only f from naturere's bounty. >>> edd said it was a bank of america issue, and bank of america said that was an edd issue. >> getting the run around on edd debit card hacks, as kpix first exposed in the fall, fraudsters are stealing thousands of dollars in unemployment benefits, but bank of america is denying victims acclaims. kenny choices joins us live with the details in a kpix 5 original report. >> for the first time since we started reporting on this issue, we have obtained e-mails between bank of america and edd that suggest the with are not on the same page when it comes to fighting fraud sometimes. and now it's all backfiring on victims. >> in the last week, i've taken about 250 calls. >> reporter: he's an edd call center employee who reached out to kpix after seeing our reports about brazen hacks of edd debit cards. we exposed how hackers are stealing identities of edd claimants on the dark,, and then stealing thousands of dollars in cash at atms far away from where the victims live. making matters even worse for victims, he said bank of america is now freezing the hacked ac

going on and this is what we will do, nothing, zero answers.>> after we gave gonzalez name to bank of america they finally unlocked his account containing that $8000. he's one of at least 20 victims got their money back after giving their names to the bank. countless others are still waiting. >>> still ahead, lobbying to reopen after dining. white restaurant owners and one bay area city say they should be exempt from the ban. >>> and deputies forced to take action when a mountain lion stocks a family on a california trail.>>> coming up, why a group of bay area top doctors writing the coronavirus are telling the state that it's time to reopen schools. >>> foothills park just open to the public about one month ago and now it may be too popular for its own good. and so the city is thinking of imposing an entrance fee. >> do you think the $10 would make people appreciate the park more? >> absolutely. anything with mone ah, yes, the living room-slash-classroom- slash-office. observe how gig-speed internet from xfinity powers the gaming tablet, the school tablet and the extremely sticky tablet. eve

documents but then after that, bank of america froze his act. holding back$8,000 needed to support hlf and yl abo edd and bank of america right now? >> betrayed. let down. that i'm not important. that that i'm a bunch of digits. 10s of thousands of californians had their accounts frozen. the problem? the pandemic caused millions people to apply benefits overwhelming system. criminals then exploited it. some had used prisoners names, including scott peterson's to steal over $400 million. prosecutors charged one woman with masca are r amascarading feinstein. and this roapper was charged wih fraud, and he plead not guilty. >> it's a complete disaster. and it's a disaster that is deeply harming million on of californians. >> a disaster because in order to combat the fraud, he said, not only were bogus accounts shut down, so were hundreds of thousands of legitimate accounts. >> i understand there's a fraud problem. but they need to stop throwing the baby out with the bath water. and stop forcing people in to homelessness, frankly. >> one problem is ma

bank of america under fire for its handling of unemployment fraud. the new lawsuit that claims the bank failed thousands of californians. >>> good afternoon. i am michelle griego. >> came bix first explores the widespread unappointed front now bank of america's facing let'to thlive news desk thclose claim. >> this is a class action lawsuit against the bank of america basically accusing it of leaving millions of californians high and dry without the unemployment benefits that the state was trying to provide to them that this lawsuit filed late last night. bank of america was contracted through the state to facilitate unemployment benefits at a critical time when millions of californians were losing their jobs because of the pandemic at this lawsuit alleges that b of a took on a solemn duty to protect some of the most vulnerable and botched the job failing to provide basic security measures like a microchip to safeguard debit cards. >> it feels like bank of america is not taking this seriously. we are being treated like second-class citizens. >> reporte

back to you. >>> after a kpix5 investigation, legal action against bank of america. ball and failed thousands of unemployed californians. >> reporter: breaking news in east san jose, a man fired several shots at san jose police. we will have a live report. >>> good morning. u.s. faces an historic threat of violent extremism from its own citizens. why investigators are desperate to identify rioters who used military and law enforcement style tactics in last week's assault on the capitol. >>> u.s. has seen its deadliest week of the pandemic so far. we'll look at accusations that some wealthy and well connected americans are trying to jump the line to get vaccinated. >>> we hear from high school students who are forever changed by covid-19. how they're coping with the pandemic and why ♪ >>> good morning to you our viewers in the west on this friday, january 15th. martin luther king jr.'s birthday, i'm gayle king with anthony mason and tony dokoupil. >>> a massive show of force in the nation's capital amid an unprecedented threat of violence before the inauguration. plus,

