citibank was overseen by multiple federal regulators and nothing in the shadows and not covered. the entirety of the operation was overseen by bank regulators and as we look back and whether it's citi or other banks, we are limited in that way because records of bank examiners are basically withheld from public, typically request is denied because it's confidential supervisory information and then after a few decades, the records are destroyed on a regular schedule that the fed operates so if there's one take away, move toward transparency at least when it comes to history. we couldn't get records on 1920's lending. we point out in the book, it's easier to get records from 1860's than it is from the period of the federal reserve. this really is indefensible i believe and i would hope that -- that there would be recognition of that in this town. >> yeah, as historian, a little piece of me died when i was reading the passage of the book about valuable records being destroyed and those are our records, but no we can't angst it. >> if you can't at least retrospectively look at what h

bank got to name obama's cabinet and sheila bair also wanted to take over citibank because she said it was hopelessly incompetent and it was broke and that it should be taken over but geithner and the president clinton's treasury secretary. who runs citibank by that time overruled them and obama then invited the bankers to the wall to the white house and he said i'm the only guy standing between you and the mobs and pitchforks but believe me my loyalty is to you the donor class not to the voters i'll deliver the voters to you and that's what he did and it's still what the democratic party is doing today both parties basically are. saying what people want to hear but in practice they are they want to maintain the debt and if you look at what the consul economic advisors report both under trump and under obama and under president bush they all forecast g.d.p. is growing at compound interest they say here's the historical rate is if g.d.p. will automatically grow what they don't forecast is growing at compound interest and they don't realize that the g.d.p. is going to grow slower and slo

yo no tengo cuenta en citibank. >> pero antes de percatarse de que el pago fantasma venía de...ó ocurrir. >> . el pago de 1500 no entra porque no existe la compra entonces hay una devolución del pago. >> el reembolso que le hicieron lo termino abonando a su deuda. >> de ahí en adelante su cuenta de 1700 aumenta a 3200. >> llamé de nuevo, me dicen que sí no me vuelven a llamar. >> decidió llamar a telemundo responde nosotros nos comunicamos con la empresa, y en cuestión de semanas le devolvieron $1500. >> esto no es toda la compañía le recomendó a betty que cambiará todas sus contraseñas en su cuentas porque esto pudo ser un intento de fraude. >> american express dicen que deben proteger la privacidad de sus clientes y no comentan sobre casos específicos, si quiere reportar un caso telemundo 48 responde llamé al número en pantalla. >> la ciudad de san francisco se encuentra en 46 aunque faltan días antes de que concluya el año. hasta ahora la cifra se mantiene por debajo del número de asesinatos del año pasado. el año pasado se registraron 56 homicidios y 58 en el año 2016, en mi

citibank i want to focus on here people are focused on the valuations and the buy back but the thing acts down right horrible down about 20% look at that chart right there i think 60 bucks where -- it bounced off, it seems like an important level. it goes through that in early 2019 you'll have a stock probably in the low 50s. that's my guess. we have a five year chart. i want to look at this you know, what's important to me, look at how it's come back to that prior breakout level from 2017. this was a group that was supposed to benefit from fiscal stimulus, deregulation, a global synchronized recovery they're not doing it they're telling you something how about how -- i think how the economy is going to be in 2019 listen, a simple trade look to the december expiration. the next fed meetingi think yo focus on the citigroup focus on the moves back to 60 over the next three weeks for the stock who's trading today at $64.75 you can buy the put spread for a dollar you can make up to 3, between 63 and 60 $1 is your max ristucck. you're risking to make a move that the stock is going back in

i mean, we seem to find ourselves at costco too often for citibank this is part of the holiday indicator. lulu has a big showing up on our bills, and costco keeps. you know precisely what i'm talking about if you have been there and tried to find a parking spot while you're there, you can sign up for our newsletter. here's what's coming up next >> zoom zoom >> tesla shares are racing higher they could soon reach unchartered territory, according to mike. >> plus, calling all opgs action pass grab your phone and tweet us your question at options action. we'll answer it on air if it's nice when options action returns. see that's funny, i thought you traded options. i'm not really a wall street guy. what's the hesitation? eh, it just feels too complicated, you know? well sure, at first, but jj can help you with that. jj, will you break it down for this gentleman? hey, ian. you know, at td ameritrade, we can walk you through your options trades step by step until you're comfortable. i could be up for that. that's taking options trading from wall st. to main st. hey guys, wanna play some pool?

