he wants a bank, a central bank in the richmond area to help virginia banks. and farmers and merchants. he wants a california bank in sacramento or san francisco to help california farmers, merchants and bankers, so he comes up with this regional reserve banking system. of x number of reserve banks. he realizes he has to have somebody on top of this to at least coordinate these dozen or 20 reserve banks so he says i'll use control of currency. he's the top federal banking official whose main job it is to create, to authorize banks. if you want to get a bank charter at that time, you go to the state or federally and if you went federally, the control of the currency was the guy who gave you your license and oversaw you, so glass picks the control of the currency to sit on top of this regional ver aal banking system. one author had a very goodizati goodization. the aldrich plan was called a national association. glass called his the federal reserve association because it was federal in nature. now when glass comes up with this scheme, we don't know who the next

so they they use like smaller banks like afghan united to me a bank or some cyprus bank and then try to find a relationship with a big bank and then move the money to germany to the u.s. and so on and matthew what kind of clients are we talking about here who is it laundering their money with these banks well it seems that most of the people would be people we've never heard of they're not generally in the public view some of them all are but these are the people really in the background who are often pulling the strings who have their hands in various pots and know how to work the system especially in a lot of these you know energy rich countries and places like that and they need to find a way to move their ill gotten gains out of the countries where they're operating and this network of banks is daniel says provides them you know a ready opportunity to do so i want to just bring in a short report that we have and i think one question many of us perhaps never actually posed but have you ever thought about why is it called money laundering the fact is the term dates back to the u.s.

so they they use like smaller banks like afghan united or to me a bank or some cyprus bank and then try to find a relationship with a big bank and then move the money to germany to the u.s. and so on and matthew what kind of clients are we talking about here who is it laundering their money with these banks well it seems that most of the people would be people we've never heard of they're not generally in the public view some of them are but these are the people really in the background who are often pulling the strings who have their hands in various pots and know how to work the system especially in a lot of these you know energy rich countries and places like that and they need to find a way to move their ill gotten gains out of the countries where they're operating and this network of banks is daniel says provides them you know it ready opportunity to do so. i want to just bring in a short report that we have and i think one question many of us perhaps never actually posed but have you ever thought about why is it called money laundering the fact is the term dates back to the u.s. g

so they they use like smaller banks like ethic and united to me a bank or some cyprus bank and tried to find a relationship with a big bank and then move the money to germany to the u.s. and so on and matthew what kind of clients are we talking about here who is it laundering their money with these banks well it seems that most of the people would be people we've never heard of they're not generally in the public view some of them are but these are the people really in the background who are often pulling the strings who have their hands in various pots and know how to work the system especially in a lot of these you know energy rich countries and places like that and they need to find a way to move their ill gotten gains out of the countries where they're operating and this network of banks is daniel says provides them you know a ready opportunity to do so. i want to just bring in a short report that we have and i think one question many of us perhaps never actually posed but have you ever thought about why is it called money laundering the fact is the term dates back to the u.s. ga

england had the bank of england. france the bank of france. germany the bank of germany. there was no such entity in the united states. a few business people and intellectuals worried about this, but nobody paid much attention. the economy was doing well. teddy roosevelt, the president, found banking very boring, which i agree with him. then comes the panic of 1907. the worst financial panic we had until 1929. a number of companies fail. they threatened to bring down brokerage firms, insurance companies, and the new york stock exchange. there is no federal or state entity that can deal with this kind of panic. the panic is stopped when one individual, jp morgan, who had a small investment banking firm, went around and raised money from his other friends on wall street, other banks and securities firms, and they raised money and rescued a number of failing banks and trust companies. the panic stopped. the economy came back. morgan was kind of hero. suddenly, congress realized, we can't go on like this. as one of them said, we are going to have panics in the future and we w

