citibank didn't replace the cards sooner because it wanted to minimize disruptions during the holidayping seen. an estimated 70 million customers may have had their personal information stolen by hackers. >>> new this morning hollywood's biggest names are buzzing with excitement after this year's oscar nominees were just announced in beverly hills. >> best performance by an actor in a support role are -- >> christian bale in "american hustle." leonardo dicaprio in "the wolf of wall street." >> that is cheryl boone isaacs president of the aacademy. she was joined by chris hemsworth. for best actor these are the nominees. christian bale for "american hustle" and chiwetel ejiofor in "12 years as a slave." matthew mcconaughey in "dallas buyers club." leonardo dicaprio in "the wolf of wall street." nominees for best actress amy adam judi dench "philomena," meryl street and sandra bullock. best picture nom necessary. "american hustle," "captain phillips," "her," "philomena," 12 years a slave and "wold of wall street." abc 7 is the only place where you can see the oscars. oscar sunday will b

citibank's website is having trouble preventing some users from online bank features.unt saying they are aware of the issues. no official comment yet. the number of unemployed people globally rose to 201.8 million last year. up nearly 5 million from 2012. report found east asia and south asia accounted for 45% of the increase in unemployment. china's growth slowed to the lowest level in six months, gdp in the world's second-largest economy grew by 7.7% in the final quarter of 2013. that is down from 7.8% in the third quarter. that is the latest from the fox business network, giving you the power to prosper. tracy: the target hack attack case may be far from being solved. elizabeth macdonald has the details in her bottom line today. liz: this hits the headlines fast over the weekend. watch out, the guy who broke the news about the target hack, he is the go tw the go-to guy, go . saying no, it was not the 17-year-old russian behind the attack. people are saying this, a cyber security firm, everybody is quoting this firm whose intelligence in this case is wrong. here's th

it was better than citibank. >> he is now dead but the search of his former home last summer led to aody said to have tied the heist to this man. vincent asaro who was arrested and charged with the crime. four other associates arrested, alleged members of the bonano family. neither age nor location has assuaged his capability. >> if you have the biggest heist in u.s. history, still unsofltd, about. >> they finally have the right man behind bars. only a fraction of the money and jewels stolen was ever recovered. kristin saloomi, al jazeera, new york. >>> break news from egypt. third explosion this time in giza in the haran rvetioan area. many believe it was a hand made device. >> climbing the economic ladder in america, it's easier in some states and harder in others. we will explain. plus across the united states this has not been a good day for mcdonald's but it has been a great one for people who sell natural gas, we'll update you on america's energy emergency. >> in dabo, ali velshi, reports

citibank is the second major bank.lace two million debit cards earlier in the week. >>> apollo management buys cec entertainment, parent company of chuck e. cheese. the franchises operate 57 chuck e. cheese restaurants worldwide. >>> ebay is looking to go head-to-head with rival amazon for launching a marketplace for brands to sell directly to consumers. according to an analysts report, the site will be called, the plaza. that is today's "speed read." liz? buzz buzz. liz: there is political stalemate to extend unemployment benefits. if the benefits are not extended that would affect the rate and could affect the fed's tapering decision, the bond-buying program that's in place. david: rich edson has more. where is this all headed, rich. >> if 1.3 million people are not getting unemployment benefits which they stopped getting at the expiration the end of last year, a number of economists believe they will get out of the labor force. when you're out of the labor force, the government doesn't count you in unemployment stat

we have jp morgan, citibank, wells fargoall the major banks reporting results.rall will be driving the earnings growth in q4. 20% earnings growth for the finance sector as a whole, 6.3% for the s&p 500. if you strip out finance the growth for the s&p drops to about half of the overall rate---about 3.5%. a big reason for that is easy comparisons. the 4th quarter of 2012 was kind of a low point for the finance sector. bank of america particularly has very easy comparisons. >>easy comparisons and easy money. the federal reserve is helping so interest rates are low and then the banks are turning around and making money in the stock market as well which is going higher. they are in a win-win, golden years kind of situation. >>it is. that's a fair point. and on top of that, they are releasing some of the reserves they held back for bad times and now that credit quality is improving they are releasing those reserves and that's juicing their profitability as well. so overall it's a good earnings environment for banks but on the negative side, loan growth is kind of anem

