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In the midst of the financial crisis in October 2008, Berkshire Hathaway Inc. CEO Warren Buffett made a significant late-night phone call to the then-Treasury Secretary Henry "Hank" Paulson. Buffett aimed to share an idea that could potentially revive the struggling economy.

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Paulson, exhausted from a long night of collaborating with his team on policy ideas to restore confidence in Wall Street, recalls his weariness during that period. He shares his experience in the documentary "Panic: The Untold Story of the 2008 Financial Crisis." The documentary features interviews with notable figures, including former Presidents Barack Obama and George W. Bush, providing insights from both the government and private-sector perspectives.

During this time, Congress had recently passed the Emergency Economic Stabilization Act, also known as the "bailout bill," along with the establishment of the $700 billion Troubled Assets Relief Program (TARP) to acquire assets from failing banks. Despite these measures, investor concerns remained unabated.

"While we were getting this legislation in Congress, the situation worsened," Paulson said. "We had the two biggest bank failures in U.S. history with Wachovia and Washington Mutual. We needed something that was going to work much quicker and be more powerful."Buffetts Proposal

Amidst the frantic search for an effective solution, Buffett reached out to Paulson with his proposal.

Initially caught off guard by the unexpected call and not recognizing the voice on the other end, Paulson humorously recalls his confusion, remarking, "My mom has a handyman named Warren. Im saying, Why is he calling me?'"

As Paulson gathered his bearings, he listened to Buffett's suggestion, acknowledging that it held the essence of what would eventually be implemented.

Buffett recalls saying, "It might make more sense to put more capital in the banks than it would to try and buy these assets."

Following Buffett's suggestion, a meeting was convened on Oct. 13, bringing together prominent bank CEOs such as John Mack of Morgan Stanley, Jamie Dimon of J.P. Morgan Chase & Co., Lloyd Blankfein of Goldman Sachs, John Thain of Merrill Lynch, and Vikram Pandit of Citigroup. The objective was to discuss the proposal at the Treasury.

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While not all banks required immediate assistance, some CEOs expressed reluctance to accept cash injections, fearing it would indicate financial struggles and potentially lead to investor withdrawals. Nevertheless, Paulson stressed the crucial nature of the bailout to restore economic faith, eventually garnering unanimous agreement.

Mack recalls thinking, "Look, if I get lucky, my board will fire me, and I'll get out of all this craziness."

The outcome of the meeting resulted in the Treasury injecting $250 billion into the banking system using funds from TARP.Public Perception

The bailout's reception varied. Protesters took to the streets, expressing disapproval that taxpayer money was used to rescue wealthy Wall Street investors who, in the eyes of many, caused the crisis through their poor judgment.

One sign read, "CASH for TRASH?" Another read, "Bail Out Working People, Not the Rich!"

"I think there are still many people who believe that we bailed out companies and helped Wall Street because we were trying to help our friends in the financial industry and not out of our interest in defending the U.S. economy," former Federal Reserve Chair Ben Bernanke said.

Paulson, Bernanke and New York Fed President Timothy Geithner emphasize that their actions were intended to aid Main Street by rescuing Wall Street. While admitting to imperfections in their crisis management, such as the inability to save Lehman Brothers from collapse, they stand by their decision to infuse funds into the economy through the banking sector.

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Paulson highlights the steady recovery of the market and indexes like the S&P 500 since 2009, dubbing the bailout "the most successful program that is broadly hated in the history of mankind."

Echoing this sentiment, Bush believes it to be "probably the greatest financial bailout ever," even though he acknowledges the inability to provide irrefutable evidence, firmly believing that the intervention likely averted a severe depression.

A decade later in 2018, Buffett stated that another financial crisis is inevitable because of the same fundamental human traits jealousy and greed that contributed to the previous one 10 years ago. "That's a permanent part of the system," he said.

In March, a series of small to mid-size U.S. bank failures sent shockwaves through the global banking sector, resulting in a rapid decline in bank stock prices. Swift action by regulators aimed to prevent potential worldwide contagion. Buffett commended the government's intervention, emphasizing its role in averting a more significant crisis.