edd clients from fraudulent tranactions. >> this lawsuit is intended to be i wake-up call for bank of america. >> reporter: since last fall, hundreds of thousands of edd accounts have been locked by bank of america or the employment development department to weed out fraudulent unemployment claims and suspicious activity forcing legitimate recipients to call the bank. >> as soon as i told her there is fraud on my edd card, she said, i am sorry. i am unable to help you. >> reporter: b of a and edd are working to solve what they admit is at least a $2 billion fraud problem involving the debit cards. >> reporter: want bank of america to be accountable. i want our voices to be heard. i don't want to feel like i am system because i have an edd card. on i am second-class because i have an edd card. >> reporter: the complaint filed said, they failed to have chip technology for the edd debit cards. that they didn't respond in a timely manner to customers and breached the contract with edd. >> i think this is a very useful step forward in making sure that the bank is aware of just how serious the prob

a class-action lawsuit was filed today. >> this lawsuit is intended to be a wake-up call for bank of america. >> reporter: since last fall hundreds of thousands of edd accounts have been locked by either bank of america or the employment development department to weed out fraudulent, on the planet claims in suspicious activity. forcing legitimate recipients to call the bank. >> as soon as i told her there is fraud on my edd card, she said, i'm sorry, i am unable to help you. >> there working to solve the they admit is at least a $2 billion fraud problem involving the debit cards. >> i want america to be accountable, i want our voices to be heard, i don't want to feel like i am second-class just because i have an edd card. and that is how they made me feel. >> reporter: the complaint filed in federal court alleges bank of america failed to provide basic security measures like chip technology for its edd debit cards. that they did not respond in a timely manner to fraud of customers and breached the contract with edd. >> i do think this is a very useful step forward in making sure that the ban

there edd debit card accounts at bank of america recently got hijacked. michelle found out while pumping gas. >> i pumped bubbly $9.50, and then the pump stopped on may. >> reporter: she called the number on the back of her bank of america debit card and got a rude surprise. >> it said i was locked out. >> reporter: surprise turned into shock, when she finally got to bank of america's fraud department. >> they confirmed that the email on the account was not my email. >> reporter: the routing number was not her routing number. it was the fraudsters. >> they had removed my bank account info, and put their routing information for their bank account. >> reporter: someone had hijacked her account and stolen everything in it, $7500. the same thing happened to linda. she found out when she went online to pay a bill. >> mine was at zero. i knew something was wrong, immediately. >> reporter: she said after hours on the phone, to file a claim, a bank employee confirmed her worst fear. a fraudster was impersonating her and had drained $3000 from her account. >> this

a class-action lawsuit was filed today. >> this lawsuit is intended to be a wake-up call for bank of americaorter: since last fall hundreds of thousands of edd accounts have been locked by either bank of america or the employment development department to weed out fraudulent, on the planet claims in suspicious activity. forcing legitimate recipients to call the bank. >> as soon as i told her there is fraud on my edd card, she said, i'm sorry, i am unable to

. >>> developing, fall out continues in the widespread unemployment fraud at bank of america. a law firm in san francisco has filed a class action lawsuit with a laundry list of failings by the bank. let's go to kiet do live in san jose with more. >> reporter: good morning. attorneys say this lawsuit is a wake up call for bank of america and a lot of the problems could have been fore seen. lawsuit alleges b of a violated california consumer privacy act, unfair competition law, parts of the electronic funds transfer act, breach of contract with edd. in a statement "bank of america was required to provide secure accounts for unemployment payments but failed to provide basic security measures such as industry standard chip technology to safeguard edd debit cards. as a result thousands have lost their only life line due to fraudulent transactions and hacked accounts ." about 1.4 million accounts have been frozen to investigate possible fraud. we have spoken to dozens of people who have experienced similar hardships. they say they've been victims of fraud and have had no luck trying

of interest rates, not so much the level. jonathan: the level matters to the big banks on wall street. the earnings, bank of americaehind us, goldman sachs in front of us this morning. sonali basak has your wrap. sonali: good morning, jon. we have bank of america saying it would buy almost $3 billion worth of shares. we have them also facing a little bit of pressure here in their net interest income. they haven't yet provided in outlook for the full year, but that is one number everyone will be looking out for. they are short on fixed income trading. however, they have been doing very well in investment acting. they are neck and neck with j.p. morgan in a banner year for debt underwriting. can they keep that up? the consumer outlook is also quite rosy, but we will be looking for brian moynihan s -- for brian moynihan's risks ahead. jonathan: joining us now is evan brown of ubs asset management, the head of multi-asset strategy. that's start with janet yellen downing washington, d.c. what are you looking for a little bit later -- janet yellen down in washington, d.c. what are you looking for a little later? evan: i

