no longer license their price information to s.g. ex and other foreign firms for uses reference points for overseas contracts including derivatives g.s. x. then found a workaround to their s s t x and a workaround to defeat the attempted embargo prompting n.s.c. to seek the injunction on s g x an official statement from s.t.s. derivatives unit touted the value of their products and profits in their legal position but s.t.s. stock fell on the news. and the us federal reserve is considering modifying it that code for relaxing by the way what is called the volcker rule which bans proprietary trading that's trading for your own book trading on behalf of the bank the proposal that expected to be considered next week on may thirtieth the role was created as a part of the two thousand and ten dodd frank by mantle reform law i worked on it and bars banks from using funds protected by deposit insurance to make profit if not directed by quiet while it seems that

a relaxation of the volcker rule might be imminent that's not the case in that other regulators are actually expected and required to sign off on certain portions of the rule changes five federal regulatory financial regulatory special agencies help to craft the initial rules. congress has passed legislation to roll back key parts of that law the dodd frank law and earlier today president trump signed the measure for more on the answer let's broaden on what's going to happen we'll start with bartlett naylor financial policy advocate at public citizen bartlett we thank you for being with us as always but i want to get your initial retake i mean the president has just signed find this bill what do you think while the bill in our beliefs threatens to make america crater again it has a number of dangerous provisions. reduced supervision for some of the largest banks

removal of the volcker rule for banks with less than ten billion dollars in assets and a host of anti consumer provisions that make consumers more exposed to predatory lending . bartlit now when you know when we worked on this and you and i both worked on this you thankfully are continuing to work on it but after we got done with the bill in two thousand and ten the one thing that i thought maybe they had a point on some of the smaller banks seem to have some concerns now that that may not that may be the below ten thousand banks you're talking about but it seemed to me that you know as a result of the regulation that there were some there was a lot of consolidation in the smaller banks eccentric but other than that i didn't really see anything in the whole dodd frank law all three thousand plus pages that was really a problem and the banks have been making money hand over fist but are there any

worthy provisions is what i'm talking about the smaller banks is there any sense to that or anything else in the bill that you think is good there are a few consumer provisions for example veterans are allowed free credit freezes in these credit reporting companies such as equifax when there is a breach. is some relief or reduced compliance by smaller banks that as you appropriately point out the banks of all sizes are making money this is a solution in search of a problem and of course just a few months ago we passed a major reduction in corporate income taxes so that even more important in this bill the banks are now flush with cash what are they doing with this new money that they're keeping and not paying in taxes in most cases in many cases they're buying back their own stock which we think is something that. is a little more than helps increase the stock price and generate more bone. this is.

smaller banks i don't think are being crushed by oversight they didn't cause this particular crash small banks can fail in large numbers they're consolidating because interstate banking was allowed a couple of decades the consolidation went from fifteen thousand before that to some six thousand today this actually will exacerbate consolidation because it will free up that those banks in the space between fifty and two hundred fifty billion now which will face less regulation to buy up some of these smaller banks we think the the robust nature of community banking will be harmed by this law. bartlett let me ask you had this the one of one of the areas that i thought was particularly important about the rule that i wonder what the impact is of the new law was the capital requirements for banks if we go back to the great recession one of the problems is that they didn't have big capital requirements and when they

were tested because of all these bad bets they placed in the housing market taking a terrible tumble a lot of them were either about to go under which was why we had that seven hundred billion with a b. bailout are the capital requirements being reduced with the results of this new law the law itself does not directly reduction in capital however it empowers the regulator to do just the regulators to do just that. there's a very small but important change in the law that says whereas before regulators may tailor the regulations and capital requirements based on the risk profile of the bank now they shall tailor it and this is simply an invitation to direction to the bank to the bank regulators to do so. let me ask you before we. let about the volcker rule you know we did a headline just a moment before you came on. with us about the meeting coming up next week at the

fed does the changes in the law signed by the president today moot any read relaxation by fed and other financial regulators the law permits banks with less than ten billion to to gamble at will provided the gambling is for it is limited to five percent of assets although five percent is basically the capital they have they can blow through that. what the regulators are expected to announce on may thirtieth in a joint release presumably is a new proposal to relax the volcker rule generally under the existing statute of the two thousand and ten law we're not sure what it will be we worried that it will increase the latitude of banks to claim that hedging. the proprietary trading is actually hedging that's where banks in by one product or or or sell a particular security to hedge their position and yet another security we think

this may be basically carte blanche especially if as an issue that you worked on they enable portfolio hedging where they can just say well generally we're by buying this or selling this to to hedge our entire books. you know bartlett we talked on the show about how the numbers matter but what you deal with the words really matter what is one person's legitimate hedge against positions they have and also be from a perspective my former perspective of a really risky bet that a bank should be making we appreciate it you're doing this and you're out there looking at it and we hope that you'll come back after the fed has taken their proposal out there bartlett nailer financial policy advocate a public and public citizen thank you so much for your time in the work that you do thank you.