Buffett expressed little surprise at the banks' failures, attributing them to the growing complexity of the U.S. banking system. He revealed that he had been gradually divesting his holdings in bank stocks, beginning at the onset of the pandemic and continuing over the past six months. He cited increasing mismanagement within banks and their responses to flawed incentives as factors driving his decision.

"The American public doesn't understand their banking system and some people in Congress dont understand it any more than I understand it," Buffett said, highlighting the widespread lack of comprehension surrounding the intricacies of the banking industry.Getting Away from the Stock Market

The stock market has no shortage of volatility. From inflation to banking collapses the daily concerns of the modern investor continue to grow. Holding through the volatility can be difficult, which is why hundreds of thousands of investors have begun diversifying into startups with platforms like StartEngine and Wefunder. StartEngine allows anyone to invest in startups, including investing in StartEngine itself. This allows investors to diversify into a new asset class and shift their investment thesis to a more long-term approach circumventing much of the volatility associated with the open market. For example, Gameflip is a startup currently that is consistently raising millions from retail investors and venture capital alike.

See more onstartup investingfrom Benzinga. AI Startups Turn to Retail Investors To Fund the Growth of the $1.59 Trillion Artificial Intelligence Market Be An Owner, Not Just A Consumer: Retail Investors Are Taking Stakes In Their Favorite Startups To Own The Upside

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Terror group supporters posted on TikTok, YouTube and Google from site targeted in Indian airstrikes

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Terror group supporters posted on TikTok, YouTube and Google from site targeted in Indian airstrikes

Social media accounts expressing support for a Pakistan-based terror group linked to al Qaeda appear to have posted recent videos from a Pakistan mosque targeted by Indian airstrikes.

Sky News has found videos posted on TikTok, YouTube and Google that appear to be filmed at the Markaz Taiba Mosque in Muridke. The captions and usernames contain expressions of support for the Lashkar-e-Taiba (LeT) and a group called ‘313’.

Sky News has found and geolocated multiple videos that appear to be filmed in the area where the captions include either or both ‘313’ and LeT.

Some of the videos show men in the streets with guns. Another post captioned a video of children doing martial arts training inside the targeted mosque, “we are little soldiers, and we fight the non-believers”.

The caption of the video reads "we are little soldiers, and we fight the non-believers". It uses the hashtag '313' and uses the word 'mujahid' which means 'who does jihad'.
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The caption of the video reads ‘we are little soldiers, and we fight the non-believers’. It uses the hashtag ‘313’.

The caption uses the hashtag #جہاد313, which translates to ‘313’ jihad.

‘313’ appears to refer to the 313 Brigade, a proscribed terror organisation in Pakistan.

In a TikTok video posted to the Google page for Markaz Taiba Mosque in Muridke, a man can be seen walking along the street with a gun.

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The account that posted that video wrote in their description, “Lashkar Taiba, Mujahid Force, ‘313’ and Markaz Taiba Muridke”, self-proclaiming their support for the groups.

This screenshot from a Google user labels Lashkar-e-Taiba and ‘313’ and claims to be from Muridke.
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This screenshot from the Google user labels Lashkar-e-Taiba and ‘313’ and includes the location name Muridke

India’s retaliatory strikes on Pakistani-adminstered Kashmir and Pakistan on 7 May came after a deadly attack in Indian-administered Kashmir last month.

Gunmen opened fire on tourists, killing 26 people and injuring dozens in a popular holiday spot near Pahalgam, Kashmir, on 22 April.

LeT were accused by India of involvement in the Pahalgam attack through their proxy the Resistance Front, which claimed responsibility for the attack.

LeT, which is designated as a terrorist organisation by the UN Security Council and the UK, focuses on fighting Indian control in Kashmir and is based in the Punjab region of Pakistan.

Pakistan denies allegations of terror camps operating in the country. This region has been in the control of the Punjabi government since 2010. The Punjab government condemned the Indian strikes, and declared a state of emergency across Punjab.

