CNBC Top Five Videos: GM, Lehman & More

Thursday, 10 Jul 2008 | 6:28 PM ET

Volatility ruled the market Thursday because of oil prices, financial fears and an $18 billion acquisition. Following are the day's top five videos.

Revamping U.S. Financial System
Treasury Secretary Hank Paulson and Federal Reserve Chairman Ben Bernanke are urging lawmakers to revamp the nation's financial regulatory system, and CNBC's Hampton Pearson has the detail.s

Revamping U.S. Financial System

"Cooperation between the Fed and the SEC is taking place within the existing statutory framework, with the objective of adressing the near-term situation. In the longer term, however, legislation may be needed to provide a more robust framework for prudential supervision of investment banks and other securities dealers."

Ben Bernanke, Federal Reserve Chairman

PIMCO's Gross Denies Lehman Rumors
PIMCO today issued a statement with regard to troubled investment bank Lehman Brothers, and Bill Gross, founder of PIMCO, discusses the issue with CNBC.

Pimco's Gross Denies Lehman Rumors

"We continue to trade with Lehman, which means we accept them as a counterparty. We have investments in Lehman ... Not in terms of duration or in terms of dollar amount have we reduced our exposure to Lehman today or in previous days."

Bill Gross, PIMCO founder and CIO

Stop Trading, Listen to Cramer!
Mad Money's Jim Cramer shares his stock picks and pans with CNBC's Erin Burnett.

Stop Trading! Listen to Cramer

"This is just an extremely hard market. Everybody keeps wanting to call the bottom in financials, and I have to tell you, that is just plain stupid. Wait until Fannie and Freddie have recapitalized."

Mad Money's Jim Cramer

GM's Wagoner on Stock Plunge
GM's shares hit a new 54-year low, and GM CEO Rick Wagoner fields questions from reporters on the subject.

GM's Wagoner on Stock's Plunge

"We don't have plans to eliminate any more brands. We did take the actions we did on Hummer because what of I think had been a pretty dramatic change in the circumstances. But our focus on all of our brands is what can we do to make them more profitable, what we can do to take advantage of the products we have and in some cases, how do we want to evolve the product portfolio into the current world."

Rick Wagoner, General Motors CEO

Maria's Market Message
CNBC's Michelle Caruso Cabrera discusses the day's top business and financial stories, and looks ahead to tomorrow's Closing Bell.

Maria's Market Message

"Shares of mortgage lenders Fannie Mae and Freddie Mac plummeting for a second straight day on continuing concerns the companies will not be able to raise the capital necessary to survive. That is despite Congressional testimony from Treasury Secretary Hank Paulson, who assured law makers the two firms are adequately capitalized."

CNBC's Michelle Caruso Cabrera

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