bank of america has $2 trillion of assets.s a decade ago pre-crisis. how can you get your arms around a company such as that. trying to be conservative. just don't think they are able to do so. you can't take the legal charges until they are likely and you can estimate them so i still think there's more charges still to come. >> are you going to lay the blame at the feet of the chairman, he should have responsibility for this or is it strictly unmanageable in. >> we need to hold accountable the board of directors and the chairman to see what kind of assurance he can provide. the ceo and management dealt a bad hand, a tough position to manage. having said that, could they have done better and done better with investors in the ex-cfo of bank of america settled with the government for not disclosing more of the losses at merrill lynch. this isn't the first time that bank of america has got ebb its numbers wrong. >> bottom line, mike, what should investors do here. >> exactly. briefly here. >> sell bank of america. >> and buy what

. >> can i jump ahead because we have city reporting and also bank of america. both of these banks have legal and other issues for different reasons and you're recommending that both of these banks as well, and tell us why. and what are you expecting in their quarterly number? >> my estimate for city is a dollar 15, that excludes the most recent mortgage settlement. my estimate for bank of america is 25 cents, that is a little bit below the consensus, i'm being a little more conservative on bank of america again because of some of the trading issues that we saw at j.p. morgan. again, i think over time the big four banks, city, bank of america, wells fargo and j.p. morgan are slowly but surely going to take market share from smaller banks as they have national scale, a diversity of businesses and a diversity of risk. i think city at the moment is probably the most attractive stock in the group, simply because it is trading at about a 20% discount to tangible book value. and i think city will over the course of the year be able to resolve the capital plan that the

call today, for an appointment today. >>> >>> bank of america with a six month low. >> you never wante a company backtrack no matter what sector. that is what spooked bank of america investors today when the company said it would temporarily halt a four million buy back program. today, they identified an improper calculating program that goes as far back as 2013 and unfortunately was used to calculate some of the bank's capital levels in the most recent stress test. bank of america plans to resubmit the numbers by may 27. it said it would altar existing capital levels by around 30 basis points. if you look at this chart, the problem how those revised levels then fare under the fed's extreme stress scenarios. they don't want the bank to give any more capital to shareholders until it knows the bank would pass those levels. executives on a call this morning made sure to reassure their parties this was a finite problem and one that could be fixed, in their estimation fairly easy now that they have self-identified it. analysts seem to agree with it. morgan stanley says the sell-off is too

but then bank of america really hit the market. e economic news as far as the housing helped recover, but again, this market continues to be a market of stocks, not so much a stockad the high fliers n the nasdaq continueed to crater a whole shopping list of them. not so much the macro stock market. liz: right. exactly what you said, we're looking at bank of america at the top, it's down 6.25%. this is a $14, almost $15 stock. the 52 weeks has been about 18, it's not the worst situation for them, but let's bring in ira epstein. ben was saying that the nasdaq doesn't see a 90-point swing or that kind of move in an entire week, yet we saw it today. this brings up the question of high frequency trading once again, and maybe that's why we see all this volatility, or do you have a sense that the headline risk here is still just as powerful? >> my feeling is that the markets are just getting ready for tuesday and wednesday. we've got the bank of japan, we have the fed, we're going to hear policies, that's very important. traders in seem to

jeff hart follows bank of america. great to see you with us. >> good to be here. >> this is reputational. isn't the business of a bank of an investment bank that does investment banking business to calculate things correctly? they didn't do it for themselves. >> this may be an indicate caio how much more complex it has gotten. 27 basis points have changed. by suspending the buyback a couple of quarters they eventually get that back. it's not life-threatening. the stocks sold off a lot. i'm still having trouble getting exciting. you now have the dividend not going up as expected. there's a lot of retail ownership and capital uncertainty. that's been introduced as well. i think -- actually one of the investment themes has been it's an underappreciated capital return story. in the near term these going to be put on the side. i think some of the things that have propelled the performance come into question today. i wouldn't be surprised we see some more down side. >> so if you don't like bank of america, you're selling beca

