david banks. and the testimony given by amber heard and others, which to the judge's mind proved the truth of the allegations. truth is a difficult defense for publishers. the burden is on the publisher to prove the truth, as your correspondent helen justjust said. as your correspondent helenjust said. and that means that the starting point for the court is that they don't believe or they believe that the allegations made were untrue, so publishers have got a mountain to climb. it's a really hard defence, but the sun have managed to mount that defence successfully, bringing the evidence, which thejudge has said has been substantially proven. i take your point that actually it's a big mountain to climb for the publisher, but nonetheless, johnny depp must have taken quite a risk here to try to prove that he was not a wife—beater. why would he take that risk, do you think, given the, you know, the risks involved? what's going through a claimant's mind is difficult to discern. he will have been advise

which way does a biden administration cut for the banks? davidetom, i think, first of all, overall, i would say it is neutral, because, you know, the fed is in charge of a regulatory side. tripoli capital change, the business marco -- banks triple the capital change, the business model, if you think about it, it is a one and 100-year shock, making profits, and as a result, i think, you know, this time around, through the social utility, and i think at the same time, we are catching lower rates, which is important, because obviously banks are a conduit of the monetary policy. so the fact that we are not expecting rates to go any lower globally because of the fiscal stimulus, i think, means overall financial stocks are underpinned here. and into next year, when the vaccine will be deployed in 2022, 20 23, i think you will see a very positive scenario, whereby basically you get an acceleration in growth, banks, massive amounts of capital, and dividends that will be, you know, re-allowed, which means theall-in yields for sector, whether in u.s. or in

bank. we are thrilled he could join us this morn. how is that experiment going, david? the negative rates experiment of the continent of europe? much int is still very intellectual dispute. there is no solid evidence that supports that negative rate has been stimulated. i believe within the bank of england, that is been recognized as it is within the fed. that leaves the ecb alone. on theory, it was good. in practice, it looks rather bad. many negative impacts. negative rates do not enjoy strong, intellectual support within the institutions. i think the ecb has been limited in that i cannot believe they would go any lower, even if the overall economy were to deteriorate. i think the u.k., as you sell this money, did not even mention it, so -- londonur office is in outside the third century roman wall. it is great and historical, but london is different than the continent. can negative interest rates work in an anglo-american financial system? problematic because of deep money markets and money market funds, negative rates in the u.s., for instance, would have to make so

talking to david banks, media law expert and co nsulta nt david banks, media law expert and consultantng about the news that has come into us the bbc, that statement from johnny depp's lawyer, that he intends... well, i'm saying he attends to appeal, the statement said thejudgment attends to appeal, the statement said the judgment is so flawed that it would be ridiculous for mr depp not to appeal this decision. has apprised would you be if he did or did not indeed? —— how surprised would you be? if a claimant once to spend money on an appeal and they feel that they have grounds, they can do that. i think that the judgment is fairly comprehensive and if you look at the number of accou nts if you look at the number of accounts that mrjustice nicholl refers to, 12 of the 1a counts being brought saying that they have been proven. you have to wonder at the wisdom, but clearly mr depp and his legal team feel that the counter evidence that they brought is sufficient to outweigh that and go to appeal. you're talking about massive investment in legal fees again in any appeal here and so it isa

david. >> reporter: -- answering the call, the college students starting farmlink. connecting farmers forced to discard spoiled food and milk with food banksid. >> reporter: we remember aidan riley with 40,000 pounds of potatoes. >> we are working to load them into a truck. >> reporter: for food banks in california. >> hey, david. >> reporter: idaho potato farmer, doug hess. >> i'd like to thank them farmlink for helping me move potatoeses that would have otherwise gone to waste to people in america. >> reporter: tonight farmlink telling us they have delivered more than 15 million pounds of food and will deliver 1 million thanksgiving meals. >> hi, abc news. >> reporter: the group east west food rescue too delivering 18 million meals in 19 states since the pandemic began. >> we are keeping america strong during the covid-19 pandemic. >> reporter: latonya helping to deliver the food. >> we're going to be delivering boxes to different displaced groups of folks that are definitely waiting for this food. >> all: hi, david. >> reporter: and just in time for thanksgiving -- we're delivering thousands of turkeys to our community organizations. >>

banking space. it's a fantastic opportunity. of course, i'm delighted to be here in town while it's still happening. david with you guys as well. i'm curious and a lot of people are wondering, what is the difference? there's a virtual bank and a bank like yours that has a significant and extensive offering of services on the app and online. what is the core difference? >> it's a good question and there's a lot of ways to think about it. on one level, virtual bank is that which the regulator has defined. in hong kong, the hkma said we will have a different banking license which is tootle only. you can't -- digital only. you can't have branches. we will open it up to different people. they set other things like we will hold virtual banks to the same standards as we hold conventional banks. as far as i can tell, they have done that in every regard. is a distrust of regulatory allowance. even without a regulatory steer, many people have said digital banks of their own accord. is intended to target a population that's happy with a digital only experience. usually a mobile phone only experience. in many cases,