as a precaution citibank will replace all debit cards for that and the rest of the news before the bell let's go to courtney reagan in new jersey. >> good morning. futures are lower after stocks rallied on wednesday. the s&p 500 posting its first record close of the year on the nasdaq with the best two-day gain in three months. investors reacting to positive earnings from bank of america and decent data. we get reports today on consumer prices, unemployment and housing as well as earnings from citigroup, goldman sachs better than expected results. the dow rising, the nasdaq up 31 to 4214. citigroup will replace all debit cards affected by the massive data breach at target as a precaution. reports say citi didn't replace them sooner because it didn't want to cause a disruption during the holidays. jpmorgan said it would give new cards quickly. there is a management shake-up at yahoo!. the chief operating officer is leaving after about a year on the job. and yahoo! isn't giving a reason. a memo to staffers suggests he was fired. decastro was brought over from google. reports say they clas

wells fargo will serve as the limited partner in tax credit investor and citibank [speaker not understood]. bayview will be 121 plus manager's unit comprising 117 one bedroom units four two-bedroom units. all units will be targeted to households more than 50% of area median income and 23 will be set aside for chronically homeless seniors. these transactions are conduit financing which do not require the city to pledge repayment of the bonds. we anticipate closing the bonds in mid february. the project is slated to begin construction shortly thereafter and complete construction in 2015. here with me today is a representative of the development team, [speaker not understood] freeman with mccormack barrett and salazar. we appreciate your support and that concludes staff's presentation. thank you. >> thank you very much. colleagues, any questions? okay. mr. rose, do we have a budget analyst report for this item? sorry, i don't have my notes in front of me. >> [inaudible] do not have a budget analyst report. there is no fiscal impact on this matter to the city. >> thank you very much. okay. at

month after the purse pulled out of someone to thirty thousand standard chartered bank korea and citibank korea customers was stolen. then again i did on. the amy while the number of bogus websites pretending to be financially agencies has jumped seventy nine fold in just two years after an added security agency says the total of websites that two people and revealing your bank or credit card information and in january to november period last year was over five thousand eight hundred compared to seventy four and two thousand eleven the number is up nearly forty percent from a year or about the keys official advise users not to connect to an intensified links and social media sites can avoid making micro payments. the moniker i'm stress it now says his new political party will launch in march and time for the upcoming local elections and to see at a press conference on tuesday union to co chair of sun's new politics committee said a preparatory body to oversee the party's formation will be established sometime next month. this means the june fourth local elections are lining up to be a thr

the pady wagons and go down here on montgomery street to chase bank, bank of america, wells fargo, citibank. you have folks down there who stole trillions and go up the street to the real estate association just a couple blocks from here. probably walk them over to the jail. there's plenty of people in this city who have stole trillions of dollars out of the pockets of this country and the world and none of them are going to jail. >>> come on now. >>> supervisor mar, i want to thank you. i know you stood with me on the picket lines to defend the sf8. and, you know, the s.f.8, they were seniors like myself, all black. one of them worked in this building for 25 years and they were going to jail. i spent a year in there on $2 million bail because they were black and they stood up for their rights. so, i know that's what they want to do here because believe me, there's going to be upsurge in this society when the economic collapse occurs. people are right now chomping at the bit. i've been chomping at that bit for 40 years because something has to be done in this society to end this disparity i

