citicorp, jp morgan, wells fargo and bank of america. nk that is a good thing to only have four big banks based in the united states or is it working ok? but think it works well there is a large amount of the industry in the hands of -- there are 5000 banks and community banks. you have a more varied financial industry. one of the things that makes our industry strong is the variety of participants. with the largest market share along with colleagues but if you look at us as a percentage of the gdp relative to other countries, it is unconsolidated business. with the largest retail at about 15%. if we were coke or pepsi, that would not be very good market share. there's a lot of room to grow. david: what percentage of your profits or revenue are from us at the nixon states? >> about 50-20%. 15-20. david: do you want to expand that? with a company that does corporate and commercial banking as well as treasury services around the world. we are investing tremendously in those. that does not mean you have to make acquisitions. you just add mor

>> what did you do to make bank of america now the largest consumer bank in the united states? did you have to call warren buffett? >> warren called us. if the president of the united states called you and said the country need you to be secretary of treasury, you would say --? >> call mr. rubenstein. could you fix your tie, please? >> people wouldn't recognize me of my tire was fixed. there we go. ♪ >> i don't consider myself a journalist. no one else would consider myself a journalist. anegan taking on the life of interviewer even though i have the day job at a private equity firm. how do you define leadership? what is it that makes somebody tick? let's talk about your career at bank of america and how euros up and became the ceo. let's go back to your background. you are from ohio. your father was a chemist. for dupont? you are the sixth of eight children. forth.re a lot and so >> you have to be very aggressive with stuff, getting your share. university to brown and you were the cocaptain of the rugby team. rugby is a tough sport. i assume that is not as tough as banking, or

david: so what did you do to make bank of america the largest consumer bank in the united states? brian: basically it was to pare the company back. go david: you had to go call a man named warren buffett? brian: he called us. he put $5 billion overnight in this company. david: if the president of the united states called you someday and said the country need you to be secretary treasury or chairman of the fed, you would say? brian: call mr. rubenstein. [laughter] >> would you fix your tie, please? david: well, people wouldn't recognize me if my tie was fixed, but ok. just leave it this way. all right. ♪ david: i don't consider myself a journalist. and nobody else would consider myself a journalist. i began to take on the life of being an interviewer even though i have a day job of running a private equity firm. how do you define leadership? what is it that makes somebody tick? let's talk about your career at bank of america, and how you rose up and actually became the ceo, because i think it is quite interesting. to go to your background, you are from ohio. your father was a chemi

ultimately it was bought by bank of america. brian: correct. that goes to the scale of banking and what you can achieve. it was the first nationwide bank. david: what was your job in the new bank company? brian: the wealth management business, private business. david: for a while he became the general counsel of bank of america. brian: 40 days. david: 40 days. 40 nights. was there that flood or anything? brian: there wasn't. david: by that time, the u.s. was in the middle of a financial crisis. all banks were in trouble. bank of america was doing a favor for the u.s. government when it was told it should buy merrill lynch, is that right? brian: there was a scramble to stabilize the firms that were less stable, jp morgan, bear stearns, ourselves, and we couldn't stabilize lehman brothers. david: at one point, the ceo of bank of america was leaving and they needed a new ceo. how did they take you? you are the general counsel. brian: at that time i wasn't. after that, i had the commercial banking business and investment banking business. i couldn't

of bank boston took over, chad gifford, took over, he decided the combined bank wasn't big enough, so he ultimately discussed selling it to a number of other people. ultimately it was bought by bank of americabrian: right. that goes to the scale of banking and what you can achieve. it was ultimately the first nationwide bank, and that is something that we have that no one else has right now. david: when bank of america came in, what was your job in the new bank company? brian: the wealth management business, columbia asset management, private business. david: for a while, you became the general counsel of bank of america. brian: for 40 days. david: 40 days. brian: december of 2008 to january of 2009. 40 days -- david: 40 days and 40 nights, was there any flooding or anything? [laughter] brian: there was a transaction and if you other things in the second round of tarp and a few other gems. david: by that time, the u.s. was in the middle of a financial crisis. all banks were in trouble. i think that is fair to say. bank of america was doing a favor for the u.s. government when it was told it should buy merrill lynch, is that right? brian: there was a scramble to try to stabilize the firms th

