decision was that to believe that citibank one of the most sophisticated financial institutions in the world could make a mistake to the tune of nearly $1000000000.00 would have been borderline irrational so clearly a huge mistake and this is put a lot more pressure on citi group they actually were fined 400000000 dollars by regulators and in new york for making a mistake this large right there a very briefly chelsea but who is gloating definitely but lenders and we had already seen the relationship between revlon lenders and the cosmetic companies really sour they were actually talking about suing them so now that they have gotten this payment prematurely it's been a bit of a blessing for them joe's ability in front quite an interesting story they think is the. time now for a look at some of the other business stories making news. cryptocurrency bitcoin source about a $50000.00 for the 1st time it has jumped nearly 75 percent this year after heavyweight companies back to the world's most popular virtual coin electric vehicle make a tesla recently invested in big coin while those u.s.

citibank didn't catch the mistake until a day later. some lenders refused to return s, but in new york, there are exceptions for beneficiaries entitled to the money who did not know it was an accident. citigroup says it strongly disagrees with the ruling and intends to appeal. >>> now a live look at the new york stock exchange, trading gets under way this morning. you see we're still down, but by about 35 points. >>> burger king is changing up its menu to keep up the with the fried chicken sandwich wars. it is replacing its current crispy chicken sandwich with on bun with hand breaded chicken. competition in the chicken sandwich space has been heating up since popeye's saw really great success in 2019. and since then wendy's, kfc and mcdonald's launched new chicken sandwiches. >>> a california driver says she got her new license in the mail, but it wasn't what she expected. >> this is the paper i got in the mail. i'm covering up some info. >> leslie pilgrim says the day she went to the dmv for the photo, they were very strict. she said

we talked about why were banks participating with the market they have a lot of room to run here citibank and bank of america are the ones with the most operational leverage. >> coming up, a boeing breakdown, why a plane engine failure oefrtsd weekend is sparking trouble for the stock today. shares of kohl's rki uacngp big gains. much more "fast" after this. er ? all our techs are pros. they know exactly which parking lots have the strongest signal. i just don't have the bandwidth for more business. seriously, i don't have the bandwidth. glitchy video calls with regional offices? yeah, that's my thing. with at&t business, you do the things you love. our people and network will help do the things you don't. let's take care of business. at&t. does your vitamin c last twenty-four hours? only nature's bounty does. new immune twenty-four hour plus has longer lasting vitamin c. plus, herbal and other immune superstars. only from nature's bounty. >>> welcome back to "fast money. boeing making headlines after one of the 777 jettings was forced to make an emergency landing. massive pieces of debri

citibank accidentally wired $900 million to a group of lenders. the bank was trying to make an interest payment for a client but mistakenly paid the company's loan in full three years early. some lenders refused to return the money, and now a judge has ruled that they can keep the cash saying they were entitled to it and didn't know it was sent by accident. >>> coming up, the new volcanic eruption in europe. >>> also ahead, the unusual circumstance surrounding the implosion of the former trump casino in atlantic city. here's to the duers. to all the people who realize they can du more with less asthma thanks to dupixent, the add-on treatment for specific types of moderate-to-severe asthma. dupixent isn't for sudden breathing problems. it can improve lung function for better breathing in as little as 2 weeks and help prevent severe asthma attacks. it's not a steroid but can help reduce or eliminate oral steroids. dupixent can cause serious allergic reactions including anaphylaxis. get help right away if you have rash, shortness of breath, chest pai

are no regulations and they're all written by the bankers remember obama's banking team were from citibank they came in and they rewrote the financial regulations for the obama administration so they write their own their self regulated right that's the buzz phrase that we always hear like government should regulate wall street they're squat self regulated which means that hands we win tails you lose that's what that means well wall street presses up turn the apple cart and saying hey you know what we want our money back here's how we're going to do it and it doesn't matter if there are professional outruns in there making bets on other professional which ones that's what you want you want to attract as many into your side of the trade as you possibly can against that side of the trade until that side of the trade disappears you've got all the money and. then something else happens and by the way that something else is called bitcoin right and again you know pointing back to this new york times article looking at the revolt of the public because of course the public institutions are revolt

plant in in her not an and now the latest test slope into a manufacturing plant in shanghai it's citibank is expanding its business including derivatives you know i think it's j.p. morgan recently ordered open derbez trading in china you know american business loves china american government doesn't necessarily but a large portion of america that generate comedy don't you know why because the government doesn't because they it find so many to get off the hook by blaming someone else gentlemen that's all the time we have you know what i think like as in washington basking ridge and in beijing and i want to thank our viewers for watching us iraqis the next time remember cross toppings. and out of power when i learned how to love their money i'm not out of luck though they're not that i'm not out of the money out of the money there when i met him. this was a good time to. try to move there i don't know mom. no luck then i want you know how little money not why not check jam there again to our son or ex channing and they'll all people we believe just a little bit here. all of my kids i don't

