(pam) citibank will pay a huge fine ... for manipulating an important type of interest rate.nk settled with attorney general's from 42- general's attorney general's from 42- states... for $100- million. following an investigation, the states said, citibank manipulated libor, which is a benchmark interest rate that helps set lending rates across the world. citibank made millions of dollars in gains from its "fraudulent conduct," according to the settlement. this is the third bank to settle with state attorneys general.. for illegally influencing the libor. new ahead at 8 how california is trying to reverse a regulation to put cancer warning labels on your coffee. plus. one brand of cereal is being recalled .... over concerns it could be contaminated with salmonella<> <><> (pam) (pam) all over the bay area today... kron 4 employees volunteered at food banks. it is how we celebrated kron's parent company - nexstar's- founder's 'day of caring'. (ken) hermela aregawi was among those packing produce at the alameda county community food bank. hermela is live in the newsroom to give

. >> this concerns citibank. today, the bureau of consumer financial protection announced a settlement with citibank the bureau concluded citibank violated the truth in lending act by filing to reduce the annual percentage rate for 1.3 million consumer credit card accounts citibank corrected the practices. they must pay $335 million in restitution to consumers, not to the cfbp but to the consumers affected by the practices. citi at this point says it is very glad that it has resolved the issue and apologizes once again to the customers that have been affected. melissa, back to you >> thank you let's move on to another big mover, general electric. up more than 5% after announcing its restructuring plan stephen tusa of jpmorgan joins us on the phone. great to have you with us. i got to warn you, we're expecting the president, so i may have to interrupt you. i want to get to your view of general electric the latest plan is not enough deleveraging to move the needle here >> first, there's a couple of key points here.

citibank made millions of dollars of gains from its "fraudulent conduct".... the third bank that settled with state attorneys general for illegally influencing the libor. (vicki) ahead at nine... summer is here and that means a lot of kids will be looking for ways to get around while their parents are working.... what parents need to know if they plan on using uber... (grant)topvo plus... it was supposed to be a day full of family fun as a parade of horses marched down the street... but one got loose and trampled a young boy... the charges the owner of the horse is facing... (vicki) and after the break... bart has been cracking down on fare evaders... but soon may change in some areas... find out why the program has been put on hold... (vicki) now at 9:30... since march bart has been aggressively going after fare evaders who are costing the system millions of dollars each year. (grant)ho inspections have been put on hold. kron 4's dan kerman explains why... it's estimated those who jumps the fare gates and ride bart for free are costing the transit system 15 t

. >> i think it's citibank and bank of america especially the core businesses. >> it's not goldman sachs. >> the return on capital and they've had the most leverage. >> think goldman sachs, look, when you got wall street knocked arecar in terms of whatital these guy his to have and minimum capital requirements and it put capital on banks and they kept a highly leveraged derivative book, et cetera and that's where goldman was hurt and i think that's where they were forced to change their model and they're getting into consumer banking and consumer finance into more stable businesses, but again, the banks you buy when deregulation is right there, citi and bank of america >> the banks will -- absolutely the one thing that you have to acknowledge about goldman sachs is okay, let's just say they've not made the full transition yet huge, hedge basically still a think about that where's volatility everyone talked about how volatility is here to stay, and we've had the spikes because i tried to point out time and time again. 16% is 1% move a day andt difficult for that for the s&p to move every

. >> i'm looking for -- citibank is the most upside.nk that's the most leverage to having, you know, a balance sheet that can do something with. so that's my biggest position, but i think all of them would be in good shape. i know that everyone knows that already and that people are expecting to see buybacks, however the stocks have not run up into this at all. so i like them all right here. i got to say, kudos to deutsch bank. gee had been so on it at least a year. >> that's the blind squirrel thing. you just pick a bank out of the hat and hope it works. >> i think maybe one of the reasons the u.s. banks are trading as poorly as they are, maybe there is some systematic risk with deutsch bank. maybe if it was a u.s. bank we would talk about it every night. there's something very wrong there and i got to believe at a certain point it effects other banks and maybe that's why u.s. bank hasn't rallied. >> in terms of c card next week -- karen made the point that the banks are not running up into this. >> the fact that they back horrible int