now, i am not absolving bank of america from this stupid error. statement of capital is shockingly preposterous. although, if there's a silver lining, if you back out the silver statement, enough capital to pass stress tests. although, you know what, i'm no longer as comfortable with that level if the bank has to write a huge check to the feds for past transgressions, which i think they will have to. and unfortunately because of this mistake, shareholders like my charitable trust which bought more stock because of the expected good news of buybacks and dividends have been totally disappointed by these guys. because these enticements aren't going to come back any time soon. but here's what's really got me steamed, frankly. you should feel mad at me about, i'm a chump. it's become pretty darn obvious that large banks which do more than just lending simply can't be run effectively anymore. they're not only too big to fail, they're too big to manage. jamie dimon was led astray in a multibillion dollar loss that couldn't be spotted by the ceo and his to

earnings front, bank of america trading down. the cost of resolving their mortgage issues hurt their earnings this quarter. the regionals trading up. pnc beat on the bottom line, little light on the revenues. expenses were lower. they hiked their dividend 9%. u.s. bank corp based in minnesota had long growth of 6%, i thought that was very impressive. huntington based shares in ohio, they beat. market leaders the internet stocks and biotech stocks once again. dow up now. 94 points. 26 to 28. the indications on moelis. back to you. >> we'll be talking to ken moelis about 35 minutes from now or so. thanks very much, bob pisani. did want to come back to one of the more interesting stories, of course, of the morning and something we'll be talking about, we don't know if alibaba will list at the nyse, although we should know in the future. the company will file its f1 perhaps as soon as next week, but in the next couple weeks. all the bankers over to hong kong and coming back, at least six big underwriters there in addition to what prob

bank of america is just one of eight banks under investigation by the justice department. this was in the run-up to the financial crisis surrounding the sale of bonds. we know what happens to a lot of those mortgages and bonds. bank of america, the costs are piling up. if they do settle for $13 billion, that would be on top of the $9.5 billion they paid last month. this would eclipse jpmorgan's fine. it is a massive amount of money. >> the ceo has spent more than $50 billion since the financial crisis to resolve these claims. are we close to the end? >> what we are seeing is increasing momentum. these issues have been going on for six years. not just for bank of america, but credit suisse as well. $50 billion. this is a huge amount of money. it is the equivalent of societe generale's market capitalization. it is the equivalent of annual sales at coca-cola. i think about banking in its entirety. is it financial markets, geopolitical? many people say the biggest issue has been litigation. the whole just keeps getting bigger and bigger. >> thank you so much, jonathan ferro wit

bank of america is more domestic. >> bank of america had to take they had to take down merrill lynch,nd integrate them onto the balance sheet. >> we will look at that much more. adam. >> in the u.k., unemployment will to 6.9%. that is under the seven percent threshold. that is the good news. 7.4%.gdp rose as far as data goes in the u.s., we got the weekly mortgage applications. they were up 4.3%. at 8:30 we are going to get house and starts. at 2:00, the fed is going to release its beige book. earnings after the bell, ibm and google. >> olivia sterns has company news. melissa and company raised less than planned. moelis keeps control of the firm on getting a handsome pay a lot -- payout. barra is under fire for an instant -- ignition switch fall that was linked to 13 deaths. deutsche bank is trying to and it's money losing venture. the want to sell cosmopolitan resort for more than $2 billion. the bank foreclose on the property six years ago after the developer faulted on a loan. that is today's company news. >> dow futures up 65. this is fun. i have goosebumps. brad delong will join

whoever those earning estimates rollover, bank of america and others, jpmorgan of course are tougher.ake a look at the names may not hear all the time. colombia up in the pacific northwest. a number of banks across the country underneath of that. they are doing a lot of exciting things. melissa: private bank core just about flat. to your point it really underscores what happened with bank of america $6 billion legal fees, the regulation hammering some of these. goldman sachs, morgan stanley. these guys have worked very hard the past couple of years to get the drama behind them. can they with this quarter's numbers? >> if you look at the earning estimates, they have been coming down and down getting closer to the estimates. the trend has been treated so that smith coming to earnings the capital market areas on a year-over-year basis are tough. we have these execution facilities that came in. continued record try pressure on the market activities of the big banks. melissa: if you in one piece of advice to give investors would like to get more entrenched in financials, what would it be w