citibank we had months mosher to there was general debt and so much credit much leverage i was advising you couple of the different governments and i advise that all of these insolvent scale not bail them out too big too big to fail your big battle too big to jail is jus big time exists in my work and that's the mantra that we should be putting forth alan greenspan email asking the prices and said there was nothing that soran on behalf of market participants that we didn't you know we don't need new laws or regulations we need for some of the existing regulars now the money printing orgy of money printing it demonstrated in japan their economies the morose for 35 years and it's flat line the money printing around the world has ended up in too much liquidity sloshing around in crazy valuations so we have $35.00 or 40 percent of the companies are zombie companies will never make money but when you like giving another drink to an alcoholic when you give insolvent companies more money what does it do it creates more debt on z. assets real debt yes. let's explode the debt remains and this is

citibank is expanding its business including derivatives you know i think it's j.p. morgan recently ordered open derbez trading in china you know american business loves china american government doesn't necessarily but a large portion of america there. joe in the comedy don't you know why because the government doesn't because they need it fine so much it gets off the hook by blaming someone else gentlemen that's all the time we have you want to thank my guest in washington basking rich and in beijing and i want to thank our viewers for watching us you know if you see you next time remember. that i'm going to get out how can i better not ever not out of love the idea that i'm not out of the i'm not of the money that they are playing mathematics to me. this was a good time to. try to move there i. know nothing about how do i need not have why not. why x. chanting in the hall people we believe is the o.p.'s. model of i can say i don't want them up or say john what i already know the moment i've got a mother having a lot of concerns are there a lot of them on the way c

citibank is expanding its business including derivatives you know i think it's j.p. morgan recently ordered open derbez trading in china you know american business loves china american government doesn't necessarily but a large portion of america that generate heat comedy don't you know why because the government doesn't because then it it finds so much it gets off the hook by blaming someone else gentlemen that's all the time we have you want to thank my guest in washington basking rich and in beijing and i want to thank our viewers for watching us iraqis the next time remember crossed. through that the bill really kisner those who really can show if. they can just be suitably. left without a surprise on the job against us they have some back. you know none of us to be in a bull episodes didn't go to seem to skew to the seat at the sneer doing a force where you could be near must of missed it and that's about spit i didn't do it was more sinister expedient and in no. stadia cruel to see. show. us. the story.

out about $7200000.00 in speaking fees from wall street large corporations including goldman sachs citibank and citadel the company i mentioned earlier she earned actually $800.00 some odd $1000.00 from sort of though it not so big deal because then if she rules against the retail investors if she rules against a wall street bets are make some kind of thing to stop this from happening everyone is going to point to that and say oh oh that's how the system works you get paid for them speaking do it you're absolutely correct and in this is where the speaking good big come back to bite you always always. with one of america's biggest sports holidays on the horizon the national football league is in the news for something they'd rather not be the turning headline for the n.f.l. right now isn't the super bowl it's how the league will respond to yet another domestic violence and assault case against one of its athletes prosecutors on wednesday charged former seattle seahawks offensive tackle with 1st degree domestic violence assault and domestic violence unlawful imprisonment after he allegedly at

citibank is expanding its business including derivatives you know i think it's j.p. morgan recently ordered open derbez trading in china you know american business loves china american government doesn't necessarily but a large portion of america that job when he comedy don't you know why because the government doesn't because then it finds someone it gets off the hook by blaming someone else gentlemen that's all the time we have you want to think like us in washington basking rich and in beijing and i want to thank our viewers for watching us iraqis the next time remember crossed. i might. show somebody an accident where a car goes through a i kneel sign at the intersection. suggest to the witness said they saw us down side instead of the eels sign. in these experiments many will adopt this suggestion we call it misinformation and claim it as their own memory. move. through that the believe easy to sneer those who really can show you. to take these just be suitably. left without a surprise on the job against us they are. no no no the stupina bull episodes didn't go

citibank is expanding its business including derivatives you know i think it's j.p. morgan recently ordered open derbez trading in china you know american business loves china. american government doesn't necessarily put a large portion of american banjo in the comedy don't you know why because the government doesn't because they need it fine so much it gets off the hook by blaming someone else gentlemen that's all the time we have you want to thank my guest in washington basking rich and in beijing and i want to thank our viewers for watching us here are to see you next time remember. because there's a survival guide book stacie just to start to. be sure it's going to get him back. oh heck no. repatriations look at the rest of 70 years. bill of the separate kaiser report. seems wrong but i. just don't. get to see palin just days after. and in detroit because the trail. when so many find themselves worlds apart we choose to look for common ground. joe biden say's diplomacy is back while using his 1st major foreign policy speech to lash out at russia promising a tough

there was a study by the citibank that stated that $16 trillion could have been infused into the economyations would have been initiated 20 years ago. $16 trillion most of that from business revenue of the black community and access to capitol and other businesses get access to capitol. those are reparations that -- also we look at the health disparities. health injuryo areas we know not only is our physical health and mental health and emotional health but also our e physical health that's been challenged by the traumas we have experience. the traumas can affect the ongoing jama that our children are facing the can affect the reason why many of us have pre-existing illnesses like covid and finally we have to address the foundational cause of the atrocities that were committed in this country as black people and that is there some notion built builds in the minds of whites that they are superior and conversely into the minds of lax that they are inferior or in the minds of whites they are superior so this speaks to the root of the cultural challenges in the car of cultural harms committe

