i believe we see bank of america in the murals themselves and a portrait for the bank of america. we've asked for this request from them before but and approached us and asked us to come back. we'll hear whatever support i can give us. thank you >> thank you. >> good afternoon commissioners i'm al stone i'm the senior regular traffic. to expand on what rochelle was saying in terms of the cost for the restoration and the need to apply for this grant. what we've encountered in working occupy our surveys is several work has expanded slightly reknew that would. we're getting closer and closer to our costs having this entrapment it tremorly helpful. we're taking on historic finishes to help to enhance the mural presentation and this allows the arts commission to take this administer costs and it does it would do wonder to supplement the diversities of $250 from rec and park department >> we do have any public comment? so i have (calling names) sandra did you want to speak on this. she's gone. anyone else who want to make any public comment? >> i'm richard recording man but i horde some

right now bank of america is at 287. wow. nce the trend here was already positive, collins thinks cci is signalling an extreme move higher. while a 6% run is spectacular for a big cap stock like bank of america it's not what collins would call extreme. this is one more signal that b.a.c. isn't done going higher. if you think we are ahead of us check out the long-term weekly chart. since the beginning of the year the stock has been in a strong -- since the beginning of last year, look. think about how long it's been going strong and continues upward and the continue nation of an upward channel. while there were ebbs and flows in the share price. not everything was up every day. the stock dipped down to test the floor. see those? the pull backs lead to healthy rebounds. according to doll lips this bullish channel is as textbook as they come. 20 pages of charts illustrate various important patterns. this one fits in with with my examples of exactly when to pull the trigger. however, there is more to the chart than a pretty pictur

banks strong. it's been three days of decent bank earnings. that's the bottom line. bank of americaear. one of the big winners so far. we've had three bank earnings so far. enough to give us an idea of what's going on. here's what i see. stronger liquidity from the banks. lower expenses, too. net interest margin, okay, not great. trading is okay. maybe a little lower than expected but not out of the ballpark numbers are lower than expected. that was expected. what we need right now, the banks need is two things. number one, better loan growth and higher rates at the low end. that will really enable some of the profits to come up. we haven't gotten yet but so far definitely improvements in the bank. commodities stocks are up. the world bank said they see global economic growth picking up. what's the record of the world bank in predicting economic growth? it's terrible. never mind, imf is terrible, too. we report it. what's not helping, oil stocks. anythinging energy related, upstream, downstream, it doesn't matter. all year long these companies have had a tough day today. it's refine

bank of america reported this morning. settlement with the doj a couple of months ago. going into this quarter with bank of america, everyone was expecting brian moynihan would have to take a big litigation reserve. it does not appear that was the case. why do you think that

it's bank of america they don't trust. run by some lawyer who doesn't know how to run a bank. i think the bank of america was entirely dysfunctional put together on the fly with the worst possible acquisition of the year, countrywide at its center piece. this target which financed 20% of the 2006 mortgages of this country was less than worthless. we don't have the exact tally but it's entirely possible almost all of these mortgages defaulted. i don't know a soul who could have managed that poison pill properly. second indictment, the liabilities haven't gone away, judging by the $2 billion litigation, this could be the beginning of a second round of putbacks. there are more issues to set and more liabilities. it could indicate there might be as much, call it $8 billion. but they still made $3 billion after the charge, and it can handle eight billion easily. all i can say is the size of the dividend is not up to bank of america. lots of people think the regulators have gone away, but not for banks, particularly banks that we

i think we need to mention bank of america. in terms of investment banking and wealth management but also they want to emphasize the commercial bank is the biggest in the country, right? or the most branches or something. >> this is the best of the three. a couple things really stand out. the interest margin is terrific. we should stop talking about mortgages. not that great a business. every time they turn the lights on this company is making a ton of money. the investment banking is very good what you said about merrill. i'm blown away how much money they can make and how they have great expense control. i'm not worried about litigation. i think it's a short-term peak i don't expect anything big in 2014 when it comes to that. this company is hitting on all cylinders, when will the federal allow them to give the dividend back the way it used to be north of $2. i think it will take too long. i don't think people should be in it for that but the earnings leverage. >> did you think gm would come back to a 3% yielder, then? >> i k