david. >> reporter: the americans you've met here before answering the call. the college students starting farmlink. connecting farmers forced to discard spoiled food and milk with food banksid. >> reporter: we remember aidan riley with 40,000 pounds of potatoes. doug hess. >> i'd like to thank them for helping me. >> reporter: tonight farmlink telling us they have delivered more than 15 million pounds of food and will deliver 1 million thanksgiving meals. >> hi, abc news. >> reporter: east west food rescue too delivering 18 million meals in 19 states since the pandemic began. >> we are keeping america strong during the covid-19 pandemic. >> reporter: latonya helping to deliver the food. >> we'll be delivering boxes to different displaced groups of folks that are definitely waiting for this food. >> all: hi, david. >> reporter: and just in time for thanksgiving -- 8,000 turkeys for the holiday. it's not just the food, the essential, college students starting give essential for frontline workers. >> hi, david. >> reporter: co-founder -- >> we've been able to raise the equivalent of $1 million in donations for essential workers in all 50 states. >> reporter: a nurse in chica

massive increase in demand people wake up and they're hungry we can help we do redwood empire food bank ceo davidoodman says that after an initial surge following the start of the coronavirus pandemic demand for food dropped over the summer but as winter sets in and the coronavirus pandemic drags on demand has spiked by the war the demand now is exactly the way it was after 2 weeks in the initial hit of covid-19 right now they are providing food to 80 to 90,000 people per month roughly 30,000 households. they have also added 42 extra distribution locations across northern california. but while demand is up donations of food and money are actually down they're also worried that federal assistance could soon end. goodman says they need help from the community. the first thing is we need their time we need volunteers were only 70 staff at the food bank or a 1500 volunteers. >>we need volunteers. we need food where the redwood empire food bank without food were entirely irrelevant and then we need funds because without financial contributions, we can't fewer trucks we can't refrigerated food the day

massive increase in demand people wake up and they're hungry we can help we do redwood empire food bank ceo david goodman says that after an initial surge following the start of the coronavirus pandemic demand for food dropped over the summer but as winter sets in and the coronavirus pandemic drags on demand has spiked by the war the demand now is exactly the way it was after 2 weeks in the initial hit of covid-19 right now they are providing food to 80 to 90,000 people per month roughly 30,000 households. they have also added 42 extra distribution locations across northern california. but while demand is up donations of food and money are actually down they're also worried that federal assistance could soon end. goodman says they need help from the community. the first thing is we need their time we need volunteers were only 70 staff at the food bank or a 1500 volunteers. >>we need volunteers. we need food where the redwood empire food bank without food were entirely irrelevant and then we need funds because without financial contributions, we can't fewer trucks we can't refrigerated food the da

. >> reporter: assemblyman david shoe says edd and bank of america has not been transparent with the public or lawmakers in sacramento. >> we deserve answers immediately from edd and bank of america leadership as to what's happening here. >> reporter: he says if he doesn't get answers soon, heel take legislative action. >> fact that these cards didn't have the appropriate antifraud technologies and the typical chip technologies that all of us use in every other context is not acceptable. we need to hold them both accountable. >> reporter: we asked bank of america why these deb irrelevant cards don't have chips. they referred us to edd, the state agency telling us that providing this chip technology is, quote, "a rather new offering and it is not included in its current contract with b of a." edd says it will be reviewing all options. >> we posted statements from edd and bank of america on kpix.com. >>> the public have soon have near instant access to any san jose police body camera footage that the city decides people should see. the department is required to release footage of incid

but, david, the bank index is barely down. when i first heard about the spat, i said, uh-oh, it is going to be about back stopping the banks, back stopping money, david, i got -- the treasury secretary is right in the letter, he actually go over how the spreads -- >> he does, he talks about spreads and how they closed and some closed far beyond where they were before they put the programs in when there was concern about it and also most of the money sitti inting there back stop. 25 bills all that's been used. >> junk bonds, by the way -- >> why the u.s. government or the treasury -- fed need to own bonds of apple or mcdonald's is beyond me. and many people. but like, why? >> the federal always wants more money. >> right. >> i thought that was -- >> is that true? >> well, i don't know. president evans, 45 minutes ago, would say no >> yeah. >> in the interview with steve liesman. basically said this is just a frankly a -- to use the word disappointment, obviously, david, the headlines in the papers are indicative. headlines in t

anna: dani burger at the bank of england. david stubbs is still with us. ound, despite the fact that this is a central bank doing more qe than had anticipated. that does not necessarily sound like what you would expect. why do you think more qe has added up to a stronger currency? david: there are several things going on in the world as well. i think you see a broader risk on sentiment in the last couple of days, and the pound is a cyclical currency. i put this down to a further reinstatement of the very robust institutional framework we have here in the united kingdom, where we are lucky to have our central bank be able to issue debt in our currency. and the combination of the funding --nding -- finding a very large fiscal deficit for the country. i think it is the ideal combination when you face such an enormous shock. this is a progrowth move. move,as a result of this we also some movement on gilt markets as well. up, yields down. what is your expectation for where yields go? i suppose that is what the bank of england is trying to do here, still trying t