i happen to own it >> which one >> citibank. what is going to finally get that stock to move the beginning of the year. i was one of the guys pounding the table, i thought it was going to 100, it hasn't done that >> it's buy orders they'll materialize, i believe citibank is buying back 10% of their equity annually. >> it's yielding now 3% or about 3% you know, i go back to january when the market put on the performance in january, everybody raised their price objective for the market then all of a sudden february hit and everybody lowered their price objective. i is think you got to have a discipline, you got to have an approach my approach is fundamental when i look at the 15 multiple versus a 2.8% government if you can convince me we're heading into a recession, i would change my whole view recessions tend to happen every four or five years they last about a year, they take gdp down about 1%, they take the s&p down 25 that's a recession that will happen that's what bear markets are about. we're not looking at that. we're not l

apparently b of a as well as citibank were involved in extending a

coming up with a show double whammy are anti politicians responsible government for bailing out citibank because the defacto siphoning billions in no government services to the city to let alone lobbying for pros said. the ugly game is football or even sterling goes out the mainstream media for fuelling racist abuse approach will we speak to a former premier league player striking back.

. >> citibank is what i want to focus on the thing acts downright horrible 60 bucks where it bounced the important level it goes through that in early 2019 you have a stock probably in the low 50s. it's when the stock was trading today at 64.75 you could buy the december you could buy the december 64.60 put spread for a dollar. breaking even at $63 >> and it was a great call citigroup slammed with the rest of the financials this woke. down more than 9% since the time of the trade what are you doing here dan. >> it's not just this week i think we've been consistent on this it's been consistent all year. the under performance and the crap out in the last couple months is troubling. it was a short dated trade december expiration. it can be sold right now for the three. you take the profit and move on but i'm going to be consistent i think the highs are in for all the bangs for a long time. you continue to sell rallies into the new year. >> mike. >> definitely a great call and i'm inclined to agree. i don't see how they could get back to those prior highs and we're well off them now for

up with a show double whammy are anti pullman politicians responsible government for bailing out citibank because the defacto siphoning billions in no government services to the city to let alone lobbying for a pro city bright said. the ugly game is football or even sterling goes out the mainstream media for fueling races to be supportable we speak to a former premier league player striking back at political penalties putting vulnerable children in danger plus with london receiving nearly half of all u.k. arts council funding we speak to sheffield's poet laureate otis men's not about neglect of the north as one million of its children live in poverty and while the mainstream speculates about bricks if we look at the stories they missed with editor of. one that's all coming up in today's going underground but first while the city of london has arguably been privileged by elites in bricks at negotiations just as it was in bailout billions are local governments of the still bailing out the city however much of the tories say they're not responsible for slashing of everything from meals on wh

coming up with a show double whammy are anti pulled and politicians responsible for bailing out citibank because the defacto siphoning billions in the government services to the city to let alone lobbying for a prose city said. the ugly game is folk. already sterling goes out to mainstream media for fueling races to be suppose we speak to a former premier league player who is striking back at political penalties putting vulnerable children in danger plus with london receiving nearly half of all u.k. arts council funding we speak to sheffield's poet laureate of suspense about about neglect of the north as one million of its children live in poverty and while the mainstream speculates about bricks if we look at the stories they missed with editor of. form that's all coming up in today's going underground but first while the city of london has arguably been privileged by elites in bricks at negotiations just as it was in bailout billions government services still bailing out the city however much of the tories say they're not responsible for slashing of everything from meals on wheels to pu