bank of america reported this morning. and the $13rgan billion settlement with the doj a couple of months ago. going into this quarter with bank of america, everyone was expecting brian moynihan would have to take a big litigation reserve. it does not appear that was the case. why do you think that is happening? moynihan spentan time in washington meeting with people. >> i do not think his story is over yet. >> why is that? idea, anyt have any facts, but i would doubt they get off that lightly. you look at how much jpmorgan has been targeted, and it seems like we are in an environment where the government is out for blood. it is bank of america next. who knows, but i think brian moynihan has been a hell of a job. these guys will go as far as they can go. jpmorgan i thought was done, and then they came after them on madoff. there is never an end to this ticky bank attack -- piggy bank attack. i hate it. >> you do not think it is justified? >> the scale of these things are wild. >> so were the losses, the issues were high sca

it spread to the other banks, jpmorgan, while it didn't report as good of a number as bank of america -- i can't believe i said that -- still managed to rally again. let's take another dog of the dow, intel. another upgrade from intel this time from bank of montreal. because they verified that the personal computer market is bottoming. that's also the reason for the endless rallies in sea gate and western digital. it was supposed to be the layup short for 2014, the pc business. i'm astounded by the action in these stocks. i'm concerned the stock has moved up too far too fast. but my instincts attemtell me ty along for the ride. i'm sure there is something very good and fundamental happening there. how about the newfound activism in tech stocks. that's something new for 2014. elliott management, smart management fund, makes you go back over many of the hardware and software companies that have seemingly done nothing for years and years and suddenly could be worth a lot more than people thought. it's ripe for a shakeup, hence one of the reason why the stocks have truly broken out and ra

banks. mike makes a good point, if you look at some of these banks, for example, bank of america and citi, theyre a long way away from their all time high middle, all these names now have headline risk. i think you do want diversification. i think you don't want to load up in any particular name, diversification, the xlf. interestingly three calls trading every -- for every put today in the xlf. >> all right. bullish activity there. dan, that is where you are putting your trade on the xlf, the etf that tracks financials. >> the etf has acted well. one of the things i want to focus on for the trade today, that we will talk about, is that four of the five largest components report earnings in january expiration. it's bank of america, citigroup, wells fargo and jpmorgan, these set the tone for their core four results and outlook for q1 and balance of the year. so to me, i think there's a trading opportunity here. i think they have momentum, they outperformed the market just this year in the last two days the s & p down almost 1%, flattish, but some of the banks we talked about, citi is up 2%, so t

a bank of america. ves past litigation issues, morgan stanley did the same thing, you are starting to see that model based on client service is beginning to generate the kind of earnings leverage that you cannot get right now. >> forming later today? >> correct. >> well, one of the most acute ceos -- we all have different characters, we do not put them all in the same blue blazer snow boots- blue blazer snow -- i will get it out. >> the piano bar did its damage, of course. >> killed me. >> what i find interesting is the way we heard from different banks during the earnings season and how they are trying to differentiate themselves from each other. jamie dimon is at the top of this, too, right? >> i have not seen jamie dimon yet. maybe he is coming up by sleigh. that would be the canadian thing. >> that is certainly one visual image. >> it would be. they have to be sensitive about landing on helicopters. so 2006. >> tom keene in domino's, switzerland -- davos, switzerland. new economic data, lower by one

steve, bank of america, granted they're coming off a tougher year relative to some of the others, butk of america are telling you a story that's more consist weent with an improving economy. >> not as consistent as it should be. i was interesting in the lack of lending on the part of jpmorgan. as a economics reporter, that troubles me. as an investor it gives me scope for optimism in the following way. there's a lot more profit, i would think, in the bank actually lending money and taking advantage of what should be a huge net interest margin gap than there is in whatever else they're doing with their money right now. the idea that they're stoked for further profitability through the old get your hands dirty business of lending money makes me relatively optimistic about that. >> there's just that much demand there. >> sorry? >> is it sort of a where's the demand story? >> i think there's going to be a demand story, a regulatory story in there, and i think there's going to be a story about confidence, and confidence in the economy on the part of those borrowing money and those lending

check out the banks, and look at bank of america, busting out the five-year high. it too late to get into the names? can they continue the run this year and citi lit a fire under the bank of america shares yesterday. >> yeah, the stock is up 5% in straight line, it acts really well. technically, we have a couple of charts, when you look at it breaking out like that on gold volume, the moving average is trending higher. there's no resistance overhead here. as we come into the next two weeks, wee get a lot of earnings and when we get the outlook for 2014, in a lot of the banks. but put it another way. you know, some of the banks are consolidating. when you look at citi, it's traded between the high 40s and the low 50s since the spring. others don't look like so great. but to me i think there are other ways to play it. i like the banks who have absorbed the idea of the tape pretty well and they have some legs. >> mike, i'm wondering if you think the run we saw in 2013 across the board in the financials, they're pretty big runs in 2013. anticipation of the rate environ