and there's also big money in east sports and right now we'll tell you about one particular area that is being employed by tens of thousands of people and some of them are even making money artie's bryant job or reports. the new n.b.a. two k league is in eastport version of the real thing seventeen of the n.b.a.'s thirty teams have joined forces with game developer to cater in january seventy thousand players qualified for a chance to play on one of the seventeen teams throughout the month players use their custom avatars in a five b. five games with each game or playing the role of one of the traditional basketball positions also believe the n.b.a. narrowed the pool down to two hundred fifty players those two hundred fifty were then interviewed by a panel of psychologist you know former n.b.a. players and the staff and then ultimately we had a one hundred two player pool which was the inaugural draft class for this year i myself are the manager patrick and sixteen other fans we had to madison square

garden we sat in a tiny little war room and in the back of the theater and for eight hours we draft our players organizations like monumental sports entertainment the ownership group behind the washington wizards c e sports as an opportunity to grow their fan base with the founding of wizards district gaming were able to expose forth brand new blue chip brands who are interested in reaching this younger demo the audience for you sports is incredibly bright it's a relatively wealthy audience it's obviously skewing younger and it's incredibly tech savvy to the clearly there's an appetite for n.b.a. two k and i think that the league is taking an exceptionally thoughtful approach to authentically growing the community credibility in the sports amongst this fan base is incredibly important the n.b.a. and the team owners involved are also making sure players are treated similar to the way athletes and other traditional sports are now our players we want to make sure they're following proper nutrition plans we just had our was

a district gaming club meet with the wizards nutritionist and fitness instructors as recently as yesterday we're making sure they're working out at the same time we're making sure that they're mentally prepared making sure that they take him away from the virtual court in a way. in their console to free their minds and to be rested for for the next match you know they have a payroll department they have an h.r. department and they have an entire staff you know eight or so people dedicated to just building this leak and so you know working with the n.b.a. working with my mental and having you know large blue chip brands involved and really starting you know a first of its kind league has been great the league also attempts to break away from common stereotypes of gamers just because they're playing the game doesn't mean they're not putting in the work but i think the first misconception is that these are a bunch of gamers sitting in a basement playing video games it's not a guild. a sport it's more of a hobby. you know to be frank these players are practicing twelve to fourteen hours

a day so the i.q. again if you have a high i.q. you can be really successful and the players are provided housing in a salary by their team for the six months season austin boo painter was a state department employee when he was drafted in the second round is the power forward for wizards district gaming it was a question first as i guess than any other than a government down a good say like you went to four years the school got my degrees to do that so it was a tough decision the you know i thought they were my parents and i felt like all the time that i've put in and heard my mom say you gotta go get a job you can't play video games or money i was kind of like a stab at her as i play a video game from what i'm doing it makes it a little bit higher they think it's a you know now it's like there's your job you're playing a clone quit playing for your job so you got to always come out and you know act right and play right the way i look at it as not really like extra pressure put into the situation those involved believe the two caylee guinea sports as a whole will continue to grow it's only up from here right you know a lot of year one is just make sure you have

a product to put out there and make sure everything works i think that's have all current was a great example of that you know no one disconnected the games have been down five there was a broadcast once the n.b.a.'s marketing team gets involved after the n.b.a. crowns their champion expect to hear a lot more about these new team. to root for bridgeboro or r.t. america. you heard about that stuff here first it's time now for a quick pause but stick around because when we return melissa are most of the stock joins us to take a look at some startling feeling the impact of j.c. penney's c.e.o. leaving for lowe's and we'll talk about the retail apocalypse plus how much money do former presidents make how that will tell us stay tuned we'll be right back after the break. our senses did a remarkable job of keeping humans alive four million years in terms of being able

to hear see taste feel but now says the algorithms on the machines of the robots have evolved past humans capabilities to see more hear more understand more feel more we as humans have to prepare for the fact that we are now becoming extinct. in some american cities the police have built themselves cling to refutation of people who walk on the street to the united states who are at risk from the very people who are supposed to protect that were people are no more afraid of the police than of us in the most. you can see something happening and this is why i don't want to call the cops let that happen rather than call the cops in those young black men lose their lives chasing the with the team goes on the trigger you never know better safe than sorry i don't know that someone else is going to pull

a gun so. unfortunately around around here we end up killing our guns a lot you don't still from such precautions police to come in the room. so what we've got to do is identify the. threats that we have it's crazy going foundation let it be an arms race based on often scary dramatic development if only mostly i'm going to resist i don't see how that strategy will be successful very critical of time time usage. and tom. welcome back activist investor christopher hone is urging the bank of england could

