banking system in particular bank of america now i listen to you you've been interviewed a number of times on eric king's king world news and i recommend anyone who wants to catch up on the banking sector very specifically to listen to those interviews because they are actually in but can you speak about the bank of america and where we are now with the bank america story you know there was that when it was down to five or six dollars a share there was i know even i believe i heard you say that it had a lot of risk on the downside of the stock price due to their and their problems etc can you give us an idea of where we are now that bank of america story in the u.s. banking as a whole your bank america you write went down to four dollars a share late last year largely because of the european troubles who in their wisdom the european governments decided to prohibit short selling of bank shares because they are so closely tied with the government so obviously if the bank shares were falling in value so would the political prospects of the various governments in the e.u. so unfortunately

is the worst over for bank of america at this point? >> i wouldn't sell bank of america anymore. fundamentally the challenges having well-known over the last couple of months and now for the first time, when is it the tech anythings say there is a bullish formation that sets up for bank of america. bank of america is second consecutive close above the 200 day moving average. the short trade that everyone piled into over the last couple of months is over. the next trade is what happens with merrill lynch. they were able to spin it off or in essence able to sell merrill lynch and i think they have tremendous value for the franchise. the next step would be to buy it. >> people are coming around. >> it's hard to beat the victory drum when i was higher than here. i'm not surprised that it's well off of five. it never should have been at five. i think clouds are starting to part just a little bit in bank of america. i think that it's nice to get this settlement out of the way. that's one thing. a number left and we will talk to an analyst and we will talk about that. i am nowhere near

if that happens, that's bad news for bank of america. t i would also argue that's bad news for the economy and pretty much all banks whereas if things stabilize or move up some, not much is expected from b of a. i think they could post some upside on that. brian moynihan, he was dealt a tough hand. we'd be in a much different story or conversation about bank of america if they had not bought countrywide. i think he's doing what he can, but it's a slow big ship to turn around. i don't know anybody else could have moved it more rapidly than he has. >> yeah. maria, would your opinion of the bank changed if mr. moynihan was not at the helm? what about jeff's point? >> i think it's a fair point. also to the countrywide point, he hasn't really done anything with countrywide. and there's been a lot of chatter recently and argument that he should have put it into bankruptcy a long time ago and that would at least get the bank further along the way to resolving some of these outstanding mortgage issues. >> part of the trouble there is we don't kno

bank of america says it's looking at opportunities to operate more espiritually including bank of america has excess space here. that 450 number is a fraction of the 30,000 that they nope to eliminate. they say that all of the employees who give these given slips can apply for a new job or may be eligible for a severance package. back to you. >> thank you very much. hltd crews will be on the coast of half moon bay getting some of the great shots of the beautiful surf. crews visiting as they film for the new flick "of men and mavericks." there are a number of scenes at mavericks, all of this stunny condition with the high surf cannot be missed. of man and mavericks -- >> i don't think i would want a cam hoe in those shots. 6:08. temperatures are going to be nice. i want to check with meteorologist christina loren. >> you could comfortably hit the beach later. good morning. we're starting out clear. you can see from this camera shot it has a bit of a sthik it. that's preventing dense fog from forming at the coast. let's talk about visibility where it is dropping off. places like fairfield d

bank of america. for 2012 it's been a winning sector. >> it's been crazy since about a week before the end of the year. bank of america is up 40% just this year alone. in a lot of ways, when you look at the charts, they are approaching levels for instance when we fell off a cliff, the market fell off a cliff in july. now we're getting to a point where bank of america is back to $8. morgan stanley is through it. jpmorgan, citi, it's like crisis time is over. >> so what are we looking at this week? >> i want to look the other way. so bank of america is a stock that people keep buying hand over fist. it's a single dollar name and people can get big in it. i want to look out a few months and say to myself this 40% gain, maybe there's a lot of good news in the stock going forward. i'm trying to figure out inventive structures that don't cost me a heck of a lot of money that will play for a retracement. >> dan is using what a called a one by two put spread. it is a bearish bet. one we haven't used in awhile.