massive increase in demand people wake up and they're hungry we can help we do redwood empire food bank ceo davidoodman says that after an initial surge following the start of the coronavirus pandemic demand for food dropped over the summer but as winter sets in and the coronavirus pandemic drags on demand has spiked by the war the demand now is exactly the way it was after 2 weeks in the initial hit of covid-19 right now they are providing food to 80 to 90,000 people per month roughly 30,000 households. they have also added 42 extra distribution locations across northern california. but while demand is up donations of food and money are actually down. they're also worried that federal assistance could soon end. goodman says they need help from the community. the first thing is we need their time we need volunteers were only 70 staff at the food bank or a 1500 volunteers. >>we need volunteers. we need food where the redwood empire food bank without food were entirely irrelevant and then we need funds because without financial contributions we can't fewer trucks we can't refrigerated food the day

let's bring in david, chief investment officer at city private bank we know about the election, davidwhat's the injection is it the vaccine or an injection of stimulus or both? >> it's actually both but the title was really meant to toke us on the vaccine. we just published a piece that really took a look at all of the different vaccines and where they are in phase three trials what we see is sometimes between late november and early january, we're going to have the results of all four of these if several of them are efficacio efficacious, there are literally hundreds of millions of doses being produced right now that can be distributed next year that means we could see the end of the pandemic in the end of the second quarter, certainly in the summertime of 2021 we think investors really haven't thought about that, we could be seeing that event take place. >> what are you modelling as the efficiency or effectiveness rate of these injections? vaccines >> we've taken a look at three different rates. a rate of 50% or less would be poor something between 50 and 75% would be good, anything

parts, first my colleague and friend david callan, president and ceo of the american finance will introduce doctor garrett scott, then she will discuss her book banking on freedom following this discussion david and i will facilitate audience questions and we ask that you type your question in the q&a section near the bottom of the zoom screen. i am also very excited to share as a participant of today's webinar you will be entered into a raffle to win a free ecopy of the book banking on freedom, winners will be notified by the end of the week. finally before i turn it over to david to do a formal introduction i want to remind everyone that the school in the museum rely on your financial support to continue our mission. i encourage you to take time to think about a donation to our outstanding organizations. now i would lik to turn over to david. >> thank you donna it is great to be back with you and the friends that we have in the cfa. r speakeroday is a native texan who received her phdt the university of texas she is a ofessor at the university of mississippi. in her research and writing she brings the issues of race, nder and capitalism. the resear

. ♪ >> david rubenstein peer-to-peer conversations is brought to you by wells fargo corporate bankingvid: you are the largest vaccine manufacturer in the world, as i understand it. some people say that vaccines are not the most profitable part of the pharmaceutical industry. as i understand it, people might take a regular drug once a week or once a month. with the vaccine, you take a once or twice, and you are done people -- and you're done. is aboutr and it profitable of a business to be in the vaccine business? the worldyone and carries a lot more about vaccines. and they're looking at it a lot more now than perhaps we did a two years ago. we are the largest manufacturer. we shipped 2 million vaccines per day. i think we vaccine about 40% of the world's children. business, butable it comes with responsibility around access. think why do you pharmaceutical companies, you are one of the largest in the world, generally the public says that maybe they are making too much money, and that maybe your image is not as good as he would like it to be. why do you think that is happening, and is

massive increase in demand people wake up and they're hungry we can help we do redwood empire food bank ceo david goodman says that after an initial surge following the start of the coronavirus pandemic demand for food dropped over the summer but as winter sets in and the coronavirus pandemic drags on demand has spiked by the war the demand now is exactly the way it was after 2 weeks in the initial hit of covid-19 right now they are providing food to 80 to 90,000 people per month roughly 30,000 households. they have also added 42 extra distribution locations across northern california. but while demand is up donations of food and money are actually down they're also worried that federal assistance could soon end. goodman says they need help from the community. the first thing is we need their time we need volunteers were only 70 staff at the food bank or a 1500 volunteers. >>we need volunteers. we need food where the redwood empire food bank without food were entirely irrelevant and then we need funds because without financial contributions, we can't fewer trucks we can't refrigerated food the da

banking on freedom. following this discussion, david and i will facilitate audience questions. we ask that you type your questions in the q and a section near the bottom of the screen. i am also excited to share that as a participant of today's webinar, you will be entered into a raffle to win a free copy of the book banking on freedom. winners will be notified by the end of the week. and finally, before i turn over to david to do a formal introduction, i do want to remind everyone that both the school and the museum rely on your financial support to continue the mission. so i encourage you to take some time to think about a donation to both of our outstanding organizations. now i would like to turn over to david. >> thank you, donna and it's always great to be back with you and the friends we have and of course the cfa. our speaker today is a native that received her phd at the university of texas and currently a professor at ole ms., the university of mississippi. in her research and writing she brings to the floor the issues of race, gender and capitalism. the research behin

first, my colleague and friend, david coward, president and ceo of the museum of financial introduce doctor garrett scott. then she will discuss the book "banking on freedom." following this discussion david and i will facilitate obvious questions. we ask that you type your questions in the q&a section near the bottom of the zoom screen. i'm excited to share that as a participant of today's webinar you will be entered into a raffle to win a free copy of the book "banking on freedom." winners will be notified by the end of the week. finally, before he turned over to david to do a a formal introduction, i want to remind everyone that both the gabelli school and the museum rely on your financial support to continue our mission. i encourage you to take some time to think about a a donatin to both of our outstanding organizations. now i would like to turn it over to david. >> thanks, donna, it is great always to be back with you, the friends with and, of course, cfa. our speaker today is a a native texan who received her phd at the university of texas. she is called a professor at ole miss, the university of mississippi. in research and writing she

