Browse content similar to 15/09/2011. Check below for episodes and series from the same categories and more!
Line | From | To | |
---|---|---|---|
Good evening. The Swiss banking giant UBS says it may have lost $2 | :00:19. | :00:23. | |
billion. An alleged rogue Trader is being questioned by police. How | :00:23. | :00:28. | |
could this happen again at a big bank? | :00:28. | :00:34. | |
And banks are to help the failing economies by opening up short-term | :00:34. | :00:39. | |
bank loans. The head of the IMF has issued a stark warning. | :00:39. | :00:45. | |
Without us -- without bold action, there is a danger that economies | :00:45. | :00:50. | |
slip back instead of moving forward. David Cameron and Nicolas Sarkozy | :00:50. | :00:55. | |
visit Libya. Colonel Gaddafi said he would help | :00:55. | :01:00. | |
-- hunt you down like rats but you showed the courage of lions. We | :01:00. | :01:06. | |
salute your courage. And monks on wheels. I knew | :01:06. | :01:10. | |
documentary by three skateboarders that shows a different perspective | :01:10. | :01:20. | |
:01:20. | :01:25. | ||
Questions are being asked as to how much the big banks have learnt from | :01:25. | :01:31. | |
the financial crisis and whether the current regulatory systems are | :01:31. | :01:37. | |
rigorous enough. Three years ago, the Lehman Brothers filed for | :01:37. | :01:43. | |
bankruptcy. UBS says it may have lost around $2 billion. | :01:43. | :01:49. | |
Unauthorised trading by one of its traders is suspected. It trader in | :01:49. | :01:53. | |
London has been arrested on suspicion of fraud. | :01:53. | :01:59. | |
I new entrant to the bankers' Hall of fame, or should that be hall of | :01:59. | :02:07. | |
shame? He is alleged to have racked up unauthorised losses of �1.3 | :02:07. | :02:12. | |
billion. Hours after the UBS uncovered the eye-watering loss, | :02:12. | :02:18. | |
the man was arrested. We have contact -- we were | :02:18. | :02:23. | |
contacted by UBS about an allegation of fraud and at around | :02:23. | :02:29. | |
2pm, we arrested a 31-year-old man on suspicion of fraud by abuse of | :02:29. | :02:33. | |
position. Here in the heart of the City of | :02:33. | :02:40. | |
London is where the alleged rogue trader worked. His colossal rock -- | :02:40. | :02:48. | |
colossal losses are liable to tap this bank back into the red. After | :02:48. | :02:56. | |
the Great Crash of 2008, this bank claimed it was taken much less risk. | :02:56. | :03:00. | |
UBS was one of the bank's worst hurt by Derek banking crisis | :03:00. | :03:08. | |
incurring losses of more than �35 billion. Bailed out by the Swiss | :03:08. | :03:13. | |
government, it has changed the way it does business. | :03:13. | :03:18. | |
You can Putin limits on the way people trade, but if you are | :03:18. | :03:21. | |
employed end intelligent people and they want to get around these | :03:21. | :03:28. | |
systems, there is a chance they will find a way. A moral compass is | :03:28. | :03:31. | |
needed from the top of the organisation so that people know | :03:31. | :03:35. | |
what is right and wrong and do not think about doing these things. | :03:35. | :03:41. | |
If it turns out that this is a big time rogue trader, I will this loss | :03:41. | :03:47. | |
rank against other rogue traders? The biggest loss of �1.3 billion | :03:47. | :03:54. | |
was racked up in 2008. That is rather more than the �827 million | :03:54. | :04:00. | |
loss of Britain's most famous rogue trader. | :04:00. | :04:07. | |
After this arrest, the British regulator the Financial Services | :04:07. | :04:10. | |
Authority put pressure on the banks to tighten up their scrutiny of | :04:10. | :04:16. | |
traders. Unless you set up -- separate that | :04:16. | :04:21. | |
Wild West casino tight organisation from the ordinary men and woman on | :04:21. | :04:26. | |
the high street, we are in real trouble. That is what the Banking | :04:26. | :04:29. | |
Commission suggested earlier this week and we must implement that as | :04:29. | :04:34. | |
fast as possible. This advertisement is how UBS likes | :04:34. | :04:44. | |
:04:44. | :04:45. | ||
to see itself. It has been humiliated by one of its bankers. | :04:45. | :04:49. | |