Muskan Sangwan, senior intelligence analyst at TRAC, a terrorism research and analysis consortium, told Sky News: “Brigade 313 is al Qaeda in Pakistan. It’s an umbrella organisation for members of several groups like Taliban, Lashkar-e-Jhangvi, Haqqat ul-Jihad-al-Islami, Jaish-e Muhammad, Lashkar-e-Taiba, and Jundullah.”

Ms Sangwan explained that ‘313’ refers to the number of companions said to have fought with the Prophet Mohammed in the Battle of Badr.

TRAC have seen a recent uptick in TikTok videos and other social media posts that refer to ‘313’.

Many of the accounts are linked to each other.

Ms Sangwan said: “They [the TikTok users] mostly use ‘313’ as a hashtag… trying to push that hashtag to as many people it can reach on social media.”

Sky News sought to verify the location by comparing before and after videos from the strike location, and using the video released by the Indian army conducting the strike.

One video showing damage at the strike location was posted by a user with 313 in their TikTok username.

The TikTok account that posted video footage of the destruction of the mosque has 313 in their caption.
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The TikTok account that posted video footage of the destruction in Muridke has 313 in the username

Below is satellite imagery that shows the destruction of the site.

Satellite imagery shows Markaz Taiba Mosque after the strike on May 7th. Credit: Maxar.
Image:
Satellite imagery shows Markaz Taiba Mosque after the strike on 7 May. Credit: Maxar

In one TikTok, the video is captioned “bring your arms and ammunition and go to war”. The text on the screen of the TikTok is ‘313’ and he is carrying a gun.

The group are comfortable with having an online presence. On the Google tag for Markaz Taiba Mosque in Muridke, men pose for a group photo. Almost all the people in the photo have used ‘313’ on TikTok.

Ms Sangwan explained: “With these people from Muridke, pushing this propaganda on social media would generate a lot of significance in terms of recruitment and in terms of gaining support from local people and from other people.”

Sky News’ Asia correspondent Cordelia Lynch has reported on the ground in Muridke.

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Anger in Pakistan after India strikes

India says it struck Markaz Taiba, a site in Muridke about 15 miles (25km) from the border, which has long been claimed to be a terrorist training site associated with LeT.

MEMRI, a US-based research group that monitors terrorist threats, told Sky News: “It has been known for decades that Lashkar-e-Taiba has its headquarters in Muridke.”

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Sky News contacted the Pakistan Ministry of Defence for comment. Khawaja Asif, Pakistan’s defence minister, told Sky News: “This appears to be a random video with background music added later – consistent with how TikTok trends often function. If this is to be considered credible evidence, we could produce millions of similar clips ourselves.”

Mr Asif also said that any suggestion that the mosque was used as a base by terrorists was a “completely false, social media made up hoax”.

On 7 May, after the strikes in Pakistan, the Indian subcontinent branch of al Qaeda issued a statement condemning India’s actions and encouraging its supporters to wage jihad against India.

The Data and Forensics team is a multi-skilled unit dedicated to providing transparent journalism from Sky News. We gather, analyse and visualise data to tell data-driven stories. We combine traditional reporting skills with advanced analysis of satellite images, social media and other open source information. Through multimedia storytelling we aim to better explain the world while also showing how our journalism is done.

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Putin wants direct talks with Ukraine, but Zelenskyy and allies demand 30-day ceasefire from Monday

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Putin wants direct talks with Ukraine, but Zelenskyy and allies demand 30-day ceasefire from Monday

Russia’s president has suggested fresh peace talks with Ukraine in Istanbul as part of “direct negotiations” but also “without preconditions”.

Vladimir Putin put forward the proposal as European leaders including Sir Keir Starmer threatened him with fresh sanctions if Russia failed to comply with an unconditional 30-day ceasefire starting on Monday.

Kremlin spokesperson Dmitry Peskov told CNN that Moscow will need to consider those terms.

On Saturday the prime minister met Ukrainian President Volodymyr Zelenskyy alongside French President Emmanuel Macron, recently elected German Chancellor Friedrich Merz and Polish Prime Minister Donald Tusk in Kyiv.

Speaking at the Kremlin in the early hours of Sunday, Mr Putin did not directly address the 30-day ceasefire proposal but instead offered to restart peace talks Russia and Ukraine held in 2022.