one of them is the redwood empire food bank in sonoma county its c e o david goodman says that the current level of demand is exactly what it was during the start of the pandemic well now the food bank is providing food to 80 to 90,000 people each month. the food bank also added 42 extra distribution sites just across northern california. but they need help. >>the first thing is we need their time we need volunteers were only 70 staff at the food bank or a 1500 volunteers. we need volunteers. we need food where the redwood empire food bank without food were entirely irrelevant and then we need funds because without financial contributions, we can't fewer trucks we can't refrigerated food the day could dedicated staff. >>well if you'd like to volunteer or make a donation you can find all that information on the food bank's website or we've also posted a link on our web site so if you like more info just head over to kron 4 dot com you have it all listed for you there. well glide memorial will be holding its annual thanksgiving celebration. but with covid safety in mind, thanksgiving morning

. >> the next day david and i separated so that i could go alone into gaza. along with the west bank, gaza is one of the two areas that have been taken by israel in 1967 and has been an occupied territory ever since. >> when i was in gaza david attended an israeli right wing rally in jerusalem. a large movement of religious israelis believe that rather than returning this land, it should be annexed by the state of israel. these people, called settlers, were creating villages in the occupied territories in order to create this reality. the rally was one of many demonstrations held by the settlers to convince the israeli government not to withdraw from the occupied territory. >> you have not seen an earthquake. >> the devastation of an earthquake. all you have to do is go to -- >> the water here is salty. so the government set up desalination plabts. they cannot just get pressure water. looks like somebody's handy candy. in fact, it's their daily routine. there are hundreds of thousands of people who don't want to get out of gaza. they want to keep them in gaza. and the palestinians is

parts, my colleague and friend david cowen, president and ceo the museum for american finance will introduce shennette garrett-scott. then she will discuss her book "banking on freedom: black women in finance before the new deal". following this discussion david and i will facilitate audience questions. we ask you type your questions in the q and a section in the bottom of the screen. the participants of today's webinar, in ecopy of the book "banking on freedom: black women in finance before the new deal," winners will be notified by the end of the week. to do a formal introduction, i want to remind everyone, we rely on your financial support to continue our mission. i encourage you to take time to think about a donation tour outstanding organizations. w i would like to turn it over to david. >> iis great to be back with you and e cfa. our spker today is a native texan who received her phd at the university of texas, currently a professor at ole miss, university of mississippi. she brings tthe for the issues of race, gender and capitalism. the research behind th book is incredible. there are over a 475 detailed footnotes. the ok has received much praise i

david? >> the london inner bank and the scandal you referred to over 12 years ago but they were basically manipulating it at that time. and to your point, so much that trades at a spread of over libor. >> libor, that's right they can't get rid of it they don't like it another offer rate that is being promoted and is going to be where they are going to transition to. but they are feeling that if they were to change all these contracts, they said, some contracts don't have language that allows change and will blow open and probably the cure in this case would be worst than the disease, so to speak so, they're going to let this hang around for a while and they're proposing that it end in 2 2023 carl >> steve, thanks we'll talk to you in a bit steve liesman. >>> jim, the final day of the month. some discussion about reallocation and more broadly whether or not the vaccine news over the past few weeks has stolen some of that year-end rally we typically see in december >> i'm not banking on that i think that what is going to happen is we're going to have a stay-at-home holiday season which benefits a few ve

david chew says a backlog involving bank of america is not getting any better. >> bank of america whoas failed, to this day, and this mom are not been able to provide the public with answers on why 350,000 bank of america debit card were frozen while californians are trying to access benefits. >> bank of america issued a statement saying it's a security issue and working with the state and lawsuit to identify and take action against fraudulent applicants. >>> san francisco's department of elections is manually counting votes last in last week's election. department workers are at a warehouse selecting 1% of the ballots from the election. they will compare those ballots to the results that came this through the city's electronic voting equipment and the goal is to verify the ballots were accurately counted before the election is certified. >> this is something that happens after every elections it's not in response to issues or concerns about the election. >> election officials say so far they have not found any issues. the manual tallies will be completed today or monday at the latest

the bank stocks, david, we went -- what is the ten-year doing? it is still below 1. i think like 1.25 and 1. 5 to justify some of the bank stock moves. where as at the same time, i look at let's say some of the software service stocks, i wonder whether they really are too high, simply because they -- i'm trying to out the ones that were hiding it, and, carl, find ones like mcdonald's, which i think have done substantive things that are not expensive and could take over the world given the fact that they're doing so many things right >> yeah. we're going to hear from chris later on in the hour and then throughout the morning to your point, a lot of the trends that got developed before covid and then accelerated during covid talking about digital delivery, drive through, he sees melding into a picture where you don't talk about digital as a thing it is all one thing. we'll get to that and comments about mcplant and beyond meat and the rest. >> that is so right. we realize that you have -- if you can digitize, then what you really are doing is becoming more efficient i l

