is the largest shareholder he had warren buffett berkshire hathaway wells fargo wells fargo was caught in equivocally stealing from millions of customers wells fargo you know going back a few years they've been involved in numerous scams they got bailed out of course during the two thousand and eight crisis crisis emerged big coin they self-regulating true money a substitute that would put the charlie munger is a warren buffet's under the bus because they're parasites and just take from a cut from the economy that adding anything berkshire hathaway is nothing to the economy it extracts from the economy it's a tapeworm on the economy because it is sound money so naturally it's like a. throwing tears at the wicked witch of the west in this case charlie munger is the wicked witch of the west and bitcoin are the tears actually called noxious poison which it is exactly it is you put poison down to get rid of rats who are eating infesting your house and here they've the sort of this banking activity which by the way the activity that wells fargo was engaged an opening for industrial scale fr

like the tape worm that got hit with an ugly stick charlie munger urges regulators to ease off wells fargo blasts bitcoin. i bet you don't care. there's a charlie munger approach to economics. i'm not sure. he knows. quacky very much in ordinary person well you know ninety four. this is this is generally miners approach to economics blown. through wells fargo fargo throughout the term surely monger and warm up in a tourist. top photo i showed that was from a tweet from reuters berkshire's monger urges regulators to ease up on wells fargo so you know before janet yellen another honey badger left the federal reserve bank she did basically force them to replace three of their directors because they themselves were unwilling to basically get a better attitude about all the frauds they had committed you know they had set up all this fake accounts for their clients in order to basically meet some targets and get better bonuses but they had also been found in this kind of got overlooked because it happened in the summer when a lot of fake russia great stories were happening but also between start

is the largest shareholder he had warren buffett berkshire hathaway wells fargo wells fargo was caught in equivocally stealing from millions of customers wells fargo you know going back a few years they've been involved in numerous scams they got bailed out of course during the two thousand and eight crisis crisis emerged big coin they self-regulating true money a substitute that would put the charlie munger warren buffett's under the bus because they're parasites and just take from a cut from the economy that adding anything berkshire hathaway is nothing to the economy it extracts from the economy it's a tapeworm on the economy because it is sound money so naturally it's like a. rowing tears of the wicked witch of the west in this case charlie munger is the wicked witch of the west and bitcoin are the tears actually called noxious poison which it is exactly it is you put poison down to get rid of rats who were eating infesting your house and here they've the sort of this banking activity which by the way the activity that wells fargo was engaged an opening for industrial scale fraud t

the wells fargo stories knocked down 9% right now in the fed coming out with this announcement on wellsargo's announcement late friday. you can't have assets beyond $1.9 trillion if you have to stay below the $2 trillion mark here that's telling you there is a limit to the gross. the fed is saying there's a limit that topic you can get. dagen: and embraces the question of whether wells fargo is so mismanaged with their retail drinking scandal uncovered by the way not by the regulators but simply the "los angeles times." that plays into maybe the government on how the bank has been mismanaged in the past. >> wells fargo stories versus having implications for other banks. i guess we'll see. >> the broader industry facing a news. the coming several years. rates are at low levels. the net margins will continue. dagen: dodd-frank hasn't even talk about in washington. james bond, global markets extending as well. rising interest rate dow futures dow 160. talk in a moment. on cloud nine soaring skyhigh after the team's big super bowl when. cheryl is fair. back in a minute. ♪ so from the two tr

. >> wells fargo had his money lost in limbo. consumer reporter chris chmura has a wagner for everyone. >> let me set the scene. this viewer bought an ordinary certificate of deposit. it was supposed to grow over time. but when he tried to access it, the balance was zero. spoiler alert, we come to his rescue. >> my name is ghandi. >> reporter: 1983. "ghandi" wins best picture. that same year, the wentzes have a daughter. so they buy a cd for her. fast forward to 1999. "slum dog millionaire" wins an oscar. >> she said, dad, i went to the bank and they don't know anything about of this. >> reporter: fast forward again to 2017. the best picture is a total mess. is so the cd. mike logged eight years fighting wells fargo when he called us for help. >> i actually tried, i hate to say this, with another local station. and they turned me down. >> reporter: we stepped up. mike showed us a cd that should have renewed every 30 minutes. >> it says right on here, with all renewal provision. >> reporter: mike stopped getting statements in the