banks are also down. we can talk about what is happening in the banking sector.ar sector is down. he of the health care sector, financial services, the miners are up, technology also rising. those are the only sectors in positive territory. iberia,lk about the iag down 13.44%, a tough session, but easyjet is down, ryanair is down. talked about the transactions he is looking to conduct with the london stock exchange. the london stock exchange is dropping the milan border, defensive transaction. investor of, this is an interesting transaction, the stop down today. there was talk about apollo deal , people becoming more cautious on that. we will see whether the company does get taken out. this is the kind of classic story a lot of people are talking about industrial stocks being taken out by private basically companies being taken private across the board. this could be one example of that. they're going to be plenty of others. indeed,ndeed -- alix: lots of m&a happening in europe as well as the u.s.. we'll wrap it up with a deal between the spanish bank and a funky

bank deutsche bank the biggest german bank i.e. the biggest european bank so are we going to do anything with them we can't write because those are our allies one of them will end up being acquired by j.p. morgan i think that's clear like it's like u.b.s. bought paine webber it was a huge intercontinental merger at that time to nobody thought that was going to happen but j.p. morgan to buy either deutsche bank or h.s.b.c. well we'll see about that but back in the u.s. and i think you know my theory is that with this next we have a lock downs and this collapse in the banking shares i think the u.s. is just going to have to step forward to you know if this is their empire they're going to have to. because they have the reserve currency they're going to have to start sending checks to europeans british might be 1st i think u.s. treasury secretary menuchin trump would support additional p.p.p. money you know talking about scams here was like tens of billions of dollars just thrown at people we personally know several billionaires that

iran and syria danish and british banks as well as germany's deutsche bank are among those implicated in leaked files all of the wode criminals are using the global financial system to launder money it's a dirty bit lucrative business for the banks. if a bank notices a suspicious transfer it has to report it to the authorities. thousands of such reports were of time by bus paid news. and then evaluated by the i.c.i. jai. it's an international network of investigative journalists. they have discovered evidence of money laundering worth $2.00 trillion dollars. you could learn a lot by handling money from criminal sources. that's why it's hard for banks to say no to criminal money. in germany bank has some explaining to do the country's largest banks already had to pay millions in fines in $27.00 tane after dodgy dealings in russia. the investigation reveals that those illegal activities a much more extensive than previously thought russian criminals used torture banks moscow branch to loan to millions the current c.e.o. christian saving served as head of corporate order thing at the tim

central bank modeled on the german central bank. i think, had aldrich and his colleagues introduced that plan in 1908, 1909, 1910, even early 1911, it probably would have gotten acted. we came out of the panic, there was a sense we had to do something. aldrich had all the power of the republican party in the business community behind him but the republicans did not act. one gets the feeling that they thought they were going to be in power forever. they largely run the government since the civil war and probably they thought they would run it for another 50 years. so they did not do anything in those years. it wasn't until 1912 that aldrich introduces his plan in congress and by that time, the country had swung in a progressive way. the democrats have taken control of the house and the progressive republicans, they now have control of the senate and these democrats and progressive republicans, we're not about to enact a conservative, private bank like aldrich was proposing so the aldrich plan died. the house is now controlled by the

in germany bank has some explaining to do the country's largest banks already had to pay millions in fines in $27.00 tane after dodgy dealings in russia. the investigation reveals that those illegal activities a much more extensive than previously thought russian criminals used torture banks musk i branched along the millions the current c o christian saving served as head of corporate order thing at the time he did not raise the alarm but subsequent external investigations deed starts a bank says it is since toughened its internal controls and it denies that c.e.o.'s saving did anything wrong it says he was unaware of the external probe. yeah i know i know how it is she founded a unit that led these investigations is what we're not paying you next to what we have since been external investigations to us and at no stage could any responsibility be traced back to the head of the business to the concerns of it and the fun for to listen to the conservatives who have no interest in the investigation also shows that us president donald trump may have profited from dirty money all agog fro

ck and united to me a bank or some cyprus bank and then try to find a relationship with a big bank and then move the money to germany to the u.s. and so on and matthew what kind of clients are we talking about here who is it laundering their money with these banks well it seems that most of the people would be people we've never heard of they're not generally in the public view some of them are but these are the people really in the background who are often pulling the strings who have their hands in various pots and know how to work the system especially in a lot of these you know energy rich countries and places like that and they need to find a way to move their ill gotten gains out of the countries where they're operating and this network of banks is daniel says provides them you know a ready opportunity to do so. i want to just bring in a short report that we have and i think one question many of us perhaps never actually posed but have you ever thought about why is it called money laundering the fact is the term dates back to the u.s. gangster al capone to legalize his illicitly