The developments at UBS show just how risky the banking business can | :04:49. | :04:54. | |
be. Central banks are trying to ensure they have adequate | :04:54. | :04:58. | |
supervision and regulatory structures, they are also deeply | :04:58. | :05:08. | |
:05:08. | :05:09. | ||
enmeshed in trying to steer past -- steer a path to economic recovery. | :05:09. | :05:15. | |
Co-ordinated action would enable banks to address short-term needs | :05:15. | :05:23. | |
in the eurozone. Christine Lagarde warned about a vicious circle. | :05:23. | :05:33. | |
:05:33. | :05:34. | ||
There is still too much debt in the system. Uncertainty about many | :05:34. | :05:39. | |
advanced economies, household income in the United States, weak | :05:39. | :05:43. | |
growth and the weak balance sheets of government and financial | :05:43. | :05:48. | |
institutions, households are feeding negatively on each other, | :05:49. | :05:53. | |
feeling a crisis of confidence and holding back investments and job- | :05:53. | :06:00. | |
creation. This vicious cycle is gaining momentum and frankly it has | :06:00. | :06:07. | |
been exacerbated by policy uncertainty and a lack of political | :06:07. | :06:09. | |
resolve and collective determination. | :06:09. | :06:19. | |
:06:19. | :06:22. | ||
That was Christine Lagarde has a bid, the head of the IMF. There is | :06:22. | :06:25. | |
a police investigation going on, but in general terms, are you | :06:26. | :06:29. | |
satisfied that current banking regulations are sufficiently | :06:29. | :06:34. | |
rigorous? I am not. I think what we are | :06:34. | :06:39. | |
seeing today with these two announcements, liquidity crisis and | :06:39. | :06:47. | |
to the UBS announcement, there are three things going on. A European | :06:47. | :06:51. | |
sovereign debt issue that is exacerbated in the banking sector | :06:51. | :06:59. | |
by under capitalisation. Basically a lack of regulation of these banks. | :06:59. | :07:04. | |
We can see these things coming together in a very negative way. | :07:04. | :07:09. | |
will look at one particular thing. The co-ordinated action between | :07:09. | :07:14. | |
central banks to ensure that banks in the eurozone can get loans in | :07:14. | :07:20. | |
order to keep them going for a short time. Explain to us in simple | :07:20. | :07:26. | |
terms the thinking behind that. Basically, what has happened is | :07:26. | :07:30. | |
that the European sovereign debt crisis has caused a lot of angst | :07:30. | :07:35. | |
amongst investors about the solvency and the help of various | :07:35. | :07:40. | |
European institutions, so these institutions are having a difficult | :07:40. | :07:48. | |
time getting access to money, to finance their day-to-day operations. | :07:48. | :07:54. | |
As a result, central banks have stepped in as a last resort to help | :07:54. | :08:00. | |
fund their operations. But it sounds like a short-term solution, | :08:00. | :08:08. | |
and not a long-term one. That is right. The real problem is that the | :08:08. | :08:14. | |
European sovereign debt crisis will continue. This is the same sort of | :08:14. | :08:20. | |
panic, and angst, that you will seek in the marketplace until a | :08:20. | :08:27. | |
long-term solution is put in place by the Europeans. Greece and other | :08:27. | :08:31. | |
peripheral European nations like Ireland, Portugal, and potentially | :08:31. | :08:39. | |
Spain and Italy, where we also see contagion from those three. | :08:39. | :08:43. | |
Christine Lagarde and her warning there, about not wanting to | :08:43. | :08:46. | |
jeopardise the wrote but you have to deal with debt, easier said than | :08:47. | :08:56. | |
done. Very much. At the end of the day, this problem is about the fact | :08:57. | :09:04. | |
that the euro currency acts like a gold standard and it requires eight | :09:04. | :09:08. | |
deflationary solution for the countries with then. They cannot | :09:08. | :09:12. | |
devalue and therefore worked their way out of trouble that way. They | :09:12. | :09:17. | |
have to go through austerity and wage and price cuts and that is a | :09:17. | :09:20. | |
very negative scenario for economic growth. | :09:20. | :09:27. | |
Thank you very much. Britain and France have been at the forefront | :09:27. | :09:30. | |