citibank is shifting quickly into this world. the price of bitcoin recovered a little bit today.t fell almost 20% the previous four sessions. that is raising questions over whether bitcoin was manipulated during last year's record surge. it rallied more than 1400% in 2017. it is down about 65%. that is your business flash update. i'm sure you saw the story. the rights to build an underground tunnel to connect chicago to o'hare. musk, only involves elon but they will fully fund it. no word yet on exactly when it will happen. shery: how great is that for taxpayers? it will take only 12 minutes to get from the airport to downtown chicago. that's huge. it takes about 40 minutes right now on the blue line in chicago. to be honest, the transportation system in the u.s. is not as advanced as other countries i have lived in. in hong kong, the airport expresses sof fast and convenient -- so fast and convenient. amanda: hopefully, it happens fast and soon. shery: a merger showdown. comcast announced a $65 billion offer for the bulk of 21st century fox's assets, setting up a face-off with d

the republicans and democrats can agree that no regulated entity like citibank should be punished at the sec. sir, i have a couple questions for the chairman, have you ever been contacted by anyone at the nra about citibank or bank of america gun policies? show less text >> -- no. >> never? in regards to this specific policy, but someone will be punished, but followed some sort of background checks on their policies. >> no. >> okay. have you ever spoken with citigroup or bank of america about their gun policies? >> no. >> okay, have you ever discussed any company gun policies with the sec staff? >> not that i recall. >> so you have never had any sort of conversation in regards tonyun policies -- >> i am thinking, because people have disclosure, they make disclosures, but -- are you asking, gun policy in terms of sec policy? >> absolutely. >> no. >> as i have stated before, a republican member of the sec, michael pete ward threatened citigroup, this was back in april, saying that because of their gun policies, but the bank lacked support for their agenda at the sec. not only is that u

turns out my client was in front of citibank, and he wanted to be part of the nudist movement. he had a scar, and he was conscious of his scar, and he was trying to rig the shirt around his private area with a binder clip so that it would cover the scar but so that he could participate in the nudist movement in the castro, so that's one article that came up. another article that may have came up was the julian hotel situation which was in 2011, where one of my clients had -- was arrested on an offense, and it was alleged -- and he indicated -- he said that the police officers had taken items from his hotel room: a laptop and a camera, and we -- i investigated that, and come to find out, there was video which showed that, and so that was in the news as well. >> supervisor cohen: so one of the things that i'm thinking about that's critical when a person is on the police commission is that a bern have a baseline understanding of how investigations are conducted. can you tell us some of the basic principles when you're putting together an investigation, what are the basic principle

citibank will pay a fine for manipulating an important interest rate.ars in several states including california... this is following an investigation that charged citibank manipulated an interest rate that helps set lending rates around the world. investigators say citibank made millions of dollars through this "fraudulent conduct".... it's the third bank that settled with states for illegally influencing the interest rate. coming up.... there are new movies hitting the theaters this father's day weekend. we'll tell you which one is expected to beat "ocean's eight" at the box office. ♪ happiness is powerful flea and tick protection from nexgard. nexgard kills fleas and ticks all month long. and it comes in an easy-to-give tasty chew. and that makes dogs and owners happy. no wonder vets love it too. reported side effects include vomiting, itching, diarrhea, lethargy and lack of appetite. see your vet for more information on flea and tick protection you and your dog will love. nexgard. the vet's #1 choice. ( marty ) a new movie is set to steal the weekend

and citibank lowering $3,000 d >> card issuers are really at liberty to change the rewards they're offering at any time. >> reporter: but not every card is taking perks away. starting august 1st, american express will extend its price m and beef up warranty protection. it's a new battle for your credit card business. >> it's a very competitive landscape. the card issuers are basically competing for card holders so they want to make sure they're offering rewards that are valuable, that catch peoples' attention. >> reporter: so what are credit card companies not changing? the rewards you get based on the amount of money you spend on your card. 80% of users say they're unclear about the perks they get for having a credit card, so experts say, check card websites, shop around. for benefits that are most important to you, maxing out credit card perks to get more for your money. jo ling kent, nbc news. >>> coming up, the big headline about smoking in america and a major sign of the times. >>> and sick of going to the pharmacy for your prescriptions? the new way you can skip the trip. >>> an nba s

