mr. morgan, i'm a lawyer. i'm a lawyer for the cia. and torture is a u.s. statute, is defined in u.s. statute. if i thought or if the justice department to whom i consulted concluded this crossed the bounds into torture, we wouldn't have done it. so were these practices rough? were they harsh? were some of them even brutal? sure. but i didn't believe then and i still don't believe that any of them crossed the boundary into torture. although i understand how people could strongly believe otherwise. it's been a controversy now. >> another former cia lifer, former defense secretary robert gates has a book out. probably the most damning of many revelations is on afghanistan, he says president obama doesn't believe in his own strategy, doesn't consider the war to be his. for him it's all about getting out. the reason he said damaging he said although obama supported the troops he didn't support mission at all. can you really be president of the united states and so apparently openly not support a mission for which you've committed hundreds of thousands of troops? >> well, honestly, i would

mr. craig morgan. ♪ ♪ wow, this hotel is amazing. oh no. who are you? who are you? wrong answer.priceline express deals and saved a ton. yeah, i didn't have to bid i got everything i wanted. oh good i always do. oh good he seemed nice. express deals. priceline savings without the bidding. really? 25 grams of protein. what do we have? all four of us, together? 24. he's low fat too, and has five grams of sugars. i'll believe it when i -- [ both ] oooooh... what's shakin'? oops. [ female announcer ] as you get older, protein is an important part of staying active and strong. ensure high protein... 50% of your daily value of protein. low fat and five grams of sugars. see? he's a good egg. [ major nutrition ] ensure high protein. ensure. nutrition in charge! how much money do you think you'll need when you retire? then we gave each person a ribbon to show how many years that amount might last. i was trying to, like, pull it a little further. [ woman ] got me to 70 years old. i'm going to have to rethink this thing. it's hard to imagine how much we'll need for a retirement that could l

. >>> jp morgan and mr. madoff, we have news. t the bank ignored signs of bernie madoff's ponzi scheme. it could also involve a deferred prosecution agreement. >> does the s.e.c. have any money to sue them for totally ignoring? everybody knew he was doing a covered call strategy. right? he had $60 billion -- >> i would it a strategy -- >> he claimed. he claimed to be doing a covered call strategy. >> yes. >> the volume of covered calls that needed to be written in a day, it didn't exist. for anyone not to know it was going on. what is kind of sickening probably it was a big klein the for a lot of different financial firms who had to have an idea something was happening and they liked having the client. >> the jp morgan situation was particularly -- >> egregious? >> i don't know if it was egregious. >> allegedly. >> there were people inside the firm that had an idea. they're e-mailing each other and taking their money in certain cases out of the fund because of anxiety about it. >> the s.e.c. should have known that. do they have mo

mr. johnson: thank you, madam chair, madam speaker. today i rise in honor of 5-year-old morgan stewart who despite suffering from spinal muscular atrophy that affects his muscle movement and leaves him in a wheelchair, has been an inspiration to us all. some may question whether bipartisanship is real and i say it's alive and getting better. take, for instance, the recent joint venture by myself and my neighbor, dr. paul broun, to bring cheer to a young man and his community this young 5-year-old dreamed of being a policeman and i'm proud to say that the covington police department which is split between doctor broun's district and my district, made this appen. young morgan always wanted to be a police officer in conjunction with honoring him, alive tv and us held an officer morgan day and he was sworn in as the newest member of the covington police department and just hours after he was sworn in, he was able to solve -- he was able to solve a bank robbery, an art heist and he secured the freedom of a a kidnapped mascot. it was a great day in covington and his unwavering braver

mr. ba he brahimi gave an updat and will join with the two syrian parties on monday. i'm morgan radford, and "the stream" is up next. for news updates all throughout the day, head over to aljazeera.com.