then she will discuss her book, banking on freedom heard following this discussion david and i will facilitatee questions. we ask the type your questions in the q&a section near the bottom of the zoom screen. i'm also very excited to share as a participant at today's webinar you will be entered into a raffle to win a free ecopy of the book banking on freedom. winners will be notified be the end of the week. and finally before i turn it over to david to do a formal introduction, i do want to remind everyone that both the gabelli school depend on your financial support for their mission part i would encourage you to take some time to think about a donation to both of our outstanding organizations. now i would like to turn it over to david. sue and thanks don it's always great to back with you in the ford home and our friends today are speaker today received our her phd for the university of texas. she's currently at the university of mississippi. under research and writing she brings race gender and capitalism for the research behind this book is incredible. there are over 475 detailed footnotes

first my colleague and friend david cowan, president and ceo of american finance will introduce shennette garrett-scott. then she will discuss her book "banking on freedom: black women in u.s. finance before the new deal". following this discussion david and i will facilitate audience questions. we ask that you type your questions in the q and a section near the bottom of the screen. i'm very excited to share that as a participant of today's webinar, to win a free ecopy of the book "banking on freedom: black women in u.s. finance before the new deal". winners will be notified by the end of the week. before i turn it over to david, i want to remind everyone the school and museum rely on your financial support to continue the mission. i encourage you to take some time to think about a donation to both of our outstanding organizations. now i would like to turn it over to david. >> guest: it is great to be with you and the cfa. our speaker today is a native texan who receives her phd at the university of texas, currently a professor at ole miss, university of mississippi. in her research and writing she talks about race, gender and capitalism. th

one of them is the redwood empire food bank in sonoma county. its ceo david goodman says the current level of demand is exactly what it was during the start of the pandemic right now the food bank is providing food to 80 to 90,000 people each month. the food bank also added 42 extra distribution sites across northern california but they need help. the first thing is we need their time we need volunteers were only 70 staff at the food bank or a 1500 volunteers. >>we need volunteers. we need food where the redwood empire food bank without food were entirely irrelevant and then we need funds because without financial contributions, we can't fewer trucks we can't refrigerated food the day could dedicated staff. >>if you'd like to volunteer or make a donation you can find information on the food bank's website we posted that link on our website. >>kron 4 dot com this impassable in sonoma county will soon become a new home to some of that county's homeless population, this is the is website. today the state's project home key approve the county's proposal to buy th

banking on freedom: black women in u.s. finance before the new deal". following this discussion david and i will facilitate audience questions. we ask you type your questions in the q and a section near the bottom of the viewscreen. and and banking on freedom. winners are notified at the end of the week. i want to remind everyone, they rely on your financial support to continue our mission. i encourage you to take time to think about a donation to both of our organization. >> the cfa. our speaker today is a native texan who received her phd, professor at the university of misssippi. and her research and writing, race, gender and capitalism. the research behind this book is increble, the are over 475 footnotes. the book received much praise, the sociation oflack women histians, and and former speaker in this lecture series, it is, quote, innovative and pathbreaking and beautully written and deeply researched. shennette garrett-scott can turn a phrase starting with the dedication which i really like that reads to malcolm, dominique, maleic. given the social -- it is timely to understand

say here, again, vote with your ballot and not with your life savings >> we'll take that to the bank david joe? >>> thanks, andrew let's get to cnbc headquarters in a good mood you're up late watching it but maybe you're not because there's not as many, we're kind of easing off the earning season not like you have to get up at 2:00 and start combing through all the 400 stock. >> like the bengals we showed up. >> in the over >> in the fourth quarter we delivered but the most important thing was the refs delivered and no one really talks about the refs as being people who really just come out and play. and, you know, it was important there in philadelphia. i just felt there was a glow to it because there was a play that we won on that i think somehow it was, i don't think there was a person there who thought what should have been called got called but that's okay. right? a w is a w >> yeah, sometimes i get frustrated with all the checking things out but they seem to be getting many more things right did you see the punches thrown in the one game, jim did you happen to see that were you watch

banks are plagued with a surge of bad loans. true profit declines in the third quarter. davidtaking a closer look at the banking sector and joins us from hong kong. stephen, this is not a new story when it comes to china banks. you have to wonder whether the pandemic has brought these chickens to roost. stephen: they are seeing their worst quarter in more than a decade and a half. china and listed these state -- china enlisted these state banks. they were asked to sacrifice profits. the first half of the year was a write off. they had to rollover a lot of bad debt. the second quarter was terrible. net income in the third quarter 5% ated slide less than all the big four. that was compared to an average slump of net income of 25% in the second quarter. side, muchincome better position. you have to pay the piper on those policy moves and the nonperforming loans climbed to a record high. 979 billion yuan in the third quarter. china allowing many borrowers to delay principal payments until march 2021, a payment holiday. what will happen after that? a return of more nonperforming lo

david: travel stop shooting up, including cruise lines and banks. the banks stand to benefit here? paul: potentially, if the idea banks may not be as regulated going forward or economic growth improves enough the yield curve could steepen and long-term rates could rise and give banks a break in terms of lending rates, that could help banks. that seems premature. also the travel and leisure seems premature to us. that is an extrapolation based on what results we have seen in the last week from the election. we are still a long way from being able to go back to normal. that is not a political question, that is a covid question, that is a biological question that has resisted our best attempts. we think covid will be with us for some time. david: spent a minute on bonds. the yield wasme so low it did not make any sense to use it for a hedge. it has shot up almost 13 basis points. stocks, mightike have a shorter-term reaction related to the vaccine news. certainly related to the political news, especially if the market thinks growth will be the outcome 12 months from now, that rates co

david: steve rattner of willette advisors. and tom and of bank >> the generations that are coming up want this. they want us to do esg. >> all of them are asking about this.