eczema symptom relief* gold bond champion your skin >>> couple of stocks to watch this morning bank of americad by strengthening its trading business goldman sachs earned $12.08 for the fourth quarter compared to a consensus estimate of $7.47. the firm saw extremely strong results in its bond trading and underwriting businesses. up almost 2% office depot rebuffing a takeover offer from staples but suggesting that it's open to an alternative deal the wall street journal citing a letter from staples. staples has tried to acquire office depot three times, three times with the most recent bid $40 a share. >> okay. >>> coming up when we return, the latest on the vaccine distribution process and the confusion over the nation's stockpile. is there enough vaccine to meet the president-elect's goal of inoculating 100 million people in 100 days. as we head to a break, take a look at what's moving in the s&p 500 this morning we'll be right back after this competition beat us, again. how? they have a better finance system than we do. i feel like they might have a better finance system than we do. workday.

jack: coming up, we'll get reaction to this week's trading frenzy from bank of america ceo brian moynihanalso tell us ♪ (music) ♪ you're turning 65, but you've still got game. at aetna, we find that inspiring. but to stay on top of your game takes a plan. that's why at aetna, we take a total, connected approach to your health and wellness. our medicare advantage plans are designed to surround you with the care you need every day to give you the confidence to age actively. we offer hospital, medical and prescription drug coverage in one simple plan. with monthly plan premiums starting at $0. wide provider networks including doctors and hospitals you know and trust. plus dental, vision and hearing. and telehealth - so you can see a primary care doctor remotely, from the comfort and safety of home. because while your reverse dunk days may be behind you, your coaching days are just beginning. aetna medicare advantage plans. call today to learn more or to be connected to a local agent in your community and we'll send you a $10 visa reward card with no obligation to enroll. ♪♪ jack: the major i

. >> reporter: he said that bank of america is now freezing the hacked accounts. d that it is a repeat of what he saw happening this past fall when at edd's request, bank of america froze 345,000 debit card accounts because of suspected fraud. it turns out there was collateral damage there as well to potential of hundreds of thousands of independent people like this man. >> i got charged for a thousand dollars on an atm far, far away from me. >> reporter: someone hacked his edd debit card in september. and after that, his account was frozen. >> all the money that i have coming from unemployment, over $8,000 is there. >> reporter: he said that is money that he needs to care for his disabled daughter. they are now sending them u him paper checks. but three months later, bank of america will not unlock his funds and he is not alone. >> people are still locked out of their accounts. >> reporter: bank of america and edd are working to fix the $2 million fraud problem. but we obtained e-mails showing there is tension between the two. a number of issues have not been reso

karen, what did youmake of these quarters >> i agree with tim exactly on bank of america. f america as well. i don't own goldman sachs, but there's nothing not to hyka and goldman sachs. stock is up nearly 50% in lot not a lot of time. their quarters tend to be much more lumpy it doesn't give as much to lumpy earnings than it does to predictable earnings i think it's a delay to get the improvement for bank of america. they had a lot of deposits that they weren't able to earn on and i think they'll be able to expand that margin in the first quarter. there's nothing not to like about goldman sacks for sewer except it's stained a little. i own morgan stanley they're going to report tomorrow that's wealth management and investment banking and i think both of those will do well tomorrow maybe the stock's not too many in front of it >> management at goldman said that 2021 may not be as good in trading. surprised, surprise. guy. >> iwuoma, of course, you mentioned lumpy. i know you know that but that was bill murray's nickname in the movie "scrooged. in terms of goldman sachs, the

b of a was hiefred by the state to edd claimans on the dark web, duplicating their bank of america debit cards and security pins. the law firm says, quote, "bank of america was required to provide security accounts for payments but failed to provide basic security measures to safeguard edd debit cards. as a result, thousands have lost their own lifeline due to hacked accounts." about 1.4 million accounts have been frozen to investigate possible fraud. dozens of people say not only are they victim of fraud, but they have had no luck trying to get help. >> it absolutely feels like we're being treated like second class citizens. >> just like everybody else, we're on hold two, three hour. click, hang up. call again. >> i have actually gone to the bank twice to get help in person. and oh, they don't want to touch. it oh, don't talk to us. call the number on the wall. >> we reached out to a spokesman but have not heard back. you can see all of our previous reports on kpix.com. >>> some older bay area residents of getting their first dose of the vaccine. like these folks at sutter health. but j