mr. schultz had somewhat of a confrontation with a morgan stanley analyst over this idea. he will be taking questions about that and what starbucks plans to do to combat that. and of course, international as well. asia hasn't been running as hot as starbucks was expecting. >> all right. great stuff. thank you so much. want to thank brian kelly as well. catch much more of him on "fast money" coming up at 5:00. much more ahead on today's program. big mosses in the stock market. some pros say wall street needs days like this to stay strong over the long term because corrections are quote/unquote healthy. and later, forget about trash talk in the longer room. wait until you hear why this media ceo is slinging mud at a rival. did he cross the line? you know who he is. you're watching cnbc, first in business worldwide. mine was earned in korea in 1953. afghanistan, in 2009. orbiting the moon in 1971. [ male announcer ] once it's earned, usaa auto insurance is often handed down from generation to generation. because it offers a superior level of protection. and because usaa's com

mr. drizzle back in town. >> brandon said the same thing. 57 degrees. drizzle, damp ground. a lot of reports down to morgann. twitter sp weather. things are juicing up a little bit if you will. we need this whole pattern to drop south. we have the moisture in place. rainfall projections through friday are really, really come on a couple .10. maybe a quart every of an inch for some. 50s to near 60 degrees. sfo59. walnut creek is 59. a lot of cloud cover continues to scream in. i know it's raining up in crescent city. for us withly have a cloudy to mostly cloudy day. muggy, drizzle here in the morning, mideastly cloudy day. then hopefully things will drop farther south. overall temperatures will go from very mild to warm to very cool as we head toward friday. 60s today. here is sal. >>> the east bay traffic is not that great. we've been talking about southbound 880 at 980. and we have a crash at keller. that one turned out to be no serious injuries. medics were refused at the scene. now we have a new crash at the caldecott tunnel. in fact, westbound 24 at the tunnel there is a crash so watch out for slow tra

mr. the sses of $475 billion. for the week the dow was down 3.5% best of the loss 2.5 sam the nasdaq 1.5% of the week. and not over quite yet. j.p. morgan jays ceo jamie diamond earned $20 million including 320,000 shares. his total stake is now more than 6 million shares valued at $325 millio running in bad today visa guarantees customers are not held responsible if it reaches stolen after 110 million people had their account information stolen with the data breach at target and the market as. herbalife shares fall today after senator markey called for annvestigation of the company colleague and a possible policy scheme. long sat -- ponzi scheme he has made a numr of campaigns claims he takes a short position in the company nd billionaire investor carl icahn takes the opposite position holding nearly 20 percent of the stock. one bit of good news wall bar and announces the $10 billion fund to promote american be venturing jobs in the push to sell more american made products. way to go. thinking of more. the white house opposes with the senior health care advisers is leaving after only six months of the job the and one official says he r

mr. obama's policies, they heavily tax people below us, for people who make $100,000 a year to $50,000. that's not the target audience. folks like jami diamond at j.p. morgan, they don't have to pay regular income tax. they get most of their income in stock options and use the carried income provision that mitt romney use to say shelter his income. we don't see barack obama going after those guys. they talk about it, why? they harvest lots of big campaign contributions on wall treat. that a lot of this is more political than economic, has to do with sacred cows that neither party wants to slay. >> the people at the bottom end, we need opportunities for them, but one of the big discussions now is whether there should be an increase in minimum wage. the president called for an increase to $9 an hour and tying it to inflation. a bill has been put forward to raise it to $10.10 an hour. harkin said it's the smart substantive position, the smart economic position, humanitarian and political position. i don't think there's much doubt among the democrats focusing on income inquality that this is a big political issue for them. what about the minimum wage and the f

morgan is confronted by the evidence. >> and who's this? >> that's me. >> and then -- >> hi, guys. >> by an inmate who just might take his place. >> mr., you've got competition. >> i see. we're aig. and we're here. to help secure retirements and protect financial futures. to help communities recover and rebuild. for companies going from garage to global. on the ground, in the air, even into space. we repaid every dollar america lent us. and gave america back a profit. we're here to keep our promises. to help you realize a better tomorrow. from the families of aig, happy holidays. >>> an order of nuns got what they wanted in 2013's final hours. judge sotomayor blocked the exemption to the so-called contraception mandate in obamacare. barbara bush was hospitalized with a respiratory related illness. she's said to be in great spirits. now back to "lockup ". >>> due to mature subject matter, viewer discretion is advised. >>> and there's miss rivera. smile. >> kenneth morgan, also known as peaches, was one of the more memorable inmates we met at the penitentiary of new mexico. his life in prison is marked by a clear duality. >> hi, boys! >

