they don't understand that it's not just enough for art basel to come. the community has to step up. >> since bringing art basel to the beach, the art scene has exploded, putting pressure on the community to measure to that stage of excellence. when art bassel started there were six galleries. today there's over 140. >> this week the perez art museum miami opened its doors with its infusion of views of the bay and gardens. it promises to be as big a draw as the artwork. the curator hopes the museum will be a social phase where people reflect and discuss art from the 1930s to the present. >> in miami we are competing not with other cultural institution, but the beach. the beach is our public space in miami. as i said, this museum in its sign and location within the large park will change that and has the potential to be the other type of social phase. the museum began to build its collection in 1996. in less than 20 years it collected 2000 works of art. it's a metaphor for the art community. it may be a newcomer. with a clear commitment the area is evolvi

basel's overall averages 3%. our the u.s. guidelines too high? >> no. the rest of the world needs to get up where we are. we have been playing this game for the last 20 years. the u.s. banks need to be brought down to the level on capital that the rest of the world operates at -- i have been saying for 20 years, that is the wrong way. the u.s. needs to stay where it is entering bring the rest of the world up. >> what do these regulations mean for the banks' ability to take risks? >> there are two measures that are relevant here. one is the risk-based capital measure were you measure the risk and the assets and assigned capital ratings to them. in addition, you need a leverage ratio. a minimum level of capital, 5% for the holding company and 6% for the banks. you need a minimum level of capital irrespective of risk ratings. that is what we have needed. -- u.s. has also had a rebel always have a leverage ratio. we are bringing the world toward us. we can't get distracted at this point. >> we have about 30 seconds left. how do these rules affect the compet

the top group b with victory over stoke bucharest and go through just to hearing from basel into second with a two nil win over the swiss club. three teams on the top of group f seventy two to qualify napoli weren't touching distance until the final few minutes with very subtle construct is a knife on the play strike a way to go up to helping his side win ended the night in tears. lucky man. despite new job i had to come adrift of group g by storm and capped off a fine group campaign with a two nil win over porto on wednesday photos depict men's and two pages but for one prussian by austria vienna was irrelevant as the russians went through as runners up leaving out a post on this old consolation if you're opening football. a female and will be the only club representing the italian colors in the last sixteen the mercenary progress as runners up in grade eight when his boss and get them running style demolishing celtic six one with the name of signing up for the cleanup event. no clicking clicking of the pc to pc. i enjoyed both. thanks to championship eve now than anything the teams ca

all things roll valley neighbors shotgun it's all or nothing as they take on basel. they can only stay in the competition by beating the swiss champions and this was a duty to go slightly from previous games and we need to use the wing and stupid is that it feels to be able to pull through the gaps like it belongs stitches and the stills from extent of its people. this is a big game for shelters coach and scan. after being knocked out of the german cup then mixed performances in the oneness league a failure here with intensified speculation about his future at the club. then go on the results of that game later tonight. stay with it that way the us. ch. i am i the eye. as i tot wanna know bidding is now six pm you're watching it to you the late seventies as the city. with the stereotypes are gone. bob you wouldn't know when will we will do it. if so. it is six one. what she knew was with grind up some of the chevron bp a lot. called georgetown central rome revealed to make false and talk with spike

but in halting the strength and stability of the banking system is the package of measures known as basel three the main goal is to apply to banks to hold much more capital to provide a buffer against risky investments and to dissuade bank is to act more responsibly. well help organize the statistics of all the eighty million people worldwide have done. for more than double the twenty third in ukraine. srsly. i fell in love. researchers from angry young university. they are set back in thailand recently harbour city and third monday of the university of colorado it's an awful at it for transplanting healthy for introducing the cells to die in any increase in rates due after breaking the study also suggests that chance with type two diabetes. it is well manila school teacher and siesta time is getting these ten euro excited about reading. she's sleeping a little song and dance about learning. it's where the student had to have to be the best light. our message to the pot. this song comes from the computer access mentorship program. can the government approved him lessons offered teachers t

