>> i think its important for citibank to set the precedence. we're going to have a third of this go to consumer protection, consumer payments, and then the larger part of it will be dade to doj with some pay out to state attorney generals. i'll be curious to watch what the numbers--i think they've argued their crisis through countrywide and that argument carries some wait, but i don't think it's going to be as high as matt has mentioned. i think it's too early to tell, but certainly cit, and b of a, you have to keep in mind all the bailouts, all the assistance i in 2008 and 2009 were fundamentally about citi and b of a. this is really about these two banks. i think these are the two most significant in terms of moving forward. >> out of money what will the government be trying to get out of the settlement in bank of america as we look forward to the next steps. >> i don't have any special information about that. i agree with mark again that citi and bank of america are truly the two most disturbing institutions around, the fact that they contin

you're not working for citibank. >> riordan: no one. no one.n. >> stahl: on his own authority, john moved them, with their families-- all 105 of them-- into his villa and another one nearby so they'd all be ready to go as a group when and if he came up with a plan. he told them to tell no one where they were. four days went by. nothing was working, until a cia agent told him-- the only way out now is on u.s. military cargo planes that are evacuating americans and their dependents. >> riordan: he says, "the evacuation has begun. take your family and go out to the airport and process them through." and i said, "well, i don't have a family." and he said, "just create a wife and children, no matter who they are, and go out there and sign the dos." >> stahl: this is thrst tithis i >> stahl: try and pass off his vietnamese colleagues, their spouses and children as his family? there were 105 of them! do you say to him, "are you kidding me?" you don't say cockamamie? you don't say-- >> riordan: no, no. because there'd been so much cockamania before tha

s/ josé cruz, tiene préstamo con citibank "uno cuando aplica para el préstamo no sabe. el préstamo nada mas pero no les dicen los pro y los contra" aquellos afectados podrian ver una reduccin de la deuda o intereses ms bajos como parte de la ayuda que empieza en 2018. s/ dora beltrán, carecen "se han establecido reglas para que estos bancos puedan compensar a clientes que fueron víctimas de fraude' por su parte citigroup afirm en un comunicado que "este acuerdo es lo ms conveniente para accionistas y va a permitir seguir adelante y enfocarse en el futuro, no en el pasado" pero mientras que la institucin financiera pasa la pgina, los latinos siguen sintiendo el golpe. un reporte de la reserva federal de st louis indic que los hispanos son un blanco fcil cuando se trata de malos prstamos. s/ randy serrano, @randytelemundo "el estudio destaca que cuando la recesión económica estaba en su peor momento los latinos fueron los que reportaron más pérdidas precisamente porque la vivienda había sido su mayor adquisición hasta el año 2007" roll weather open blanca -- hoy fue un di

it's easy to paint a broadbrush, but the reality is how many times do be bail out citibank. every decade or so we bail out them. most do well. ones don't. you aren't seeing the changes. with b&p, the request was that 30-some executives would leave the bank. it was agreed to. we are not seeing any changes. certainly with both citibank and bank of america there has been leadership changes since the crisis. >> let's dig in to what the picture would be when we talk about criminal charges. when the government is not closing the door on bringing criminal charges at the bank, talking about citigroup. they haven't closed the door bringing in criminal charges. is it too late for that shoe to drop? >> i think if we saw substantial criminal charges against executives of large banks, we would have seep them or gotten an indication that there was a criminal charge coming. we are running out on the statute of limitations. a lot of stuff happened in 2006 and 2006. there's not a clear roadmap. i understand why they are not ruling it out and why they are gig it away in a settlement. it is li

. >> reporter: well, analysts had been thinking that perhaps citibank would pay at most $3 billion for basically making the subprime mortgages to u.s. homeowners and then turning around and selling those same mortgages in the form of investments to investors who ended up losing a lot of money. this is the u.s. government's effort to hold the major banks in this country accountable for what they say was the reason for what they called the recession. that really effected the global economy. as you said, $7 billion or so total is what citibank will have to pay. $4billion of that will be a fine to the federal government. another $500,000 will go to the u.s. state attorneys general. the legal--the lawyers for the 50 states, and then about $2 billion of that will be used to help consumers who were stuck with mortgages that they could no longer afford because their homes were not worth it. it's a sizable penalty, and there is already some reporting coming in particular for the number of times indicating that the federal government was doing all that it could to hold citibank accountable for w