why couldn't you go in if you have a mortgage through bank of america, why couldn't you hand them cash for your payment? >> well, we wondered that too. we contacted bank of america corporate in their home loans department and this what is their pr person wrote back to us. our banking centers are fully ready to accept cash for mortgage payments but when an account is in foreclosure, the customer must have already arranged through a formal payment plan before we would be in a position to accept a one-month payment. we talked to robert somerton by skype and he told us as of now he's not in foreclosure. he says b of a did take his payment over the phone. >> we were able to make a payment by phone when i got home. >> somerton's video has around 100,000 hits over four days and that surprises him. >> i was just talking to my mom and she said one of her neighbors came over and said she saw her son on a video on youtube. >> they will not take my cash payment. >>> when i think of glass i don't thing of it as a high-tech piece of material. i think of stuff you get pickles in and -- >> yeah. >> st

christie smith joins us live in concord where bank of america issued 450 pink slips. good morning. >> reporter: good morning to you. yes, 450 bank of america workers here in concord got the bad news yesterday that in a matter of months their jobs will be eliminated. bank of america is saying this is meant to consolidate operations, reduce costs and increase efficiency. the workers are in the consumer service and operations unit and that includes a fraud and consumer claims unit and customer service contact center. the decision came bank of america is saying after a lengthy review, saying it had excess office space here. last july it sold its downtown offices for about $80 million. that 450 number is only a fraction of the 30,000 jobs that the bank hopes to cut to reduce expenses by about $8 billion a year. boa saying employees can apply for other jobs in the bank or may get a severance package. the units are expected to close sometime in may of this year. reporting live in concord, christie smith. jon and laura, back to you. >> thank you for the update. >> a berkeley p

you said this is not bank of america. investor, anybody who was long bank of america or recommending it as i did much of last year from 15 on down, may have missed the legal liabilities to which bank of america was exposed in mortgage cases. you can make an argument for any stock gone bad. why is this one any different than any other? >> well, this is a lot different than bank of america. simply making a bad investment. this is a traded chinese trading company in china where the company itself says it doesn't know if its business is legal. it doesn't know if it has the timber id says it has. yes, you make bad investments. this is not one. this is where you have to understand and commit investor money something like this. i think that's the difference. >> last quick question. are you looking to make this is class action suit? are you talking to other investors out there to join the suit? >> yes, we are. >> all right. larry kellogg, we appreciate your time. >> thank you. >> like the $500 million the government lost. i mean,

five banks agreed to a deal worth at least $25 billion. >> america's biggest banks, banks that were rescued by taxpayers, will be required to right these wrongs. >> reporter: the agreement stems into the investigations into the foreclosures that followed the burst of the housing bubble to speed up evictions, workers sometimes signing documents they hadn't read or faked signatures, a process known as robo signing. the deal is the broadest plan so far to help borrowers who are under water on their loans. it allows them to refinance at lower rates or reduce their debt. there's also money in the deal for people who have already lost their homes. about $1.5 billion will go to borrowers who went through foreclosures between september of 2008 and the end of 2011. that will cover 750,000 people who will receive checks for up to $2,000 each. >> we are using this opportunity to fix a broken system and to lay the groundwork for a better future. >> reporter: the deal involves bank of america, wells fargo, jpmorgan chase, citigroup, and allied financial. those five handle more than half of all outstandi

. >>> the federal government is accusing bank of america of discriminating against disabled borrowers. the department of housing and urban development says b of a posed some unnecessary and burdensome requirements on loan seekers who are relying on disability income. bank of america said it did not engage in a systemic practice of discrimination. >>> and michael douglas is

some of the banks participating in this settlement is bank of america, chase, citigroup, allied financial and wells fargo. back to you, frank. >> all right, gil. thanks very much the gil diaz live for us in walnut creek. >>> speaking of bank of america, unemployment lines are expected to get a lot longer in contra costa county this coming may when b. of a. says it will close its closing consumer service and operation units in concord that will eliminate 450 jobs there. the workers reportedly got the word yesterday. bank of america is planning to cut 30,000 jobs worldwide in a move to save as much as $8 billion a year. >>> people in san jose will gather at civic auditorium today as mayor reed delivers the annual state of the city address. mayor reed is dealing with many of the same issues as a year ago including the budget deficit and uncertainty about the as' downtown ballpark project. but the homicide rate is down so far this year after an unusual spike last year. the program begins at 6:30 tonight and is free to the public as space allows. we'll speak live with mayor reed during our 6:0

momentous day for bank of america. at it is. >> up from five. >> it's a momentous day for bac. saying in an interview today that it doesn't get any better than bank of america when it comes to value investing. and yes, by the way, he is long the stock and has been for quite some time. below $8. but that aside, you're seeing unusual activity. >> it's been going on for months. when you look at yesterday traded at almost half a million. today almost a million contracts. they continue to come from upside. when i say they, look at the volumes across the february 8 strikes. you can go out to various months. go to the january 2013, the seven and a half strikes. volumes are off the chain. ridiculous. some cases are half a million in some of these open interests out there. so there are a lot of folks out there that are betting on the fact that bank of america is exactly what bruce berkowicz is talking about. there's still upside. and maybe if sam's right, maybe we'll see some sort of dividend returning to the citis, bank of amer