if you look at the regional banks, they have done worse than the big banks.is it specifically about this environment in a time where there are tailwinds that invested -- investors are so down. chris: there are two factors. the first is credit quality. we are going through an unprecedented situation with credit. the first thing that is impacting the angst is credit policy. the second is interest rates. in response to the credit problems, it is creating a structural challenge for banks. you are getting hit on both sides. romaine: talk more about the net interest margin here. we saw the big bank tried to navigate this. obviously, the big banks are broader so they have something to buffer them. have they done anything to blunt the impact? chris: the bigger banks have the most impact on the market. there is momentum from the first half of the year. for the smaller banks, which is your question, there revenue mix is much more concentrated. at 75%-80% tied to the yield curve. compressing, so small banks, because of lack of diversification or being hit harder -- are

and has become a different bank altogether. if you want to increase the ante money laundering department from 600 to more than 1500 people we've strengthened the systems and this is an ongoing process. a consequence of the failed control mechanisms prior to 2015 also in the internal auditing department christiane's even was its head until the end of 2014 now he's dutch a bank c.e.o. his former department head audited the russian deals but never noticed the suspicious transactions but a later extra no investigation revealed serious shortcomings. fortunately the current chief executive did not sign off on it back then he also did not read it at that point 24 team as there was no reason no concert him to do so unless. the bank does not feel its current c.e.o. as responsible. or right so a complicated issue here to go through this i have your porter arthur sullivan joining me here in studio and chelsea delaney our financial correspondent in frankfurt good to have you both arthur let's start with these files this big leak what exact

like rainbow bank robber bank repot rainbow bank well they said. the much deeper problem for the us economy is the asymmetric impact of fed policies on households and businesses the fed's monetary regulatory policies have contributed to a form of capitalism where the rewards are going to the one percent and the risks are borne by the 99 percent the current crisis response has made it painfully clear again that the fed's policies benefit high income individuals and large corporations while small businesses and low income individuals bear the burden while the fed likes to see itself as part of the solution to america's economic problems it should ask itself whether it is part of these problems so that's the top right that's what the fed is doing these people down at the bottom in defense of looting that's the same argument that they use where they say that looting provides people with an imaginative sense of freedom and pleasure and help some imagine a world that could be so again just like the fed is doing they're targeting small businesses and smal

the secret banking reports also show how major banks have failed to stop crime when they suspect it.y show that london is a hub for money laundering with billions of dollars of suspected dirty money moving through the financial system. the documents, known as the fincen files, were leaked to buzzfeed news and shared with the bbc by the international consortium of investigativejournalists. richard bilton reports. most of his body was submerged under water. the files show the reality of fraud. it can be a messy business. he was bound. he had coverings over his face. you knew that he was deceased. raymond pacheco‘s body was found in a vineyard, and this is the dream that cost him his life. world capital market is managed by a team of experts... he was taken in by a scam. to make money, he needed to recruit other investors. when they lost money, he was murdered. ..asia and europe... he was a victim in a scheme. he was a victim in a homicide. just a true, true victim. thousands lost money in the scam. the fraudsters stole $80 million. we've discovered that britain's biggest bank helped th

is that something the bank is also reacting to? is that weighing on bank stocks?r leg of that today? we see the pound weaker. we see further headlines coming through but working from home in the u.k., if possible. >> definitely. pandemic andof the the fact that these banks, there is a general risk off mood in the market in general. revelations are not helping. we are dealing with the fact that banks have been struggling with low profitability. with the pandemic and the threat manyeir business model, banks in europe are not going to be allowed to pay a dividend until 2020, so this is an important cocktail for any investor to be dour on the banking sector at the moment. m&a. i've got to ask about italy is considering selling to unicredit. we have more about ubs pushing to make some big transaction that could include either deutsche bank or commerzbank. pickinggoing to start reports picking up? >> we did report last week that m&a is resurfacing. this does seem to be an appealing option. mendes point, most of the was in market. we still seem to be quite a way any cros

