the issues that americans face every day you know alan i was amazed 1008 during that crisis the citibank came in and other lobbyists in the industry came in to write the response to it you know this game like there was no government officials anywhere around it were you shocked by that or were thoughts on that citibank was also responsible for getting rid of the volcker rule which was part 20 died frank yeah well following up on that on the global financial crash this was a defining issue that still continues to this day we had occupy wall street right across the river here in manhattan we are in brooklyn it was mostly people from brooklyn who went over there occupied wall street literally park out there they wanted obama they voted for obama because he promised hope and change and who did he meet with straight away he met with the heads of these banks he did not meet with occupy wall street he did not meet with public banking activists he did not meet with the sort of people so what sort of outcome do you think that had on these tarp bills on the federal reserve then intervening as well

citibank is doing financial -- fantastically well. raymond mcdaniel movies. are you giving us good ratings? we are doing pretty good. micron. incredible company. you. mollenkopf of qualcomm. they had a merger and i should set they should let that go by. i called up the president and they rejected it. by that time you are off to another deal. nobody else could have done that ep.d jim morrison of je what a great brand. what a great job they have done. larry nichols, devon energy. thank you, larry. these are great people. jason oxman, iti. .reat job you are doing scott janko, ebay. i sell things -- i sign things and then i see them for a lot of money on ebay. they say sign my sneaker. does good nights later i see it on ebay selling for $5,000. i say what kind of people are these? sometimes it is the senators and the congressmen that do it. cti.schapiro, great job, gary. greg smith of boeing, also. get that going, work together. boeing makes a tremendous portion of our gdp. i had no idea it was such a big company. i knew it was big, but the could have up to .5% o

looks so legit that people are giving all sorts of personal information that it pretends to be from citibankupdate-city.com with fake security certificate so it looks very real but it gets all your information, your name, your birthdate, your email address, your social security number and debit and credit card information and while you are entering into this fake website the hackers on the other side take that information and use it to get to the real citibank website and take any information they can so be on the lookout. the website is update-city.com. do not give your personal information. heather: it is getting difficult to tell what is real. the time is 15 minutes until the top of the hour and an army of top prosecutors across the us and a firm message to the senate, reject impeachment or push forward at your own peril. attorney general alan wilson says this trial will come to hunt the democrats and he is live up next. hi! we're glad you came in, what's on your mind? can you help keep these guys protected online? easy, connect to the xfi gateway. what about internet speeds that keep up

allen mcdonald, citibank. citibank. [applause] good, you've brought that back so far. i remember seven or eight years ago when citibank was doing fast fantastically well. lynn daniels and moody's. are you giving us good ratings? they are doing pretty good right? sanjay marotta of micron, incredible country of the job you're doing. sanjay thank you very much. steve mollen, coil column. they had a merger going and irish said they should let that merger go by. i called up residence xi nine and they rejected it and then they accepted it. by that time you're off doing other things and you didn't want it. jim morrison of jeep, what a great brand jeep is. that is a great brand and congratulations. larry nichols, devon energy, larry? thank you larry. thanks great job. these are great people. jason oxman iti, jason thank you great job redoing. scott schinkel, ebay. you sign things the next night there and ebay sold. it. [laughter] sold for a lot of money. i said sir could you sign my snicker? yes. then two nights later i see it on ebay selling for $5000. i say what kind of peop

alan macdonald, citibank. citibank. good. boy, you brought that back so far.emember seven, eight years ago. but citibank is doing fantastically well. raymond mcdaniel, moody's. good. are you giving us good ratings, raymond, please? ok? we're doing pretty good, right? sanjay mehrotra, of micron. incredible company, the job you're doing. sanjay. thank you, sanjay, very much. steve mollenkopf, qualcomm. they had a merger going, and i said they should let that merger go by. i called up president xi, and i -- they rejected it. remember? and then they accepted it. by that time, you were off to another deal. you didn't even want it. but nobody else could have done that, right? but you could have had it. jim morrison, of jeep. what a great brand jeep is. what a job they've done. that is a great brand. and congratulations. larry nichols, devon energy. larry? larry. thank you, larry. great job. these are great people. jason oxman, iti. jason, thank you. great job you're doing. scott schenkel, ebay. i sign things, and the next night, i see them on ebay. they're sold. the

