on russia. state bank of india has posted a record setting loss of one point one billion dollars in its latest quarterly earnings statement while state bank of indian or india or f.b.i. has been expected by market watchers to take a hit from regulators imposing stricter lending standards the losses were greater than expected the chairman said that one of the results last year was a year of despair this year is a year of hope next year will be a year of happiness is very optimistic s b i also disclosed that the proportion of non-performing loans in their portfolio actually increased to nearly eleven percent up from just below seven percent a year before but investors seem to be convinced by the chairman's optimistic take on f.b.i.'s future with s.p.i. stock rising four percent later in the day. and in india finance news continuing the singapore exchange or s.g. axis plane to list new india related derivative products in june s.

jax notably made the announcement despite an attempt from the stock exchange of india or n.s.c. to obtain an injunction against the singapore exchange in february india's three major stock markets including n.s.c. announced that they would no longer license their price information to s.g. ex and other foreign firms for use as reference points for overseas contracts including derivatives g.s. x. then found a work around two s s t x found a workaround to defeat the attempted embargo prompting n.s.c. to seek the injunction on s.g. ex an official statement from s g x derivatives unit touted the value of their products and profits in their legal position but as jack 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 bowker rule which bans proprietary. trading trading for

your own book trading on behalf of the banks the proposal the expected to be considered next week on may thirtieth the rule was created as a part of the two thousand and ten frank financial reform law i worked on it and bars banks from using funds protected by deposit insurance to make profits if not directed by quiets while it seems that a relaxation of the volcker rule might be eminent that's not the case and that other regulators are actually expected and required to sign off on certain portions of the rule changes five federal regulatory financial regulatory official agencies helped to craft the initial rule. congress just passed legislation to roll back key parts of that law that dodd frank law and earlier today president trump signed the measure for more on the answer let's broad on what's going to happen we'll start with bartlett naylor financial policy advocate at publix is

a part 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 belief 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 . bartlet 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 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. the regulation that there were some there was

a lot of consolidation in the smaller banks etc but other than that i didn't really see anything in the whole dodd frank wall 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 of 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 you know there is a breach there 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 than 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 little more than helps increase the stock price and generate more bonuses. smaller banks i don't think are being crushed by oversight they didn't cause this particular crash so small banks can fail in large numbers they're consolidating because interstate banking was allowed the 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 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 that the robust nature of community banking will be harmed by this law. yeah let me ask you this the one

of the 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 on 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. of bailout are the capital requirements being reduced with the result of this new law the law itself does not direct a 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 a direction to the bank to the bank regulators to do so. let me ask you before we go up bartlett about the volcker rule you know we did a headline just a moment before you came on with us about the 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 a fed and other financial regulators that the law permits banks with less than ten billion to gamble at well 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 worry that it will

increase the latitude of banks to claim that hedging. proprietary trading is actually hedging that's where banks and buy one product 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 hedge our entire book. you know bartlett we talk 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 our perspective my former perspective of a really risky bet that a bank shouldn't be making we appreciate 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 put 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 brant job or reports. the new n.b.a. two k league is an east version of the real thing seventeen of the n.b.a.'s thirty teams have joined forces with game developer two k. interactive to launch the virtual leak 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 the five games with each game are playing the role of one of the traditional basketball positions ultimately the n.b.a.

narrative cooled down to two hundred fifty players those two hundred fifty were then interviewed by a panel of sports psychologists you know former n.b.a. players and be a staff and then ultimately we had a one hundred two player pool which was the inaugural draft class for this year myself our team manager patrick and sixteen other teams we had to madison square garden we sat in a tiny little war in the back of a 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 we're able to expose the sports to brand new blue chip brands who are interested in reaching this younger demo the audience for e-sports is incredibly bright it's a relatively wealthy audience it's obviously skewing younger it's incredibly tech savvy so there 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 use 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. a from the virtual court and away from 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 lead so you know working with the n.b.a. working in finance and having you know large blue chip brands involved in really starting you know a first of its kind league has been great the legal 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 skilled. sport it's more of a hobby you can and you know to be frank these players are practicing twelve to fourteen hours a day so again if you have a high i.q. you can be really successful in the game players are provided housing in a salary by their team for the six month season austin blue 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 said to me i was in a government and a good state like you went to four years of school got my degrees to do that so it was a tough decision the you know it's not over my parents and i felt like all the time that i've put in and heard my mom say you got to go get it you got you can't play video games or money kind of like a stab at her i'm playing video games for money i'm doing this makes it a little bit higher stakes even say as you know now it's like there's your job

