bank, bank of america or any of the other banks we used to run our payroll, our short term investment. >> i have the total fees supervisor that we're paying but i don't have a breakdown of the -- >> supervisor cohen: i'll take the total fee. >> it's 7 $80,000 to bank of america, 48,000 to u.s. bank and 36,000 to union bank, that's proportional to the amount of deposits they receive. that's a total of 864,000. >> supervisor cohen: thank you. supervisor fewer, you're next. >> supervisor fewer: thank you very much. our final presenter, michelle jacob who is working closely with supervisor cohen's office. chair cohen, anything you want to add? >> supervisor cohen: not but i have questions when you're done. >> good afternoon. thank you for having me supervisors and members of the budget and finance committee. i work at the lawyer's committee for civil rights of the san francisco bay area. lawyer's community is supportive of municipal banking. we serve such a bank as an anchor institution to promote low income, under banked and minority communities and economic development. in 2017 our orga

such a bank, a private bank will choose profits every time. thank you. >> next speaker. >> good afternoon. i'm susan harman, i'm representing the friends of the public bank of oakland. you have mentioned us several times. i'm really just here to support this effort, although i've chauvinistic about oakland and i want us to be first, any progress, anywhere, helps progress everywhere. so we are totally in support of the public bank of san francisco. you haven't mentioned student loans as one of the things the bank could help with. the bank of north dakota has been very constructive with student, offering refinancing and lower interest on student loans and bank of san francisco could certainly do that. i want to caution you about making it an infrastructure bank because that is really a revolving loan fund and that's not what we want to do. you already mentioned collateralization, that solves that problem. there will always be attention between mission and profitability of a business. we know that and we just have to construct a board that is awa

we need a public bank, we can no longer afford our current relationship with wall street bank, with bank of america, simply put they use our money against us. it's been mentioned sub prime mortgage loans displace people. pipeline, fossil fuel industry literally using our money to fund our own extinction. we are currently in a crisis but the good news is whenever there's a crisis there's a great opportunity. so sf has a great opportunity to send a message to lay the blueprint for the rest of the country on how to actually break up with these big banks. if our federal government can't break up with the big banks, we will have to do it for them. thank you. >> hi. my name is julie. i'm a registered nurse. and i'm with the california nurses association. we are here to support san francisco public bank. san francisco is a city which prides itself on progressive values such as equality and justice. yes, san francisco banks with corporations that fund the exportation of indigenous people and their land. banks that fund the destruction of our planet. banks that fund climate change, which is the b

institutionalized money laundering as the pillar of the bank's banking practices so i think everyone should be worried that lefty is banking sector is very much in turmoil this isn't the first time this has happened there have been five banks accused of being connected to north korea's ballistic missile program in the past so this isn't new but this is certainly the biggest the third largest bank in latvia that's now being accused of this ok look to deal with the european officials yeah this monday at the same time the future of lot of your central bank governor is up in the air. yes i mean this is a separate issue but when we're talking about stability it certainly plays into it saturday night overnight mr wrenn ketches office and one of his private properties were raided and then he was detained and now this forty eight hour period under which he can be held expires today it remains to be seen whether he will be charged on these accusations we heard about of taking bribes or whether he will be set free but we'll find out later today and eve in any case he sits on the european centr

not only is it part of the banking rfp and the bank and programming we do, it's part of the investment policy. to make sure we're investing the pool, the first things we look at is safety, investment and yield and make sure we're investing in entities that share san francisco values. we use an index to ensure that and have consultants look at all of our investments. in addition to that, we also build some of the programs around kindergarten to college and smart money coaching. the other things we do are partner with other entities like the mexican consulate to make sure that people who are not comfortable with bank accounts with u.s. firms are able to have a safe place to secure their funds and they don't have to get check cashing or have cash in their home. with all of that work, what we're excited about is sort of starting the task force with you. we have an incredible team of diverse individuals with experience that go from looking at starting their own bank, to housing to cannabis, to really think about what are the opportunities that we have ahead of us? how do we broker the power

