a lot from ple making a living having babies. allen, make your point to the question we're discussing terror attacks. caller: education system teaches us to our founding fathers our constitution each has more know, just nd, you like the n.f.l. player who is n.f.l. to boycotting the national anthem, not standing up it, our whole system is geared toward being against us and they are going to get

trained on how to make bombs and that sort of thing. our last caller on today's general -- journal. president obama expected to address the assembly soon. .hat will do it for us we will see you back here tomorrow morning 7:00 eastern 10:00 pacific. mr. president, ladies and gentlemen.

finally, i bring to the united nations a message of uncompromising commitment to democracy. brazil has just gone through a .ong and complex process this ultimately led to engagement. place and took happened in line with the most absolute respect to order.utional we gave the world that example is a clear token of the fact that there can be no to receipt without the rule of law. applicable to all, even the most powerful. brazil is showing the world, and does so during a process of cleansing. independent judiciary in active public prosecutor's

office. but rather the will of institution and careful and total free press. now consist in resuming economic growth and workers will regain the millions of jobs lost. it is the past -- path of fiscal responsibility and social responsibility. trust is being established in a more prosperous horizon is mapped out for the future. our development process domestic involves partnerships, partnerships and technology.d in this regard, our relationships with all countries decisive. i do not wish to close my addressing aut word to the secretary general google soon be leaving office.

human -- bakimoon has devoted his life to a tireless pursuit of peace and human rights. sure we are highly appreciative and thankful for your efforts. ladies and gentlemen, in the decade we can no longer our priorities are global. there can be no room for isolationism. at the united nations we are close to the universal ideal all.drives us about 60 years ago my country fellow man stated from the high podium that in a world there is no one that wishes to see the doors of the u.n. close without u.n. and the shadows of law would descend upon humankind.

relentlessly, and depth -- and definitely the hopes of men and women. nations wessembly of nurture our help, the hope that is achieved in dialogues. thank you. [applause] >> on behalf of the general assembly, i wish i think the president for -- of result for just made.nt simile to remain seated while we greet the president. -- the general assembly.

i have been advised the state of host country is on his way, but not yet with us, so i am next be on thehe give thelist and will floor to the head of the state of the host country. so the assembly will now hear an his excellency, the president of the republic of chad. -[applause] on behalf of the general assembly, may i have some

silence please. on behalf of the general i have the honor to ,elcome his excellency president of the republic of chad, and to invite him to assembly, and in doing so, i address the people .t the edge of the hall if you want to talk, there is of space outside. you have the podium. >> president of the general , has of state and delegations, secretary general nations,ited distinguished guests, ladies and

gentlemen, allow me first of all congratulate his excellency, mr. peter thompson, , electedative of fiji president of the current general assembly, and wish him every success in his mission. he can rest assure of chad's full support. i would also like to congratulate and thank his excellency, outgoing president assembly foreneral his dedication and many initiatives aimed at strengthening the most mostratic and representative of the united nations. the same time, on behalf of chad and the african union, i andd like to congratulate render a heartfelt tribute to

his excellency, secretary-general of the united nations whose mandate is soon coming to a close. commitmenthip and for 10eless investment years have contributed to strengthening the united nations ideals.oting his ladies and gentlemen, distinguished guests, founded by 51han 70 years ago , the united nations andhas 193 member states, has evolved to make our states enter connected and , just asendent challenges have become global and collective in nature. live isd in which we facing different types of prompt great concern. terrorism,ict,

climate change, large-scale migration, under development, , economic, financial, crises are taking on an unprecedented scale. no region of the world is spared. citizens of the world from all walks of life living in a of anguish in othersses, despair in senseless violence and extreme poverty and the adverse affects of climate proliferated in the of resolving this is diminishing. the growing number of refugees

of people who are displaced throughout the year. -- throughout the world. taking with them thousands of lives. syrian tragedy that is unfolding before our very eyes now are than five years among other challenges very tactical elements that show a powerless we all are. in the world of uncertainty, africa is the continent that is the most vulnerable and most exposed. victims of colonial plundering, grips with the many problems of under development. africa today is bearing the full breadth of terrorism, the threat of the century. molly, the late

chad basin. these countries as a whole are seriously destabilized. the african union and its member modest gainste the are all strongly galvanized and committed to fight this absolute evil. molly, the late greatr example, the sacrifices in somalia since 2004. establishment of the joint force by the totes of the late chad basin fight the boko haram terrorist group, and the creation of the group that is a framework for corporation and to fight the cross-border threats

facing the countries. if this mobilization should be strengthened and supported by the entire international community. forms, whether it is material, financial, military, or through information sharing. launch an appeal this podium to all of the member states of the united nations, in particular, africa's partners to provide capributions to the african -- counterterrorism fund july.ished last ladies and gentlemen, guests, africa has also made enormous efforts to ,anage the crisis and conflicts experiencing by

emphasizing the promotion of the regional crisis revolution approach by the peace and security architecture. this approach, which should be supported by the international community, is aimed at strengthening as the capacity of intervention of regional and givenl regional geographic proximity, as well as knowledge of the territory. as well as being of deployment. these are all specific examples made by the african union. the complexity of complex around the world, including those in , is such that no organization can resolve them a .oad unions why the african

has always called for a strategic partnership with the united nations to tackle the security threats on the continent. then deploying the above mentioned. the african union has done so on international community, while fully respecting the prerogatives of the security council of the nations. a result, the african union is in a position to counter the support of the united nations. we welcome the fact that the position of the african union is shared by the interdependent panel of the nations with the peace 2015, which has been unanimously welcomed. from the standpoint of the

african union taking on it share responsibility. aims at guaranteeing 25% of the cost of peace authorized at the security council on the continent. it helps to obtain the remaining nations withunited spiritkeeping budget and and sharing of expenses. union is therefore awaiting the beginning of fruitful discussions with the on this proposal in order to reach an agreement that could further strengthen the exemplary partnership between the african union and in theted nations interest of peace, and in order protect civilians in times of crisis. ladies and gentlemen, distinguished guests, the political and security situation

in many african countries is a rate concern to all of us. continues to be the site of targeted attacks by terrorist , despite u.n. forces on the ground, as well as agreements concluded after arduous negotiations in algiers. the situation warrants a thoreau assessment by the international community with a view to putting conflict and dialogue, and also without losing sight of the specific and appropriate responses to be terrorist the threats. the situation in libya and south sudan remains deeply disturbing and requires greater mobilization from the international community. involvement, as as coordination of receptive regional organizations .