mike huther worked for the international banking giant. >> citibank came here because the bank usery laws were more conducive to banks making money. >> due to strict laws, the amount that banks could charge was lower than they were paying to their depositors. with banks unwilling to make loans and the entire country in a recession, south dakota saw an opportunity. in 1980, the state passed legislation that exempted banks from such caps on interest rates. so citi moved in and others followed, transforming this town on the plains. >> opportunities for a young college graduate with a economics or finance degree back in the early '80s, they were pretty limited. when citibank came, it was just the beginning of something huge for folks like myself. >> he would know. he runs this town. >> right now this town is rocking. >> that's right. mike huther is now the mayor of sioux falls and he's brought his business skills to government. the mayor has added to the city's piggybank for the past four years. his predecessors did similarly, and sioux falls now boasts a reserve that's 32% of its operat

citibank did top earnings expectations and its shares are up 4% this morning despite paying $7 billionase. >>> samsung says it's spending its business relationship with a chinese manufacturer over allegations that the factory employed children in order to meet high demand periods of time. those allegations coming from child labor watch. samsung says if chinese authorities do indeed find that trial labor laws were broken at the electronics company, it will permanently end that business relationship. >>> stock market rebounding this morning, pretty big way. let's take a look at the big board and see how we're doing. dow up over 17,000, up over 126 points. nasdaq is gaining 23. s&p, up by 10 points. michelle and frank, back to you. >> a good monday so far. jason brooks, kcbs news, thank you. >>> a ground breaking at stanford today, for an expansion of housing for families of sick children. when completed, this will be the largest ronald mcdonald house in the world, with more than 120 guest rooms. the existing house currently has a waiting list. it serves any family with a child who is rec

why is the government settling for so little if citibank -- >> i'm not sure if it's so little. look, i'm not sure somebody who believes that corporations are people, to use an old cliched expression. if there's a crime, they should go after the people who are responsible for the crime and then they should go after the company. >> do you think there were crimes? >> oh, i'm sure there were crimes here. >> why -- what's been the reluctance there? >> i think they went after this too late. they didn't go after this aggressively enough. and ultimately, the crimes that did happen probably were too far down the chain to make the impact that they wanted to in terms of getting that poster boy. that's what they wanted and don't have it. >> i think holder was saying today there's still the possibility of some kind of criminal -- >> yes, but that's -- >> it's not going to happen, is it? >> it's very difficult to believe. the statute of limitations has kind of run out. the dodd/frank legislation tries to extend it. but anybody who brings a case is going to then, of course, face a whole other

trader said that citibank should start praying, because so many of the loans it packaged and sold to investors would likely go bad. remember how this happened, the banks got mortgages, they packaged them with investments, mixed in bad mortgages with good mortgages and misrepresented the quality of the whole bundle when they sold them to investors. that was bad to investors but the result was it shut down the flow of credit around the world. it ended up hurting investors, homeowners and small businesses that wanted loans. it wasn't just citigroup, but j.p. morgan chase had a 33 billion settlement. this is department of justice, saying we're still getting tough with banks for what they did. >> can i drill down? how much of a impact did these mortgage backed securities, collateralized -- >> whatever. these fines were up to $45 billion and the department of justice says there are more to come. i think they're going after bank of america next. these fines in theory are meant to go back some of it will go to the federal deposit insurance corporation, some of it will go towards affordable h

are citibank consumers getting enough of this settlement? >> well, the problem is we're talking about a settlement that is over six years late, right? a lot of their bad behavior happened over the last decade. a lot of people have lost enormous equity in their home, lost money in their pensions or simply lost their home. those folks who really were damaged aren't going to get money out of the settlement. what the settlement does is offer some hope for consumers that they might be able to, those still in their home might be able to get their mortgages fixed a little bit. and the fact is that the economic crisis has done enormous damage to communities of color and to low and moderate income consumers. and that they will have opportunity for mortgages and for rental housing. >> was it last year when we saw j.p. morgan's $13.7 billion settlement, the check was in the mail in the form of a few bucks here and there to millions of consumers. is citibank's kind of distribution of this settlement a response to what we saw and kind of the reaction to