the complaints involve everything from billing to identity theft to late fees, citibank was next, with 18 percent of the complaints. followed by bank of america and jpmorgan chase. add g-e capital, american express, discover and wells fargo each draw four to eight percent of the complaints. in about one=third of the cases, the federal government was able to get customers some of their money back. the average amount: 128 dollars. some of these complaints sparked the consumer financial protection bureau to take legal action. last month it ordered g-e capital's medical credit card business to repay 34 million dollars for misleading customers into thinking they were signing up for an interest-free line of credit. if you want to see the full com. fire danger warning in the bay area tonight due to the dry weather. >> : these conditions are usually seen it during the summer's peak fire season >> : . right now the wind conditions are low-lying area not so severe that definitely are and a higher elevation. give or looking for gossip up to 40 mi. an hour in the next few days. highs in the '70s i

would not let me use the bathroom there recently because i am not a citibank user.i asked if i could use their bathroom and they said no. >> you want the city prosecuted to the full extent of the law. >> when we come back, we'll talk a lot more about populist opinion and what they think about president obama right now. it iss his popularity? not feeling great. we will ask all about it. we will be back. ♪ >> welcome back. you are looking at a live shot of our nations capital. a series of economic numbers have contributed to the growing consensus the u.s. economy is on track for a very big 2014. in worst of the five years the office. i want to bring in our own white house correspondent. what is with the disconnect? economyet is up in the is recovering. >> these two things going together. the incumbents should be doing well, too. gdp had a good number at the end of the year. obama's's approval numbers have been at the lowest they have ever been. we took a look at the current approval number and compared it to the dow, up 27% in 2013, cruising past extent thousand 500.

we went to the citibank and forty operations was possibly one or two that would have to make sure that everything is a full force so that patrons can use if the city to city and corporate businesses in the area are also counting the cost. my knee sustained damage that would take weeks to go. psychologically the swimsuits. it's just going to be so much you trust with former statistics over the last year and this will all be replaced. sitting on death row damage against. story. initial estimates put the combined cost of damage several million euro rte news source. schools businesses and residents across the country stretching from damage caused by the storms these correspondents demint and has its report on conditions across the country today. the power of nature find me there are twenty five foot high waves battering for more this morning. near hurricane strength costs making it dangerous even to wall the storms of the past few days. created this crater on strand road. one states the water from the train station watford reached out for metal. it's now we see this and trains are by runni

. >> wal-mart, as well is citibank taking note of the holiday. we aren tell you that sitting in your studio in new york, and as we're speaking right now, there is a three-hour in-store celebration of the chinese new year it taking place just around the corner at living dealt -- bloomingdale's, where they have specially designed clothes, andeter brochures. >> all in the traditional chinese red. >> there's an envelope that is given to everybody that walks in , with a special offer insi de. an expertone who is in advertising, how much do you have to do to make this happen? where do you have to push to make it to where you can pan something to somebody when they come in the door? >> the phrases in the chinese culture that are associated with holiday, there are so many that flock to those advertisers and retailers. developing company communications for this time of the year, we have to break through the clutter. if you look at the language in the print media, and look at what is happening at the street level, you will see the course -- horse all over

if you get something that looks i get an e-mail coming from bank of america or citibank.ould assume it is official. whe someone is paying attention to this court date in this amount. it has the air of authenticity to it. so how do you separate the real from the not real? difficult, ws exactly what the cybercriminals like. it's hard to discriminate between the real and the fake. be skeptical and pick up the phone. call the organization and the bank and government entity. say did you send me this. in most cases they are not sending you this information by e-mail since these attcks are so prevalent. or you can go to their website. when you gthere, do not click on the link inside an e-mail that you are worried about. because those are booby traps. neil: a lot of people worry that looks official and they don't click on it, and they will face wrath from the institution that might actually be sending a legitimate e-mail to them. but most institutions don't do it that way. do they? >> that's right. e e-mail is not as reliable as physical mail because of the anti-spam systems. bec

your predictions prove correct, are we going to see large american corporations -- merrill lynch, citibank, procter & gamble -- looking to hire smart high school kids and

