citigroup stock is down. the stocks, what did do? the doubled. citigroup was down 90%. they aren't all created equally. the cell was close to $500. >> that is pretty good. try tothink he will scale back on emerging markets? >> that is great timing. consider where citigroup is a big. it is mexico, hong kong, singapore. they characterize hong kong and singapore as emerging markets. they are based in hong kong. that is a legacy, a bad legacy of the prior ceo. >> you like their exposure. what about the valuation? >> would you look at five prior crises, they have twice as much capital and one half to one third of the valuation. citigroup is going to hire quality customers. this could be their finest hour. >> recognize that local. it is herbalife. activist the target of investors. he has called it a pyramid scheme. the shares have climbed one hundred 57% since the end of 2012. his herbalifet that has become the biggest loser of his investment firm. persian square capital has lost 49% on the herbalife investment. >> we focus on that was stock price it on any one day. the busin

coming from citigroup. liz: you said fixed income was struggling too.arlie: right now is a really wacky, wall street. you have the market going up for kind of inexplicable regions. predicting a flat year on the street. we will have a lot of choppiness because the fed will raise interest rates possibly and begin to taper faster. this is a really scary year for the market and fixed income getting hit pretty bad. when it you talk about fixed income, here is a problem when you keep rates this low, people go out, average people go out and do something stupid like by a 10% coupon which will be the puerto rico bond issue. that is why this market is so crazy. it is interesting, carl attacking ebay, we will have him on at 4:30 to break down that and other investments. cheryl: i love the fact he is in the game killing it, crushing it, he is passionate about it. liz: i spoke to him about some of his thoughts. he had tough things to say about market treason, one of the board members of ebay and the ceo. i will give him this, he brings to the average investor when h

he is a former manager director at citigroup. he received over $4 million in exit payments from citigroup. he's a former bank of america investment banker. good job, if you can get it. he received a $9 million payment when he was nominated last year. he's yet to be confirmed. these payouts could be interpreted as big banks trying to get influence on public policy. that hurts, doesn't it? this shady tactic is nothing new and it's in writing. citigroup provides an executive contract clause that awards those who go work for the federal government or regulatory body. big banks and big corporations want the tpp to happen. this is influence. the table, you could argue, is easily being set by the big banks over the middle class. just like the rest of the ultra rich in this country. listen to a venture capitalist tom perkins. >> what is your 62nd idea to change the world? >> the tom perkins system is you don't get to vote unless you pay a dollar of taxes, but what i really think is it should be like a corporation. you pay a million dolla

and this man, michael froman, got over $4 million when he left citigroup to become the current u.s.rade representative. now, both are no doubt honorable men -- they are all honorable men -- but when push comes to shove, and the financial interests of huge corporations are on the table, we can only hope they will act as independent men, not faithful servants of the deep state. but given the secrecy, we may never know. according to fang, many large corporations with a strong incentive to influence public policy give executives bonuses and other incentive pay if they take jobs within the government. among them; goldman sachs, morgan stanley, jp morgan chase, the blackstone group, fannie mae, northern trust. citigroup even provides an executive contract that awards additional retirement pay upon leaving to take a "full time high-level position with the u.s. government or regulatory body." i'm not making this up. you get a bigger incentive if you leave wall street to go regulate wall street. so it is the fox is groomed for the chicken coop, and the deep state grows fat on its prey. >> co

citigroup and morgan stanley will manage that ipo. cheryl: fraud uncovered at citigroup. the hit to the banking giant's result after a suspicious deal in mexico. >> oscar buzz ahead of the awards show and why the biggest surprise may be the weather. cheryl: the president remains defiant blaming of the west for his downfall. you are watching markets now. we will be right back. when does your work en does it end after you've expanded your business? after your company's and the capil's been invested? orn yo compan's bought another? is it over after you' givenack? you never stop achieving. that's why, at barclays, our ambion is to always realize yours. my dad has aor afib.brillation, he has the most common kind... ...it's not caused by a heart valve problem. dad, it says your afib puts you at 5 times greater risk of a stroke. that'shy i take my warfarin every day. but it looks like maybe we should ask your doctor about pradaxa. in a clinical trial, pradaxa® (dabigatr etexilate mesylate)... ...was proven superior to warfarin at reducing the risk of stke. and unlike warfarin, w

of a client, citigroup would waive that fee.organ will not do that. it isthe biggest banks, the only one that does not waive fees for any other competitor. >> i get that. if you are jpmorgan, why not do that? there is an advantage. you want every customer with you. play a hardball. >> here is the problem. banksnot cheap for other to waive fees either. look at bank of america. it is the biggest underwriter of leveraged loans in the u.s. -- >> bigger than jpmorgan. >> even bigger than jpmorgan. they waive the fee. why do they waive the fee? it affects the liquidity of the market. at affects how quickly people can get in and out of the market. >> who is complaining about a gecko >> investors complain, rivals complain -- not jpmorgan investors? >> no. >> if you are an investor would jpmorgan, it should not be a problem. >> well, it is the clients who are the against fires of corporate debt offerings of all kinds, right? they buy adjusted rate loans, to o, right? they are concerned about not being given a chance to buy debt. >> what