banks. this is not a bill to have community banks. what we wish we would not hear is someone talking about how it's going to hurt community banks. excuse. ften used as this is a bill for the 10 largest banks in this country. the mega banks are hoping that ongress will let them to downplay and ignore the recent and extensive operational failures. mr. diamond, c.e.o. wrote in his his letter to share holders, operational risk capital should be significantly modified, if not eliminated, quote, unquote. let's think about it like this. most adult consumers have a credit score. banks use those credit scores to determine whether or not to lend to a consumer, and if so, under what terms. these credit scores are based on a consumer's what? a consumer's past payment history because this information is considered one of the best indicators of a person's likelihood to default on future credit obligations. now we know that credit scores are problematic. no one, including me is proposing to get rid of them

and central bank the bank of japan on sort of euro banks and they said look we need your help but this was all done in the background what was happening publicly publicly they acted as if they save the system in a period of lose a colluding against their. the general public but they colluded with each other to rig rates to keep money at the average zero levels that we have today to buy trillions of dollars worth of bonds from governments and from banks particularly banks that allows them to value all of their bonds up so they basically artificially rigged the entire bond market stock market because all of these institutions now have access to cheap money with which they buy their own shares and effectively just totally change the financial system but what i did was i went country by country that i called to the countries in the book so i did mexico i did brazil and to china to japan i went throughout europe and. there's a pivot areas where i looked at how they colluded over time so i was going back to two thousand a ground zero and seeing how they dealt with their own country's issues

green: the point is, i am a proponent of having small banks. i call small banks community banks. i'm a proponent of this, and if i'm a proponent of it, then i support the notion that we cannot allow them to be consolidated such that we will have fewer of them. i think this legislation is a little bit misguided in that it contradicts the very premise upon which it rests. i yield back the balance of my time. the speaker pro tempore: the gentleman's time has expired. the gentlewoman from california reserves. the gentleman from texas is recognized. mr. hensarling: i yield myself 10 seconds to say, they want to support community banks and they supported dodd-franks. the reason the banks are being gobbled up, and the point of the legislation is to allow them to come together and protect themselves and not be gobbled up by the big banks they vilify in the first place. i yield three minutes to mr. huizenga. the speaker pro tempore: the gentleman is recognized for three minutes. mr. huizenga: we've been hearing some detail os they have bill, but here's the real message. this is about our

coming up, banking on the banks. we will bring you an earnings preview of the financials.is coming up next. we will bring you all the equity market action as well. this is bloomberg. ♪ ♪ ♪ show me the olympic winter games ♪ ♪ like i've never seen before. ♪ ♪ xfinity x1, yeah, i always know the scor♪. ♪ triple corks in 4k... lookin' so sick. ♪ ♪ stream live on every screen, every win, every trick. ♪ ♪ 2000 hours of coverage, get your mind blown. ♪ 50 olympic channels, yup, you're in the zone. ♪ ♪ and if there's something that you want to see, ♪ pick up that voice remote and just say "show me..." ♪ experience nbcuniversal's coverage of the olympic winter games like never before with xfinity. proud partner of team usa. nejra: from bloomberg's european headquarters in london, i'm nejra cehic. equities finishing up the day in european trading, but first let's check on the bloomberg first word news. before that, let's go have a look at what is happening in equity markets. , we have seen broad-based losses across the region. european stocks declining. the u.s. had its best we can

let's bring you the details on your‘s biggest bank. —— europe's biggest bank.s biggest bank, hsbc, has reported a big jump in profits for last year. but it's mainly because it's been able to shake off the huge costs the company has faced in restructuring after a string of problems. it means there will be a strong base to build on when the new chief executive, john flint, takes the reigns from stuart guillver on wednesday. the numbers show that hsbc made a pre—tax profit of $17.2 billion for the calendar year of 2017. that's up a massive 1a1% on the $7.1 billion in made the year before. however, it's still below expectations. the bank says adjusted pre—tax profit of $21 billion gives a better idea of how the business is performing. it excludes one—off items and foreign exchange losses and was up 11% on a year ago. the bank's desire to focus more on asia, including expanding in china, is paying off too with 75% of profits now coming from the region. but despite these good numbers, the bank continues to have problems with the authorities. just injanuary, they agre