huey newsome nate sweet and patrick hedger and let's get back to it this totally baffles me the citibank says yeah we're guilty well we're not we're not guilty all here's seven billion dollars well but we're going to take it out we're going to write off our taxes our stock goes up four percent isn't this wonderful. and then in the meantime. of the seven billion dollars settlement four billion is going to be in the form of a civil monetary payment to the department of justice five hundred million goes to the state attorneys general and the f.b.i. see an additional two and a half billion goes toward consumer relief it turns out you know none of us really means all that much i. i don't think i i don't understand why it actually the justice department had postponed the announcement of the settlement because the guy who did benghazi got busted and they they didn't want they wanted this to be in the news cycle right they're proud of this how tone deaf is the justice department or or am i the outlier here am i the one who's looking at this go on whether nobody's going to jail this corporation w

we will break down the $7:billion citibank settlement and tell you what bank can be in the government cross hairs next. >>> a fun day at the beach turned dangerous and deadly. >> al jazeera america presents >> i'm a big girl now. i know what i want, i know what i have to do to get it. >> 15 stories one incredible journey edge of eighteen coming september only on al jazeera america >> one of america's largest banks has been hit with a multibillion dollar fine. citigroup has agreed to pay for its part in the mortgage crisis that sparked the great recession. rosalyn jordan has this report for washington. >> $seven billion, that's the cost to citigroup for its role in the twaif financial crisis. >> the bank's misconduct was egregious and under the terms of the settlement the bank has admitted to its misdeeds in great detail. shattering lines and livelihoods around the country and the world. >> the bank then packaged loans and sold them to investors knowing they were bad investments. when the housing market collapsed, everyone lost. homeowners lost their houses and investors lost their mon

now citibank has agreed to pay a ten-figure penalty for packaging bad investments like produce hidingrotten among the healthy and putting them up for sale to the unsuspecting. er erin burnett with more. people lost their careers, a lot went wrong. people lost their dreams. citi wasn't the only one doing it. now they're getting a penalty, no jail time. what gives? >> you know what's amazing, no one has gone to jail during the financial crisis and i knew you were thinking about this. anglo miscellaneous i willo ran countrywide financial. the guy who created the subprime mortgage, one could argue at the heart and center of this, knew what he was doing. he paid i believe $67 million in fines, no jail time. so no, no one has gone to jail in all of this. but citigroup will pay $7 billion. they get to write it off so only a hit to their earnings, don. but they will be paying that to -- >> must be nice. >> yeah, to low-income housing, reduced interest rates on mortgages and in some cases, to reduce principle that people will pay on mortgages. >> okay. but remember when all these guys were bai

david: dan, citibank or citigroup is up 3% today. you're not looking domestically. you're looking at foreign banks. particularly bank of montreal and pnc. why? >> pnc is obviously domestic bank. they were top five in the customer survey satisfaction that came out in the past couple of months. i think those banks that are such a domestically that have good customer service, are those that consumer will turn to when interest rates do start going up. as far as lending goes, bmo, bank of montreal has extended it a bit on lending side and that may start to dry up. but i think dividend from both companies, the fundamentals from both companies are strong and as a large cap value dividend investor i think both have been, not only outpaced the market, year-to-date but will continue to outpace the market. david: good stuff. >> if we should continue with bull market. david: gentlemen, you gave as you good overview and specifics as well. thanks, dan neiman, jim lowell, thank you both. lincoln ellis will be back in couple moments with the s&p futures close. liz: getting loud in

community capital with that, i want to welcome our partner from myers >> wear the community lending at citibank we've been a huge partner of mercy housing one of the earlier speakers asked if he remember when was here before i remember and coming here today and seeing the transformation it's truly amazing we're lucky enough to take a toush of the property the cities product is outstanding. so we're very glad to be here and to celebrate with mercy congratulations for an absolutely oung ongoing proud. believe it or not we're far into the just a second i forget so thank the mercy folks i want to thank rick and all staff that put together this wonderful (clapping) do you know one of the down sides of working as the president of the mercy housing i don't get to see harassing as much of how people invest in their lives so for me, the small windows they're quite incredible to try to understand the impacts that this property has. i had a chance to meet those folks and maurice is going to come up and share a few remarks. thank you, mary religious we know el monte is coming we're not are sure she's getti

citibank peeress in silicon valley so that is their biggest fear.hey can handle this. >> reporter: kolkhoz probe which is a great story on how it came to be. but is being crushed right now all wall street goal pro >> wasabi flipped camera but here we see is also a feature on the cellphone i'm not sure the people will struck a $600 on on their motocross. i cannot imagine if they make $5 billion. >> reporter: then shot tv watching binge tv watching? >> ultimately to 80% and women do more than men is a trend is not a fad. advertisers are trying to figure out what can you do? maybe that books will say take the dollar off your subscription if you watch these videos. if they tend to stick aurora and watch one long advertisement. >> reporter: thank you rub rob >> reporter: just how bad is it? i will show you in the next edition of people behaving badly tonight at 8:00 p.m. >> reporter: you will hear a lot about these things more like balt spirit you control with your phone or tablet. there are a lot easier to use you do not need an electrician or changing