david: there are four big banks, citicorp, jp morgan, wells fargo, and bank of america. think that's a good thing to have only four big banks that are based in the united states or is it working? brian: i think it works well. a large amount of the industry, 5000 banks, so you have much more varied financial industry. one thing that makes our industry strong is the variety. we have the largest market share along with those colleagues. if you look at us as a percentage of gdp relative to other countries, we have the largest retail share, about 15%. if we were coca-cola or pepsi, we think that is not good market share. so there is a lot of room to grow. david: what percentage of profits or revenues are from outside the u.s.? brian: 15% to 20%. david: are you reasonably happy with that? is that where expansion can come? brian: we are expanding outside the u.s., we are expanding and doing capital markets, trading for asset managers and other firms. we have a company that does corporate and investment banking and treasury services around the world. we are investing in those by

ultimately it was bought by bank of america. brian: correct. that goes to the scale of banking and what you can achieve. it was the first nationwide bank. david: what was your job in the new bank company? brian: the wealth management , private business. david: for a while he became the general counsel of bank of america. brian: 40 days. david: 40 days. 40 nights. was there that flood or anything? brian: there wasn't one transaction and some other things. the u.s. that time, was in the middle of a financial crisis. .ll banks were in trouble bank of america was doing a favor for the u.s. government when it was told it should by merrill lynch, is that right? a scramble toas

and i want to make you understand that $2.2 billion is the number that bank of america committed to andonly out of $4 billion nationally. so san francisco is a very important part of what bank of america stands for. and they started in 1904 and financed projects like the golden gate bridge, the bay bridge, the ferry building and our commitment to san francisco has never been stronger. so this is our purpose. our purpose is to help, where help is needed, and whether asked by our city to step up, we make sure that we find the resources to do it. i see smiles on faces today and we know that no matter what we do to build a building, it doesn't matter except if it matters to the people who are in it. and i'm so happy that so many of you are here today. what it means is the relocation happened for a good reason. like, you were able to come back. i know that there's gardens and i know that there's extra spaces and i think that i saw an elliptical machine over there. this is a place that you can call home. it's safe. it's for you. and we are so happy that it happened. pretty much on schedule. i

and i want to make you understand that $2.2 billion is the number that bank of america committed to and it's only out of $4 billion nationally. so san francisco is a very important part of what bank of america stands for. and they started in 1904 and financed projects like the golden gate bridge, the bay bridge, the ferry building and our commitment to san francisco has never been stronger. so this is our purpose. our purpose is to help, where help is needed, and whether asked by our city to step up, we make sure that we find the resources to do it. i see smiles on faces today and we know that no matter what we do to build a building, it doesn't matter except if it matters to the people who are in it. and i'm so happy that so many of you are here today. what it means is the relocation happened for a good reason. like, you were able to come back. i know that there's gardens and i know that there's extra spaces and i think that i saw an elliptical machine over there. this is a place that you can call home. it's safe. it's for you. and we are so happy that it happened. pretty much on sched

bank of america was doing a favor for the u.s. government when it was told it should buy merrill lynch, is that right? brian: there was a scramble to stabilize the firms that were less stable, jp morgan, bear stearns, ourselves, and we couldn't stabilize lehman brothers. we even looked at it as a company. david: at one point, the ceo of bank of america was leaving and they needed a new ceo. how did they pick you? you were the general counsel. brian: at that time i wasn't. i was general counsel for a short time. after that, i had the commercial banking business and investment banking business. i couldn't keep a job, let's just say that. i had five jobs in one year. largely, we were doing deals and things were shifting around and it was interesting. the late summer, early fall of 2009, the ceo told the board he wanted to leave at year end. they went through a search process.