second bank loathed? >> well, there were -- one reason was the perception that the bank had a key role and was perhaps even the main source of the panic of 1819. the history's mixed on how much it actually did cause. but the other one was that at precisely the moment all of this is happening, the rumors of corruption and theft and misrepresentation on the part of the bank, in particular the baltimore branch of the bank, were coming to a head. and so congress put together a committee in december of 1818 that issued a report in january of 1819, and basically documented that the bank, in particular the baltimore branch, was terribly corrupt, terribly inefficient. and simply not an institution you would rather -- that you would trust. and all of this was coming out at precisely the same point that the case was being set up to be argued before the supreme court in february. so the case centers around the second bank of the united states, particularly the baltimore branch, and it is really over, as you both all

who will be the first european bank -- pan-european bank?side the eu but i see larger players looking at how they can diversify. that will be the next stage. i don't think the year 2018 is going to be the year will receive a lot. profile, theytion will have to reduce risks a lot. moment, risk in the banking industry in europe are still not managed well. peoplet play out and let do their homework and reduce the balance sheet. this is what we have done. once they are there, they can talk about joining forces. manus: you are always clear and a good sport. the chairman of ubs. axel weber and frank fort. -- in frankfurt. tom: that was an exceptionally important interview. mr. cranny talking to mr. weber. i also pointed out the idea of 2007 to 2018 and market-based finance. maybe that is a phrase will hear. right now you need a bloomberg business flash. taylor: the head of the world bank is the latest to raise questions about currencies -- about cryptocurrencies. he is comparing cryptocurrencies the ponzi schemes. he says it is still not clear how

that's not specific to deutsche bank.ading revenue has continued to drop for banks around the world, hasn't it? mark: you are absolutely right. deutsche bank also has an additional potential problem, that this chinese company, which is trying to dispose of assets quickly, holds a decent amount of deutsche bank shares. there is an overhang there that people are worried that originate will need to sell holdings, as well. that's an issue they need to deal with. anna: it's interesting to look at the bank has specific issues to look. john cryan was talking about that earlier. as appreciation of higher interest rates in the ecb filters through to markets, that could move things for him. it will also move for the sector. treasury yields still close to recent highs ahead of the jobs report. that will be the focus as we look into the european trade. mark: putting people are looking for anything to do with wages. indications in the data we saw yesterday that wages are beginning to take up in the united states -- pick up in the nine

medium and smaller banks. you. that does it for "bloomberg daybreak." coming up, the open. the oppenheimer funds cio will be joining jonathan ferro. this is bloomberg. ♪ jonathan: from new york city, i'm jonathan ferro. this is the countdown to the open. ♪ chairman pal takes over with full confidence and growing confident on the economy. treasuries with an auction bid wrapping up today, the 10 year yield stabilizes with four-year highs and barclays puts 2017 behind them. the ceo delivering a dividend boost. arerallying in europe, we 30 minutes away from the opening bell in the u.s. positive ahead of the cash of them by 4/10 of a percent on futures. fx market, the euro is showing strength despite a german number that came in way off the close of record highs. euro-dollar at 12315. and yields up by four basis points. and after the selloff yesterday following the federal reserve minutes, that is where we start, the release of the fed minutes, investors getting more on the january statemt.

tax reform that is hitting the larger banks bottom line here. well jon cryer was very clear that those numbers are certainly under the expectation they were really hoping for more mostly of the fourth quarter was very difficult for georgia bank and yes there is saying that is this is mostly because of the tax reform in the united states without the tax reform they would have made nine hundred million euros but also he was saying that even this would not have been good for the bank as well they are also saying that the market environment right now is very difficult because of very low interest rates he was also stating that the investment banking sector was really suffering because of low volatility in the market so he is clearly under pressure when he came here into office he was supposed to reform the bank all those reforms have been taking a very very long for two thousand and eighteen he is now saying that he's hoping to bring the bank finally back into the winning zone if john cryan and dodger bank for that matter continues to struggle why i