wells fargo a historically important part of our american heritage has been in the woodshed for a few years now and for good reason they establish sham accounts for their customers and charge them for things they didn't won or ask for amongst other things they have been hauled up to the hill before the house and before the senate and it was not a love fest best you were incompetent at worst you were complicit and either way you should be fired. well fargo officials testified to tepid measures to address concerns but later there was even more trouble now the u.s. federal reserve has waited taking an action which one commenter said is putting the fear of god in bank board rooms here discusses eric reimer a former f.c.c. official and policy commentator eric thank you for being with us first of all tell us what you make of their entire sort of nefarious actions give our viewers what wells fargo has done over the last three years to put them in this problematic circumstance and it's a very multifaceted problem basically back in september two thousand and sixteen g.b. the o.c.c. and the los

iset yellen's final act perhaps an unfortunate one for wells fargo. e stock plunges as the fed puts a cap on wells's growth. and the death of clothing. we will take a look at why the world of retailers may get worse. that is all in the next 60 minutes. we are halfway into the trading day in julie hyman is with us. it has been whippy. julie: all three major averages made attempts at changes. intoq was going higher, the green, but we have seen stocks going back down. the 10 year yield is little changed at the moment. it does not look like at least today that stocks are taking their cue from bonds as we saw last week with those higher bond yields causing concern among investors. let's take a look at the groups on the move today. checking on the energy group in particular because it's having its worst two-day cycle akin june of 2016. we have earnings from these companies and other factors that we will get to in a moment. health care as well is lower and financials are taking a hit, led by wells fargo and the story that vonnie was just talking about. we are

wells fargo a historically important part of our american heritage has been in the woodshed for a few years now and for good reason they established sham accounts for their customers and charge them for things they didn't won or ask for amongst other things they have been hauled up to the hill before the house and before the senate and it was not a love fest best you were competent at worst you were complicit and either way you should be fired. well fargo officials testified to tepid measures to address concerns but later there was even more trouble now the u.s. federal reserve has waited taking an action which one commenter said is putting the fear of god in bank board rooms here discusses eric reimer a former f.c.c. official and policy commentator eric thank you for being with us first of all tell us what you make of their entire sort of nefarious actions give our viewers what wells fargo has done over the last three years to put them in this problematic circumstance and it's a very multifaceted problem basically it back in september two thousand and sixteen . the o.c.c. and the bos

well fargo officials testified to tepid measures to address concerns but later there was even more trouble now the u.s. federal reserve has waited taking an action which one commenter said is putting the fear of god in bank board rooms here discusses eric reimer a former f.c.c. official and policy commentator eric thank you for being with us first of all tell us what you make of their entire sort of nefarious actions give our viewers what wells fargo has done over the last three years to put them in this problematic circumstance and it's a very multifaceted problem basically it back in september two thousand and sixteen p.b.d. o.c.c. and the los angeles city attorney revealed that wells fargo for about a decade had been encouraging or at least assailed hitting its sales reps to create millions of fake accounts primarily checking accounts saving accounts credit cards for their customers that were not authorized by their customers and essentially this allows wells fargo to reach sales quotas to drive increased fees and to basically bolster their bottom line that the expense of their customer

wells fargo a historically important part of our american heritage has been in the woodshed for a few years now and for good reason they establish sham accounts for their customers and charge them for things they didn't want or ask for amongst other things they have been hauled up to the hill before the house and before the senate and it was not a love fest best you were competent at worst you were complicit and either way you should be fired. wells fargo officials testified to tepid measures to address concerns but later there was even more trouble now the us federal reserve has waited taking an action which one commenter said is putting the fear of god in the board and bank board rooms here discusses eric reimer a former f.c.c. official and policy commentator eric thank you for being being with us first of all tell us what you make of their entire sort of nefarious actions give our viewers what wells fargo has done over the last three years to put them in this problematic circumstance and it's a very multifaceted problem basically it back in september two thousand and sixteen . the