tina fordham, global political analyst at citigroup.back in a couple minutes. ♪ >> welcome back him you are watching "the pulse." gailey's new prime minister italy's new prime minister matteo renzi is gearing up for a vote of confidence. dan liefgreen joins us. walk us through the vote yesterday. >> then made issue there is that have anparty does not absolute majority in that branch of parliament. in the chamber of deputies, which is holding the debate now, they do. he had to attract support from the opposition, from moderates on the center-right such as his rty.rior minister's part political pals with silvio berlusconi. to pull inmanage dissidents from his own party, there were four dissections there, that explains the narrow majority. thank you, dan liefgreen joining us from italy. we will be back in a couple minutes. see you then. ♪ >> good morning, welcome back. you are watching "the pulse," live from bloomberg's european headquarters in london. these are the top headlines. ukraine's acting president says a vote on a national unity

us, the global head of equity strategy at citigroup.odafone is one of your main focuses for the next two to three weeks. talk to me about industry groups. do you like financials? >> yes. we think that the sector went ,rom a huge capital deficit back to zero, back to growth. -- theat does change is earnings were meant to be on the banks. you could get capital returns. in this world where we look for yields, that is something which is resonating strongly with investors. on top of that, the flows have made it that the underweight was monstrous. we have seen a huge amount of buying coming from institutional accounts following that. one interesting development recently has been the strength of the spanish banks at the beginning of the year. italy kind of followed. spain was the leader. -- we saw a switch of sentiment refocusing on italian banks. >> would you wait for the asset quality review or do you want to get in there ahead of time? >> i think you get in there ahead of time. you are not getting the capital increases which were expected.

one of citigroup of his biggest headwinds -- a composure, and you think citigroup's emerging-market exposures savior in the end. >> right now, it is guilty until proven innocent. it is exposed to emerging markets and emerging markets are down. consider the perspective. last decade, what to be emerging markets stocks do? they doubled. another point about emerging markets, they are not all created equal. the cell was close to $500. >> when did you put that on? >> 2007. >> did you try to scale back those emerging markets? have a try to get out or exit? timing, reduce some of their exposure to turkey and brazil. relative hotspots today. if mexico, hong kong, singapore, korea. they characterize hong kong and singapore as emerging markets. give me a break. the u.s. is based in hong kong. do not tell people there it is based in emerging markets. that is a bad legacy of a prior ceo trying to call out more emerging markets than it really is. >> you like emerging-market exposure, what about their valuation? >> you look at five prior crises. citigroup today versus their prior crises, had twice as much

citigroup. consistently optimistic.ts caution. .here is no whom are -- humor looking at weaker retail sales -. >> we think the economy and the consumer economy is relatively ok. well about consumer sentiment dashers. we have seen the consumer come out. what has really been a problem is expect haitians around earnings trends. we started the year at 13%. now about nine percent. so it is not the consumer is not there, it's just relations are too high and aggressive. underlying it all, more hiring is coming. a lot of good news. >> you have a lot of proprietary indices. out 12 months? >> for the broad market, more firm optimism. media and consumer services, still underperforming. >> are you seeking value were climbing on board growth? >> generally speaking, it has been pretty good. the markets should be fine by year but we are still seeing the volatility. >> if you are seeing this disconnect, and what other sect or do they mac up -- matchup? >> outside of consumers. hospital services area was spend 10% more on the i.t. sec a

the five biggest banks in the united states, you know the names -- jpmorgan, bank of america, citigroupwells, old and sass, and morgan stanley. ge finance unit and three other major insurers, all of who have assets over $500 billion. here is an example of the hit they would face. jpmorgan chase, for example, their assets of december 31, $2.4 trillion. the estimated asset tax based on 3.5 basis point hit would be $2.7 billion. that is 15% of their net income. you can imagine jpmorgan and these institutions not thrilled with the prospect of that. >> and not thrilled are some republicans in congress. we are receiving word that it's mcconnell spoke to reporters moments ago and the u.s. will not achieve tax overhaul in 2014. so does that mean that chairman cams proposal is dead on arrival in congress? >> it is basically dead on arrival. and it is not because people do not treat dave camp seriously lee, do not treat this proposal seriously leigh, but no one sees it in this election year to be successful. is theing said, this first major proposal, detailed proposal to get from any republican i

citigroup says this could all take more than a percentage point off of gdp in the first months of 2014. weather problems of a different kind are disrupting the west. california is experiencing a multiple year drought that has reached historic proportion. the san francisco bay area has received only a quarter of the rain that it normally gets this time of year. southern california has got a lot less. the snow pack in the western mountains is so low that ski resorts as far north as oregon and washington state haven't opened for business this season. so the hope that some sort of weather related losses can be recovered. march is going to be key especially for the housing industry. citigroup says if march is dry and mild a lot of that pent-up demand that was frozen could thaw, spark new spending on homes cars and other new products, eating out at restaurants which has seen a dip. but at this point trying to forecast spending is as easy as forecasting the weather in march, john. >> you can catch "real money," with ali velshi every day at 7. john. >>> a reaction from former mayor nagin, that