apparently b of a as well as citibank were involved in extending a $559 million line of credit. also in canada, they got involved as well. in addition to that, an editional credit line has been issued as well as lampert agreeing to forgive debt he already owes. in terms of what he would get out of it or what he would take. he would take $1.1 billion in liabilities the company has. he would assume those. he would preserve 50,000 jobs we believe as well as get 500 sears stores, the diehard battery brand and kenmore appliances. he comes in, makes the bid, $4.6 million. where does it go from here? even though this came in before the deadline or after. that takes to us january 4 when sears advisors and the board gets top consider with whether this is a legitimate bid. if so it goes to january 14. that's the deadline when sears has to make it decision. do they want to accept this bid or go to' liquidation. if it goes the other way he's not insulated and we go to liquidation. sears lives to fight another day. we'll go to next week and we'll dough from there. ed a cold, windy, snowy nig

it happened at the citibank. investigators say michael chefferoff approached a teller.he teller was his sister. he was arrested and the fbi is trying to figure out if his sister was in on the plan. >>> a deputy hailed as a hero of last month's borderline shooting in thousand oaks was killed by friendly fire. the gunman took his own life. he shot sergeant helus, but it was the sixth shot that killed him, and that came from a chp rifle. >> the mere thought of something like this happening is devastating to all of us who are sworn to protect and save lives. this tragedy underscores the difficult and dangerous circumstances law enforcement faces every day. >> the sheriff says today's disclosure in no way diminishes the heroic actions of both men that flight at the borderline. >>> one bay area county is bracing for blackouts during fire weather. the first time a shutoff happened it took days to get everyone back on line. christie smith is live with how sonoma county leaders are ready to swing into action. christie? >> reporter: it is based on an outage and what might come wi

city bank dit a story citibank did a story, that is part of the disconnect. >> president trump focused on the raising of interest rates and that is what we are seeing in the markets. as we look ahead to the next year, when it comes to interest rates, what are we thinking might happen and how might the president respond to what we might see? >> the fed has a mandate to control inflation. and to promote full employment. the fed is doing a great job. their job is to be independent. they are doing a good job. the one caveat is the markets want to hear from the fed they are not going to raise interest rates on auto pilot. they will listen to the market. i think the fed is doing a great job. >> some of the criticisis that the president believes the fed is raising interest rates too quickly. yes, he is. he is wrong. >> pleasure to have you. thank you very much. great day on wall street today. good news to report. frank? >>> a man is under arrest on charges of threatening and assaulting two police officers. authoritieswere investigating himlen authorities were investigating authorities were in

even some of the big-name banks like citibank, jpmorgan, wells fargo, down well over 4% or more. for goldmanference sachs -- from goldman sachs today that we got a lot of commentary at the bank executives. brian manahan talked about the flattening of the yield curve eroding revenue from your loans and make it harder for them to profit using short-term lending. not a good day for the banks. it will be interesting see how this shapes up for the rest of the year. scarlet: all 24 members within the kbw bank index was lower. only cme closing unchanged. still with us is darrell. when you look at the sectors, you like financials because you see value there. >> you have a lot of financials trading below book value which, when you get to that value, and less you are entering an immediate recessionary environment, it is a great entry point. in 2019, thetwo best value plays are industrials and financials. as long as you get the fed not making a policy mistake and positive progress on trade, both of those risk premiums should shrink, pushing the stock price higher. joe: let's dive into the c