of the international military operation against Colonel Gaddafi | :09:30. | :09:34. | |
and today, David Cameron and President Sarkozy were the first | :09:34. | :09:38. | |
Western leaders to visit to Italy to give their backing to the new | :09:38. | :09:48. | |
:09:48. | :09:51. | ||
Libyan leader. They were given enthusiastic backing. | :09:51. | :09:55. | |
Not quite mission accomplished. The French and British leaders are | :09:55. | :10:01. | |
right in Libya today inclined to celebrate. A very good day for us. | :10:01. | :10:05. | |
We are very proud to be here. Britain played a role that I am | :10:05. | :10:14. | |
very proud of. But in the end, this is what the Libyans did themselves. | :10:14. | :10:22. | |
A helicopter ride into the heart of Tripoli. The country is still at | :10:22. | :10:28. | |
war with Colonel Gaddafi's dwindling band of loyalists. But | :10:28. | :10:36. | |
listen to the adulation that this hospital. -- at this hospital. It | :10:36. | :10:42. | |
is genuine. Without NATO support, they know that their mission might | :10:42. | :10:48. | |
have stumbled. Some of the injured will now come to British hospitals, | :10:48. | :10:52. | |
part of a much bigger plan to gnat while Richard Libya back on its | :10:52. | :11:02. | |
:11:02. | :11:07. | ||
feet. -- to nudge oil-rich Libya. They helped us from the beginning | :11:07. | :11:12. | |
and I hope they continue helping us until we get back to normal. | :11:12. | :11:17. | |
It is seven years since Tony Blair first came here to try to bring | :11:17. | :11:24. | |
Colonel Gaddafi in from the cold. Today, David Cameron is visiting | :11:24. | :11:28. | |
what feels like a completely different country. There is still | :11:28. | :11:33. | |
serious fighting and plenty of political instability but, in many | :11:33. | :11:40. | |
ways, this is a country that is stabilising every day. What I have | :11:40. | :11:45. | |
seen is impressive. This is people who want to take the lead and sort | :11:45. | :11:49. | |
out their country. It is important to help them rather than lecturer | :11:49. | :11:55. | |
them. There was swapping of gifts. There | :11:55. | :11:58. | |
were strong hints today that Britain and France might be | :11:58. | :12:04. | |
rewarded with oil contracts. President Sarkozy insisted no deals | :12:04. | :12:12. | |
were done. Mr Cameron said that to Libya's war was not over. | :12:12. | :12:17. | |
This work is not done yet. The message to Colonel Gaddafi and all | :12:17. | :12:23. | |
those still holding arms on his behalf, it is over. Give up. The | :12:23. | :12:29. | |
mercenaries should go home. There is no sign of that. The | :12:29. | :12:36. | |
frontline is outside Gaddafi's home town. The loyalists there could | :12:36. | :12:42. | |
still destabilise things. But in Benghazi this afternoon, it felt | :12:42. | :12:46. | |
like a victory parade. Colonel Gaddafi said he would hunt | :12:46. | :12:50. | |
you down like rats but you showed the courage of lions and we salute | :12:50. | :12:57. | |
your courage. And moment of elation and Libya's | :12:57. | :13:03. | |
history. A spokesman for antique Gaddafi | :13:03. | :13:08. | |
forces has said that one of their military units has entered the | :13:08. | :13:13. | |
outskirts of Colonel Gaddafi's home town. He said they had reached the | :13:13. | :13:21. | |
south-western edge of the town and encountered resistance. | :13:21. | :13:26. | |
In Libya itself, David Cameron announced hundreds of thousands of | :13:26. | :13:36. | |
:13:36. | :13:37. | ||
pounds of eight to get rid of mines planted during the conflict. -- aid. | :13:37. | :13:41. | |
We are joined by a spokesperson from the mines Advisory Group. How | :13:41. | :13:48. | |
bad is the problem in Libya? It is a big problem. There are reports of | :13:48. | :13:55. | |
minefields laid by Gaddafi forces, in defensive areas, around where | :13:55. | :14:01. | |
the fighting was happening. But there are also minefields going | :14:01. | :14:06. | |
back to the Second World War. The big issue is unexploded ordinance. | :14:06. | :14:16. | |
A lot of stuff that is dropped does not go off. You say they are all | :14:16. | :14:20. | |
over the place. Are they in heavily populated areas or more remote | :14:20. | :14:27. | |