that is an issue for bank of america. ied up with all of these, these settlement issues that the other guests referred to that the big run up in the mortgage business via the bank didn't get as much benefit as was fathought of. overall, they have a much stronger leverage to the u.s. economy, particularly on the housing side, and overall, about 80% of the revenue comes from the domestic market. so as the outlook for the home market continues to improve, it's reasonable to expect that there could be a very strong beneficiary of that positive front. >> what kind of loan growth do you think we should get? >> if you're looking at jpmorgan versus wells fargo, it will be interesting to see what bank of america kind of lands. wells fargo was cruising close to portfolio growth around 10%. where when you look at jpmorgan, it was still in that 4% to 5% annualized pay. bank of america and its franchise across the country, it will be one of the things that we'll be looking at very closely is can they see some acceleration in loan growt

bank of america him -- bank of america bought countrywide. ge in the case of originatorsmortgage and merrill lynch packagers. regulators have a lot to find that bank of america that is similar to what they found at jpmorgan. is -- better question jpmorgan has started to look like bank of america in the last year. these issues have come back to haunt it repeatedly. >> the regulatory overhang persists. i want to contrast the bank of america with citigroup. michael corbin has done a lot to write the ship -- to right the ship at citi. bank of america, that seemed like a genius move five years ago. 86% of america generates its revenue domestically. now that the u.s. economy is picking up steam, that looks like a beautiful thing. getting ready for our sojourn to switzerland and the language,and the body you know mr. diamond is there, there is an up roar -- mr. dimo n is there. there is an uproar. what has been the report card on mr. corvette as he goes to the batt as he goesor to this season. outlook is earnings growth of less than 10% each year. am

we're asking the head of research at bank of america. candace browning whose firm was given top honors, after this. you make a great team. it's been that way since the day you met. but your erectile dysfunction - it could be a question of blood flow. cialis tadalafil for daily use helps you be ready anytime the moment's right. you can be more confident in your ability to be ready. and the same cialis is the only daily ed tablet approved to treat ed and symptoms of bph like needing to go frequently or urgently. tell your doctor about all your medical conditions and medications, and ask if your heart is healthy enough for sexual activity. do not take cialis if you take nitrates for chest pain, as this may cause an unsafe drop in blood pressure. do not drink alcohol in excess with cialis. side effects may include headache, upset stomach, delayed backache or muscle ache. to avoid long-term injury, seek immediate medical help for an erection lasting more than 4 hours. if you have any sudden decrease or loss in hearing or vision, or if you have

and bank of america and probably thousands of others to look and hear what we're doing because we just don't pay attention and i doubt the bank of america story is kind of crazy now i don't claim dot com as your personal here and what is it that inspires you so much about him and would you want to do something with them together. well you know i'm not saying he's my personal hero i'm saying he's merely one of the the leaders in the industry that i admire and you can't deny that he's a leader in the industry he he single digit single handedly got double digit. percentage of the of all the internet traffic i mean that's no mean feat now we have demonized him because his site was used for. you know file sharing of an illegal nature but the telephone is used for illegal purposes all the time and we don't take telephones away from people we we've become very very paranoid in our relation to how what we develop on the internet much of it because of hollywood and the music industry i don't believe in that and i think that kim dotcom did a great thing in this in the software he had developed a

but for the most part, people are looking backwards. >> i think bank of america is a strong value. but i was concerned about the mortgage orangeation numbers. that is a bread and butter business for bank of america. with rates go up, you see less mortgage originations. they're a solid long-term growth story. you're going to see small business lending in 2014. >> and the merrill lynch side of the equation with bank of america. the stock explodes 20 cents through the 52-week high. big turnover. $325 million turned over today, versus normal of $80 million. i think the stock goes to 20 by the end of this quarter. so, i think you've got more upside. we'll have to see whether or not the market plays along. >> major short coming is what i heard from the street. and my prime brokers in december, because of the litigation. the stuff gets out of the way, i think the street will get even longer. >> let's get to netflix. it was down 5%, after michael pacter says the company will face higher costs as changes on internet regulation take place. michael, great to see you. >> thanks for having me. >

bank of america did indeed make money hand over fist in the 4th quarter.the bank turned a profit of $3.44 billion vs $732 million in the same quarter last year -- when it paid for an $11 billion settlement with fannie mae.after years of litigation that followed the financial crisis.bank of america appears to have found stronger footing especially in the area of wealth management.this morning we are turning to juli nieman of smith moore and company for her take on bank earnings.good morning. thank you juli--diane moca who is filling in for chuck coppola steps in now with an update on the target hacking scandal...hello diane... good morning angie...target's damage control is in full tilt... as potential winners and losers in other sectors start to emerge -- from cyber security firms poised to boom...to card processors braced for possible fines in the millions.and other retailers are wondering how to prevent their own breach. " some of them are using antiquated software and credit card captures." bbb ceo steve bernas says data security has been underfunded in many u-s companies... and that m