in germany bank has some explaining to do the country's largest banks already had to pay millions in fines in $27.00 tane after a dodgy dealings in russia. the investigation reveals that those illegal activities a much more extensive than previously thought russian criminals used torture banks musk i branched along to millions the current c.e.o. christian setting served as head of corporate order thing at the time he did not raise the alarm but subsequent external investigations deed dacha bank says it is since toughened its internal controls and it denies that c.e.o. saving did anything wrong it says he was unaware of the external probe. yeah i know i know how it was she founded a unit that led these investigations as would one upping the stakes to what we have since been external investigations to us and at no stage could any responsibility be traced back to the head of the business to the little bit and the fun for to listen to the consent of those who have lived in this investigation also shows that us president donald trump may have profited from dirty money all agog from kazaks

bank was one of them. the russian affair came to light in 2015 bank customers are said to have laundered around $10000000000.00 of illegal earnings in russian rubles through the financial centers of moscow new york and london. u.s. president donald trump has also been a special client of deutsche bank for more than 20 years with his real estate financed by the bank he also did business with kremlin associated russian oligarchs . how corrupt is deutsch about. past that question straight on do you clearly dodge about its business model has involved a lot of smoke and mirrors your opening statement said the bank was just beginning to recover really. day that's a good time at the beginning of the year the price did actually rise which hasn't happened in the minutes seemed that fine was stabilizing but then of course $2.00 things happened one was the crisis which which which hits the fan quite badly. this thing be faced revelation so it doesn't really look as if stabilising anytime soon so matthew recover. in s

in germany dortch a bank has some explaining to do the country's largest bank already had to pay millions in fines in $27.00 tane after dodgy dealings in russia. the investigation reveals that those illegal activities a much more extensive than previously thought russian criminals used torture banks moscow branch to loan to millions the current c.e.o. christian setting served as head of corporate order thing at the time he did not raise the alarm but subsequent external investigations deed torture bank says it is since toughened its internal controls and it denies that c.e.o. saving did anything wrong it says he was unaware of the external probe. you know what i know i know how it is she founded a unit that led these investigations it would not be next to what we have since been external investigations to this and at no stage could any responsibility be traced back to the head of the business to the consent of it and if i'm flipping to someone to the conservatives who had lived in the city the investigation also shows that u.s. president donald trump may have profited from dirty money all

who did get reports from every single bank in the system and by joining the dots from those various reports from a number of different institutions it's the oath or it is that really needs to be taking the action but you're right you're right that there is an incentive for the banks to carry on doing that business it is very destructive for them and they freeze in accounts and they'll only do it in the most extreme circumstances and as you know one of the reasons that they are very careful about freezing accounts unless they've got hard evidence is that the clients can come after them and sue them i think the banks to the effect of them of course a little bit between a rock and a hard place but that's not to excuse but back to havior that's gone in the pos where a number of banks where actually just pursuing business at any cost and sometimes taking business that other banks wasn't going to do out allister or i'm going to have the revenue there alice are valuable insides there we appreciate your time tonight thank you. are the days almost gone the conversation continues online you'l

those against iran and syria danish and british banks but also deutsche bank are implicated in the leaked files all over the world criminals are using the global financial system to launder money it's a dirty but lucrative business for the banks. if a bank notices a suspicious transfer it has to report it to the authorities. thousands of such reports were of time by by the fayed news. and then evaluated by the i.c.i. jai it's an international network of investigative journalists. they have discovered evidence of money laundering worth $2.00 trillion dollars. you could learn a lot by handling money from criminal sources. so that's why it's hard for banks to say no to criminal money. in germany dortch a bank has some explaining to do the country's largest banks already had to pay millions in fines in $27.00 tane after dodgy dealings in russia. the investigation reveals that those illegal activities a much more expensive than previously thought russian criminals used torture banks moscow branch to loan to millions the current c o christian saving served as head of corporate order thing at th