citibank's chief economist and strategist. coming up shortly, ellen zentner. this is bloomberg. ♪ >> in new york with the first word news, the u.s. says it is willing to meet with iran to restore the nuclear deal. iran says not so fast. it wants the u.s. to join the 2015 agreement and left sanctions. donald trump pulled the u.s. out of the deal in 2018 and imposed sanctions that hammered iran's economy and infuriated other world leaders. republican senator ted cruz is back in texas after a highly criticized family trip to cancun. he jetted off while texas was dealing with widespread power outages. he then said he did it because his daughters were cold, but says clearly it was a big mistake. chancellor of the exchequer plans to delay consideration of an online sales tax until the fall. bloomberg learned because of the economic uncertainty due to the pandemic. the proposal aims at making sure that brick-and-mortar stores are not at a disadvantage to online retailers. in a u.k. a landmark decision that threatens uber's business model. the supreme court says that

as a result the citibank agreed to grant mortgages to 186 people who had applied and applicant arguedthey were turned down because they're black. they got the loans and virtually nobody was able to keep up with the loans. many of them when it to default which indicated the bank will start this committed against the black borrowers. also study senate committee black banks often have higher turndown rate for would-be borrowers that a majority banks because they're more -- jessica something has to. >> a condescending that outcome was result of racism. we've talked about the police officers. a few days ago as i started to say, a man was in the backyard of his own house matching the description of the suspect. mr. carmona for the suspect shot and killed him. i doubt very many people you know about this and the reason you don't know about it because the cop who shot the suspect is white with the suspect of what the distant voice and i don't and, therefore, nobody give a rip but i assure you if this had been a black suspect and a white cop we would know his name. the fact is or more unarmed

there was a study by the citibank that would have been initiated 20 years ago.most of that from business revenue of the community and yet there's access to capital and other businesses are given access to capital so that is the reparations. also if you look at the health disparities,ea we know that not only is our physical health and mental and emotional health but also physical health has been challenged as a result of the trauma that we have experienced many of us have these pre-existing illnesses they are conversely in the minds this speaks to the cultural how can that address under the hr 40 commission not just giving cash to the individual he was present at the beginning of the hearing so we are divided now to yield five minutes. you are recognized for five minutes. >> as we talk about the past and where these have happened it's been pretty specific. that was ended by the democratic president andrew johnson [inaudible] at the hands of violence and we are lookingu' at people that wee angry, evil. it's important to keep that in mind. americans fought against

citibank i think is protecting $70 a barrel. are we on course for that? sungwoo: possibly. but not immediately, i think, because once after this weather factor phase, one could expect a bit of pullback in prices. given all these rallies that happened, too high in some sense. but there still seems to be some room for the oil rally to run farther, given market fundamentals overall at the moment. opec-plus expects to see a return of the five-year average. also going back to relative performance, in relative terms, wti rose past $60 a barrel, which is a great milestone of course, but it's just past the pre-pandemic levels. in the meantime, global stocks and industrial metals in particular are now well above pre-pandemic highs. this suggests the oil rally may go on for a while longer. as you said, there is downside pressure building perhaps. firstly on the technical front, oil's relative strength index shows oil is overbought. brent crude oil's rally of almost 80% from its november low may look stretched. there's also the risk that price gains of this much may cause some produce

there was a study by the citibank that stated that $16 trillion could've been infused into the economyif reparations would have been initiated 20 years ago but $16 trillion but most of that from business revenue of the black community if there was access to capital and other businesses are given access to capital. that is reparations that a fax it to. we also look at health disparities. health injury areas we know that not only is our physical health, not only is our mental health and emotional health but also our physical health has been challenged as a result of the historical trauma that we have experience. historical dramas can effect the ongoing trauma that our children are facing and can affect the reason why many of us have these pre-existing illnesses with covert attack and finally our people we have to address the foundation and root cause of what was committed against black people in this country and that there is some notion built into the minds of whites that they are superior and conversely into the minds of blacks that they are inferior or in the minds of whites that blac

combined with sprint in that merger, and acti vision winning with their latest call of duty game, citibanktuart: that's a big deal. lockin coffee, what's the news, lauren? lauren: they filed chapter 15 bankruptcy in the u.s. they're shielded from liability from u.s. creditors while they can keep their stores open. two months ago they paid about $280 million to u.s. regulators to settle claims that it fabricated sales. that raises concerns about china, corporate governance, but it helps to solidify the report we're seeing on capitol hill for us cracking down on specifically chinese companies that don't follow our rules, so luckin was delisted in june from the nasdaq. it has paid this money, but this is certainly a black eye for companies like luckin that don't, you know, that make up their sales. $340 million in sale, apparently, fabbri candidated. stuart: yeah. don't do that. you've got bankruptcy, chapter 15 as of now, when you did that. lauren, thanks very much. hold on, hold on. this is for you, hold on. a new robot could help fight covid, maybe got a few chucklings. it's going to be hu