mr. big guy. lori: a lot of bravado. >> a lot of bravado. another term they use inside morgan stanley.>> people telling me that. now he is walking around like -- ashley: like what? >> the opposite. and you know -- lori: why don't you demonstrate? ashley: what kind of body language? >> if he was standing up -- >> i asked him to do this. >> this was james gorman last year. and now. lori: and now? >> they call it the walnut indicator. don't ask me why. that is the name that go inside morgan stanley. and you know, now it is not quite, not quite what it was. lori: i thought yesterday's discussion on interns at goldman sachs falling asleep in the john was pretty bad but you managed to surpass that. >> i tell you this, i like to have fun with the wall street guys and wall street is not jjst numbers and dollars. it is, it is a lot about that and lloyd blankfein worried about his business model under these conditions but it is also some fun stuff. lori: you fit right in. >> this is what going on inside these firms and there is a body language indicator inside morgan stanley. they're talking abo

mrs. wilson essentially became the president. we have one document here that sheds a little bit of light on that. it is a telegram from henry morganaul, the ambassador to is writing to dr. cary grayson, asking if the president has any objections to a citizens meeting to protest against turks being left in control of constantinople. enthal has been asked to speak at this meeting and he is asking permission, he does not want to embarrass the president, so he is asking for device. at the bottom of the telegram is handwriting that is edith's handwriting. we are familiar enough with her handwriting to recognize it as such. at the bottom she writes, " thinks it well to postpone speaking on such subjects." is, did edithknow take this telegram and to wilson , ask his opinion, then write that, or did she just come to that conclusion herself? the public was very interested and curious to know the condition of wilson's health. so there were rumors that were rampant in the papers, even congressmen did not know what was going on. they only knew what they read in the papers. cary it was all over, grayson later wrote a summary of what happened,

mr. christie. >> our second front-page story is the price tag for wall street and to settle various government claims in the mortgage crisis. almost $50 billion. j.p. morgan paid $13 billion for its part in november. if we put it into context, it would be half the total profit of u.s. tanks in 2012. the j.p. morgan settlement is pressuring banks to look into striking their own deals. >> every single bag on the street that has mortgage liabilities running these numbers and the times have a look at the calculations done by one bank area according to these numbers, bank of america may end up paying almost $17 billion. we are talking about multiple federal agencies. cha.s not just the f >> this is not part of the j.p. morgan settlement. >> this includes the $13 billion. jpmorgan had this do with federal regulators to settle federal claims. for $13 billion. that would be part of the $50 billion but there is still $37 billion to go and 10 banks are in the middle of litigation. but you bank is the only other bank to settle for 1.9 billion dollars. >> it will be a big issue next week. it would be the equivalent to have to profit of america's largest tax. that's a

mr. positive on america. have we switched roles? >> i said the world isn't falling apart like you insisted it was every 15 minutes. >> morgan what dovering u.p.s. and the fact they issued -- lowered guyance for their earnings later this month and one of the things that came up when i spoke to analysts about that was even though the numbers are looking good for the fourth quarter, they're expecting, analysts as well as the company, they are expecting a stronger growth story there. one of the things they are looking at is europe. it's an interesting thing to keep in mind. >> let's get -- if you don't mind let's bring "fast money" steve grasso into this conversation just off the floor. it seems like we had a real pickup in volume late in the session and the dow did manage to finish up 41 points now that things have shaken out. what was driving that? >> you had option expiration. it was largely to do with options and guys making sure they were covered on the equities side of business. but, you know, i don't really see a huge sell pressure on the market even on days where we get catalysts to the downside. i don't see people selling this