warns president putin that time is running out to comply with the ukraine accord. $13 billion for bank of americaegations into sales of mortgage backed securities. willhe gucci owner increase their focus on the brand after the managing luxury brand owner sets down -- steps down. welcome back to count down, i am mark barton. to the top story. to resolve mortgage backed securities. what has bloomberg learned? this. have two picture this is one of the banks that have been resolved. it is all about the sale of bonds -- -- they have been desperately trying to clear up the mess. that is a massive amount of money. cap -- the market matt cap is a terrific amount of money. over the last couple of years, it has not been geopolitics. costs piling up and banks. more provisions over the last couple of months. >> the momentum is there. suisse.s of credit another probe going and gone. it took six years to build that momentum. hopefully we have an and again. theew countries measure cost of living in more ways than japan. zeb eckert is in hong kong. >> this number is significant for japan and global investors. it

bank of america is one of those under investigation by the justice department. all of this with the run up to the financial crisis surrounding bonds backed by home loans. it wasn't good. they find it is piling up. if they do settle, that would be thatp of the 9.5 billion went to the financial agency, eclipse thing what jpmorgan are made to pay. it's a huge amount of money. thane ceo has been more $50 billion in the financial crisis and actually resolved a lot of these claims. are we close to the end? >> we could be in the next few months. these issues have been going on for six years. the process is just hitting going. to say $15 billion is a huge amount of money. equivalent of 12 month sales at coca-cola. adon't think it's been geopolitical issue. has beenng industry the litigation, and the biggest concern is can it keep getting deeper. >> we will follow these developments very closely. up to speed with some other companies on the move. the euro gained from global currencies offset higher deal every. the company said fluctuations burden them by more than 400 mi

bank of america. i like bank of america, too. both. i have spirit and bank of america. ger. >> amazing. dan? >> i think some of the high valuation momentum names. i think they continue to roll. i don't think the s&p has to crater right here. i bought puts in tan. i think solar has a way to go lower. >> that faux sausage. this is guy's quote, it felt like sausage. >> put that in your book. gm traded well today. i like gm. >> i'm melissa lee. thank you for for more fast. meantime, "mad money" with jim cramer starts right now. >>> my mission is simple. to make you money. i'm here to level the playing field for all investors. there's always a bull market somewhere. and i promise to help you find it. "mad money" starts now. hey, i'm cramer! welcome to "mad money." welcome to cramerica. other people want to make funds, just trying to make you a little money. my job is not just to entertain you, but to educate you, so call me at 1-800-743-cnbc, or tweet me @jimcramer. now declining less than a point, s&p dropping, nasdaq plunging 0.91%. i think it's time to reflect on the virtu

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in the meantime look at shares of bank of america. massive volume. here to talk about exactly what happened and how. >> the stress test you take the average of the bank's levels and you apply them to the various scenarios and housing prices fall. that is the extreme case and if you have one of those numbers wrong you have to go back and start all over. these are complicated models and if you have one of these off, then you go back to the drawing board. i'm told by a source that bank of america notified the fed but that it will take a few more weeks to see how that affects the performance. we are not going to let you buyback stocks or raise your dividend. >> and now worried that they won't get it at all if they don't pass. >> it is interesting to see that come out. it is a small risk in my opinion. i think city group is on the worst end of that spectrum. they can't resubmit that plan. they are at least confident that they will be able to pass those levels. they don't know what the levels will be and whether they will be able to achieve that bar. but t

it is not like the halls are abuzz with activity about bank of america, but i spoke to the cfo of anotherfirm who simply could not believe that there would be an in dash and internal controls problem like this at bank of america. bank of america found an error in the valuation of the securities it inherited part of .he merrill lynch acquisition that would be fine if this were 2009. this deal happened almost six years ago and you would think that over the past six years they would have found time to go through everything that they acquired. the truth of the matter appears whichthat they have not, raises concerns and questions about how well the bank is being run and whether it is too complex. if the bank is so complex that people like brian moynihan cannot find time to go through these securities, you do have to raise some questions about the business, the scale of the business, the size of the business, and management's ability to pay attention to the things it has to focus on. >> sort of the too big to manage syndrome. a real black eye for brian moynihan. >> could you repeat that? troubl