which are the mandates of these central banks around the world. david: but actually coins.back to bitcoin, down 14% since wednesdayment. david: i love how they have all these images of coins themselves -- >> including gold ones that are in stu's bathtub, i think. david: well, i've got some gold coins of my own. i like the gold. i like to hang on the stuff. what else is moving the markets today? >> nasdaq hitting a record at the opening bell, investors have been taking their profits out of apple, amazon, google and facebook the past month and getting back into rotating into these underperformers, value plays as we call them, that are trading less than what their book values are. the travel stocks, the airlines and the cruise lines. but some of that money reversing today especially in this holiday-shortened session on this friday. especially as we head into the winter months, i think people are concerned covid causes will be spiking once again, spiking higher. that means more educating from home and a lot more use of technology, buying more computers, tab leapts, and that's w

banking on freedom." winners will be notified by the end of the week. and finally it for a turn over to david to do a formal introduction i do want to remind everyone that both the gabelli school and the museum rely on your support to consider a mission. i encourage you to take some time to think about a donation to both of our outstanding organizations. now i'd like to turn over to david. >> thanks, donna, it's great always to be back with you, the ford infringement and, of course, the cfa. our speaker today is a a native texan who received her phd at the university of texas. just really a professor at ole miss, university of mississippi. in a research and writing she brings to the fore the issues of race, gender and capitalism. the research behind this book is incredible. there are 400 -- over 475 detailed footnotes. the book has received much praise including awards from the organization of american historians, the association of black women historians, the southern historical associations bennett award for the best book in seven economic history and was also on the short list for the priz

banks would pass muster. they are too big i regard this as a moment for everything other than the stay at homes >> yeah. well, david, i have been waiting. we will talk to pnc next hour. i'm waiting for you to bundle pnc, simon and home depot. >> we'll get it done now on the pnc deal, we should mention. you both pointed out $11.6 billion. the proceeds from the sale of lap rock and a huge number they brought in there, too. done easily. amazing what was allowed to be done without people allowed on trading floors those proceeds going towards what jim was just telling you about and carl was telling you $104 billion in assets headquartered in houston, texas, and provides commercial and retail banking sectors and 637 branches we're talking texas, alabama, california, colorado, new mexico they're talking about a coast-to-coast franchise now you see pnc is responding positivi positi positively, not much as the seller carl mentioned let's get to the two deals. jim, let's start with simon. man, i spent a lot of time talking to the lawyers on both sides of this hearing the arguments to why, listen, the taubman side was thought

fink: that was larry speaking to david rubenstein at the bloomberg new economy forum. singapore's biggest banksed resilient during the pandemic, beating estimates. joining us now is the ceo of southeast asia's biggest bank, dbs group's piyush gupta. great to have you on. thank you very much for your time. we continue to see this resurgence of virus cases around the world. how long do you expect to remain resilient? last time, you said business momentum has improved. you saw a pickup in credit card spending. but for how long? piyush: well, you have got to aalize that there is frankly bifurcated situation with the virus as we speak because most of the countries in east asia are actually doing ok. you are not seeing a massive resurgence of the virus in most north asian countries. however, we have a footprint. and as a consequence, you are beginning to see activity pickup , and it started picking up in the third quarter. it has continued to stay strong so people are out spending. you cannot get a restaurant anywhere. still flagging is the cross-border business so travel is slow. even with the air b

banks flying, as you heard from david. industrial strong, got some new highs there.pretty well underperforming relative to everything the story first off out of big cap and sort of into small cap the s&p 500 doing great today but the s&p small cap, if you take a look, is also doing >> out of big cap into small cap. out of megacap, tech and growth. compared to the market kind of flashish over the victory to the megagrowth story putting up some of the megaindustrial names today you've got honeywell sitting right there near 200 3 m, these are huge moves. and of course work from home and into travel and leisure. work from home ebay, tell con zoom into travel and leisure. disney, delta, america express seeing double digit moves. i don't want to sound like debbie downer. i don't think it matters with delta. put up delta, it was $60 it went up to $30. does it matter delta is probably gonna lose $10. maybe it will be profitable. maybe. the market doesn't matter for this kind of rally look at honeywell. honeywell was 160 last week. now it is sitting at a new high with earning

