starting with a small portfolio or intending to be a small bank or a large bank, some of the initial investment is the same, and so if you were to face it in, it would mean it would take longer for it to break even. a larger bank makes more profit, as we have seen evidence to. the bigger you are, the more money you make, which is a challenge when you are starting. so private sector banks can take 5-10 years to turn a profit peer given that our bank will serve community goals and offer a below-market rate interest rates , it is significant. it would take significantly longer than a private sector bank. >> okay. i'm not sure if i asked a question or not, but would we be able to break up the phasing in of scenario two in five or ten year chunks? in terms of identifying a goal and getting us to that goal? >> it depends -- in scenario two , to get to the point where the bank has a charger and is authorized to operate as a bank, costs the same pretty much regardless. the costs are the same whether you're starting small or starting big. the difference would be in the capitalization cost bec

bank. there's plenty of models. there's a public bank in costa rica, and there is public banks of people who are mentioned in brazil, in germany, from the advanced country, to the underdeveloped countries. there are public banks. so i think we can do it, and i agree with supervisor fewer that we have to push the state legislation. i understand representative weiner is supportive of it. i think that that is where we need to go. we just need to make it happen. think big. thank you so much for setting that stage. i think we will continue on and hopefully you will have something to look back on that you accomplished. >> thank you. next speaker. >> hello. i would also like to speak in support of the san francisco municipal bank that would divest from wall street and its investments and the climate genocide and fuel industries. very credible results have been released recently. we want to secure future for ourselves and not just for our children. and reinvest green energy. we can lead the way. i also want to raise the issue of stud

a public and municipal bank is a bank run and owned by a city, state or country. the idea for municipal bank in san francisco has been percolating around for decades. and there's always similar and parallel efforts on the state level and around the country. based on president cohen's request and advocacy, a task force was convened to look at the viability. the task force has experts from various fields. we have the green lining institute. california reinvestment coalition. we have attorneys that specialize in bank formation. we have the bankers in the public interest and beneficial state bank. we have several government partners as well. we began meeting in february. as you heard, our final meeting is scheduled in january. i want to say up front that i recognize that the time frame has expanded from the last time we were here. we intended to have a final report in fall, 2018, and we issued a draft executive summary in august to build in ample time for feedback from the task force and the public. in december, we got specific, substantive feedback. this is very much

>> is it time to have a woman run the bank? 6 >> it would be a delight if we had a woman running the bank. we have a senior executive utmost and to a deputy ceo role for our -- that was a big part of the bank. an amazing job. she is really formed the corporate banking business that we have got. also our private banking business. which is now some number one in customer service. a good profitable business. have a lot of very good talent coming through the organization. of the great things that is developing in that is enjoy seeing people come through. when you tap them on the shoulder and say here is a big role, it is amazing how many can step up and be able to do that. you have seen people like allison. we first did our review. we have tagged people like mark bailey who is now running bow, chris marx running our markets. in the capital restructuring of the bank. great talent which brought them through, able to recruit people from outside just recently boarded a new check risk of us are. the chief risk of surfer the bank is a wom

it all started with danske a bank but then a slender. dodgy bank had also custody and operations for the. internal affairs and then on top of that again the money laundering issues all those suspicions that their system could not be compliant with the us system now a concern which is traced by the two democratic senators the senators in the us having said that clearly the arch of bank was also called a troubled institution of long ago by the federal reserve so the pressures very much on doj of bank to get their systems right to be compliant with national regulations and the specially to make sure that there's no money laundering potential inside the institution basically it's clearly the senators are saying through daughter banks operation the u.s. it's a landing page for all the money from everywhere in the word so they want to know whether dacha bank has a good system in place and then that world is trying to clean up its act also restructure. its also trying to merge with combet spunk that's something that we been talking about for a l