so this was a position for citibank.nd perhaps there is also a formative dimension where you are changing the world into a better place. and from a libertarian or free-market perspective, perhaps toing, expanding capitalism transform the world on a trans political level. that was certainly the hope that wriston had. and in some ways this resonated me -- resonated with me deeply when i was starting paypal, and had a vision that we argan to lead -- that we are going to revolution, a libertarian revolution from central banks and go to control, to this trans political level to transform things. there are qualifiers on this. [indiscernible] all right, i will slow down a little bit. i have a lot to say, though. [laughter] there are times when this sort of transformation does not work in a libertarian direction, and the global scale can be different. think of margaret's biggest mistake. she thought in the late 1970's that embracing the eu would be a way to crush the unions in the u.k.. so you went to a trans political scale to

allen mcdonald, citibank. good, you brought that back so far, i remember seven, eight years ago, but citibank is doing fantastically well. raymond mcdaniel moody's. good, are you getting us good ratings? we're doing pretty good, right? mike rohn, incredible company, thank you very much. steven mollenkopf. quail calm, they had a merger going, and i said they should let it go by. i called up president xi, and they rejected it. remember? and they accepted it. then you were off to another deal, you did not even want it. but nobody could've done that. jim morrison of jeep, what a great brand jeep is. that is a great brand. and congratulations. larry nichols, devon energy. thank you, larry. great job. these are great people. jason oxman, iti. great job you are doing. scott -- ebay. i signed things in the next night on ebay they are sold for a lot of money. i said, sir, will you sign my sneaker, yes. then two nights later i see it on ebay selling for $5,000. i say what kind of people are these, lindsay? horrible. som

alan mcdonald, citibank. citibank. [applause] boy you brought that back so far. i remember, seven, eight years ago, but citibank is doing fantastically well. raymond mcdan, moody's. good, are you giving us good ratings, raymond? we're doing pretty good, right? sanjay marada micron, incredible job you're doing. sanjay, thank you very much. steve mullenkopf. qualcomm. they had a merger going. i said they should le the merger go by. i called president z xi. they accepted it nobody else wanted that with you but you could have had it. jim morrison of jeep. what a grade job they have done. that is a great brand. much congratulations. larry nichols, devin energy. larry, thank you, larry. great job. jason oxman, iti. jason, thank you, great job you're doing. scott schenck kel, ebay. i sign things the next night. i see them on ebay, they're sold, they're sold for a lot of money. sir, can you sign my sneaker. yes. two united states later i see it on ebay selling for $5,000. i say what kind of people are these, lindsey? terrible. sometimes it is the senators and the congres

and that would leave a lot of banks pretty they could we would have some wonderful public banks citibank would be a public bank and chase and let interest rate rises.

morgan citibank goldman sachs bank of america they own like the vast majority of the funds there are too big to fail so again here you have even more concentration 3 own all these funds for the majority of the ordinary american obviously george soros and warren buffet's or it's. operate differently in the market but in terms of what they own here you see a good summary of the various risks resulting from passive funds increasing ownership of the largest firms blackrock vanguard and state street combined own 18 percent of apple's shares up from 7 percent at the end of 2009 so they're owning more and more of the largest companies and the largest companies like apple or microsoft become bigger and bigger percentage of the s. and p. 500 and they become too big to fail these 3 funds are too big to fail member one the money markets were too big to fail back in 2008 so what are the extraordinary measures that like for example that are happening in the repo market we don't know what the causes could it be connected to this it could be just as valid as any hedge fund or or any bank going unde

issues that americans face every day you know alan i was amazed 1008 during that crisis the the citibank came in and other lobbyists in the industry came in to write the response to it and you know this.

