listed shares of barclays, we should mention.hey moved higher upon the release of the headlines and they are up by 3%. as for the other banks involved, jpmorgan, as olivia pointed out, posted a record yesterday, is down very slightly, just a quarter of 1%. city core down four cents at 1%. we are not seeing a lot of movement. rbs, the london share is up about 6/10 of 1%. olivia: rbs says they had dismissed three and suspended two more employees. brad, i want to turn to you on the point julie was making about the limited market reaction, or as is the case with ubs and barclays, the fact that the shares are rising. if the government is trying to make a point, how effective can that point the if the stock goes in the opposite direction of what most people would think is going to happen when billions of dollars in fines and penalties are levied? rad: we don't have a microphone in the boardrooms of these companies. that is where the rubber is meeting the road. the outside directors are asking management, what are you doing about this?

morgan chase, barclays, royal bank of scotland. ubs will plead guilty in an interest rigging scheme. attorney general loretta lynch says the damage was widespread. >> their actions inflated profits while harming consumers, investors and institutions around the globe. including, the bank's own customers who placed their faith in the market and relied on it to produce a competitive exchange rate. pimm: the justice department says currency traders called themselves the cartel and used online chat rooms to rig exchange rates. target posted first-quarter earnings that beat analyst estimates. target's chief executive is working to get shoppers into the stores with exclusive merchandise such as the lowly pulitzer -- the lilly pulitzer collection. shares of lows are following today. first-quarter profit missed estimates. es could fend off a home depot campaign offering online promotions. the spring quarter is the biggest sales period for both of these change. betty: a new study says driverless cars could have an effect on the auto industry

one thing we note in our orders -- we settled two cases today with barclays.clays was not part of the november cases where we settled against five of the biggest banks in the world. although justice today had them plead guilty. at the orders go through a lot of the changes that benchmark-setting has undergone since we started investigating and bringing these cases. we are hopeful that the combination of really onerous ands and the new structure new compliance culture and mechanisms in these banks, including internal monitors, will persuade the banks that it is not in their interest, either for the reputation or in terms of making a profit, to continue to do these things. alix: where does the cftc go from here? there are possible investigations into the precious metals market. where is that? aitan: i cannot comment on investigations than me or may not be ongoing. i can say that benchmark integrity is a very big focus for the division of enforcement. we are responsible for ensuring the integrity of the markets that we regulate. it is hard to think of anything th

the banks involved sitting -- citigroup, barclays, rbs. erik: the fifth bank is ubs and we have heard from that bank this morning. we would get back to banks in a moment that let's talk about target because they reported earnings. julie hyman has the details. it looks like target had a good quarter. julie: it did. if you look at the earnings pressure, they reported $1.10 and $1.2. they have been emphasizing its children's and baby and wellness items. that strategy seems to work. there was also the lilly pulitzer collection during this quarter. brian cornell, the ceo, has been focused on areas of the store where they see more demand they are raising the lower end of the earnings forecast for the year two for 50 to 465, that is the range they are looking for. they have presumed buybacks. a target i've hundred $62 million their own stock in the first quarter in that their first back since 2013. erik: it looks like this is a margin story because target same-store sales came in line of 2.3% and revenue is in line with estimates. the bottom line

like barclays?ie: the bad case for stocks if there is one is what happens to interest rates from here? and what happens to evaluations. evaluations are at an all-time high. i think that is justified because there are things that are very much different this time. you can talk about government support, you can talk about a benign landmark here for structural reasons. those things are justifying higher evaluations and have seen before. the dividend yield was very good across the sector. there are good reasons why the evaluations are as high as they are. jonathan: the prospect of interest rate rises, will that affect a stop light taylor wimpey? charlie: half of barclays customers do not use mortgages. barclays is the london play they are the most interesting at the moment. they have had the biggest bones -- about postelection. it is still underperforming by 25% over 12 months, even after that rise. jonathan: if i don't want to get exposure to super prime here in london, i want exposure to a 12 month st