in san francisco, anyone can have a bank account, things to an innovative program, bank on s.f. >> everyone is welcome, even if you are not a citizen or have bad credit to qualify for a bank account is simple. just live or work in san francisco and have a form of id. >> we started bank on s.f. six years ago to reach out to folks in the city who do not have a bank account. we wanted to make sure they know they have options which should be more low-cost, more successful to them and using chat catchers. >> check cashing stores can be found all over the city, but they're convenient locations come with a hidden price. >> these are big. >> i remember coming in to collect -- charged a fee to collect a monogram. >> people who use check catchers, particularly those who use them to cash their paychecks all year long, they can pay hundreds, even a thousand dollars a year just in fees to get access to their pay. >> i do not have that kind of money. >> i would not have to pay it if i had a bank account. >> bank accounts are essential. they keep your money saved and that helps save for the future. most b

euphemism for saying a commercial bank payments citee a private commercial bank payment society that's what cash to society means. so who would benefit most from a cashless society that's what the students at z. can university want to know. today they're listening to norbert herring he's a business journalist who spent years studying the move to do away with cash. so it is extreme for sure if you think of an extreme case where every time you pay for anything even if it's just fifty cents if you use a payment app you'd be flooded out with receipts it would be quite difficult to check that everything had been hooked correctly we now have to move from campaigns big question is what happens to the data that we leave behind every. time we pay for something he believes it's outrageous that users are forced to sign a blanket agreement with each payment provider and then don't really know what happens to their data afterwards. when i would only have a choice if i had an option of saying no and then maybe i have to pay a fee of ten or twenty euro as a month and retur

you want to do a big bank so what is a big going bank tell the audience well the. this is a plano based not actually a big quebec we're calling it a block chain from the bank it's a plain old bank except it's a one hundred percent reserve bank and it's there for because it's one hundred percent reserve bank it won't be able to lend but it will specifically serve this industry this is been a problem. just basic bank accounts for block ten companies have been a problem just not even touching cryptocurrency plano cash i want to make a very clear this is a plain old cash bank it's just one hundred percent reserve bank that's designed to specialize in serving this industry and as you know this industry of course has higher now your customer and anti money laundering standards that it has to comply with i've written in forbes dot com i think the bank secrecy act is unconstitutional but right now it's the law of the land and so everybody has to comply with it and so this industry i think has been shunned by the banking industry for basic cash only bank accounts precisely b

has capital that it shall get a bank account from this bank oh ok so i mean it sounds like it could be an economic boom for awhile and so they would be like you know the chamber of commerce or whomever would be like yeah bring it on we want the business is there some reserve bank of north dakota as well not that i'm aware of there might be but yet the four reserve banks there are there are not very many of them there was one that's getting started in connecticut that's that's just trying to arbitrage to the feds monetary policy and that's not what our bank is doing but we've been watching that one pretty closely because the fed has shunned. and that particular bank there's been litigation over whether they can get their master account we've had great conversations through the state of wyoming with the kansas city fed which is which is what banks wyoming banks and they've been open to this idea they recognize this is an issue the block chain industry is a legal industry and yet it's been shunned on mass by by pretty much

a store today. >>>welcome back to "street signs" on this central bank day. ave not discussed is how european markets are faring. we had a good session overnight for asia and the u.s overnight, the nikkei up around 1% chinese indices up a similar amount for europe the picture is somewhat muted and slightly negative ftse 100 trading 0.10% weaker. xetra dax and cac 40 down a tad, about 0.2% weaker. ftse mib, that's the one index trading in the green this is after the italian government has gone back with a revised proposal for their spending plan at 2.04%, from 2.4% let's see how the european commission responds to that, and whether it's accessible. italian assets are doing quite well one company not doing well is gam. shares are plunging after they announced they plan to cut jobs and scrap their full-year dividend julianna is in switzerland and has been covering this big story for gam. there's a big price drop in the shares, shares down about 20%, takes it to a full 80% drop for the year this company has been saddled with a lot of issues, be it on the redemptio