in this respect, a joint action five the international union and that of the united nations aimed a civiliang protection force of 4000 troops, in addition to the u.n. mission south sudan is an initiative to be welcomed. action call for greater between the high-level panel of sudan, and union of to united nations in order bring the parties that have the so.ed agreement to do ,he central african republic despite the successful organization of presidential and legislative elections, the remains precarious and proceeds to the most recent clashes that have taken place.

the situation needs a continuous follow-up. the new central gulf -- central african authorities must be supported at normalizing relations of the country. i call on the international community to continue to for peace building, as well as national reconciliation. we also urge the critical country, as well as the government to favor oflogue and coordination pre-crises. the african union is ready to support them in resolving disputes by peaceful means. ladies and gentlemen, guests, thed

serious crises affecting iraq, yemen should stir our conscious, given the forer of dead and wounded displaced persons and refugees, as well as the destruction of vital infrastructure. the international community must urgently find a political situation -- solution to these negotiations for parties and conflict. as for the israeli palestinian for act, we call definitive and equitable solution guaranteeing security israel and palestinians, and independence and viable state. waiting to resume dialogue. framework.ting the

ladies and gentlemen, istinguished guests, africa gigantic reservoir of raw materials, it is also a little more than a billion men forwomen yearning harmonious development, accompanied by social wealthy elite -- well-being and prosperity. the international community is capable of eradicating poverty ground, as long as they uphold commitments taken within framework for sustainable peoplement, which puts at the very core of all concerns. agendantation of the should be a priority to eliminate extreme priority to change tonst climate

strengthen resilience. this will strengthen economic growth that will benefit all. the urgency need for mobilization of resources that are necessary and finance development in plan.ance with the action by assuring an effective coordination effort, as well as consistency. no region in the world, no state can prosper alone surrounded by destitution and poverty without undergoing consequences. ways of young

migrant workers moving towards europe, which we see on the daily basis, and where thousands death shouldto challenge the international community. we can build ghettos, mobilize forces to contain the migrants, but the phenomenon will not stop. the appropriate response will be given to the problem. this seems to unfortunately fall expectations. it is not a matter of providing africa, but rather,

establishing a true mistress she jerked partnership to tackle global challenges. it is not too late to begin collective and concerted action, taking on board the legitimate concerns of all the party .oncerns ladies and gentlemen, , one of thed guests major challenges for africa is change and environment issues. the events of the desert, as niño phenomenon heightened africa deforestation. these are all frightening signs of climate change and africa. chad. which measured 25 thousand square kilometers in 1960 now than 2500 square kilometers.

proof of the degradation of the our continent. this disaster, which is danger in coke assistance among communities will certainly have consequences for the security region.ility of the the partnership with africa must also be seen for the preservation of the continent, which is seriously compromised. this has established a new and framework for the against climate change. there is still a great deal left to carry out

achievements and the commitmentson of taken on by all parties according to differentiated responsibility. this agreement will only be credible if it is accompanied by action aimed at the alarmist cap and the noble objectives. this has been established in copenhagen, mobilizing 20 million -- $28 million for the countries. ladies and gentlemen, , thenguished guests security council remains a major africa, which because of an injustice of history remains. that thisrtunate reform that the african union

for for years does prompt any interest. unless africa will continue to the establishment of a just and equitable organization, while reaffirming position on this matter, such as expressed. gentlemen, confidence and hope in the global solutions that the u.n. inspires will only if all nations take part in their design and implementation. all of us must be faithful to better and worse. thank you very much for your kind attention. [applause]

>> on behalf of of the general assembly, i wish to thank the president of chad for the statement just made. i asked the is simply to remain seated while we greet president. assembly to remain seated while we greet the president. the assembly will now hear an address by his excellency, obama, president of the united states of america, and i request protocol to escort his

excellency. [applause] on behalf of the general assembly, i have the honor to welcome to the united nations his excellency, president barack obama, president of the united dates of america, and to invite him to address the assembly. president obama: mr. president, to the united nations his excellency, president barack obama, president of the generalw gentlemen,ladies and as i address this call as president -- hall as president for the final time, let me recount the progress we have past eight years. from the depths of the greatest of our time, we response to avoid

further catastrophe and return the global economy to growth. terroristken away safe havens, strengthened nonproliferation regime, iranian nuclear issue through diplomacy. opened relations with cuba, add -- and latin war, and wengest welcomed a democratically tocted leader of myanmar this assembly. seestance is helping people themselves, care for the sick, power communities across africa, promote models of development, rather than dependence. we have made international institutions like the world bank fundnternational monetary more representative while establishing a framework to planet from the ravages of climate change.

this is important work. made a real difference in the lives of people, and could it -- had weened not work together. world we arend the seeing the same forces of global intervention that have made us , also expose deep fault lines in existing international order. we see it in the headlines every day. they fall fromd conflict. financial disruptions continue upon workers and entire communities.

across vast swaths of the middle basic security, basic order has broken down. we see too many governments censoring the flow of information. terrorist networks use social mind of pray among the endangering open societies and spurring anger innocent people. contest theions constraints placed upon them by international law. this is the paradox that defines today.ld a quarter century after the end war the world is by violent ands less

more prosperous than ever before. and yet, our societies are filled with uncertainty and unease and strife. despite enormous progress, inple lose trust institutions, governing the commons more difficult. between nations become more quick to surface. and so i believe that at this moment we all face a choice. we can choose to press forward with a better model of cooperation and integration, or retreat into a world or we canvided -- retreat into a world sharply divided. to suggest to you today must go forward and not backward. aselieve that as imperfect

they are, the principles of open accountable governance, democracy and human rights and international law that we have forged remain the thisation for progress in century. i make this argument not based ideology that on facts. facts that all too often we seeet in the immediate and -- immediacy of current events. most important fact, the integration of the global economy has made life that are for billions of men, women, and children. over the past 25 years the people living in extreme poverty has been cut tom nearly 40% of humanity under 10%. .hat is unprecedented

that means children have enough to eat. in childbirth. this promises to cure diseases that have plagued us for centuries. the internet can deliver the of human knowledge to a young girl in a remote village on a single handheld device. and medicine and manufacturing and education and communication experiencing a transformation of how human beings live. as a result, a person born today healthy,ikely to be and have access to opportunity that at -- than at any time in human history. moreover, the class of colonialism have allowed people freedom toh the choose their lease.