banking does a lot of the banks to banking on the other barons so just to give you some context here in the u.k. 90 trillion dollars every year goes through because when the banking accounts it's massive so this is although it's an eye watering amount against the flows it's not so big and therefore the challenge of identifying the suspicious activity against the the genuine stuff is a big golf so let's not say can't be done the banks are still playing catch up so they find this a difficult problem and they're not as good at it as they should be so the banks basically would do something about it if they could catch up as you put it or is that a business model that they just don't want to let go. not to look is the banks have deliberately processing criminal follows but sometimes it really does look a bit think critically if you think about most of the banks the risk from the banks most likely labeling if somebody if you lend some good money and they run away with it you've lost the money but the big difference with this is of course the banks do make a profit from all of these drugs a

if by some more. >> caller: i think the banks will rally doesn't mean the banks are in great shape. it just means they're at an inflection point where any little bit of great news, i think they go higher. >> tim >> i think that the pirate's flag has been flown by citibank. it's a 4.5% dividend yield for a company that arguably has had the most lax risk controls and that's what it's getting brought up on and that's essentially the perceived punishment for all the people who love to hate the banks, i know it's not been a straight line but the down trend over the last couple of days is still holding the up trend that's all the way from those march lows banks have been slowly grinding higher i know it doesn't feel like it karen talked about loan loss provisions jp morgan's numbers last quarter were fantastic i do think what has been said about where banks are positioned, they are positioned on the other side. i don't know that we need to get to the other side to make them an investment you can't have today. >> i get the point about grinding higher, but there is an opportunity cost to ho

about shady part banks. in well known secrecy how humans would talk about the biggest banks you can think of britain is opening its 1st migrant camp after a surge in channel crossings but locals give mixed reactions to the move. even if they don't want to pay for the people like the babies if i did not have a leg. to get to use. the money from russia live from artie's world news h.q. here in moscow this choose day my name is kevin owen here for the next 30 minutes for the latest update for you great you've chosen to watch us this morning sos appreciate it 1st maybe no surprise here sadly the world seeing a resurgence of covert 19 with countries registering a record spike in infections most notably france spain britain have been the most affected in europe while iran is also seeing a worrying rise in deaths is forcing governments to bring back restrictions main time maybe no surprise here either. the pandemic is hitting the poor and vulnerable groups the most are europe correspondent charlotte toobin ski repo

there is a lot more to this than just one bank? hsbc is by no means the only bank singled out here.uspicious activity reports from banks around the world. they are obliged under anti—money laundering regulations to say when they see any sign of suspicious activity, when for example they do not know where the money is coming from. u nfortu nately, the money is coming from. unfortunately, the uk does appear to be at the centre of this. more than 3000 companies in these reports are british companies, that is more than any other country. we have a problem here, as well, with anonymity. the way things are you can set up companies you're quite easily and nominate someone companies you're quite easily and nominate someone else is the director and tighter control of that money. in some cases, you have got accou nts money. in some cases, you have got accounts saying turnover is £23,000 and hundreds of millions of dollars are passing through these same companies. there are growing calls for the government to do something about a relax money—laundering controls. we know from the files that a s

banks aren't really the problem this time around i don't think banks are going to scream higher. but a name like citi for example is trading at 70% of tangible book it's just too cheap. i do think city is challenged. i do think the banks are challenged what i think is going to happen, the banks are going to rally on a squishy tape and you're going to see everything give up the ghost as we get into october >> and bonawyn, banks have been on your shopping list during this sort of selloff period. >> yeah, they have if you really look at kbe or kre versus the xlf, the xlf has outperformed quite significantly. there's exposure there to investment management, invest service companies. i think you pay a premium for that i'm focused on the large money center banks if you look at the last earnings report, they had the provisions for default risk they also had exceedingly high fee generation and trading profitability. i'm willing to pay up for that aspect of the business. >> bonawyn makes a lot of good arguments, jeff mills. why are you so down on the banks? >> i think if you look at the p

that's how much towards the bank j.p. morgan h.s.b.c. and several other large global lenders earned in fees fees that their clients paid for transactions to launder dirty money and that is $1.00 of the explosive revelations from the biggest ever leak of documents from the u.s. treasury department the details are in thousands of suspicious activity reports which banks have to file with u.s. regulators when red flags are raised a bank is said to have transferred a stunning $1.00 trillion dollars in a legal catch and these are accusations that the bank says are all engine history yes these reports are nothing new not for us not for a regulate design it's all long been dealt with we've taken a good hard look at it all in particular we've been investing very solidly in this area since 2015. 1000 then we had 500 stuff employed in and the money laundering now it's over 1500. are for more on this now i'm joined by alistair wellman in london alistair has decades worth of experience in banking regulation it's good to have you on th