if you have bank of america credit card, you may be getting some money back. the bank is agreeing to pay more than $750,000 for illegal credit card practices. most of that will be refunded to nearly 3 million customers. the government says bank of america deceived customers into signing up for additional services or charged them for those anyway. >>> it may be getting tough to buy a new volkswagen right now. the automaker halting sales of jettas, beetles and pa sats. they could leak transmission fluid and may catch fire. >>> organic foods may be getting cheaper thanks to walmart. the retailer is adding a line of organic items that will sell as the same price as nonorganic products. that would make the foods 25% cheaper than other brands. >>> easter is right around the corner with easter candy, of course. sales are expected to top $2.25 billion this year alone. that's 4% more than last year because easter is three weeks later. and here's a fun tidbit for you. everybody eats the ears of the chocolate bunnies first. >> solid or hollow. what do you like better? >>

that's merrill edge and bank of america. >> that's it the for the report, everybody, good night.oning sponsored by comedy central captioned by media access group at wgbh access.wgbh.orgedy central pre" paul f. tompkins. [cheers, whistles & applause] thank you. thank you new york city, the borough of manhattan thank you. new york state-- your capital is albany. your chief export is having a good time. your chief import is me. - all right-- - [cheers and applause] folks, maybe you're here for some comedy. but, guess what? you're wrong! 'cause we're gonna talk about issues tonight!

made the economy work for everyone last congressman mark just a moment also surprise surprise bank of americais up to its same old dirty tricks scamming american consumers out of millions of dollars is the time to say enough is enough and give bank of america the corporate debt and six people are dying every day in florida because rick scott chose to put politics ahead of protecting people's why isn't it time to throw scott and his fellow republican governors out of office and ensure that all americans have access to affordable health care more on that in tonight's daily to. this earlier today the house of representatives has paul ryan's so-called path to prosperity budget by margin two hundred nineteen to two hundred five one democrat voted for the bill the budget which is ryan's fifth as chair of the house budget committee as as a no chance of getting through the democratically controlled senate that doesn't mean however that it's not an important document ryan is after all his party's former candidate for vice president and despite the higher than usual conservative opposition to his budge

of america. the fact that there are reports the justice department is looking into $13 billion of banc of america to resolve these investigations. you have analysts saying these pullbacks in bankuld provide a good entry point into the stock if you are one of the people who believes in bank of america, saying you may see it sell-off in the next few days but you can see stock under pressure. melissa: time for a little fun with spare change, taco bell said its will want to brace yourselves because your beloved mexican standby is putting on merits of a new fast casual restaurant that will cater to the millennial food crowd. marketing maven brewster, what do you think of this? u.s. taco company, i love it. >> i have to say i finally understand why you invite me back uses to announce today i made more money today than jeff bezos. maybe now i can afford their upscale restaurants. i and this and why they are doing it, moving into a slightly higher state is important because a lot of consumers are trading down meaning they are not eating fancy but wanted better experience. i get that. what i don't understand is that name. are they trying to remove the mexican from mexican food? i don't

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a different story is bank of america. unexpectedosted an loss. what analysts have been looking for. bank of america, like so many competitors, had many legal expenses as it tries to tie up the issues related to the financial crisis and mortgage practices. those fees still coming in higher than the bank and analyst had bargained for. speaking of banks, the first investment bank coming public today, raising less than initially expected. shares are rising in his first day of trading after pricing at $25 apiece. >> all right, thank you, julia. we will be talking to you shortly. google is on deck today after the close, they have been consistent as a performer, seeing organic revenue growth for the last 16 quarters. at their core business could be in jeopardy. ad spending on bing has increased 60% in the first quarter, more than doubled googles 29% gain. slowly beeno stealing market share. something that google has noticed, they are trying to branch out, ochocinco product categories. like google glass, finally hitting the market. yesterday, just for one

and the investor we're the investors for bank of america and let me say they took a big risk you had to have a sense of vision to look at what was here before to see that cross the street and say we're in this and we believe the mayor and we believe the city government and that's really important. so i want to thank everyone involved for allowing enterprise and the campaign to be a piece of this and congratulate jon stewart and rich they've stuck through this like no one can 33 and i understand how incredibly difficult projects like this are congratulations and thank you for allowing us to be part of this (clapping.) so all morning long you've heard folks it talk about why we're here i represent those folks in the community so why don't we hear from one of the residents, please come to the stage >> man god is good. so my name is p j i'm the member of the host and activities committee i'm also a hunters view pier leader and a a long time resident. i did live in hunters view and on the 26 of this month i'm in a new location. i thank you mayor ed lee and nancy pelosi and i want to thank

