so we heard tony blair now works for j.p. morgan we're talking about dictators we're talking about these elite these neo feudal monarchs who control the world who control our financial systems. and it brings you also it ties together with david cameron who was just in the in the united states last week according to david corn who's the mother jones washington correspondent look at his twitter cameron asked about b.p. lockerby roll role of b.p. is for b.p. to explain shoots down need for inquiry into b.p. lockerbie yes max in the united states apparently senators and congresspeople want an investigation into b.p. because they're shocked to discover that the terrorist who was accused are charged with downing the lockerbie plane pan am flight one zero three hundred ninety americans dead yes their only now saying oh we're shocked that b.p. was behind this but at the time two thousand and seven remember you can see the photos of tony blair standing with moammar gadhafi in front of the farting camels of tripoli and he and they were out do

about how one can can expect j.p. morgan to be forced out of their positions look i would very much hope that happens all of us investing in silver see that as rocket fuel to the outside if they're forced to cover yet mad well what about all the government money that j.p. morgan takes out if they return all the government money we stop subsidizing this financial terrorist we. stop making jamie diamond's life easier by just make itself so short sighted over all day long for the bogus christmas bonuses that he doesn't deserve never work for our network then his life this guy while we just stop supporting why we're giving welfare to market manipulators in america ok you talk a hey max i've got i've got no idea and i'm with you on this you know all day long but you know there is a degree to which one has to sort of look at situations it actually exists and deal with it accordingly and i personally my personal view and has been since two thousand and one when i first started investing in this metal that the way to do it is to inc

means she asks how long can j.p. morgan keep shorting server before the house of cards around them this is exactly what i'm getting at in other words they can shorts over forever there's no limit to the in that the amount of naked short sells ok i'll bring up a little a little extra point here max which i'm not sure i've ever heard you talk about on great fan of the show and i think you decide to ask that but what i would say about that is rewind a little bit at the end of the bush term when. i think from memory it was john negroponte that was given some role within the administration whereby affectively corporations who at the end to be a national security of national security importance could be given a free pass respects all financial reporting so i would make the argument that even if you say that the regulates could come in and things could be enforced and this that the other person of the view that things are happening in such a irregular context particular a lot of that executive order that. b.g. b.s. about how one c

beginning the day was j.p. morgan. the first of the big banks to report earnings is feeling more comfortable with its outstanding loans. j.p. morgan set aside half as much money in the second quarter for bad loans compared to last year. the bottom line profit at the bank was much stronger than anticipated. it set aside $3.4 billion during the quarter to cover bad loans. all this week, we've been looking at sector earnings. tonight, fred cannon, co- director of research and chief equity strategist at keefe, bruyette and woods, joins us to tackle the financial sector. fred, welcome back to "nightly business report". >> thank you. good evening, tom. >> hudson: how about the tone set ahead of tomorrow? >> i think what they wanted was better capital and credit and those are putting the overhang on the financials for quite a while now. that being said, you didn't see the stock being traded, because you have the head winds that people are concerned about. but bottom line, it was a strong quarter >> hudson: and the individual

coca-cola and j.p. morgan they were complicit in the last major holocaust of the last century so the us has a bit of a track record here i wouldn't sell short the possibility of exxon mobil going after b.p. . time now for the nation's business sees we have a million many can say with us. however welcome to our program thanks for joining me this hour the russian government will spend five i have billion dollars on the skolkovo innovation center which is intended to become russia's version of silicon valley during the meeting with chinese america when you go to board president medvedev said he hoped the modernization process would be quick counting all support from german partners the countries have always agreed the german engineering giant siemens would join skolkovo and create a new research center there it would have said he was encouraged by the strengthening of trade relations just spike the difficult economic conditions. in january to may two thousand and ten to return a bit between russia and germany gre

not transparent to flood warnings to individuals ok so you've got a few facts on the ground here j.p. morgan in new york purportedly short something i thirty thousand silver contracts and enormous position in the commodities markets i have and they bend a story as for keeping the price of silver artificially cheap you've got andrew mcguire in the u.k. whistleblower on the london billion market association testifying to gary gensler at the c f t c talking about leverage of one hundred to one on that market physical being collateralized or speculated upon with paper bets one hundred times greater than any possible so over in the vault and also you know going back a few years some would posit that gordon brown's sale of half of the u.k. gold supply at the absolute low price for decades had a lot to do with trying to meet short positions in this artificially goosed short precious metal market as a as again a way to support the fear of currency system which is a system that not only has brought us a bankrupt economy around the world but has also said the financing needs for the most ugly aspects