and that would leave a lot of banks pretty they could we would have some wonderful public banks citibank would be a public bank and chase and let interest either. guys and public banks wouldn't make lent loans for the stock market and speculation and for corporate takeovers we'd make loans to actually spend into the economy and i would oversee a rebuilding of america's infrastructure questions i'm reading some northern european economists i forget which in there it's a fan letter sweden but there's a school of thought that believes in a natural rate for the interest which is roughly 4 to 5 percent believe that there is a natural rate of interest there was never been a natural rate of interest all rates of interest for the last 5000 years have been administered right any rate isn't administered is there a sweet spot for rates that they would hear you toward if a left alone and not interfered with by central banks if you believe in circular reasoning you believe in a natural rate of interest but it falls circular reasoning in that idea that somehow without government intervention if the ec

and that would leave a lot of banks pretty make good and we would have some wonderful public banks citibank would be a public bank and chase and let interest rate rises and public banks wouldn't make lent loans for the stock market and speculation and for corporate takeovers we'd make loans to actually spend into the economy and i would oversee a rebuilding of america's infrastructure questions i'm reading some northern european economists i forget which is it's a fan letter sweden but there's a school of thought that believes in a natural rate for the earth interest which is roughly 4 to 5 percent do you believe that there is a natural rate of interest there was never been a natural rate of interest all rates of interest for the last 5000 years have been administered right any rate as an administered raise in a sweet spot for rates that they would hugh toward if the left alone and not interfere with by central banks if you believe in circular reasoning you believe in a natural rate of interest but if all 30 of the reasoning in that idea that somehow without government intervention is then

eliminate laws against financial fraud whenever you commit fraud oh by the way of jamie diamond by citibank or travels corp violates classical oh well we'll just get rid of glass steagall to accommodate jamie dimon because that's the eric holder doctrine that's the jimmy geithner doctor and that's the ben bernanke you doctor and that's the doctor that's a jay powell doctrine is forget all rule of law for people with a lot of cash from the food. in terms of fighting the fed and this war with the fed and this war with economics and business cycles for example. we're in this sort of benign totalitarianism is where they don't have to lock up short sellers for example remember during the financial crisis it always emerged that emerged in europe and the u.k. and the united states were going to ban short selling because the short sellers i.e. those taking a bet against the markets are the ones causing this well they don't even have to do that anymore they don't have to threaten to arrest anybody or ban anything or throw people in prison they do it themselves because they've been trained through ye

led to the incredible inequality in a planetary emergency but among the banking giants some like citibank and goldman sachs pushed back against calls by climate activist to stop funding the biggest polluters that after greenpeace called out a number of banks represented at davos for having lent $1.00 trillion dollars to fossil fuel producers since the paris climate accord was signed in 2015 so how much of it is hypocrisy a green cloak of virtue behind which old fashioned deals are still being done on climate there are meaningful moves by some private sector leaders that will actually make a difference not only in terms of what they do but will actually force others competitors in their sectors to not be left behind so yes i find that meaningful but if you ask me is the deal making changing is capitalism dead frankly in a world where the economy is getting a little softer they're focusing more on their bottom lines this year's davos has witnessed a confrontation between the decision makers and the young who will have to live with those decisions. they may not be winning yet but their impac

this entire scandal blew up they've had earnings of just under 7 percent year over year compared to citibank and bank of america who are up more than 30 percent last year so are they doing enough at this point to get back on the right track or is this all is this regulatory issue a death knell for a while. they're actually under a size restriction growth i mean the federal reserve has put them on a cap that they can actually grow i actually think in addition to that that consumers looking for a bank while banks are sticky it's kind of hard to leave your wells fargo or any bank account when they have the choice there is so much bad news about wells fargo that they are deciding to go to one of these other banks. and finally to your question i would say that there could well be managed accounting going on right now you have a new c.e.o. he would like to paint as black a picture as possible so that he can look good in the next quarter or the next year contrasting with that with jamie diamond who is arguably in his his final years he wants to show that he's leaving with a bang with a bank at well