numbers across banks which again you can't really do with the basel ratios. we think this is a simple way to proceed. it's a more cautious way to proceed given the other regulatory changes at this time. and it will help involve the market in what is a very tricky regulatory arena and where to market discipline is long overdue. >> the second is 347 asset management and system at risk and marshall blume will review that statement. >> thank you very much. recently, the office of financial research, ofr by dodd frank issued a report asset management and financial stability. and it focused on the money management industry. it has received considerable attention because the sec asked for comments on the report without issuing its own port. it also was the subject of one of the lead editorials in "the wall street journal" today. the source was a request from the financial stability oversight council to determine whether the firms in the financial management industry or asset management industry should be subject to enhanced provincial standards. if the report itself

art basel is evoking and awe. it's a show largest in the country. miami beach has made it its own. artists. organizers say success cannot be easily duplicated. art generates as much as a $500 million. in ard sales and impact. organizers say numbers like that explain why cities around the world are eager. the economic stimulus and soeble kaz kates. >> people from over the world see what happens. the effect that we'll be part of the. they don't understand. the community has to be willing and able to step up. >> since brigging it to the beach the art scene has exploded. it puts pressure on the community to measure. when art started there was six galleries in all of miami. today there's over 130. this week the perez art museum miami opened its doors with an infuse of florida sunlight, the bay and gardens. the architecture promises to be a big draw. the curator hopes the museum will become a social state. they discuss from the 1930s to the present. >> we are competing not with cultural institution, but the beach. that is our public space. as i said, i think the museum and its design and

about via basel iii would have affected these insider trading cases. i'm not sure how that would have affected it to be honest with you. >> hi anita. we have talked a lot about rajat gupta and i'm curious to hear more about raj rajaratnam and his motivations and the dynamic of him and his family and also ramon rajat who is facing prosecution was going to happen there if you have any comment? >> raj rajat -- raj rajaratnam to use his own language would say i am a rogue. i am a rogue, yeah and i think that's what he was. he liked to push the envelope for her to he could. he liked to play people. there is this episode in the relationship between rajat and raj. it's the end of 2006 and rajat has arranged this high-interest loan for his friend and a consortium to buy a bank in south india. the loan is paid back in time and raj sends rajat an e-mail saying if the money doesn't arrive i'm canceling all further lunches regarding tosh capital which of course was the south asian money manager that rajat was trying to build. so raj had this you know keen sense of

she has a lot of experience, cheering the basel supervisory committee. she has been at the bank of france since 1974. her father was at the bank of france. >> david tweed in berlin. >> at stake a look at some of the latest news from the british -- let's take a look at some of the latest news from the british banking sector. rbs isu.k., the cfo of stepping down after only two months on the job. gone --eeks and he is 10 weeks and he has gone back to his old home. he is a nether executive to bite the dust at rbs. a difficult time for the new ceo , of course. he is trying to outline his new strategy. they have been fined by the eu. not to mention does dyer allegations. ire allegations. >> barclays african unit has been deciding to move it strategy. it is falling behind and has been very uncompetitive in the african market. operations ide its introducing more mobile apps. it is considering a quick think the branches on the ground with ipads city can offer customers a better surface. it has been very conservative. it tends to be prudent going forward, but it w

but in halting the strength and stability of the banking system is the package of measures known as basel three the main goal is to apply to banks to hold much more capital to provide a buffer against risky investments and to dissuade bank is to act more responsibly. well help organize the statistics of all the eighteen million people worldwide have done for more than double the twenty third. in ukraine srsly. i fell in love researchers from angry young university. they are set back in thailand recently harbour city and third monday of the university of colorado it's an awful at it for transplanting healthy for introducing the aisles. i need any increase in rates due after breaking the study also suggests that chance with type two diabetes. it is well. manila school teacher and siesta time is getting he's really excited about reading. she's sleeping a little song and dance about learning it's where the stone had to have to be the best light. i message to the pot this song comes from the computer access mentorship program. can the government approved him lessons offered teachers schools to