despite the real and troubling freedom appears in retreat. the fact remains the number of democracies have nearly doubled in the past 25 years. remote corners of the world, respect are demanding for all people, no matter their or disability. or sexual orientation. dignityo deny others are subject to public church. -- subject to public reproach. indeed, our international order has been so successful that we taken -- take it as a given that the great powers no longer fight wars. at the end of the cold war's

as shadow of nuclear armageddon. that china and india remain on a path of remarkable growth. i say all this night -- not to whitewash the challenges we face to suggest complacency, rather i believe we need to acknowledge the achievements in order to summon the confidence forward,this effort and make sure we do not abandon the very things that have this process. -- deliver this progress. in order to move forward, we acknowledge that the existing path global integration course correction. trumpeting the benefits of globalization have ignored inequality within and

among nations. have ignored the enduring appeal of ethnic and secretary and identities. have left international institutions ill-equipped, inerfunded, under resourced order to handle transnational challenges. have beeneal problems neglected, alternative visions of the world have pressed forward, both in the wealthiest countries and the poorest. fundamentalism. the politics of ethnicity or tribes. .ggressive nationalism a crude populist, sometimes from left.r

we cannot dismiss these visions. .hey are powerful they reflect dissatisfaction among too many of our citizens. i do not believe those visions securitye -- deliver over the long-term, but i do believe the visions fail to recognize at a very basic level common humanity. moreover, i believe the travel andn of telecommunications, together with a global economy that chains on a global supply it self-defeating ultimately from those who seek to reverse the progress. nation's by walls would only envision itself. answer cannot be a simple projection of global integration.

instead, we must work together benefits are , and that the disruptions, economic, that are, and cultural caused by integration ours .arely addressed this is not the place for a blueprint, but let me offer in broad strokes those areas where i believe we must do better together. it starts with making the global economy work better for all all, top.ot just those at the open markets, capitalism have standards of living globalizationbe, combined with rapper is -- rapid progress in technology has impeded the ability to make a

wage. an advanced economies like my own, unions have been and anyed, manufacturing jobs have disappeared. those who benefit most from globalization have used furtherlitical power to undermine the position of workers. in developing countries, often beenns have suppressed and the growth of the middle class has been held back the corruption and underinvestment. policies pursued by governments x or driven models threaten consensus --the

export driven models direct to undermine the consensus of global trade. nearly a trillion dollars smashed away in tax savings. the system that grows beyond the reach of excessive oversight. a world in which 1% of humanity controlled as much wealth as the 99% will never be stable. i understand the consensus -- export driven models direct to undermine the consensus of global trade. nearly a trillion gaps between new, butpoor are not just as a child and islam today nearbythis guy scraper a in a slum today can see skyscraper nearby, so can a us to see.enable expectations rise faster than deliver.t can a basic sense of injustice undermines people's faith in the system. fix this imbalance? we integration any more than we can stuff box, nor can we look to failed models of the

past. if we start resorting to trade and overreliance on resources instead of innovation, these approaches will make us poor collectively, and more likely to lead to conflict. contrast between the success of the republic of korea koreae wasteland of north so that central plant control of end.conomy is a dead but i do believe there is that fuelsh, one growth and innovation and offers root torest international success. it does not require succumbing to a capitalism that benefits few, but rather, recognizes economies are more week close the cap between rich and poor, and based, androadly

that means respecting the rights to organize into independent unions and earn a wage. it means invest inc. and our p all, their skills, their capacity to take an idea and turn it into a business. strengthening the safety net that protects our people from hardships, and take more risks or start a new venture. these are the policies i pursued in the united states and with result. american businesses have created . few million new jobs after the recession the top 1% capturing more than 90% of that isrowth, but today down to about half. fell at therty fastest rate in nearly 50 years.

with further investment in infrastructure and early childhood education and research, i'm fairly confident convene.esses will just as i pursued the measures here at home, so have the united work with many nations to of capitalism, not to punish wealth but to prevent repeated crises that can destroy it. that is why we have worked to create higher and clearest and it's for banking and taxation, because of capitalism, society that asks less of oligarchs than regular citizens will rot from within. that is why we push for -- operationhe and and transparency. , because markets create more jobs when they're by hard work and not the capacity to extort a bribe.

that is why we're work to reach trade agreement that raise environmental standards as we have done with the transpacific partnership so the benefits are shared.adly as we benefit by combating inequality within other countries, i believe advanced economies still need to do more to close the gap between rich and poor nations around the globe. politically.cult it is difficult to spend on assistance, but i do not believe this is sturdy. for the small fraction of what spent at war in iraq, we ofld support institutions fragile states do not collapse place.first

it is not just the right thing to do, it is the smart thing to do. that is why we need to follow effort to combat climate change. act boldly, the bill that could come to will be and foodgrations supply decimated and conflicts of despair. this agreement gives us a cap and only if we scale up ambition, and there must be a sense of urgency about bringing the agreement in force and helping poorer countries leapfrogged distractive forces energy. so for the wealthiest countries, fund should only be the beginning. we need to provide market to develop new technologies and then make them and affordable for poorer countries. only then can we continue lifting all people of from -- property without

children with a climate beyond their ability to repair. so, we need new models for the global marketplace, models that are inclusive and sustainable. modelssame way, we need of governance that are inclusive and accountable to ordinary people. i recognize not every country recognize the same model of governance. i do not think america can or impose assist some of .overnance on other countries but there appears to be a growing contest between authoritarianism and liberties him right now -- libertarianism right now. i believe in the liberal political ordnance. build not through just elections and government but respect for and civil society, and independent judiciary's and

the rule of law. i know that some countries that now recognize the power of free markets still reject model of free societies. perhaps those of us who have been promoting democracy feel since theiscouraged end of the cold war because we learned april democracies will not just wash across the globe a galway. elting accountable institutions is hard work. generations. .ains are often fragile sometimes we take one step forward and two steps back. held together by borders drawn by colonial powers with ethnic enclaves and tribal divisions, politics and sometimes appear

to be a zero-sum game. forginge difficulty and true democracy in the face of is nopressures, it surprise some argue the future , a top-downgman model. rather than strong democratic institutions. i believe this and king is wrong. trueieve the road of democracy remains the better path. i believe in the 21st century, a economies can only grow to a point until they need to open up because entrepreneurs. young people need a global education in order to thrive. independent media needs to check power.ses of without this evolution, the expectation of

people will not be met. suppression and stagnation will set in, and history shows strong men are them blessed with two , permanent crackdown that strife at home, or scapegoating enemies abroad that war.ead to i will admit, my believe that government serve the individual and not the other way around is american's story. our nation began with the freedom that apply to but because of our bill of rights, because of our , ordinary people were able to organize in march and protest and ultimately the ideals one out.