parts of the country? It is a mixture. Central Misrata at need to | :14:27. | :14:37. | |
:14:37. | :14:37. | ||
be cleaned. Everywhere where there have been protracted conflict, | :14:37. | :14:44. | |
along the front lines, there is a lot of contamination and also the | :14:44. | :14:50. | |
stockpiles of weapons and ammunition that is being looted, | :14:50. | :14:54. | |
and needs to be secured. We are in the process of helping the | :14:54. | :15:01. | |
authorities on the ground to do that. There are funds from the | :15:01. | :15:04. | |
Department for International Development to help us enable | :15:04. | :15:09. | |
people to rebuild in safety. Public education and awareness is very | :15:09. | :15:14. | |
important. How well aware are the ordinary Libyans about these | :15:14. | :15:23. | |
dangers? They are not very aware. When I was there recently, I sold | :15:23. | :15:26. | |
locals handling cluster bomb submissions questioning whether | :15:26. | :15:32. | |
they were dangerous. It is important that we spend time with | :15:32. | :15:36. | |
the community and develop materials and work with them to ensure they | :15:36. | :15:42. | |
reduce the risks they are faced with. Also, children are naturally | :15:42. | :15:46. | |
inquisitive all over the world and Libya is no different. When they | :15:46. | :15:52. | |
find a shiny metal object, they do not know what it is, they pick them | :15:52. | :15:58. | |
up and the results are unfortunately often very tragic. | :15:58. | :16:08. | |
:16:08. | :16:09. | ||
Staying with conflicts in the Middle East, a Syrian activists | :16:09. | :16:16. | |
have come up with a list of members of their National Council giving a | :16:16. | :16:24. | |
public face to President al-Bashir. Their names have not been revealed | :16:24. | :16:31. | |
to protect their security. It is six months since the protests began. | :16:31. | :16:35. | |
The UN Secretary-General has emerged World readers - might lead | :16:35. | :16:39. | |
us to make faster progress on a two-stage solution in the Middle | :16:39. | :16:49. | |
:16:49. | :16:52. | ||
East. -- to make faster progress. At least 20 people have been killed | :16:52. | :16:57. | |
in a bomb attack in Pakistan. A bomb went off during the funeral of | :16:57. | :17:03. | |
a tribal elder. The villagers were pro Government and had formed an | :17:03. | :17:09. | |
anti- Taliban militia. Rescue teams in South Wales are trying to reach | :17:09. | :17:13. | |
four miners trapped underground for nine hours at a flooded colliery | :17:13. | :17:18. | |
near Swansea. Three other men trapped managed to escape. It is | :17:18. | :17:24. | |
not known how the accident has happened. | :17:24. | :17:28. | |
The world's leading central banks have agreed to improve the | :17:28. | :17:31. | |
availability of dollars to make it easier for banks to obtain short- | :17:31. | :17:38. | |
term loans. In the run-up to the financial crisis in 2008, a small | :17:38. | :17:41. | |
community in the United States became the unlikely frontline in | :17:41. | :17:47. | |
the battle against the global economy. Berkshire County in | :17:47. | :17:51. | |
Massachusetts come -- created an alternative to the dollar known as | :17:51. | :18:01. | |
:18:01. | :18:02. | ||
Berkshares. We have been investigating how it is doing. | :18:02. | :18:07. | |
It is hard to escape the global economy. But the Red Lion Inn in | :18:07. | :18:14. | |
Stockbridge is a bit of a haven. Many people here feel her cushioned | :18:14. | :18:22. | |
by Berkshares, the region's local economy. At one time it was a joke | :18:22. | :18:29. | |
when it first came out. You had this worldwide crisis going on. It | :18:29. | :18:34. | |
almost saved us because we were in a bobble at the time. We want to | :18:34. | :18:39. | |
survive and do what we have to do to keep money in the area. To keep | :18:39. | :18:47. | |
farmers, artists etc afloat. Red Lion's owner says Berkshares | :18:47. | :18:55. | |
helped to strengthen the home front. They are to me an indication that I | :18:55. | :18:59. | |
support Anne macro small local businesses, that might dollars will | :18:59. | :19:09. | |
be so -- spent within Bird Show. Berkshire. More than 400 businesses | :19:09. | :19:16. | |
