they could sell charles schwab but they couldn't sell charles schwab of the the person. it was a provision in their that it wasn't for sale. to use my name and face by that time. i was getting people who identify the company with me. it opens up another company. we came to terms. they ended up with five and six times what they have paid me for an compensation in five years time. visit our website for more information on this event. book tv is television for serious readers all weekend every weekend join us again next saturday beginning at 8:00 a.m. eastern for the best nonfiction books. .. >> c-span, your unfiltered view of government. created by cable in 1979 and brought to you today by your television provider. >> host: our guest this week on "the communicators" is representative jan schakowsky, a democrat from illinois and chair of the consumer protection

charles: i started charles schwab and company from the investors point of view. invite you to find out more today. david: was that something you decided you wanted to do? charles: it started out, our company started with a shoestring. we did not have much money. and i had a tough time raising money because wall street certainly did not want to help me develop competition for them. so as a consequence, our ads, when we first started in 1975, it would be one column, three inches, come save 75%. people kept coming into our company. and as we grew over the next couple of years, we had some profit building along the way. we were growing very nicely. once we had a nice article written in "the san francisco examiner" about us, they used a picture of me. there i was, my director of our advertising said, why don't we use your picture? it will show there are real people here. are you kidding me? what is my mother going to say? what is my father going to say? what is my wife going to say? my friends? some kind of egomaniac? and they finally convinced me after some conversati

reading about a report charles schwab rockefeller. with a report has done in america. i read books on all the money for our ship in the war i read steve harvey's book you know all think like girl sits there like success. you know arkansas department of correction they have tonight one more time i request to make films interviews with you. they say that they're too short of staff to allow this. so. we're going to have to tell us your story on the phone is that ok for you ok your calls system around which you. i was too young back then to to really grasp the magnitude of the devastation. and the pain that all that is with calls on my family the victim's family and the big the children 'd and they you know i think about. an 18 year old. man after he had planned to. rob someone at an a.t.m. machine for the purposes of getting a bad video of $60.00 because after needed funds to pay for his cap and gown and get his bishop diploma. apple had the weapon in a. after the poster truck but the backs that. i watched a little to. the dr with that attitude well. when they had that wa

joining for the hour, kathy jones, charles schwab chief fixed income strategist. david bahnsen of , cio anden group managing partner. we have this big deal, morgan stanley buying e*trade. what you make of this? david: it is a bit of a surprise. i think gorman is quite a like citigroup at the bottom of the financial crisis, they spent $7 billion for that unbelievably robust franchise, and now they are spending five or six times that on e*trade, which used to run baby bowl commercials with throwing money around. it is so offbrand for morgan stanley. i'm just stunned. and zero fees in the race to the bottom. david: what i would speak to, i'm highly confident in my view here, is the cultural problem. the clients of e*trade are not looking for advice. even apart from the fact they don't pay for trades, they are not looking to have intermediaries that are there to provide wealth management. the spectrum of the marketplace that is willing to pay for a more private level of asset management and financial planning is at a higher net worth level than where e*trade is. i thi

charles schwab and t.d. ameritrade later last year or do you press stock price converting that company like i can before long time suitors like morgan stanley and big deals like this how much is what's president trump has introduced since coming to power made this more possible it was before. you know basically there's been a lot of. different on show industry since. power but it's true that most of these has focused more in their medium medium size have banks instead of the big banks have bad and it's true that regulators have been much more lax and that's why we are going to see maybe more operations like deals going forward. as a thanks for joining us that's jose luis de haro in new york for us. now the corona virus is affecting the global economy as demand for goods and services declines in china one of the many industries affected are the airlines who have been forced to cancel flights to the country now the international air transport association says carriers in the asia pacific region as we can see h

stated no commission rule has forced a major players to either join forces such as the case of charles schwab and t.d. ameritrade later last year or do you press. price converting that company like i can do for long time suitors like morgan stanley has a thanks for joining us that's jose luis de haro in new york for us. now the corona virus is affecting the global economy as demand for goods and services declines in china one of the many industries affected are the airlines who have been forced to cancel flights to the country now the international air transport association says carriers in the asia pacific region as we can see here are losing out to the tune of $27800000000.00 that's because of the outbreak those most hits are chinese firms as you might expect but if we do just broaden out the picture and look at airlines globally we see that figure rises to $29300000000.00 almost $30000000000.00 and that's not all i ought to says it's figures only apply if the center of the outbreak stays in china i also said on thursday speaking about the virus if it does spread more widely to asia specifi