turning our diversity into a string. innovators the chance to transform every area of human endeavor. made it possible for someone like the two be elected president of the united states. so yes, my views are shaped by the specific beers of america, but i do not think this story is to america. look at the transformation that has taken place in countries as different as japan and shall lay, indonesia, botswana-- botswana.onesia, the countries that have succeeded are ones in which say.e feel they have a the progress of both countries and former soviet bloc

embrace democracies stand in clear contrast to those that have not. all, the people of ukraine did not take to the streets because of some plot abroad they took to the streets because they recourse. change because they saw life get better for the people in the baltics, poland, societies that were more democratic and liberal than they are. for those of us that believe in democracy, we need to eke out forcefully, because both the history i believe are on our side. mean our democracy are without fault. means the cure for what

greaterour society is not less. in america, there is too much money in politics, too much and partisanship and too little participation. in part because of laws that vote.t too hard to in europe, a well intentioned rustles often became isolated from the normal push and pull of politics. too often in capitals decision-makers have forgotten democracy needs to be driven by civic engagement from the bottom up. problems.re real as leaders of democratic makes the case for democracy abroad, we better strive harder to make and set a better example at home. moreover, every control what

government and .ircumstances of democracy i recognize a traditional may offer unity and more than a diverse country like my own, which was founded upon what was a radical idea at the time, the idea of liberty of human beings and certain god-given rights. mean ordinary people in asia or africa or the east somehow for arbitrary rule that denies them a voice in decisions that can save their lives. spirit isthat universal. value that desire, listen to the voices of young everywhere who call out for freedom and dignitary and the opportunity to control their lives.

this leads me to the third thing we need to do. must reject any forms of fundamentalism or racism or a believe in us in the superiority traditionalur identities irreconcilable with .odernity instead, we need to embrace the tolerance for respect for all human beings. this has led to a collision of cultures. migration -- all of these things can challenge and most cherished identities. we see liberal society as opposition when women choose to cover themselves.

tosee protests responding thatrn nation cartoons character that prophet muhammad. and a world that has left the behind.mpire we see russia attempting to forcer lost glory through . power has laid competing claims of history. in europe and the united states, you seat people wrestled with about migration and aging demographics and suggesting somehow people that different our cooperate -- corrupting the character of our country. there is no easy answer for resolving all of the social , and we must respect the meaning people draw from ethnicity, from the sense of nationhood.

i do not believe progress is possible if our desire to identity gives way to dominate another group. if our religion leads us to faithute those of another , if we jail or beat people who , if our traditions lead goingprevent girls from to school, if we discriminate on the basis of race or tribal or ethnicity, then the fragile bonds of civilization will fray. the world is too small. together forcked resort to theto old ways of thinking. mindset into many parts of the middle east.

leaders sought legitimacy not policies or programs, but by resorting to political opposition or demonizing religious sinks, by narrowing the public space to the mosque where in too many places for versions of a great faith were tolerated. for years,s built up and are now at work for the evil -- medieval medicine, isis. the mindset of secretary knows him and extremism and that has been taken place will not be quickly reversed. if we are honest, we understand will be ableower to force religious communities

communities to coexist for long. we have to be honest about the nature of the to work with those who seek to build rather than those who destroy. it works in a place like syria, where there is not an ultimate military victory to be one, we need to deliver aid to those in need and support those who pursue a political settlement and can see those who are not like themselves as worthy of dignity and respect. region's conflicts, we have to insist all parties recognize a common humanity and uel disorder,f

because until basic questions are answered about how communities coexist, the embers of extremism will continue to burn, countless human beings will suffer, most of all in that region, but extremism will continue to be exported the world is too small for us to simply be able to build a wall and prevent it from affecting our own societies. and what is true in the middle east is true for all of us. traditions canus be honored and upheld while teaching young people science and math rather than intolerance. truly, we can sustain our unique traditions while giving women their full rights and role in politics and economics of a nation. we can rally our nations to reckoned --all

while recognizing equal treatment for all communities, whether a religious minority in myanmar, or an ethnic minority in burundi, or a racial minority here in the united states. and surely, israelis and palestinians will be better off if houston aliens reject incitement and recognized legitimacy of israel, israel recognize that it cannot permanently occupy palestinian lands. we all have to do that are as leaders in campaign dan rather than encouraging a notion of identity that leads us to diminish others. this leads me to the fourth and final thing we need to do, which is to sustain our commitment to

international cooperation rooted in the rights and responsibilities of nations. as president of the united states, i know for most of human history power has not been unipo le. the end of the cold war may have led too many to forget this truth. i have noticed as president that at times both america's adversaries and some of our allies believe all problems were either caused by washington or could be solved by washington. and perhaps too many in washington believe that as well. [laughter] president obama: but i believe america has been a rear superpower in human history insofar as it has been willing to think beyond narrow self interest, that while we have

made our share of mistakes over these last 25 years, and i have acknowledged some, we have strived, sometimes with great sacrifice, to align better our actions with our ideals. and as a consequence, i believe we have been a force for good. we have secured allies. we have acted to protect the vulnerable. we have supported human rights and welcome scrutiny of our own actions. we have found our power to international law and institutions. when we made mistakes, we have tried to acknowledge them. we have worked to roll back harvey, hunger, and disease, outside our borders, not just within our borders. that.roud of but i also know that we cannot do this alone.

are to meete if we the challenges of this century, we are all going to have to do more to build up international -- escape the prospect of nuclear war unless we all committed to stopping the spread of nuclear weapons and pursuing a world without them. agrees to accept constraints on its nuclear program, that enhances the security and enhances i work withlity to other nations. bomb,orth korea tests a that bothers all of us, and those nations with these weapons, like the united states, have unique responsibility to

pursue the path of reducing our basicile and reaffirming norms like the commitment to never test them again. likennot combat a disease zika that recognizes no borders. mosquitoes do not respect walls. unless we make permanent the same emergency be brought to byr against ebola, strengthening our own systems of public health, by investing in cures and rolling back the root causes of disease, and helping poor countries develop a public health infrastructure. only eliminate extreme poverty if the sustainable moment goals that we have set our more than words on paper. human ingenuity gives us the capacity to feed the hungry and give all of our children, including our girls, the education that is the foundation for opportunity in our world.

but we have to put our money are, and weuth s can only realize the promise of this institution's founding to replace ravages of war with cooperation if powerful nations, like my own, accept constraints. sometimes i am criticized in my own country for professing a belief in international norms and multilateral institutions, but i am convinced in the long run, giving up some freedom of action, not giving up our ability to predict ourselves or pursue our core interests, but finding ourselves the international rules over the long-term enhances our security. and i think that is not just true for us. if russia continues to it

interfere with neighbors, it will diminish its stature and make its borders less secure. in the south china sea, a peaceful resolution of disputes offered by law will mean far greater stability than the militarization of a few rocks and reefs. we are all stakeholders in this international system, and calls upon all of us to invest in the success of institutions to which we belong. and the good news is is that the many nations have shown what kind of progress is possible when we make those commitments. consider what we have a commerce here over the past three years. we have mobilized some 50,000 additional troops for u.n. peacekeeping, making them nimble, better equipped, better prepared to deal with emergencies.

