how much pressure on bob dimon, the ceo as he faces the parliamentary grilling?> reporter: it is coming on wednesday, it is taking heat off bob dimon saying the buck stops with him. there is a great deal of pressure on the ceo because he's very much the public face of barclays, he's the man that said the payment of remorse and apology is over. now he finds himself apologizing all over again. so hope that's it for the responsibility for this business over at barclays is probably a little bit optimistic to be honest but we will hear more from bob dimon and the way he's trying to paint this on wednesday when we get that addressed to the select committee. several other elements we should bear in mind, who else will be implicated, which other financial institutions will be implicated. we will have to watch as the probe widens who else is involved and also the possibility of criminal charges as well, they're going to be examining files and there could be possible criminal charges and the political fallout, too, over the weekend, david cameron said he's ordering an inde

bob dimon fired amid the libor scandal. >> jon: are you (bleep)ing kidding me? no. rich richie? and mr. diamond? (laughter) is this real or a dickens novel? here's how weird this story is. one of the few good guys in the story is a banker who didn't participate in the rigging of rates. his name? alexander hoare. (laughter) he's a scion of london's esteem hoare and company. that's right, folks. even the hoares are disgusted. an eighth-generation hoare from a long line of london hoares. >> earlier we told you the three things we'd all heard about that were killing our economy were, number one overregulation. >> there's not very much oversight over how the banks submit that data. >> jon: okay, so not overregulation in this case. sounds a little more like underregulation. so it must be the number-two reason, the uncertainty in things like obamacare and dodd-frank that's killing us. >> they're monk kiss around with libor. i talked to one friend who works on wall street he said "this is like finding out the whole world is built on quicksand." >> jon: okay, so at least now we know what

. >>> bob dimon is out, resigning as ceo of barclays this week after the bank admitted to fixing a key interest rate in london. >>> auto salings reved up in june, gm saw a betterer than expected increase, 6%, ford up, chrysler as well, rising 20%, toyota up 60%. >>> but several key retailers came in below expectations, including costco and macy's. >>> and gus sauter, the chief investment officer at vanguard, known as a pioneer in the managed index funds, gus, good to have you on the program, thank you for joining us on the program. >>> thank you. >> so we got the jobs numbers out on friday, the unemployment rate at 8.2%, the number of jobs created, another big disappointment. 80 thousand jobs, what did you expect? and what do you think it tells us about the economy right nono >> well, the adp number came out thday before, people were very excited about the number, which was up. in fact when the labor departrtment number came out it was really off a little bit from where people had previously expected it to be, a little bit of disappointment. it didn't surprise us. we expected weakness

less than a week since barclays was fined for an interest rate fixing scandal, we now know the ceo, bob dimon the coo resigned. they are headquartered in london, can the effects of the scandal reach across the shores into our wallets, do you think? >> yeah. it's a complicated scandal. people may not get a handle on what it means. the bigger scandal, the faith we rely on, stock exchanges, is solely undermined. every time they hear the word bank and scandal, it gives another reason not to want to play in the financial markets, stuff your money in the mattress and not buy stocks. feel like the game is rigged against you. it erodes the individual confidence in the market. it hits us in a weak spot. the timing with the way the economy is, the global economy, it's really a toxic group. >> in simple terms, briefly, what is libor and how does this whole thing and all the manipulation take money out of our pockets? >>> libor is a london rate. they set rates for mortgages, college loans, car loans and it's basically a group of banks deciding how much they can borrow from one another. it's their cost of