can you have -- can you have big banks and not have this dilemma? there used to be a lot more discussion about breaking up banks that were too big to fail. that seems to not be happening so much. gary, do you know why we don't hear too much about -- >> neil came out with proposal to shrink big banks. it's not a proposal that i'm enthusiastic about. you know, it's kind of nice to say, well f they're too big to fail, they are too big but that's a slogan. that doesn't tell you what you ought to do in policy sense. and besides we all know that size alone is not -- is not going to tell you what needs to be done. it has a lot more to do with complexity and so forth. i mean, i guess i would say we shouldn't be surprised that there are losses in market capitalistic economy, you get the upside, you should get the downside. the problem is, of course, that the down -- people who should have gotten at least a part of the downside didn't get it and i alluded earlier to uninsured creditors, if you're equity holder, you lost a lot of money or lehman brothers. your network depending

he is now facing a bank robbery charge as well. >>> it has been nine months since an uber struck and killed a woman in arizona. now the company is taking steps towards putting self driving cars on bay area streets. melissa kate is live in san francisco with how this time rules will be different. >> reporter: we are in san francisco at the engineering space. this is a place where cars have been coming and going from all day long. it is uber's baby step back th dro sccathspecial a on ou the top gathering data for uber. these cars are not autonomous, but, the information they are gathering is for the project. a project that was put on hold by tragedy. nine months ago one of the autonomous vehicle struck and killed a woman in arizona. there was a person behind the wheel but she looked down right before the accident. after that uber suspended all of these tests. >> it was a good idea to take a break. >> reporter: he is the editor and chief of the tech publication. he says uber was right to come back with a safer program. >> if you think about these technologies they are really like 16 -yea

deutsche bank is outward focused, like citi they are not really a domestic german or european bank. ative stop, second tier mortgage bank. what do you do with that i say you merge them with citi >> you think citigroup should buy deutsche bank -- let's not call it a merger citi would have to buy them. >> i would have them buy it. what would this do >> it consolidates two relatively weak capital markets business citi is more of a bank they have a nice consumer book global payments business they're in five significant markets around the world they're committed to a global model. >> we have not had a merger of that size in the financial markets, not one that wasn't forced in over a decade. you think there's a real chance of that happening? >> i think at a certain point regulators in europe have to realize they are getting involved you have a board that's been passive, has not forced change the whole thing is just a study in why banks get to be too big to fail. they're not managed. you have people destroying shareholder value left and right. yet nothing happens. i think it's indicative of

safety and soundness problem for a bank, but if it is a question of selling risky things into the market that can undermine financial stability, we don't have a set of tools to deal with that. we are also seeing a lot of pushback against regulation. to some extent, after eight years of writing thousands of pages of regulation, it should be adjusted around the margins, particularly smaller institutions, but we are seeing more than that happened now and we are entering again really only a decade after the crisis, an era when there is a huge focus on deregulation. plus i would say it was an agenda of unfinished work. we made some progress. there was a big to do list of things that still needed to be worked on. i'm not sure we are working on those things in the way we should, and then to remain holes, and there is regulatory pushback. i do worry that we could have another financial crisis. paul: i think maybe i will just stop it there. [laughter] thank you so much. this has been great. [applause] chair yellen: thank you. [applause] [captioning performed b

the plastic bank has launched a block chain based banking up location for the poor an opportunity to use plastic as money individual collectors that would otherwise sell to a middleman who then sells to another middleman who remove the middlemen and then we transport directly from the hands of the collector to the recycler all of the extra value that was going to all those middlemen are now shared amongst the collectors. the. big. one and i mean you and then i mean. the million and a guy in the beginning. and then i ran in the buy it's at the old big. i don't know i don't i mean. i mean you know. among my let me be. we're not planning. on guy in. the movie. roles of the. origin. of the. i. told you the plastic is because of. although. there's a powerful roadmap ahead for the plastic bank and the application including financial inclusion credit rating debt service and the app in this community is used not just to register the collector not just to give a sense of identity but to give it transaction history to give the collector an opportunity to have authentic value exchanged into thei