bank supervisor is interested instability of the banking system.in terms of individual institutions. we do this together with our colleagues from the european central bank and the german regulator. before, there is nothing new, nothing imminent in anyhow, nothing specific i could talk about right now. no heightened levels of concern. one final, quick question. we have been focusing on equity markets the credit is interesting as well. credit valuation is very high. spreads are tight. it's a crucial part of the transition mechanism. are you paying more attention to what is happening the credit markets as a result of what is happening last couple of days? know but we couldn't be paying attention because we are looking at it as closely as we can. guy: pedal stuff. the deutsche boerse spank chief. thank you very much indeed. up next, we will bring you the stock of the hour. we'll figure out what is happening in the markets. this is bloomberg. ♪ ♪ matt: welcome back. almost an hour into the trade. i want to highlight one stock is our stock of the hour. t

the good and bad, european banks shine why deutsche bank fall to the lowest level since 2016. warns of a- socgen potential budget deal that would add $20 billion to the u.s. budget deficit. we do have the bank of england rate decision coming in. no change to the rate outlook. they're holding at 50 basis points. they didn't live their growth forecast -- they did lift their growth forecast. the boe did say they may need to rise earlier, faster than they see in november. rates may need to rise earlier, faster than that thought in november. knows apprise here. sterling -- no surprise here at sterling popping. yields popping. a big jump happening in the 10 year. sterling at 139. having the best performing currency against the dollar. david: i want to turn to guy johnson who is on the spot in london. we just got these headlines. surprises here? guy: that is not a surprise. that was anticipated. surroundingnguage the next rate hike that is pushing the markets to do what it is doing. you can see what is happening with the cable rate. the pound is pushing higher at this point. the mark

and regional banks part of that process? chairman powell: some of the regional banks were. it is principally affecting the derivatives business in the first instance. we had a lot of different groups around the table and at this point we are broadening that to include other financial institutions. >> do you anticipate any potential cost relative to committee banks? >> i don't think -- they should not be meaningful full costs. likes if things continue to participate would you encourage a multiple rate approach? >> yes. >> we have always said if people that iskeep using libor fine. what we are doing is preparing for the risk that it would not be published. we are not saying that is what would happen but we need to be ready. >> of what do you anticipate will be the change that you will bring to the fed relative to transparency? arerman powell: we committed to being as transparent as we possibly can about monetary policy and regulation. if i remember the fed didn't even published a statement and now you look at the massive numbe

theralia is one of wealthiest countries in the world, so the major banks and the banking system and theces system has served australia very well over many years. as i said, it is arguable we actually need major structural reforms, but it is not just the royal commission. at the moment there is what is known as the productivity commission in australia, a government entity also reviewing competition issues, and that could have some more serious outcomes than the royal commission. ramy: out of the big four we are talking about, who you think might be hurt the worst? come up bank's front and center and that have the most at risk. i think by one estimate does been like 52 inquiries into the australian banking system in the last 10 years. it is certainly a lot. how much of a distraction is this to the banks' senior managements? up in frontng to be delivered evidence for more inquiries. the over 58id, of degrees i think 12 of them are going, so it is a major distraction. expensive, i would estimate a list $50 million -- estimate at least $50 million for each of the major banks. the financial r

tax reforms really the only one thing the bank can find to blame. they had there been from the frankfurt stock exchange that by the way is today very much under pressure because of those very negative numbers off dacha bank shares are now under the magical line of thirteen thousand points yes the u.s. tax reform that's what georgia bank is saying has been really hurting mostly their fourth quarter without the u.s. tax reform they were saying that they would have made at least nine hundred million a year or so but john cryan was also very frank frankly and he was saying that even this would not have been enough there are other factors for example the very low interest rates then also a problem in the end vesting banking sectors then still lots of pending lawsuits although all of those didn't have a bank at all so a lot of challenges but why why is it taking cry and so long to perform the bank. well he was really facing those tough questions also during the press conference remember that dodger back in the past has been called also the most dangerous

correspondent ashley banks. russia has become the fifth biggest sovereign holder of gold in an effort to diversify its foreign currency holdings here discusses chris martenson the c.e.o. and co-founder of peak prosperity dot com chris thanks for being with us the u.s. holds more gold than any other nation followed by a few others but what do you think behind russia's effort to amass more gold well it's clear as you just mentioned they're looking to diversify they've been looking to get away from the dollar particularly in dollar trading and to diversify their holdings they've been doing all kinds of bilateral pair trade in domestic currencies with china and it really seems to me that this is part of a longer move by russia to make sure they can move away from the dollar when you talk about they've been doing these trades can you give us a sense of the size of these trades i mean is that is that you know they surpassed china i guess not as number five but but how large are these trades. well it i think they're st