in germany dortch a bank has some explaining to do the country's largest banks already had to pay millions in fines in $27.00 tane after dodgy dealings in russia. the investigation reveals that those illegal activities a much more extensive than previously thought russian criminals used torture banks moscow branch to loan to millions the current c.e.o. christian 7 served as head of corporate order thing at the time he did not raise the alarm but subsequent external investigations deed. deutsche bank says it is since toughened its internal controls and it denies that c.e.o. saving did anything wrong it says he was unaware of the external probe. yeah i know i know how it was she founded a unit that led these investigations as would you not being the next to have since been external investigations to this and at no stage could any responsibility be traced back to the head of the business. end of it and the fun for to listen to the conservatives who have lived in the city the investigation also shows that us president donald trump may have profited from dirty money all agog from kazakstan alle

the bank that closed the accounts of the p.r.c. in the finsbury park mosque to ask about the closure of those accounts but he never received a reply one of the common complaints against these lists is that they are the reason why people can't get access to the banking system that poses some merit but it's not entirely true because it is not the role referred to it or to decide in a binary yes no moment when people should have access to banking their role is to provide information to the best of their ability to parent who then apply what we would call their own risk. to that information contacted rif in a tip and spoke to their head of communications but he declined the request for an interview. however in a letter to al jazeera dated the 13th of june 29th teen their legal representative said of the finsbury park mosque we're not aware of any evidence that it spank account was closed as a consequence of the mosques inclusion on the database and the courts did not approve any such suggestion. how then looked at a completely differen

that's in contrast to rival banks.n the memo, deutsche bank said workers only have to return in july. citigroup employees have been paste on played leave pending an investigation after revelations he operated a qanon conspiracy theory website. site has since been shut down. no specific comments from citigroup. the bank says employees need approval for any outside business activities. global news 24 hours a day on air and at bloomberg to take -- quicktake, powered by journalists and analysts in more than 120 countries. this is bloomberg. annmarie: thank you. tech takes a hit as opposed pandemic world. our guest host says not a time to dig tech yet. that's coming up next. this is bloomberg. ♪ >> the ipo is a price discovery process. we were after a set of institutional investors. people that can hold multibillion-dollar positions for 5-10 years. people that don't chase momentum either up or down. his company's record ipo. bring up the board. snowflake made a name for itself yesterday with the biggest u.s. ipo of the year

the secret banking reports also show how major banks have failed to stop crime when they suspect it.show that london is a hub for money laundering, with billions of dollars of suspected dirty money moving through the financial system. the documents — known as the "fincen files" — were leaked to buzzfeed news and shared with the bbc by the international consortium of investigativejournalists. richard bilton reports. most of his body was submerged under water. the files show the reality of fraud. it can be a messy business. he was bound. he had coverings over his face. you knew that he was deceased. raymond's body was found in a vineyard, and this is the dream that cost him his life. world capital market is managed by a team of experts... he was taken in by a scam. to make money, he needed to recruit other investors. when they lost money, he was murdered. ..asia and europe... he was a victim in a scheme. he was a victim in a homicide. just a true, true victim. thousands lost money in the scam. the fraudsters stole $80 million. we have discovered that britain's biggest bank helped them

not talking about shady pop banks. well known secrecy havens we're talking about the biggest banks you can think of. and britain is opening its 1st migrant camp after a surge in channel crossings but locals give mixed reactions to the move. just hearing it we don't want to. see it you know see these are the people like the babies will be if i didn't have a chance. to get to excuse. good morning from russia live from artie's world news age 2 you're a mosque in this tuesday's kevin owen at the helm for next half an hour i hope you can stay with me to take you through our top stories this morning then 1st the world seeing a resurgence of covert 19 may be no surprise to hear with countries registering a record spike in infections france spain and britain have all been most affected in europe at the moment while iran is also seeing a worrying rise in deaths it's forcing governments to bring back restrictions meantime the pandemics apparently hit the poor and the vulnerable groups the most are europe correspondent charlotte