. >> he says wells fargo has his money locked in limbo. >> elia lewin-tankel let . >> let me set the scene for you. this is a man who bought an ordinary certified of deposit for his daughter in the '80s. the money is supposed to grow interest over time. when he went to get the money, zero balance. spoiler alert we got the money. 1983ghandi wins best picture. and the wentzs have a daughter. so he buys a $1,000 cd for her. >> i have a new baby. let me make an investment. >> fast forward to 2009 "slum dog millionaire" win it is oscar. and a new drama when mike gives his daughter the cd. >> he calls me and said i went to the bank and they don't know anything about it. >> fast forward again to 2017, best picture is a total mess and so is the cd. mike logged eight years fighting wells fargo when he called us for help. >> i tried, i hate to say this, with another local station and they turned me down. >> we stepped up, and mike showed us a cd that should have renewed every 30 months. it said automatic renewal. >> he figured as long as he kept his account open and held the certificate it wou

and the los angeles city attorney revealed that wells fargo for about a decade had been encouraging or at least facilitating its sales reps to create millions of fake accounts primarily checking accounts saving accounts credit cards for their customers that were not authorized by their customers and essentially disallowed wells fargo to reach sales quotas to drive increased fees and to basically bolster their bottom line at the expense of their customers this also goes on top of several other scandals the past two years that wells fargo has faced a rating from the car loan scandal whereby they did not give the rebates to customers for prepaying their car loans car insurance scandal life insurance can the whereby they overcharge customers for that and of all scandals even most recently a hundred million dollars settlement where they were found to have but overcharging veterans for mortgage refinancing under if you can't do anything like kick the veterans boy what a horrible thing so what's the fed going to do with regard to their assets or and so the federal reserve sanction is a very e

yes, it is painful when you look at wells fargo. >> you're not saying buy wells fargo. buy something else. >> why would i go after wells fargo where it sits right now when there are other things -- >> we talked about it last week when we were up in minneapolis with jimmy cramer. could we still hit 55? yes. getting to be the beneficiary that came off the table in there but still says higher rate, they've already made their bets today. >> back to the financial, what about the and exchanges? what about cfe, i.c.e., mastercard these positive fundamentals that everyone keeps high lighting, they k50e7 highlighting it you might be very successful, but you need to be nimble. i would encourage you to look elsewhere where the other fundamentals are like i mention thad are in the banks and you get your financial expose insure insurance companies must be thrilled with the steepening curve. they've been so desperate. some are worried are they going to pay them out because the fed has suppressed interest rates for so long. great news for the insurance companies as well. >> yeah. and

fill in the blank wells fargo. that story is off the able. >> right with the loss they suffered today, broad market loss that virtually affected everybody you add another 3.5%-4%. you are talking about a 6% sell off in one day but then, because it is more of a, you just can't grow, not that you have to shed businesses and so forth, i think they can come out of this smelling good. but i think it will be a painful few days or few weeks. when some of the biggest shareholders decide i don't want this. >> this is the problem with this sort of blood in the street trade. this stock got hammered so much and maybe too much. >> low 50s, it was a buy. >> you sometimes don't understand the underlying risks that still exist in the name because of the regulators and what could happen down the road. janet yellen walks out the door and slams then out the door in a way that fundamentally changes the way you review this stock >> just in terms that news work. we are doing a live show and i get handed a piece of paper. i say, okay, na

for now, wells fargo cannot grow any larger than it was at the end of last year.t means the bank could have a harder time offering new loans to customers at a time when interest rates are rising. the punishment is in response to the fake accounts scandalrs tha emerged about a year and a half ago. the bank has admitted that its workers potentially created more than 3 million unauthorized accounts and forced customers to buy auto insurance they need. wells fargo must now submit a new risk management plan in the next 60ays and will face a review on september 30th before the sanctions c be lifted. the bank is also replacing four board mbers. ceo tim sloan maintains that the co"oany is n for business," is confident that they will pass the 30th of stember review, and the impacts to earnings this year will be minimal. many have questioned the, timi given that this arrived on janet yellen's last day in office. but new fed chair jerome powell also voted for the action. powell is the one who willa pla ey role on whether to lift the sanctions come this fall. for "nightly bus

of this, why did it take the fed so long to act the aim 17-month delay you have to apply to the wells fargord and deck tiffs as well they've said they made change which is means the risk management structure is now in a good place and yet, the fed still feeling like it's time to act. so, you know, that delay in timing from so long when these issues became public is a big question mark and blow to both sides. the bank and the fed, you have to say >> quite a big bit of news on friday. >>> in deal news, broadcom planning to up itsed by for qualcomm >> if at first you don't succeed, try again broadcom is playing to bid for qualcomm today $120 billion the largest technology deal ever $80 to $82 per share broadcom plans to offer qualcomm a higher breakup fee in the event that regulators provide the deal to broadband and data it makes them attractive to qualcomm. qualcomm is privately in talks of its own to buy semiconductors and also involved in a patent dispute with apple over licensing. qualcomm up 3.5% in trading. and broadcom up 4.5% >> thank you, landon >>> an investigation is under way to a