morgan citibank through each bank every single bank you can think of that is very big and powerful well we are wretched here on this earth that they. on fleeing and if they flee perhaps we can recover again like a phoenix from the ashes that they have left behind the jury of nine men and three women convicted the one time bank chief executive over a series of circular transactions made anglo's deposits look seven point two billion euros larger than they were in september two thousand and eight he was also found guilty of false accounting in december two thousand and eight when the bank published misleading information to the market showing those fraudulent deposits in the bank's annual financial statements he was found to have conspired with. willie mcateer and john boat to defraud depositors and investors by dishonestly creating the impression anglo was healthier than it was of course we had in america john chorus line who did similar based on what you're reading there in terms of making his bank. his brokerage look more sound than it was and he did not face any jail time. in the circu

citibank could lose their slot because the position of the ceo is ending.as really been done. they could increase salaries and ensure whatever steps they take they should not he prosecuted for that two years down the line unless they have done something criminal. haidi: thank you. four breaking news wherever you bloomberg is the first global news network design for social media. get outwardly updated top news verified by bloomberg. -- hourly updated top news verified by bloomberg. this is bloomberg. ♪ ♪ rishaad: it's the battle of the charts. david and haidi are picking their best ones against -- pitting their best ones against each other. david, my left corner. chart will be the winning chart. rishaad: i will be the judge of that. -- what this chart says, thank you to me, thank you to make -- thank you to you. all theple, you sis other markets. if you compare apple to microsoft, which had a bigger weighting on the s&p 500 in 1999 apple happensw, heap at the top of the of companies that have a $450 billion threshold. forhave to think the fed quadrupling mar

morgan citibank bank every single bank you can think of that is very big and powerful well we are wretched here on this earth that they. plan on fleeing and if they flee perhaps we can recover again like a phoenix from the ashes that they have left behind the jury of nine men and three women convicted the one time bank chief executive over a series of circular transactions made anglo's deposits look seven point two billion euros larger than they were in september two thousand and eight he was also found guilty of false accounting in december two thousand and eight when the bank published misleading information to the market showing those fraudulent deposits in the bank's annual financial statements he was found to have conspired with dennis casey willie mcateer and john voted to fraud depositors and investors by just honestly creating the impression anglo was healthier than it was of course we had in america john course signed who did similar based on what you're reading there in terms of making his bank. his brokerage look more sound than it was and he did not face any jail time. in the c

morgan citibank through each bank every single bank you can think of that is very big and powerful well we are wretched here on this earth that they are. fleeing and if they flee perhaps we can recover again like a phoenix from the ashes that they have left behind the jury of nine men and three women convicted the one time bank chief executive over a series of circular transactions that made anglos deposits look seven point two billion euros larger than they were in september two thousand and eight he was also found guilty of false accounting in december two thousand and eight when the bank published misleading information to the market showing those fraudulent deposits in the bank's annual financial statements he was found to have conspired with. willie mcateer and john boccieri depositors and investors by dishonestly creating the impression anglo was healthier than it was of course we had in america john course signed who did similar based on what you're reading there in terms of making his bank. his brokerage look more sound than it was and he did not face any jail time. in the circu

citibank is lowering trip cancellations. >> not every company is taking away perks. starting in august, american express will send its warrantee protection and one thing credit card companies are not changing is the rewards that you get based on the amount of money that you spend. >>> we want to show you a video now of hail in colorado in june. severe storm in denver and softball size hail yesterday and it is piling up the freeway and slowing down traffic. >> in other states besides california, they get hail injun and july and mostly spring and summer. here we get them in the winter so it is a really unusual for us to see something like that but everywhere else is pretty normal. >> yes. >> we don't have to deal with that right now. we got some sunshine, although you may hear some people kblaning about the heat. we are fortunate in that matter. a live look outside and looking at dublin right now and temperatures are in the mid-60s. we have got a lot of sunshine and 66 as you head out the door right now in san jose. 63 degrees in palo alto and right now at 62 degrees.