. >>> just in, city bank a -- citibank will pay $20 million to settle lawsuits. mary thompson is live, good morning. >> reporter: hey scott, the announcement just coming in moments ago. $7 billion settlement teen citi and the doj resolving the announcement that they sold toxic mortgages. about two and a half billion dollars will go towards consumer relief. now the settlement was signed this weekend during the time that citi says $3 billion, they threatened to sue the bank. the two coming to a $7 billion settlement. now looking ahead to this morning's open on wall street, futures are pointing to a higher open. stocks fell, despite a positive day on friday. closed at 16,943, and z the nasdaq added 19 to close at 4,415. earning season sths week with results from names like citigroup, ibm, as well as google. we'll also hear from janet yelen who will testify before congress about the economy. and get your bids on picasso or vintage pez dispensers. that's right, right everything. this report says that sutherbyes is streaming auctions online started this fall. most of t

. >> the way i see this, citibank, goldman sachs, and all those other guys on wall street, they've goty of folks in the united states senate who are willing to work on their side. we need some more people willing to work on the side of america's families. >> now she says she's not running, but hillary clinton was at a desk, not at a rally but she could learn a little bit, couldn't she? >> hillary is talking about the notions how she might run a campaign and how you have to talk about inequality. elizabeth warren is doing it right now. i was at that speech in west virginia earlier this week. she didn't use the term income and equality once in that speech. she just talked about the issues that people in the room cared about. >> democrats have basically given up using the phrase using income inequality. poll after poll shows voters don't know what that means. >> it was a very middle class common sense way, your student loans, your medicare, social security, them versus us and played well. >> you could hear any republican in this country say that the way to cure income inequality is growth

jpmorgan and city -- citibank had both warned of decline.get that. >> we are thrilled to bring you brad hints this morning. right now, switching gears and go to a busy morning. buried thents have hatchet. apple and ibm are making plans to work together. applications for the iphone and ipad. they will reach our to corporate customers for those products. it ends a rivalry dating back to the dawn of the computer age decades ago. google picks up an auto expert as it tries to develop self driving vehicles. alan mulally is now joining google's board. his engineering background is credited for ford's return to profitability. noir prototype cars have steering wheel, no break, and no driver. says internalimes g.m. reports show a cover-up. the paper used the freedom of information act to get the documents. g.m. is blamed for at least 13 deaths. >> and the photos seen around the tech world of the two leaders, apple and ibm, last year walking arm in arm. an a transaction, but just agreement between apple computer and ibm. david is a bloomberg contributo

that's why everybody likes ci citibank. >> well, the problems started from europe.nd the regulatory issue, another thing. but the issues are bad. >> in europe. >> no, no, here. when we get a look at bank america, and they've already talked down their q1 ratings. >> do you like this? >> well, j.p. morgan, there's no news. >> up next, yahoo's marissa mayer, and tim armstrong spotted in deep conversation in a bar. what were they talking about? we're going to hear from someone that was actually at the scene, next. if you have moderate to severe rheumatoid arthritis, like me, and you're talking to your rheumatologist about a biologic... this is humira. this is humira helping to relieve my pain. this is humira helping me lay the groundwork. this is humira helping to protect my joints from further damage. doctors have been prescribing humira for ten years. humira works by targeting and helping to block a specific source of inflammation that contributes to ra symptoms. humira is proven to help relieve pain and stop further joint damage in many adults. humira can lower your

citibank there. untold story. right. of behavioral economics. .e have companies interacting we will return. >> time for a look. we need a large communication group. he is an advocate of what is called behavioral economics and a social policy advertiser. thank you for joining us. let's start off with a simple question. what is behavioral economics and how does it relate? is what it should be. a theory of human economic behavior that is based on actual than ad reality, rather mathematically elegant theory. the important part is simple. conventional economic theory assumes that people act on the basis of perfect information is not friendly to marketing. that would not need marketing to exist. behavioral economics deals with how people make decisions and it is important. bookadvances include the knowledge and have enormous implications for policymakers and businesses. that is why i am here. a new office. we have an organization that specializes in behavioral science. >> you talk about nudging. advertisingper than campaigns.