Russian President Vladimir Putin gestures as he speaks to journalists in the Grand Palace at the Kremlin in Moscow, Russia, Sunday, May 11, 2025, after celebrations of the 80th anniversary of the Soviet Union's victory over Nazi Germany during World War II. (Sergei Bobylev/Photo host agency RIA Novosti via AP)
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Vladimir Putin told reporters he was committed to talks. Pic: RIA Novosti/AP

“We propose the Kyiv authorities resume the negotiations they interrupted at the end of 2022… to resume direct negotiations… without any preconditions… to begin without delay next Thursday 15 May in Istanbul,” he said.

Russia’s own unilateral three-day ceasefire, declared for the 80th anniversary of victory over Nazi Germany, expired on Saturday, and Ukraine said Russian forces have repeatedly violated it.

European leaders hold call with Ukraine. Pic: Number 10
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European leaders including Volodymyr Zelenskyy hold call with Donald Trump. Pic: Number 10

During the summit in Kyiv, European leaders secured the backing of Donald Trump after briefing him on the progress made on the so-called “coalition of the willing” plans in a 20-minute phone call.

“All of us here, together with the US, are calling Putin out,” said Sir Keir.

“So we are clear, all five leaders here – all the leaders of the meeting we just had with the coalition of the willing – an unconditional ceasefire, rejecting Putin’s conditions, and clear that if he turns his back on peace, we will respond.

“Working with President Trump, with all our partners, we will ramp up sanctions and increase our military aid for Ukraine’s defence to pressure Russia back to the table.”

Britain's Prime Minister Keir Starmer meets with French President Emanuel Macron and German Chancellor Friedrich Merz on board a train to the Ukrainian capital Kyiv where all three will hold meetings with Ukrainian President Volodymyr Zelensky, May 9, 2025. Stefan Rousseau/Pool via REUTERS
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Sir Keir Starmer, Emmanuel Macron and Friedrich Merz travelling in the saloon car of a special train to Kyiv. Pic: Reuters

Leaders arrive in Kyiv by train. Pic: PA
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Leaders arrive in Kyiv by train. Pic: PA

It comes after President Trump called for “ideally” a 30-day ceasefire between Kyiv and Moscow, and warned that if any pause in the fighting is not respected “the US and its partners will impose further sanctions”.

During Mr Putin’s statement on Sunday, he insisted he would support peace talks: “We are committed to serious negotiations with Ukraine.”

He told reporters: “Their purpose is to eliminate the root causes of the conflict, to establish a long-term, lasting peace. We do not rule out that during these negotiations it will be possible to agree on some new truces, a new ceasefire.”

Putin cobbles together response to 30-day ceasefire demand

The Kremlin billed this as a meaningful statement from Vladimir Putin but how much does it actually mean?

His comments are exactly the same as what Moscow has been saying for weeks, only repackaged with a date. The latest attempt to avoid committing to a 30-day ceasefire.

Next Thursday – 15 May – is when he’s proposing to hold direct talks with Ukraine. Only then, he says, can they discuss the details of a longer truce.

Istanbul is apparently the venue. The trouble is, Turkey doesn’t appear to know about it. The Russian leader said he’d call President Erdogan tomorrow.

Given America’s apparent support for Europe’s ultimatum to Russia (ceasefire or sanctions), he had to respond with something new.

But this felt like a proposal that had been hastily cobbled together in the corridor outside.

Read more from Ivor here.

Security and defence analyst Michael Clarke told Sky News presenter Samantha Washington the European leaders are “rowing in behind” the US president, who referred to his “European allies” for the first time in this context in a post on his Truth Social platform.

“So this meeting is all about heaping pressure on the Russians to go along with the American proposal,” he said.

“It’s the closest the Europeans and the US have been for about three months on this issue.”

Trump calls for ceasefire. Pic: Truth Social
Image:
Trump calls for ceasefire. Pic: Truth Social

Mr Zelenskyy told reporters the agreed ceasefire should cover air, sea and land, and said that if Moscow refused, Russia would face new sanctions, including the strengthening of punitive measures targeting its energy and banking sectors.