banks. finally doing what they ought to there also must be a change in direct little requirement in order to be able to detect money laundering more. decisively and also to force the existing regulations more strongly. are you seeing or have you seen a commitment to enforcement on for example the german side. well i think the commitment is there but still need to be done when you think about. other cases but what we also need to find out is to what extent the european regulators in particular the case of the large banks when you think about the regulatory possibilities of the european central bank for example to what extent this needs to be extended you mentioned there of course the tech here in germany that made it to the dax they made to the blue chip index and then turned out to have a massive hole in its balance sheet do you think these allegations against torture back on top of wire card will that mean politically for germany will that be more of a challenge or promote or prompt more of

is it you or your bank partner who is are fdic insured? >> it's our bank partners. we don't hold the money. the money resides at one of two partner banks that we have we have partnership with the bank and stride bank we're in very close connection with them. we have multiple calls with them every week they offer the fdic insurance. we're regulated through them >> okay. my second question is who is your target customer i ask because there's millions, maybe tens of millions people who are unbanked in the united states and they are mostly the people you might expect would be unbanked they are people who are working paycheck to paycheck they may live in parts of the country where banks just aren't doing business tell me who is your target customer >> i think there's a misconception that only the unbanked are the ones living paycheck the paycheck. it's somewhere between 50 and 75% of americans that are before that next pay period comes they are struggling the make ends meet the suite of services that we offer help people with short term liquidity it's very broadly appeal

bank and just the banks of the help and you won't flush the ski resort i do have a guilty conscience just wish this for us what we did was wrong in seahawk the floor i mean quite high and then crashed and it's all my fault with this is a lie and mine if i can't blame anyone else and give me the but most of all of the cost and i'm sorry about how this affected my family because i made them feel miserable to sub interest is aside. from the. morning these shoes are not for beginners. they're the creations of edgardo osorio. played. good glimmers. there sought after by women the world over. the colombian designer finds inspiration in florence for his stunning footwear. bureaucrats. next october. though there is one of her meeting the most popular tourist destination in the region the incredible variety of landscapes make it a paradise for those seeking a more active college day so it looks like i'm going to get a lot of exercise and while i'm here while i'm at it i want to find out the ways in which the coronavirus endemic and climate change are affecting tourism here in the traditional.

the only sek tr trading in the red is banks we'll get a look at banking in a moment outside of that,very sector is participating in the rally let's look at the markets. we have green across the board strong gains for the dax the cac 40 also bouncing nicely. ftse mib lagging a little but still decent and ftse 100 jumping. yesterday dropping 1.7%. a bit of that was a catch up trade as uk markets were closed on monday. let's look at the european banks in more detail the only sector trading in the red, moves are contained certainly interesting to see that investors are differentiating. the positive sentiment will lift other stocks including some of these reopening stocks in the travel sector. not enough to lift the banking sector down and especially developments in spain as coronavirus numbers weigh on sentiment in that country. the swiss watch dog has opened the case to credit suisse. the regulator said, quote, it would assume violations to the regulation law and the former wealth managd they will partici with the investigation kicking off the banking summit in frankfurt warning it coul

they don't want the banks to invest them because then they are being under surveillance and the banksonal gets comfort in the form of a specific request otherwise, it is an irony made a lot up by the media. >> coming up on the show, we continue our coverage from the goldman sach summit as markets try to bounce back from yesterday's selloff. >>> welcome back to "street signs. i'm julianna tatelbaum these are your headlines european equities slug off early losses u.s. futures are mixed uk prime minister prepares to impose a fresh set of national restrictions cabinet minister says the government must act hinting at new measure. >> if it is possible for people to work from home, then we encourage them to do so. >>> beijing says they are unlikely to back the deal with oracle and walmart >>> president trump says he will nominate a supreme court replacement for ruth bader ginsburg on saturday after sources say he met with amy coney barrett at the white house. all eyes on boris johnson today, the uk government expected to announce the series. he is expected to put any curfew into mercedes rai