raises about the us system on the european central bank in. any other game now are not the cases of corruption and money laundering in latin in the lab and banking system so one has to of rather. control. our financial correspondent can add who's in frankfurt there now germany is one of the world's top exporters but when it comes to digital infrastructure you might be surprised to learn it is still lagging way behind to take the internet for example most states are still carried by underground copper cables which have been there for decades the coalition agreement between germany is still not official new government specifies that every person living in the country should have access to high speed data networks by twenty twenty five it's hard to make anything anymore without access to the internet. it's what startups are all about and central to the operations of mid-sized companies and major corporations alike. but many places in germany outside the big cities suffer from slow connections germany is virtually a developing country when it come

have the bank you -- if you thought the bank of japan was ready to take a hike, forget it. inflation numbers are nowhere near that level. the dollar is on the up, so that is hitting the market a little bit. moved its position on bonds. we will get to that in a moment. germany is up. let's have a look at some of the markets. 500, the stocks rallied by 1.1%, they gave that back. this is your 10 year government bond yield. five rate hikes. it could be on the card in 2018. it's not a crazy idea. pimco has moved their position on the bond market. 10-year government bond yields have weekly gains for eight weeks in a row. we have not seen this kind of momentum in bond prices and years.in 25 1994 was the last time you saw this. the market has graded the auction as a be. -- as a b. are we lighting the torch paper of a 1994 bond market? let's take a look at gmm. dollar-yen, the dollar is rising. it is breaking trend, but is that momentum based on yield? these are the commodity currencies. you see oil slightly better bid. you saw the global growth story go a little bit higher. complex

were money laundering two of those banks were fined millions of euros by latvia itself and three banks remained under suspicion now would be accused of of basically being a tool for offshore companies to funnel money to the north korean regime in this current environment those are very serious allegations and they came from washington not from here in europe and briefly what's the european commission have to say about all this. well they were asked exactly about this whether we can have any faith in the european and the european union's own supervisory authorities that they're basically following the u.s. allegations the commission not surprisingly say it does have faith in european union banking supervisory authorities and they point to the e.c.b. action imposing a moratorium on v as proof that the e.c.b. can take effective action but again we should point out that these are only coming because of the liquidity problem following the u.s. treasuries allegations last week teri schultz there thanks for your coverage. and just briefly copenhagen's famous restaurant reopened on the weekend

bank who is cited in that article. the fifth largest financial institution in this country who have denied mortgages across the board in the community that i represent. and that stymies economic activity it doesn't help it so i would love to collaborate with your office on how we stop these policies and practices that aren't discriminatory let me ask you hopefully you will be willing to work with me on that >> yes, sir. >> while trpresident trump trie to take credit for december unemployment numbers showing african unemployment at the lowest recorded level, this too is part of a long term trend that started under the obama administration which african-american unemployment has steadily declined for the past seven years in addition, racial disparities continue to persist. with the unemployment rate for whites at 3.5%, unemployment for african-americans is at 7.7% with the african-american unemployment more than twice as high as white unemployment, clearly more progress is needed. share with us your vision for the fair a

punjab national bank.er a viability rating on a negative. joining us of the of phone from phone -- joining us by from mumbai, our guest. is this a problem within the indian banking sector? >> good morning. i would, to an extent, say so. there is larger fraud underlying the risk. it has been a weakness for much of the sector. the lack of strong risk controls has contributed to the sector as a whole. something of this nature to be happening at the second largest sector bank is something that is important and noteworthy. perhaps we have repercussions for the sector. factnda: do you think the that the state controls much of the banking sector has a lot to do with it? if you see how our ratings are, they are more or less at the same levels as larger banks. there is a support factor in their -- there. if you look at the viability they areyou would see rated on a standalone credit strand. thatf the factors driving is essentially our assessment of this control and management supervision, which we think is pretty w