someone is like a kid it is the hump in basel. btn on the courage of the match nice and calm centeredness that meant the services of one half of the country. my party recognizes among the staff extra practice time before the creation of the mideast and if he had been punished but that it could be said that he was a focus on. is it to heat it back to his feet would have been different if the indian army had not intervened ashley said. ppp on the coast and then the resolution saying it was amending in the affairs of an independent state. ma was hanged at the top the prison on thursday night the national bank's head of the ict had found him guilty infinity of maths batted in by the nation's independence all are. this appeal court had rejected his review petition last week. on monday supporters of the outside head of the market data and hives and cannot be funny stacey demonstration in commercial capital karachi let this man go up and put in the pool. i see the day it was good enough on that the dustbin in the movie which would only g

extension to stay with the catalan giants until at least the sum of twenty eighteen it has done has helped basel win an impressive twenty one trophies over the past decade while also playing a key part in spain's two european crowns either side of their maiden world cup triumph in two thousand and ten. tennis and world number two novak djokovic has had some great preparation for the new season as the serbian storm boss david ferrer out of spain seven five six two to win the lucrative invitational tournament in abu dhabi for the third straight time watched on by new coach boris becker and longtime girlfriend you'll notice that the trying to secure old converted his third much point with a spectacular ace dock of edge and back at her famed six grand slam titles a piece of chalk a bitch will be looking to increase that tally when he picks up his title defense at the australian open in two weeks time. while earlier in the day while the number one rough on the doll was also a happy man after the spanish king of play beat fronted joe wilfried tsonga in the third place match it went down to the wire in

. -- basel. i was alerted by people involved once i start speaking up and asking questions that somebody needed to kind of write out what the issues are around the debate and why were people saying it was wrong. so i decided to discuss with martin because he knew what more was being said. so we wrote a little manifesto in the summer and put it out there. that was sort of the start. the book was the result of after that, tried for a year with 24/7, to enter the debate and impacted. even for somebody from stanford, some difficulty feeling any impact when people didn't want you to have an impact. so the book is basically going into a broader audience to say, here's what the story is, you judge whether what your doing is right over the something more needs to be done. here is our story, how we want to teach it. >> professor admati, who is this book written for? is this an academic textbook? >> part of it is an academic textbook. it is written on multiple levels at the same time. this is pretty much a

but in halting the strength and stability of the banking system is the package of measures known as basel three the main goal is to apply to banks to hold much more capital to provide a buffer against risky investments and to dissuade bank is to act more responsibly. well health organization estimates that hold the eighteen million people worldwide have done for more than double the twenty third. in ukraine srsly. i fell in love researchers from angry young university. they are set back in thailand recently harbor c and third monday of the university of colorado it's an awful at it for transplanting healthy food producing cells to die in any increase in rates due after breaking the study also suggests that dispense with type two diabetes. it is well manila school teacher and siesta time is getting the video excited about reading. she's sleeping a little song and dance about learning. it's where the stone ever having to be the best light. our message to the pot. this song comes from the computer access mentorship program. can the government approved him lessons offered teachers told us tha

. >> the plant doesn't grow the corn or soy beans in midwestern files, it grows mushrooms, basel, high-end microgreens on the plates of high-end restaurants. the fish provide the fertiliser. a handful of farmers across the u.s., including tenant farmers joined the urban farming industry. >> for 365 days a year we control the environment and provide the best environment to grow plants in the middle of winter. we like to say we provide june 21st sunlight every day of the year. >> there's another advantage - quality. >> from your own hands or somebody's hands the day before, versus being shipped, it's 10 times better. >> when this was the meat-packing plant, huge 18 wheeler trucks would come up here, load up the meat and carry it hundreds of miles across the u.s. the loading bays are being torn down. they don't need them because they carry the produce out the back a few miles away to downtown chicago. >> when it's finished this turns waste from local restaurants and brewies into biomass. >> by using things others think are waste you can find the energy in the structure or workers, things that