david: with charles schwab and td ameritrade teaming up, could we get reviews that there is too muchsolidation? kailey: this is a hot space but that regulation was something that came up on the analyst call. james gorman said he was not worried. he said he would not have pursued the deal if he did not think regulators look favorably upon it. they expect the deal to go through by the end of the fourth quarter. david: thank you so much to kailey leinz for that report on e*trade and morgan stanley. up next, coronavirus follow-up in china. thealk with anna ashton of u.s. china business council about how her members are dealing with the difficult and fluid situation in china. power" onalance of bloomberg television and bloomberg radio. ♪ [ fast-paced drumming ] [ fast-paced drumming ] "balance of power" on bloomberg television and radio. i'm david westin. for bloomberg first word news, we go to mark crumpton. mark: the white house is admitting president trump's trade stance did hurt economic growth. the chief economist told reporters uncertainty caused by trade negotiations dampened busin

but this, it is a lot smaller than the tdm trade, the charles schwab motor last year, but an acquisitionner, through this company, etrade, what you call the millennials' wealth, where eve ryo ne the millennials' wealth, where everyone is online, trading, stop online and the rest of it, it isa stop online and the rest of it, it is a sensible thing to do. you will get access to tomorrow's big business people. you can combine the corporate and wholesale business of trading which these people have been kings of the 25 years, with realistic stuff that you andi with realistic stuff that you and i might, well, not me, i'm positive, but you might come forward... does it warrier, the growth of electronic trading, the impact on your work? —— worry you? you have ceased... is online, banking is online, thatis is online, banking is online, that is another thing that i've profoundly disapproval, but there you are, the manager —— there you are, the manager —— the relationship between the bank manager customer is non—existent. it doesn't matter whether they like it, that's it. when you are trading you a

liz ann sonders is the chief investment strategist for charles schwab and company. joins us now. welcome back to the "newour," liz ann.ar you dr. hotez talk about all the uncertainty around the coronavirus. there are many questions we don't yet have answers to. is it clear? do we know that that uertainty is leading to these market drops? itliz ann sonders: i thi's not only the uncertainty, but the fact that the most recent experience we have withmi something r was when we had the sars outbreak in 2003. and i think the most important difference, and maybe why this is more severe, is that chi's wtare in global economic g has quadrupled. and their consumer has become a much more integral part of global consumption. so, that, plus the complexity of supply chains, howntegrated everything has become in terms of production, that, i think, adds to the uncertainty. we don't know the timing of this, and the severity of the significant.ty companies immediatfected, some obviously, the ones you would expect, specifically around travel with the news of quarantines and travel rest

jeff kleintop of charles schwab and bloomberg's david westin, thank you for joining me.une in for the full episode of "wall street week." plus, tune in next week for our special coverage of super tuesday. we will have live analysis of the democratic contest here on bloomberg television. the anchors won't be sleeping, basically. none of that. cutng up, could another fed really have an impact on the u.s. consumer? we will break that down in today's trader's take. if you are headed to your car, tune into bloomberg radio on sirius xm china will 19 and on the bloomberg -- xm channel 119 and on the bloomberg business at. this is bloomberg. ♪ alix: time now for trader's take. joining me is ensign cignarella, voice of the bloomberg audio squawk -- is vincent cignarella, voice of the bloomberg audio sqawk. we just talked about the fed cutting rates potentially. what it actually help? vincent: as mike mckee said, take two rate cuts, call me in the morning. i had to call him out on that. that little green circle is where the consumer spending just started to pick up. this was right

i'm reading about a report charles schwab rockefeller. with a report has gone in america. i read books on all the money for our ship in the war i read steve harvey's blog you know all think like look at their act like a success. you know arkansas department of corrections they have tonight one more time i request to make interviews with you. they say that they're too short of staff to allow this. so. i'm going to have to tell us your story on the phone is that ok for you ok your calls this time around with you. i was 'd too young back then to really grasp the magnitude of the devastation. and the pain and all the days with calls on my fans.