. >>> and bob dimon gets questi questioned. >>> select opportunities in europe could be on the cards. >>> and volkswagen trades higher after they say it will complete a takeover of porsche much earlier than expected. >>> okay. welcome to today's program. becky's with us today. >> i am. >> neither kelly nor i were here yesterday. >> i did three hours on my own. it was great fun. i did miss you. >> i am here now and kelly is down at the house of parliament reporting on what's going on. >> second day. i've been looking at the weather forecast. it's supposed to rain all morning. >> perfect. good. we're tucked up here. she's out there. we'll get to kelly later in the show. >>> we will go to singapore. bringing details of how the powerful sovereign wealth fund is shuffling its portfolio. >> we'll get analysis from a bond expert. that's come up in under 30 minutes and the results of the debt auction will be in an hour and a half. >> i'll be interesting to see what the ten-year is. we'll give you a taste of an interview with the chairman in dubai. >> plus, we'll be joined by a guest from hous

it's very sad with libor and what's going on with bob dimon and barclays and lots of other things, butertainly it can be fixed. . >> let me ask you about the economy here. it's playing into the uncertainty here. it's all about the economy. machinery fending off the baen attacks. president obama has held 100 fundraisers with no meetings with his job's council. >> ultimately it's about unemployment, who's working and who is not, and i saw that he had 101 fundraisers and no meetings with his job's council. with all of the fluff and other things being mentioned, it will be about jobs and the economy, how are we standing in 90 days from now. >> yeah, i don't even understand this whole inability or unwillingness to address the fiscal cliff. morgan stanley comes out and says industries are seeing reductions in business orders and hiring cuts because of fears that congress wouldn't avoid the fiscal cliff. do you buy that? >> i think businesses generally are very unsure. they don't know whether or not they should be investing. the obama care has been a disaster. states are saying we'll pass. i

bob dimon resigns as ceo. doesn't want to risk hurting the franchise. >>> the returning chairman to lead the search for a new ceo one day after stepping down. the uk finance minister is calling the news the right decision for britain. >>ment rba presses pause after three months of easing. the australian central bank sees a more subdued global outlook. >>> microsoft is throwing in the towel in the fight to steal market share from google taking a $6 billion charge to write down its web business. >>> welcome everybody. yes, our top story this morning. definitely that of barclay as and the ceo bob dimon has stepped down. just one day after he himself announced his own resignation. age he is is going to be leading the search for a new chief executive. this throws up a whole bunch of questions to the market. a lot of questions for barclay's shareholders. the shares, though, incidentally trading higher by 1.3%. initially when they opened, we saw a dip lower. a dip down by 3.2% was the lowest print i saw. before then,

manipulating key interest rates and now bob dimon is resigning early today as well as newly minted chief operating officer. the inquiry is ongoing. >>> drug giant glaxosmithkline reaches a settlement with the department of justice over charges that it packaged for uses not approved by regulators. glaxo will spend a record $3 billion to settle the charges. >>> u.s. auto charges for the month of june soaring past expectations. ford sales rose nearly 7%, based on demand for suvs. a lot of those new cars hitting the road for the fourth of july holiday and according to aaa, gas prices will fall below that $4 average mark for the first time this week in several months. today, averaging about $3.96. back to you. >> kayla, thanks so much. have a great holiday. >> you, too. >>> a lot of people have spent the last three days cleaning up lawn debris and now some of the people are dealing with an itchy problem. to prevent poison ivy and poison oak and knowing the difference. good morning to you, always good to see you. >> good morning. >> is poison ivy the most common of the three? many people don't

the ceo of barclays bank bob dimon resigned in disgrace after his bank tried to manipulate the marketsp out of hosting a rom new fund-raiser in london. set for later this month. i guess willard will have to find someone else to fill that quiet role. all this comes as an explosive "vanity fair" article blows the lid off of willard's money secrets. raising big questions about his finances. questions like what happened to a corporation that romney mysteriously set up in bermuda? or the bank account that suddenly vanished? what about romney's not so blind trust accounts? and how did romney's 401(k) account at bain grow to more than $100 million despite yearly contribution limits. "vanity fair" says romney is, quote, a remarkable financial acrobat, but careful analysis of his financial and bus affairs also reveals a man who, like some other wall street titans, seem comfortable striding into some fuzzy gray zones. romney doesn't seem too worried about the gray zones as he enjoys summer vacation in his sprawling lake side mansion in new hampshire. that might change later this week when presid