coca-cola and j.p. morgan they were complicit in the last major holocaust of the last century so the us has a bit of a track record here i wouldn't sell short the possibility of exxon mobil going after b.p. . let's edition of the cars report coming up here and i was time but the present job creating is a business for you after a very quick break. for the full story we've gone to. the biggest issues get the human voice face to face with the news makers. which brightened. from stupid question. don't come. out on welcome to business on crean about can good to have you with us engineering giant siemens has put flesh on the bones of russia's modernization drive a huge deal to provide the country with state of the art technology trains and when turbines president dmitry medvedev and chancellor angela merkel noted and yet they didn't vote that business was booming between the two countries dana bash reports. siemens fixes its position as one of the top foreign investors in russia it will build two hundred fifty train

around the world are nothing but parasitical leeches and then you've got a huge commercial bank like j.p. morgan in their six hundred trillion and derivative contracts that's like a pool of interest payment tax leaching sucking the vitality out of the economy bankrupting millions causing widescale poverty because their point jolts paret. but speaking of the federal reserve this is another thing being voted on by senators in the next few days is that they're voting on three new fed governors obama has nominated and i want to check out this video it's grant discusses potential new federal reserve governors this is jim grant of grant's interest rate observer these are people who. think or are likely to oppose novel solutions to a fundamental monetary dilemma which is that dollar is a face based currency of the intrinsic value that is manipulated by the. consequences the glaciers are often quite distinctive quite different from what was intended that's the problem there let's focus on jim grant's words their faith based currency what is the faith in this case it's a broken ideology of neo liberalism

coca-cola and j.p. morgan they were complicit in the last major holocaust of the last century so the us has a bit of a track record here i wouldn't sell short the possibility of exxon mobil going after b.p. . or coming up. in about ten minutes time before the business with kareena. hello and welcome to business on screen about can good to have you with us engineering giant siemens has put flesh on the ball and russia's modernization drive to a huge deal to provide the country with state of the art technology trains and wind turbines president dmitry medvedev and chancellor angela merkel noted and yet they didn't vote that business was booming between the two countries daniel schorr parts . siemens fixes its position as one of the top foreign investors in russia it will build two hundred trains in the country to replace creaking regional stalk europe's biggest engineering group will help to produce wind turbines cutting the country's dependence on oil and gas siemens also agreed to join russia's joint new silic

to be substantially better than people thought six weeks ago today of course we are looking at j.p. morgan chase who showed disappointing results from their investment banking but people were thrilled that their write downs or impairment charges were less than four billion dollars and that they posted revenues of twenty five point one billion dollars on a profit of around four point eight billion dollars which was for the last more than acceptable shares a fairly flat and i think we're going to be more interested in what happens tomorrow with bank of america merrill and also to a lesser degree with citi group we had of course yesterday. wonderful figures or should i say on tuesday from intel which has set the tone for people to say well i'm prepared to hang in with the equity markets but i think because they were oversold some six weeks ago there is perhaps a little bit of mileage in them unless of course the quality of the economic data continues to be very disappointing david the euro is holding at a two month high against the dollar and equities on the continent have enjoyed a strong ru

coca-cola and j.p. morgan they were complicit in the last major holocaust of the last century so the us has a bit of a track record here i would sell short the possibility of exxon mobil going after b.p. let's get the rest of the news going to stacy herbert max well actually the war is on between china and the u.s. according to this next headline china ratings agency downgrades u.s. debt from moody's s. and p's and fitch is aaa rating so if you would call it the june twentieth the g. twenty summit in toronto president hu jintao of china called for the creation of more accurate credit rating systems well it turns out de gong international credit rating agency which has been around in china since one thousand nine hundred four rating corporate debt but now for the first time they have actually issued sovereign debt credit ratings and they've downgraded the u.s. to below china below us strelley a below switzerland so america won't do anything to break up the cartel to break up the racket and there is a racket bet

j.p. morgan bought all the tax- exempt at $103 million. it was 2.35%, and then bankamerica merrill lynch bought the direct pay subsidy bonds under the recovery act. we will next be in the market for the waste water. we will be doing an energy von for the prize. congratulations. >> even though it is a market force, is there any way to communicate that to the general public? >> we have not concluded that. it has been discussed with our wholesale customers. >> these are important facts the public ought to know. we had this discussion about waste water. thank you for this. this is tremendous. >> we are taking this to heart with what was requested on measures of the effectiveness, so the popular report we have yet to see a draft copy of it, but we are getting closer. this is one thing to communicate about the next 30 years. that concludes my report unless you have questions. >> thank you. it takes a general manager. >> we have no speaker cards on the report, so the next item would be 19. >> good afternoon. sorry i missed your retreat. we had a