to series to goldman it's coming out starring citibank's only taken to its roots. but its new life there are there are. i'm happy martin the stories we cover here you're not going to hear any right other big story but have your that while there is a reason they don't want to do now that you never know what they're trying to raise that you don't think we. know let's break the set as the united states attempts to wind down its presence in afghanistan by the end of the year a newly released report from the special inspector general for afghanistan reconstruction has caused some to worry it finds that the defense department has not accurately tracked almost three quarters of a million weapons it purchased for the afghan national security forces or cheese and associates are going to joins us now from new york with more information but just how bad is the lack of oversight when it comes to keeping track of the weapons sent to afghanistan and what are some of the dangers here. well lindsay this u.s. government office really released this report this monday that highlights

>> bank of america and citibank are facing civil claims.hey could be close to $4 billion to $10 billion for citigroup. 7 billion dollars for bank of america, based on fraud issues. >> they do have a lot to write about this summer. >> every single bank right now, we could consider a big fish. >> thank you very much. -- kerry ander sheila. the billionaire donald sterling is expected to take the stand as he battles his estranged wife over the sale of the la clippers basketball team. the latest, next. >> high drama expected in a california court line just minutes from now. billionaire dollars -- donald sterling is expected to take the stand. word is that he is wearing sunglasses and in the courtroom. a plan to sell the los angeles clippers. he was supposed to testify yesterday but never showed up. we are joined by a california attorney who specializes in planning preamp oh snap to a -- post-nuptual agreements. this is turned into a theatrical event as much as a legal proceeding. what is going on in california? fate of the clippers lies in the h

. >> citibank pays out a settlement. >>> and in support, brazil's wormtd accommodation to an end. [ grunting ] i'm taking off, but, uh, don't worry. i'm gonna leave the tv on for you. and if anything happens, don't forget about the new xfinity my account app. you can troubleshoot technical issues here. if you make an appointment, you can check out the status here. you can pay the bill, too. but don't worry about that right now. okay. how do i look? ♪ thanks. [ male announcer ] troubleshoot, manage appointments, and bill pay from your phone. introducing the xfinity my account app. >> now inroducing, the new al jazeea america mobile news app. get our exclusive in depth, reporting when you want it. a global perspective wherever you are. the major headlines i e major headlines just real reporting. the new al jazeera america mobile app, available for your apple and android mobile device. download it now families ripped apart... >> racial profiling >> sometimes they ask questions... sometimes they just handcuff people... >> deporting dreams... destroying lives... >> this state is literally redefin

. >>> it is official, citibank is going to pay $7 billion in a mortgage probe. erika gonzalez is here in the studio to explain. this is a big deal. >> yes, it is. we want to remind you, we mentioned it to you last week. this started to come out and it's a lot of money. citigroup will pay $7 billion to settle a federal investigation into how it handled risky mortgages. we first told you about this, this expected payout last week. well, today, it was made official. the settlement includes a report $4 billion in civil penalties and $2.5 billion in relief to homeowners. a lot of people have been expecting help there. attorney general, eric holder said there will be announcements about other financial institutions, soon. >>> groceries and gas can leave your bank account trembling, right? we are spending more these days. it's just not on the things we want. a gallup poll shows we are spending more on essentials like groceries, gas and utilities and less on traveling and dining out. that said, most of us have plans to travel this summer. a third of people surveyed plan

. >>> settling a federal investigation how citibank handled risky subprime mortgages. suffered a 4 billion civil penalty and 3.5 billion to homeowners. >>> after a major debate, the church of england has allowed women bishops. church's first female bishop could be ordained at the beginning of next request year. >>> a flight to central america with mothers and children on board. unaccompanied migrant children back to their country. we get a report from "america tonight"'s lori jane gliha. >> it wasn't a typical homecoming. families who fled honduras weeks ago, arrived back in their country deported by the united states. the obama administration is attempting to show it's doing something about the crisis. >> the president has maird clear that we're going o-- made it clear that we're going to enforce the law. something the president swore to do when he took office. it also serves as an important >> reporter: .according to the department of homeland security the first group included 40 people, 22 children and 18 mothers. already there are four to five flights a week, each