we need to semper fi the process. >> the ongoing efforts by edd and bank of america took her billions of dollars of fraud by freezing hundreds and thousands of dollars and stopping payments to 1.4 million recipients have led to legitimate claim struggling to get benefits. >> she had her claim and i had my claim. them even if it stopped for both of us around the middle of december. >> he says, they are having trouble getting answers from edd after they have asked him to read verify his identity but says, the agency hasn't clarified what's needed for her present account. >> luckily my wife and i are not as desperate and in such difficult time as some people are. we are getting by. it would be nice if edd could speed things up a little bit. >> today the state auditor also issued a scathing report on edd saying, the agency had inefficient processes and a lack of advance planning to address the number of claims. kenny choi, kpix five. >> we have a special section with all of our ground breaking on claimant fraud reports. head to our website kpix.com/edd fraud. >>> alive look at the conditi

where does bank of america see the economy come going this year?an hoin moynihan -- moynihan will join us. and later, todd alston will give us his stock picks for 2021. but we begin, as always, with what we think are the three most important things investors ought to be thinking about right now. the crazy, frenzied trading in gamestop and other stocks has scooped wall street. we'll explain what's behind it. meanwhile, economic indicators are holding steady, but mixed news on vaccines. and it was a busy week for earning. tech stocks apple, facebook and tesla reported strong numbers. on the round table, my colleagues, ben levisohn, carlton english and jack howe. jack, who knew that the biggest story on wall street by far would be about a store that sold something i didn't think anybody bought anymore? >> video games on disks in malls at a time when the outlook is tough for disks and malls. by now people know the basics, this was a heavily shorted stock. it went for $5 a share last summer. it had gathered attention in a reddit chat room called wall st

bank of america happens to be one of them. ong sheet of violations that they've had, with the sec, with finra and banking regulations and wherever you put your money, you should be verifying if the people actually have high morals, high standards, and are ethical. and if not, then you shouldn't put your money with them. maria: yeah, i guess really the question i'm asking is we've got low interest rates but they've been creeping up. that's a positive for margins tore the banks. many people say that the banks are going to have a much better year in 2021 than they saw in 2020 for a number of reasons, interest rates at rock bottom levels were hurting their bottom line and the economy, the economy seems to be recovering at this point. nancy lazar looking for 7% gdp. going into 2021, do you want to own banks rather than where you were in 2020, where the stocks were under pressure. >> i think investors have to look at this as a k-shaped recovery. a lot of people have made a lot of money and real estate has gone up. look, there's 10 mi

. >>> developing news, a new class action lawsuit has been filed against bank of america in connection with widespread unemployment fraud. b of a was hired by the state to handle unemployment payments. kpix5 first exposed how hackers are stealing identities of edd claimants on dark web duplicating debit cards and security pins. in a statement the law firm representing fraud victims says bank of america was required to provide secure accounts for unemployment payments but failed to provide basic security measures such as industry standard chip technology to safeguard edd deputies plan it cards. as a result, thousands have lost their only life line due to fraudulent transactions and hacked accounts. about 1.4 million accounts have been frozen to investigate possible fraud. over the last months, we have spoken to dozens of people who experienced similar hardships. they say not only are they victims of fraud but they've had no luck trying to get help. >> it feels like bank of america isn't taking this seriously. it absolutely feels like we are being treated like second class citizens. >> l

jack: coming up, we'll get reaction to this week's trading frenzy from bank of america ceo brian moynihanalso tell us “could have been me” by the struts hey, mercedes? how can i help you? the 2021 e-class. motortrend's 2021 car of the year. ♪♪ jack: the major indices plunged friday after a short-selling frenzy, but should investors focus on the economy ahead? joining me now on why stakeholder capitalism is important, bank of america chairman and ceo brian moynihan. brian, it's great to see you again. look, i know that all this frenzied trading in gamestop is probably not happening on your platforms, but i'm sure you're keeping an eye on it. what is your take? >> well, there's a lot of volatility out there, and it was an interesting week. but the good news is our team did a great job serving our customers and doing a great job. so first, jack, i hope you're safe. you did mention a key thing, what's going on in the economy, and one of the big pieces that came out today is our research team upped their gdp estimate for 2021 is in the united states from 5 to 6% which is a pretty strong increa

. >>> we are hearing from the plaintiff in a new class-action lawsuit accusing bank of america of mismanaging unemployment payouts. the lawsuit alleges they failed to protect tens of thousands of its e.d.d. clients from fraudulent transactions. >> i want bank of america to be accountable, i want our voices to be heard, i don't want to feel like i am second- class just because i have an e.d.d. card, that is how they made me feel. >> this lawsuit is intended to be a wake-up call to bank of america. >> in response to the lawsuit, bank of america says they are working every day to prevent criminals from getting money, and ensuring legitimate recipients get their benefits. >>> taking a live look at at san francisco's civic center tonight ahead of the inauguration, the u.s. postal service is removing mailboxes here, and at the hall of justice as a safety measure. the city is preparing for possible civil unrest, semantic inauguration, mailboxes are removed along marathon routes, presidential visits, and to super bowl parties to prevent people from dropping explosives inside of them. >>> new at 11:00