apply online or visit a bank of america near you. arly for the tempur-pedic bonus event. i'll have first pick from the huge selection of tempur-pedic mattresses. then, i'll get to choose $300 in pillows, sheets, and other free gifts. on top of that, up to 48 months interest-free financing. it's a beautiful day for mattress discounters' tempur-pedic bonus event. mmm, some alarm clock you turned out to be. ♪ mattress discounters >>> do you think he would be disappointed in congress? >> yes, he would be disappointed the the in sense that the people see compromise as a dirty issue. they don't want to agree. they don't want to be seen with the person from another party because somehow their own party will look upon them as traitors in some sort of way, and you need to have compromise. anybody who has ever been married knows that compromise is an important part of it. >> well, we opened with lucy so we thought we'd close with linda. very fitting here. welcome back to the lbj library. we have wayne slater from "the dallas morning news" and l

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bank of america is expected to report profits of a nickel a share.ected to top $22 billion. we'll have the numbers and the instant reaction as soon as they're released. >>> and later today, the countdown will begin for ibm and google, those results coming after the closing bell today. we're also leading up to a huge thursday full of dow components. we have general electric, goldman sachs, dupont, united health, all reporting tomorrow. so a lot to sink our teeth into. right now, let's get over to andrew. he has the yahoo! story. >> thank you. we missed you very much. >> i missed you guys. >> let's talk about yahoo! for a moment. yahoo! reported better than expected profits last night. they reported first quarter earnings of 38 cents. sales topped a billion dollars. they see a period of stable yet

. >>> bank of america will pay $772 million in fines and refunds for overselling credit card extras. lators said the bank misled customers about the cost and benefit of its credit card protection products. bank of america neither admitted nor denied the allegations. >> a new survey disputes the popular belief that filling out a federal tax return is hard to do. 58% of those surveyed in the "associated press" and gfk poll said completing a federal tax return is easy and just 7% said they were willing to pay more in federal taxes to make tax filing easier. >>> and a popular spicy hot sauce is generating a lot of heat. last night the city of irwindale declared sriracha sauce plant a public nuisance. people who live near the plant complained that the smell of hot chile peppers being ground for the sauce made their eyes sting and gave them headaches and coughing fits. the city gave the company 90 days to correct the problem. anne-marie? >> they'd better take care of it. people love their hot sauce. jill wagner at the new york stock exchange. thanks a lot, jill. >>> when we return, a colleg

over the next several months financials led the market as the quarterly earnings reports from bank of america and your bank or plateau stocks lower for the day cost cuts at bank of america failed to offset net interest income thinking that the expectations and core operating earnings at us bancorp came into some slight versus expectations of what it is soft. after marketing tactics off earnings season with google ibm and standards investors will be focused on whether results added to both helper first the recent sell off in the internet sector when the audience results can continue support the recent rotation intact hardware. ideally i'll whip up or securities. is an overview of some of the global my kids the eye it is. it is. a reader of the people fishing and ninety nuclear plants as it's a wonder d contaminating system has suffered another setback the charity like a foreign company says one are use to wash contaminated the clintons over florida in the advanced liquid processing system for hours on wednesday. take this as workers discovered the problem while watching and taking his foot fil

bank of america posted a first quarter loss, a mere $6 billion in costs linked to mortgage disputes. resolving issues over home loans and foreclosures have cost be of billion -- have cost bank of america more than 50 billion big ones. shares have fallen three percent so far this morning. ann shares of yahoo! are trading higher today. ceo marissa mayer can thank jerry yang. i say, alibaba is preparing to go public and it reported a 66% jump in their overall sales. yahoo! owns one fourth of the company. company again and trading today, opening at $22. we cannot forget the ipo price was less than land. amazing when you talk about how hot the ipo scene is. first to gothe public since the financial crisis. every time we get information out of the fed, everyone reads the tea leaves. are we over reading it? are we over justifying the market to get ourselves comfortable? can't we just say, market said markets down, some people win or lose? >> we always over justify the markets. we love a narrative. we are not especially comfortable with data and math. week on a show that you girls are especia

breaking news on bank of america. a just put out a statement saying that they have to adjust their estimated regulatory capital controls. revise downing to the amount of capital buffer they said they had had. they cut their first quarter estimated tier one capital ratio to 11.9%. shares of bank of america are falling on the back of the news. that is bucking the trend of the broader market. because of this re estimation, they are saying they also have to change the capital plan and they will suspend their buyback authorization. bank of america is announcing an adjustment to the regulatory capital ratios and that they will launch a full third review process to try to figure out what happened. >> we will be back right after this. ♪ >> pfizer has offered to buy astrazeneca for nearly $100 billion. olivia sterns has been looking into the details. she is back right now. this is a huge amount of money. how likely is it that we are going to see a deal happen? >> it is a huge amount of money. it would be the biggest takeover ev