have e*trade at number three about to be snatched up by morgan stanley but four and five give charles schwab they announced the type at the end of the year. so the amount in this industry is just really setting. jack: i think that's what happens when ed two big engines of making money. you could charge commission and then when you put money end, they sweep into these accounts that were charging or paying you nothing, but meanwhile they could make interest. now that margin is pretty much gone. >> if you're not an active trader you at the easiest possible thing. i think ten years ago i estimate is real smart about him pewter should i get an apple or the one that runs microsoft. he said apple is too dumb to buy computers i bow in the next day what is the one for people you don't learn a thing new, the easiest one fidelity? >> that's we found the survey. it's easy for all of us. jack: so in the magazine we actually lay out exactly how we did the survey and all the different criteria. and it says, everybody has a different opinion of what's is a pretty website. what is actually easy. for you and

charles schwab morning -- warning. >> we've been cautious on high yields for quite a while as the costat debt or the ability to refinance that debt gets more difficult, as spreads widen for some of these lower quality companies, that then you add on a faltering economy. you are really setting yourself up for some disappointment here. our conviction is we probably have a ways to go before this has played itself out. jonathan: back with this, subadra rajappa, mike schumacher, and victoria fernandez. the was -- it was the story in the primary market started to seize up and the fed said we have to do something. do you think this is the number one thing they're looking at right now on their dashboard? the idea that primary markets are starting to seize up worldwide? victoria: i think it is one of the things they are watching. liquidity in the markets is extremely important and if that liquidity starts to dry out, yes, the fed will step up and do something, and central banks. but i don't think we are that point right now. people are pulling back on the issuance they are saying. we have had s

alix: randy frederick of charles schwab, thank you very much., you have big banks and sm managers doubling down on investing. plus, check out tv . you can watch is online and interact with us directly. you can look at anything you may have missed. this is bloomberg. ♪ ♪ up, we have the carlyle group's co-ceo. >> i have your bloomberg business flash. tesla and panasonic have a partnership. panasonic is holding back on repeat businesses. the two companies have struggled to ramp up production at the plant in buffalo, new york. they will still produce car batteries together. to salesforce.com. rampedthe co-ceo who we -- who revamped the company stepping down. in his seven years, sales increased four fold. showatest sales reports purchases rose 40%. to the times, expecting temperature then expected scrutiny by regulators. they agreed to buy the financial data for $4 million. we turn to wall street beat and three things wall street is covering. cells property to blackstone. strategys investing different hitting himself -- differentiating themselve

only have the ongoing fee being reduceds and even eliminated, but also mergers, the likes of charles schwabrade agreeing to merge last year to create a $5 trillion asset manager and formidable competitor for e*trade, but now e*trade will have morgan stanley behind it. for morgan stanley, this allows the bank to push deeper into that retail space, diversifying away from its usual wealthy clientele. it will have access to e*trade's direct to consumer and digital capacities, and will bring it e*trade revenue to about 67% of overall revenue. that is your stock of the hour. vonnie: thank you so much. that is kailey leinz. elsewhere in the bank space, jp morgan and citigroup buying stakes in a company being spun off from fidelity. the new venture will help large financial firms share consumer financial data. neu to discuss is dave fort , vicedave fortney president of the clearinghouse. how does this change who has control over what data? dave: clearinghouse is one of the investors, along with 11 of our banks, and fidelity, in this new venture that was previously wholly owned by fidelity. this put

do with china, will be looking for a lot of parts out of china for its toys, to the likes of charles schwabws yesterday of morgan stanley buying e*trade. guy: let's get back to the story we were talking about a few moments ago, a developing story. talksicredit boss is in about his future at the italian bank as he contends for the top job at hsbc. know?o we >> there are many moving parts in this story. definitely emerging as the leading candidate for the top job. -- presenting the strategic plan, it seems like it looks like the february candidate and we understand there are many moving parts, but we understand he is talking about his future at unicredit as we talk. vonnie: it is an awkward situation because we know no quinn has been interim ceo. bloomberg had reported move ca was in these talks. once the wind got out of the talks, it all came out. not get the top job at hsbc, is he still out at unicredit? stefania: that is a good question. we will see what happens in the next few days. there are many moving parts. he is a candidate for the top job because of rbcs cost-cutting and what has be