david: and also you got a little bored with bank of america. ink at the age of 43, you are the youngest person on the board. charles: one of the largest shareholders. david: the establishment is there and you don't regard yourself as the establishment. what could go wrong with that? it sounds great. charles: it sounded great, but the bank fell on bad times. we could not continue to do our progression of new services. , weinstance, one case cannot even develop our own money market funding because the bank had to get permission because they were in trouble by their operational issues and loan-loss issues. we could not get the federal reserve to approve us to do our own money market funds. i thought it was time that we should get out of the company. david: you had one advantage to buying it back. you had the right to your picture. charles: i had the name and likeness when it was made. we finally came to terms. david: who was the clever lawyer that told you to keep your name separate? charles: i don't know. i thank him every day. david: you bought i

would you agree with bank of america? hink markets are not very concerned about inflation even though actually the headline and , theall are about 2.3% now level previously, people were fearful of high inflation. inerally market participants of thes, it is not top risks for us. there is actually reason to be more cautious on high inflation and be protected from that because generally the risk is not that priced in. in terms of the mandates of full employment and stable inflation, there was a question from ayanna pressley who asked whether the fed could ensure economic conditions in which anybody who wanted to work and can work will have a job available to them. it has prompted questions on the bloomberg about what for employment means. we don't want a philosophical debate, but does that also feed into the view that if the fed changes its focus at all, higher inflation is even further away? economy isthe u.s. at full employment already. jobou look at the number of openings, it is consistently higher than the number of unemp

-- bank of america is buying in a lot of stock every ownership of the bank of america this year will probably go up 7 or 8% without our spending a dime. they're very attractive against interest rates and against bonds and other stocks in my view. maybe you're talking about wells fargo? it just settled on friday. does this mean that they have kind of finally gotten through that and can move forward? he says it's an ounce of prevention is not worth a pound of cure. an ounce of prevention is worth a ton of cure and we have seen that time after time the interesting thing was a whole lot of phony accounts. i don't know how you make any money on it at all the shareholders didn't make money. >> well, the incentive structure was set up so that some of the employees could make money. >> and you can devise incentive systems. we have done them ourselves. because they will do what they are insented to do you're going to do dumb things in business and we do every them day and you have to attack a problem as soon as it occurs and you know about it an

and i want to make you understand that $2.2 billion is the number that bank of america committed to andly out of $4 billion nationally. so san francisco is a very important part of what bank of america stands for. and they started in 1904 and financed projects like the golden gate bridge, the bay bridge, the ferry building and our commitment to san francisco has never been stronger. so this is our purpose. our purpose is to help, where help is needed, and whether asked by our city to step up, we make sure that we find the resources to do it. i see smiles on faces today and we know that no matter what we do to build a building, it doesn't matter except if it matters to the people who are in it. and i'm so happy that so many of you are here today. what it means is the relocation happened for a good reason. like, you were able to come back. i know that there's gardens and i know that there's extra spaces and i think that i saw an elliptical machine over there. this is a place that you can call home. it's safe. it's for you. and we are so happy that it happened. pretty much on schedule. i t

and i want to make you understand that $2.2 billion is the number that bank of america committed to and it's only out of $4 billion nationally. so san francisco is a very important part of what bank of america stands for. and they started in 1904 and financed projects like the golden gate bridge, the bay bridge, the ferry building and our commitment to san francisco has never been stronger. so this is our purpose. our purpose is to help, where help is needed, and whether asked by our city to step up, we make sure that we find the resources to do it. i see smiles on faces today and we know that no matter what we do to build a building, it doesn't matter except if it matters to the people who are in it. and i'm so happy that so many of you are here today. what it means is the relocation happened for a good reason. like, you were able to come back. i know that there's gardens and i know that there's extra spaces and i think that i saw an elliptical machine over there. this is a place that you can call home. it's safe. it's for you. and we are so happy that it happened. pretty much on sched

we will ask robbie from bank of america merrill lynch. is is bloomberg. ♪ joe: one of today's stock is, walmart. they report lackluster holiday sales in the fourth quarter, but they ended up nearly 1.5% on the day. for more insight, we welcome an analyst from bank of america merrill lynch. ratingreiterated his buy and he has a $140 price target on it. what in your view led to the turnaround? >> you mean with the stock. to: what caused people initially say, bad holiday quarter, that five minutes later, they like it. up 37%, well was above our forecast. if you look at some of the other retailers, target was a little bit later than expected on the e-commerce i. i think the second thing is 2.5%rt did guide for same-store sales this for school -- this fiscal year. talk about retailers, it is the set up or you can buy online, pick up in the store, do whatever you can do. walmart you would think would be best positioned for that given its warehouse structure, given its brand structure as well. how well are they competing with target on that front

