former chairman and ceo, dick kovacevich, that's e next.on. [ male announcer ] the wright brothers started in a garage. amazon started in a garage. hewlett packard, and disney both started in garages. mattel started in a garage. ♪ the ramones started in a garage. my point? you never know what kind of greatness can come out of an american garage. introducing the 2014 motor trend car of the year. the all new cadillac cts. ain't garages great? there's nothing like being your own boss! and my customers are really liking your flat rate shipping. fedex one rate. really makes my life easier. maybe a promotion is in order. good news. i got a new title. and a raise? management couldn't make that happen. [ male announcer ] introducing fedex one rate. simple, flat rate shipping with the reliability of fedex. ♪ >>> welcome back to "fast money." gearing up for next week. a number of the biggest banks will be reporting earnings. but will mounting legal costs cut into this year's profits. joining us is dick kovacevich, the former ceo of wells fargo. thank

dick kovacevich in san francisco, where do you stand on this?have been related to the acquisitions that jpmorgan did. did he that at the behest of government. i think in those situations he's being unfairly punished for doing what the u.s. government wanted him to do and he expected that they would not come back to haunt him and it has. maybe it's his fault he didn't get it in writing but most of those are related to the bear stearns and washington mutual acquisitions that were done at the behest of the u.s. government. >> would you give him a raise this year? >> well, i don't have all the details of it. i do think he shouldn't be blamed for those two situations. >> i think it's actually somewhat well profound even. to me, this falls under the pound of flesh theory. i remember when i was chairman of citibank and i would go to washington, sometimes people would have sensible suggestions. people would say to me, you don't understand, the people are very angry. what this is is playing into the anger of the people. and you know, you need a pound of

plus, leon cooperman of omega advisers will be here and dick kovacevich will talk financials.ick break. >>> welcome back. didn't even check it like that. welcome back to "squawk box." shares of merk getting a boost. upgraded by morgan stanley. two-grade notch up from overweight to underweight. i'd like to look into that and see what was different. who did we have on, gorman, had a lot of big-name people on. >> yeah, saw him out and about. is more done, do you think, honestly, andrew, isn't it really more about -- does anything ever get done? it's about the parties. >> it's what happens on the air. >> i agree. >> no deal making? >> there's deals. i think there's some deal making. it's usually the seeds are planted as opposed to real things done. a lot of regulatory conversations. >> but mostly parties? >> parties set the seeds for the other stuff. >> i think you might be right. more productive than i thought it was. you're right. >> okay, let's talk about china, is china facing a banking crisis? leader of beige book international and john rutledge. chief investment strategist.