together we established an open so itment partnership empowers more people around the globe. we have tor, now, open our hearts and do more to help refugees who are desperate for a home. we should all welcome the pledges of increased assistants that have been made at this general assembly gap. i will be discussing that more this afternoon, but we have to follow through, even when the politics are hard. because in the eyes of innocent , whond women and children through no fault of their own have had to flee everything that they know, everything that they loved, we have to have the empathy to see ourselves. what it to imagine would be like for our family, for our children, if the unspeakable happened to us.

and we should all understand that ultimately our world will be more secure if we are prepared to help those in need and the nations who are carrying the largest burden with respect to accommodating these refugees. there are a lot of nations right now that are doing the right thing. but many nations, particularly ande blessed with wealth the benefits of geography, can do more to offer a hand. even if they also insist that refugees who come to our country's have to do more to adopt -- countries have to do more to adopt customs and conventions to communities that are now providing them a home. saying that ie by

recognize history tells a different story than the one i have talked about here today. there is a much darker and more cynical view of history that we can adopt. human beings are too often motivated by greed and by power. big countries for most of history have pushed smaller ones around. groups andethnic nationstates have very often found that it is most convenient to define themselves by what they hate and not just those ideas that bind them together. time and again, human beings have believed they have finally arrived at a period of allotment only to repeat the cycles of conflict and suffering.

perhaps that is our fate. we have to remember that the choices of individual human wargs led to repeated world . but we also have to remove or the choices of individual human beings created a united nations so that a war like that will never happen again. leaders, each nation can choose to reject those who appealed to our worst and embrace those who appeal to our best. for we have shown we can choose a better history. sitting in a prison cell, the young martin luther king jr. wrote that human progress ever

roles on the wheels of inevitability. it comes to the tireless efforts of men willing to be coworkers with god. and in the course of the eight years, as i have try it rolled -- travel through many of your nations, i have seen that spirit in our young people, who are more educated and more tolerant and more inclusive and more diverse and more creative than our generation, who are more empathetic and compassionate towards their fellow human beings than previous generations. and, yes, some of that comes with the idealism of youth, but it comes with young people's access to information about other peoples in other places. an understanding unique in human history, that their future is

bound with the fates of other human beings on the other side of the world. i think of the thousands of health care workers from around the world who volunteered to fight ebola. i remember the young entrepreneurs i met who are now starting new businesses in cuba. the parliamentarians who used to be just a few years ago political prisoners in myanmar. i think of the girls who have braved violence just to go to andol in afghanistan university students who started programs online to reject the extremism of organizations like .sil i draw strength from the young americans, entrepreneurs, activists, soldiers, who citizens who are remaking our again, you are unconstrained by old habits and old conventions and unencumbered

by what is, but are ready to seize what ought to be. my own family is made up of the flesh and blood and traditions and cultures and faiths from a lot of different parts of the , just as america has been built by immigrants from every shore. and in my own life, in this iuntry, and as president, have learned that our identities do not have to be defined by putting someone else down, but can be enhanced by lifting somebody else up. they do not have to be defined in opposition to us, but rather by a believe in liberty and equality and justice and

fairness. in embrace of these principles as universal, it does not weaken my particular pride, my particular love for america. it strengthens it. i believe that these ideals apply everywhere. it does not lessen my commitment to help those who look like me or pray as i do or pledge allegiance to my flag, but my feet in those principles does force me to expand my moral imagination and to recognize that i can best serve my own after, i can best look my own dollars by making sure that my actions seek what is right for all people and all children and your daughters and your sons. this is what i believe, that all of us can be coworkers with god, and our leadership and our governments and this united nations should reflect the irreducible truth.

thank you very much. [applause] thank you.bama: >> on behalf of the general assembly, i wish to thank the president of the united states the statement just made. may i request representatives to remain seated while we reach the president, after which the meeting will stand suspended for five minutes before resuming to hear the next speaker.

>> president obama speaking for what is expected to be the final time before the u.n. general assembly. coming up, remarks from the president of turkey and the new british prime minister theresa may. live coverage will continue online in five minutes as you heard mentioned, or you can watch the speeches anytime at www.c-span.org. york we had live to capitol hill as the senate banking committee is holding a hearing on wells fargo opening unauthorized accounts in her customers' names. we join the hearing in progress. john stumpf has been answering questions this morning. i learned that some of our team members were not doing the right thing, and they were opening accounts on customers

and then we truncated them. >> if you guys knew about that, a simple edict would have been pretty helpful. don't do this. if you do this, you are gone. mr. stumpf: we hadn't even more than that, and what we should have done is get rid of our incentive program. >> i can tell you that you have said multiple times that 5300 youre, basically 1% of workforce, have gone. every time you said that, you give ammunition to the folks who want to break up the big banks. 5300 people are more people than in most towns in montana. this is a major screwup that went on for far too long, and i think you know that, but there going to be a lot of work that has to be done to rectify the situation, if it can every the -- ever beive rectified.

>> i want to ask a couple questions about data. consumers expect their private information is going to be protected at their bank and not used to open an unauthorized account. you have gone through that extensively today. did the third-party analysis that you engaged in determined if these unauthorized accounts were created uniformly across the united states, or were there areas where they were more heavily created? mr. stumpf: yes, there was a y biased toward the southwest of the country. that includes california and arizona. without the correct. mr. stumpf: that would be correct. >> was new jersey more heavily impacted? mr. stumpf: i have numbers by state, and it typically related r index --as some ove

four people did more wrong things, but it was more associated with the size of a business, where a much larger bank in california, arizona, new jersey, and if it more of the pattern of the size of our organization in those communities. it was not that the management in those communities were the ones who were driving this more aggressively, but simply the size of your business in those communities question m? it was a bit of both. crapo: you have indicated that right now wells fargo is calling every customer. is that correct? mr. stumpf: we're contacting all of our deposit customers. all of these accounts came on the books and were closed within a 60-day period, and so of the

two million thate accounts that could not be eliminated -- we just could not eliminate them, but we are calling all our credit card customers and contacting all of our deposit customers, and we had a special call in number. we're asking people to talk to our people. if there is who does not want to wait, what will they do? mr. stumpf: didn't get a notice us, weys you can e-mail will call you, and i know our study was here comprehensive. we tried to err on the side of the customer. we are people coming into the bank today saying i got a $25 check, but i want to the service, but i am saying we want anyake sure we do not hurt

customer and that if they wanted credit, they habits. if they did not want it, we will try to make it right. about the credit impact, the opening of an account causes an impact to a credit rating, doesn't it? mr. stumpf: it does, and i am not an expert, but i know on the credit card side we pull a bureau, and depending on how a strike,know that is it lowers your credit score, depending on how many requests in that time. there is also a positive impact, and i'm not here to justify it -- we will do what is right to make that right. senator crapo: that is what i wanted to givet at. you said to senator tester and to me that you're going to make it right. how do you do that?