as i say, that's different to rbs and barclays. rbs and barclays both putting aside more money for payment protection this week. lloyd's up 3%. the biggest conundrum is this. there is not going to be a huge amount of liquidity in the bond market. domestic german figures are going to be out. in london, late breakfast, short days. we are back up here. start of the week europe up 0.5%. you've got dropping prices, rising yields. in germany, all around europe you are seeing this reevaluation of risk, and still, the euro -- foreign exchange driven by interest rate differential. that is more or less the point. the euro rose by over 3% this week. you are seeing yields rise in europe. you are seeing the bond prices fall. up we go. 1.1245 is where we are on the euro-dollar trade. this is one of the strongest months that we've seen. we are straight into may. april was one of the strongest months we've seen in almost 4.5 years. they must be happy boys, because they made these big calls. we will see whether this momentum last. what were those c

the banks involved sitting -- citigroup, barclays, rbs.have heard from that bank this morning. we would get back to banks in a moment that let's talk about target because they reported earnings. julie hyman has the details. it looks like target had a good quarter. julie: it did. if you look at the earnings pressure, they reported $1.10 and $1.2. they have been emphasizing its children's and baby and wellness items. that strategy seems to work.

barclays did a deal with the doj and did not get prosecuted.hey did not get find for making those benchmarks and stocks. three years later, here we are and there are bouts of potentially getting tanked again for doing something related to at the benchmarks. you say you are going to behave and you did not behave, so this is what it's about. they are going to get a final on top of the original one, but that may be as far as it goes. barclays said it will be good and maybe was not quite as good. erik: what kind of information are we getting out of our sources as to why barclays is not going to face criminal charges and ebs is by the looks of it? guy johnson: i wish i had something smart to tell you but i don't. it's a bit of a mystery. what is it that ubs hasn't done because i looks like it's in the same position but could end up facing a prosecution on this. barclays has not done. was the story a little bit more egregious? i don't know. there are questions around in that issue as to why the authorities are going to treat barclays and ubs a differ

it says "brooklyn burger cheeseburger." >> both: "barclays signature prime beef." >> that's not barclaysture beef. >> it's ours. >> did you see that before? >> no. >> but see, these are the details that matter. we're spending $180,000 a year. as i walk around the stadium, i don't even see $18,000 worth of value. i see the batchagaloop burger. >> it's made with a brooklyn burger-- >> so they have a burger in here that's not called the brooklyn burger? that's a problem, right? the sports contracts that we have don't justify any sort of investment. i've made the decision to terminate all of the sports contracts, and save over $400,000 a year. we're gonna focus on selling these burgers in grocery stores around the country. look, i'm as enamored as you are by the glitz and the glam and the logos and all the fun stuff that goes with it. but at the end of the day, it's a business decision, right? >> correct. >> so it just doesn't-- although nice, the economics just don't work. >> and who gave you the p.o.? okay, let me check with frank and i'll get back to you. okay, bye. frank? >> yeah? >> you

>> we expect to see another four institutions, barclays, r.b.s.e and citigroup receive about $1 billion each in fines related to fx manipulation. they were part of this chatroom called the cartel which you might have read about. their most senior fx traders used to get in the chatroom and talk about what they were going to do at 4:00. that has been investigated and they have to pay the consequence s of that. guy: are we through peak fines? >> i think it is the beginning of the end. there are still investigations apparently going on by the fraud section over the department of justice. there are other banks that are not going to settle today like bank of america. we understand it has said they are being investigated. there is also the litigation. companies that claims have been impacted are going to try and sue. there is always the possibility of you know further investigations. depoip how much pressure is there politically particularly in the states to keep the pressure on these banks? >> i'm quite cynical about the whole thing. here i am five year

barclays is up 4.60%. the most shorted stocks going into election, circle labyrinths these were the institutions that were the most shorted. the tories will presumably due more outsourcing. there is still debate over pension relief. aberdeen management having turnaround. let's take a look at some of the utilities. united utilities up. some of these numbers are quite colossal in terms of their momentum. from about 3:00 a.m., the momentum was all about the foreign exchange market. you are looking at a clean sweep. here is sterling, dollar sterling hits levels since you have not seen since 2008. live volatility is dropping. it is down over four and a half percent. over the past it is down 30% from the third of may. what do they like? guilt. anna: manus, thank you very much. not only do we get a conservative government, but we got a whole lot less uncertainty. guy: some would argue more uncertainty potentially further down the road with what happened in scotland and the eu. let's go to hsbc. david bloom, give