bank's behavior in order to avoid another financial crisis. instead, she encountered a federal reserve holding banks accountable and began secretly recording her meetings, recordings which became the basis of the this american life episode. noncompliance she chronicles her experience exposing the relationship in the big banks and the government body set up to regulate them. william: the author o of money and powerhouse goldman sachs came to rule the world right noncompliance whistleblower carmen detonates a metaphorical explosive device inside of the previously impenetrable faÇade of the powerful federal reserve bank of new york in a gripping and highly personal narrative she reveals the depths of the shameful regularity, regular recapture that exists between the new york fed and wall street banks it is meant to supervise the high price she paid for doing the right thing. please join me in welcoming carmine. [applause] i am going to rearrange this a little bit because this isn't going to work for me. it's too high. [laughter] can i take it up or do you have a -- [inaudi

. >>> a san francisco police officer on leave from the force has been charged with robbing a bank. today we learned about a third case involving the officer. >> this is a mug shot of police officer doherty. at the center of three investigations. he's charged with making off with $9,000 from the bank in the sunset district. >> it's sad to see a person and in that position. someone that's a police officer. >> authorities say he didn't bother to cover his face when he walked into the bank a week after thanksgiving. he handed a teller a note that demanded 50 and hundred dollar bills. two police internal affair sharks recognized him from bank footage. doherty has been charged with stealing $24,000 from a neighbor's bank accounts. >> this victim did not use atm's. didn't know how to. we determined that the defendant withdrew about 14,000 via 30 atm withdrawals. searching the home they found drugs and antianxiety drugs for which he had no prescription. he's suspended without pay. >> we're held to the same standard as everybody else. the case will go through the wheels of justice. >> dohert

balance sheet as a bailout for the banks he knows it but is using software straight and double talk so high is what he does you know he's no less of a financial charlatan than francis dissonance they think that they're doing they've they've he's achieved something he himself is pointing out we wanted house prices to go up house prices did go up we wanted stock markets to go up how the stock markets are like double or triple or quadruple since the bottom so they did succeed he did succeed however the result of the political chaos that is unraveling around you know happening around the world from the she lays down to trying to correct it and others coming down the pike that's a different thing now we also have new ideas leaders coming up we have alexandra cacio cortez out of queens who what she's pretty proposing is a new green deal well of course who else has just proposed that and that's yanis varoufakis he was in new york recently proposing that he's proposing that for europe and essentially. it's similar to money for the masses it's similar to quantitative

and in india the central bank governor unexpectedly resigned on monday patel had been embroiled in a series of clashes with prime minister moody's administration putting the reserve bank of india under intense pressure to ease lending conditions experts would have real economic consequences still for now it seems as a global tussle over who gets the keys to their country's monetary policy. so independent central banks under pressure right now is that a bad thing questions i'd like to ask constant jessica he's the chief economist that. frankly the cost why is the independence of central banks under threat right now should politicians exercise more restraint i think they should exercise more restraint or why are they on the pressure when you look back over the last ten years especially view of the crisis central banks where that were key they were the main crisis fighter's by inserting extremely loose monetary policies and right now all central banks try to normalize monetary policies which also includes higher interest rates and these then increases borrowing costs for governments for

a truck to. the royal bank of scotland r.b.s. has applied for a german banking license ahead of bragg's it that would help the bank retain its clients in the e.u. if britain crashes out of the block without a deal the move would affect its subsidiary nat west and expand its branch and germany's financial capital frankfurt r.b.s. already has a license to operate in the netherlands more than thirty u.k. financial firms have applied for a banking licenses ahead of britain scheduled exit from the european union in march . germany a luxury car maker b.m.w. has been fined ten million dollars by south korean authorities they say the car maker was too slow to recall vehicles affected by a faulty engine but b.m.w. may have bigger worries than just the fine and now also faces a criminal investigation. south korea's transport ministry wants prosecutors to investigate german car maker b.m.w. it says it has evidence the auto giant took its time to inform authorities of a forty car engine b.m.w. known b.m.w. said it recognise a correlation betw