tame the financial risks from investments that contribute to climate change mr home wrote to the governor of the bank of england mark carney arguing that the banks in the u.k. were exposed financially to quote a wide range of serious climate related risks that threaten the stability of the entire system mr holland who runs t c i fund management asked mr carty to work with the task force on climate related financial disclosures to impose a requirement that banks disclose their exposure to climate related financial risk to investors mr hone praised mr carney in a letter for his past statements about the risk of sudden re-evaluation of greenhouse gases generating investments but mr hollande said that those observations quote let's now urgently be translated into concrete and mandatory actions in order to credibly manage the systemic challenges posed by climate change . tesla c.e.o.

it on must may have created grounds for a legal challenge at the national labor relations board or in a large b. with an anti tweet about unions workers that tesla's california assembly plant are seeking recognition. and of the united auto workers or u.a.w. and their collective bargaining as a collective bargaining agent mr must took to twitter to oppose the workers' efforts to affiliate with the u.a.w. and asked quote why pay union dues and lose stock options for nothing former n.l.r.b. head will not leave and told bloomberg quote if you threaten to take away benefits because people are unionized that's an out and out violation of labor law. j.c. penney has been trying to turn twenty eighteen into their year but they've been hitting problem after problem now the familiar but faded clothing store chain is replacing former c.e.o. marvin ellison with four new executives until

a permanent replacement and be found well mr ellison lead j.c. penney the company seem to be making gains in two thousand and fifteen they reported a strong holiday season sale but soon the money problems return j.c. penney reported a loss of more than sixty nine million dollars in their most recent quarterly report for the three months for three months of the year and while mr ellison made no longer be at j.c. penney he will move to another opportunity taking over the reins that lowe's the store chain in july. and if you have ever gone into a starbucks to use the facilities but found that the door was locked so you purchased something and got the combination well now you will be able to avoid the purchase part starbucks is changing their official policy to allow guests to use the restroom regardless of whether or not they make a purchase the change comes after an april incident in philadelphia where the police were called about two african-american men who were waiting for

a business partner to arrive for a meeting purportedly because they had not made a purchase the new policy will apply to more than eight thousand starbucks locations in the united states. starbucks is one area but there's always interesting company action in recent days have been no exception and we're lucky to be joined by once again by the founder and c.e.o. of the stock melissa or mo melissa thank you it's always great to have you with us appreciate you coming back so soon my first quarter and i know that you all have some opinions is sort of a twofer and it is the one we just talked about the c.e.o. of j.c. penney ellison is leaving but he's going to lowe's the home improvement store how is this going to impact both of the companies j.c. penney and lows well hopefully help lowe's as far as j.c. penny goes i don't think him leaving is can hurt the stock anymore i don't think

anything in our at the stock anymore that this stock gap down on the earnings this past week and it was trading at around two dollars and some change this stock is it looks like it's going to zero i don't know what if anything or anyone can help j.c. penney they've really got to make some serious serious changes they haven't been able to compete with all the online sales they haven't been able to bring people in the stores for a long long time that stock has been in a downturn for so long i was hanging on around that four five six dollar area for a for a good man of time but now that it's down around to something that i mean it looks like it's going to nothing it's sad actually. is it sort of begs the question when i talk about pennies because you know when when i was a kid the stores at the mall one end was pennies on the other was sears is sears the same and in the same boat melissa same boat i mean same boat that's stock prices slightly higher than j.c. penny but not that much any time a stock starts to dip under that ten dollar range it's very dangerous for the stock

because then it can they tend to keep going going going and that is what happened with both sirius and j.c. penney and they're both in the same boat again used to buy shares of the big place to buy appliances and now guess what people are going to lowe's people are going to other stores like it and even places like home depot target these are all of these companies or people can buy the same types of products at the cheaper places wal-mart target home depot than they can at this year's and j.c. penney's and they're just not that exciting people are excited to go to see earth and j.c. penney's like they used to have. well we didn't practice this but that is a perfect segue to what i want to talk about and that is the retail apocalypse melissa and supposedly i read that mr ellison actually did work at home depot for a number of years fourteen years or something as i recall and the question is a lot of these retail stores that are going down because of amazon are just going

to be fodder for the trash and and maybe that sears and penney's as you're describing but what about stores like home depot and lowe's you're not going to order a bunch of two by fours or drywalling from amazon or have u.p.s. delivery so is the retail apocalypse actually something that is not going to impact sort of these big bad big box home improvement stores. well there are all trying to keep it compete against one another i'll definitely say that but the home depot stock looks great compared to a lot of other ones even lowe's home depot is is in a strong strong uptrend i really like home depot a lot for whatever reason they've been able to market and they also probably sell to a lot of little small builders that are building stuff not just the regular home buyer so people are still going into home depot like you said and buying things that stock looks great and hopefully lowe's is going to start to look a lot better in the next six to twelve months melissa we've just got a few seconds here but i want to get your take on how they were on