it was a $70 billion deal that created citigroup.ize that jpmorgan is now but at the time, both were staggering records. a travelers director one told fortune magazine, he's a genius at running crappy businesses. wall street by that time rushed to emulate weill's model of empire building. the irony, jpmorgan, wells fargo, bank of america are still vying to be all things to all customers. citigroup has -- smith barney, america, travelers, all of those are separate. there's even some talk of reinstating glass-steagall. the law he was instrumental in repealing. an interesting turn of events but no doubt on wall street, regardless of what his legacy is. kate was talking about jpmorgan, one of the things that's emulating this model. >> of course ironic given the lineage behind jim my dimon. when it comes to influential players, dimon is a natural, of course. you know him for his successes in jpmorgan, record profits, stock close to its all-time high and personality, of course. he rose quickly from being sandy weill's assistant to run citi

the citigroup case was a fascinating case. unlike many of the settlements, the class actually got something. they negotiated a $600 million settlement fund. they said, look, we are entitled to $100 million of that. and the reason is because we spent a lot of time on this case. we spent $50 million of time on this case. so when we asked $100 million, it is paying us for the risk of taking on the case, and compensating us for that risk. it turns out what was happening was they had contract attorneys that they were hiring for $28 an hour. the only thing these attorneys were doing was looking at computer screens of documents and clicking on buttons. this one mentions bond issue number one. this one mentions security issue number three. this one has an attorney's name on it. this one has this witness his -- witnesses name on it. it is something that could be done basically by a computer these days. when paying clients do this, they ask for either the $28 an hour people to look at it, or they ask for a computer system to do it. it i

citigroup has its own fraud problem, it just uncovered millions of dollars in bad billings at its massiveo unit. financial giant cutting fourth quarter and full year target as a result. was it big enough to affect it? mackenzie it is affecting c shares? down 1/2% for city. get to goldman sachs's focus of a government program. regulators of looking at goldman's fixed-income operation. there looking at something, shares of goldman up 1/2%. change at the top of madison square garden. i have conferred long-term ceo hank ratner is being replaced by cablevision executive ted smith. what is the stock doing today? falling on the news more than 2%. sports telling me this is not an ugly situation, hank woods was not knocked from the spot. a nice knowing you situation. it is going to be that hank will be part of day-to-day operations, he will stay on the board, he will continue to be a vice chair and hank is fine with this. shareholders on not thrilled. let me put this into perspective. in 2010, an s.g. stock over saw what we have followed closely, the transformation of madison square garden has jum

mark, we have breaking news on citigroup.ve you on again as soon as possible. we'll assume that that's positive, the china stuff, for other emerging markets. have fun. don't party too hard. i know what you're like. take it easy. >> thank you. >>> citigroup is adjusting lower its results for fourth quarter and full-year 2013 financial results that it reported back on january 16th, lowering them by an estimated $235 million after tax, $360 million pre-tax as a result of fraud they found in a subsidiary in mexico. let's go to michelle on this. >> it's bantamax at some point they extended 585 million worth of short-term credits to a mexican oil services company. and then they have since discovered that the mexican oil company isn't giving them any more contracts. they've been working with pemex, the mexican oil company. and figuring out what's been happening here. they have receivables outstanding to this company that apparently looks like they may not get paid, hence why they are bringing down the earnings. a re-adjustment of th

you look at a name like citigroup. citigroup had a trading range between 46, 47, and 52, 53 and it's hit those levels four to six times over the last six months. so if you can get in down here and it's very close to that now, it's a great opportunity. a lot of other names out there that make a a lot of sense like a whole foods. some names have been beaten up. i think you have to embrace this volatility as a trader and look for names you like. >> ride it or run from it? >> i think you ride it, judge. we had the freeze up. we're seeing the thawing in the markets the last two weeks. that was disrupted by what you just talked about, mike, as far as the terror warnings yesterday. additionally, when you've got the ukraine flaring up as dramatically as it did live during our markets. i meerngs it's one thing, judge, if it happens over night and people don't see it. but when it's happening during the closing bell, basically, people are going to be run for cover. they ran for puts yesterday. they ran for calls in the vix becaus