shares of wells fargo sinks. stocks are on track to extend the sell off on friday if the dow falls 235 points today, that would constitute a 5% pull back on its all time high on january 26th might we know how long it has been since we gotten that 5. >> it is been the story. it is how long the streaks have been last week we got rid of two of them which is more than 60 bases point tcp fr drop of the day. it emblems of how extended the market was and everyone i think, a week ago were saying it was overdue. markets are over heated so this is how it looks and when ever that happens, you can grab at the headlines for why it could go further and i think just looking at the dow open makes a lot of sense they always say markets don't bottom on a friday you have to figure they're going the test the big question is is there anything not get lose along the way. yields are going up and stocks are going down need to reduce risks across the board. you want top see these signs of mechanical of for selling. i am not going to say

check out shares of wells fargo.a bit of pressure this morning even after being down this week the bank is replacing four of its board members this year. the fed has announced an enforcement action that will limit wells fargo's growth it comes in the wake of the 2016 sales practices scandal. the stock down by 9% it's been down by 7%, been off by 9% earlier in the session we will continue to watch those shares broad com has raised its bid for rifle chip maker qualcomm. the new offer is worth $82 a share. $62 in cash and at best the offer they had made earlier that was about $70 a share. they are calling this their best and final offer for shares of qualcomm the latest bid values qualcomm at $121 billion. you can see qualcomm down by 3.6% reversing some of what we had seen. >> why do you think that is? >> i don't know. have to dig into it more deeply about what's happening and why. >> people love this deal. >> is it the cash stock split? >> there's a concern about the size of the breakup fee now because this will cost

the board of wells fargo has been replaced. the c.e.o. was fired. the federal reserve capped their growth all under existing authorities. but under this motion to recommit potentially other financial institutions could be included and it's not the financial institution that counts at the end of the day, it is capital that could be used to fund car loans. it is capital that could be used to fund homes. it is capital that could be used to fund the next apple or the next amazon, and instead, that capital would be put onto the sidelines. again, we are talking about operational risk capital only and should it be calibrated for current risk or past risk. that is a completely different issue from ensuring that customers of wells fargo, who clearly have been wronged, that they receive justice and that wells fargo has been held accountable. . and again i would point out, you know this might not have happened if the cfpb under the previous administration had been doing their business. they should have caught this. but they didn't. instead it was the "l.a. tim

that the wells fargo center required us bore it was first come first serve. we like 30,000 people who? this year we have ticketing. but we're more insane about thele years ago. and that's really what the whole theme of thiss let's have party to get us going, super bowl champhity for like a week next week after they win it. her is this more kind of exciting than usual? how are thee fans? w to have this many people here, because we hadt. so we opened the doors at 4:30 . they wanted to come in anyway. so i think that it is a little earl loud and obnoxious us, but i apologize, you've never seen this bef evero hasn't. i think this oriented. that's our hope. but i can't, i can't anything. >> well thank if you, such a gentleman. because real quick, w today forg bowl? >> oh, molly skyler. molly skyler will shes like 98 , will attempt to eat 500 chicken wings inf possible. i think she will do it. she is that but she can eat without ever aelo. i'm with angelo. girl power. money on kendel kevin being from kensington. so i'll wish kevin for now he i send it back to you g

. >> trang do joins us live inside the wells fargo center where contestant are gearing up to scarf down some chicken. trang, good morning. >> reporter: well, good morning, rahel, jim. i'm really not used to all of these people up at this hour. there are so many people preparing for this. and these breitbart lights here, inside the wells fargo center. let me show you guys what i'm looking at here. obviously, this is the stage where these eaters will soon be showing off their skills, so much activity going on here 10,000 wings. take a look at this, this is pj wheelihan over in haddon township. now, this is the place that is supplying all of the wings that these competitive eaters will be eating today, just ton of work that goes into this overnight. obviously these folks cooking up these wings, they'll transport them here, again, 10,000. it is pretty amazing. so back here at the wells fargo center, again, the 26th annual wing bowl. we have video of last year's event. >> this year there are 23 competitors, including last year's winner, bob, and also, molly skyler, who is the favored of comp