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jack: coming up, we'll get reaction to this week's trading frenzy from bank of america ceo brian moynihanalso tell us what's ahead for the u.s. economy. that's coming right up. sometimes, you want speedy but reliable. state-of-the-art but dependable. in other words, you want a hybrid. so do telcos. that's why they're going hybrid with ibm. a hybrid cloud approach with watson ai helps them roll out new innovations anywhere without losing speed. from telco to transportation, businesses are going with a smarter hybrid cloud, using the tools, platform and expertise of ibm. good work little buddy. ♪ ♪ ♪ ♪ piano playing ♪ ♪ “what the world needs now” ♪ ♪ is love, sweet love ♪ ♪ it's the only thing that there's just too little of ♪ ♪ what the world needs now is love, sweet love, ♪ ♪ no not just for some but for everyone.♪ ♪look into my eyes♪ ♪you will see♪ ♪what you mean to me♪ ♪don't tell me it's not worth trying for♪ ♪you know it's true♪ ♪everything i do♪ ♪i do it for you♪ ♪♪ jack: the major indices plunged friday after a short-selling frenzy, but should investors focus on the economy ahead? j

in a statement bank of america said "as california's unemployment program faces billions of dollars invery day with the state to prevent criminals from getting money and ensuring legitimate recipients receive their benefits." >>> now to our making it in the bay series about the cost of living. concord has the go-ahead to create a rent registry program. the idea was approved this week. the goal is for the city to collect rental housing data to help guide policies in the future. the program will require the owners of all multifamily complexes with four or more units to register with the city. things like rent costs, evictions, and square footage will be tracked and then shared with the public. some landlords are against the move, they say that they want that information to stay private. >>> helping black-owned businesses, a lal nonprofit went virtual to help the richmond main street initiative to revitalize the city's downtown. it hosted a business showcase featuring locally black owned business, gratitude afro centric gift store, rich city studios, and ride, bike, skate co-op shop, give

tom: bank of america was here. they fixed it. w does citigroup come like a bank of america with a single digit line on a reverse stocks that is $6.90 per share? sonali: let me give you a challenge for citigroup that bank of america does not have. bank of america is the bank of america. they are the economically strongest region in the world. citigroup is wrestling with troubles across the road in this pandemic. the question is different strategy-wise because how do they maintain their global reach , compete with jp morgan and fixed income and be the bank to corporations across the globe while achieving value? lisa: citigroup shares down 1.5% ahead of the opening and you have jp morgan shares down .90% which raises the question even though jp morgan had a blowout order and beat expectations, still getting penalized. do the banks trade as a group and not on their own anymore, albeit with gradations given the fact that wells fargo is falling out of bed? sonali: you have a few headwinds plaguing all of the banks. interest income is no

fortunately, no one was hurt and so far, no arrests. >>> state lawmakers grilling edd and bank of america over an epidemic of unemployment fraud. for months, bank of america has remained mostly silent, with crooks stealing cash from atms and emptying accounts online. state officials say more than a quarter of claims paid out since the pandemic could be fraudulent, which would amount to more than $30 billion. edd has recently stopped payments to over 1 million recipients, to try to curb the fraud. >> criminal networks have been sitting on a cash of stolen identities for sometime. while waiting for an opportunity to jump. >> wait times at all our call centers are one minute, with the tail being between one and five minutes. >> to day, the state auditor also submitted a scathing report blasting edd, saying the agency had insufficient processes and a lack of advance planning to address a number of claims. the agency has paid out more than $114 billion since marcrch >> we have a special section with all our unappointed reports had to our website kpix.com for more. >>> >>> paul heggen is back.