we also know the conversations between the bank of england happened with bob dimon. was massively involved, did he orchestrate. >> what about the other banks? >> i think if we find out that you had widespread manipulations that were known at the ceo level, and of course i think it's important to separate out two issue. one you had the libor manipulations before the crisis that were directly aimed at benefitting barclays in terms of the contracts. the other part was during the crisis. i think if you find out that if you're a bank ceo and tim geithner called you up and said lower libor. >> so the government officials are to blame also. >> an interesting age. >> thank you, gentlemen. i think we helped clear that up a little bit. >>> up next, former federal reserve chairman alan greenspan, are we in a double dip recession? my exclusive interview with mr. greenspan coming up. supports tax breaks overseas. insourcing. industry and favors bring jobs home. it matters. this message. i don't spend money on gasoline. i don't have to use gas. i am probably going to the gas stati

. >> i doubt we'll be hearing bob dimon's name. note for your diary, ecb president mario draghi will be addressing the european parliament's committee on economic and monetary affairs at 2:30 central european time, 1:30 here in london. stay tuned for any headlines out of that. >>> in japan sluggish orders in may is calling the recovery into question. we have the story live from tokyo. >> reporter: yes. japan's current account surplus dropped 62% from a year earlier to 2.7 billion dollars before seasonal adjustment. while the fear was less than half of what "the economist"s predicted it dropped for the 15th straight month. the strong yen was partly to blame. separate data showed many machinery orders dropped 15% from the previous month. the double digit fall significantly underperformed expectations for a much smaller 2.6% decline and came after a decent 5.7% gain in april. but the government played down the numbers citing tecing technicalities. bank of japan is not too concerned. back to you. >> meantime japan's prime minister says

ceo bob dimon as well as the chief's operating officers has stopped down, days after barclay's paid half a billion worth of fines in the uk and the u.s. now the bank admits it manipulated what's called the libor, the london interbank offered rate. now that's a daily read of the interest rates that big banks charge one another, but you don't have to be a big bank to be affected by the rises and falls of it. my colleague richard quest joining me now to explain what lies about libor mean to you. richard? >> well, it's very simple in a difficult sort of way. libor is a rate set in london but not set in sterling pounds or euros or yen. libor is also set in dollars, and that should follow the interest rates in the united states as given by the fed and another bank in the u.s. once libor, dollar libor is set, all the credit card companies, all the home loans, all those consumer credit, the sofa you bought, the car payments you made, if you're going out to buy a car, you will -- you could well find it is described as libor plus 1%, libor plus 3%, and that is the inextricable link between you and

former barclays ceo bob dimon agreed to waive his long-term annual bonus according to the testimony ofexpected to receives about $31 million instead it will be $2.3 million or $3.1 million. chipmakers are prominent among the stocks we're watching, asml holdings jumping on news intel will spend about $4 pll to acquire a stake that will grow as high as 15%. asml is a maker of machinery that prints circuits on semiconductors and advanced microdevices warning of weaker than expected second quarter sales and expects an 11% drop compared to prior guidance of 3% increa increase, amd blaming conditions in china and europe for part of its sales slowdown and micron technologies is planning to buy bankrupt alelpida memory. >>> eurozone ministers aagreeing to give spain an extra year to reach its deficit reduction targets. madrid must cut its deficit by 2014 and setting the parameters for spain's ailing banks. european equities are higher across the board. the cac is higher and dax is higher by 81 points. >>> u.s. private equity funds raised $86 billion in the first half of 2012, a 27% increase fr