that is the case for everybody heading out of the wells fargo center at end of the wing bowl broad and pattison south philadelphia wing bowl a lot of extra activity, police are down there as well, making sure everybody gets in there safely. our steve keeley in the parking lot. live look at the 42 freeway working your way in from south jersey, no problems or delays at all headlights expect slower than normal speed as we go to the maps now. couple accident, one over here in montgomery county. no, thinks old york road right at fisher watch for delays, old york road route 611 in that area and down in delaware route 141 an accident mason road at du pont avenue. we have a free ride today on patco, their way of saying sorry for mishaps this week, so free rides on the patco high speed line for commuters today from six to 9:00 a.m. and big thank to you chuck, my new traffic producer for forwarding the slides one at a time, karen and thomas, back to you. >>> president trump expect to approve release of the house intelligence memo about the russia investigation, could happen today, four page memo

with the consent order and they cannot grow, i struggle with investor deciding an investment in wells fargo is -- >> even with the stock being hammered as it has, that's still not priced in everything you have just discussed? >> absolutely. when i look at the 4.p multiple at wells, that's in line with b of a and jpmorgan the with wells fargo, i have a low degree of confidence that's a level of risk >> all right, gen, we're going to wrap this up. dib bove, mr. long, thank you. >>> the dow and s&p 500 hitting session lows both the s&p and the dow down 5% from the most recent report highs. is this the beginning of a biller pullback, or is a bounceback coming first? we'll be looking at the charles when "power lunch" returns well jd power did just rank them highest in investor satisfaction with full service brokerage firms... again. and online equity trades are only $4.95... i mean you can't have low cost and be full service. it's impossible. it's like having your cake and eating it too. ask your broker if they offer award-winning full service and low costs. how am i going to explain this? if yo

in the middle of this week's market mayhem, wells fargo raised its s&p 500 target.e firm sees the benchmark reaching 2950 by years end. joining us to make the case and talk about this week's move, chris hart become head of equity strategy at wells fargo. that by we will storage the end of the year? >> no doubt. we will reach that in the next three to six months. there is massive demand for liquidity at this point in time and healthy repricing of risk. vonnie: what is going on this week? our markets lost? asia is struggling, the u.s. is up, but we had a correction. christopher: that is it, we had correction. we had a low-volatility period for a long time, and you have people chasing funds and strategies in that kind of environment. is what the u.s. is down, asia is down, europe is down, it becomes a vicious cycle, and it takes a while to work itself out. we are towards the end of it now. vonnie: it only took a few days. damental about quan stocks. christopher: i didn't make it up. it is a mixer of quantum and fundamental -- vonnie: and momentum. christopher: we think

so a lot here at steaks here guys at the wells fargo center live from wing bowl 26.orth it? i don't know. >> we have to send trang to therapy after covering wing bowl. >> i need to hear your wing bowl names. you know my wing bowl name is trang train. so do you have come up with it >> oh, we'll work on that, thanks, trang. >>> so from wings to cheese steaks, we know nothing more philly right than a cheese steak? we also know that the nickname for the patriots is the paths. that puts pat's steaks in a predicament. but they fix that issue in honor of the birds, they're now eagles steaks. i like it. >> and a man in pennsylvania has a man cave fit for any diehard eagles fan. >> check it owl. phil trans forward his basement into an eagles theme man cave. went out decorating classic eagles memorabilia. he said he has his dad to thank for helping him make him the ultimate birds fan. >> i saw him that happen at this turned my love for the game even more. that's something we connected on. >> his dad passed away four years ago, he said that he promised that if the eagles got a