. >>> if you have a credit card, the bureau of consumer protection announced that citibank must pay $335illion after they failed to raise the interest rates. they prayed more in interest than they should have. they said nearly 2 million cardholders will get an average refund of $190 is been back governor jerry brown signed new legislation to protect her internet privacy. rivacy the new law is supposed to regulate how businesses collect and sell a person's data.>> when it comes to your online privacy, california is just passing the strictest law in the country. meant to give consumers more information and control over their own data.>> california should be the leader when it comes to privacy since we are the leader when it comes to taking away people's privacy.>> part of the law focuses on transparency. it also allows the consumer to transfer or delete data and some cases opt out of having their information sold for a fee. tech analyst mary says that may raise a red flag. >> when it comes to information they collect about you, i'm not sure that should be something people pay their way out

one of the most upside is citibank. >> come on. >> do you love, dan? >> i didn't love that shake from chipotle. you should get on a jetblue plane and fly away from atth >> my mission is simple, to make you money. i'm here to level the playing field for all investors. always a bull market somewhere and i promise to help you find it "mad money" starts now >> hey i'm cramer. welcome to med"mad money." my job is not just to entertain but educate and teach. so call me or tweet me @jim cramer. the long knives are out for the industrials. we are beginning to get forecasted and incorporate the impact of the tariffs and slowdowns and a cooling of world trade. and the consensus seems to be that it is the end of the synchronized global economic expansion. hence today's action with the dow losing 196 points. s&p slipping .63 and nasdaq declining .88%. at least that's what we're being told a story last night from england. the auto maker you knee as mercedes benz. what we're going hear from the u.s. manufacturers when they report in a few weeks time what everybody i

morgan, bank of america, citibank. >> well, one wall street bull is showing his horns today. canaccord genuity raising their price point to $3,200, that's the highest target on the street let's welcome the aforementioned bull, tony dwyer, chief market strategist at canaccord. we want to go through the reasons why you're doing this. you point to a strong economy. what is driving things here. >> i waited until this time of the year to raise my target. i had an idea that i was too conservative and i wanted to see if there was a euphoric fade of economic activity after you got the tax cut but that hasn't been the case the atlanta fed gdp now which measures expectations for second-quarter gdp is almost 5%. 4.8% you have small business confidence is at a historic high, consumer confidence is at a historic high still and ceo confidence is near a historic h that the economy is doing better than people arving it credit for. >> does it matter that european numbers have been coming in and slowing throughout this year basically? >>. >> it's almost like i planted that question. six months

. >> melissa >> i'd say citibank. good bottom. that's what i'd say? no, she wouldn't, you can't see it no, karen wouldn't but bk would tell you to by xop. >> tim >> i don't have enough time. >> thanks for watching we'll be >>> my mission is simple, to make you money i'm here to level the playing field for all investors. there's always a bull market somewhere, and i promise to help you find it. "mad money" starts now >>> hey, i'm cramer. welcome to "mad money. welcome to cramerica other people want to make friends. i'm just trying to save you some money. my job is not just to entertain but to educate and teach you so call me at 1-800-743-cnbc or tweet me @jimcramer. every night i come out here for two reasons. the first is i like the attention. and second and more importan

i would rather be in jpmorgan or citibank.e-bye wells fargo. >> is the feds going to slap them on the wrist because of the past misdeeds? >> i think it's just management's not having their eye on the ball as far as managing the business properly. i leave it as these levels and i agree with tim. there are better alternatives within the space to buy them. >> i'm so glad this game is very clear. in the past we've had some bad ones. it seems like we're spot on here with this love it or leave it. okay. citigroup, love it or leave it >> i love it. especially down 12% on the year. this is a name they've done a tremendous job cleaning up their balance sheet. obviously -- i love the fact that we're -- it's a tailwind for them. this is one of three banks you must own here. it's a second half story. >> i love this name as well. i own the name. here's the one problem we both have to deal with. the exposure outside the united states and how do you -- >> they sold after a tremendous amount of divisions and i know they've done a lot of work