. >> i think we have to worry that if lehman brothers can go bankrupt, can a bank as big as citibankrs and applause] the 44th president of the united states, first the signing and now the sell-off. >> medicare did not change. some would argue they've put your pressures on it but that lady behind you, -- i'm just saying, you are -- you are holding up the wrong picture. >> i'm a financial superhero. looking after evil spenders. >> a lot of people, however since the first big financial rescue and auto bailout which was done under prior administration, they are essentially adding up the numbers and they are saying, enough is enough. >> i am here today and i'm happily announcing my candidacy for the u.s. senate from kentucky. >> are you getting nervous? >> am i getting nervous? no. we are getting excited. >> then i'm going to win. >> welcome to the rock and roll republican national -- >> i love the music in here. >> how to out there? are you ready for tonight? how long will the seats be? you could see there the bonding and the respect the congressman has, that's everything for me. >> you

citibank trading significantly below their tangible book. even jpmorgan is 16% off their highs. so my question is, what is -- there is something wrong with the banks. what do you think it is? >> if you remember we were trying going into a cycle change, even a contraction, financials will underperform almost no instance in history where financials are outperforming in a period of economic weakness. so in fact the financials likely do have more town sidown side w goldman might have priced it all in >> and where does volume come into your analysis >> it is the number one thing. it is more important than price. the level of activity, whether in real estate or in any endeavor, the more phrenetic, the more symptomatic of -- it occurs at market bottoms and tops this is clearly a market top we made a good ten yearumecarte. >>> inside the election, i think there is a number of important fundamental differences to why banks should be trading above that election level. they include the fact that the regulatory environment or deregulation is certainly their friend that may have been half th

. >> it is a private think like citibank and goldman. >> it would be helpful if you could explain thatquickly because it is a private entity. most people don't know that. the only federal reserve but as public as the one in the mall. every other federal reserve are all private entities. consequentially, i'm wondering if after this financial mess some updated ethical imperatives or violins have been adopted because i heard, i don't know if it is true but it's a revolving door and people are intertwined. at least in the federal government we have sufficient safeguards that are pretty good and we have rules and all this stuff so i'm wondering in the federal reserve bank private entity what is the status and number two, when we adopted a te too big to fail concept, has that changed perspective for the operational procedures inside the bank? i think those two questions by themselves are pretty complicated so i will dismiss the question. >> s. the federal reserve is a private bank. they are not public entities and that's why i started by saying we need to put pressure on the supervision beca

citibank announced a big charge yesterday. citibank is essentially a five dollars stock.th 10 times more than it was coming out of the recession. the banks stocks have been bleeding this market lower. all of the outperformance of the bank stocks that occurred in the wake of the trump victory occurred in the one week following his election. they have not outperform the market since then, and now they are steadily moving lower so there is signal we should not dismiss. francine: what are the signals you would be looking at, john? >> the signals that howard just mentioned. thanks worrying when stocks selloff in this aggressive way. the pure play banks have been doing worse than the universal banks, such as bank of america. goldman, we all know about one i1mdb. what about blackrock? it doesn't have credit risk in there. it is also spectacular. income, theixed notion when you have problems with inventory that everyone freezes on the other side, i a great area of concern we have to face, the area that everybody is worried about for 10 years, reasonably, and for some reason at th

going back a decade here >> going back a decade and now the market is talking about it so why has citibanksort of lagged citibank at 63, 64 dollars is effectively trading tangible book when a jpmorgan for example is probably closer to 1 p.8 tims maybe citi has more exposure in europe >> i just wonder if we are talking about the u.s. banks being down 20% from their recent highs, do people say people are panicking too much, they are hating on the banks, they will lose mean. -- money or are they good institutions where you will ride it out, they will fluctuate a bit, but ownable for the long haul. >> let's talk about that and i've tried to defend for example goldman sachs on valuation in terms of being a trade for months within the last month or so, i said at a certain point, you are just flat out wrong. and now this malaysia situation is not good. i think that gets worse before it gets better on top of which the new ceo david solomon is doing a complete 180 what goldman sachs was as what it wants to be you don't just change on a dime like that without having some growing or market pains. >>

it's the slowest to achieve -- to break even because it's spending and significant costs to do citibanking services and receiving below-market rate. >> president cohen: can you tell me some of the estimates. i heard along the line that there were staggering numbers. hold on. i want you to be respectful and not get too far ahead 7 the task force that hasn't signed off on the final report, so i want to say thank you for accommodating my request for this hearing, so thank you for honoring that. i'm very grateful. if i'm not mistaken, divest was $30 million? >> we did present some draft models to the task force. because it's a task force work product, we'd feel more comfortable coming back with specific figures once they've weighed in. each time we presented interim models, we've gotten substantive feedback about interest rates and time frames and so it does feel premature to present those figures today. >> president cohen: all right. so you said something in your presentation -- i wrote it down -- commercial loan funds, that that sounds like it may be viable and tangible that we could see in