so on the capital side, we have imposed basel iii requirements, surcharges will be part of that process. the main innovations i am pleased with, the use of stress testing, trying to see whether banks have enough capital, not only to deal with normal fluctuations but the very severe combination of a sharp downturn in the economy and very bad financial conditions and that has been a very important test. both of banks's ability to survive a bad situation but their abilities to measure their risks which was very deficient going into the crisis. beyond that, we are looking at a leveraged ratios that we expect to complete fairly soon. the posbility of having debt required at the holding company to assist in a resolution. we are looking at capital for -- to backstop firms that rely heavilyt-term wholesale funding. a much stronger capital oriented drive at this point to strengthen our financial -- that is just one dimension, there is liquidity in other aspects. is not up to me to say if these are tough enough or not. you and other observers who are writing about this and thinking about this wil

if they do, they might be able to get basel, turnips. >> lunar rocks are worth more than diamonds. so bring them back. >> now it's paying for itself after all. >> fascinating stuff. thank you, chad meyers. can you get our trash can back. >> a nice little terrarium there. that was cool. today, let's look at some pictures. taken by our cnn teams around the world. this is from pairs. cnn's nick wrenn had this photo of love padlocks. can you see the love padlocks on the pont de art bridge. >> they do that in florence well. coups write their name on the locks, hang them and then throw the keys in the river showing unbreakable love for each other. i'd love to review how many of them are together today. but actually on the upon the ef-veccio in florence they stopped you doing it. >> marcy hines is a producer here. she was in kenya recently and took these pictures. it was taken at what's called my brother's keeper ministry which helps people living with aids and hiv. >> fantastic stuff. showing one of the helpers at the ministry showing off her children to the camera. lovely stuff. >> uh-h

the bank would sponsor lavish events like yacht races in newport and the art basel modern art festival in miami beach to attract wealthy americans. then it flew in its bankers from switzerland to mingle and to try and drum up new clients and conduct business with existing ones. because the swiss bankers weren't licensed to conduct business in the united states, it was a clear violation of american banking laws on u.s. soil, and birkenfeld provided internal documents that proved the length that ubs would go to in order to avoid detection. >> call it a vacation rather than a business trip. rather than saying, "oh, yes, i'm coming to see my private clients here in the united states. and i'm coming in from zurich, switzerland." >> did you bring records into the country with you when you came in? >> generally, no. i did not. my colleagues brought in encrypted laptops. >> encrypted laptops. >> yes, so that even if they were discovered, you couldn't see what was inside the computers, which were portfolios of the clients, and they were product offerings for the clients. [watch ticking] >> up n

keeping in mind, alex, a lot of people came back from art basel and may be highly offended by your next answer. >> i'll take the middle opinion. i love art, i agree absolutely with what bob said. on the other hand, the city needs money. there is a huge art bubble. it's setting records. it's the perfect time for the city to sell this art and put it where it will really help real, human people. >> here is the question, what is the guarantee that the money would be plowed back into pensions? why wouldn't the completely arbitrary manager, who reports to no one, apparently, but rick snyder put the money in pinks. why not just sell the art to private people and put it into more -- >> there is no guarantee. one of the things we do know is this money will disappear quickly whereas had art is timeless. that art should be in that museum next year and the next decade and 50 years from now. do not sell that art. >> sounds like we're not going to get a quorum. bob is alone. we're running out of time. the snoop thing is completely on the other side of seriousness and, of course, snoop released this a

or the you go to basel significant auctions, it is surprising how much money is being spent typically on things that are really worth it very first-class picassos are nine figures now. lousy ones are still 20,000 bucks. >> one of the high points it does get discussed that much is first dibs which is a really high-end antiques website like and ebay for rich people. >> everybody wanders around with a mental awareness of how much your stuff is worth. is it any impulse to charity among these people? decline in the extent to which people feel engaged with their community as his clasping has begun. >> that is bad. >> are continuing to donate, but the proportion of income that is donated by middle-class people is far greater than the proportion of income unaided by wealthy people. the bill gates programs at all -- >> therestanding are some great philanthropists) new york city. to it is time, we want you send us your responses to the trivia question of the day here on "bloomberg surveillance." what is you go to store for last-minute gifts and why. illance.bsurve your cue from david kirkpatric