kickinggan and citibank off with wells fargo also reporting.fiveldman sachs executives and the top management committee. nejra: the u.s. lifting the currency manipulator tag from china giving risk assets is a lift this morning. asian stocks in the green for the fourth day in a row. and the yen weakening. and a stronger yuan. we have the markets from around the world. manus: the what are the policy ramifications for the pboc. we are standing by in mumbai and dani burger is at home in london. we have the asset move for the yuan. that moniker as manipulator is gone. how is that playing across the market for you this morning? >> big moves coming through the day after we saw the off and on currency -- they are both at six months high fueled why the removal of the manipulator tag and the positive trade data out of china today. we are seeing about $13 billion worth of options trading hands. and china's currency has now regrouped about a third of the thees it sustained against dollar since mid-june, 2018. many analysts out there expecting 6.8 to the do

banks, like citibank on their fourth quarter but she doesn't feel that that is good enough and is perhaps a reflection of the underlying weakness we are seeing in the european economies one of the key messages she was putting across there is while they continue to hope for some recovery in business activity in the european space, they are not sitting on their lur lurals. one of the steps they took last year was increasing their ownership in the mexican business as a way of capitalizing on that faster growth i think she understands the relative merits. she will look to allocate into latin and even north america, which has come back quite strongly in the fourth quarter but it is all about execution for 2020 they've got a strong spring pad to build on coming out of the fourth quarter numbers in terms of revenue and earnings. the question is will they be able to take that forward into the early part of this year and capitalize on that >> thank you for that. >>> the coronavirus has now claimed more than 130 lives in china and reported more than 1,500 new cases since yesterday bringing the tota

citibank saying it will strengthen against the canadian dollar.lias haddad of cba europe is still with us. looking ahead to the fed, the key phrase that came out of that december meeting was a material reassessment of the outlook. is that what you are going to be looking for in the min >> there is that. we will be looking to see, how high is the bar for the fed to raise rates again? rate hikest implied for 2021 and 2022. the postmeeting press conference, jay powell saying it would take a significant and persistent increase or overshoot in inflation the fed to start raising interest rates. core deflator the is at 1.7%, still below the 2% threshold. inflation expectations are drifting lower. you don't have the overshoot the fed is talking about to justify their dot plot or their fund rate projection. interestinge other developments in the u.s. that's just me actually the risk is the fed cuts interest rates in 2020 or even 2021. outside the fact inflation expectations are drifting lower, you have capital goods or business investment that is about to

for are the credit quality, loans picking up are they able to make a profit we think jp morgan, citibanker than expected earnings wells fargo is a little more caution. we think wells fargo has the best upside over the next 6 to 12 months. >> are regional banks much to look at. the money center started out best we think they'll catch up over the next year. they'll make a good return, not a 50 p% return but 10 or 12% return >> thank you always good to get your thoughts >>> that does it for "worldwide exchange" this morning "squawk box" begins right now. >> good morning, china's delegation arrives we learn more about the hundreds of millions of goods china has agreed to buy. >>> earnings season here and more >>> and larry fink making environmental sustainability a goal of all of the first's decisions. it is tuesday, january 14, 2020. "squawk box" begins right now. ♪ >>> good morning, everybody. welcome to "squawk box" here we are live from the marketsite in times square. let's look at he can quity few turz yesterday, we saw s&p 500 and nasdaq setting highs nasdaq up about 1% gaining 95 poin

reporter: but some like citibank and goldman sachs push back against calls to stop funding the biggestey are -- greenpeace called out a number of banks represented for having let $1.4 trillion to fossil fuel producers since the paris climate accord was signed in 2015. how much of it is hypoxic? -- high popper see? -- hypocrisy? >> on climate there is meaningful moves by some private sector leaders that will make the not only in terms of what they do but it will force others, competitors to not be left behind. i find it meaningful. if you ask if it is changing or if capitalism is dead, in a world where the economy is getting softer, they are focusing more on the bottom lines. reporter: this year there was a confrontation between the decision-makers and the young who will have to live with those. but may not be winning yet, their impact is growing. one of the architects of the northern ireland peace process has died at the age of 83. he was a former deputy first minister and a nationalist who desired irish unity, but a critic of republican violence. he was involved in the movement of the