. >> several banks, bank of america and citibank are sending customers new dibt aebit and cr card due to the hack. joining me to break down details, fox business networks gerri willis. great to have you here. let's get right to it. should we stop using credit card? >> yes, maybe. let me till you. several options as a consumer. a, one, use more cash. not every family can do that. a lot of families use credit card to bridge the gachlt p. if you can, do. use fewer credit card. an expert on my show say you need to check your credit card every day. if you have 15 of them. hard to do. i recently got wind of the super chip and pen cards. which will proprotect. >> explain super chip and pen. >> emv card, smart card, chip and pen, a microchip imbedded in the card it does a much better job of protecting your personal information you. know we took a recent look recently at how many times your information flows through the system with just one credit card purchase. 12 times. 12 people exchange your information. that's a lot of opportunity for hackers to get your stuff. >> so this card, how do you

coming up citibank's move in light of the target security breach >>> welcome back everyone. good thursday morning to you. this morning citigroup announced it will replace all debit cards affected by the data breach at target. the move is a precaution. reports say citi did not replace the debit cards sooner because it didn't want to disrupt the holidays. last in the jpmorgan would replace. >> apple is paying parents back for purchases children made through some apps, mostly those kids games where you take care of a virtual puppy. >> this dates back to the early days of the iphone, some parents would hand the games over to kids not realizing there were in app purchases the kids could make without a pass word and all of a sudden their bill shows they bought $1,000 of farm tractors are puppy collars. now apple has agreed to pay back the money and did so in most cases. it mixed the problem, too. but in a consent decree signed this week apple said it would make sure that this does not happen again. here's an odd problem to have. "the wall street journal" reviewed the new mac and d

corporations. , citibank,rtons apache, boeing, coca-cola.ave this neoliberal economic agenda which is sort of the hidden hand in many ways of the was empire and then you have this iron fist of u.s. militarism that is being sold to the american public an increasingly to the world as national security policy. when i see that army ranger who was wounded like that, the first thing that occurs to me is, who has benefited from this? when corporationcontrol our political process through a legalized form of corruption called campaign finance, what does that say about the state of our democracy? up to in artie been this country, but it has been a silent coup. kevin spacey's character in a movie says the greatest trick the devil ever pulled his convincing the world he doesn't exist. we have been pacified and taught to accept this is how things work. we have two parties in this country, the minimum wage will be the minimum wage, and corporations are in control. >> the flipside of who benefits is the suffering that is so tremendous out there among the w

what chris whalen last hour suggested and that is names that provide yield, bank of america and citibank? >> i think jpmorgan's the cheapest of all. they're trading 1.5 times book. that's cheap. about 15, 20% cheaper but we also own wells fargo. we own a few other banks as well. david: by the way jpmorgan is cheap but they're also paying a lot of legal expenses is. their revenue came down significantly because of all their legal expenses. their profit was down 7% as they announced today. that was primarily because as they said, legal fees. are you convinced that the government is through with jpmorgan? because i think a lot of people question whether that's so. >> no. i think thrill will be some more pain going forward. they set aside $20 billion. besides which, i think we talked about this a couple weeks ago, you're not supposed to buy it when it goes up. supposed to buy it when it is cheap. david: that's a good point. >> this is the time to get in. let that all heal. they got money for it. i think that is a smart bet to go with jpmorgan today. liz: larry, you've been successful as a tr

risk management had "insufficient authority" and risk was "insufficiently evaluated" and that the citibankective oversight." yet eight days later, ceo vikram pandit and chief financial officer gary crittenden personally signed the sarbanes-oxley certification. they attested to the bank's financial viability and the effectiveness of its internal controls. the deficiencies cited by the comptroller of the currency were never mentioned. citi said it didn't consider the problems serious enough that they had to be disclosed to investors and says the certifications were entirely appropriate. but nine months later, citigroup would need a $45 billion bailout and $300 billion more in federal guarantees just to stay in business. >> i don't think wall street senior people really think they'll ever end up in jail, and they've been right. >> frank partnoy, the securities lawyer and expert on sarbanes-oxley law, says the facts about citigroup raise some troubling questions. >> they certainly knew the internal controls were inadequate and that the company was out of control from a reporting perspective. >