has been basically recapping the position in which barclays found himself or found himself saying bob dimons putting pressure on bank to get libor rates down. this man here says coo relayed that conversation with dimon to the head of the money market desk. after relaying that conversation he expected the money markets desk to lower their libor submissions. he was asked directly by those members of parliament is that not an illegal act to manipulate. he essentially fudged the question and said, it was 2008, carl. there was a lot of stuff going on. it was the regulator that was on the phone. it was the uk regulator saying lower your rate. is that illegal if you lower your rates? let's bear in mind they have taken the half billion dollar charge so we know they are missing wrongdoing. >> fascinating stuff on that front. thank you so much, simon hobbs. meantime at home procter & gamble seeking advisers to manage investors as pressure mounts for management change, asset sales. who that investor could be and what changes we could see from p & g. >> that is bill ackman. a $2 billion stake sounds li

is bob dimon next? >> i think so. >> why? >> he was always kind of disliked. because he was dissatisfied with his $8 million bonus at -- first boston? >> i thought the brits loved americans, no? >> they do until they sdrcrew u. then they can be like, you, get out of here. it's all your fault. >> they were nothing before dimon came here. he put barclays on the map. they're looking a gift horse in the map. >> he's also been very vocal. >> you're looking at -- >> but how does he run both jpmorgan and barclays? >> right. >> but they are sort of the same thing. both really loud. they're both really -- >> i think that's -- i don't know. i think that's shameful. i mean, did he not put barclays on the map here? he did an incredible job building that business here. that's why he got to be ceo. >> and they scooped up that mess. but i think that this is -- >> an $8 million for a banker is not a huge bonus, either. to the brits -- >> well, this was in 1995, so it was bigger then. >> but he hasn't been overpaid, i don't think, in british terms, maybe he has, but not compar

sort of you know reckless destroying of the global economy is is a martyr vent bob diamond is a suicide banker jamie dimon is a suicide banker lloyd blankfein is a suicide banker they want to blow themselves and their institutions up in the name of an ideology market fundamentalism with the pre sept of infinite growth and to obliterate millions using interest rate apartheid that's their ideology their terrorist. well in fact max it's just a little game apparently according to this story h.s.b.c. is accused of playing fast and loose with the u.s. banking rules now any normal person ninety nine point nine nine nine nine nine nine percent of you out there if you played fast and loose with banking rules believe me you would be in jail for thousands of years in some cases right well interest me they were laundering money for a drug cartel in mexico. also remember walk over here now part of wells fargo they were caught with laundering four hundred billion dollars from mexican drug cartels a they didn't deny it they paid a small fine edges b.c. will pay a small fine and theirs and their financing saudis to commi

as i understand it, john dimon. >> bob. >> actually couldn't go to the if you wanted rayer because heey have discussed it. >> i can't go to the fundraiser. i have to be in court that day. >> the romney campaign shame lesley he is there with his hand out still to things colleagues and this cabal of financial mom sisters. >> do you know how embarrassed they are about this? they are not too embarrassed to turn the money away. this is the interesting thing. the invitations which we got a hold of the copy which are quite fascinating, they say the event will be held at a central london location. they are trying to hold it someplace where people can't find it. >> john. >> one of us will find it. >> our best buy phone with eric byrnes and me here on the full-court press. follow john's work always at the nation.com and that's where your piece on london is posted. right, john. >> yeah, you this morning. >> up this morning, this is really good stuff. this kind of, maybe in a big way really, does relate to romney and his wife's being like so out of touch and living in this world of wealthy, wealt

jamie dimon and bob diamond. >> he's portrayed as one of those people who knew what he was doing. >>ave been dragged into the mud by the scab dals. >> i don't think we'll have enough time to point out whether it's key or not. what i want to point out is the problem of sort of marek tock kracy. >> musical to my ears. >> what it tells people is you're in charge of these institutions because you're good and the best and people at the bottom know. >> yes. >> but there is actually approaa approached to privilege. if you have a social spomt to take care of people, that create as different society. it is the amary caratic policies that -- >> i think that's a lofty ideal. i don't think that -- >> but things have gotten worse. >> but i also thing -- >> to say, well, you're here because you have this obligation to help those lesser than you, that's a really great thing. a lot of people hear that on their sa bakts when they go to whatever service they choose to go to. it hasn't produced any different regulation. you need teeth and laws to say, okay, if we catch you, we're going put you away, an