now, it has been a horrible week, so a lot it happened this week nonetheless, 15.5%, bank of america. 18.5% for citi and 18.5 for goldman, et cetera, et cetera. >> right to mike mayo's point, and perhaps somebody reacting to it, kre, regional banking etf, scott, one of the unusual activities here it is they bought puts in there bigtime today at the 45 strike about $3 under where that stock is is that somebody like a stephanie link or a shannon or brenda that's managing a big chunk of money and wants to shore up a little something underneath the market so they can ride out the volatility? maybe. either that or it is a straight out downside bet i would, you know, not know which one of those two it is right now, scott but it is a big trade. and obviously, the kre is that regional. >> abouting index is one of the ones woe keep our eye on a lot because the big banks aren't going to be merging with each other. these guys could. >> you know, i agree with everything that everybody has said we are neutral >> okay. >> let me make the point, though everybody is in the same boat. when everybody i

and i want to make you understand that $2.2 billion is the number that bank of america committed to and it's only out of $4 billion nationally. so san francisco is a very important part of what bank of america stands for. and they started in 1904 and financed projects like the golden gate bridge, the bay bridge, the ferry building and our commitment to san francisco has never been stronger. so this is our purpose. our purpose is to help, where help is needed, and whether asked by our city to step up, we make sure that we find the resources to do it. i see smiles on faces today and we know that no matter what we do to build a building, it doesn't matter except if it matters to the people who are in it. and i'm so happy that so many of you are here today. what it means is the relocation happened for a good reason. like, you were able to come back. i know that there's gardens and i know that there's extra spaces and i think that i saw an elliptical machine over there. this is a place that you can call home. it's safe. it's for you. and we are so happy that it happened. pretty much on sched

and i want to make you understand that $2.2 billion is the number that bank of america committed to and it's only out of $4 billion nationally. so san francisco is a very important part of what bank of america stands for. and they started in 1904 and financed projects like the golden gate bridge, the bay bridge, the ferry building and our commitment to san francisco has never been stronger. so this is our purpose. our purpose is to help, where help is needed, and whether asked by our city to step up, we make sure that we find the resources to do it. i see smiles on faces today and we know that no matter what we do to build a building, it doesn't matter except if it matters to the people who are in it. and i'm so happy that so many of you are here today. what it means is the relocation happened for a good reason. like, you were able to come back. i know that there's gardens and i know that there's extra spaces and i think that i saw an elliptical machine over there. this is a place that you can call home. it's safe. it's for you. and we are so happy that it happened. pretty much on sched

buy bank of america. heard a lot about the corporate stock plan business and that this is undervalued. does that argument not stack up? mike: this goes to the idea of revenue synergy good a brokered firm can get customers in a variety of ways, through traditional offices, digital delivery, or through the workspace. to the extent morgan stanley has a broader suite of products, they should be excellent. if you're e*trade investor, you would say this is fantastic. i would love to be in e*trade customer because you will have so much more morgan stanley's research and products and ways to have that experience. having said that, if you're a morgan stanley shareholder, that comes with a lot of extra complexity and costs over time. we think the expectations, just like with the other mergers i've seen over three decades, might be too optimistic. guy: you think it was a competitive process. you think others were involved? mike: we have no idea at this point. i cannot wait to find out. they are changing control prov

and i want to make you understand that $2.2 billion is the number that bank of america committed to and out of $4 billion nationally. so san francisco is a very important part of what bank of america stands for. and they started in 1904 and financed projects like the golden gate bridge, the bay bridge, the ferry building and our commitment to san francisco has never been stronger. so this is our purpose. our purpose is to help, where help is needed, and whether asked by our city to step up, we make sure that we find the resources to do it. i see smiles on faces today and we know that no matter what we do to build a building, it doesn't matter except if it matters to the people who are in it. and i'm so happy that so many of you are here today. what it means is the relocation happened for a good reason. like, you were able to come back. i know that there's gardens and i know that there's extra spaces and i think that i saw an elliptical machine over there. this is a place that you can call home. it's safe. it's for you. and we are so happy that it happened. pretty much on schedule. i thi