. >> murph, talk to me about bank of america, out with its earnings going through the banks with their reports. >> we need an hour to discuss the bank of america announcement. let the market tell you how it feels about this. you're getting a sell-off on this. bank of america up in the mid-17s was extended. and now, this pullback has given almost 10%, down to where it was mid-15s. i think the quarter was fine. they set aside a lot of one-time charges. it got messy. again, if you want to be in a bank, i think bank of america gives you the best bang for your buck, so under 16 you buy it. >> doc, help me understand twitter. it goes off to the races yesterday late afternoon. >> yeah. >> on news they hired the product guy coming from google. >> yeah. >> the stock -- >> where marissa mayer came from. >> but the gain yesterday was some 9% or so. >> yeah, and last friday when we were talking about it on the floor, judge, we said buy it below 40 if you get the chance, anywhere near that 52-week low, you buy it. the stock's up $6 from there. it pulls back $1.50 today. wonder leicht says they get

apply online or visit a bank of america near you. >>> right in the middle of the state of oklahoma there'sed crescent. crescent, oklahoma's a town of about 1,000 people. it's not too far north of oklahoma city. in the mid 1960s crescent, oklahoma became a nationally important place because of the then booming american nuclear industry. and the oklahoma-based oil and gas company called kerr-mcgee decided to open up a brand new facility in crescent, oklahoma in 1965 that would build nuclear fuel rods out of uranium and plutonium. these were fuel rods that were going to be used in nuclear reactors all over the country. well, one of the local residents who took a job at that new facility in crescent was a 26-year-old named karen silkwood. she worked as a lab tech, processing plutonium for use in nuclear fuel rods. karen silkwood was also a union rep and she started raising safety concerns about what was happening in the plant. accidents, safety standards, workers potentially being poisoned by the radioactive material they were working with. karen silkwood was on her way to meet with a reporter

that's merrill edge and bank of america. w the featured $5 footlong of april. load it up with all your favorites like green peppers and shredded mozzarella. it's the featured $5 footlong of april. subway. eat fresh. it's the featured $5 footlong of april. yo,move fast fruit flavor,fe, watermelon, blue razz green apple. your taste buds dancing. it's the jolly rancher, we make it happen. untamed fruit flavor. jolly rancher. >> stephen: here to perform a song from his album and broadway-bound musical "the last ship," ladies and gentlemen, sting. ♪ a magd delin girl comes to py her respects ♪ but her mind is awhirl the sign of a corpse in the dark of the core ♪ and she reaches the door sees an unholy sight, solitary figure and halo of light ♪ he just carries on floating past cavalry hill ♪ ah, but she may catch him still ♪ tell me where are you gone, lord, and why in such haste? ♪ i don't envy you woman, i hae no time to waste ♪ i launch tomorrow at noon ♪ and i have to be there before daybreak ♪ oh, i cannot be missing the lads

bank of america, wells fargo, the investment banks like goldman sachs, you want to be there. g opportunity in bank of america. 6% was completely overdone. $4 billion, but it's a $2.2 trillion company in terms of assets. gerri: david, what do you say? >> well, i still believe regardless small investor, medium or large investor, there's nothing wrong with taking some winnings off the table. we've just had an incredible compression rally for the last five years, and i'd like to say it's okay to take base hits, but when you get a double or a triple, that's like finish. gerri: i want home runs every day. okay, maybe that's not realistic. i want to move on to the pimco story. saying that, you know, there wasn't a big fight with bill gross, the founder of pimco. actually, he was prepared to leave and ready to leave. dan, what are we missing in this story? i don't think we're getting the real story here. >> it's amazing that this is making news. [laughter] anytime there's a disruption in the markets when you have partners at the helm, people running it, the bond market's had a run for