it's followed by citibank, bank of america, and j.p. morgan chasse.y says it has received over 25,000 complaints about credit card companies over the past two years. california has the most complaints by state. over 3000. >>> recalling nearly 30,000 of its model electric sedans. at least that is what the national highway traffic administration is calling -- calling it. taken to twitter disputing the term recall saying no cars are being physically recalled and he's already sent out a software update and replacement parts for cars that may be facted. tsa says the issue is charging equipment that could overheat and pose fire or burn risks. >>> and from new york and san francisco are teaming up to stop monster from marketing to minors. the highly caffeinated energy drink company faces allegations that it is targeting teens. the san francisco city attorney filed a lawsuit claiming the drinks posed health risks and that the company is violating state law by marketing to minors. he began investigating in 2012. meanwhile, new york's attorney general has issue

i love citibank. 60% is global revenues. but they may be less than wells fargo or even jpmorgan.terest margins in the sector. some people are saying higher interest rates on the long end are going to be a big thing. and that sensitivity for some of these guys is really more what people tend to look at than the bid fall and the mortgage. >> as the fed begins to pull out, you're going to get the curve doing this. all of the guys brought the duration of their portfolios down. really, what you're talking about here, you know what kind of yield will they be able to get in the new assets coming in. the fact that the yield curve has come up is positive in the sense that the legacy assets rolling off the investment is now, they've taken the pressure off. if we look back six months ago, we were having a problem with n.i.m. going down. now, that's not the case. you see people generate better numbers. like schwab. they knocked the cover off the ball today. you saw n.i.m. pick up at a charles schwab. that's wonderful for that kind of a stock. >> brad, good to see you. brad hintz of bernstein

citibank says a slump in bond trading entry bid to their miss. >> and number one of the day, best buyfor best buy. biggest plunge in the s&p 500, as you might expect. the-store sales fell during holiday season. we will have more on that plunge in a little bit coming up in the hour, including adams highlights from his conversation with the ceo. the closing bell. >> before i came to work, i went to best buy and bought 110 dollars worth of cables. >> how was your customer service , because that is been a big issue. >> prig good. >> $110 for cables? grade, bigt of high- gauge speaker wire. >> only the best for you. it was a bad day for you. but it could've been worse. we were off as much as 100 earlier in the session. >> you know what, by the way? the nasdaq actually squeaked out .gain, about 1/10 of a percent >> biotech and tech. it is time for the roundup. special guest. we do not only have matt miller here today. we have a news columnist. what did you think of that penguin? >> why is a penguin on the floor of the new york stock exchange? >> the aflac duck hangs out there sometimes. >>

this is a big call the kel out -- came out of citibank. you have to sell the euro. right now, the euro is 1.3591. .ou are going to go to europe >> indeed, i will be in. close in three weeks. lucky me. >> i tell you what. we are going to our lead right now. it is a big day for boeing. to be voting for a third time on a new contract that would enable production on the 777. that would begin next year in washington. if they say yes, they will get a bonus and a contract extension. , boeing willo likely move production to another state and washington will face a credit ratings downgrade. that is how big the stakes are. this is the third time union workers are coming together trying to vote on this thing. why is it so hard to get this done? >> when you talk about workers, a large percent are getting close to retirement. they don't want to make any changes. the younger workers see more jobs for the future. it is an intrigue union issue. -- interest-union issue. the airplane is going to get built. it is an issue of jobs, basically. washington makes it not business friendly a

what would be the focus for citibank ceo? to behink it is going about compensation.w he has been aggressive in terms of numbers. we are going to keep an eye on the business. a big rates business. litigious activity against city is not anywhere near the peer group. number,an eye on that but that is very much going to be the focus at citi. compensation, and the investment banking side as well. we know they're remortgaging business in the u.s. is coming to an end. we are moving into higher rates. higher interest rates could be an issue on the fixed income side. back to you. >> things for the latest on one of the top stories we are covering. that aill be covering great deal. we will break it down and analyze what it means. what else is on our radar? amazon employees will not be forming labor union. they voted to reject the initiative. unhappy amazon engineers petition to form a union with the labor relations board. the company behind cartier saw weak demand in china. >> and the man behind the vacuum cleaners is often unpredictable and sometimes agonizing. that is innovat