joining us now exclusively from the jp morgan health care conference in san francisco is brent saunders, president and ceo of forest labs. mrk to you as well. >> you have an acquisition that will certainly help with the product line. one of the things to consider is one of your best-selling drugs, i've been following your company for so long with lexipro and celexa but the alzheimer's medication, there's a way of dealing with the patent expiration by combining it with aricep or doing a limited release. do you worry that the technology will bring something along that puts -- out of business? >> i hope innovation continues to improve in this field. i think in the short term amenda will be just fine. there's not a lot of late-stage pipeline that's been successful. we believe we have a long, durable franchise. >> you made an acquisition from tpg. tell us about it and what it will do for you. what kind of products you're bringing on board. i guess you want to develop these products. they have a lot of potential but at this point, they're sort of on the ground level, right? >> right. as you know, you mentioned earlier, when lexip

morgan stanley, earnings out. we'll talk about the enthusiasm for the american industrial recovery and, of course, howard ward is high on apple computer. we'll talk to howard ward about tim cook. mr is in china this morning. >> yeah, he's signing autographs on iphones, but we didn't have the queues we were expecting in china, which started selling iphones today. thank you so much. i'm looking forward to seeing your show in 20 minutes from now. that's "surveillance" with tom keene. >> what have we got coming up on "the pulse"? it's a good day to be an apple fan in china. after six years, the apple-china mobile deal is finally coming to fruition. the stakes are high. we're going to discuss how high they are, next. >> wosme back. you are watching "the pulse." we talk about tech, why not? artificial intelligence, a.i., has -- well, it's not dramatically changed the way we communicate and lived. but now it's going to change the game we game as well. a san francisco startup is definitely driving this. they've developed the very first a.i.-driven robotic toy cars, and "business week's" sam got on the grid to find out what's going on. >> most of the time when we're talking about robots a

morgan right now, the banking giants reporting moments ago. we'll talk to the analysts about those results within we come back, mr.s cans. we'll be back in just a moment. m in tallinn, estonia and the southbound bus barreling down i-95. ♪ this magic moment it is the story of where every great idea begins. and of those who believed they had the power to do more. dell is honored to be part of some of the world's great stories. that began much the same way ours did. in a little dorm room -- 2713. ♪ this magic moment ♪ everything looking good. ♪ velocity 1,200 feet per second. [ man #2 ] your looking great to us, eagle. ♪ 2,000 feet. still looking very good. 1,400 feet. ♪ [ male announcer ] funny thing happens when you shoot for the moon. ahh, that's affirmative. [ male announcer ] you get there. you're a go for landing, over. [ male announcer ] the all new cadillac cts, the 2014 motor trend car of the year. and you're like. a good deal or not. looking at truecar.com. there's no buyer's remorse. save time, save money, and never overpay. visit truecar.com >>> welcome back to "squawk box." jp morgan chase releasing four

mr. vice chairman, you were very close to many of the wealth advisers, of course, in your role at morganerms of a willingness to take risk and/or move perhaps out of fixed income products out of cash into equities. >> last year was about moving cash into equities and this will not be -- i've said it and i continue to say it. we're not going to see a mass exodus out of mixed income. so, there are a lot of people that own fixed income. they know they're not going to get any capital appreciation out of it. they may actually see month-to-month, mark-to-market losses and they'll hold it to maturity because they want to have an overemphasis in fixed income. we'll continue to see more money move into equities but in a normalized fashion and that's to be expected the rest of this year. >> you say it's normal. we have a few flash points, the debt ceiling debate and the midterm elections and the eventual tapering throughout the year and the exit. do you expect volatility or do you expect it to be smooth sailing. >> i was asked at a meeting yesterday do i expect a major correction this year, that's

mr. kovacevich. this is a banking question. we had jamie dimon on the program from davos last week. i want to get both of your perspectives from the jp morganot. dick kovacevich in san francisco, where do you stand on this? >> i think much of the settlements 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