apparently b of a as well as citibank were involved in extending a

"the chronicle" reports that citibank and chase are also turning down loans. this stems from concerns over radiation and how the land is being cleaned up. our investigative unit has reported in depth on allegations of fraud and mismanagement. so far, 450 homes have been built at the site. thousands more are in the works. >>> the search for survivors continues after a deadly tsunami disaster in indonesia that sent waves slamming between java and sumatra. the casualty count continues to rise. right now, we know 373 people are confirmed dead. 128 people are still missing. and nearly 1,500 other people are hurt. the volcano had a spectacular eruption on saturday. then the next day it is suspected of triggering that tsunami, which wiped out homes, sent cars flying and waves crashing into packed beach resorts. authorities believe the death toll and number of injured will grow. >>> more possible changes coming to cuba. the country is replacing its constitution, but it's not expected to affect its one-party socialist system. state media says that the new constitution

to >> there's a reason why banks are trading below book value goldman sachs has their own issues citibank significantly below tangible book is a concern i think it stems from their exposure to europe look atwhat's going on with deutsche bank. you wonder some of the risk from europe is making its way into our shores i happen to think it is. i think it's manifesting itself. >> do you really think after 2008, 2009 that the banks are going to be allowed to go under like they did with lehman? this is where all the fire trucks are they will prop these up. >> yields close today somewhere around 2.67 on the ten year this is the lowest number since january. yields are probably looking at 2.50 now as the next level of support. this is telling you -- >> what is it telling you? is it telling you worse times are ahead? >> it's telling you the market is concerned about growth in the first couple quarters of the year i think we start to react sell rate into the third and fourth quarter. i think we have put a stick in the bicycle spokes of a global economy that was actually churning along i think we are

citibank, downgrading the asset manager, saying there is a tough path ahead in 2019 and recommends looking cheaper financials to bet on. not the likes of man group. the pain continues. share prices at 3.30, falling 1%. it is letting off from what we saw a earlier, but this is on reports that their second-largest fixed income fund has lost nearly 11% this year. reports also show assets have been cut dramatically. lose a lot ofam money in their funds. i mentioned oil and gas. group, down 4% as the price of oil falls below $50 a barrel. anna: thank you very much, dani burger with the mid-cap movers. heard from the riksbank that they have hike interest rates. raising rates. they see the next increase in the second half of the year. the swedish krona rose 1% after the riksbank raised its key interest rate. we saw the euro falling and the swedish krona gaining. some of that move is being perhapswiftly unwound, because of the guidance we got from the central bank with regards to the next hike. nextiksbank saying the hike will probably happen in the second half of next year. ofwill speak to the go

like ours,ike hers, exxon citibank ngm. the idea is to take everything that kiersten and her team have developed and use them to propagate things out there. andrea: if i am a small business and i come to your website, what do i look for and what do i find? as of today, in the upper right-hand corner of the website there will be an opportunity for you to register. you register as an individual. as sam mentioned it is free. the program walks you through a five stage program. five steps starting with identifying someone in your organization that takes ownership of this. what is important is that we are not asking you to expend additional resources but working within the organization you have. we are enforcing a culture of cyber readiness. i push back on the term cyber workforce. we talked a lot about this on the commission. as ajay and sam mentioned come everyone that has a phone and a computer is part of the cyber workforce. in creating this culture come everyone becomes accountable. this program walks you through five stages

