has sent a letter to tim geithner and to ben bernanke and he said basically back off and then from that point on eric holder who was the attorney general that time basically backed down and not only backed down but then entered into ultimately a deferred prosecution agreement in which any number of immunities were granted to h.s.b.c. and those immunities are quite serious because even the sitting president of the united states legally does not enjoy the immunities b.c. was remanded in a different prosecution agreement this is incredibly important during these days of terrorism and the rise. of terrorism especially in the united kingdom and in london where folks are asking themselves why do we have all this terrorist activity suddenly and there's a direct link to the banks and there's a direct link to his b.c. because they were directly involved in financing terrorism and yet the letter that you refer to here is there's a copy it's available online it's dated september tenth of twenty twelve it's to ben bernanke the chairman of the federal reserve system it's from george osborne and you

geithner said he will be leaving the president's advisory council, the same move from elon musk, who said on twitter leaving paris is not good for america or the world. general electric called the decision disappointing, saying the industry must lead and no longer depend on the government. comes as pulling out of the paris court would create new jobs and many say this is a false argument >> i don't think anything will be gained from this. compass spoken about putting coal miners back to work. that's not going to anyway. coal is too expensive. ceo of the largest coal mining company in america reiterated his support for trump's decision, saying it would save jobs and create reliable electricity. major oil companies and advocated to remain in the climate act. mobil said they support the mission curbing schemes. dudley has urged americans to find ways and inevitable transition to a low carbon economy. >> the markets are reacting the shares in the largest wind turbine company dropping. sliding again. there could be more drilling in the u.s. and that could -- exacerbate what you indexes on

i can't help but think, when did tim geithner sort out u.s. banks, 2009. taken best part of a decade to do that in 18 months once you get through it, after the prices you come out strong. >> it is in the interest of involving the government to take on some of the capital hits in order to clean up the system and give the good assets of a banking system back to the overall private banking system and that's what we've seen today. >> clearly italian taxpayers are on the hook for this is this a blow to rules we have seen instigated across european banking union? >> well, they -- if you look at the press release this morning, great emphasis placed on different aspects of the economy that they're looking to save talking about saving of 2,000 households and jobs of 3 million people this is very much concentrated on a particular area of the economy. rather than referring to overall systemic risk which the banking rules apply to what's different, you look at here and what happened in spain, you saw taxpayers weren't involved in the situation, and indeed the bank tha

geithner will continue to cover it for us throughout the day.t to bring you some headlines out of france. a team of analysts have put out danone is a likely m&a target and the probability of a deal is about 20% right now. they list a few suitors that could possibly go after danone. pepsico, coca-cola, names you may have guessed. but it's interesting and you see danone shares up. the cap is up along with the european index. i will leave you with life pictures of north london where, in the early hours of the morning, a van hit a group of people leaving a mosque, killing at least one person. this is a continuing story that develops throughout the day. theresa may called a meeting for the security council. we will keep you updated. this is bloomberg. ♪ matt: welcome back to bloomberg markets the european open. i am matt miller. guy johnson reports on the paris air show. let's check in on the markets. we have gains across the board in the major equity indexes. the stoxx 600 is up eight tenths of a percent as is the ftse and the dax. , that actually o

i'm just suggesting that -- >> geithner never became -- remember when geithner was going to be fed chief became it either. >> would you give him credit if gary cohn does become fed chief? >> not if he forces the issue by keep talking about it that much. you predict it and you're -- >> andrew. andrew andrew, how long have we known that cohn was looking for the guy who was in charge of looking for the fed people and looking for the fed? i think it's been months now, right? >> maybe like a decade >> you think he could pick himself? i don't think so >> i think he then says well we don't have great options, maybe we want -- i don't know. maybe he wants -- i don't know anymore. >> very powerful -- >> suggesting it's a possibility. steve suggested it as a possibility. "the wall street journal" is suggesting today it's a possibility. >> all right, all right. >> we respect them but they're a little late to lunch on this one. >> oh, god if it doesn't happen they're not late to lunch. >> that's true >> if it does happen andrew's been the first >> steve stick around. >> i will. >> let's talk more ab

the economic progressive and when he got elected he had a transition team and people like timothy geithner and eric holder and with the assistant attorney general at that time so all the banks were their clients and that came through in their enforcement decisions. so i was always critical level, but it think history will look back in a very favorable way because as a progressive person he was disappointed in a lot of various with that continuation of guantanamo bay but his demeanor and composure and unwillingness to anchor and not give up on the full segments by way of criticizing hillary clinton that even in places i knew i would lose i would continue to reach people in rural iowa instead of losing by 50 points and lost by 20 and obama was saying so basically we cannot give up on being one the whole country. he would still try, a matter how bad it was directed toward him. that they never took the bait to make a divisive and now with somebody like donald trump as president were everything is a twitter war within 10 seconds to impact the national character going forward for a whole generat