he is the ceo of citibank. when we come back, we're kicking off our billionaire hour.ing to be talking cell phones. if you have a cell phone in the developing country, this guy has your number. will be speaking with the irish telecom billionaire, dennis o'brien. >> we will be talking about what controls -- talking to who controls the world's biggest aluminum company. we are streaming on your smart phone, tablet, and on bloomberg.com. you can watch all of our news on demand on apple tv. ♪ >> welcome back to "market makers." the special davos edition. verizon and at&t may dominate the mobile phone market in the u.s., but it is a very different story in the developing world. the major player in markets all especially int, developing countries -- dennis o'brien is the chairman and founder of that company. he's also the richest man in ireland. i wish i was. welcome. great to see you. you're a man who spends his life on a plane. why come here? a crossroads. everybody is converging on this crossroads in january. it's great to meet people who you would have to travel 15 hours

major interventions, despite talk, you still had a run on citibank and bank of america. it so long to get under control? >> it was not a continuous crisis of equal intensity. of 2007, we were seeing a lot of stress in the markets. it was not obvious whether this would be the start of something bigger or whether it was something more comfortable to some of the disruptions we see in the 1990's around the russian crisis. there was a critical point that occurred in march 2008 with the .ear stearns episode that was a time of very intense stress in the repo markets and other parts of financial markets. after bear stearns, financial conditions, fairly notably for a while. alert.in very banksain with investment over the summer. complacent about the prices -- crisis being over but conditions were more stable for a number of months. there is at least some hope given that the bush administration was undertaking a fiscal expansionary policy. there is some hope things might calm. intense phase began , into theakeover conservative ship of fannie and freddie in early september 2008. .t

so, like goldman sachs and citibank and different tone this year.nd, the buzz that this super bowl has created has driven prices way up. i mean, tickets bottom level tickets $2,600, $2,800. $500,000 to get a luxury suite. >> the commercial rates go up every year. >> $4.5 million for a 30-second ad. >> oh, my gosh. better be a good game. thank you, joe. >> thank you. >>> so, dennis rodman. >> erratic behavior in north korea now explained. >> you understand what he did. >> what did he do? you tell me, what did he do? >> no, no, you tell me! >> the former nba star is in rehab this morning. what the players who were with him on that trip say about his behavior while they were there. >>> and a fiery wreck along the interstate. slippery weather everywhere and more of it could be coming. your "new day" continues after the break. you stopped by the house? uh-huh. yea. alright, whenever you get your stuff, run upstairs, get cleaned up for dinner. you leave the house in good shape? yea. yea, of course. ♪ [ sportscaster talking on tv ] last-second field go-- y

week after the target reach was announced, separate from the breach, i got a new credit card from citibank. it had a chip. the credit card providers are starting to upgrade to a higher level of security. another quick point on this. one of the areas, causes of these problems is the venture capital funding of startups. if you are funding a startup, you don't want it to invest in substantial security, privacy, various photo post protect these issues. they will not be issues until you are successful, two or three years down the line. by then, you have pulled your money out of the company. you have taken your profit and run. this is a real problem. we have to look at how the vc funding of these firms affects their architecture decisions. >> we have created a whole industry. a $1 million takeover. companies are feeding into the company you are talking about. that will be a growth industry. >> all that is deadweight lost. we are getting ready to spend billions of dollars putting bars on our windows. we're spending very little effort going after the criminals and foreign countries imposing these