the people with debit cards, 300,000 people signing up saying they will take your money out of bank of america. she gets calls from managers, the president of the bank. young lady, you just don't understand. i understand i pay $60 a year for the privilege of having your card. 28 days later, bank of america decides they will get rid of this debit card fee. our generation would run around the white house with pickets. we have a choice between long- haired kids and lobbyists giving us money, who do you think we will vote for? and nothing would have happened. a few days after and this is the bonehead corporate move of whatever that year was. 48 hours, maybe a few weeks after the bank of america finally caves in, verizon decides that they're going to $2rge people to dollars -- extra if you pay your bill online. first of all, that's a crazy business decision because it's much cheaper to pay the bill online but they are taking advantage of the idea that is true for most people no matter your generation that if we just charge you two dollars a month, you won't get off your body and -- your butt and do

liz: bank of america's stock is up over 40% year-over-year. brian moynihan, president and ceo of bank of america and biggest plans pour the bank this year. stay tuned. david: we will, liz. we'll come back to moynihan in just a second. we're settling at day's lows. it is worse than i last reported. dow jones industrials looks like settling 320 to the downside. all indexes, 318. 24 for the dow. s&p well off the 1800 mark, off by 10 points. down 38 points. that is the 2% loss on s&p. nasdaq taking it even harder, 2.15% loss. russell 2000, small and mid-size caps almost 2 1/2% off. let's break it down with our all-star panel. we have yu-dee chang. scott wren with wells fargo with sectors he says you should overweight even with the downturn and chris gersch in the pits of the cme. chris, start with you. what are you hearing from traders? are we in the midst of a correction? >> we're in the midst of a correction as indicated by the volume behind me as an intense close. we're seeing s&p futures continue to sell off after the equity close in new york.

banks. mike makes a good point, you look at some of these banks, for example, bank of america and citi, they're still a long way away from their all-time highs. one thing all of these names now have some headline risk so i think you do want some diverse it itfication. you don't want to load up in any name. wait for the diversecation. the xlf. three calls trading every -- for every put today in the xlf. >> bullish activity there. dan, that is where you're putting your trade on the xlf, the etf that tracks the financials? >> this is a trade i've had over a month and the etf is very well. one of the things i really want to focus on for the trade today that we're going to talk about, for the five largest components of the xlf, report earnings in january expiration it's citigroup and jpmorgan. these will set the tone not only for the quarter results but outlook for q1 and balance of the year. i think there's a trading opportunity here. i think they have momentum, outperformed the market nis year in the last two days. it's flattish but some of the banks we talked about citi up to a half. to me it's a

the old bank of america, compared to the new bank of america, is a completely different institution. ing the everyman's bank. a beautiful thing for investors and society at large. there are two different models. that is the old way of doing banking. management used to teach -- used to take packages. finally, the returns are lower. we need to dwell on this for just a moment. this is from an investor's point of view. it is a beautiful thing. >> look at the s&p 500. you are an apple, you are a google. suddenly you have it priced at 15 times. you can have less earnings. this happens for morgan stanley. morgan stanley has a five percent today. if valuation are tangible. made profits profit out of fixed income trading. from morgan stanley. you wanted to be a rich man. if you were to start your career today, would you knock on morgan stanley's door?, of course. institution, morgan ownley has -- 50% of their earnings come out of asset management and brokerage. the remaining 40% comes out of the advisory and running into the business, which is often into mediating growth off of global firms. b

and new details have surface regarding how bank of america has been keeping tabs on social activists last year you may remember that anonymous hacktivist revealed the private e-mails and spreadsheets that showed bank of america had been involved in tracking the online services used by activist now more information regarding the bank's recent surveillance activities are coming to light this time through the obtained public records the documents concerned anonymous backed demonstration called million mask march its a protest that took place in olympia washington on november fifth of last year the new documents reveal an extensive collaboration that took place between the bank washington state patrol and federal counterterrorism agencies it involved the in-depth tracking of the event organizers and other activists who had planned to attend information gathered about the potential protesters was then shared with bank of america and in return bank of america participated in its own snooping and sharing mainly by using twenty of its own employees to monitor activists via social media. and a