it is art basel. there are $3 billion in art hanging on these walls. it is all for sale. throughout the weekend much of it will actually sell. a lot of contrary art collectors while in town will also be collecting real estate. now south florida's booming real estate market has seen 23 straight months of increased sales and realtors are realizing art itself helps to sell properties. this two bedroom condo on a ocean drive includes one million dollars in fine art. >> we think art is very important in today's real estate world. in miami, what we're seeing is that we are one of the top three cities for artwork next to new york and los angeles. so for us in general to be able to combine that, we feel is a much, is a strong selling point to our real estate market. >> developers are also prioritizing permanent art integrated into their concepts and design especially in high-rise condo towers like 1,000 museum place designed by a worldwide renowned arc at the time and realtors say buyers simply demand it. >> the real estate industry as a whole have evolved and buyers tastes have

implementing the dodd-frank act and internationally agreed-upon basel standards and encouraging alignment with our strong reforms are all necessary steps toward a safer and sounder financial system. but as we take these steps, it is essential to remember that the crisis revealed that regular should and oversight failed to keep up with the rapidly evolving financial system. the fact is that we must remain vigilant to emerging threats that appear on the horizon. dodd-frank created two new organizations to help combat potential new risks. the financial stability oversight council and the office of financial research. it brought the community together and charges us to look across our areas of responsibility, whether it is banks or markets or other financial institutions, and to identify risks that may emerge in the future. the office of financial research is working to understand what data we need to better track risks in the system and what we can learn from that data. they are leading efforts to create international standards so we can anticipate the next crisis with information that is ac

the basel committee has another requirement coming. margin requirements off the banks so that -- off the banks markets like rp markets that aren't necessarily on the banks' books. try to make them less pro cyclical. i think there are a bunch of things you can do in the banking sector to try to control the leverage but outside the banking sector. >> we talked earlier about the peculiar structure of the federal reserve which has its historical roots. in the uk they, confronting the situation you described, they set up two committees. one does monetary policy and one does financial policy. apparently there weren't enough brits to staff both of them so they recruited a canadian to run the whole operation in europe in a financial policy committee. so what's your early experience there? does it seem like a good approach? do we know? >> i like the approach. the monetary policy committee is basically being given the responsibility for price stability and subject to that growth and expansion. the financial policy committee has been given a clea

regarding housing, housing is not a new basel -- bubble. we are back to a historical number. home price is back to a historical number. withiny so far has been fundamentals paired we do not want to see two fast increases. people's income needs to rise. for hanging on. you are on the line. caller: good morning. i have a question. several, really. you are talking about how rental properties are doing ok technically. they can go into negative income. then we have schedule a, only use.op 10% of homeowners the wealthiest of schedule a. to take the home mortgage and property tax off. not having a good outcome of all of this, the average homeowner does not get to take any further investment of a depreciated house. 100% of homeowners, the individuals that live in that home should be allowed to take mortgage and property tax deduction because it is an investment. we should all be able to take a write off for any investment expenditures we taken that includes homeowners. i will listen to you explain all of this. those are two biggies she is talking about. that is currently the irs tax

implementing the dodd-frank act and international agreed upon basel stand and the courage and global alignment with our strong reform, are all necessary steps towards safer and sounder financial system. but as we take these steps, it's also essential to remember that the crisis revealed that regulation and oversight failed to get up with a rapidly evolving -- rapidly evolving financial system. we must remain vigilant. dodd-frank created two new organizations to help combat potential new risk, the financial oversight council and the office of research. the council brings the regular dinner get together and charges us to look across our areas of responsibility whether its banks or markets or other financial institutions and to identify risks that may emerge in the future. the office of financial research is working to understand what data we need to better track risks and what we can learn from that day. their leading average great international data standards so we can anticipate the next crisis with information that is accessible and usable. part of the current focus of these new org