The European leaders said the terms of a peace deal would be negotiated during the 30-day pause in fighting.

But the Ukrainian president said: “We have no illusions that the ceasefire will be breached.”

Mr Macron said the proposed ceasefire would be monitored mainly by the US and European countries and there would be “massive” sanctions if Russia did not agree.

Sir Keir Starmer and Volodymyr Zelenskyy during a meeting in March. Pic: AP
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Sir Keir and Volodymyr Zelenskyy during a meeting in March. Pic: AP

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Putin’s Victory Day parade explained

Military officers from around 30 countries have been involved in drawing up plans for a coalition, which would provide a peacekeeping force in the event of a ceasefire being agreed between Russia and Ukraine.

This force “would help regenerate Ukraine’s armed forces after any peace deal and strengthen confidence in any future peace”, according to Number 10 Downing Street.

Read more:
Will Trump force Putin to comply with ceasefire?
Russia’s VE Day parade felt like celebration of war
Michael Clarke Q&A on Ukraine war
Ukraine and Russia argue over ceasefire breaches

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Mr Peskov accused European leaders of making contradictory and confrontational statements, according to Interfax news agency.

“We hear many contradictory statements from Europe. They are generally confrontational in nature rather than aimed at trying to revive our relations. Nothing more,” he was quoted as saying.

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Pope prays at tomb of predecessor during first outing since election

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Pope prays at tomb of predecessor during first outing since election

Pope Leo XIV made his first outing since his election on Saturday, making a surprise stop to pray at the tomb of his predecessor.

On Saturday afternoon, the new pontiff travelled to a sanctuary dedicated to the Madonna in the town of Genazzano.

The sanctuary is managed by Augustinian friars, the order the pope belongs to, and has been a place of pilgrimage since the 15th century.

The pontiff’s namesake. Pope Leo XIII, elevated it to a minor basilica and expanded its convent in the early 1900s.

Pope Leo XIV is cheered by residents of Genazzano , near Rome on 10 May. Pic: Vatican Media/AP
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Pope Leo XIV is cheered by residents of Genazzano , near Rome on 10 May. Pic: Vatican Media/AP


After praying, Leo greeted the faithful gathered outside and offered a blessing.

On his way back to the Vatican, he stopped to pray at Pope Francis’s tomb at St Mary Major Basilica.

Earlier in the day, Leo held his first formal audience and said the Catholic Church must take the lead in facing threats to workers, such as AI.

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The 69-year-old said the technology posed “new challenges for the defence of human dignity, justice and labour”.

Pope Leo XIV identified AI as major challenge to humanity. Pic: Vatican Media/AP
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The Pope identified AI as a major challenge to humanity. Pic: Vatican Media/AP

The leader of the world’s 1.4 billion Catholics referred to AI as he explained his choice of name to the cardinals who elected him.

He said he identified with his namesake Pope Leo XIII, who was pontiff from 1878 to 1903 and addressed workers’ rights and capitalism at the dawn of the industrial age in the 1891 encyclical Rerum Novarum.

The late pope, who laid the foundation for modern Catholic social thought, criticised both laissez-faire capitalism and state-centric socialism.

“In our own day, the church offers everyone the treasury of its social teaching in response to another industrial revolution and to developments in the field of artificial intelligence that pose new challenges for the defence of human dignity, justice and labour,” Leo said.

The Pope also made clear he will follow in the modernising reforms of his predecessor Pope Francis to make the Catholic Church inclusive, attentive to the faithful, and an institution that looks out for the “least and rejected”.

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Read more from Sky News:
Trump says India-Pakistan ceasefire agreed
Ukraine presses Russia for truce

Leo said he was fully committed to the reforms of the Second Vatican Council, the 1960s meetings that modernised the church.

Toward the end of his pontificate, Francis became increasingly vocal about the threats to humanity posed by AI and called for an international treaty to regulate it.

Francis brought his message to the G7 summit of world leaders last year, insisting AI must remain human-centric so decisions about when to use weapons or even less-lethal tools always remain made by humans and not machines.

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