that high-end investment bank access to mainstream investors making them more competitive with charles schwaband ameritrade who have announced their own merger at the end of the year. the deal is expected to close by the end of the year for >>> victoria's secret being sold with limited brands selling off the 55% controlling interest to the private equity firm for $225 million. sales have dropped due to increased online competition and hurt by scandal. the owner reportedly tried to meddle into the business forcing models to have sex with him. >>> noah mills will revive the breakfast cereal sales by giving people a healthy choice, the new cereal, containing almonds, dried cherries, pumpkin seeds and whole-grain flakes but that good food will cost you $13 per box. >> how big is that box? >> the usual size. the average box of cereal would cost you $3.27. the cereal sales are down. if you look up and down the aisle many are five dollars, but that is $13. tweet me and let me know if you would pay $13 for a box of cereal. >> my boys when they are hungry could almost finish a whole box. we eat it for

pen tech start ups and more recently, charles schwab, have started the action for buying part of thes little as a doll r lar. >> appreciate it we've seen those retail investors help fuel some this year the biggest fwans, virgin galactic and tesla 200% 115% higher this year. now it has been a volatile week. we pointed out the nasdaq then in the growth stocks getting hit the hardest. can the surge hold up in the long-term? let's ask jean it's good to see you how would you connect these high flying stocks back to the tech heavy parts of the market that have been working? >> i think that's important is to first distinguish what causes these moves. essentially, you have a story that's largely misunderstood then becomes ubnderstood by a handful of investors when you do that, you have other investors start to pile in retail investors that really move these is to bes higher. the most important part about what drives this is it truly around something that's going to be transformational. when you think about what's going on with tesla and to a much lesser extent, virgin galactic, these are thi

. >> bob pisani, that's a fantastic overview let's go to charles schwab earnings investors guys, goodorning. >> good morning. >> when you think about where stocks might go, and nice rally so far, how useful is it really to look back in 2003, what happened with something like sars considering china's share of global gdp, it's four times higher now back in 2003, the market was trying to recover from the dotcom bust. we're in a very different position now with the ten-plus year bull run. >> yes, i think the analogy from 2003 is the one a lot of investors and traders are going to it's certainly not as relevant for one, because as you noted, the share of gdp is much higher. second, this virus appears to be a lot more contagious than that was. probably the third and biggest reason why investors don't have a playbook for this, supply chains are far more integrated than they've ever been we have never been through anything like this one of the reasons investors -- especially the first part of this kind of shrugged it off is because throughout this bull market, ten-year bull market, the market

stanley sees the edition of e-trade as a way to better compete against fidelity and charles schwab. > coming up, diane sawyer going one-on-one with ben affleck. he talks about his struggles with alcohol and how it affected his family. he has a new movie coming up called "the way back" it's about a group of basketball players who need to believe in themselves and a struggling coach who believes in fifth to overcome addiction and life. >> my favorite scene in this movie, it's a bit of a spoiler, where my character loses his job because it's about consequences and you understand how desperate he is to not have to suffer those consequences and how painful that can be. >> you can watch ben affleck's one-on-one interview with diane sawyer coming up on "good morning america." he talks about the lows, his highs and his hope for the futu future. >>> if you love baby yoda from the mandalorian, and who doesn't, get ready for this. >> disney unveiled a new toy on "good morning america." >> here we go. >> rear ready. bring it. >> that's what i'm talking about. >> it's baby yoda. say hello to our a