indication is the amount of capital banks hold and for example, on the capital side we have imposed basel iii requirements, surcharges will be part of the process. we have imposed -- one of the main innovations is the use of stress testing, trying to see whether banks have enough capital not only to deal with normal fluctuations but the very severe condemnation of a sharp downturn in the economy and very bad financial conditions and that has been a very important test of banks's abilities to survive a bad situation but also the abilities to measure their risks which was very deficient going into the crisis. beyond that, we are looking at a leverage ratio we expect to complete soon, the possibility of having the debt required at the holding company to assist in a resolution. we are looking at capital for -- to backstop firms that rely heavily on wholesale funding. a much stronger capital oriented drive at this point to strengthen our financial -- that is just one dimension, liquidity of many other aspects. is not up to me to say if these are tough enough or not. fuel and other observers wh

we will focus on advancing vigorous implementation of basel iii an assessor across borders and high quality capital standards. we will also focus on strengthening arrangements for cross border large complex tend institutions, promotes with the implementation of conversion requirements for over-the-counter derivatives markets and develop a road map to address risks posed by shadow banking. we also have been at the forefront of efforts to use financial measures to advance national security and foreign policy goals. nowhere have our efforts the more concentrated than using sanctions to advance our policy and prevent iran from obtaining a nuclear weapon. together with our international partners in close coordination with congress we build the most effective sanctions regime in history and even as we explore a long-term agreement with iran that would provide verifiable assurances that iran cannot obtain a nuclear weapon we will continue to enforce sanctions vigorously. action this morning imposing sanctions on a dozen entity's demonstrates. chairman hensarling, members of the committee, across t

. >> art basel has something in common with chris christie. >> whoa, whoa, whoa. >> if hillary clinton doesn't room, al gore? >> the al gore rumors are back. >> i fully and enthusiastically support the u.s. olympics team and i am now reading this from a script. go, america, usa. melissa is ready to kill me for this. i'm losing circulation as i speak. thank you for joining us today. and i have to watch what i say around melissa, no taking shots at the new orleans saints anymore. although i want the cardinals to make the playoffs today. some final thoughts right after this. of back pain... and a choice. take up to 4 advil in a day or 2 aleve for all day relief. [ male announcer ] that's handy. ♪ [ male announcer ] that's handy. stick with innovation. stick with power. stick with technology. get the new flexcare platinum from philips sonicare and save now. philips sonicare. >>> one thing i want everyone to know today is that i have the smartest, hardest working team and crew in television, on this show. and none of what we've done this year, none of what we've done today or anytime this

so, for example, on the capital side, we have imposed basel 3 requirements, much tougher requirements, as you know with the large banks. surcharges will be part of that process. we've imposed -- one of the main innovations which i'm very pleased with is the use of stress testing, trying to see whether banks have enough capital, not only to deal with normal fluctuations but to deal with the very severe combination of a sharp downturn in the economy and very bad financial conditions. and i think that has been a very important test. both of bank's ability to survive a bad situation, but also their abilities to measure their risks, which was something that was very deficient going into the crisis. beyond that, we're looking at a leverage ratio, of course, we expect to complete fairly soon. the possibility of having debt required at the holding company to assist in a resolution. we're looking at capital for -- to backstop firms that rely heavily on short-term wholesale funding. so, there's a much stronger capital-oriented drive at this point to strengthen our financial system. and that's j

regarding housing, housing is not a new basel -- bubble. we are back to a historical number. home price is back to a historical number. withiny so far has been fundamentals paired we do not want to see two fast increases. people's income needs to rise. for hanging on. you are on the line. caller: good morning. i have a question. several, really. you are talking about how rental properties are doing ok technically. they can go into negative income. then we have schedule a, only use.op 10% of homeowners the wealthiest of schedule a. to take the home mortgage and property tax off. not having a good outcome of all of this, the average homeowner does not get to take any further investment of a depreciated house. 100% of homeowners, the individuals that live in that home should be allowed to take mortgage and property tax deduction because it is an investment. we should all be able to take a write off for any investment expenditures we taken that includes homeowners. i will listen to you explain all of this. those are two biggies she is talking about. that is currently the irs tax