their debit card at bank of america were hijacked. michelle found out while getting gas. >> i was able to get maybe around $9.50 and then the pump stopped. >> she called the number on the back of the bank of america debit card and got a rude surprise. >> it said i was locked out. >> surprise turned in to shock when she finally got to bank of america's fraud department. >> they were able to confirm that the e-mail on the account was not mine. >> and the routeing number wasn't hers. it was the fraud. >> they removed my bank account information, put their routeing information, their bank account. >> someone had hijacked her account and stolen everything in it, all together $7,500. same thing happened to linda. she found out when she went online to pay a bill. >> i was at zero. i knew something was wrong immediately. >> she said that after hours on the phone to file a claim a bank employee confirmed her worst fear. someone was pretending to be her and took $3,000 from the account. >> this person got into my profile, changed my e-mail, simi

that's all bank of america. aerial sides was flat cut off in july over idea issues and began the arduous task of trying to prove ttd. she was not a fraudster and i sent in my i d verification documents a total of six times. twice by certified mail. six months later, she was restored, but in $170 a week less no reason given i called gavin newsom saw office i was i've been hung up on by both entity and the governor's office. it's just unacceptable. they actually is playing with everybody's like. money, emotions, feelings like problems. everything. you know what is clear? a d d remains badly broken b of a finger points at the e, d d and the beat and the backlog goes on and on. tom vacar ktvu, fox two news. all right, tom. thank you, bay area man arrested for threatening a congressman and a journalist. on the same day the capitol attack happened what he's accused of saying coming up next. also accusations of years of sexual abuse by her high school coaches and that her high school knew about it and did nothing. detai

that's all bank of america. idea issues and began the arduous task of trying to prove tdd. she was not a fraudster. and i sent in my i d verification documents a total of six times twice by certified mail. six months later, she was restored, but that $170 a week less no reason given i called gavin newsom saw office i've been hung up on by both entity and the governor's office. it's just unacceptable. they actually gets playing with everybody's like. money, emotions, feelings like problems. everything you know what is clear? the e d d remains badly broken b of a basically points the finger at e, d d and the beat and the backlog goes on tom vacar ktvu, fox two news. protest is underway in san jose, calling for stop to evictions during the covid pandemic. protesters representing 30 bay area tenants, rights groups are blocking the entrance to the santa clara county courthouse summer, standing with arms locked right in front of the entrance is the sheriff's department has declared this and unlawful assembly, but no w

the ongoing tension with bank of america with victims caught in the middle. >>> new video shows the dramatic ending of a police chase in southern california. chp used a pit maneuver that sent the truck rolling. it all started when they tried to pull over a suspect for a stolen vehicle. three people were treated at the scene and taken into custody. >>> we learned that michigan plans to charge their former governor in the flint water scandal. he was the governor when they switch the water source to save cost and it was revealed that the water was contaminated with lead. other former officials were told they will be charged and to expect ward appearances soon. >>> sheldon adelson has died of richest man after building a casino empire from vegas to china. he is also one of the nation's most influential republican donors in his later years, he was 87 years old. >>> visa is joining a growing list of companies suspending their political donations after the rights last week. the company says they are reviewing the contribution guidelines and other companies like american express, amazon, verizon and

d and it's agent, bank of america. america told me that we're not be responsible for the money was there was taken out of my account. had a claim because they took out around like $1000. i don't my account keeps telling me that they don't have nothing to do with their there. that's a d issues and began the arduous task of trying to prove to et de. she was not a fraudster. and i sent in my i d verification documents a total of six times twice by certified mail. six months later, she was restored, but at $170 a week less no reason given i called gavin newsom saw office i was i've been hung up on by both unity and the governor's office. it's just unacceptable. they actually gets playing with everybody's like. money, emotions, feelings like problems. everything you know what is clear? the e d d remains badly broken b of a basically points the finger at e, d d and the beat and the backlog goes on tom vacar ktvu, fox two news. coming up a new plan to streamline the state's distribution of the coronavirus vaccine. how it hopes

j you got bank of america calls. tiff a tiffany, you own goldman, bank of america and jpm >> i do. outside of strong management, we do like diversified financials we like the trading income, we like the investment banking income and from an perspective, we love how goldman said they will not take companies public with at least one diverse person on the board. we also like goldman sachs funds. a lot of their portfolio analyst teams are very, very strong and they weave esg, kind of metrics, into their due diligence process. they're very thoughtful about that we like them from an investment perspective to invest in the company but we also like how they do business as well >> josh, it sounds to me like you have a bit of a counter view on this wealth management theme and the names that would thrive under whatever is happening in that space >> so i just to like clarify what i'm trying to say, i would buy goldman sachs for a lot of reasons. wealth management would not be one of them. i don't think that there's a lot of organic wealth management growth outside of just market appreciation an