liz: citibank. >> one. business on wall street. not necessarily in the biden camp are now moving towards him. what does it mean? it means money obviously the biden raised a decent amount of money. there are other names. tony james at blackstone. jane harley. obviously it's money. it is somewhat prestige. it shows a growing angst on wall street that generally, wall street is interesting. you know, listen, rank-and-file wall street guys will vote republican. the big money guys generally tend to trend moderate democrat. i don't know why that is, but it is. they are obviously worried about sanders and warren getting in there two kind of socialists, a quasi-socialists. they see something interesting in biden. he stayed in the race. still like, he is still nominal front-runner nationally. he is banking on a huge super tuesday win. they're looking at bloomberg this way. nobody really think mike's going to win. he might win, spending astronomical amounts of money. he can spend so much money, it will blow the thing open like no tomorrow in

. >> and i think that scenario you laid out, if you see around the world, i think citibank is the place that you want to be relative to the bank of america, jpmorgan and city of those three. because i think that they have the most exposed around the world and the cheapest multiple in price to earnings and price to book. and as much as i love jamie dimon, i can understand that call that jpmorgan is no longer the bargain basement that it was 30 points ago, 40 points ago so i still like it, i won't sell it, but it is hard to pound the table and say this is an incredibly compelling value. i still like the name. it is a premiere franchise but i think that there is potentially more up side in citi >> and maybe citi. goldman had the $88 price target i think citi reports on the 14th but anytime the stock gets north of book value, it has been a sell just like when it got below tangible book. i think in october was the screaming buy. the name that we've talked about that continues to go higher and make all-time highs is blackstone which reports at the end of the month and i think that is a name t

>> citibank believe it or not was a nightmare because they were accusing me of not following timely followings and i apologize for not escaping sooner, but -- they were a nightmare, paypal reimbursed me overnight. leland: interesting, we are glad you are back home and back with your parents, we know that you have interesting things as well, come chat with us as things continue with this case, we want to put out the copy of your book, the dawn prayer, otherwise known or how to survive in a secret syrian terrorist prison, something that we hope none of our viewers have to endure but lessons not only captive of al-qaeda but partly everyday life and getting through it, matt, we appreciate it, god speed. >> thank you so much, all the best. gillian: issuing warning to un's nuclear watchdog a couple of days after the country's supreme leader lashed out at the u.s., we will tell you exactly what the regime has been saying after the break into a smaller life? are your asthma treatments just not enough? then see what could open up for you with fasenra. it is not a steroid or inhaler. it is not a rescue

citibank of america jpmorgan have upside in three years for favorite names those stocks appreciate 50%. once again, citi, bank of america, jpmorgan though favors goldman especially in the near term. >> i like the goldman call the best of those. i'm not panning the others 50% is a provocative headline from our friend mike known for provocative headlines. >> why couldn't that happen? three years, 50%. >> 15% per year. >> largely viewed as undervalued even given the run they have had. >> i'm in citi and i can see it with citi. i know jpmorgan is creme de la creme of the industry it makes it harder to get there i like citi and goldman sachs. that's why i'm in them goldman sachs was held back so long because of the 1 mdb scandal. it's sound like that's getting behind them. not yet but getting behind them. great franchise, capital markets, investment banking are crown jewels i think goldman and citi both on valuation goldman is close to book value still those are the two top particulars. >> you own jpmorgan. >> i do. i think it's a great stock i want to point out what jim said i think jpmorg

has led to incredible inequality planetary emergency but among the banking giants some like citibank and goldman sachs pushed back against calls by climate activist to stop funding the biggest polluters that after greenpeace called out a number of banks represented at davos for having lent $1.00 trillion dollars to fossil fuel producers since the paris climate accord was signed in 2015 so how much of it is hypocrisy a green cloak of virtue behind which old fashioned deals are still being done on climate there are needing 4 moves by some private sector leaders that will actually make a difference not only in terms of what they do but will actually force others competitors in their sectors to not be left behind so yes i find that meaningful but if you ask me is the deal making changing as capitalism dead frankly in a world where the economy is getting a little softer. they're focusing more on their bottom lines this year's davos has witnessed a confrontation between the decision makers and the young who will have to live with those decisions. i. they may not be winning yet but their im