. >> the way i see this citibank, goldman sachs, all those guys on wall street, they've got plenty of folks in the united states senate who are willing to work on their side. we need more people willing to work on the side of american families. >> warren has dismissed the ready for warren website, although she has raised more money for democratic desands other than president obama, and hillary clinton is not even close. >>> in ey iowa where the senate race could determine which party controls the chamber in washington outside partisan groups are now pouring money into attack ads. conservative organization americans for prosperity bought nearly $1 million of ad time to highlight a comment braley made about senator chuck grassley that offended some farmers. >> if you you're looking out for iowa or washington specialists. >> you might have a farmer from iowa who never went to law school serving as the next chair of the senate judiciary committee. >> in arizona a republican congressional candidate is now eating crow after a protest he led yesterday against migrant children. he faces a rep

. >> the way i see this citibank, goldman sanction goldman sachs and all those guys on wall street they've got plenty of folks in the united states senate who are willing to work on their side. we need more people to work on the side of america's family. >> her message has excited a lot of the democratic base but she has dismissed the ready for warren presidency website. she has raised more money for democratic congressional candidates than anybody except for president obama, and hillary clinton is not even close. >>> in iowa where the senate race between joni earnest and bruce bailey is bringing in attack ads. the comment that braley made about grassley that offended some farmers. >> if you look out for iowa or washington special interests. >> you might have a farmer from iowa who never went to law school, serving as the next chair of the senate judiciary commission. >> that was a gaffe. and a candidate is eating crow. he face as republican primary next month was speaking about migrants being moved into his district when he got word that the bus was heading down the road. he tweeted, the

. >> reporter: citibank saying in a staumt we believe that this settlement is in the best interest of our shareholders and allows us to move forward and focus on the future, not the past. but the focus does remain in the past for the justice department, still pursuing institutions they believe are responsible for the great recession. jpmorgan settled for $13 billion last year and there's still a pending lawsuit against bank of america. but some question if the big fines go far enough. >> no one's gone to jail for the financial crisis. no one's really been held accountable. >> attorney eric holder said criminal charges against institutions and individuals could still be filed. marcy gonzalez, abc news, new york. >>> a reporter put former vice president dick cheney on the spot today. he answered questions with a correspondent on the website politico. he seemed a bit stumped when asked questions about the clintons. take a listen. >> whose judgment do you recollect more? bill or hillary? >> well, i didn't vote for bill, and i don't expect to vote for hillary either. >> that was diplomatic

and the fed says "you shouldn't do that, these are risky bets", is it worse that citibank makes the bets itself or give it to people going to las vegas instead. they can't be regulated. like with rockefeller,a broke up oil, i'd like to take app axe to jp morgue scrnan -- morgan. not a week goes by without hearing about a new fraud. we should move the justice department to the old federal building in new york city. >> you would have been at home in the early 20th century with the antitrust folks back then. economist peter marisi we'll have to have that conversation another time. pleasure. >> now for more stories from around the world. >>> we begin in israel. thursday israeli defense forces were mocialized to gaza. air strikes gensified reportedly injuring several people. hamas speaksified rocket fire into israel. more than 40 rockets were launched thursday, including one that damned a residential building and another that hit a kindergarten. protestors and israeli police clashes offend for a second day in response to a suspected revenge killing of a palestinian teenager. his funeral has b

citibank is expected to reach a $7 billion settlement with the justice department.nounced today. last week, we told you the sources of the bank reached the deal with the department of justice knowing it packaged bad mortgages. the payout includes $4 billion in penalties. that will go to the department of justice. the remainer goes to homeowner relief. >>> riots after argentina's 1-nil loss to germany. police fired tear gas and rubber bullets. argentina's best world cup showing in 20 years. it's a dumb way to celebrate the world cup. this was the end. germany taking home the victory and the cup after a goal in the 113th minute from mario. the last time the german's won the world cup was 1990, also defeating argentina in that game. >> you couldn't choose sides because your boys were on both sides? >> i wanted both teams to win. ift was a moral victory. >> happening today, storms from california to maine, a polar invasion in the middle of the summer, bringing severe weather that will impact millions. we are tracking what you need to know, next. moderate to severe crohn

citibank reported 8:00 a.m. >> oo adam shapiro, fox business network. >>> it is 12 minutes after the hour. after he said his administration would be as trance pair-- transparent. >> we will tell you why journalism groups are slamming the president for suppressing the news. and the white house is now firing back. >>> a look at what happens when a 9-year-old gets behind the wheel of a car. so why did grandpa hand over the keys to begin with. >> bill cosby making a comeback to television. we will take a look at that. >> first a look at the weather around the country. moderate to severe crohn's disease is tough, but i've managed. ♪ i got to be pretty good at managing my symptoms, except that managing my symptoms was all i was doing. ♪ when i finally told my doctor, he said my crohn's was not under control. ♪ he said humira is for adults like me who have tried other medications but still experience the symptoms of moderate to severe crohn's disease. and that in clinical studies, the majority of patients on humira saw significant symptom relief. and many achieved remission. [ female announ