of their own. this morning a federal judge ok'd an $85 million settlement with two major banks. bank of americas. after rejecting two previous deals. the really interesting news here is that the deal comes after a disastrous bet. what the detroit free press once called a hail mary by the former mayor kwame kilpatrick about solving the pension crisis. the bet made in late 2005 secured the city a $1.4 billion loan that it thought it could afford to repay. the only thing that could undermine the bet, well, if you know a major, you know, financial crisis were to come along. now, if any of this sounsdz familiar, that's because a similar situation occurred in jefferson county, alabama, home to the nation's second biggest municipal bankruptcy. again, banks got that city as well as places like l.a., oakland, and elsewhere to enter a dangerous deal involving these swaps. all in the run-up to the 2008 financial collapse. now, it's great that in this case, in the case of detroit, banks are taking a big haircut, receiving about 30 cents on the dollar according to the free press. that deal may increase pres

>>> bank of america's reportedly in settlement talks with regulators to resolve lawsuits about risky ortgage-backed securities that the banks sold ahead of the financial crisis that later went bad. kate kelly joins us now with more on the talk. >> you know, every headline we see are big dollar amounts, 9 million here or there, and the potential settlement. where are they at these talks? >> well, susie, i have to tell you this is almost like an appetizer compared to the main course that j.p. morgan paid back in november. you may recall they paid $13 billion back in november, a record-breaking settlement with the justice department. and various things were tied in that with other governments and state agencies, as well. and it looks like they may be looking to pay 10-plus billion, we don't know what the ultimate number will be, maybe not as high as that 13 but it is very high. and the banks are looking forward to putting this crisis behind them. it has been six years. >> ten billion here or there adding up to real money for the shareholders. hasn't the company paid big money to settle r

that's merrill edge and bank of america. so i got the new nokia lumia icon.hree times zoom, and a twenty-megapixel sensor. it's got the brightest display, so i can see what i'm shooting -- even outdoors, and 4 mics that capture incredible sound. plus, it has apps like vine -- and free cloud storage. my new lumia icon is so great, even our wipeouts look amazing. ♪ honestly, i want to see you be brave ♪ ♪ captioning sponsored by comedy central captioned by media access group at wgbh access.wgbh.org it's 11:59 and 59 seconds, this happened on youtube last night. that's uconn won the ncaa national championship which starts the annual season of riot season which means riot videos on youtube have

. >> some big proximate for bank of america today. shares tumbled 6% after the federal reserve ordered it to suspend its previously announced $4 billion stock buy back plan along with a planned dividend increase. b of a said it miscalculated the value of some securities in its take over of merrill lynch. the fed ordered bank of america to resubmit its capital plan for the fed's annual stress test after it corrects the mistake. >>> some good news for the bankrupt city much detroit. city officials reached a tentative five year deal with 14 municipal worker unions covering 3,500 employees. the agreement comes as detroit is close to completing its bankruptcy reorganization plan. >>> new mining ends its talks. last week we told you that the world's two largest gold producers were talking about combining. the deal fell through. newmont ended talks saying the two companies didn't have a respectful relationship. shares of both companies tumbled. newmont down 27%. barrick down 3%. the swedish drug make meta rejected a take over from mylan. shar

that's merrill edge and bank of america. [ gps ] turn left now... where are we exactly? know. i was listening to your gps. i don't have a gps... destination ahead... you have reached your destination... ♪ dahhhhh! [ male announcer ] crazy good! you have reached your destination... break the ice, with breath freshening cooling crystals. ice breakers. captioning sponsored by comedy central captioned by media access group at wgbh access.wgbh.org it's 11:59 and 59 seconds, this happened on youtube last night. that's uconn won the ncaa natal

of users, including pass words and data. internet users are now being advised to change their passwords and keep a close eye on any activity in their bank accounts. >>> well, it is official now. bank of americas been fined nearly $800 million by federal regulators after being accused of pressuring customers to sign up for costly credit card services that they didn't need. bank of america is the third to set we'll the comptroller regarding the currency. >>> and retailers are rushing to make cash registers and mobile payment systems more secure. courtney reagan went to the conference in las vegas where the big eggest names in cybersecurity are looking to restore consumer confidence. >> reporter: the transaction associations bring every part of a payment together, credit card, banks, regulators and retailers, all talking about securing spending while pointing fingers at each other for bearing the cost and liability. many retailers have had payment and data security teams in place for years and have been migrating, albeit slowly, the payment system is capable of using emv technology. this allows systems to read ships and pin cards currently used outside the u.s. visa and master card are giving r