why is bank of america yours? >> bank of america is the poster child for the housing crisis five years ago. we believe ceo brian moynihan was dealt a bad hand when he took over that company. the countrywide acquisition was a lot more damaging than we realized back then. the job he has done to restore this company to the premier balance sheet in the industry, company's got a book value over $20 a share, we think they should be able to earn over 10% on that equity soon if not in 2015, by 2016. a stock at 16 and change with earning pos terrible at 2 1/4 and almost all of that money then coming back to shareholders is either dividends or share repurchase, we think it's a compelling investment. >> it's josh brown. i'm long on stock and i totally agree with your bull case. we made it overweight relative to the bank sector because of the things you talked about in terms of real earnings power. what's the best case, worth case for 2014 and beyond in terms of the speed at which rates rise and what kind of affect that will h

basically because of bank of america. bank of america had a strong release yesterday. success was due to their investment banking results and i think goldman is as good if not better than bac on investment banking. i expect that to be a way for them to repel on earnings. i think citi is going to probably match, but they're more in a restructuring phase. and i think when you look at what i think will be as likely a pop and bow stock, i think investors should look at this as a catalyst to sell into strength. >> and can i ask you, given what we saw from jpmorgan in terms of relief and reserves to some some pad out there are 3w078 here? >> you're absolutely correct, whether it be jpmorgan or citigroup in this case. when you take from loan loss reserves, it helps them now, but eventually that will run out. when you look at the money centered banks, many have had returns since the beginning of 2012. valuations are trading below market multiples. i can't wrap around it how their multiples are low, but they're outperforming in a growth environment. and i believe taking some lo

bank of america hit a new high today coming on the heels of other names like jpmorgan and wells fargo that reported better-than-expected earnings yesterday. 2.5%. when you talk about the bank stocks, bank of america came out had a jump in the fourth quarter profits, that was good news. also narrow losses, consumer real estate market a stronger credit quality, so overall some good numbers. in the prior year it was way down bbcause of a mortgage related settlement. a different picture now for these financials all looking great now. pushing to all-time record highs. the nasdaq setting the record going back to the year 2000. erasing some of the losses from earlier in the week. hitting a lot of hot topics from apple, game stop, i think you are waiting for the valet guy to close the door. i know, the wires i will be did not allow you to close the door. you look great. liz: who knew this to be a company that had an unbelievable assembly line and looking the trend. good for elon musk when it comes to the auto industry. let's get to what nicole was just saying, a new record close, the level yo

of european banking power house soc gen. and one of the biggest rock stars on the planet, bono, unveils a new deal with bank of america in the fight aids. the second hour of "squawk box," live from davos, switzerland, begins right now. >>> welcome back to "squawk box" here on cnbc. i'm becky quick along with joe kernen and andrew ross sorkin. this is our last day of coverage here. two more big hours just ahead. in the meantime, we've been watching the futures and things are looking concerning. the dow futures are down by 7. s&p futures are off by just over 9 points. there was a lot of concern about china and what was happening in the housing market in the united states. and probably the bombing in egypt not helping things, either. in the meantime, let's take a look at the ten-year note. it is yielding 2.734%. in our headlines, following wall street's thursday slide we are seeing selling pressure and some emerging markets this morning. slow slower growth prospects in china. a sell-off in emerging market currencies, particularly the turkish lira which hit a record low against the dollar and the argentine peso off by about 15%

and in return bank of america participated in its own snooping and sharing mainly by using twenty of its own employees to monitor activists via social media. and still ahead here on r t the music group insane clown posse is taking the f.b.i. to court they're outraged that their fans are listed by the f.b.i. as again more on this case after the break. got a quote for you. it's pretty tough. they were it's about story. it's this guy's look which we're about done started working for the people motivations the beach the media we're pretty much on the right right was beating. the drum. look it was a problem very hard to take a look once again to. a life that never had that would that hurt their feelings. about. the bigger the bigger the book look the the. drama is the truth be ignored. stories others refuse to notice. places change the world writes never. so picture most states leaves close to home to and from around the globe. look to. the. and a detroit rap group known as the insane clown posse has found a lawsuit ag

the latest numbers -- bank of america cut 5800 26 full-time positions in 2013. they ended 2013 with nine percent fewer employees than they began the year with. >> the name of the game is rationalization. scarlet fu a thank you. the more on this topic, the future of banking, is bring in a professor and a senior associate dean at the harvard business school and the former head of goldman sachs. rob, good to see you. rationalization is a bit of a rallying cry on wall street. the effort overwhelmingly has been toward cost-cutting because we are in a slow economy. let me ask you this question. now that the economy is picking up in these banks have made so much progress on cost-cutting, now that they are beginning to see the light at the end of the tunnel on things like litigation, is it possible, and i should add that the last >> on the street, jpmorgan, has met a capital free target, is it possible these banks will do more lending? yes, it is. they would like to. and the better economy is good for them. it helps lower credit provisions, it helps prefer sales and trad