. >> the way i see this, citibank, goldman sachs and all those other guys on wall street, they've got folks in the united states senate who are willing to work on their side. we need some more people willing to work on the side of american families. >> reporter: clinton, by far is the democratic front-runner. she has two super pacs backing her up including red for hillary whose bus shadowed her on her book tour, but ready for warren just launched online by activists trying to convince her to enter the race. there's just one issue. >> i think hillary is terrific. >> reporter: warren, along with other senate women has signed a letter urging clinton to run. >> i'm not running for president. i am working rate now on the issues i talk about in this book. >> joe biden, not to be left out, also spoke at the certain for american progress' youth summit today and he and warren will be at net roots nation and a big gathering of activists and bloggers on friday and he was making his case for liberal credentials. >> he suggested what everybody thought was a gaffe, him saying that he was in favor o

whose paperwork was handled by the docx forgery mill included wells fargo, hsbc, deutsche bank, citibank bank, and bank of america. we contacted all of them, and each said that it farmed out its mortgage servicing work to other companies, and it was those mortgage servicing firms that hired docx. docx was owned by a company called lps, a $2 billion firm that calls itself the nation's leading provider of mortgage processing services. lps told us that when it found out about the phony signatures in 2009, it shut docx down. >> it's astonishing me that this became as pervasive as a problem that it is. >> it got sloppy. >> it got very sloppy. >> until july 2011, sheila bair was one of the government's top banking regulators as chairman of the federal deposit insurance corporation. you just described it as pervasive. >> yeah. it is pervasive. it absolutely is pervasive. and it was just a matter of cutting corners, not spending enough money, not have any quality controls. >> although banks say the courts have been accepting their paperwork, that's changing as desperate homeowners countersue the

attorney general tony west today announcing what is a significant $7 billion fine settlement against citibank p pursuant to mortgage failures, irregularities most of us would call lying. that's not a legal term. but a lot of the lying that led to confusion and broken dreams and lost money in the financial crisis. i would argue one of the biggest political stories of our time. doesn't always get the attention. why do you think the administration here hasn't done more to sell the fact that they got a $7 billion bite out of a big bank here? >> well, i kind of see the issue a little differently. my friend seth michaels wrote about this earlier today. he joked that the headline on the article should be called area wrists slapped. $7 billion. a lot of the fines and penalties that have accrued to wall street in the aftermath of the crisis have had big nominal numbers on them like $7 billion. i would like $ 7 billion. but it's actually not all that much money in the grand scheme of things. i think that, you know, there's a sense that if you impose a large sounding penalty that isn't actually substant

back to serious developments having not started citibank's only take no demand for credit you are not going to get any economic benefit in life there are good and there are. i. think that's pretty. overplayed gold if you. did you know the price is the only industry specifically mentioned in the constitution and. that's because a free and open press is critical to our democracy schreck all books. will. never go on i'm sorry and on this show we reveal the picture of what's actually going on we go beyond identifying a problem we try to rational debate and a real discussion critical issues facing america among them are ready to join the movement then welcome to the. launch of our been in washington d.c. and here's what's coming up tonight on the big picture. texas governor rick perry is sending one thousand national guard troops to so in texas in an effort to secure the border that is the border actually needs security talk about that and more in tonight's big picture politics panel also occupy wall street activists a saloon mcmillan is now free after serving fifty nine days in new york c

coming up, a slew of economic data starting with citibank at 8:00 a.m. retail sales tomorrow.anet yellen also testifies before congress. we will discuss how to play the market sectors, how long the bull market will continue with our guest host jonathan golub. ♪ >> this is "bloomberg surveillance." we do a morning must-read right now. writing in zuckerman "the wall street journal" -- jonathan golub, your bullish on the markets, the wire we not talking more about this? what can stocks keep going up when it is just part-time workers with low income behind it? >> there's a difference between the economy and the markets. a 2.5% to're stuck in 3% gdp environment, which doesn't feel good, but it needs the economic cycle gets drawn out. the number of people getting high-paying jobs has been very disappointing. >> and it doesn't give you cause for paws on being long for stocks? >> no, it doesn't, and part of the reason is the fed cannot exit if you have a really punk housing market. >> and we have seen that with the fed committing to that low rate policy for longer. jonathan golub our