that's merrill edge and bank of america. how do you do it? ya godzilla!odzilla's actually pretty cool. except when he's hungry. [ people screaming ] quick, throw him a snickers®! mmm! [ male announcer ] you're not you when you're hungry®, snickers® satisfies. ♪ male announcer ] you're not you when you're hungry®, ♪ ♪ if you're going to bring the artichoke dip, bring the friggin' artichoke dip. the one-of-a-kind, creamy blend of sweet and tangy. miracle whip and proud of it. there's a new premium chicken club in town? oh, no. i'm talking about the sandwich. is it just for chickens, or do they let people in? sometimes they let people in if you're cool enough. you've been? yes, i've been to the premium chicken club. you -- how did you get in? 'cause i knew the password. what is it? password is "there's no club, you moron"! "there's no club, you moron." [ male announcer ] welcome to the premium asiago caesar chicken club. and start your day with the 99¢ morning drink stop. [ click ] this is how you sonic. (cheers and applause) >> stephen: welcome back, everyb

that's merrill edge and bank of america. ♪ hard work, work there you go. ♪ hard work, work ♪ everybody'st right ♪ hard work, work ♪ hard work, that's what we say ♪ ♪ hard work, work ahhhhhh! ♪ hard work, i earn my pay ♪ hard work, work ♪ hard work, do it every day ♪ hard work, work ♪ get up 'bout a quarter to three ♪ ♪ hard work, work ♪ got to go and earn my pay ♪ hard work, work ♪ hard work, that's what we say ♪ ♪ hard work, work (cheers and applause) >> stephen: thank you, everybody! now, folks -- now, before the break, i was telling all the people here about the power of twitter. it has humbled morsi, brought down governments across the middle east but it did not get me. here to apologize, please welcome the founder of twitter, biz stone (cheers and applause) business, first of all, i want to thank you for just dropping everything and flying in from san francisco to apologize to me. >> actually, i'm not here to apologize. >> stephen: i accept (laughter) >> but we will get a chance the talk about my new book. >> stephen: we'll get to that. okay. >> stephen: here's the thing -- when you

chuck coppola joins us me this morning.chuck--i'm sure bank of america investors will be hoping for a rebound in that stock today. bank of america admits to a "miscalculation" of how much capital it has on its books. shares plummeted 6% monday-- wiping out 10-billion dollars in market capitalization. and because of the bad math, the second-largest u-s bank says it's suspending its four- billion-dollar stock buyback as well as a planned increase in its quarterly dividend.at issue is how b-of-a calculated the value of structured notes after b-of-a's purchase of merrill lynch during the financial crisis in 2007. 3 u.s. based traders at british bank barclays face criminal charges in the libor rate rigging scandal. they become the first on american soil to become a part of the scandal to be charged by uk authorities. the 3 traders reportedly will stand before a london court next month. security flaws have aol and microsoft users on alert. microsoft is working to fix a bug that has been discovered in versions 6 through 11 of its "internet explorer" browser. at aol -- a rise in "spoofed emai

apply online or visit a bank of america near you. . rburst matte and lacquer balms >>> leading the news on nbc news.com, not science fiction, navy to test futuristic gun. rail gun can fire a 23 pound projectile at speeds of up to 5600 miles an hour. no explosives necessary. the navy chief researcher says it is technology that will make enemies think twice. >>> and in usa today, woman unhappy with pot purchase calls cops. the 37-year-old texan called 911 complaining that the bag she bought contained mostly seeds and residue. she was promptly arrested. >>> stories in the news, vance mccallister missed two votes in congress after apologizing for his infidelity. he was caught on surveillance video kissing a woman who was not his wife. he issued this statement saying, quote, there is no doubt i have fallen short and am asking for forgiveness, from god, my wife, my kids, my staff and my constituents who elected me to serve. >>> earlier today, secretary of defense chuck hagel met with his chinese counterparts in beijing. he criticized china fo