thought about making a joke about how the jpmorgan loss was eventually going to get this guy, bob diamond, jamie dimon. how many people are confused. >> the guy who resigned today gets to run jpmorgan, right? >> no. but that's -- you can't make jokes like that. you just can't. >> why couldn't can't you? >> i made an aqua man joke once -- >> a what? >> the idiots at the new york post or the hollywood reporter that have never seen the show because they have no money to invest, i guess, the owe o. >> reporters. that's another dig. in case you haven't realized. it's another dig at me that hopefully -- >> i don't make jokes like that anymore. >> 9:01 is when you begin the jokes for the next day. you're a staff of one. he has all these people. >> joe doesn't need his job. >> i know bob diamond. i think this is -- >> health care companies. >> is a scapegoat here and ep probably had to go, i guess. >> not well-liked apparently. >> i like him. i think he was -- >> do you know him? >> i do. i think he was a good ceo. he did a lot for barclays. i don't think this is the end of him. he may be 60. just 60 or maybe

bob diamond did anything inappropriate. you look at what's happening in terms of the examination of derivatives trading under jpmorgan. people took jamie dimon, who is clearly the best ceo in financial services, and took him from hero to goat in about two weeks. we have to stop doing this. people should pay the price. they should walk the plank, if they've done something wrong. no one has yet said bob i diamo did anything wrong. certainly, when you look at jpmorgan and any incredible record that jamie has assembled, you cannot look at this one series of derivative trades and say an entire career is up in smoke. it's nonsense. i think we have to stop doing it. >> we haven't really seen the kind of scrutiny on jon corzine at mf global. that's for another conversation. >> that's for a political conversation. >> let me get one final question, a different topic. you mentioned facebook. there's been conflicting reports this week facebook is still considering switching exchanges from the nasdaq to the new york stock exchange. as former ceo of the big board, would such a switch benefit facebook? if you're nasdaq, what do you do to prevent this from

dimon. it's another example of banks doing bad things. barclays ceo bobank, the second executive to step down this week. it comes as a scandal is growing regarding interest rate manipulation, specifically with the rate that is set every day as a worldwide benchmark for prices on these different financial products, including auto loans and mortgages. the bank is accused much manipulating these rates, submitting lower than actual figures on its inner bank borrowing during the financial crisis. regulators fined barclays millions of dollars for doing this but barclays isn't the only one, they are looking at dozens of other banks, including citigroup and rbs. barclays is the first bank to settle. they are raising more and more concerns about whether or not those retail operations should be separate from those riskier investment operations, something a question that was certainly raised during the jp morgan -- >> hearings on capitol hill, they were all over that. >> one more question and why everybody loves to hate the banks. >> no good news for us? >> no more

dimon is showing some guts, basically saying he has to get the 4% yield. it's good. we can pronounce him long term. >> yeah. >> he's long term. >> let's get to david and bob who are onor. good morning, guys. >> good morning. >> you may have met -- i'm sure you can imagine what we'll start, of course. got to be spain and got to be back to the subject we've discussed so many times and the same loop in some ways. >> right, that's a good word. the doom loop is a phrase used a lot on the trading desk, and it's very simple if spain goes out and seeks a full-fledged bailout which is what you guys have been talking about this morning, then italy is in play and the euro breakup has a certain inevitably so the whole gain and all the knows i see this morning is what can the eu do to prevent spain from seeking a full bailout? how can they give some kind of terms? what can the ecb do, and, of course, you know the story, germany pushes back, and the only real news is how much is germany going to move the line every single day? obviously the eu will have to step in with more generous packages somehow that isn't quite construed as a full-fledged bailout. >> italy gets wrapped into