but quite a few of the banks were forced to issue stock to the public. they didn't want to do it at diluted existing shareholders, but that was, i think, april of 2009. and that was a turning point for the financial system. but still we had 10% unemployment. this was going to be a long, slow slog to get out of that. >> by the way, one of the many things i've gotten wrong over the years, i thought the test was going to be completely, you know, who would believe it, and i didn't think it would matter. i thought it was -- no matter how conscientious -- i was completely wrong. it was, in fact, drastically cleared the air and miraculous turnaround. >> well, we realized that the numbers that came out had to be credible, and while -- there were a number of analysts that had done rough calculations not for individual companies but the banking sector as a whole based on aggregate data and the magnitude of losses that they were coming up with were huge. vi everyone in the fed was looking at the calculations and knew the analysts would be closely looking at the data

traders tonight pete najarian, tim seymour, brian kelly, guy adami this show brought to you by joseph a. bank tonight on fast trouble in the transports, the dune underperforming the broader market and could spell trouble ahead. we explain plus where is the apple bounce the stock ending the day flat despite the broader rally but gene munster says it's a double. he will be here to explain and defend the call. why is he so bullish we start with the market that can't seem to hold onto a rally. the dow surging more than 450 points at the highs, a trade deal seemingly within reach. but stop us if you heard in one before stocks cutting the gains midday. and then selling off hard into the close. we did end higher. but 300 points less than we were at the

a state bank system would lead to insurmountable risks. and the cannabis industry called the findings disappointing. >> there's millions of dollars moving around the state, and it's a magnet for violent crime and it's creating hardships for the businesses and the consumers. >> and they did a study on the cannabis bank aspect, they said it would violate federal criminal laws. >>> marin county are seeing a eyes in the number of cases of whooping cough. they reported 241 case this is year. the highest amount in 8 years, most of those affected were high school students, doctors say most young people and adults, they do recover without complications, but whooping cough can be deadly for babies, doctors are advising pregnant women get the whooping cough vaccine and keep older children with whooping cough away from younger children. >>> the time is 4:42, it looks like the scene from and sci-fi thriller, look at this. the source of that bright light across new york city, and counting down the 2019, we'll look at the last minute editions to the famo

of saying no we're the good guys we're not like a bank and so the bank the banks are the ones that caused the financial crisis we are actually the saviors of the little people and that's basically been their their spiel if you will and they've been really successful at selling this. but i think it's about time that we look a little more closely and what their influence actually is and how they're shaping and reshaping markets and the financial system in. blackrock and its team here in frankfurt must friedrich the great he pried open the door for them to europe's economic powerhouse and even if he does leave the company upon officially re entering politics that door is already wide open. some economists say mansi is just the right man for making germany more competitive but i think it would be great for the country given the fixin's of. the governments of. redistributing wealth creating wealth is all we need to do some reforms. to do it you're talking about creating wealth for europe's largest economy creating wealth for the world's biggest hedge fund and fund managers. first of all creati

called alfa bank. it's aysterious piece. no indication what those communications meant. after that election, that same bank, alfa bank, they hired a new lawyer to represent them in the ongoing controversy about that server thing. they specifically hired the guy