barclays is facing the biggest fine.raders used electronic chat rooms to manipulate rates making large profits at the expense of pension runs and companies. here's our business manager. >> from london's global banks another day and another set of multi-billion pounds fines for rigging the foreign exchange market. barclays is the biggest offender facing a penalty of 1.5 billion pounds or its role in the scandal. the u.s. attorney general, loretta lynch, said the it -- said the behavior was brazen. loretta lynch: they dubbed it the cartel. it is fitting they chose the name as it describes the illegal behavior they were engaged in on a near five-year basis. >> why does the foreign exchange market matter? it is used by global companies tuesday -- global companies to trade around the world and governs the price of goods we i and sell. if it is rigged the price of those goods could be affected . bankers will make more money for themselves and their banks. one group of traders was known as the three musketeers, another -- the c

barclays had a great show today about dr. copper along with other people saying this is where we need to be focusing our attention. it is becoming really important. if prices could sustain a rally from these levels, it could be a sign of continued global demand. and what we've seen in the past few months in terms of weaker manufacturing is actually transient. joe: copper had this reputation of dr. copper, like it had a phd in economics. when i heard it, i thought it was the coolest thing. the oracle of the economy. it's been discredited in recent years. but it would be interesting to see if we do get a global pickup and copper comes back. alix: part of that is china. how much it is buying and driving growth. the math may be telling us something different. consider the late nobel prize-winning economist james tobin's q ratio. equities are valued above 10% above the cost of replacing their underlying asset. it is higher than any other time than the internet bubble. some say it is choosing buybacks over capital spending. carl ic

morgan chase and company barclays plc, and the royal bank of scotland plc. amy: ubs is also expected to plead guilty to charges and pay a $500 million fine. the justice department is voiding a previous non-prosecution agreement with ubs over its violations of the terms. no individual bank employees were hit with criminal charges meaning no one will go to jail. we'll have more on this story after headlines. nebraska lawmakers have voted to abolish the death penalty. a measure approved wednesday would replace lethal injection with a maximum life sentence behind bars. republican governor pete ricketts has promised a veto but state legislators are expected to override it as early as next week. if the override prevails nebraska would be the first conservative state to ban the death penalty in more than four decades. republican senator rand paul staged a 10 hour filibuster-type action on the floor wednesday to protest the extension of bulk data collection by the nsa. the senate is set to consider the measure before the patriot act before expires on june 1. >> ther

it's been a frank lampard show so far on his farewell outing in the barclays premier league. it's his goal which divides these sides. it came after half an hour in typical frank lampard style. arriving late from midfield, the shot beyond davis in the southampton goal. davis before that and after made outstanding saves. aguero, the lead might have been more but at halftime on this final day of the campaign at etihad stadium it's man city one 1, southampton 0. hi. looking for a prius, i bet. it's high-tech too, with the latest safty features. and available entune app suite. and, i'm sorry... i don't mean to drone on. honey, stop messing with jan. during toyota time, get 0% apr financing for 60 months on a 2015 prius. offer ends june 1st. for great deals on other toyotas, visit toyota.com enjoy your prius. thanks, jan. look out people, coming in hot. toyota. let's go places. intdegree dry spray 48 hour superior antiperspirant protection that now goes on instantly dry for a cleaner feel. does your antiperspirant feel dry and clean like this? so you can do this. ♪ new degree dry s

in a written statement barclays c.e.o. antony jenkins said the people involved have brought our company and industry into disrepute and crp morgan jamie dimon called it a great disappointment. more than a dozen bank employees have been fired but the justice department has been criticized for not charging individuals in major financial cases including this one. patrols ciewrts touted the fact the banks themselves were charged rather than subsidiaries. because of agreements made with regulators all of the banks will continue to operate normally despite the guilty pleas. >> pelley: more felonies on the rap sheet of wall street. jeff, thank you very much. a serious threat to the world's heritage tonight. i.s.i.s. has taken the famed syrian city of palmyra. the city mentioned in the old testament is home of priceless ruins. the fall of palmyra comes days after i.s.i.s. overran the strategic iraqi city of ramadi, the capital of a province that more than a thousand americans died to secure during the u.s. occupation. today, we go