pricing in some action >> real quickly, are we to just say it's a convince dense that first we have bank of americat and call for this half point cut. all of a sudden, the market is pushing on the fed and now we have the statement from fed where they would i don't want to oversell it, but they opened the door toward action, don't you think? >> most certainly. this statement does open the door to action look, this is a process that happens often. the asset markets move quickly, violently and price things in and then it takes sometimes the economists and guys who watch the fed to be b brought along with that. that's what i consider the importance of the b of a and i know the fed because of the interview i just did, i look at the markets but also the surveys of economists and earlier or later last week where the fed vice chairman said hey, the economists aren't calling one. that was the important of the b of a announcement. they're on board with the possibility of a 50 basis point rate cut i suspect others will be as well certainly the market was pricing that in. now it seems like those who spent more

bank of america rose by 25%. strong results across the business and the key takeaway is of the about the revival banks trading performance. a dividend payout of 50% and return in equity of 10%. nejra: slight cut to profitability targets amid falling rates. the red headline, revenue and adjusted industrial businesses missing the estimates. the headline takeaway, siemens is warning of a tough year after quarterly decline. misses the lowest estimate at 20.4 billion. confirming its full-year view, subdued 2020 macro development and is talking about lifting siemens energy in september. siemens was buying stake in the turbine maker for $120 million and the holding was to be folded in the planned energy spinoff. it is about the latest push to dismantle the company's conglomerate status, focus on digital services and factory equipment. these numbers are coming in at a miss. there is some level of exuberance in u.s. equity markets, in the nasdaq record high, but the yuan is more distrusting of the short covering rally in t

bank of america kind of spoke about that and said there were 13 rate cuts by central banks across the markets will have to continue to do that because of coronavirus, etc. where is the value? how do you not pay too much, but also take advantage of the liquidity and buy everything mentality? kathy: one of the things you can do is barbell your positions. you can have some risk on assets and some treasuries to go with it. by the way, treasuries are rallying a lot, too. our argument is this is not an opportune time to jump in active positions on the risk side. david: it sounds as if that is sort of an implied hold cash. the timing of things has not gone very well, but on barbelling, if one wants to make an argument 18 or 19 times is too extensive the s&p -- i would -- i don't know how 1.5% on the tenure is not equally overvalued. i would not view treasuries as any less overvalued than the s&p. kathy: i would argue they are a lot safer. you hold treasuries to maturity and you will get your money back. it is not true if you hold in overvalued asset. you may not get your money back. david: r

market participants even believe that the federal reserve could cut rates by 50 basis points of bank of america saying that it's also possible that we could see an extraordinary meeting so that the fed might even cut rates before so let's wait and see a lot also depends if the markets will calm down in the next couple of days. been watching these these markets all week give me an idea what kind of week has this been for global markets. it's been a crazy week we were down by the was that all jones industrial average this week alone by a good 12 percent so this speech that we saw was those losses that is highly unusual and as we've heard it's been the worst week since the financial crisis what traders are fearing is that market participants might be driven by their stomach and not by their brains so that actually emotions my head to take over and investors might start doing silly stuff what we also saw all week long is that we had automated computer programs also influencing the market so it has been a pretty wild week and the jury is still out if what we saw here on friday was the end of the par

and i want to make you understand that $2.2 billion is the number that bank of america committed to and it's only out of $4 billion nationally. so san francisco is a very important part of what bank of america stands for. and they started in 1904 and financed projects like the golden gate bridge, the bay bridge, the ferry building and our commitment to san francisco has never been stronger. so this is our purpose. our purpose is to help, where help is needed, and whether asked by our city to step up, we make sure that we find the resources to do it. i see smiles on faces today and we know that no matter what we do to build a building, it doesn't matter except if it matters to the people who are in it. and i'm so happy that so many of you are here today. what it means is the relocation happened for a good reason. like, you were able to come back. i know that there's gardens and i know that there's extra spaces and i think that i saw an elliptical machine over there. this is a place that you can call home. it's safe. it's for you. and we are so happy that it happened. pretty much on sched