what is the bank of america any. employ employed there can represent the bank so anybody could go onto your phone and do whatever they want to board listen to your conversations watch what you're doing and there's something that i carried the terms of service here that consumers like terms that sort of the problem is many of these terms of service are fifteen pages long yeah and we just don't have the time so we need legislation and we need it quickly. to prevent abuses which are absolutely going to happen this year and they will happen soon and we have if we have all this tremendous technology and yet the weakest link is ourselves and our phone if they're not happening already so tell us about this project this new project you're working on. it's a couple of pieces it's called d central it's and it's not a replacement for the internet it is an augmentation it provides a completely secure localized network. if you're googling something and you don't care who knows about it use the general internet and we have an app

tell me that story that was amazing it was amazing a bank of america if you would think you know what what do they need. you give the bank of america application which is the remote banking application their permission to turn on your phone and make phone calls at your expense and without telling you to turn on your camera and your microphone without telling you at any time and to transmit pictures and sound files now so i thought about it and i thought ok there's a reason for this obviously what if what if i'm a bad person and i empty out my bank account online and then i say i didn't do it. when else did it you know what you had you know it's you give him my money back bank of america you could say well it looks like you're doing it here's your photograph here's what you were telling your wife at the time but what if there are malicious people within the bank of america but what is the bank of america any employ employed there can represent the bank so anybody could get onto your phone and do whatever they wanted board listen to your conversations watch what you're doing and there's

city, bank of america on the improving stories. liz: city, bank of america. great to see you.u very much. carrington investment services's executive vice president. closing bell ringing in 42 minutes. it is like a gigantic pool and who is jumping in that, time warner cable. their slogan, enjoy better. what does it mean? the cable giant apparently is not enjoying charter communications "varney and company" $7 billion offer. charlie gasparino has the inside scoop on all the wheeling and de are advising on a potential coming down in a second. recreational marijuana law does not give stoner is licensed to drive, who is funding a new campaign to keep hot users off the road. [ female announcer ] who are we? we are thinkers. the job jugglers. the up all-nhts. and the ones who turn ideas into action. we've made our passions our life's work. we strive for the moments where we can s, "i did it!" ♪ we are entrepreneurs who started it all... with a signature. legalzoom has helped start over 1 million businesses, turning dreamers into business owners. and we're here to helstart yours. [ ma

>> mm-hmm. >> i mean, it seems like somebody at countrywide or bank of america did not want you to talk to federal regulators. >> no, that was part of it. no, they absolutely did not. >> do you feel like you were a victim of criminal activity? >> it's a crime to retaliate against someone for making reports of mail fraud, bank fraud, wire fraud, mortgage fraud, things that would harm stockholders and investors. and that's what i did, and that's why i was terminated. >> were you offered a settlement? >> they asked me to sign a 14-page document that basically... would buy my silence in exchange for a large amount of money. >> but you didn't sign it? >> no. >> why not? >> how many people can they-- can they buy off? they just pay for it. they commit the crime, and they buy their way out of it and just do it over and over and over again. i wanted them to have some sleepless nights thinking about what they would say to a federal investigator and worry about being exposed and being held accountable for committing a crime. >> eileen foster spent three years trying to clear her name. in fall of

of america has been in charlotte. they resisted the urge to move. lewis, he was running bankre was pressure to move to new york. he resisted that, the executives at bank of america are all thankful he did. goldman sachs, one of their biggest current offices in the country, the biggest office in the country, salt lake city, utah. i, you would be happy, it costs a lot less to live out their. one of the biggest trending cities to move to from the coast has been denver. looking at real estate prices, it makes sense. >> what can you get for your money? $1 million in new york versus denver. >> someone was looking through the new york times real estate page yesterday and said for $500,000, what can we get in new york. they found a place in new york city, a two bedroom townhome for $500,000, i find that hard to believe. >> very hard to believe. about $500,000 in san francisco is only going to get you a two-bedroom home. in denver it gets you a five bedroom home with 5000 square feet. that is unattainable for the average person in new york city or san francisco, is a huge difference a