jpmorgan chase is the lead left underwriter on this ipo followed by citigroup and bank of america.se are the underwriters they have so far. go pro is of course an active lifestyle suite of products including cameras you wear on your wrist and forehead and very cool products. i'm told revenues jumped nearly 100% between 2012 and 2013 from my sources. they posted $521 million in revenue in 2012 and are just shy of $1 billion in revenue for the last year. of course, you have to be below $1 billion in revenue to be able to file confidentially under the jobs act. the ceo has said very publicly in several interviews that the company was quote, instantly profitable because of the margins there, and i'm told by my sources that go pro is eyeing an ipo at the end of this second quarter but that of course, those things are always fluid. so we don't have an exact date just yet. but jpmorgan, citigroup and bank of america on that deal for quite a high-flying and high growth company. sue? >> thank you so much. very interesting. >>> let's get back to today's disappointing jobs data. just how conc

citigroup is launching a app that lets you check your balances and transactions without having to log into their bank accounts. the app is tested for now just in california, citi taking steps to make sure it's safe and secure. no personal data will be displayed that can identify the user. i'll be interested to see how that works out. back to you. >> what could possibly go wrong. >> probably talk about it in a month. everybody talking about the rain. we saw some over the weekend. we need a lot more. >> we do and there is a lot more on the way. i came to deliver just like the postman. temperatures are looking good. 49 in san francisco, 46. grab your coat. it's going to be cold even in the heat of the day at 2:00 p.m. when the highs come in only in the mid to upper 50s all across the board. so, we had about 30 days of above average weather. warmest january ever for san francisco and san jose. now we're flipping right into the opposite pattern. cooler than average weather all week, a fair amount of cloud cover each and every morning. and that will make way to a sunny finish most of the da

the ceo of citigroup joins the list of wall street bankers receiving a pay bump. michael corbat took home a $14 million dollar pay package last year. it included a base salary, cash bonus and stock according to an sec filing. it's also 20% more than the $11.5 million he earned in 2012. bank of america ceo brian moynihan was awarded $14 mllion last year. while jp morgan chase ceo jamie dimon upped his salary to $20 million. bank stocks on average rose 41% in 2013. in today's cover story, the head coach of northwestern university's football program reiterated that being a student-athlete is "a full-time job" but he also qualified it-- saying he meant it from a responsibility-standpoint. it's the latest testimony in a national labor relations board hearing trying to determine if northwestern's players have a right to collective bargaining. northwestern football coach pat fitzgerald told a labor relations hearing that his players are required to attend meetings, and activities including conditioning sessions year-round. the only breaks-- eight weeks mandated by the nc

citigroup down 31%. ackman, fairly or not, act this spectacular losses rather than the spectacular winners, and he is bill ackman because he's had big wins, too. >> right. so a couple of important points of context. one, he's produced 15% annualized returns for investors over ten years, which is exceptional. the firm was also up about 9.3% last year with all the big jcp and herbalife losses and herbalife is down about 15% year to date. the numbers are probably a bit better. >> you know this guy well. you know this space well. the most, you know, some of the most impressive investments he's had over the years. you could make the case mbia, jjp, cp, proctor and gamble, beam. do you think the losses stand out more than the winners? because if you look at the percentage returns from the winners you could make the case on either side depending on what your perhaps perception of bill may be. >> at the end of the day the hedge fund is a numbers driven industry. when you have annualized returns for investors the

citigroup and j.p.n in were part of a chat room that we now know had been given names like the mafia or the cartel. that was the name they gave themselves. what started out of an investigation in london has ray much read internationally. if you look at the traders, six so far in new york. it is a global thing. >> the bankers and the lawyers whom i have spoken with that are directly or indirectly involved are very concerned. the liborl know, investigation has resulted in several billion dollars of fines already. what is this really is cover for these banks and traders? what if the boe can be shown to have effectively condoned of this practice? as you said, i guess it provides reasonable cover. is exactlynot know what was discussed in a meeting compared to what practices actually take lays. it is one thing for these guys to say we get on chat rooms and read regularly communicate. said listen. when we traded at exactly this point in time? that time thene conversation came up in that meeting. i guess the ba

counsel to gerald ford, at the helm of the media mega giant, and at the head of the board group at the citigrouphis career has spanned decades and entire industries. in the 1990's, he oversaw the biggest merger in history, aol's takeover of time warner. in the depths of the financial crisis, he helped to stabilize america's biggest hanks. as the recovery takes hold, he is back in the white house. a member of the council on jobs. get ready to understand the future of finance, media, and american capitalism from the perspective of a business legend , richard parsons is "in the loop." >> that is right. dick, welcome. thank you for joining us. >> pleasure to have you here. this is a huge push for you. we will get to it. >> washington, wall street. two places that you have build extraordinary careers. they also two places hated most by america right now. what is your take? how do you feel? i think, wes are -- have talked about this a lot. coming on the back of the financial crisis, the meltdown, who is to blame for this? who is your sponsor will -- responsible? americans have to be mad at someone. i

we have had former employees at ubs and citigroup charged with fraud. the u.s.arate charges against individuals. this investigation continues. one employeee that charged, his lawyer maintains his innocence. attorneys and spokesman for barclays did not comment. is so expensive. so wide ranging. it is global. there seems to be players around the globe. what is next in the investigation? is when the26 gentlemen are due in court in london for the initial apparent. the trials are at different stages around the world. some of the defenders are trying to work out deals with prosecutors. these are criminal charges. taking the banking community by surprise for what they saved -- for what they say is a practice which is part of normal business operations. it is between traders as they worked on libor rates. the prosecutors said umpire to set the rates which is fraud in the view of the law. >> could it go deeper than that, thank you for that. pulling out after years of trying to grow their operation in india, investment bankers are downsizing. mia saini is here with wide a