. >> : citibank is next with 18 percent of the complaints followed by bankamerica and j.p. morgan chase. each draw 18% of the complaints. >> : one-third of the cases of the federal government was able to get customers some of their money back. the average amount $120. some of these complaints con sparked the protection bureau to take legal action last month they had medical card business to repay millions of dollars to a banking they were setting up for interest-free loan credit. >> : he's been called the thud toddler no swearing child is being reunited with his mother under unusual circumstances and next will tell you about the tough choice the world leader has to make reporting he is having an affair pinpoint wrecking news on campbell island near antioch fast- moving brush fire has connected with buildings. please have gone up in connected with buildings. please have gone up in flames. weather in conolli your the the rst d onlypatch. er t couer treatment put e corol back in yr gotiveladder. withew otrolor wen. w inhe finine careisle. put e corol back in yr gotiveladder. f

citibank was next with 18 percent of the complaints. followed by bankamerica and j.p. morgan chase. and ge capital, american express, discover and wells fargo each draw 40% of the complaints. and about one- third of the cases the federal government was able to get to customers some of their money back. the average amount $128. >>erica: this afternoon and other day of record-breaking warmth. a lot of '70s really doesn't matter where you're located in the bay area. i think will see some readings today that could potentially bring some records and by 8:00 tonight, sitting pretty with most locations staying in the '60s. here's a look at afternoon highs. started things off in the south bay. 72 for the of the man valley looks like 71 for san jose. over to the east bay danville was 68. same goes for concord. downtown san francisco checking and at 69 degrees and 72 today for now. looking ahead this weekend, we do have that game. the seattle seahawks and the 49ers kickoff at 330. if you're heading to the game if you can actually get tickets, temperatures will be in the forties and set mostly

they will take saturdays off at citibank. they don't have to use their vacation time each year. similar policies and that productivity and keeping bankers from leaving that warm, fuzzy banker feeling. i don't know if i believe it or know what to do about it. do you believe it? >> i believe what they say. i trust people by what they do, not what they say. we will see. you heard about them in the state of the union. now president obama is traveling to wisconsin and tennessee to sell his ideas for improving economic opportunity in america. his critics are busy as well. our chief washington correspondent peter cook is standing by with one of the most vocal texas republicans. senator ted cruz. much.nks very i'm joined by senator cruz. we appreciate you joining us here on bloomberg this morning. the president is out there talking about a whole range of issues. helping americans move into the middle class. one issue has been talking about his immigration reform. right now, house republicans are meeting on the eastern shore of maryland. they're talking about ideas as well for dancing th

hsbc and citibank have taken action against four more traders, meaning 17 have now been either fired,r put on leave. bloomberg reported these allegations last september. ising on to taiwan, acer tumbling after posting a record annual loss of $685 million last year. the shortfall was nearly 40% more than what analysts had been expecting. jason chen wants to rebuild the company into a hardware, software, and services provider. moving to japan, nintendo shares are down the most in three years. that is after the company forecasted a surprise annual loss of over $200 million. nintendo says it is considering a new business model after weak demand for the wii u cost it. company is struggling as competition from sony and microsoft intensifies and as players switch to mobile devices. ingles and hong kong. >> david was just talking about hong kong -- nintendo. its shares have just been hit. much lower. >> a sharp drop for nintendo shares today. closeere down 10% at the of the morning session, 11% almost at the start of this day. move for nintendo. david told you the reasons why. analysts are re

parsons had probably more knowledgeable of two companies we own, citibank and we own comcast as well.ntioned sandridge. it's interesting. people wait for activists to show up in a company. an activist showed up here at tpg. they launched a proxy fight, they won. you read the material, they filed on their website. the asset value is 11 to 12. they owned it before they showed up. we thought the asset value was at least 10. it's an improving situation. we think the underlying assets are trading around 6. they have a big analyst date coming up march 4th. we think they're going to give you a good story for the outlook over the next few years. there are a lot of things like that. the energy group, we like halliburton, aig, sallie mae, all these things have a common theme. you have underlying asset values, they're not being properly capitalized by the market. we think the asset value is substantially in excess of where the stock is trading or they have a growth rate higher than the market or some combination of fundamentals that scream to us buy me. not having a -- excuse me? >> arthur burns