>> bank of america, intel, caterpillar, nordic american tanker, what's going on? i'm jim cramer, i'll see you tomorrow! >> president obama takes his economic message on the road to north carolina where he touted rising unemployment benefits, but republican governor pat mccreery has cut jobless benefits and unemployment has nose dived. governor mccrory is about to join us live to give us the real story. >>> also guess what? the markets seem to finally be getting it. good news is good news, damn it. yesterday's retail sales, today's bank of america and apple stories, plus a positive fed. as i said, good news is good news. we are joined by chris lawford and patrick kennedy who have written a new book on what it takes to solve addiction. the lives of at least 23 million americans are at stake. all those stories and much more are coming up on the kudlow report right now. >> good evening, i'm larry kudlow. this is the kudlow report. we've live today. president obama reiterated his call for congress to renew long term unemployment benefits. the president said he's going

bank of america was the top bank pick. simon, you like it? >> yep. o. >> these stocks are still below -- put value is growing substantially. >> bank of america trades at a discount. >> continues to be the cheapest. it's got the most upside. >> let's talk aetna now. slightly increasing the 2014 revenue outlook to at least $54 billion. that's compared to previous guidance of 53 billion. steph? >> the earnings don't change because the medicare advantage enrollment, that's why they're raising revenues. they have lower margins. can't get too excited about the news. increasing its revenue outlook to at least $54 billion compared to its previous guidance of $53 billion. >> yeah, but the earnings don't change because the medicare advantage enrollment, that's the reason they are raising the revenues. they have lower margins. can't get too excited about the news. i like the coventry acquisition. i think hmos are poised to do well in 2014. >> eric has reportedly reached out to two private equity firms to gauge interest in a sale. it's in the green today. >> this

not concerned about adding the banks out of business, you still have the other half of your profits, it would reduce profitability and disappoint investors. bank of americapaid $13 million. bank of america and may have to pay as much as 17 really dollars -- $17 billion. >> twitter falling on valuation concerns. shares a little higher in the premarket, still well above $26 ipo price. questions about the crowded advertising market. our guest host, jeff corbin, twitter is a company that does not make any money. the excitement has gotten ahead of itself. investors are paying the price. what will you look at to gauge twitter's success? for wheny what we look facebook went public, the same momentum building. twitter did a much better job of handling their ipo. looking for what are -- how are they going to grow this company and generate revenue? take a of advertising, a lot of companies -- >> thank you so much, we have to leave it there. "surveillance" on radio continues. ♪ >> live from bloomberg's world headquarters, this is "in the loop," friday, january 10. jobs day. with adam johnson and stephanie ruhle. joining us for this hour, two special guests, robert

and bank of america says things are looking forward going forward. but bank of america is spending $2.3 billion in settlements related to the sale of bad mortgage loans. >>> a group of amazon employees voting on whether to accept an union. 30 mechanics and technicians in delaware will decide if they should join the international association of machinests and arroarrowaerospace works. if it does it will be the first to join union at amazon. >>> strong demand in the u.s. and china and the company will be spending $1 billion to shore up business in europe and other markets. >>> the auto industry's come back means more money for detroit and elsewhere. canadian have been a major factor in the city's economic boom and bust. ali velshi explains just how. >> reporter: americans and canadiansing arely cross the international border to visit each other and to shop. >> commerce between the two is generous on both sides. we come here and we go there. >> reporter: canadian visits through detroit where the weaker dollar. >> they come here and shop. >> but that will

mike opened a merrill edge investment account and linked it to his bank of america bank account to help free up plenty of time for the here and now. that's the wonder of streamlined connections. that's merrill edge and bank of america. >>> welcome back. a man allegedly under the influence of drugs attacked the driver of a greyhound bus in arizona on thursday. running the vehicle off the road. the suspect reportedly yelled, i'm going to flip this bus, before repeatedly hitting the driver in the face. that caused the bus to head toward oncoming traffic. thankfully other passengers wrestled the man down and stopped the bus. none injured seriously. >>> mark herring has decided to join a lawsuit against the state's ban on gay marriage. >> as attorney general, i cannot and will not defend a law that violating virginians' fundamental constitutional rights. it's time for the commonwealth to be on the right side of history and the right side of the law. >>> conservative writer de susa has been accused of reimbursing people for donating to a friend's senate campaign. >>> a rocket blasted off thur

the people with debit cards, 300,000 people signing up saying they will take your money out of bank of america. she gets calls from managers, the president of the bank. young lady, you just don't understand. i understand i pay $60 a year for the privilege of having your card. 28 days later, bank of america decides they will get rid of this debit card fee. our generation would run around the white house with pickets. we have a choice between long- haired kids and lobbyists giving us money, who do you think we will vote for? and nothing would have happened. a few days after and this is the bonehead corporate move of whatever that year was. 48 hours, maybe a few weeks after the bank of america finally caves in, verizon decides that they're going to $2rge people to dollars -- extra if you pay your bill online. first of all, that's a crazy business decision because it's much cheaper to pay the bill online but they are taking advantage of the idea that is true for most people no matter your generation that if we just charge you two dollars a month, you won't get off your body and -- your butt and do