a roll with your but they had some bumps on the road how do you see. going forward for the end of the year that's another tough one toll reported this week toll brothers that stock fell on the earnings the stock is in a down trend it doesn't look that good now doesn't mean things can't turn around for the homebuilders before the end of the year but we are into almost half their half of two thousand and eighteen and the market has been holding the up trend so to see an earnings report like that with a miss it's not great for the for the builders and of course as you know we're good rates are on the rise and i do believe they continue to rise and to the end fall and end of the year two thousand eight hundred so people are slowing down with the building now the one thing as i thought i was surprised that they didn't have a little pop with interest rates rising that maybe mortgage rates would make people come in and want to lock it down and buy homes down but the home builders are the stock charts they could recover by the end of the year but if you combine that with looking at the rates for mortgages and the interest that people will have in doing home improvement loans home equity loans refinancing or even buying new houses it's

not looking that great with interest rates on the rise that's a problem. always a fountain of information melissa r. mo thank you so much for your time appreciate it thanks for having me. earlier in the week we reported on the deal that former u.s. president barack obama and first lady michelle obama had struck with netflix to be engaged in various documentaries and other programming for the hot and tasty to the one hundred forty million dollars and it raised the question for us about is that a lot of money it sure seems like it the car daschle and by the way were paid one hundred fifty million dollars for their work with netflix but the obama story does raise the question of how much former president to make and here to tell us is our team alex my elevation alex many presidents have done quite well after leaving

office which ones have made the most money. well you could look at the government funds and they get a loan about two hundred thousand dollars and pensions they get free health care they get free official travel a free office these things are all paid by the taxpayer but it's the money they make on the side that really count so we're not talking like george washington money george washington was worth about five hundred million dollars in today's standards but he made his money before he became president we're talking about guys that made money after being president so one good example is richard nixon he was in debt after his presidency to the tune of about one million dollars he had all kinds of lawsuits probably remember something called watergate as well as the fact that he was back on his taxes so he needed cash quick so what did he do well he wrote a book and when he wrote his book it was his memoirs he sold about two million dollars were there he also got six hundred thousand dollars to make a t.v. appearance on a british network and he did plenty of speeches before passing away and nine hundred ninety four that ronald reagan also

a guy that you wouldn't really think too much about how much money this guy makes we made a lot of money after being president he was charge about thirty to fifty thousand dollars per speech and he also charged the japanese get that this offers amazing two million dollars for a single speech. i hope i die how about when we look at back to say more recent history. bush forty one w. president clinton how have they done oh let's jump straight into the twenty first century will include clinton in there too because he was president until january twentieth two thousand and one and clinton is the big bad and hold my gosh look at these bucks two hundred forty million made between two thousand and one and two thousand and twelve. here's a quote from clinton doesn't this is amazing this kind of tells you everything he's talking to c.n.n. back in two thousand and ten he says i've never had any money until i got out of the white house but i don't really is an employee well since then like i said between two thousand and one and two thousand and fifteen two hundred forty million

dollars between him and his wife hundred eighty nine million him alone that's a lot of cash and this is all of speeches consulting fifty million dollars for helping out ron burkle just did just introducing the people around the world one point two million of the book royalties twenty nine point six million story that's book royalties one point two billion just of the pension that the taxpayer is paying as well as fifteen fifty one point nine million in speaking fees let's forget about the scandals and look at george w. bush george w. bush as well pretty amazing you know the guy likes to draw and do paintings and up going to a good artist actually but look george w. bush earned seven million for his one point five million copies sold on his book as well as he's made fifteen million dollars this is only up to two thousand and twelve on speeches that never mind the obama's that's a whole different ballgame but even george bush is doing pretty well and we know that he likes to chill out most of the time well good for him and you're right i

actually have some of his work is actually a pretty good painter artie alice my holidays thank you as always alex. thank you. and that's all the time we have for this episode thanks for watching be sure to catch one bus on you tube youtube dot com slash boom bust r.t. and we'll catch you next time. and. those who know the middle east understand that the decision to bring tens of thousands of palestinian marchers to our border is the work of hamas the question is does a country like israel have

a right to protect its borders its internationally recognized border if you say no it doesn't then you you will be exposed.

in july twenty seventh in holland a freelance journalist working with. militant shelling in syria. on his sacrifice quality has established a memorial they will recognize more reporters who often risk their lives for the sake of the truth and through the peace you can submit to your published works in

a video form until june twelfth go to a little. that's the following of on its promise to close in the only. destruction around facility. the french president. international.