so these stocks have had great runs. >> bank of america is not our favorite. clearly that's frothy. but i think you mentioned the other day you were moving away from the regional banks to some of the larger ones like jpmorgan. i think if you really believe in this market you have to own the financials. they're looking a lot better than they did over the last couple of years. >> differentiate for me why a jpmorgan over a bank of america, as i might add citi, jpmorgan and goldman sachs are the only buys in the sector. >> bank of america still has a lot of hair on it. if you think there's going to be a recovery in the housing you own bank of america. if not, stay away from it. jpmorgan is a completely different type and really well capitalized great management team. very cheap and it's got a catalyst coming up if they pass the regulatory issues next month you could see them raise the dividend, and it looks good, a good catalyst to move up. >> joey what do you do here? >> i think if we're shifting into a more defensive environment in the financial space you've got to go back, think about

. >> america's biggest banks, bank of america and citibank agreed to paid $25 billion for mortgage relief. it will reduce loan payments for those who owe more than their homes are worth. others will also get a small piece of the pie. california is getting a large slice. $18billion in mortgage relief. >> it will continue, criminal investigation, investigations into the fraudulent practices around lending. >> 11 million are under water on their loans and thisope lane helping 11% of them. ktvu's consumer editor tom vacar is live with the story of homeowners who may get some help from this. >> reporter: indeed. as protesters continue to gather here that chase bank. 12billion of the 18 california gets will go to principal relief, cutting the money homeowners owe, from those 5 banks. >> reporter: she is in bankruptcy court trying to save her home. she said she had to do that because trying to deem-deal with bank of america has been what she calls a two year long horror. >> i submitted 550 documents for this process and we are in the review with the investor phase. >> reporter: despite no manner

yesterday in washington, d.c., because the bank of america does not pay taxes. you will pay more taxes than bank of america. look that up,

darren gersh, "nightly business report," washington. >> susie: more housing headaches for bank of america, the giant bank was hit with a lawsuit by the u.s. department of housing and urban development today. it's charged with discriminating against disabled homebuyers. the agency says b. of a. put unnecessary and burdensome requirements on disabled borrowers. in two separate states, borrowers complained saying they had to show medical records to prove their disabilities and detail their social security income. bank of america says the cases came down to inconsistencies between federal housing administration lending standards and conventional underwriting standards. and that it followed the stricter federal standards which require more detail. >> susie: with fees rising and customer service falling, more americans ditched big banks last year and moved their money to small banks and credit unions. j.d. power and associates surveyed 5,000 people who shopped for a new bank or bank account over the past year. its defection rate for large, regional and midsize banks averaged as high as 11% last

>> if you have a five-year time horizon absolute on bank of america. and the valuation is low at 8.8 times tangible book. but there's a lot of overhang even with some behind bank of america. don't be there for the short term. long term. >> tom: did do you own the shares? >> i own bank of america i do not own oxy. >> tom: you our guest this evening from hillary kramer. thanks hill rather. >> thanks, tom. >> tom: a three-day winning streak came to an end with today's small drop, with investors gravitating to energy and defensive sectors. the s&p 500 spent the session in the red, trading in a narrow range, ending with a fractional loss. looking at a one-year chart, the index remains at the top of its range over the past year, as this latest rally has stalled out for now. the biggest drags on the broad market were the financial, telecom and technology sectors. hewlett-packard threatens to keep tech in the red after its disappointing outlook late today. shares lost another one percent after its earnings release and forecast. fellow computer maker dell led th

that's because bank of america says it will close its consumer service and operations units in concord. that will eliminate 450 jobs. bank of america is planning to cut 30,000 jobs worldwide. this is a move to save as much as $8 billion a year. >>> rumor has it the sun's coming out to play today. >> i think i heard the same thing from lawrence. >> absolutely. this is going to be the nicest day of the week. we're not messing around today. temperatures in the 60s and 70s all around the bay area. not as much fog outside this morning still a couple of patches in the valleys toward fairfield. right now temperatures in the 40s and a few 50s. by the afternoon, we are enjoying sunshine and how about these numbers running a good five to 10 degrees above average. 71 in san jose. about 65 degrees in san francisco. and 69 in the napa valley. now, enjoy it. it looks like tomorrow the temperatures change drastically as clouds are going to move in, a chance of a couple of sprinkles here in the bay area, unsettled, cooler and breezy over the weekend. better chance of rain come sunday night into monday

