000.00 a year. now their actual incomes would be in the range of about $60000.00. in those cases, their income is inflated by 6 types. you would have waiters in a restaurant showing that they made a $150000.00 a year. i mean that clearly is is out of wine, but nonetheless, the loan type permitted that to happen. richard bowen and his staff very carefully, very professionally,
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are documenting that these loans, the reps and warranties are false. but city is overwhelmingly turning around and reselling these low city group. didn't want to know because if it looked at these places, it couldn't possibly continue to use them. it was all about generating revenue. people who worked on wall street, it seemed of the idea of securitized mortgages package, the thing mortgages up into securities, they actually arrange to buy the mortgages. they would package 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
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almost like it was a perfect product that anybody who touched a mortgage, i made money off of it. the november 2nd of 2007, sitting at my kitchen table. i put together an e mail and i sent the email to robert reuben, who the next day on sunday at the board meeting was name chairman of the board. i also sent it to the chief risk officer, the chief financial officer, and the chief order. i said urgent, read immediately, 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 me
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throughout november through december there was no contact. no one said a word. i will tell you that that particular point in time before i would even get in my car, i was doing what they do in the movies. i was looking underneath my car and look it was a very frightening. the february, the 6th i received, there was an email 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 business grading believe and told him not to come back to the bank.
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ah. 2 me with the story of love deception, life and death, an israeli spelling operating on the deep cover in series. knowing that discovery would mean certain death. algae 0 well health gripping story markets by l. e. cohen operated on the cover in syria, in the $960.00 and notation career that ended in public execution. l eco,
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and most agents atm on al jazeera to know where the fires are and where they are going. greeks look to the skies worrying sign helicopters have been getting close to major towns and cities. this one has just become much bigger. and if you can see by the train tracks the fires, climbing up to just behind us on the ground, this is what the business of fighting fires looks like. holding back inevitably of mother nature's fury is dangerous and exhausting. we're trying to give whatever we got, the hope is the fire will stop when it runs out of fuel. but for the moment, the fuel is everything inside in countries like mine, people have been killed to be when the united states have privatized the ultimate public war. this was a deal with saudi arabia. things were done differently. saudis and other areas when
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they came to britain to be all to help the moms deals along your from so was meeting saddam, is it that interesting there i am. shadow on al jazeera. ah, ah, hello, i'm emily anglin, in dough. how these are the top stories and al jazeera, you as president joe biden says, the country is on track to complete evacuations from cobble by august 31 deadline. but he's asked the pentagon and state department to prepare contingency plans in case it needs to be extended. we are currently on a pace to finish by august the 31st. the sooner we can finish the better he's day of operations brings at risk to our troops.


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