. >>> and citigroup will start testing a new app, lets users test their apps without having to log intoir bank accounts. only available to customers in california. and if you're wondering how that works, you're not alone, veronica. i'll be excited to see how this works. >> thank you. >>> and stories making news this morning. now film maker woody allen released a statement sunday denying allegations he sexually assaulted his adopted daughter when she was 7 years old. she recounted the alleged 1992 incident. she -- >>> the nation's abortion rate at the lowest level since the procedure became legal in 1983. there was a 13% drop in abortions from 2008 to 2011. a decline some are attributing to more effective contraception methods. >>> despite the state department's finding that the keystone xl pipeline would have no major impact on climate change. president obama will be waiting to hear from the epa and other federal agencies before making any decisions. on sunday, white house chief of staff said no time frame is in place for a decision. >>> and the winter games in sochi begin later this we

the anti really do like thirteen of what appeared to be seen no one gets zapped away layers the citigroup also through broke that the ship's twenty six times. none of the japanese commanders were hurt. if you still see of rome got tangled in the propeller of one of the vessels. he could trying to stop the activity with one accountants the construction of twenty continued on and off for more than six hours i miss those crazy new tv stand and express concern felicia. she's a bundle. cci has operations in the eye extremely contains some of todd's the same cannot be tolerated. it leads. yes and again the launch of requests to stop sea shepherd's activities with the netherlands where the graves found some registered. this single accomplished by japan's whaling fleet. hackers have the entire getting computers and seven as the japanese government offices and private firms. i spent on information security have begun discussing how to protect against cyber attacks she found as a kid a cig and minister of information technology policy. each time the mom would tell attended the meeting. expectations

joining us now to parse the washington numbers game is peter orzag, global banking vice chair at citigroup. he served as director of the office of management and budget and the congressional budget office. and peter, thanks for being here. >> great to be with you. >> let's talk about these numbers. the cbo said the gradual increase by july of 2016 would eliminate 500,000 jobs, but it would lift 900,000 americans out of poverty. do you believe these numbers? >> look, the things where -- it's purely mechanical. cbo said that 16 million workers would be helped, and almost a million, 900,000 would be lifted out of poverty. there's very little judgment there. that's just literally a mechanical application of let's look at where workers are in the income distribution and what will -- what the impact will be. where the judgment came in is with regard to that 500,000 job loss figure that you mentioned. >> right. >> i have to say that while there is a range of views, my own perspective is that's on the high side if you read appendix a of their report. the underlying study, my own read, suggests the

economists are still worried that you and evaluation is inevitable shutting down due to the causes for citigroup said the un would like to give value in the next three years chen pointed out that even though the trend for you and depreciation appeared to be very strong recently. many attribute to write a short run capital inflows. roberson said that in the long run because not support you and appreciation. ten the conductor were many other factors that put pressure on him and appreciation. if the financial and economic reforms will quickly in china you and appreciate something less pressure. what if the chinese government to the continued economic reforms were put down the page with reforms. it would be difficult for him to keep appreciating. cover they're all other views on it oh to be on twenty two called the police. there's very little possibility of you and the value we didn't add up to fourteen. both of the first of all china's trade surplus of liquor strong trend in us exchange rate. any kid out more likely for the men to appreciate the increasing as a result data from a chinese showed tha

wall street -- the most successful -- she is the former cfo of citigroup. no holdsving an barred conversation about women on wall street. not changed this morning. in the middle of our biggest four-day game, --gain in a year, jenna yellen delivered her first public remarks that the economy is strong enough to weather further stimulus. >> more bad weather is making its way to the southeast in the northeast, potentially mr. winter storm -- a potentially historic winter storm. emergencies have already been declared and the storm a make its way north tonight and washington, d.c. make it four inches and new york city may get three inches. more than 2500 flights have been canceled already today. >> a five-year-old wire fox terrier named sky won best in show at the westminster drug show last night. he was among -- the westminster dog show last night. no prize money but he gets a trophy and the large ribbon and a steak lunch at sardi's in time square. it is fashion week and westminster dog show, beauty week in new york. >> i never liked those kind of dog before but