despite major interventions, you still had a run on citibank, you still had a run on bank of america,why did it take so long to get it under control? >> it was not a kenyan -- continual crisis. in the fall 2007 we saw a lot of stress in the markets, but at that point, it was not obvious whether this would be the start of something bigger or something more comparable to the disruptions we saw in the 1990s around the russian debt crisis for example. there was a critical point that occurred in march 2008 with bear stearns. intense a time of very stress. after bear stearns, financial conditions calm fairly notably for a while. we remained very alert. we were beginning -- the federal reserve was beginning to supervise the investment banks together with the sec over the summer. so we were not complacent about the crisis being over, but conditions were certainly more stable for a number of months. there was at least some hope, given that the bush administration was undertaking a fiscal expansionary policy. some hope that it might calm, but we were very attentive. phasek the real intense bega

you still had a run on citibank, you still had a run on bank of america. did it take so long to get it under control? >> well, it was not a continuous crisis of equal intensity for that entire period that you described. in the fall of 2007, we were seeing, obviously, a lot of stress in markets. but at that point it was not obvious whether it this was goig to be the start of something bigger or whether it was something more comparable, say, to some of the disruptions we see in the '90s, for example, around the russian debt crisis, for example. there was a critical point that occur inside march of -- occurred in march of 2008 with the bear stearns episode, and that was a period of very intense stress this the repo markets and some other parts of the financial markets. after bear stearns, financial conditions calmed fairly notably for a while. obviously, we remained very alert. we were beginning to, the federal reserve was beginning to supervise the investment banks together with the sec over the summer. so we were not complacent about the crisis being over,

i sort of like citibank, but the earnings were a bit of a disappointment. >> yes. >> but stocks of thatre likely to perform in this kind of an environment. >> any reason you'd leave goldman and jpmorgan out of that? >> i think jpmorgan is embattled at this point. we own a small bit of jpmorgan, not the sort of position we used to have. every time they wake up, they've got another challenge that they have confronting them. it really is rather daunting to be paying out fines on an join going basis. i'd rather be steering clear. >> final question, you mentioned tech. what about microsoft, now moving up about 4% after hours after a stronger earnings report suggesting some traction in cloud. >> i think that's good news for the market. i think today was probably more of a hiccup than anything else. to see good earnings reports coming out of large companies is very, very helpful. >> david, it's been great to get your views on all of this, in a year that you think still could finish up despite the volatility we've seen. >> i think we're likely to see a lot more volatility. i think we'll see bet

. >> better than citibank. nice.them mob boss vincent asaro. he is the mastermind of the whole thing. jimmy burke died in prison. earlier on "fox & friends," someone who knew all the players and almost took part in the heist that took $6 million off the lufthansa plane in 1978 had this to say. >> i'm sure that jimmy burke took care of all the participants. of course, what he left was evidence that became dna driven. so i mean, there is no doubt that the f.b.i. is going to get a conviction here. >> prosecutors say they have rock solid evidence against the suspects, including secret recording. >>> after years and years of delay, the 9-11 museum is set to open later this year and if you want to go to the museum, you're going to have to pay $24 for each ticket. it turns out the museum doesn't have enough money to pay the estimated $60 million in bills to operate the place each year. new york's mayor is pushing for federal help. but it hasn't come through yet. many say the plans for the memorial were just too big from the

your predictions prove correct, are we going to see large american corporations -- merrill lynch, citibank, procter & gamble -- looking to hire smart high school kids and training them and giving up a college degree entirely? >> you know, you might. the reason why you don't see more of this, there's sort of an economics of it. if you hire somebody and train them and then you leave, you don't recoup your investment. and, of course, in the old days we had apprenticeship systems that made sure they didn't leave until you recouped your investment. student loans are almost a form of involuntary servitude or indentured servitude now. but not -- so that's an issue. but i don't think it's at all unbeatable. and be i think that there is a growing interest, i mean, one of the places pushing certifications, for example, is the manufacturing industry which has got a consortia of people pushing stackable certificates that show people have skills and training people for that. so i think you will see more of that. whether it'll get to the point where it substantially displaces college degrees, i would li