a happy holiday. from us here at the second harvest food bank we would like to thank you and if you would like to contributege. >>> some police officers play santa and how they are putting smiles on people's faces. >>> this is a story that will warm you. police officers in texas wanted to spread holiday cheer. >> they handed out $100 gift cards for families in need from a secret santa that has done this before. some shoppers were completely caught by surprise by the generosity. >> this is touching. not a lot of people do that. >> those -- although secret santa's work isn't done yet more gift cards were handed out and they have 75 more to give out before christmas day. >>> it is good to see that spirit lives on. >> a lot of times they go and also purchase and pay for the layaway's. >>> step into what? >> secretary of state. >> just in time for the holidays madam secretary is marking a milestone this weekend. the shows 100th episode airs sunday night at 8 pm right here on kpix5. >>> this is a live look at the city of san jose where it is 58 degrees. you can see clouds in the sky but it will start clearing out

and just weeks ago a raid on deutsche bank's frankfurt offices part of a german investigation into money laundering in tax havens. the specter of yet another inquiry up the pressure on deutsche a c.e.o. christian saving investors have applauded his moves to return the bank to profitability but there's a feeling saving is saddled by the mistakes of his predecessors. and there's still other concerns about the u.s. congress the house of representatives could push for georgia to disclose details on donald trump's accounts there democrats assume control in january just one more worry for an already beleaguered institution and if i spot joins us now from frankfurt our financial correspondent there and they did a bunk and dirty money sounds like the lenders entered a new round of entanglement. yes it does i mean we have all sorts of money laundering issues now popping up surrounding daughter bank it all started with vance the bank the dentist who dodgy bank had also custodian operations for their internal affairs and then on top of that again the money laundering issues all those suspicions tha

numbers and medical history. >> it's a shirt from joseph a. banknd it gets medical hiory from people -- i don't know how you connect those >>dots. eporter: the files appear to be created for people seeking medical treatment through the maryland physicians c organizations it's not clear how they ended up in a box that wa shipp shipped to his home. >> it's crazy to think, if it happened here, did this happen multiple times or other people getting packages like this? it's scary. >> reporter: the file s have ben turned over to montgomery county police. we've contacted others associated with these files and are waiting t f hear backm them. jackie bensen, news 4. >> very strange. thank you, jackie. >>> you're looking now live, coming up, from houston tex, te as former president george h.w. bush lies in repose at st. rtin's e mip episcopal chur. >> his funeral will be held there after the emotional good-bye t 41 at the washington national cathedral. we were p there asple lined wisconsin avenue, because they himply wanted to show their support to the b fam

and also, there's an issue with small loans, because it's hard for a bank to make any money on a small loan. so we are hoping that all that will change with the new emergence. host: virginia, kevin, what kind of business? caller: we are a business consultant. host: what is your comment or question? caller: good morning. thank you for doing this. we talk to our clients about and especially when we prepare them for financing because we have a lot of small clients that believe that just because they have a great idea or just because i have certain aspects, i should be able to get a loan, and that's not the way it works. but the other side of that, we know that a huge number of people fail. a lot of them fail because of the decisions that they make because they don't have any insight or view into parts of business that they really should understand. they don't have the analytics or have not developed the analytics or they think that my cash flow in my lossthey don't have the sy balance sheets for my financial statements are the only things i need when in actuality, there's a lot more to it

a check.(pam) shannon houser spoke with the man .. and tells us how the bankng to the incident now. paul mccowns told cleveland 19 news he went to the huntington branch inside giant eagle on biddulph avenue in brooklyn on dec. 1."i had got a new job. i worked there for about three weeks," he said.mccowns said this was the first check from his new job with an electric company.he was asked for two forms of id, which both he and bank employees confirm he provided.the bank said mccowns also provided a fingerprint, per bank policy for non-huntington customers who wish to cash checks.according to mccowns, bank employees started looking at the computer screen and questioning the transaction. "they tried to call my employer numerous times. he never picked up the phone," he said.the paycheck was for a little more than $1,000. tellers told him they couldn't cash it.so, mccowns said he left the bank."i get in my truck and the squad car pull in front of me and he says get out the car," mccowns said. what he didn't know is that as he was leaving the bank, employees called