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barclay's bank? >> i'm not going to fight that. i'm not a big fan of barclay's to be honest. it's moved up but not where i want to be. if you want to be in bank you want to be in the bank that warren buffett likes, wells fargo. don't care. i bank with warren. duval in new york. >> are we on mr. cramer? >> we are. >> in light of the recent drop of nearly 20% in biotech, do you think it's a good time to turn west? >> i don't know man. you know what i'm going with here? i'm got going not with the ones that are down but the ones that are up. i don't know if you caught today, a milestone was reached. a stock we recommended at five in our first year of this show closed at 504. that stock is regeneron up from 5 to 500. it ain't done. i go with regeneron. look for the goods? today is the day to evaluate big market trends. i'm here to help you figure it out and spot some sweet deals. hey, where was this when i needed it a couple of weeks ago? "mad money" tonight. biotech up nearly 40% this year. can this united therapeutics? keep the healthy gains alive? i got the ceo. then twitter ha

and barclays will probably be fine for violating a three year agreement on interest.secutors will not seek a guilty plea, barclays finally be around $60 million, this all has to do with manipulating the benchmark interest rate. prices are down for a third day in a row, u.s. output remains close to a record high and shale l explorers are set to expand output later this year. pimm: carl icahn has chosen sides between hoover and left -- lyft.nd lyft. gone with cory johnson is in san francisco, and he has more. are you surprised? cory: this is carl icahn. he is not going with lyft or uber, this is a guy who made companies. rating using debt to buy companies, to break them into pieces and destroy them in the way they wanted to run their business. fueled by junkbonds, you have him now making a venture investment. he is helping a company billed itself.- build it reflects this great time you're in out in silicon valley. disrupting business and the air model -- and their models. but he is not just doing this for cakes pretty do not think he will go and shake things up and repl

he was last seen with convicted school shooter kenny barclay. in 2514-year-old barclay shot and killed a school ministry at her and others in tennessee. his counselor does not believe that bartley was at fault in her son's --. -- death. police are trying to find if anyone knows anything about an assault of a 12-year-old. brianne carter has the latest. reporter: take a look at this surveillance video. this is the man that prince george's county police believe assaulted a 12-year-old girl inside her apartment building. >> that is ridiculous. reporter:e say happen run 7:00 in the morning. when the go get off the suspect forced her to the ground in the holy, sexually assaulted her and then ran away. the suspect is believed to be 17-22 years old with shoulder length dreadlocks and tattoos on his left forearm. >> in a red baseball cap. we also encourage the citizens to pay particular attention to the suspect movements. how he is walking. reporter: this man says he lives in the apartment complex. he says with secure doors, cameras, and security, it is

citicorp, jp morgan, barclays, and royal bank of scotland. bank of america was also fined.n anll plead guilty interest-rate-moving scheme. he was attorney general loretta lynch does the damage was widespread. -- u.s. attorney general loretta lynch says the damage was widespread. loretta lynch: from pension funds to major corporations, banks' ownhe customers who placed their faith in the market and relied on it to produce a competitive exchange rate. mark: the justice department's is currency traders call themselves the cartel and used to rigchat rooms exchange rate spirit meanwhile, new york's top financial regulator is stepping down. department of financial services superintendent benjamin lofty plans to leave in june. he had been on the job for about watch her years and now claims to set up his own consulting firm in new york. some of the world's biggest banks are threatening to dig whether your starters and collecting billions and penalties. scarlet: the european company altese is expanding into the u.s. cable market, agreement to buy 70% of southern linc medications. se

a lot of strategist, goldman sachs, barclays think this is it.e will be at this level for another year, and dividend is all that is left. love that image. ngstoes underscore the a in the market. everyone cannot believe they are buying at these levels. nothing is changing. economic data coming out weaker than it acted in the u.s. greece the wildcard. what you do as investor, you want income, where do you go? the bottom line is, nothing will shake this train right now, at least that is what investors are seeing. olivia: you go to christie's. [laughter] where is corporate earnings growth gekko ? pimm: wednesday we get the meeting notes. lisa: that is right, but at the same time, what are they really going to say to shake the train right now ge? olivia: maybe they will come out and say we are really worried about retail production. lisa: which will only keep the risk on production going longer. is always something. thank you very much. michael regan, thank you. olivia: we do have breaking news coming across the bloomberg terminal from carl icahn. for