bank of america morning of a bond tantrum. i've said it twice now. ll squeeze it in in the next 30 minutes again. bank of america warns of a communication slip. eurosterling rocking away. let's to -- get to the top story. joe biden is the next president of the united states of america. he was surrounded by his family, predecessors on both sides of the aisle except for his immediate predecessor. that's president trump. biden pledged to reset the tone in washington. then it was down to business heading to the white house to sign 15 executive orders to unwind trump administration policies from immigration, climate, as well as enacting some of his own ambitious agenda. our senior editor joins us now. derek, take me through the executive order that he signed. it set the biden era tone, doesn't it? derek: it does. i'm not sure that there's too many surprises here. if you go through the list of day one actions, remember that we were talking about this yesterday. and the day before. what did i say? i said that people always talk about day one. this is actuall

we posted edd's response and bank of america's response online at kpix.com. >>> the family of oxford grant met with the alameda county district attorney today. the discussion was about her decision not to charge a second b.a.r.t. officer in a deadly shooting. the family attorneys presented nancy o'malley with new information which they hope will lead to a murder charge against former b.a.r.t. police officer tony perrone. the family says the district attorney will go back now and review the case. grant died in 2009 after being shot in the back by johannes motherly at a b.a.r.t. station. the report found perrone struck grant in the head and held him down with his knee. >> we will continue to stay in this race , and endure, until the end. we will continue to fight until our victory is one. >> looking forward to the next meeting we will have, so that facts can be presented, and a real factual basis of the decision will be based on those facts as presented. >> reporter: johannes was conducted of involuntary manslaughter in grant's death. last week the district attorney released a report s

when you call bank of america, they say edd closed it. what have you lost now at this point? >> everything i own was in storage. i was in the process of moving during this time. and i couldn't pay my storage. and all my belongings were sold three days before christmas. >> reporter: edd told us any people whose accounts were recently frozen by the state must verify their identity for the state to resume payments. bt they said if the bank has flagged potential fraudulent caims, only bank of america can resolve those issues. but that doesn't help janet riegle whose most recent calls to bank of america had her sent back once again to edd. and they didn't answer. >> they don't care. i can't do anything. i can't do anything except, you know, i have piles and piles of notes and -- i've called unemployment and like every other day for three months. >> reporter: after we contacted them, bank of america is now working to address janet riegle's problems. similarly, they resolved gonzalo arceo's problems after our local station, kpix, reported on his

definitely i'm not used to t. >> lake county typically gets about an inch of snow a year. >>> bank of america is explaining what led to the billions of dollars in fraudulent edd claims being paid out. the bank runs programs similar to california's had othin other and it says it's seen fraud elsewhere, however there's nothing that compares to what happened here in california. scammers may have pocketed around $30 billion. bank of america says these were not your typical crooks. >> the size and scale of the california program attracted substantial fraud including criminals who are fraudulently attempting to claim benefits. it is our assessment that there is sophisticated criminal network activity involved in this as is being assessed by third-party specialists as well. >> on monday the edd revealed more than $11 billion in fraudulent claims have been paid out, and that is much more than initially estimated. >> i just did this, apple says you should definitely update your iphones and ipads as soon as possible. the company has released an emergency update to fix security bugs that may have alread

tom: mark cabana of bank of america, thank you. lisa, i have to go over to you. y, the acceleration of price down and yield up is blooming. blooming,ything is you can always painted from some blooming perspective. i will say, looking at the bond market there is a real question of what can drive yields higher. it was interesting to hear mark say 1.5%. at a time where you have record amounts of negative yield and debt around the world, that 1% would look like high yield. at what point did buyers start coming in? it seems reasonable considering the fact that investment grade bonds are yielding 2%. woulde make jokes but i say business media is on 85% equity markets and they toss in a morsel about bonds. what we are talking about is yield up whether it is the politics of president biden and others and price down. these are great challenges. on bloomberg intelligence yesterday or was a point that one of the reasons why valuations of equities have looked so good even though they are so high on a historic basis is because of how low yields are . at what point do yields st

at the same time, you don't get a blowout from bank of america you get it from the smaller sols goldman sachs. did anything happen over the three-day weekend? but maybe that's what matters. weren't they three days of calm? >> i guess they were they were calm well, in the markets, maybe? >> no, in real life. >> for the country >> in real life. >> really? >> yeah. >> obviously tomorrow is a big day, but i'm saying we didn't see tweets this weekend that made -- >> and we didn't see violence. there was a lot of concern, particularly, i guess on sunday or even yesterday that there might be so yeah, i guess that's a fair statement, jim >> and carl, what i'm seeing is, again, the same thing over and over again it's the spac, spac, spaces. and we're all trying to figure out exactly what these companies are doing, how they're working i know david is interested in some spacs i'm looking at churchill capital corp. four >> dom was just talking about that, more or less not saying much of anything i hesitate to get involved because the speculative nature of the shareholder base -- you deal with it al