last year, citigroup reported an 84% jump in profit as he boosted revenue and cut costs.s australian refine vitol. they are paying about $2.6 billion as shall accelerates sales. to "countdown." i am mark barton. chelsea meeting the turkish team in the champions league. gba is looking to be the striker of the game. ben littleton joins us now for some pre-strike analysis. galatasaray versus chelsea, a game with a lot of history. a usedst the cause drogb to play for chelsea and now he plays for galatasaray. there's a bit of scandal. >> the former manager from an intermilan. 8 eight years at chelsea, nikon, a hero,-- an icon, a hero, a legend. the players coming in since he left have not done that well. goals per 90 minutes. not much better. he was the main guy and he has come back from injury and is probably not going to start. another african hero. >> he does well in the big games but maybe not outside of them. >> he did score the hat trick. he will probably start. what this says, really, is that even though chelsea has not had a top line they've done really well. >> once t

a boost in pay for citigroup's c.e.o. the bank hiked his compensation 25% to more thanned shds million last year. the pay package was for his first year on the job running the firm. now the compensation included a $5 million cash bonus. their profit rose 84% last year. whatsapp and its competitors are hitting the phone carriers. they grabbed almost $33 billion in texting fees from carriers last year, according to research firm, and that figure is forecast to keep rising. the firm predicts they've take away $54 billion as smartphone users look for cheaper ways to message. you have to think that phone carriers are not going to go quietly into the night with that. that's serious cash that could balloon. >> yeah, talk about some serious cash. newscorp chairman rupert murdoch just got divorced last year, so he needs a new bachelor pad here in new york. murdoch agreed to buy the top four floors of a building near manhattan's madison square. it's called one madison. you ready for the price? $57 million. >> i looked at that. >> y

meanwhile, citigroup sees a bearish risk on oil due to economic concerns in emerging markets.re the numbers on the close, and they don't show the intraday gyrations. natural gas was down as much as on a percent today, up 10% four-year high. all of this as we are expected to get warmer than normal weather in just the next few days. >> let's talk metals. is safe haven demand back? >> it is. we are seeing the biggest one-day jump in silver since september. analysts say the weaker than forecast adp employment data is another sign that the economy is not where many people were expecting to see it. both gold and silver are seeing a rebound, and palladium has come out of its biggest slump in almost three years. a lot of traders are looking at a global situation for the economy as bullish. >> su keenan, thanks. more than 100 french and his men are visiting iran this week. executives from france's biggest aviation and industrial companies are looking to explore deals with the country that could be worth hundreds of millions of dollars. the u.s. state department says such trade visits a

citigroup was the biggest one, he blew it. he was stuck with it. >> he defended it for years and years. i'm friday, he said it is behind us. he will not be talking about it anymore. you might think he made a mistake on apple in 2005, he sold most of his steaks. he says that was not a mistake, he invested and saudi real estate, which he says has done better than apple. >> it is a market not many people get to access. >> it is not very transparent. thank you very much. joining us from our billionaire's team. let's move onto the future of wearable technology. you are looking at pictures of a headset that projects images directly onto your eyes. expect to be available late this year. we are joined by christopher nicholson, thank you for joining us. wearable headsets? we talk about wearable technology, little bracelets that count how many steps you do , they count glucose in your contact lenses. how excited are you? where thingsech is are going in our view. you talk about the quantified self. of datacollecting a lot about your biom

of asiame is the head strategy at citigroup. let's talk a little bit about japan right now.s back. some thing that was greatly exaggerated? >> i think there is a difference between the japanese market and the japanese economy. >> you can't have 50% growth every year. >> that is for sure. i think in japan, what you have caught positioning was the wrong way around at the beginning of the year. the market was very long into the end of the year, into january. you are done for liquidity for now, no more. markets sold off a very hard. last week, they added more liquidity so we are back again. >> how are you encouraging your clients to position themselves ahead of the sales tax increase in april? >> we think there is probably an opportunity of a rally until the sales tax. we are talking about a relatively short-term trade here, maybe -- >> for all sectors? >> i think the large cats are going to be well supported. .e are talking to clients there is evidence that people are not completely convinced yet. have lost money in january, it is difficult to reload in february. coming into th

. >> and a report by citigroup stockinvestors shifted funds into bonds this week.arket stocks. for the 15th straight week. down 7.2% over the last three months. in of the emerging markets the spotlight is turkey. the most important in the markets, the outlook was cut to negative by s&p. s&p says there is a growing risk of a quote hard economic landing. turkey raised its benchmark rates last week. 10% -- s&p is the only one of three ratings firms that does not consider the debt investment grade. speculation that the fed may not taper the bond buying program as much as expected. as far as individual stocks go, shares of linkedin fell today. isy warned that growth slowing down. they are looking to workers overseas to add more to the site . and more mobile features. google, the company that started out as an internet search engine, it went public about a decade ago. it is now the second most viable company in the world. apple is still the biggest company in the world. billion -- four c-suite $465llion is the value -- is the value. .