barclays maybe find for interest rate rigging. they say it u.s. prosecutors will stop short of a deep -- guilty plea. israeli prime minister began his fourth term in office without naming a foreign minister. he opened a late-night session with a acknowledgment that his government needs additional members to thrive. pimco says it will close three active stock mutual funds and focus on investment strategy. the chief executive officer will leave and the company has no plans for a replacement. you can get more on the stories at bloomberg.com. mark: coming up, growth in europe, could the economy be stunted by a global slowdown? we will talk about that after the break. ♪ manus: our next guest says significant global growth is affecting everyone. the .4% figure outperformed the u.s. and the u.k. for the first time in a number of years, your concern is the composition, the breakdown of the individual country. >> that is right. if you look at the slugger of extra cash eurozone consumers have had over the past couple of quarters, .4 percentage is disappoint

. >> jpmorgan, citigroup, the royal bank of scotland, ubs, and barclays find 5.57 billion dollars after pleading guilty to foreign exchange rigging. starting as early as 2007, a group of traders who call themselves the cartel began to trick the system. speaking earlier, loretta lynch described it. >> for five years, every day traders use a private electronic chat room to manipulate the spot markets exchange rate between euros and dollars. using coded language to conceal their collusion. they acted as partners rather than competitors in an effort to push the exchange rate in directions favorable to their banks but detrimental to many others. >> acquisition news. a french billionaire enters the u.s. market. a 70% stake in cable operators unlink munication's. the expansion plans are far from over. >> introducing the sudden link tivo stream. >> it is now majority-owned by this man. the french israeli businessman. in a $9.1 billion deal. he is the founder and head of european telecom group. >> the market loves patrick. the shares are up 7% or 8% today. the company went public in january of 2

barclays reinstating our parent company as the top pick.ize and scale and it's the only true media play and the ebitda is 60% higher than disney. are they cutting cords? nope. they are watching more and video than any generation. >> that is suppressing. take a look at the cable stocks in general off of the sudden link deals. the second stock here wal-mart again. they are getting more bearish. they have gone under performing and cutting the target to 72 from 78 on the retailers's miss. the lowered forecast. the operating trends were not encouraging in two segments. grocery and general merchandise. they think the stock will trade at a 10% discount with the s&p. >> target same store sales up 2.3% and it doesn't look like they are stealing sales. is it amazon? maybe apple and maybe the housing market and a car market. i have no idea. who knows. wal-mart does take the lumps they announced 250,000 veterans over the next seven years. stock number three, aaron s warts upgradeing for a neutral, splunk has a 24% upside. the positive is predicated on

morgan chase citigroup, and barclays. the banks were accused of working together to manipulate rates on the foreign exchange market. alison: more than one million people could be impacted by a data breach at insurer care first blue cross blue shield. the company said the hackers gained access to information like names and birth dates. carefirst said they did not gain access to social security numbers or financial or medical information. the company is offering free credit monitoring and identity theft protection for two years. carefirst is the third major health insurer to disclose hacks this year. leon: d.c. makes the top of as list. it ranks as the country's most adulterous city. according to "the washington post," this comes from a website for married people looking to have affairs. more than 59,000 people registered with a d.c. get code -- zip code. they say most d.c. users are from capitol hill. alison: everyone living in those areas now looking at their partner. steve: tenleytown, go figure. [laughter] we are lookin