had planned to attend information gathered about the potential protesters was then shared with bank of america and in return bank of america participated in its own snooping and sharing mainly by using twenty of its employees to monitor activists via so. well media. and another state is at the center of a lawsuit over how they treat their mentally ill prisoners a south carolina judge on wednesday ruled that the south carolina department of corrections violated the cruel and unusual punishment clause in the state constitution the state now has six months to make a plan to better deal with its mentally ill inmates thirty five hundred seriously mentally ill inmates have filed a class action suit against the south carolina department of corrections during the five weeks trial tendon mates testified about harsh treatment that included long periods and restraints excessive use of pepper spray and long term solitary confinement in his ruling fifth circuit court judge michael baxley said the state's mental health program is quote inherently flawed and systematically deficient in all major areas the ju

the suit alleges bank of america, jp morgan chase and hsbc have collected $50 billion in undisclosed fees every year, accused of conspireing to collect hidden fees. san francisco attorney says consumers are never told about the fees. the money comes out of their payment. he pointed to a recent general office study that disclosed how the system works. this example a consumer charged $100 to the credit card. >> consumer bank takes $100 from the consumer. he then, this bank keeps $two. sends remainder through the system. the merchant bank keeps some, giving remainder to the merchant. that is paid for by the consumer. >> we reached out to all four banks, bank of america and hsbc had no comment. capitol one and chase did not get back to us in time for the broadcast. coming up tonight at 6:00 talking to the tiburon consumer filing the lawsuit. >> thank you. hundreds of jobs are available. many of them are guaranteed to oakland residents. finishing touches on the remodelled foot hill shopping center. ross and foods co are some of the stores that will open. after meeting with groups the busi

. >> prosecutors want bank of america to pay $2 billion for selling bad home loans during the housing. that is more than double the fine the government wanted and here is why. a jury found bank of america and countrywide sold bad loans to fannie mae and freddie mac. now, the governor previously onlied b of a to cover losses but now, now prosecutors asking for $2.2 billion based on total revenue made. now, bank of america said it should only cover losses and government is asking for too much. >> porsche's first car may have been ahead of its time. >> what looks like a horseless drawn carriage was debuted in 1898. it was electric. >> oh. dubbed as a p one, could chug along at 22 miles per hour. it's a first was rediscovered in a warehouse in austria. it's interesting. >> looks modern, really. >> yes. >> up next a bay area toy start up encourages girls to be engineers is about to get national exposure. >> yes. big break for goldie blocks. >> coming up new at 5:00 a story anyone when a young male needs to hear. and california's clout on capitol hill takes a hit. >>> here is a look at toni

>> my question about bank of america. i'm wondering if i should hold the stock, by more and when i should sell. >> someone on twitter the other day was upset because bank of america went down 13 cents. first of all, i told him to focus because that's what i do when i think you're an idiot. bank of america had maybe the single best quarter of all these companies. it's just still dealing with the fact it's lost so much money. take a look at the action today it is what i think's going to happen for the next six months. does the dow deserve the punishment it's gotten? i'm a buyer. stay with cramer. ♪ ♪ [ male announcer ] a car that is able to see, to calculate, to think -- and can respond to what it encounters. ♪ even if that means completely stopping itself. it's the stuff of science fiction... minus the fiction. the 2014 e-class. see your authorized dealer for exceptional offers through mercedes-benz financial services. >>> it is time for the lightning round. and then the lightning round is over. are you ready? time for the

with bank of america really blowing the doors off their eaanings it pulled up all the banks today. so i was kind of shocked at the strength. i knew they expected good earnings but i think they even blew away their own expectations with all-time highs in bank of america. i still think the 1850 level in the s&p will hold up. some resistance here. i think we're not at the top of the market but i think we're at the top of the range now until we see more from the fed next week. david: even a bear like todd horowitz sees positive movements for the market ahead. david, you're positive on the markets but you're positive on something else and i have to push right back on it. gold, of all things to be bullish on right now, bold, we just -- gold, we had report from deutsche bank, bank of america. ubs, they added all predictions about gold up and guess what they found? 14% drop in the price of gold from where it is now by the end of 2014. why are you bullish? >> dave, i'm going to tell you hit it on the head. sentiment is absolutely awful in the metal right now. we have near record high or at l