and i want to make you understand that $2.2 billion is the number that bank of america committed to andt's only out of $4 billion nationally. so san francisco is a very important part of what bank of america stands for. and they started in 1904 and financed projects like the golden gate bridge, the bay bridge, the ferry building and our commitment to san francisco has never been stronger. so this is our purpose. our purpose is to help, where help is needed, and whether asked by our city to step up, we make sure that we find the resources to do it. i see smiles on faces today and we know that no matter what we do to build a building, it doesn't matter except if it matters to the people who are in it. and i'm so happy that so many of you are here today. what it means is the relocation happened for a good reason. like, you were able to come back. i know that there's gardens and i know that there's extra spaces and i think that i saw an elliptical machine over there. this is a place that you can call home. it's safe. it's for you. and we are so happy that it happened. pretty much on schedul

opposed to an investment bank, i don't think this deal could get done i think there's still a lot of concern amongst the regulators to see, you know, jpmorgan or bank of americar wells fargo get bigger morgan stanley is not that large compared to those. this is in a business they are already in and i think they could do a deal like this, certain goldman could do a deal like this, but i'm not sure that a large financial institution, that the regulars would allow it >> one last thing. yesterday in a filing, bank of america cited the possibility of negative interest rates in the united states as a business risk for the first time is that something that's being talked about more openly, do you think, than say last year? >> the only talk about it is it doesn't make any sense i don't believe in negative rates. how long have we had negative interest rates in japan? how has the their economy done in the last 15, 20 years i don't think it helps i think it hurts you have to have a strong financial institution and of course it reduces the income of financial institutions so i don't think there's any possibility in the near term that we have negative interest rates in th

and i want to make you understand that $2.2 billion is the number that bank of america committed to ands only out of $4 billion nationally. so san francisco is a very important part of what bank of america stands for. and they started in 1904 and financed projects like the golden gate bridge, the bay bridge, the ferry building and our commitment to san francisco has never been stronger. so this is our purpose. our purpose is to help, where help is needed, and whether asked by our city to step up, we make sure that we find the resources to do it. i see smiles on faces today and we know that no matter what we do to build a building, it doesn't matter except if it matters to the people who are in it. and i'm so happy that so many of you are here today. what it means is the relocation happened for a good reason. like, you were able to come back. i know that there's gardens and i know that there's extra spaces and i think that i saw an elliptical machine over there. this is a place that you can call home. it's safe. it's for you. and we are so happy that it happened. pretty much on schedule.

it will be die lieu differen coveted or he actually has a plan >> this gets me thinking about bank of america and merrill. and in that respect, that was somewhat of a culture clash. >> still is. >> and wilfred asked gorman are you going to start wearing jeans and a button down. >> and this one though when morgan stanley, gorman and these guys decided that we'll take the citigroup brokerage under our wing, and now it is under the umbrella of morgan stanley, this gives them a very big critical mass to compete for investor dollars. >> so to your point, this is better than trying to build it yourself so goldman sachs is making a play for the mass affluent. jpmorgan releae app and i don't know what kind of traction that is getting merrill lichbynch has merrill e, it is hundreds of billions of dollars that are being served by a combination of emails and a call center. right? so morgan stanley does not have that so to your point, if they want to go that route and pursue the mass affluent, this was probably better than trying to build it from scratch, so why not lpl >> where does it leave interactive

million borrowers can benefit by a refinance that according to black knight the head of consumer banking for bank of americaays the demand is, quote, tremendous but he does not need to hire new staff to handle it 45% of b of a mortgage applicants do the process online. >> it enables us to give our clients a good experience and meet surges in demand pretty quickly. >> demand from buyers has not been strong. less because of rates and more because of a shortage of homes for sale >> yeah. and again, diana, this might be one way the u.s. benefits from everything that's been happening with the plunge in yields and coronavirus scares, but it doesn't help people who can't get access to a home we spoke yesterday about some of the down payment issues and housing shortages. how many people can access a 3.5% down payment for an fha product? >> well, there is no number to put on it obviously, kelby but there are a lot of people who can get 3.5% bank of america has its low down payment loan options, so it is not impossible by any stretch. it's just that mortgage lending is still pretty tight right now. the builders are h