. >>> also wells fargo fall out. the latest attempt to make amends with customers backfires. >>> and paying for the happiest place on earth. tickets to disney world are on the rise again. >> announcer: nbc 10's competition to watch is locally sponsored by penn medicine. >>> a visit to disney's theme parks will now cost you a bit more. disney world and disneyland raised prices over the weekend. at the magic kingdom in orlando the cost of a regular ticket was up $4 to $119 for adults and $113 for kids. ticket prices are also up for epicaught, hollywood studios and animal kingdom. >>> well, star wars fans are now the proud owners of movie history. the family of debby reynolds and carry fisher auctioned off parts of the estate yesterday. reynolds spent decades collecting parts of the sets. >>> 5:21 right now. this morning we can tell you more about the upcoming royal wedding of prince hairy and actress megan markle. the newly weds will take a carriage ride through windsor and the reception will be held for the guests and

yet again now failing to make right and abuses elizabeth warren demands answers so wells fargo is getting get more deserved bad press gretchen morgenson and emily glazer of the wall street journal reported that the bank was making a hash of the customer restitution at a promise to make in connection with his various scandals again i hate that they always call everything scandals or crimes like these are crimes they committed but even though the press firestorm last week was over the banks fake accounts the much bigger payments to customers and the ones it is messing up involve the force placing of auto insurance which in over twenty thousand cases lead to car repossessions and charging unjustified fees in connection with mortgages the journal story got the attention of elizabeth warren who shot off a letter to wells fargo c.e.o. tim sloan demanding answers again tim sloan was made c.e.o. after the previous c.e.o. was forced to step down finally after many months of and all sorts of senate hearings and finally they forced him down tim sloan was the former c.f.o. so he was in charge during

the company can continue to land and take deposits per wells fargo shares tumbling in premarket tradingtrading do the other one, spotted by coming getting close to an ipo for their popular service, but a little bit of competition and regard as well. >> competition heating up in the streaming music industry and as you said they had a spot if i is ipo things are heating up. spot if i have long held the number one spot. apple music adding subscriber accounts in the u.s. at a faster rate according to "the wall street journal." subscribers have been growing about 5% monthly compared to 2%. if apple's music continues at this rate, it will overtake spot if i buy this summer. a lot of the growth is because of devices and of course the home speakers coming out later this week. we'll see how that increases. >> late to the game as they usually are. the super bowl is still partying in the streets in philadelphia. some people look forward to super bowl commercials even more than the game. lauren: they do? >> yes, many people do. >> we have one. one of the highlights of the super bowl with the pepsic

reporter: that is sound of the thousands office eagles fans singing that fight song inside the wells fargoertainty friday morning to kick off wing bowl 26. >> e-a-g-l-e-s eagles. >> reporter: sea of green and white alan johnson still managed to stand out in his eagles suit. >> i got up at 1:00 this morning to drive up from washington d.c., to be with eagles fans, took off from work, gather all of the students i'm ready to go for sunday. >> reporter: wip sports radio morning host angelo cataldi says this years atmosphere was definitely special. >> we're more excited then we were 13 years ago and that is what the whole theme of this is this year, lets have a party to get us going, to go to the super bowl championship >> eagles fans hoping that the bird polish off patriots this super bowl sunday and easily as wing bowl champion molly skylar best ted 22 competitors she aid 501 wings to clinch her third wing bowl title.; from the wells fargo certainty i'm trang do for cbs-3 "eyewitness news". >>> are you thinking it might be tough to get up early the day after super bowl and maybe thinking abo

a real slap on the risk for wells fargo.terestingly while having its worst day since 2011, it's been up a little bit. if you want to call it a little bit of a recovery, there you can. there is some headline news and in the fundamental news. the analysts we were looking at were really looking at the fundamentals behind this what the bank coming out and saying they can shave off profits $300 million to $400 million this year. this year's profit on the terminal update, we have it forecasted at $24 billion. last year profit came at $20 billion. that can be almost a 2% cut, shaving off of that. that led to some street downgrade ts. you had morgan stanley cut to an underweight. one of the lowest was down to a price target of $50 a share. this is bracing for further press the kleins. if you come into my terminal here, we have charted the major performance of these banks over the last six months. you can see wells fargo is turquoise. down here i can point with my mouth in blue. you can see a little bit of an increase here in january

all this after wells fargo admitted that its workers created as many as 3.5 million fake bank accounts. in a statement, wells fargo said, it is confident it can meet their feds requirements. >>> recreational marijuana has been legal for month, people from around the world came to san francisco to network about all things pot, the international cannabis business conference. >> reporter: the pot business in california is growing up, morphing away from its outlaw hippie image to a legitimate entrepreneurial industry. >> if cannabis was a child, we have just been born.>> reporter: editor of a new magazine that follows the cannabis industry. >> the beginning of a paradigm shift for the cannabis industry . >>reporter: it is still illegal for -- under federal law, but california state law has created a business boom, the cannabis business conference in san francisco as a result, what is happening is comparable to what happened in silicon valley. >> overvalued companies, international trade and import/export, a lot of good ideas, execution, it's challenging. >> reporter: the biggest challenges