stephen wieting is at citibank. the calm across the asset classes is and said -- is unsustainable.t is experiencing volatility never seen before. -- what isr storm your plan for the storm? we will see more volatility. what will it do to our markets? >> assuming the future will be less volatile than the past bull markets is a leap of faith i would not make. we are in a time where frisk risk-adjusted returns have been exceedingly strong. a lot of this does make fundamental sense. we are made or made to late mid-to latenomic -- cycle of economic recovery. are providinge -- liquidity around the world. in the next american downturn, and there will be one as there always has been, i would not expect the kind of crisis we had in 2008, 2000 nine at all. at the same time, times of extremely low volatility may be a greeting -- breeding ground. >> do you see this at all? i don't see it. >> you can see it in places in the stock market, in credit markets. sabers are willing to take a lot more risk in credit markets. at the peak of the crisis, 20% yield was a high yield. now it is fine. tactical

back to serious developments have a nonstarter citibank's only take no demand for credit you're not going to get any economic benefit in life there are good and there are but. the fact that. they overplayed told you is a joke did you know the price is the only industry specifically mention in the constitution and. that's because a free and open press is critical to our democracy shrek. well i'm. going to go on i'm sorry and on this show we reveal the picture of what's actually going going on we go beyond identifying a problem to try to rational debate a real discussion critical issues facing america among them are ready to join the movement then welcome in the big picture. the big picture i'm tom hartman coming up in this half hour washington d.c. has a bigger population than both wyoming and vermont because it's not a state that still has to answer a congress when it wants to make major changes to its laws this really fair to the six hundred forty six thousand people who call our nation's capital and the blackstone group of wall street a hedge fund is now the largest landlord in the enti

it is better than we thought from citibank, 12% down. it was only eight percent. he is optimizing his trading assets. in this environment, they are chugging on. james forman has a consulting background and not a banking background. he beefed up his management business, banking did well, equities are outperforming goldman. morgan stanley was in the gold room and they are making a comeback. class of all the major wall street firms being reported, what's your big take away? >> slow and steady there it anyone who thinks they will have a booming and amazing year, it is not happening or it when morgan stanley performs any look at the numbers, it is somewhat surprising, the revenue numbers are just not that big. >> thank you so much. we will have a fantastic show for you coming up. is backral motors ceo on the hill this morning. delays wants to examine in recalling vehicles that led to the 13 deaths. you know she has been on the hill many times already. and anton belugas about those recalls will also be testifying. matt miller is on the hill today. what is going to be di

the corporate culture 12th -- at wells fargo is not the same as citibank. , and more times do we have to bailout city? i? i think that clawbacks are a reasonable approach. i do think the benefit is that if you structure the corrective they can be simple and transparent. i am sympathetic. the tension with convertible capital, i start from the premise that there is debt on this site in neck within this site. i think it is a continuum. i am against bailing out creditors. if we're going to be in a world were creditors are protected, it makes sense to have a layer of creditors, whether it is subordinated debt or convertible capital that switches to equity, i think that is a reasonable approach and we don't think we will ever get one to bankruptcy. one of the real mistakes made during this crisis was in several financial institutions, the subordinated debt is sold to the public. it is supposed to be something that if this institution gets in trouble, you are gone. we bailed out subordinated debt holders in a variety of institutions. that, to me was undermining of work. convertible capital,

citibank has a good story and that they are everywhere.hether they of can clean up some of the issues they have had. they had the issue with t-car and the issue with mexico so people want to see discipline. at.7 troup is trading the book and wells fargo is highest of the big banks, closer to 2, 1.7. the trading and investment typically getss the kind of business. >> we talk about the various settlements with the department of justice. what will you be looking for in the coming days? we hear from bank executives and what settlements are likely to be resolved. >> that will be the big question especially for citigroup to see if they put anything aside. i think people expect them to put something aside as they get toward the finish lines of these discussions. america, they have some remaining litigation that people want to hear about. >> when you leave us, you will return to the wells fargo conference call which has just started. the ceo of wells fargo is speaking right now and says the u.s. economy appears to be accelerating. that in theory s