goldman sachs, morgan stanley, bank of america to my jp morgan chase, citigroup, and wells t,go and gecapital, ai prudential, and met life insurers. here is the example of the hit they would face. of december 31, 2013, 2 point $4 trillion. an estimated tax of 2.7 alien dollars or 15% of net income. you can understand why the big banks will buy it this effort. -- fight this effort. campy big deal that dave will fight. >> thanks very much. our chief washington correspondent. jpmorgan told investors today that is -- it is cutting more jobs. they are trying to boost profits. for more insight on what this means i am joined by even conrad, the managing director and head of u.s. bank research at macquarie group and joining me here, kerry geithner who covers the banking industry. did us the news, what jpmorgan say? >> jpmorgan seems to be very optimistic that over the next four to years they can increase profits. about 50% would -- which would be about $27 billion. within the industry that would be pretty significant. keep in mind that they will have to cut about 8000 jobs this year and the mo

we will get to citigroup. we will talk about matteo renzi.e had to the big speech yesterday about a disappointment. what do we get today? can he deliver what he says and that is the big question surrounding renzi. ukraine is at the top of the just and. -- is at the top of the agenda. >> never far from the tech story. pulse agendas -- to vivendi. the outlook is the ceo and he joins us from germany. great to have you with us this morning. are takingow you away some of the trading business later in the year. talk to me about the earnings momentum of your company if they take away the elements. the bigger picture. what momentum? >> the bigger picture is we a half continued to grow. wiseve grown no volume a in 2013 and we had currency effects. into 2014ors going and we believe it will improve. it will continue to grow. that is the bigger picture. oil and gas and that context is important. as you said, we agreed with our partner to trade our gas trading business. we will soon have additional resources to be able to attract business. it is a of earn

citigroup has a nice correction trading under a times, eight percent grower, sallie maesallie buyingack stock, yielding three percent, splitting up into two companies shortly, which we think will create great value as it could be a prime takeover candidate. paying eight times earnings, again, on half the market. we like some of the energy companies. we have been high on sandwich energy. people are waiting around for an hostile people to show up for these companies. are these investors to come who do not value the asset they sits where we consume catalysts for change. san e is a name where we have seen the investors getting involved.. >> that is my point.hat tpg did a lot of analysis on sand ridge the analysis is posted on their website. we believe that that is posted between seven and 12. we think that they owned the stock before they showed up. the assets were about 10. the stock watrading around six. we see that th wonee tir proxy fight and changed ght ewged management, which is shareholder friendly, doing the right thingh , cutting costs, hydratingng drilling activity. they have a

citigroup is now the third largest employer in singapore with jobs all of which could be in the united states, although they have pushed a lot of jobs to south dakota. morgan stanley is pushing jobs to japan and to china. >> and you can get more on that story. where else? cnbc.com. >> dominic, let's come back to you, actually. we're waiting for janet yellen's speech today. at the beginning, you were suggesting you hoped yellen and the fed would stave off from tapering until the second half of this year. where do we stand right now based on what's going on with the tapering and the global economy? >> i still think that the fed has every reason to remain accommodative. and i think today we'll probably see in yellen someone who is fundamentally dovish. the inflation outlook in the united states and elsewhere continues to be demine. and i think the one certain impact of the difficulties emerging markets are facing at the moment is that it is a deflationary event for the world economy. so more reason for the central banks to remain fundamentally accommodative. and that is what i expect to s

financial regulator has asked more than a dozen firms, including goldman sachs, deutsche bank, and citigroupt their trading practices. airlines flying to russia have been told to watch out for toothpaste tubes that could be turned into a bomb. the alert comes just before the start of the winter olympics in sochi. inurity at sochi is tight response to terror threats. the european central bank releases its latest rate decision today. although inflation is at a four-year low, 62 at of 66 economists do not predict a rate cut. bloomberg tv will bring you the rate decision at 12:45 london time. newsent margo draghi's conference will be at 1:30. don't miss it. hello. welcome back. i am mark barton. >> and i am an edwards. let's get the latest on the ecb decision. will there be any policy response. jonathan ferro joins us with more. has the economic data on the ecb more time? we have improving economic data coming from the eurozone. >> the inflation number, you cannot help but think that it smacks a little like last quarter. a month after a lot of people said, well, the ecb moved, maybe they will wa

cuts like that at citigroup, is this a real recovery or is this a housing market ready for a fall thisyear? >> it is part of the reason why new york is practically our weakest city. financial sectors looking iffy. the other thing is that i have been collecting survey data, people's expectations are not strong like they were 2005. cheryl: do you think prices are hurting sales? we have seen sales data declining, some of it on the weather. it has been week. >> we know people don't have high expectations. a large part the sales volume we saw in the last year or so was because of the record low mortgage rates which occurred in the late 2012, but then they shot up in early 2013 by almost a percentage point. that has kind of cooled the homebuyers. cheryl: what can we see if the challenges of the first-time homebuyers? the data we released today good for existing buyers the free first-time homebuyers they have tough lending standards when they go to get a loan, a lot of lenders are facing student loans and of course the income growth which frankly wage growth has been stagnant in this country.