fed chairman janet yellen says that wells fargo will not expand until it is able to do so safely and manage all of its risks and protect its customers. >>> among those affected by the north bay wildfires, a group of students who had to cancel a field trip to a leadership camp. can't be helped, obvious ly, an the teacher asked for a refund, but the owner of the camp is refusing. >> reporter: santa rosa high school year teacher jessica dennis signed her 32 students up for what she thought would be a class bonding experience, a ropes course, it cost $970, the group did fundraising to come up with the money. then there were the fires, seven of her students lost their homes, many were evacuated and missed three weeks of school. she had to cancel the ropes class and got refunded half of it. but the team building business called four winds refuses to refund the rest. >> we have a contractual agreement. i presume she teaches the kids th the value >> four winds said they had to pay employees on stand by during the fires and other sonoma county schools have rescheduled. >> jessica has the oppo

financially etf has wells fargo in it. wells is a broken company for now. the others are just broken stocks oh, and as far as investments banks i like goldman sachs here is the bottom line. harsh selloffs are miserable to live through you and i will do this together but they are unavoidable and they are part of investing as long as you can stop yourself from panicking, you will do well and remember, the panic this time is being caused by the hidden and busted volatility etfs that are breaking down as i talk to you. and we will be able to identify the opportunities that are being created. likes the bank stocks away from wells. spotting the winners who refuse to quit even when the market is down a thousand points like amazon i think isdoing to refuse to quit this is how it trades in a bad market imagine what that stock will do when things stabilize. news flash, things stabilize, they always do much more "mad money" ahead. phone lines are open in a sea of red, key to find stocks that it works could it be worth eyeing cypress semiconductors a troubled market wh

a spokesperson says that wells fargo will work to ensure customers get the appropriate communication.nt for victims injured by its air bags and that could clear the way for its u.s. business to exit bankruptcy. the japanese company's air bags which can explode with too much force has been linked to at least 21 deaths and hundreds of injuries prompting the largest recall in automotive history. under the agreement a trust will be created to compensate victims with amounts ranging from $10,000 to $5 million. marcus and laura, back over to you. >> all important to get that replaced. i know i had a recall on mean. >> get that taken care of. >> done. thank you, landon. >>> 4:41. anybody planning a trip to disneyland? you might want to start saving a little bit more. ticket prices have gone up again. starting yesterday a regular price of admission is $117, that's up $7. single day ticket pricing during peak periods is now $135, up $11 there. prices will going up at disney parks in florida. last year disney's 11 parks around the world brought in, get this, $45 billion, yeah, that's alice in w

. >> more trouble today for wells fargo. coming up, we'll tell you why some customers were promised refunds that didn't really exist. >> also making your next ride a introducing the pork from jack in the box. two strips of pork belly, green leaf lettuce, juicy tomatoes and tangy honey aioli even you'll love it, martha security! get him! wow, do you guys workout? try my new pork belly blt, part of my food truck series. introducing the prime rib from jack in the box. with strips of prime rib grilled with peppers and onions and smothered in provolone cheese and i'm challenging you to try it, martha it's on, jack. why are we whispering? try my new prime rib cheesesteak, part of my food truck series. >>> wells fargo announced that it knows what went wrong in a refund letter mistake affecting nearly 40,000 people the refund letters from for cut bhers who were forced to buy auto insurance. some were given the incorrect amount. others who did not get the insurance were told they would get a refund, and and some letters went to peopl

there's unique stuff happening right now at the wells fargo center.eporting live bob brooks. >> we're glad we offered you a pinnacle to your career career bob. our special super bowl coverage starts tonight. we have live reports throughout saturday and start your coverage at 6:00 a.m. sunday, join us after the game for reaction from philadelphia and minneapolis and that's followed by "action news" sports sunday and we're starting early monday at 4:00 a.m. >> the weather has led to several schools mostly in the lehigh valley to have a delayed open this morning. your commute could be slick. we go to jeanette reyes live in pennsauken new jersey. good morning, jennette. >> reporter: bob might have chicken wings, i have flurries. who has the better assignment this morning. we're along route 70. we started getting the flurries a few minutes ago heading to route 38 the overpass will be one of the many problem areas if there were any this morning in pennsauken. those will be the issues. you have the ice that could form as the testers continue to drop this mor