sofi began offering fractional trading in july and charles schwab, square and robin hood have announced the same feature. it comes with risks. it show it is the downside of chasing a stock that some believe is showing bubble like qualities. >> so how much is a tesla? do you know how expensive that is >> you can choose. a dollar is minimum u, but it depends. it seems like that fractional option is opening up apple and tesla that was tradin $900 this week to investors that might not be able to afford it >> wow, a buck for a piece of tesla. great data >> thanks. >> now to seema for trading nation >> kelly, let's get the trader perspective on tesla's wild ride this week. the team -- matt, you have been examining this chart what do you make of it >> well, i think you know i put out a note this week when the stock was above 900 saying things had gotten overbought and should pull back significantly i'm not a person who's a bear on the stock by any means when the stock got below 190 last june, i said buy it with both hands the thing is, it got so extended when we see these individual investors

have e*trade at number three about to be snatched up by morgan stanley but four and five give charles schwabr. so the amount in this industry is just really setting. jack: i think that's what happens when ed two big engines of making money. you could charge commission and then when you put money end, they sweep into these accounts that were charging or paying you nothing, but meanwhile they could make interest. now that margin is pretty much gone. >> if you're not an active trader you at the easiest possible thing. i think ten years ago i estimate is real smart about him pewter should i get an apple or the one that runs microsoft. he said apple is too dumb to buy computers i bow in the next day what is the one for people you don't learn a thing new, the easiest one fidelity? >> that's we found the survey. it's easy for all of us. jack: so in the magazine we actually lay out exactly how we did the survey and all the different criteria. and it says, everybody has a different opinion of what's is a pretty website. what is actually easy. for you and apple might be easy for others it's a pc. but

says morgan stanley sees the edition of e-trade as a way to better compete against fidelity and charles schwab. >>> people in the san jose north side neighborhood are demanding change. residents have seen an explosion of criminal activity and vandalism near north 18th and jackson streets in the last two weeks. one couple had their cat 4ri9al converter stolen from their car and one person was injured in an explosion at a home that was supposed to be vacant. on monday a police officer tried to pull over a driver who sped off and they ended up hitting a parked suv. residents say city leaders are more worried about the future than what's going on outside their doors. >> we know these tech companies are coming in and we're building things downtown, but there's still residents here, we have needs and need to be listened to. we need to be protected. . >> raul peralez will be hosting a conversation this sunday about these concerns. his office is still working with police to address the issues. >>> a lot of people may be getting married because today is a special day. today is february 20th, 2020. so t

she is charles schwab senior vice president. liz ann, so i want to kind of sort through what is the emotional part of this trade versus what is the reality of the economic impact. when you compare it to the financial crisis what needed to be rebuilt, other natural crises like a hurricane where things are destroyed, economic active. goes away and hard to start it back up, businesses ruined, that sort of thing, talk to me about reality of, is it couple months of pent-up demand, then things come back? what do you think really happens? >> the problem we don't know. i don't know i would liken it so much to natural disaster like a hurricane because that is one time in nature. it is quite a bit time certain. you do tend to get more v-shaped recoveries. we have no idea what duration or longevity is going to be here. we know compared to say sars, which i think are apt comparisons trying to look from medical perspective but china quadrupled as a weight in global gdp. their consumers have nearly quadrupled as a weight of global consumption

i remember in the '90s, charles schwab, the stock, was basically the entire financial services in thewould go up in a mild way every day. >> i have seen one technician refer to an eiffel tower pattern. it literally looks like the eiffel tower if you do a google search -- if anybody does a google search for should i, i think we had this built, just put in should i -- and the first reply, depending on your history, should i buy tesla stock? >> by the way, guys, i hear this a lot of times from average joes, retail investors, yeah, i like tesla because electric cars are coming keep in mind every prediction when it comes to electric vehicle sales has been off over the last ten years and i remember interviewing carlos ghosn when he said 10% of our sales worldwide will be electric vehicles by 2020. nissan is nowhere close to that now. he made that prediction back in 2015, 2016 when i had dinner with him. >> and it's not just electric vehicles either. we had this conversation longer term out over the horizon and it's self-driving cars we know elon musk has been touting aggressively the idea o