rhodesads on our -- bill on our show earlier, citibank vice chairman, and we call him heker to the worldse knows just about everybody. he says the fed will hike again. maybe next year is the issue. oni predicted here are the in the year that the fed would go four times, and i think they will. they may posit the beginning of the year, but they may take one more rate over the next few months. that is going to be on the dot. this is a meeting where you get the summary of economic projections updated, their view of the economy, and based on what they think of the economy, what they think of rate hikes in 2019. a lot of focus there. shery: influential voices saying the fed should pause. kathleen: i think this is important. excuse me. a stock market, portfolio manager, who sees the market down, saying you cannot keep hiking rates. an op-ed in the wall street as wellsunday edition as another, they think the economy is slowing globally. they point to quantitative tightening, speeding up. the fed will be reducing its balance sheet at a quicker pace. strong performance next year, but it can ill af

citibank saying it had a potential $180 million loss on alone in hong kong. i found this really interesting, this range of questions about the risk control operations at citigroup. brooks: some of that payment we have seen in hedge funds, which are on track for their worst performance since 2011 with the beginning of the ramifications here of that. one thing i would say is potentially $180 million, so you do get those big swings in revenue and citigroup in the past has come up with big benchmarks and later water them back down significantly. it is a sort of yellow sign, if you will. theyy can evict -- david: can be very important clients for the big banks. sen. toomey: -- brooks: something that the cfo has talked about a lot, part of taking this potential 180 million dollar loss, they are reorganizing for parts of the brokerage and moving around the brokerage where the loss occurred into making that a part of the severed agency, making you wonder what those strategies might be like going forward. david: it's an absolute land rush into china. very much thanks

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decades ago, the concept of citibank, everything under one roof. that is not the deal now.is so varied, like everything in the financial markets, there is not just one thing you can do. that explains it. the fact there is a lot more of and theseks are banks boutiques have a lot of talented people. they sell that. we will also help you with your financing. we will not provide it. scarlet: i want to get your take on activist investors. the market turmoil has put hedge funds in the spotlight. how does that hamstring activist investors and their ability to go in there and get what they want? stayed if the markets down compared to where they were , the market is the market but everybody thinks it used to be worth that. that is not right but that is the way people think. we have a lot of activism. right this period moment, companies have this time where a shareholder can nominate a director. we are just starting that. you are going to see a spurt of that in february. youris the way you put boot on the neck of the company. and the decline, that is opening the door for activism. ic

i buy bank of america, citibank, jpmorgan, wells fargo and even goldman sachs trading on the larger discountid during the great recession in 2008. connell: gc value there. what about the market overall? it's pulled back so much. people watching depending on their age say this is the time you've got a buy low, sell high. this is the time to buy the market? >> as a devotee of the board but that he says you should be greedy with others and vice versa come it's time to be greedy when others are fearful. i don't recall appeared in the last two or three years that stocks have been as attractive as they are. there are two problems. the market structure from etf's who tend to buy high-end dell low. they're currently selling love their price momentum based in the etf passes industry tends to be panicky and so you're seeing redemptions for sales. the other thing i'm concerned about is the negative wealth effect. associates say we lost $2.5 trillion in the u.s. stock market last week. we've lost 6.5 trillion from the top and this is going to reduce an already fragile domestic economy. connell: that doe

around whining you have these type of pullbacks 20, 25% pullbacks in a jpmorgan and bank of america a citibank-- >> do you own -- >> i don't yet but number one buy will be bank of america and thing is what you're seeing stuart is there's no near term catalyst to buy them all they've done is gone dun and gone down, very different than what's happened in technology. they've just been in a -- a massive selloff so i don't need to try to pick bottom immaterial to own names but i want to buy when there's a catalyst to get -- >> pick up where big tech left off. they said that financials in next big money less regulation than they take the house back, and all over. that's my point that's what the problem. >> i want to give you news on golds man sax government of mil lay sha filed criminal charges against goldman, after one of its investment funds was looted to tune of 2.7 billion dollars. goldman repeatedly denied wrong doing charge is that they were money landering. that's stock by the way is up today, but it has come 30% down just in the past year. in part, on the back of that had malaysian accusati