he said that calls are being made. i assume that the calls that the bank is making that they are finding customers, some, you have an unwanted credit card account. how do you make it right with regard to the impact that that and potentially charges on that account have to the credit rating on that cardholder? mr. stumpf: that is a very good question. we are just starting that process. i do not have enough to give you know, but we would be happy to come back and tell you more about what we learn as we do that. senator crapo: i want to shift topics. my understanding is the primary regulators that you have been dealing with are the city of los angeles and the occ and the cfpb. is that correct? mr. stumpf: that is correct. order didapo: in what they get involved and when?

mr. stumpf: i do not know if i have precise dates, but i will give you a general timeline. the city of l.a. lawsuit was ofetime in the may timeframe 2013, maybe i -- it was. i am sorry, i am missing on dates here. and then the occ was involved, we shared with them, and when we -- itd of their lawsuit was actually in 2015, may of 2015 -- and then we shared that information with the cfpb. but the occ was involved with us timeframe.e 2013 mr. stumpf: so the -- senator

crapo: so the occ was involved for the city of los angeles? mr. stumpf: yes. senator crapo: and the cfpb was the final -- called them,e someone from our legal department called them in the may timeframe of 2015. senator crapo: i see my time is up. stumpf, theen: mr. wells fargo vision and values statement says we believe those live, not phrases memorize. if you want to find out how strong the company's tactics are, do not listen to what its people say, watch what they do. so let's do that. years-longmassive scam came to light, you have said repeatedly "i am accountable." what what have you actually done to hold yourself accountable?

have you resigned as ceo or chairman? have you resigned? mr. stumpf: no, i have not. senator warren: have you return one nickel of your pay while this scam was going on? mr. stumpf: this was by 1% of the people -- senator warren: that is my question. had he returned the millions of dollars that you were paid while this scam is going on -- have you returned one nickel of the money you were given while the scam has going on -- i will take that as a no. have you fired a single executive, and i do not mean a regional editor or branch manager. asking about your compliance division. mr. stumpf: we have made a change to our regional banks. i'm not asking

about regional or branch managers. have you fired senior management , the people who actually led community banking division, who oversaw this fraud, the compliance division that was in charge of making sure that the bank complied with the law? the fire any of those people? mr. stumpf: no.senator warren : you have not resigned, not return a single nickel of your earnings, have not fired a single executive. "our definition of "cannibal --it is gutless leadership. in your time as chairman and ceo, wells has been famous for pushing customers to open accounts. it is one of the reasons that wells has become the most viable

bank in world. valuable banks in the world. other banks averaged fewer than three accounts per customer, but eightt the count at accounts for every customer at wells should have eight accounts with a bang, not because you round the numbers and found the average customer needed eight banking accounts, it is because eight rhymes with great. yourwas your rationale in 2010 annual report. cross-selling is not about helping customers get what they need. if it was, you would not have to squeeze your employees so hard to make it happen. no, cross-selling is all about pumping up wells' sock price, isn't it? no.stumpf: cross-selling is shorthand for deepening relationships. senator warren: you said no?

no? these are the transcripts of 12 quarterly earnings calls that you participated in from 2012 to 2014. the three full years in which we know this scam was going on. i would like to submit them for the record, if i may, mr. chairman? thank you. these are called where you personally may your pitch to investors and analysts about why wells fargo is a great investment. calls,all 12 of these you personally cited wells fargo's success at cross-selling retail accounts as one of the main reasons to buy more stock in the company. es --e read you if you quot we grew our retail banking cross sell ratio to a record, 5.98 products per household.

the later, april 2013, we achieved record retail banking cross sell with 6.1 products per household. april 20 14 -- we achieved record retail banking cross sell of 6.17 products per household. up --tio cap going up and the ratio kept going up and up, and it is not that are it customers used those accounts are not. wall street loved it. here's a some of the report from top analysts in those years. all recommending that people by wells fargo stock in part because of the strong cross sell numbers. i would like to submit them for the objection. -- for the record. when investors saw good cross sell numbers, they did, while this game was going on, and that

was very good for you personally, was in it, mr. stumpf? do you know how much value your stock holdings in wells fargo gained while this scam was underway? not a scam,it was and cross-selling is a way of digging relationships with customers -- anator warren: i asked you question. do you know how much the value of your stock went up while this was going on? mr. stumpf: all of my composition is in our public -- senator warren: do you know how much it was? mr. stumpf: it is all in the public record. senator warren: you personally 6.75 millione of shares of wells stock. the share price during this time went up by about $30, which comes about two more than $200 million in gains, all for you

personally, and thanks in part to those cross sell numbers that you talked about on every one of those calls. now, here's what really gets me about this, mr. stumpf. if one of your tellers took a handful of $20 bills out of the cash drawer, he probably would be looking at criminal charges for theft. they could end up in prison. but you squeezed your employees to the breaking point so they would cheat customers and you could drive up the value of your stock and put hundreds of millions of dollars in your own pocket. and when it all blew up, you kept your job, you kept your multimillion dollar bonuses, and you went on television to blame thousands of $12 an hour employees who were just trying to meet cross sell quotas that made you rich.

this is about accountability. you should resign. you should give back the money that you took while this scam was going on, and you should be byminally investigated, the department of justice and the securities and exchange commission. this just is not right. cashier is held accountable, but wall street executives who never hold themselves accountable, not now and not in 2008 when they crashed the worldwide economy. the only way that wall street will change is if executives face jail time when they preside over massive fraud. we need tough new laws to hold corporate executives personally accountable, and we need tough prosecutors who have the courage to go after people at the top. until then, it will be business giant banksd at

like wells fargo that seems to me as cheating as many customers and investors and employees as they possibly can. mr. stumpf, what sounds so many americans and virtually all of us is how significant this fraud was, how widespread it was, for how long period of time, and related to that i am very concerned about this timeline of when top corporate leadership and yourself do about it. and you have been talking in general about 2013. is that when the issue was a focus of board discussions, or was that the first time you knew theseudulent activity and unwanted accounts being opened wil thankstomers' youl,s?