>>host: why was the second bank low? >> one reason was the perception it had a key role or perhaps even the main source of the panic of 1819. but history is mixed on how much it did cause. but the other was that precisely at this moment this was happening, the rumors of corruption and theft and misrepresentation on the part of the bank in particular the baltimore were coming to a head. so congress put together a committee that basically documented that they at the baltimore branch was terribly corrupt and inefficient and not an institution that you would trust. all of this was coming out at precisely the same point the case was set up to be argued with the suffering court in february. >>host: dissenters around the bank of the united states particularly the baltimore branch and really it is over the two issues part of the debate since the founding that state supremacy versus the federal supremacy that was a proxy of that conflict. >> absolutely. and then based around the country there was the panic of 1819 then they drive

authorities proposed banning one of latvia's largest private banks a.b.l. the bank for allegedly money laundering that he as finance minister sought to offer reassurance. you know just to stand up i can assure you that the latvian finance system is stable banks don't have liquidity issues so depositors can feel completely safe because. the flow of this moment i'm going to use this only involved watching you not just in order to protect the finance sector stability and reputation i think the term savage should resign from his post while the investigation is ongoing. now cops know that. the latvian prime minister has also called for him savage to step down but markets are still likely to remain an easy about the state of latvia's banking system on monday the e.c.b. said it was stopping old aid bank payments over liquidity concerns and while the room savage case isn't linked to the a.b.l. the problem it also goes beyond the country's borders as a member of the e.c.b. governing body has access to confidential information relating to europe's most powerful finan

will come under scrutiny for not just these state-run banks but also for private banks and foreign banksdia. there will be higher provisions the will be expected in march ending quarter by these banks. there will be obviously losses. expecting a sort of compression of price-to-earnings, but especially state run banks. -- theremore things need to talk that you merge these weaker banks with larger banks or create larger banks, but the counter argument to that is that you have to clean the system first. otherwise, it will become like an entity which would be too big to fail and probably there would be more systematic risk. haslinda: an ongoing story in india. come, why apple is reportedly raising to secure a multiyear supply. this is bloomberg. ♪ reportedly raising to secure a haslinda: this is "bloomberg markets: asia." david: quick check of your latest headlines. planning new artwork at its headquarters that some see as a monument to ceo jamie dimon . the new tower will be bigger than the current one, which was finished back in 1961. jpmorgan itself has more than doubled its -- doubled in

nejra: germany's largest bank is cutting at least 250 jobs globally at its corporate and investment bankhe bank is trying to limit expenses amid a sustained slide in the securities unit. the cuts could run deep, widening to over 500 layoffs. over the past few weeks, they have cut positions in london and the u.s. >> the challenge is to increase topline while cutting costs at the same time, obviously it is a conundrum. we have to keep in mind that this is part of a broad strategy at deutsche bank to cut costs. i think what people need to look out for is what is happening at the management level, because i think there is a struggle there between the forces that want to cut costs on the one side and the ones that want to invest and expand the investment bank on the other side. it is hard to reconcile those two forces, and we will have to see how it plays out in the future. lisa: south africa released its annual budget today, raising the sales tax and curb spending in an effort to avoid another credit downgrade. >> the president yesterday saying that he will take personal charge of the state-

banks. to be announcing, if anything. john a flight is the incoming ceo and he will take a different spin. most analysts we have spoken to do not expect him to have a big say, at least in the conference calls today. this is stuart gulliver's swansong and exit. management had at the bank, what direction does he take in relation to what happens north of the border here in china? haidi: on the lookout for hsbc earnings today. we have been breaking the bank's learnings live here on bloomberg. tuned. the filipina central bank -- the governor says the central bank will rely on data to determine the annual prices over the next two years. he also says the policymakers will is -- analyze volatility. authorities in sweden are increasingly concerned that the cash economy is moving too fast. the rise of digital and mobile is increasing. jpmorgan has expended his it rains as the best paid ceo on wall street. the total package last year was -- $29.5ion dollars million. morgan stanley ceo came in second. c

central bank policy?id: it is focused on the thatce sheet, whether includes u.s. treasuries, that was a theme for this year. and the ecb, we are heading towards bonds later it's your, thepcb is helping recycle eurozone, particularly germany and u.s. fixed income. that will come to an and potentially later this year. mark: at to the gilt market and sterling, you saw my chart their, down. we went into the meeting believing he would be more what new stuff did we get out of today's meeting? david: we were expecting the back to raise rates twice this year, and today confirmed that and it can happen in may and again in november. every february they do a supply check in the u.k. economy and believe that they are forecasting -- the output gap is diminished and the expect a economy to grow in a faster trend and wages to pick up momentum. because of this they expect to rates, raise interest but it is a process, and it could be the case they could get away for raising rates twice more in 2019, but it depends on brex