jpmorgan chase, citigroup and barclays pled guilty. switzerland's ubs will pay a separate penalty.for currency trades. >>> on wall street stocks surged following the release of the fed. the dow lost 27 points s&p dropped nearly two points and nasdaq rose over a point. >>> mcdonald's shut down a restaurant near the illinois headquarters headquarters. it closed because of traffic concerns. mcdonald's said they would raise the starting wage to a dollar above minimum wage. they say that's not enough. >> jill wagner at the new york stock change. thank you, jill. >>> a military plane is flying its fourth mission into space. it lifted off from cape ka knave ral car royrying the unmanned plane into space. itis operated robotically. the purpose of the plane is a secret. >>> when we return lebron james delivers a promise to cleveland. the nfl eyes the return to the city of angels. >>> president obama strikes a pose z. this is the "cbs morning news." >>> here is a look at today's forecast in some cities around the country. >>> in sports the cleveland cavaliers take game one of the eastern con

he is expect to battle matt barclay for third quarterback job in training camp. chip kelly threw out that idea he will play another position. tebow is here to play quarterback and that is. that during his time away from the game over last two years tebow has worked on mechanics in his left throwing arm in an effort to make a come back with the eagles. >>> for me, it is the same thing, just coming out here, enjoying it, enjoying the opportunity to play football. because i really do love doing it. when i get this chance, to take advantage of every opportunity. >> i come out here, do my best improve every day and energy every moment like i said. >> a rena football league tonight, soul playing in atlantic city verse vegas. it belongs to the soul quarterback dann, throws seven touchdowns. marco thomas catches five. soul winner winner chicken dinner 51-four 39 final down in ac. yaws is loving it. >>> collegiate rugby championship in chester. handful of local schools playing including st. joes and penn state. lets take a look at the highlights. hawks come out that is no

all eyes on barclays rbs, citi and j.p. morgan as fines top $5 billion. >>> welcome you're watching worldwide exchange. it's 5:00 a.m. on the east coast and 10:00 here. i'm puzzled about where the u.s. consumer is. we saw really bad numbers from walmart yesterday. the stock down 5% but then housing starts were pretty good. retail sales were really choppy last week. where is the u.s. consumer? what are they doing with the gas savings? are they putting it aside to pay down debt? are they investing it in housing? i don't know. do you know? >> i don't know for sure but my take on it is the u.s. consumer is not in a fundamentally bad position but definitely in a cautious position. that's probably a pretty good summing up of sentiment in the u.s. at the moment. we've seen equities hit all time highs again. there's no real reason to be that excited about those types of highs and the consumer yes they have seen oil prices come down and gas bills come down but they haven't hauled that money into consumption an that's probably quite

but barclays has something interesting to say, saying that this is where we need to focus our attentionnd is actually becoming really important. if prices could sustain a rally from these levels, it could be a sign of continued mobile demands and after what we have seen in the past few months in terms of weaker manufacturing, it is actually transient. joe: you will be fun if copper, as you say -- copperhead this reputation -- copper this reputation as the phd of economics. be interesting to see if we do get a global pick up and copper comes back. alix: a big part of that is china, how much they are buying and driving growth. we are talking about stocks and they are at record highs, but the math may be telling us something different. if you can or the late nobel prize-winning economist james tobin valuation tool called the qe ratio. u.s. equities are valued at 10% above the cost of the underlying assets, higher than at any other internet bubble. some argue this is a symptom of companies choosing buybacks over capital spending, take apple for example. carl icahn calling for an even bigger

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the banks involved here jpmorgan, city barclays royal bank of scotland and ubs, although ubs gets off a little lighter because they were the first to talk to anti-trust regular you lay dors. the attorney general says that these activities were widespread. let's listen to what she said. >> almost every day for more than five years traders in this cartel used a private electronic chat room to manipulate the spot markets exchange rate between gyros you gyros and dollars. they acted as partners rather than competitors in an effort to push the exchange rate favorable to their banks but detriment tall to many others. >> the bank of america also fined $205 million for their lack of attention in this story when it came to trader's activities. a lot of people will be hoping on wall street that we finally draw a veil over the story. moving you along, fines also for transocean. this company has reached a settlement with plaintiffs over the 2010 oil spill. the well was owned by them although, it was operated by bp who paid out the lion's share of the fines in this story. back to you. >> indeed. l