here accept Berkshares. 120,000 remain in circulation. Some traders | :19:16. | :19:21. | |
say they are is a real alternative. Endless Parade is unsustainable. It | :19:21. | :19:28. | |
is unsustainable economic and environmentally. The idea is to | :19:28. | :19:33. | |
highlight that we can block the system by having our on local | :19:33. | :19:40. | |
currency. We can create everything we need locally. Home-grown food | :19:40. | :19:47. | |
and products emphasise the drive to keep things local. Berkshares are | :19:47. | :19:52. | |
often used here instead of dollars. The ultimate goal is to decouple | :19:53. | :19:57. | |
Berkshares from the dollar. The cost of producing half a gallon of | :19:57. | :20:01. | |
maple syrup, for instance, would determine the value of the | :20:01. | :20:06. | |
Berkshire. That is a long way away. Also a long way off his finding a | :20:06. | :20:10. | |
way to make Berkshares viable for a bigger businesses, like this | :20:11. | :20:16. | |
excavation company. Few customers are able or willing to exchange | :20:16. | :20:20. | |
huge amounts of cash for Berkshares. The employers do not take them | :20:20. | :20:25. | |
either. I found myself looking for places to spend them. It is not | :20:25. | :20:31. | |
easy. With our bills being so high, people do not have that amount of | :20:31. | :20:38. | |
cash. We did not end up getting a lot of payment. The point of | :20:38. | :20:41. | |
Berkshares is to keep money circulating within the community. | :20:41. | :20:47. | |
That is its weakness, too. Anything bought from outside must be | :20:47. | :20:51. | |
purchased in dollars. Most of these bikes are made in China and the | :20:51. | :20:58. | |
Chinese do not take Berkshares. At least not yet. | :20:58. | :21:02. | |
Clearly Berkshares still in existence. A quarter of the people | :21:02. | :21:05. | |
charged in connection with the recent riots in England had | :21:05. | :21:10. | |
committed more than 10 previous offences. New figures also revealed | :21:10. | :21:16. | |
more than half of those accused were aged 20 or under. | :21:17. | :21:21. | |
How was this dealt with? Could it have been prevented? After the | :21:21. | :21:26. | |
turmoil on the streets, deep thinking is taking place in an | :21:26. | :21:30. | |
attempt to tackle those questions. Today, more evidence was questioned | :21:31. | :21:40. | |
:21:41. | :21:52. | ||
in answer to another question. What Existing criminals on of the | :21:52. | :21:57. | |
rampaged, was how the Justice Secretary summed it up. But not | :21:57. | :22:03. | |
necessarily members of gangs. not sure that the rioting was as | :22:03. | :22:06. | |
organised as this gives the impression it was. The gang culture | :22:06. | :22:12. | |
has to be challenged. I am not sure what the police do to disband the | :22:12. | :22:17. | |
gangs. It starts in the education service, the home, the local | :22:17. | :22:22. | |
community. For the Government, the fact most rioters were known to | :22:23. | :22:27. | |
police, poses an enormous challenge. For the police, the challenge was | :22:27. | :22:31. | |
explaining this. You basically lost control of the streets of | :22:31. | :22:36. | |
Manchester. Is there no responsibility for what happened? | :22:36. | :22:41. | |
Absolutely. We treat this very seriously. We were horrified on the | :22:41. | :22:47. | |
night. More snatch squads might have made a difference, says the | :22:47. | :22:52. | |
Manchester Chief, but not water- cannon or rubber bullets. The Chief | :22:52. | :22:55. | |
Constable's generally agreed what works best where the basics, moving | :22:55. | :23:00. | |
in, making an arrest, creating a deterrent. | :23:00. | :23:04. | |
Skateboarding monks are not the usual images you would associate | :23:04. | :23:09. | |
with are. Although there are severe media restrictions, three | :23:09. | :23:14. | |
skateboarding France from Britain managed to gain entry to film a | :23:14. | :23:19. | |
documentary. The film maker spoke to the BBC to give this first- | :23:19. | :23:23. | |
person account of his time in a country tightly controlled by the | :23:23. | :23:29. | |
ruling military. As three film-makers interested in | :23:29. | :23:33. | |