. >> bank of america. bank of america. wells fargo. wells. yes. citi. >> like rock and roll fans hoping to get an autograph, they want something, too. but it's more serious. >> i just want to keep my home. something affordable that i can pay. all i want to to keep my home. simple and plain. something i can pay nearly everyone here has one thing in common. >> have you been trying to work things out with the bank before? >> i did. but they denied me two times for a modification. >> now, they're counting on naca to save their american dream. >> that is the founder and ceof you're looking for rock stars he's the closest you'll find. >> we do the advocacy we call nonviolent bank terrorism. we hold ceos responsible for their actions. and we hold ceos responsible for action autos one by one, naca signed agreements with each banks here to modify loans for people who fit the criteria. when it's over, more than half will walk away with a mortgage they can afford. >> my wife lost her job, one down to one income wex need help. >> clifford brown's family just

she fell behind in her payments and worked out a loan modification deal with bank of america. >> i gave them the lump-sum they asked for. >> but she says four months later the bank took the lump-sum back and -- gave the lump-sum back and told her her home would be foreclosed on. she is one of thousands of americans fighting for closure. she says what made the difference for her or the occupied d.c. protesters. >> as someone who is thomas myself, i know what it is like to be out -- homeless myself, i know what it is like to be out on the streets. >> freddie mac has said that it has worked out a deal with bank of america. >> they realize they made a mistake and they are willing to try to give me my home back. that is good news. >> freddie mac says bank of america will fork over the money associated with this deal. meanwhile, protesters say this as galvanize them to help other local homeowners facing foreclosure. >> coming up, grace and coolness under pressure. this pilot had to make an emergency landing. >> a battle over a farm and a soccer field. why some residents of montgomery county a

no comment yet from bank of america. pressuring health care meantime humana dropping 5.5% while earnings came in as expected for last quarter, its outlook was disappointing despite the company's leadership position with medicare health plans. pharmacy benefits managers medco and express scripts also weighed on the health sector-- down 8% and 4.5% respectively. skepticism is growing about express scripts $29 billion buyout of medco over anti-trust concerns. the deal would combine two of the three biggest companies that manage prescription drug benefits. and that's tonight's "market focus." >> tom: as stocks have gotten >> tom: as stocks have gotten off to a hot start this year, dividend-paying stocks have not kept pace. that brings us to tonight's word on the street," "yield." gregg greenberg is a reporter at thestreet.com. gregg, is the search for yield over, in other words the time to dump dividend stocks if the economy is pick up steam? >> absolutely not. from the fund managers that have been coming to speak with me, t

we mentioned currently that the cash management services contract is actually going be bank of america, wells fargo, union bank. is there more than one bank? do we expect to have a greater pool of respondents? >> we're certainly hopeful that we will see a much broader pool of respondents. we are still crafting the r fp. for example, some of the things we are looking at are actually allowing financial institutions to not have the bid on all of the various types of services we require, but maybe they can bid on one or another if they have specialty or capabilities in one area as opposed to all the areas. our goal is to allow for a a a broad variety and a broad number of financial and institutions to be able to respond and ultimately to give the city more flexibility and hopefully more options to choose from and evaluate as we are thinking about where we're going to contract to receive these services. to answer your question, our hope is that we will receive a broader list of things and we are currently working with. supervisor avalos: are you giving any special focus for local banks at a

bank. oh you have to say to me i mean this is just post. morgan gets to make money off. really america was third on the list of banks getting money from the from the feds would put it into so if you're into those and some of the point then was over twenty billion dollars a day on average right so it's absurd them we talk about all the time these guys run a feudal system or close the crowds all right you and i can borrow but they can take our lunch i mean it's crazy i just think it's very incendiary how it just there is no stopping them on any level they have create crept into every single aspect of lives to where they can even despite all of the anger against them despite all of the anti banker sentiment they can still cash in on just average people's tax returns with five dollars here ten dollars there you know whatever fees to the merchants that you're using them at kennedy if you want to add anything go to a credit union and read your tax forms very carefully i think that i think the real lesson to be learned here is read the fine print everywhere you look because that's where they'

yesterday in washington, d.c., because the bank of america does not pay taxes. you will pay more taxes than bank of america. look that up, u.s.uncut.org. >> i am sorry, i missed my cue. i have three boys. does that help you decide where i was? thank you for inviting me today. it is an honor to be on this stage and that celebrate the 100th anniversary of the right to vote. as i began to write my speech for this event, i really started to struggle with the subject. the first draft, the participants, and the details leading up to gaining the right to vote. the question that kept popping up in my head was this, 100 years later, is there enough to celebrate? have we made significant strides in our fight for equality? i kept ignoring the question pushing around my head. the thought kept buzzing in my head like a baby at a picnic. when i finally paid attention on whether we have made significant strides, the answer was an unequivocal no. it was only when i answered the question it and sat down, it was only when i answered that question that the words began to flow. the