banks. the report says $50 billion threshold, domestic and foreign banks to be raised too so to be clear the chairman's the bill with your acquiescence will deregulate banks like those that repeatedly failed the stress test in deutsche bank, the only bank that went, woodland donald trump after his repeated bankruptcies and botched deals. third question, last night your staff sent the committee varies classified and unclassified reports do under the russia sanctions bill including an unclassified oligarchs report that looked a lot like the forbes list of rush's wealthiest men. i hope the classified portion is more detailed and compelling and the cia director did not see any reduction in west and subversion of western elections nor did he expect them to back off their efforts to interfere in our own upcoming elections, the president reportedly will talk about the need for bipartisanship tonight, can't get any more bipartisan than the work senator crapo and i bill did and it looked like the pre

bank.hank you very much. mark cranfield. forcan follow the mliv go smart market analysis throughout the day. what have we got next? the mobile world congress opening in barcelona. we have exclusive interviews coming from that event. chief executives of bush telecom and seat. these things are being merged. what is a car show? what is a tech show? what is a telecom show? the venn diagram is blurred. all of that coming up. the market open is 19 minutes away. ♪ guy: 16 minutes until the start of european trading this monday morning. let's talk about the telco sector and figure out what's going on. executives are gathering in barcelona for the mobile world congress. we spoke exclusively to the ceo of deutsche telekom about intra-market consolidation. he spoke to caroline hyde. telekom is the biggest european telecommunication operator, and we have 11 markets in europe and intramarket congregation. we have congregation with upc, we are working on accommodation in the netherlands, where we are bri

a hugely connected bank in europe and the world that makes everyone nervous. washington is expected to soon impose fresh penalties against russia for its alleged meddling in the twenty sixteen u.s. presidential vote those fresh sanctions would primarily target russia's financial institutions key to the country's massive arms export business which is worth billions of euros and therefore crucial for the russian economy. weapons have traditionally been a booming business in russia. last year russia export a twelve billion euros worth of arms to fifty three nations private banks usually play a key role managing arms exports but many of them are now subject to u.s. sanctions potentially throwing a wrench into russia's well oiled arms industry until moscow repurposed the props vs punk that is the bank manages russian arms transactions and keeps them hidden. so social so that the. establishing a network of companies is all you need to transfer money. from the outside it's not at all transparent still it's. until recently. was a private lender catering to the middle

the resident banks deal with normal legal operations and the nonresident banks which are a majority in latvia, that live off of shifting foreign money. so this problem is not new >> the challenge is that the u.s. has gotten so strongly involved in this case, this is not something that can be brushed under the carpet >> no. >> latvia has seen issues with nonresident banks before, especially since 2011. but in this case, they got the foreign regulators attention on the problem, that we will have to see some sort of moment from the latvian government to deal with the situation perhaps the timing is right, too because latvia will have general elections in october and that pushes the politicians along. >> let's talk about the politics of the situation with tand the a bank governor. he has been asked to resign, but because of central bank independence that's not so straightforward. >> will have to be his own decision unless he's accused and convicted in the case that he's probably facing. there's so much pleasumresh pree on him that he will probably decide to step back. >> what's your final

banking law, end quote. the maddon decision is the only -- is only the rule of law in the states under the second circuit which are connecticut, new york, and vermont. but some industry advocates, particularly marketplace lender finteches have argued the ruling and confuse about valid when made caused such great market ambiguity that it has resulted in reduced lending to needy borrowers in those states. but those claims have not been substaniated. the only purported evidence we have on the effect of the maddon rule is a single unpublished study that cannot even be peer reviewed because it relies on private data from a single unidentified marketplace lender. and the authors of that study have not endorsed this bill. in addition 20 state attorneys general, including the attorneys general for all three states under the second circuit, oppose this legislative change. you know what? predatory lenders are worried about madden case for a different reason. elevate and online payday lender is scared that they won't b