secondly a lot of these firms, most of the big one, goldman, j.p. morgan, morgan stanley they paid back the t.a.r.p. funds so he has little leverage to say give us the money back because they'll say back to him, we already did. >> a lot of the banks that did pay back the t.a.r.p. money, some of them made presentpy -- pretty clear they were doing it to avoid the pay strictures. >> oh, yeah, they made no bones about it. the banks immediately contacted treasury and said we want out. i mean, some of the banks couldn't get out, b & a and citi, they had problems and they had to stay in. but some of the others couldn't live under the strictures. >> now ken feinberg didn't name any particular names, but he said that citi was pretty egregious. >> and there was a man named andrew hall who made $100 million, he was contractually obligated to be paid the money, and it was a big fight between feinberg and citigroup earlier this year -- last year, basically, when he was trying to get that money back. citi wound up selling this unit to get rid of it. but in 2008, they ma

that goldman sachs and j.p. morgan list of 17 companies that handed out inappropriate executive pay while getting government bailout money. >> as for trading, ford and microsoft, good quarter results. amazon is disappointing. bloomberg silicon valley is slightly higher. burger king trying to bike a bite out of mcdonald's. >> and may be easier to get your hands on this, but models wouldn't be available until later this year. white ones are more different than expected. >>> yeah, jane, it's okay to use the white town four after labor day? >> i don't know. it could be a winter white. >> totally inadequate in this conversation. we're going to let you go. >> okay. >> and we need a white cover on it. >> i think you can get away with white purses, don't you think? [ laughter ] >> all right. eric, look at him. >> i was thinking about the white purse the other day. you're right. >> a few clouds out there this morning and sun above it all, and bridge down below looks like we're going to see clearing. not as cold as it has been.

through bankruptcy, suntrust, regions financial, m&t bancorp and a.i.g. 11 repaid tarp, including j.p. morgan chase, bank of america and goldman sachs. none of the banks rescinded those payments. feinberg says he didn't think he had the authority to demand the money back. >> at the time these payments were made, as ill-advised as they may have been, they were not in violation of a statute, they didn't violate any regulation, of the treasury or the s.e.c. or anybody else, at the time they were made, it was bad judgement, 11 of the 17 companies had already paid the money back with interest. i thought to trigger that phrase would cause additional problems for these companies that would be unfair. >> reporter: feinberg's report is prompting a new round of calls on capitol hill for bailed-out banks to repay the bonuses. damon silvers is with the afl-cio and sits on the tarp oversight board. he says feinberg didn't hit hard enough the big issue, whether it's fair for executives to get big payouts when things go bad. >> i think that both from a policy perspective and in terms what the public wants i

capital, not just citibank and j.p. morgan, we're in the midst of a moderate, steady recovery, you have had six months now of private-sector job growth, private investment is actually pretty strong -- it's a recovery led by manufacturing, by production coming back, people making real things that the world needs, and we're saving more as a country today as a whole. it's not getting better as fast as we would like, and a lot of that is simply because, again, this is a crisis in part caused by the fact people are living beyond their means for a long period of time so inevitably we were going to go through a very difficult transition as people saved more, reduced their debt burdens and the crisis caused stunning damage to basic confidence among businesses. again, they just stopped in their tracks, and they -- they were very tentative about sort of coming back and believing again the economy was going to be stable moving forward. now in a transition, charlie, from the imperatives of the emergency -- of the immediate rescue -- to st

put up the barriers and said no more financial terrorists no more goldman sachs and presumably j.p. morgan as well well you know actually germany this week has just launched a national suicide bomber hotline not a suicide hotline so perhaps lloyd blankfein next time he feels the inclination to destroy an economy around the world maybe you could call this suicide hotline suicide bomber hotline well they should put plenty of phones in frankfurt that's were all the suicide bankers in germany are working and any time they feel like hitting a fat finger trade or putting on a collateralized debt obligation collateralized but nothing but you know disease toxic waste that is put through the extruder of somebody's quantitative analysis and codification of an algorithm that only pays off in the basis of the belly button lint being smoked by some ex former fed chairman hit the suicide banker hot line this brings me on to the next headline because where have all of the assets and wealth and future wealth of america been sold off to for pennies on the dollar basically so all the. jobs have been exporte