. >> caller: when will citigroup break out to the up side? >> i don't know the answer. way to find that out would be to have michael come on the show with a very candid analysis, which i know he's capable of doing. let's go to barbara in florida. >> caller: hi, jim. thank you for all the help you give us. i just bought your book and i'm hoping to read it. >> oh, i wish you could come to the signing. >> i have a question on chesapeake energy and also chevron. now chesapeake energy i read their report and i get more confused about this -- >> well, you should be confused because it's a confusing report, barbara and they're selling this off and selling that off. i don't want to be in chesapeake. action alert has been buying chevron. buy chevron, sell chesapeake. josh in pennsylvania, please. >> caller: hi, jim. i want to give a big booyah to the investment club. they're a great group of guys. >> i know the club and the history of your school. i wish you the best of luck. >> caller: can they compete with gaming companies? >> yeah, but i'm not recommending any china stocks ri

a former bond executive who lives in texas, he worked for citigroup for seven years, he is now writinghe started a twitter account as a joke entertain himself and he is surprised it took so long to unmask him, but a big deal to write a book. a lot of people around here certainly followed him. we have the closing bell ringing in in 15 minutes. just talking about the cost of college tuition. yes, has skyrocketed to the point where a lot of you, parents and students have been concerned of how you are going to do it. a rising number face a crippling debt. we talk to the president and ceo, the one giving out all of the student loans. number one student lender. we will ask him the tough question, but nonetheless we will wait to hear his answer. the market may close at 4:00 p.m. eastern but i'm always on call for you. sign-up, get the top headlines, biggest ones of the day, the numbers being delivered right to be smart phone. while you are doing your kids homework, you can look at the phone and see what happens. liz: with auto production line coming, dealers coold be traced beheaded toward an

harry, is that true for a name like citigroup?> it is true, and just to get back to the issue of the market itself, i think we're having a modest healthy correction against the backdrop of significant price appreciation and some multiple expansion over the last couple years. so i think there will be opportunities in a variety of securities and, you know, i just picked out american previous and citi is another stock. they have some emerging market exposure, and emerging markets have had a difficult time of it, but it's not simply an emerging market stock and it's trading on emerging market stock type multiples. the capital position is much more robust than it's been for many, many years, and they have a diversified business stream. and i think it's wrong for one to assume that all emerging markets are exactly the same and i think that diversification works to citi's benefit. >> charlie, you mentioned value tech. we talked about microsoft. i think you have oracle on here as well. i want to ask you about apple and twitter. do you see

x compensation for top executives increased substantial for at citigroup, goldman sachs and jpmorgan.why the big increase. >> so the profits rose substantially at all these banks which is the benchmark that a lot of the boards are going to be looking at here and also the stocks rose in most cases. the stocks more than doubled in a lot of these banks. you think of bank of america and citigroup, you have executives that are really entrenched in a big turn around effort. the one that surprised a lot of people, jamie dimon, $20 million in a year where the net income actually fell and the bank paid out more than $20 billion in legal fees over the course of full year 2013. but when you think about it, a lot of these compensation packages are in stock. so you're really incentivizing the executive to continue the company on a course where that value is going to go up. dimon's pay package was $18.5 million, no small potatoes there, but it was mostly in restricted stock he will get over the course of several years. we talk about silicon valley and whether there's a double standard -- >> we were

we're looking at prices, you know, citigroup has been throwing out some really bullish calls on naturalys is saying we'll become net exporters of natural gas in the next couple of years but volumes, very, very heavy when the market goes up in natural gas. that too is a very bullish sign. david: bottom line, is there enough natural gas being produced, being discovered, et cetera in this country and in other countries as well, so eventually we will won't have these inventory problems? >> we've come a long way, put it that way. liz: breaking news with adam shapiro. we've got it. >> coca-cola is making a major investment into green mountain coffee roasters. we're still waiting for green mountain coffee roasters numbers. but coca-cola is buying roughly $1.25 billion worth of newly issued shares in green mountain. eventually they will partner in delivery of cold beverages. so this is a big announcement on the eve of getting those numbers from green mountain coffee. $1.25 billion investment from coca-cola. 16 million plus newly-issued shares for 1.25 billion bucks, guys. liz: numbers are out.

looking at a mixed picture, we do have goldman sachs higher, but citigroup is lower.n is higher and morgan stanley is lower at the moment. so after today's disappointing economic data and, yes, it came from housing, but also the new york empire index which gives us a regional sense of how that economy is doing, not good, right? but the dismal readings don't seem to be hurting the nasdaq. we do have mixed trading, only the red in the dow right now, so what can we expect as we head into the closing bell? let's bring in the traders at the new york stock exchange, cme and the nymex. good afternoon, teddy. it's a shorted week here. let me bring up janet yellen. eleven days ago she gave testimony, and since then we've been rip roaring high or. does it continue? >> well, we talked about the last week. that's what the market wanted to hear. it's going to be business as usual, and, you know, to the degree that the fed remains even quietly accommodative, you know, during this tapering period, the market wants to see that. i happen to think the game has changed. you can't fight