the one i'd be the most concerned about, the one you have to look at and say is something wrong is citibank frankly. maybe there's something going on there. i happen to think it's cheap i think there's a lot of upside in the name. at a certain point, you ask yourself, what's wrong with citi $125 a stock in december it's trading i think 93 now. just on valuation and rising rates, i think these are worth a look. >> with citi, you think about the global implications. we've seen emerging markets have a real problem here. maybe citi is the one that's going to be affected by that the most we saw argentina today a lot of big currency moves out there. >> regionals i think you stick with the regional banks the deregulation is going to benefit them the most. you'll see m & a really continue to pick up i'd stick with that trade. i think from a long -term perspective, it's really the best alternative i'm not going to specifically identify takeouts. in general i'd like exposure just through the carry but in general, they benefit the most i think, again, there's going to be money in that space. >> one tr

i'm joined here with the head of commodity research over at citibank. good to have you here.t is important here? that the tone of communiquÉ or the number of barrels of increase that we now think is potentially on the table? wants to know how many barrels are potentially be on the market or if there are conditions that more oil would whether will tell us the market goes up or down. down up to 600,000 going into this. talk me through the size and the timing that the market can cope with, in your opinion. upthe market can cope with to a million barrels a day. , imore than that is required think the market will remain balanced. there are so many wild card unknowns in the market. coming back with a lot of oil, how much more oil may be lost in the market? there's a sense that these wildcard risks are on the bullish side. the numbers suggest there will be a deficit going into the second half of this year. >> absolutely. we know that demand will go up in the summer months. if you look at the difference between the month of may and the month of july, refinery usage rises by 2 billion

now, republicans and democrats can agree that no regulated entity like citibank should be punished at the s.e.c. so, i have a couple of questions, mr. chairman. have you ever been contacted by anyone at the nra about citi or about bank of america gun policies? >> no. >> never? >> i've been contacted -- well, let me -- >> in regards to this specific policy, that somebody will be punished if they don't -- if they follow some sort of background checks on their policies. >> no. >> okay. have you ever spoken with citigroup or bank of america about their gun policies? >> no. >> okay. and have you ever discussed any company's gun policies with the s.e.c. staff? >> not that i recall. >> so, you've never had any sort of conversation in regards to any gun policies with any of these entities? >> no, i'm thinking because, you know, people have disclosure, they make disclosures, but have i -- are you asking, like, gun policy in terms of s.e.c. policy, vis-a-vis -- >> absolutely, yes. >> no. no. >> again, as i stated before, a republican member of the s.e.c., michael p. orr, threatened citigroup. t

lemonis: this debt is you guys playing high-stakes poker with chase, citibank, discover so that you canave a right to buy a building that you don't own and can't afford that somebody else will finance for you. and if, five years from now, business isn't doing well, whether you'll admit it or not, you don't really care because you can just sell the building and make yourself a couple million dollars. i have to tell you why i'm uncomfortable right now -- you never told me this was a real-estate play. sal: i don't think -- i don't know where you're coming up that it's a real-estate play. lemonis: this is what you just admitted to me -- to keep the business alive so that you can get to this point. i think the challenge that i have, guys, is that my mission is to invest in small businesses, not real-estate companies. i just don't think it's something that i'm interested in. well, it's a whole day's worth of love songs. 300 minutes of baby videos. or, it's a million chat messages. a gig goes a long way. that's why xfinity mobile lets you pay for data one gig at a time. and with millions of wi