ubs, barclays, citigroup, j.p. morgan chase the royal bank of scotland, and bank of america. the charge -- rigging euro-dollar exchange rates and key interest rates. washington says the steep fines should send a signal to all banking and two shins. >> we are -- all banking institutions. >> were here to announce major action against financial institutions that for years participated in a brazen display of collusion and foreign-exchange rate market manipulation and will, as a result, pay a total of nearly $3 billion in lines and penalties. -- fines and penalties. >> the $3 billion in fines is just what they will have to pay to u.s. regulators. they will pay the same again in fines to authorities and the u.k. and switzerland. for the banks, the story does not in there. washington says individual traders may still ace criminal charges. >> european markets lost a bit of steam in midweek trading. our correspondent sent us this summary from the frankfurt stock exchange. heavier: after two days of intense endings and a jump of around 4%, it was quite difficult to keep the green numbe

barclays, because the exchequer wouldn't approve it over the weekend.of these different things conspired to have this deal fall apart. at any one time this could have been saved. however, all of those things were just too much to overcome and don't forget, long-term capital management, merriweather's firm and so forth, ltcm, when that hit in '98 and was bailed out by most of wall street, bear stearns and lehman weren't part of the bailout. >> that's not true, that's not true. >> didn't they have a target on them for that? >> lehman was part of the bailout. bear stearns was not. lehman did participate, not to the extent the other firms did. but lehman was definitely there. >> we want to take a break, come back and talk about more goings-on in the market today. did you hear from dick fuld today live for the first time since 2008. he did not address specifically the lehman brothers bankruptcy. maybe he will at a later date. maybe he will some time later today. kate kelly is in the room. emailing, live-tweeting his remarks. continue to stay tuned to us for

let's bring in the oil analyst at barclays to discuss where oil is headed from here. you actually think it's going down. when you take a look at the fundamentals you have the supply demand equation the dollar weakening, geo politics too, all of this is working in oil's favor. one trader i spoke to said this is the perfect storm for oil but you don't think the rally is justified. tell us why. >> we don't think we're out of the woods yet. as you said there have been some factors that improved in terms of demand and supply et cetera. but if you would look at it the momentum required for those balances to stay in a draw down category for inventories and stay that way, we haven't touched it yet. if you look at demand it's very patchy. china is a great example. q-1 demand number versus been phenomenal. if you look at the economic data coming out from china, especially increasingly turning out to be fairly weaker. >> we've had a slow down in china. that's something we have known for quite sometime. >> yes but the disconnect is going to weigh on diesel in particular. the pmi

ubs, barclays, citigroup, j.p. morgan chase the royal bank of scotland, and bank of america. the charge -- rigging euro-dollar exchange rates and key interest rates. washington says the steep fines should send a signal to all banking and two shins. >> we are -- all banking institutions. >> were here to announce major action against financial institutions that for years participated in a brazen display of collusion and foreign-exchange rate market manipulation and will, as a result, pay a total of nearly $3 billion in lines and penalties. -- fines and penalties. >> the $3 billion in fines is just what they will have to pay to u.s. regulators. they will pay the same again in fines to authorities and the u.k. and switzerland. for the banks, the story does not in there. washington says individual traders may still ace criminal charges. >> european markets lost a bit of steam in midweek trading. our correspondent sent us this summary from the frankfurt stock exchange. heavier: after two days of intense endings and a jump of around 4%, it was quite difficult to keep the green numbe

why is the barclays vice president not doing the perp walk?kes no sense. >> andrew should they be. >> they should be. we have serial violates of the federal securities laws. companies have engaged in monday laundering, libor manipulation serious stuff. this is a good first step. the problem is it hasn't gone far enough. the individuals who engage in this activity need to be indicted because we know indictments work. remember what happened after sarbanes oxley was passed. you have ebbers and kozlowski indicted. white collar criminals are rational. if they know there's a real chance they might go to prison guess what they won't engage in that activity. >> why don't they mark? why aren't there ever any perp walks when it's an institutional settlement of some kind? the individuals don't end up paying themselves? >> it's hard for me to explain, bill. to add insult to injury because these banks are considered to be so relevant to the overall economy, they're actually getting as eamon pointed out a moment ago, a waiver. small businesses in wall stree