you're playing. playing for your job so you've got to always come out and you know actor and playwright is the way i look at it so it's not really like extra pressure put into the situation then those involved believe the east ports 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 the tip off turn it was a great example of that you know no one disconnected to give happened on time 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 teams 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 arm of the stock joins us to take a look at some stocks including the impact of j.c. penney's c.e.o. leaving for lows and we'll talk about the retail apocalypse plus how much money do

former presidents make alex iow that will tell us stay tuned will be right back after the break. with kind of cool and to accept if you need to have turned out to try rationing for independence and that's what's something you push away and that is the beginning and the night how fake to fall from. a plate for many clubs over the years so i know the game and so i got its. football isn't only about what happens on the pitch to the final school it's about the passion from the fans it's the age of the super manager kill you know new spend spend be true to the twenty million or one player. it's an experience like no one else want to because i want to share what i think what i know about the beautiful

game but great so what chance with. the base it's going to. seventy four design submissions. seven thousand pilings. to judge judges. and eight hundred sixty nonstop days of work. a russian w.b. . and a russian mob stuff. show you how and why the crimean bridge was built. witnessed the construction of a unique transport. that will help out of crimea faster most of those you know won't go for more snow yet it abuts.

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 hall who runs the 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 reevaluation 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 at tesla's california assembly plant are seeking recognition 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 wilma liebman told bloomberg quote if you threaten to take away benefits because people unionized that's an out and out violation of labor law.

j.c. penney has been trying to turn twenty eight teen into their year but they've been getting 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 while 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 or four 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 at lowe's the store chain in july. and if you have ever gone into a starbucks to use the the syllabi is 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 to. 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. are because of one area but there's always interesting company action in recent days have been no exceptions and we're lucky to be joined by once again by the founder and c.e.o. of the stock swoosh melissa or mo melissa thank you it's always great to have you with us we 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 headline we just talked about the c.e.o. of j.c. penney more of an 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. penney inc i was i don't think him leaving is can hurt the stock anymore i don't think anything 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 a downturn for so long i was hanging on around that four five six dollar area for a for a good amount 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 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 and the other was sears is serious same and in the same boat melissa same boat i mean same boat that's stock prices slightly higher than j.c. penney but not that much any time a stock starts to depth 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 sirius is a big place to buy appliances and now guess what people are going to los 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 the sears and j.c. penny's and they're just not that exciting people are excited to go to sears and j.c. penney it'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 a 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 you know 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 dry wall from amazon or have u.p.s. deliver it 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 the 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 is 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 homebuilders 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 our 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 have struck with netflix to be engaged in various documentaries and other programming for the hot and tasty to a one hundred forty million dollars and it raised the question of per us about is

that a lot of money it sure seems like it the car dash 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 presidents make and here to tell us is our team alex male of age alex many presidents have done quite well after leaving office which ones have made the most money. well you can look at the government funds or they get a loan about two hundred thousand dollars in pension funds they get free health care they get free official travel of free office these things are all paid by the taxpayer but it's the money they make on the side that really counts and 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 in one thousand nine hundred ninety four the ronald reagan also a guy that you wouldn't really think too much one how much money did this guy make we made a lot of money after being president he was charged about thirty to fifty thousand dollars per speech and he also charged the japanese get this this offers amazing two million dollars for a single speech. oh my god how about when we look at back just a more recent history. bush forty one w. president clinton how they've done. up 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 hold my gosh look at these bucks two hundred forty million made between two thousand and one and two thousand and twelve

look the thing here's a quote from clinton doesn't this is amazing this guy tells you everything he's talking to c.n.n. back in two thousand and ten and he says i've never had any money until i got out of the white house but i don't really isn't a bully 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 as pension that the taxpayer is paying as well as fifty fifty one point nine million in speaking fees let's forget about the scandalous and look at george w. bush george w. bush as well pretty amazing we know the guy likes to draw and do paintings and end up going to good artists 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 out 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 oh good for him and you're right he i actually have some of his work exactly a pretty good painter r.t.l. it's my hell of it 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 them both on youtube youtube dot com slash boom bust our team and we'll catch you next time. i play for many clubs over the years so i know the game and so i got. football isn't only about what happens on the pitch put

a funnel school it's about the passion from the fans it's the age of the superman each of killian erroneous and spending two hundred twenty million and one player. it's an experience like nothing else i want to because i want to share what i think what i know about the beautiful game played great so one more chance with. the base it's going to take. in some american cities the police of. people who walk on the streets of the united states who are at risk from the very people who are supposed to protect that. you can see something happening and this is like i don't. call the cops in. their lives chasing the. you never know better

safe than sorry i don't know that someone else is going to. unfortunately here we. go from. place to. another day another diplomatic one eighty from donald trump. with north korea might be bought gone after all this shortly after pyongyang ratings its nuclear sites. and now everything is being turned into a massive cloud of dust. in north.