asia, citibank ceo for intra-asianct on trade frhehreat of tariffs.peline they could come into force at any time. looking at that. going on into how the future of banking evolves. m&a as well. that is a look at that and the bank itself. that is francisco are us to get to -- francisco comin ramy: b wndver, let's gea quick look at how markets dog. the nikk i they are at session highs after starting the day. the asx 200 is in the green. we still need to digest that that statement, that rate hike. rate signalsur when it comes to the rest of the year. it could be an ugly day. down 1% right now. this is bloomberg. all mar ♪ david: you get a call from steve jobs appeared tim: there was a sparkle in his eye that i had never seen before. david: did your friends tell you this was not a good idea? tim: they told me i was nuts. david: warren buffett still uses that flip phone. tim: i said i would come to omaha to do tech support. david: -- tim: i thought i was making the wrong call. david: why is it called the apple watch? tim: i like apple watch. david: well, yo

coming up, the x heads of citibank are in australia.tune in today, listen to our colleagues tom keene and jonathan ferro. bloomberg surveillance can be boston, washington, d.c., and all across the country. this is bloomberg. ♪ >> this is bloomberg daybreak. coming up on bloomberg markets, gene munster. turn toe are going to wall street beats, were recovered three things wall street is buzzing about this morning. pimco's couple. ushering a new era at pacific investment management, placing the prior one man role. australia's cartel case. heads under aher corruption probe. and rubenstein's forecast. the cofounder of the carlyle group says a slowdown is coming but he doesn't know when it will be or what will cause it. alix: joining us now is jason kelly. let's begin with pimco. this is all part of the bloomberg magazine talking about two people running some kind of investment company. what is the difference between these guys and bill gross? >> this is an absolute must-read. theget such a good sense of men running the firm. of course, the m

australian prosecutors laid criminal charges against heads of citibank and deutsche bank.n joining us with more on this. what do these charges relate to? to 2015,s goes back yvonne, when they had a share placement of 20 million shares with $2.5 billion. it all really to how of the 25rs disposed point 5 million shares they needed to soak up as part of a sale. a reported conference call shows anz negotiated how to offload those into the market. relates toou see this period of time. you can see a dip for 7.5%. that's the australian consumer and competition regulator brought these criminal cartel charges. individuals, stephen roberts, the former -- he was the former australian ceo . the anz group treasurer, all facing charges. all of these folks you mentioned and have denied wrongdoing, so how are they defending themselves? right, and deutsche bank has issued a statement saying it believes all of those are former and current that. they have full support. city says -- they went back to .n earlier statement there really needs to be some more clarity around the lot here. the pena

it brings the first half of billion, so we have citibank seeing at least 5% to 10% issuance down ford we have others -- it doesn't look very optimistic of the issuance. need of these chinese companies, what does that suggest about issuance, and how far it is likely to fall behind? still have a lot of chinese companies refinancing needs, especially for the higher property sector. leman,ording to do they will be more flexible and adaptable. >> you're talking about adapting to these new conditions. >> right. so they will probably face a shorter issuance, and face more intraday volatilities. maybe they will have an impact on nations in the future. >> i get your point. thank you. carrie hong there with a look at some changes taking place in regulation. i want to show you a feature on the bloomberg terminal. it's tv . you can watch live and get a look at interviews. you can have a look at the securities and bloomberg functions, or be a part of the conversation by sending us instant messages. this is for bloomberg subscribers only. bloomberg and that is singapore. ♪ ♪ >> battle of the c

citibank, they had a huge report 2017 diversity report and they talk about their initiatives their statistics so you will see this increasingly from all of the banks as their peers start to do it >> all right, ladies, thank you. for more, you can go to cnbc.com/closing the gap >>> coming up, being a stwres and ma actress and mathematician is adding two new titles to her series of math books for kids. and then also richard turnill will join us he will tell us where black rock is investing trillions of dollars. into retirement. and market volatility isn't top of mind. that's because they have a shield annuity from brighthouse financial, which allows them to take advantage of growth opportunities in up markets, while maintaining a level of protection in down markets. so they're less concerned with market volatility and can focus more on the things they're passionate about. talk with your advisor about shield annuities from brighthouse financial- established by metlife. at crowne plaza, we know business travel isn't just business. there's this. a bit of this. why not? your hotel should make it ea