will ubs jpmorgan barclays have their additional fines levy did today?ck on the euro. it sits at $1.11 now. that is what has happened in the last two days. 1.8% decline. sliding the most in two months yesterday. benoit curr says they plan to increase purchases before liquidity drops this summer. manus: we now know more about the comments as well. he told bankers and hedge fund managers in london about frontloading the market. think it was howard. senior officials from at least five central banks. the next day, the rest of the market finds out. i wonder if that is fair. mark: coming up, can m&s get it sparkle back? that is right after this. ♪ manus: after three years of declining earnings the retailer says it will begin its first stock buyback program since 2008. for more on the story, let's bring in richard parks. great to have you with us. when you look at mark and spencer's, you're rather scathing of the delivery. richard: it has gone from strength to strength and it is brilliant. it is a wonderful business. it is just general merchandise but it has go

zeb: standard chartered, hsbc and barclays have been looking into alleged transactions. this case centers around marketing activities, the rights to various world cups and how bribes were allegedly paid to secure rights. the are talking billions of dollars. so they are tracing the money. and the irs and fbi are going countries' financial records. it will take several years. angie: follow the money, as they say. it is make it or break it. debt repayments looming for greece this month. athens has to cough up nearly $1.8 billion to the imf and its bailout package is set to expire. you have shery ahn with the latest. shery: an ongoing saga, definitely. another deadline gone. so many others came and went. greek policymakers have said that they could reach an agreement by sunday on a deal with creditors. that did not happen. they are set to have a tough week. this week on friday, they faced the first payment to the imf of $329 million. they have four payments totaling over $1 billion. had the agree greece cash and options to avoid default. what happens next, we are not sure. b

citi group, jpmorgan chase, barclays and the royal bank of scotland are all expected to follow suit. >>> kfc is counting on a blast from the past to boost sales. the chain bringing back, there he is, colonel sanders. hoping the world-famous pitchman will stand out from the crowd in the competitive fast food industry. the return of the colonel coincides with the 75th anniversary of kfc. they're balancing the throwback mascot with newly remodeled stores and new items. i wonder if they have a new biscuit recipe. >> you on don't care about the chicken or the mascot? >> i like the biscuit. >>> when we come back you're not going to believe this. cancer charities accused of fraud. people opening their pocket books to fight the devastating disease. where that money was really going. >>> plus, breaking a sweat overnight. the first lady showing off her workout routine. listen up... i'm reworking the menu. veggies you're cool... mayo, corn dogs... you are so out of here! ahh... the complete balanced nutrition of great tasting ensure. with nine grams of protein... and 26 vitamins and minerals. a

switzerland in 1994 to earn his mba and settled in geneva, where he got a job first at credit suisse, then barclaysd finally ubs. one of the few americans allowed in to the mysterious world of swiss banking. >> it was obviously a highly restricted to only people who worked there. it was a very tight work environment. >> the way he describes it, the jobs sound like part undercover agent, and part personal assistant to the rich and famous. >> you had doctors, lawyers, politicians, ceos. >> hollywood? >> hollywood as well. hollywood stars had accounts there, as well. >> although it's not a crime to have a swiss bank account, it is illegal not to report it to the irs. which birkenfeld says was usually the case. he adds there was other banking violations like required business trips to the united states. you weren't a licensed banker in the united states? >> we were not s.e.c. registered and we were not licensed to give investment advice. so that was clearly a violation. >> and while he says ubs taught bankers to do business this way, a colleague discovered a hidden internal memo that stated those types

barclays will struggle to meet its profitability target unless it makes deeper cuts to its investmentaccording to analysts. while barclays increased profitability in the first quarter, cost cuts were cited as the main reason for improvement. apollo is meeting with bond market's biggest investors to mend relationships. the private equity firm has been accused of shortchanging over corporate buyouts. that is according to bloomberg sources. anti-kerry bob was ordered to pay -- bnp paribas was ordered to pay after being found to violate sanctions. bnp was also ordered to serve five years of probation. u.s. and canadian governments jointly set new rules designed to make tank cars earlier to stop and less on to accidents. two years ago, an unattended will train derailed and exploded into back -- will train the righ -- oil train derailed and exploded in quÉbec. scarlet: we have a couple of names. the new rules are that they need to be replaced or retrofitted in 2014 and then controlled ones would be required for dangerous ones. a lot of companies have things at stake. the railroads, the comp