the s&p forced more than 10% -- falls more than 10% as the bank of america warns of the worst shakedowncrisis. more: south korea records new cases. korea comingth online. let's get straight to the market action with sarah ponczek. feeding through to japan. the nikkei 225 and the topix are both down near 2%, falling for a fifth straight day. both benchmarks well below their 200 day moving averages, and with that, we have seen a bit of a return to the safe haven. the yen on track versus the u.s. dollar for its best week since august. at the same time, we see a decline in yields for 10 year jgb use, yielding -12 basis points. let's switch up the board. south korea coming online, trading at the lowest level since at least october. the kospi down 1.5%. see the asx 200 falling for a seventh straight day, extending declines by 3%, closing in a correction down 10%. we see weakness emerging. we do see a little bit of resilience in the u.s. futures market. .5%, butes up close to this after the workstations 2011. a decline of more than 4%. att to get you a better look what we saw during the u.s. t

. >> and i want to ask you about bar bank of america, should we sell, should we hold or should we buyon't really like the bank stocks to be honest because they seem to be trapped wi this ridiculous yield curve bank of america is not an expensive stock. i think warren buffet will say good thing about it. i think you're fine with it. the oils and the banks can rally here but as they rally, cut them back i think you have to do that. they're just not as good as other stocks, what can i say the payment processer stocks, they are red hot, and bob eink says it could get hotter negs ti next time there's a pull back, i think you should buy much more "mad money," who says this isn't the most interactive show in television the ceo joins me tonight, is it too late to get in and out and in with this market, i'm going to give you my take, a real lesson about what you can and can't do, and rapid fire, tonight's edition of the lightning round, so stay with cramer (janine) i used to be a little cranky. dealing with our finances really haunted me. thankfully, i got quickbooks, and a live bookkeeper's h

morgan they could take care citibank and bank of america they're not going to take care of you they're not going to take care of your local bank and anything like that perhaps and probably well having lived as an ex-pat myself in different countries around the world for decades over over the years you know that us passport doesn't really work like a magic trick right once you are stuck in a foreign country and you are not able to exercise the rights to come with your u.s. passport you know you have a big like wake up call the rest the world is a lot different you know america takes a lot of stuff for granted here it's easy street even the poor people in america i mean compared to other poor people there are living like kings of course with last week or the past 2 weeks when they did. fly planes there to go help ex-pats out of the country it was only the us when we had to pay big bucks to get on the plane the french and the europeans and the brits sent free planes to go collect their citizens but i also want to look at another story that from history and there is no more important docum

bank of america today, tech bubble question mark, inflows into tech annualizing at $62 billion versus a record of $18 billion in 2017, and they point to the obvious place, the maga stocks, microsoft, amazon, apple and google and tesla and virgin galactic and the way they have been trading the last few weeks >> when you look at the call action activity i think that's specific to individual names some of which really really ripped in the last months. i think the trillion dollar players out there, which i think its fair to say are some form of monopoly think point frankly i think the only thing that's going to take down that side of the market completely is some form of anti-trust. what we are basically talking about is positions over the last two months that has done too far too fast to the extremes and we are seeing similar signals to what we saw in august of last year which preceded a rebalancing out of momentum into value. we are not talking about a crash, we are talking rebalancing. >> we have had a few of those, probably once a year where there is like a surge in value stocks for a

investigators say this man withdrew the money from the same victim's account at two different bank of america locations. >>> a man is facing charges in petaluma for recording some of his female coworkers. kendall hansen keys was arrested after another employee found a cell phone recording video in the grocery store bathroom. police say they found recordings of two female employees on the device. those women were notified. the suspect was booked into the sonoma county jail. >>> a wild weekend in san francisco where at least four sideshowshuge crowds led to no arrests. 50 to 100 vehicles were involved in each sideshow smoky up the tires doing doughnuts.>>> the group met near the former site of candlestick park early yesterday morning. then dispersed around the city. including market and clayton 24 23rd and laura street and the richmond district. some residents they complain. traffic on mission street was blocked. backing up cars for blocks. police responded but there were no citations and no arrests and no and pounds. officers are working to identify the participants. >>> another spectacle also