mr. stumpf: senator vitter. mr. stumpf:as i testified before, people in our regional teamknew that not every member who do everything right every day, and they tried to root it out at the business level with their compliance and so forth. : when did you folks at your level like board members know of this activity on any significant scale? earlier?13 or mr. stumpf: 2013. 2011,umpf:senator vitter: about a thousand employees were fired over this. that is about 1% of the whole retail business. so 1% of the holding part of your business was fired over fraud, and you were never told about that. mr. stumpf: that was dealt with in the business unit at that time. senator vitter: is it normal for

1% of a business unit to be hired for -- fire for fraud, and this is never mentioned to you? mr. stumpf: in a large retail otherss that has turnovers and so forth, if i can go back, i would have -- ter: why is this not crystal clear proof that wealth is not too big to fail, too big to manage, too big to regulate? fraud,nt is fired over but that does not get to your level? mr. stumpf: that is a good question. i have thought about that. this was a problem of focus and not of size. today -- senator vitter: you have for two people not living up to the wells culture. culture is not something written in a handbook.

suggested, has been is an atmosphere and what is lived. wasn't this practice in fact by the numbers part of the wells culture by definition, because it was a widespread for so long a time? mr. stumpf: i think this is not part of our culture. again, it is a large number, but the vast majority of people do and theyevery day provide great value and they live according to our culture -- anator vitter: that makes it part of the culture, in my opinion. it seems to me your challenge is to change the culture, not enforce the culture. finally, what level of 100% doce from 0% to you have that this type of fraudulent activity does not exist in other wells business loans? mr. stumpf: we have looked at other things, other businesses.

they are different, and we believe that this is the situation in our regional bank. other areas have different levels of compliance and different volumes and different requirements, and have looked across a number of things -- and i am confident that we have this one now solved and we have made a lot of changes. thetor vitter: well' biggest participant in a loan program. no you 100% confident that fraudulent activity like this or know extreme quotas and goals exists in that 7a program? mr. stumpf: we do not have product goals to my knowledge in any one of our other businesses, and we because of this situation, we have doubled down on compliance and reviewed it in

a lot of our businesses across the board. i am writingr: some of those compliance folks to urge a look at anything small business related, including the 7a program, since wells is a leader in that activity. thank you, mr. chairman. mr. stumpf,elly: you previously talked to me about wells fargo values. look at the mess we are in. a community banker from my state called the office unsolicited and just say, and he said, here we go again. my bank is going to be slandered because of what these guys are doing. and he said, if my bank had a widespread practice of opening unauthorized accounts and moving customer money without permission, i would be in jail.

my bank would be sold, and my entire management team and board would be sued by the regulators for a lack of oversight. and he is sick to his stomach about what has happened here. and so my mind. --r 5000 people from indiana 5000 hoosiers who, every day, everybody has talked about their own, every day these people work nonstop to try to pay the bills, take care of their family, make sure that they can make ends meet, and they hope that they can. million-plus across the country, but over 5000 hoosiers who had unauthorized accounts open. now, the second many of these credit cards are opened, these folks' credit was immediately deemed, and is is what senator

tester was talking about. then you take out a mortgage and you have a 30-year mortgage which is half a point higher because her credit rating has gone down. know, will to you pay back every single time that these people were incurred over 30 years because of the people at wells? it was not same or judy who works at the mill who was hoping to get a payment that they could theird, it was that account had fraud committed to it and now they have to pay for everything all must for the next 30 years. how do you pay that back? mr. stumpf: and thank you, senator. we have been thinking about that. we are starting to make those calls to our constituents and find out our customers. i do not have a final answer, but our attention will make it -- our intention is to make it right with every customer. >> will you promise to pay back

everything will dollar these people will incur? mr. stumpf: i do not have all those answers, it i guess the issue and my instructions have been to make it right by every customer. >> one of the things that rubs everybody wrong, not just here, but around the country, americans are fair people, and everybody in this country tries to make sure that there is a square deal done. it is not a square deal with people that are fired are the ucksers who make 15 b and the senior execs walk off with $100 million. americans can smell an unfair deal a mile away, and these 5300 tellers, eight did not come up with a scheme on their own -- they did not come up with a scheme on their own. this was the only way they could keep their job, cousin what was going on. and you called them dishonest.

the head ofion is, all of this, is she dishonest, and how do you fire someone not the5 bucks and person -- that is like firing the guy throwing: the engine and letting the captain go strolling off to a $100 million new ship. how do you do that? mr. stumpf: that is an important question. personal, was of the people who are bankers who were not making managers of those and managers of those, and it is different violating a code of ethics and putting customers at risk and being dishonest. as someone who did not spend enough time making sure this issue was closed -- senator donnelly: one of the things that most people are discussing about is all things

flow downhill, and people down the hill get fired, do not even know if they can pay their mortgage because of their jobs they had, they are gone, and people at the top of the hill $20 million, $10 million. the fellas who started the wells fargo -- fellows who started the wells fargo stagecoach, this was not their plan. this is not what we do. and the only last question, and i apologize -- 45 years -- five years. and so when folks say this too years, you, for five were not able to end this, and you look and you go for five years, americans were taken advantage of and cheated, had their created ratings -- credit ratings ruined, had accounts opened that they never even knew bank, it or you

did not know or you knew it was great for the story. under any circumstance, none of the conclusions is good. mr. stumpf: i cannot agree with you more. we did not move fast enough. we should have done better. i will also want to remind you that the vast majority of people also had family's defeat, and they did exactly the right thing . but we are sorry and we need to do better. donnelly: thank you. >> i will tell you -- senator scott: i am frustrated, with, and really unhappy what appears to be a toxic culture in parts of your sales organization. , with two ormer three mortgages, a couple of

accounts, i am disappointed. i disappointed in my financial institution that i have put so much confidence and trust in. i am, however, painful for the real heroes that we have heard so little about at this point, the heroes, the employees who went to the press, the customers who went to the occ, bringing oxygen to a very important conversation, and hopefully resolution. i asked myself and perhaps rita gives me the answer -- why did not these employees find a safe haven up the chain? if you will remember, i owned a couple of allstate insurance agencies, so the sales culture

that was so culture is also incredibly important for folks looking to support their families, who are working paycheck to paycheck. and anyone who suggests that folks who make this a little isey must cheat the system an inconsistent suggestion. i know a lot of folks who are poor who would find that comment .uite disrespectful lots and lots, most for folks have strong integrity and would never put themselves in this situation. that perhapsst hiring to go in that chain in the sales organizations the more you find a problem, not the people making the 15 bucks an hour, to be honest with you. my question is, why was there not a safe haven, and have you created safe havens for employees who see things that are just running amok?