reporter: we have a lot going on this morning, including an interview with the vice president of charles schwabn't want to miss that. >>> plus, a popular rescue puppy part with something a little extra. we will introduce you to a three-month-old great dane mix. so if you're about to head out the door right now, log on to kpix.com and check out cbsn bay area. you can watch those stories and much more throughout the day on multiple devices and platforms. t, to you. ad the cbs news app. >> michelle thank you. we want to thank you for watching kpix 5 news this morning. enjoy this beautiful sunrise. >> gorges. left it. >> "cbs this morning" is >>> good morning to you. welcome to "cbs this morning." i'm gayle king with anthony mason and tony dokoupil. >> president trump acquitted his plan victory speech today. and what he's saying about the one republican who voted against him. >> massive storm risk. powerful weather front kicks up destructive tornadoes in mississippi and dumps snow on the central u.s. now targeting nearly all of the east coast. >>> car seat concern. the maker of a popular booster se

sofi began offering stock bids in july and that trend has caught on at other brokerage firms, charles schwabsquare, and robin hood out with the same feature. i spoke to an analyst at td ameritrade who says based on tesla's moves it couldn't have been all retail interests this week institutional investors were getting in on the td platform, folks took profits as the stock surged for its best day in six years. >> kate rooney out in san francisco. kind of leads to a conversation we've had all week, which is is this fadish or real institutional money deciding they have to own it? >> the fundamentals, no real news i don't think happened this week, and the stock, you know -- you look at the chart and it's like gymnastics up and down, black flips. it's been a wild week for the stock and the volatility you're seeing in tesla. i'm not sure what to make of it. >> i wonder how much of cause for concern it is when you see a chart that is going parabolic, much like bitcoin a couple years ago and you have this retail fervor the concern i would think is you'll see some of these new up-and-coming investors

this follows san francisco- based charles schwab by rival td ameritrade last year for $26 billion.he ceo, james corbin, says his company is coming after schwab in that move in. schwab stock is moving higher by 2% in the early going despite that move. victoria's secret is being unloaded by a parent firm selling a controlling stake to priority equity firm sycamore partners. victoria's secret has been struggling big time in recent years and they will focus on the other brand bath and body works. >>> cheers falling a bit this morning as wall street was expecting a bigger price tag and that deal. stock market overall is pulling back from wednesday, which saw record highs for the s&p at the data. the dow lowered. the s&p is falling by five points. michelle and anne,:to you. >> jason brooks, thank you. >>> without warning, uber closed its customer support office in downtown los angeles. according to "the l.a. times", employees found out the day it happened. it affected about 80 workers. some were offered sandwich packages. we reached out to uber and received his response that's reads in p

it's been a target since we saw charles schwab and td ameritrade merge at the end of the year. what they are going to get? five million retail customers. morgan stanley is known for its high net worth business. now they're folding this in. more competition, more consolidation, more the ability for the company to attain additional revenue stream. the e-trade ceo will come over to run the business. one interesting point that was brought thome down here this, is the biggest wall street deal we've seen since the financial crisis. more regulation of course coming after that point. competition, consolidation, the search for revenue actually creates a situation where consumers now will have maybe less choices. guys, back to you. connell: that is a big deal. jackie. thank you. melissa: a tale of two tapes. the white house releasing the annual economic report showing the u.s. economy continuing to outperform 2016 election expectations. this as self-proclaimed democratic socialist bernie sanders is quickly emerging as the front-runner for the democratic nomination, promising a radical tr

. >> reporter: liz ann sonders or charles schwab & company. thanks for being with us. >> my pleasure. >> woodruff: in the day's other news, a major new military clasw erupted n turkey and syria. the turks say that at least 22 of their soldiers were killed in an air strike in iib province, in northwestern syria. they retaliated with artillery. turkey has sent thousands of troops intidlib to stop a syrian offensive that has driven toward the turkish border.s 32 from rioting between hindused and muslimin new delhi this week. security officials urged calm today as they patrolled streetsr lined with c buildings, burned cars and wrecked shops.tr >> ( slated ): through this march, we are trying to create faith in people's hearts. h they done to tremble and have fear anymore. the police will take strict actions against the miscreants. after months of protests against a citizenship law that excludes. muslim refug back in this country, police in milwaukee worked to piece m together tive behind wednesday's carnage at the molson coors brewing company. inv