we've been building a position in bank of america since april and may of last year and we continue tove this is for real for the banks >> phil palumbo, an important day to have you on and we appreciate the views. best to you and your happy new year >>> before we go to "squawk box," i want to show you futures again, we don't say this lightly, it is an odd morning for the markets here you've got dow futures up because of what we just talked about, interest rates on the rise, big cap financials, big banks, they like that. that could drag the market up on the dow. but technology stocks, lots of fears about perhaps a blue congress big new regulation on big tech nasdaq futures, they aare down 250. that is one of the biggest declins we'd declines we've seen since march and yet the small cap names, the rug se russell 2000 up nearly 3% this morning. we could talk about it for hours. t d we will. bunot in this show we'll see you tomorrow "squawk box" and the gang will pick up the coverage next. save hundreds on your wireless bill without even leaving your house. just keep your phone and switch

when your issue is with the transaction, like a fraudster making a recall, contact bank of america. where it gets a tad bit confusing, dan. you may call the correct one to start. they'll fix their part of the problem, and then send you to the other one. that's where a lot of the frustration is coming in. >> such a more remarks michael. thank you for working through it for everyone. thanks. >>> despite health guidelines banning restaurant dining, there are some places that aren't complying. abc7 news viewers tipped us off to one place in solano county they say is doing a booming illegal indoor business. we sent abc7 news reporter wayne freedman to check it out. >> reporter: maverick barbecue has the distinction of being either the most popular restaurant in suisun city, or else the most reviled. it's certainly busy, and as you may notice, hardly a haven for the mask-wearing multitudes. >> go in at your own risk. i don't think you need to live in a nanny state. if you're that afraid of covid, stay home. >> reporter: what you can't see in this video is the lunchtime crowd packed shoulde

agitated. >> it is something we are going to talk about with thomas peterffy t the. >> goldman and bank of america reporting this morning before the bell >> stocks tee kleining, but up sharply over the last couple of months bank of america numbers were solid. revenue just mind expectations, income just ahead. all bank now showing that based on current expectations, the worst is behind them, and probably for the economy as a whole from the pandemic. the bank also expressed optimism that net interest income bottomed in q 3, even if if improvement in q 4 was mormal. goldman sacks smashed with a beat on both the bottom and time line for all of 2020 in both fixed income and equity trading was up 43% compared to 2019 return on equity came in at 21.1% for q 4, 15% for the full year when you strip out litigation expense most of which should be behind goldman now that they have settled 1 mdb the target for the year was 13%. clearly beaten goldman sachs 079 mystic about the outlook in investment manking in 2021 but had a word of caution about spacs. >> one of the things we are watching very closely is the i

we have seen some pulmonary data from bank of america saying that credit card spending at least in the start of january surged by 10%. 20% if you look at the people who received stimulus payouts serve stimulus outlook, how that affects banks, that's going to be important along with buybacks, the fed allowing buybacks to resume. goldman sachs and morgan stanley said they planned to restart share repurchases this quarter. annmarie, manus. annmarie: very excited about those buybacks. thanks so much for dani burger. still with us is state streets maria. we talk about this every time you are on. we know you do not like banks. the quote is "you have to pay me to buy banks." i know you thought the provisions coming down were very good. u.s. banks are starting to get the green light for buybacks. does any of this intrigue you at all? maria: this quote is going to haunt me for years. our main beef with banks is low interest rates make it difficult for banks to make money in commercial lending. the interest margins are still depressed but you are absolutely right. banks made a lot of money and i

. >> listen, i think there might be more to go but names that i like, bank of america. i like the financials. i have been saying that for a while. they have taken 13% out of bank of america, maybe a little more in the last half an hour but it's come right down, tested its trend line. it's supported there, it's finding support. i like the banks going forward. bank of america is one you are going to buy down 13% from a week ago. crowdstrike, crwd, is another one. they took that down 18%. that's up in a down market, as money goes searching for some of the values out there. some names that have been arbitrarily dislocated. so therefore, investors are buying value there. liz: okay. i'm looking at these one-year charts and while on the far right part of it, we do see that they have pulled back just a bit. i mean, really tiny pull-back. don't you want to wait for a better entry point? >> i mean, look at crowdstrike. crowdstrike is up in a down market, right? what's the market down right now? 500 points on the dow? crowdstrike which was lower all day is now up on the day. i actu