do they have a safe place to go, not the occ, but is there a culture that is being established that you are eliminating your sales goals, but is there a culture being established where the average employee feels empowered, encouraged to come forward and speak and be heard in wells fargo? mr. stumpf: senator scott, i really appreciate that line of questioning because it is actually -- i should've mentioned it -- each team member, no matter where you are in your organization, is to raise your hand if something is being passed to them that they think is not right, not consistent with our values and our culture. they are asked to raise their hand. they are asked to go to a manager or a manager in hr. we have an anonymous ethics line where they can talk to us about

anything. we want to hear from them, because we do not want this behavior. and i wish we would not have this behavior, but we have also instituted some things today, and you mentioned getting rid of the sales goals, we also today accounte-mail with an that is opened -- they get open today without a signature. we are also doing a week history shopping program -- senator scott: i'm glad to hear you are making progress. mr. chairman, i would love for the record to have a better understanding of the culture of checks and balances that were not there that are now there that will help customers, thousands of customers throughout south carolina have all financiale in institutions, and perhaps having done it wrong, you become a model for doing it right.

the second question i have, goes back to the questions we have heard from senator crapo and senator tester, when you look at the impact on the consumer, the account --ou open an i apologize now for going over my time for a minute or so -- you have an account, couple accounts with the bank. you hope to keep them there. i hope to keep them there. mr. stumpf: thank you. senator scott: someone opens an account, if i did not sign for it, it is fraudulent. i like that simple definition. so i open an account in my name. i do not know the countess of. so there are fees attached to some of the accounts. the fees that are attached are not paid because i am ignorant of those accounts.

those fees are not paid because i do not know about them. at some point, it is reported to a credit agency because i do not pay the fees because i did not know about it because i cannot open the account. so when these fees that creates a negative impact on my credit statement, it translates into saidr interest rates, or, differently, a different way of exacting resources out of my very limited pocket, especially for folks working paycheck to paycheck throughout south carolina. so when that happens, it is nearly impossible for us to figure out the actual dollar amount, as senator donnelly was looking for, impact on all the customers that it goes through. and i would like for it also to be included in the questions for the record some way of helping me and others understand how we

create a solution for those customers who will obviously be groupfied by you or as a -- four by a group of attorneys looking to sue. understand and appreciate that process so that i can go back to my constituents, whom i work for, and give them a plausible path forward for actual resolution for those who are injured and a clear path forward for restoring confidence in financial institutions. because my fear is this is not going to simply be a wells fargo question. it will be a question for the entire financial footprint in our nation. mr. stumpf: and i think it is a good point, and i think -- and again, i need to check with the team, but i think we have already gone back on the deposit

side and made those sixes with fixes with a credit bureau, but i will make sure i get back to you and work with you on that issue. senator scott: thank you. >> thank you for calling this meeting. there isr. stumpf, many other places you would rather be right now. but i think this is a critical time as we look at the push that we have seen from so many financial institutions for lower dilatory burdens. beenwe have now lost has trust, not only between you and thiscustomers, between committee and large financial institutions. you have said repeatedly that one of your failures was that you did not act fast enough. today you are sitting in front of this committee, and i'm telling you, you are still not acting fast enough.

you still do not have the answers that we need to say that we are moving forward. and so let's start with remediation, and by that i mean repairing credit ratings, taking a look at refunds, taking a look -- totoring the customer the customer what customer lost. you have said repeatedly to the folks here, we are working on it, we're working on it. story as we start this far back as we do not know, but let's start at 2011. at 2011, there something going on and wells fargo is addressing it. 2013, something is going on and wells fargo is addressing it. at 2015, something is going on and wells fargo is addressing it. done, now you get are coming to us, and say, trust us, now we get it, and we

figured it out. and so we need a clearer dialogue, but i think that one of the failures today is you ave not come with a full lot remediation, you have not come ofh a whole lot of lot dialogue to us on this is what we are doing to restore customer confidence, and like senator scott, i am one of your customers. my whole family is. you're not doing what you need to do to restore customer confidence, but you are not doing what you need to restore confidence with this committee and with the american public. i want to talk about changing culture. there is no one on this committee who believes that 5000 people independently act with impunity and with dishonesty. no one here believes that. and if they do, i have done law enforcement, this is a behavior that was created by the culture

that was allowed, created by a whole lot of folks saying, let's do it this way. and i get what you are saying, that it was not just the tellers, it was not just at the lower level. , the onehe one person person who was responsible directly, rather than yourself, for making sure this happened, is not in front of this committee. she has walked off with a pretty good deal and hoping that all of this blows over. and the other thing when you say you did not act quickly enough, the board should have already back thoseng sellers. if you have come here and said what wed said this is are doing, you would be in a position that is better than the one you are sitting in now. restoredone a lot to confidence today, and this dialogue will continue with this

committee and with the american public. with that said, i want to turn to the 5000 people. and i want to say maybe they deserve to have their reputation -- restored. maybe they deserve to be not ume nowrson whose res says fired. you want to focus on the 5000 people who i pretty sure did not unilaterally decide to be dishonest. and so it is an issue that has a razor, that i think it is a critical issue -- raised here, that i think it is a critical issue, because the guy at the end of the line, and you do not punish in any way the guy at the top, we end up with an attitude that quite frankly this is a corporate culture that does not care. they're just trying to get through today. i do not think that your day yet has ended. i want to thank you for

appearing, but it is not enough, and it is not nearly what i had hoped you would come with today. thank you. moran: good morning. as i understand the circumstances, the actual circumstances, many of the problems, while they were systemwide, many of the problems were focused in the los angeles area within your banking system. is that true? mr. stumpf: that is the largest part of our business, but they were also focus there. analyzedoran: have you to determine what was different about los angeles than places elsewhere in your banking system that would suggest the number of times the volume of fraudulent acts that occurred there -- how do you explain that? as senator heitkamp said, i also agree 5000

people -- >> we will leave this hearing at this point as the u.s. house is about to gavel in for general speeches. the hearing will continue on cspan.org.d h [captiing madpossibley nationapong itituin, in cooperaon thhe ud stat hsef y us the closecaptioned proceengs r polie exprese al ppose . hse of prentatives.] th saker p temporee house beorde thlays bore the use communi froth spear. washgtonpeerro