banks. therefore the market is starting to reflect that better, charles. charles: david bahnsen.iate your conversations. really do. thank you my man. president trump attending a veterans day ceremony in arlington cemetery. why we should thank a veteran today, especially today, because you know freedom is just not free. when you switch to xfinity mobile, you're choosing to get connected to the most reliable network nationwide, now with 5g included. discover how to save up to $400 a year with shared data starting at $15 a month, or get the lowest price for one line of unlimited. come into your local xfinity store to make the most of your mobile experience. you can shop the latest phones, bring your own device, or trade in for extra savings. that's simple, easy, awesome. visit your local xfinity store today to ask, shop, discover the latest on xfinity mobile. ♪. charles: a short time ago president trump visiting arlington national cemetery to lay a wreath at the tomb of the unknown soldier in honor of veterans day. i want to bring in retired lieutenant commander steve rogers, also k

infrastructure, some cannabis stocks, while the jpmorgan team put banks, fossil fuels, big tech, defense, pharma, biotech in the trump basket. david kelley is jpmorgan's chief global strategist. in 2016, all right, david, the election wreaked havoc on the markets over the course of 24 hours. let me start with a general picture. what are you guys bracing for this time around? >> well, i think it's bracing for volatility. it's very hard to call this exactly but you have got all the polling but it's such an unusual election with all these mail-in ballots that i think it gets harder for pollsters anyway. we are bracing for turbulence the next few days but hopefully, we will have an answer within 48 to 72 hours, as to who the president is, who controls the senate, who controls the house, and you know, people need to remember, uncertainty generally goes down after elections. it feels very tense right now but generally speaking, elections are decisive and certainly will in the end get a decisive result here. liz: it's kind of interesting, the technology is lower today considering it has been a leadership sector here. but this is possibly

banks are also pushing forward aggressively. so i think we'll see quite a bit change without legislative action. davidand let's go to the legislative action, because you described it could be bipartisan. it could be unilateral from the executive branch. let's be honest. the president elect set out very ambitious goals. i understand carbon free and power generation by 2030. carbon free in the overall economy by 2050. there without legislation, are you? ernest: you're right. certainly for the big push that we need to make to going to a decarbonized economy by mid century, there's going to have to be legislation. the clearly -- for the near outcome of the senate clearly eorgia will play an important role as to ho's in the majority because we -- what we maybe sometimes forget, i certainly didn't when in the -- in a split government, if you like, is that the majority, as narrow as it may be, has a lot of control actually comes to the floor for a vote. those georgia elections are clearly important. they -- certainly if both go may be ic, then we seeing things like pricing introduced. but whatever the case,

david westin on bloomberg television and radio. let's get a quick check on the markets. a lot of nothing. the bankerica fund manager fully saying they are bull. even nasdaq is a hard time holding up. this is bloomberg. ♪ are you frustrated with your weight and health? it's time for aerotrainer, a more effective total body fitness solution. (announcer) aerotrainer's ergodynamic design and four patented air chambers create maximum muscle activation for better results in less time, all while maintaining safe, correct form and allows for over 20 exercises. do the aerotrainer super crunch. the pre-stretch works your abs even harder, engaging the entire core. then it's the back extension, super rock, and lower back traction stretch to take the pressure off your spine and stretch muscles. planks are the ultimate total body exercise. build your upper body with pushups. work your lower body with the aerosquat. the aerotrainer is tested to support over 500 pounds. it inflates and deflates in less than 30 seconds using the electric pump. head to aerotrainer.com now. now it's your turn to lose weight, look gr

bank of america. he wrote a letter to them and several other assembly members signed that letter demanding more answers. at 6:00 tonight, we'll hear from assembly member david chu, who has been critical of edd, and hear more about what his reaction is when he heard this news about this latest prison scam, allen?. >> yeah, they got to get moving on it. kenny choi in marin county, thanks. >>> california just set a record for new coronavirus cases in one day just ahead of thanksgiving. 18,350 new cases were reported yesterday. and there were 106 new deaths. the 14-day average for test positivity is now 5.9%. hospitals in santa clara county are now down to just 69 beds for icu patients. now, this warning after the county reported a record 512 cases yesterday. kpix 5's wilson walker is live at the county fairgrounds' testing site and tells us public health officials are imploring people not to gather tomorrow, wilson? >> reporter: liz, they can test about 3,000 people a day here. they opened a pop-up testing site not far away. they held multiple press conferences today. it's a real full court press down here. they are begging people to cancel plans, not to trave

bank. i am proud to say j.p. morgan is the largest of the graduates and i know many on the webinar today. a few ground rules in a few parts, first david, president and ceo of the museum of american finance will introduce nicholas and then nick and consuela will discuss the fall and revival and following the discussion, david and i will facilitate audience questions and ask that you type your questions in the q&a section near the bottom of the screen. you may be entered into a raffle to win an e-book. the winners will be notified by the end of the week and before i turn it over to david to introduce, i want to take a moment to remind everyone the school of american finance rely on your philanthropy for support, and i ask that you consider making a gift to both of our organizations. with that said i'm going to turn it over to david. >> thank you. it is great to be back with our friends. living the history of the market since the 1970s when he started out at the treasury and san francisco federal reserve. after that it was a high profile career at j.p. morgan's private bank. from 2003 until recently he was the cio of western and southern

