2013 until december 10, 2014, you served as emergency manager of detroit. Kevyn yes. Brian why did you take the job . Kevyn i have been asked that a lot of times. I was a restructuring professional. Detroit is 83 africanamerican, a city that had gone through several decades of decline. It was a city that needed restructuring. I initially was a little reluctant to take the job. I thought it would be difficult and i was comfortable in my corporate attorney life, my family and i. My managing partner steve and my wife said, look, this could be a call to action. It is important. It is outside your comfort zone, but we have people making the ultimate sacrifice on behalf of their country. This is temporary. And you will still be in an Airconditioned Office in the summer and heated in the winter. Sometimes you have to give back. After some reflection, it seemed like the right thing to do. Brian you are based in washington and a graduate of michigan law school. Do not have anything to do with w
And i was comfortable in my corporate attorney life, my family and i. My managing partner steve and my wife said, look, this could be a call to action. It is important. It is outside your comfort zone, but we have people making the ultimate sacrifice on behalf of their country. This is temporary. And you will still be in an Airconditioned Office in the summer and heated in the winter. Sometimes you have to give back. After some reflection, it seemed like the right thing to do. Brian you are based in washington and a graduate of michigan law school. Did that have anything to do with why they asked you . Kevyn i think it did. I was an undergraduate at the law school at university of michigan. From 1976 to 1983, i lived in michigan. The 1980s were pretty good years. The class of 1982 was rick snyder. 1983 was me. Mike duggan, we all came up in that era. Having a connection to the city and understanding what it was in its heyday, as well as having participated in other cases, the chrysler
Mile long island. Meanwhile, desperate recovery and rescue tempts underway in mexico after this second large earthquake his mexico in 12 days, the president of mexico is calling it a national emergency. A 7. 1 earthquake, a lot of people in the pay area are reaching out to people that they though who might be effected. In the fruitvale district, i saw a lot of people lining up. You asked what thurp doing, they were sundaying money to family. A lot of things like that are happening. I have been hearing how people felt the quake just kept going and going, i remember in 1989, the quake was 15 seconds, it felt like forever but the longer it goes on, the worse it gets. There are videos showing it on social media. Back then we did not have that. Lets talk about what was happening in mexico with the earthquake, people are helping to find survivors, the powerful shaking was frightening, people said. At least 40 buildings have collapsed in mexico city alone including a number of apartment and r
Longstanding relationship between ferrari and formula one may be in jeopardy. Megan hughes reports congress is looking at highfrequency trading. We begin with a bloomberg exclusive, oracle close to a deal to buy a Software Provider for more than 5 billion. Thanks for your time today. A bit ofk the deal is a surprise. I have been talking to some analysts since we reported the micros was not one of the top candidates to be bought from oracle, from the people i spoke to. Oracle has had trouble getting into the Cloud Services businesses. Some people thought they would company, andased this is one that works with hotels and various different retailers. Oracle owns several Companies Like this already, and yet, they are moving further into this business. The other thing is, with my gross, a lot of people own the stock and were short, so a lot were betting against it. It rose on our story. What is the goal here for Larry Ellison . Salesrters of sluggish growth for oracle. Is this something he
Train, though. Michael lewis wrote a bestselling book about trading and said u. S. Markets were rigged and now everyone cares. And congress is paying attention. A senate panel is holding a hearing this morning into highfrequency trading, asking whether the business is riddled with conflict of interest and if it is responsible for the loss of investor confidence. Megan hughes is covering the hearing on capitol hill. It is a whos who in the industry at this point, right . That is right. I will tell you the star witness is in his first panel, brad cap zeyuma. A brad kat blew the uncovered and whistle on a lot of these highfrequency trading frat practices. His testimony, there seems to be agreement that on some level the market is rigged. New technology should not erase enduring values. Financial markets cannot survive on technology alone. They require a much older concept, trust. And trust is eroding. The next panel, we will have quite a juxtaposition. That is what we will hear from some