the political situation in Burma, we wanted to see what Burma was | :23:33. | :23:39. | |
like on a day-to-day basis. As skateboarders, we explored the city | :23:39. | :23:48. | |
from different perspectives. One of the advantages we had was that we | :23:48. | :23:54. | |
all look quite young. We are in skateboard clothing. A journalist | :23:54. | :24:01. | |
does not walk into a country with a skateboard. I think that was one of | :24:01. | :24:06. | |
our biggest advantages. Especially going through passport security. We | :24:06. | :24:12. | |
went through with a camera bag. That was the hairiest moment. This | :24:12. | :24:16. | |
was the point were we thought we would get turned away. But nobody | :24:16. | :24:23. | |
that's it an eyelid. All too often, what is great about Burma, the | :24:23. | :24:28. | |
scenery, the rich culture, the kindness of the people, is | :24:28. | :24:33. | |
overshadowed. Potential is left unexplored, life one documented, | :24:33. | :24:38. | |
and future uncertain. One of the good things about the film is it is | :24:38. | :24:42. | |
a different angle from the normal angle on a per match. It is quite | :24:42. | :24:48. | |
positive. It is looking at how people get on with their lives and | :24:48. | :24:51. | |
our not Tokely or pressed. That is one of the reasons we went out | :24:51. | :25:01. | |
:25:01. | :25:01. | ||
there. We did not go out there as a journalist. One surprisingly, they | :25:01. | :25:07. | |
were intrigued by our skateboards. We tried to explain how to stay on | :25:07. | :25:14. | |
the board. Such simple experiences which are normally be on them, make | :25:14. | :25:22. | |
you realise how fortunate we are in the West. -- beyond them. One thing | :25:22. | :25:26. | |
we found really interesting was that a lot of the skateboarders had | :25:26. | :25:31. | |
watched the same of videos that we have watched, knew the same | :25:31. | :25:34. | |
companies and professional skateboarders. Under this regime | :25:34. | :25:38. | |
that is Super or oppressive and does not let Western media in, it | :25:38. | :25:48. | |
:25:48. | :25:52. | ||
is interesting to know they know One of the great things the film | :25:52. | :25:58. | |
highlights is that we take a lot of things for granted. Are a lot of | :25:58. | :26:03. | |
youth who are not politicised and just want to grow up as kids. -- | :26:03. | :26:09. | |
there are. It was a fantastic experience meeting those people. | :26:09. | :26:17. | |
James Holman. The main news today. The Swiss banking giant, UBS, says | :26:17. | :26:24. | |
it may have lost $2 billion because of aura of the waste trading. -- on | :26:24. | :26:29. | |
a Authorised trading. A trader has been arrested on suspicion of fraud. | :26:29. | :26:34. | |
Jubilant scenes in parts of Libya today as David Cameron and Nicolas | :26:34. | :26:40. | |
Sarkozy flew in for talks with the National Transitional Council. Mr | :26:40. | :26:44. | |
Cameron told the cheering crowds they had showed the courage of | :26:44. | :26:54. | |
:26:54. | :27:00. | ||
Lyons in standing up to Colonel Good evening. Many of us have had | :27:00. | :27:07. | |
in lovely date today. Winds have been lighter. Overnight, things | :27:07. | :27:14. | |
will change. Tomorrow there will be a fair bit of rain. It is courtesy | :27:14. | :27:21. | |
of this weather system. It brings a wet start to Northern Ireland. Then | :27:21. | :27:25. | |
the rain will spread to Wales, northern England and Scotland. | :27:26. | :27:31. | |
First thing, the rain across England will be like. It turns | :27:31. | :27:36. | |
heavy through the day. Outbreaks of rain through the Midlands and | :27:36. | :27:44. | |
Lincolnshire. In the south-east it should be mild. Some sunshine. A | :27:44. | :27:50. | |
bright and breezy day in the south- west. A few showers. After a pretty | :27:50. | :27:53. | |
cloudy start across Wales, with some rain in the morning through | :27:53. | :28:01. | |
the afternoon, showers. It will be a pretty wet start first thing in | :28:01. | :28:05. | |
Northern Ireland. Showers will pushing from the West. A brisk wind | :28:05. | :28:10. | |
should move through quickly. Some parts of Scotland will cloud over | :28:10. | :28:14. |