david. >> we have a couple of questions. i will read one on the same topic about going away in 2008 and 2009 that brought back that question should there be a separation between commercial banking and investment banking? >> there is really no investment bank left so i think that it's become a moot point. what i will say going back to the vision he would talk to him all the time and would be lobbying him to make an exception for us. we are not a retail we are a wholesale, so. if you are a retail bank the retail banks stopped the securities that the investment underwrote and that is if you liked the reason for separation so preston is saying to volker we are just dealing with corporations. it shouldn't apply so that is what the division would have looked like. >> a question from charlie drive is reflecting on the fact j.p. morgan was the leader in the investing for corporate pension funds in the 70s and had a significant share of the pension management business but it was hurt when the nifty 50 grew up. did they ever recover and was it retraced. do you know charlie dreyfus? a fabulous track record. >> you really do ask great questions. here is my take on it. you are absolutely co

banks are up so much. it has to do with the narrative of the traders and investors buying cyclical stocks on the potential for strong recovery. guy: i will cheat -- david: i will cheat. you and i talk when we are not on television. what is going on with the yen? abigail: those are some of my favorite conversations because we can move back and forth. the yen does bring attention to itself over last year. it is up about 4%. when you have stocks at all-time highs, you have bonds at record highs, although folks will say the fed -- the yen is a pure play haven. over the last year, up about 4%. some traders might like the fact that stocks are higher, but they're probably hedging for the possibility there could be choppiness ahead. that is true for the vix. the vix is still above 20. that is in its historically elevated range. traders are on alert for the possibility of some sort of volatility ahead. the question is whether it will be a normal cooling-off or could it be something bigger? guy: -- david: we will find out. abigail doolittle reporting on the markets. congress is back in session with a full agenda, including funding the government and the stimulus

this sustainable, though >> david, you know, you've got janet yellen and jay powell, they're not going to stop it >> okay. >> i think they're not hawks when it comes to the banks get somehow elizabeth warren in there. >> that's not happening. >> no, it is not happening that's one of the -- it is a relief rally senator warren was not made treasury secretary i think yes you can move we don't have earnings so they can go up until we see a battle of the bad loans. but people are also playing catch-up i like the she have reaschevron. right now, dpw holdings, it has halted oh, my god it has halted for people trying to figure out what it is stop trading what is it >> at least ciig merger corp., which is a rival, that's the nail name of the company, it has microfactories >> mini factories. >> microfactories. >> micro, really small. >> nano. >> yeah, they make tiny little ev cars. >> come on remember wave ford. >> talk about stocks coming back, here is an old favorite we haven't mentioned in a long time >> let me do like jeopardy let's do it. >> i'm not going to get it. >> haven't mentioned a long time. >> you were all over this. you did not like it. you, oh, boy, you

bank. >>> and the death of the original darth vader, tributes becoming a top online >>> this morning, the man underneath the notorious darth vader mask has died. david proust died yesterday at the age of 85. he played the deep-breathing character in the first three "star wars" movies. but his voice was never heard. he only lended his 6'7" frame while james earl jon earl jon e the character. disney owns "star wars" and is the parent company of abc 7. >>> the biden team is moving ahead with its transition work. and president trump continues to challenge the election results. abc news white house correspondent rachel scott has more on another lawsuit the trump team has lost. >> reporter: overnight pennsylvania's supreme court striking down a republican lawsuit to toss out more than 2 million mail-in ballots. the state's justice unanimously dismissing the case. in a concurring statement, one just writes, they have failed to allege that even a single mail-in ballot was fraudulently cast or counted, noting several of the republicans who brought the lawsuit participated in primary elections under this system without complaint, adding, courts should not dec

david perdue of lying to voters and profiting off this crisis. >> senator perdue repeatedly claimed that he doesn't control day to day stock trades, but federal agents secured bankinghich revealed that senator perdue did in fact personally instruct stock trading. truth is, senator perdue did direct his investments personally, so every time he has said he is not personally responsible for profiting from this pandemic he's been lying to you. >> reporter: what ossoff is referring to is the reference, "new york times" report from late last week in which it said david perdue actually instructed his financial adviser to make those trades. now, perdue's campaign responded but haven't said why they gave a different story earlier about perdue's involvement. they said he has been cleared by the senate ethics committee and justice department, there was no wrongdoing and he has been cleared of any charges whatsoever, but the question about perdue's involvement is becoming a central focus in the campaign. >>> more to come from cnn "newsroom" after this. force vee of doing what's right, not what's easy. so when a hailstorm hit, usaa reached out before he could even inspect the d

and then, david, it proceeds to become bigger and bigger i know comparisons are odious. but you're doing one with banka i remember people said, tesla passes ford, that's going to be the day that henry ford rolls over in his grave. and it was gm, then gm and ford, then ford, gm twice, and enough. >> right right. it is bigger than bank of america at the beginning of trading today by $12 billion in market cap, 220 billion to 208. >> got their balance sheet. >> had a better year >> babe ruth, thank you. >> all right, guys, getting close to the opening bell in a little over a minute here. one quick comment on stimulus, treasury downgrading q4 estimates of borrowing basically a signal that stimulus is a lot less certain now than it was a couple of months ago. we haven't talked about it in a couple of weeks. i wonder at what point is the market convinced that because ism was the best since 18 we can get through to january if we need to? >> yes, there are enough senators in the republican senators who believe in the v, the v economy, and pmi was incredibly strong. the industrial sector remains strong i had wa