looks like the tape or i'm got hit with an ugly stick charlie munger urges regulators to ease off wells fargo blasts bitcoin. badger don't care charlie there's a charlie munger approach to economics. boom boom boom boom boom quacky there you go you know we're going to rehearsal well you know ninety four. this is this is charlie munger approach to economic blown holes through wells fargo through fargo through out the terrace charlie munger and warren buffett tourist a marriage top photo i showed that was from a tweet from reuters berkshire's monger urges regulators to ease up on wells fargo . oh so you know before janet yellen another honey badger left the federal reserve bank she did basically force them to replace three of their directors because they themselves were unwilling to basically get a better attitude about all the fraud they had committed you know they had set up all this fake accounts for their clients in order to basically meet some targets and get better bonuses but they had also been found in this kind of got overlooked because it happened in the summer when a lot of fake russ

guy looks like tapeworms got hit with an ugly stick charlie munger urges regulators to ease off wells fargo blasts bitcoin. badger don't care charlie there's a charlie munger approach to economics its own quick. boom boom boom boom boom quacky very much in the words of rehearsal well you know ninety four. this is charlie munger is approached economics blown a little from wells fargo fargo throughout the turnaround charlie munger and warren buffett tourist i'm earning the top photo i showed that was from a tweet from reuters berkshire's monger urges regulators to ease up on wells fargo so you know before janet yellen another honey badger left the federal reserve bank .

ceo ofs today and the wells fargo at the time is just another example.hink don't understand they have public obligations they go beyond public relations. ceo, he said to me over c cfee -- andnd we did bump into o each other -- that e wanted to just distinguish wells fargo from all of the other banks that had been caught up in the 2008 banking crisis. he wanted to make sure the public understood that wells fargo really was a responsible bank. and he said this with complete seriousness. he for me. amy: three seconds. folks in three seconds, let me just say, it is not just trump. it is all of us. amy: announcer: opportunity. prosperirity. optimismsm. remaining intact stretcheses f rainforest, to find out how local orangutans are faring in the wild. in iran, we meet a kickboxing champion for whom courage is as essential as passion. but first we go to the u.s., to meet children of drug-dependent parents.

for example, the city of philadelphia has filed a lawsuit against wells fargo for steering wells fargo- for steering folks, minority communities, african-american and latino communities and individuals come to higher interest, higher risk mortgages. understanding that wells fargo, while dilling with his lawsuit, has put aside maybe 3.2 billion dollars, $3.25 million, anticipating what potentially could happen if the courts rule against them. -- if we'rears successful on the legal front, if we are successful in terms of public pressure, if we're successful in saying, you know what? state tax dollars should not good at things that are racially discriminating, they should go to banks that are supporting and and gauged in a diverse community, african-american and latino communities. state dollars into those institutions and maybe we can drive more activity, more mortgage lending, mortgage lending into african-american and latino communities and the banks of got to pay. again, the ripple effect of this kind of behavior is far-reaching . 90% of the homes the city of thandelphia are older 197

ceo ofs today and the wells fargo at the time is just another example.hink don't understand they have public obligations they go beyond public relations. ceo, he said to me over coffee -- and we did bump into each other -- that he wanted to just distinguish wells fargo from all of the other banks that had been caught up in the 2008 banking crisis. he wanted to make sure the public understood that wells fargo really was a responsible bank. and he said this with complete seriousness. he for me. amy: three seconds. folks in three seconds, let me just say, it is not just trump. it is all of us. it is all of us. amy: come and meet me at the market my lebanese-style squash stew. julie: "julie taboulie's is made possible by... ♪ do your thing, do your thing ♪ syracuse, do your thing ♪ do your thing, do your thing ♪ syracuse, do your thing

ceo ofs today and the wells fargo at the time is just another example.hink don't understand they have public obligations they go beyond public relations. ceo, he said to me over c cfee -- andnd we did bump into o each other -- that e wanted to just distinguish wells fargo from all of the other banks that had been caught up in the 2008 banking crisis. he wanted to make sure the public understood that wells fargo really was a responsible bank. and he said this with complete seriousness. he for me. amy: three seconds. folks in three seconds, let me just say, it is not just trump. it is all of us. amy: