welcome back to the kaiser report i'm max keiser time now to turn to david morgan of the more great part david welcome back. all righty 1st of all i want to say that at the top of the set of you i think there's a strong possibility that some of our performance but coin and 2020 and this would be the 1st chair really stand 2011 only 1st started covering that $1.00 we started buying and selling i want to buy it at a dollar but i think it's going to outperform bitcoin this year david margan your thoughts. well slightly shocked to see that max mugari do figures would be a great year for silver i think everyone that follows so really closely knows about scott neutered from the you know i'm a manager will very knowledgeable you talked about you know as number one as sure so we're. sort of very. old. churches there max and i hope you're right i think it's possible if you don't follow their closely. 1000 range you're no 3000 so it's very it's very notable a little bit of momentum here and double from here for you to 16000 pursue a route here we look at what 3 or i don't think either one of them

david: jp morgan, you have heard of him. brian: yep. vid: they were thinking of having their own cryptocurrency. is that true? are you going to do something similar? brian: we have 45 patents on blockchain, another 45 in the process. we believe in the technology as a way to move money and uses around trade. we use a lot of information and money and documents at the same time. those are good uses for it. it is still u.s. dollars from a fiat currency distributor electronically. david: if i am a college student watching this discussion and i'm getting ready for a bank of america interview, what should i do? dress appropriately, right? brian: demonstrate curiosity, that you really want to help people. ♪ david: i don't think the people watching the show are generally bank robbers, but for those bank robbers who might have tuned in, is it easy to go to a bank today with a gun and get cash out and escape? brian: it is harder than ever. david: because? brian: because it is not very fruitful. it doesn't happen often. it still happens. you catch t

david: morgan, switching gears, details are now emerging about how huawei, the chinese telecom companyually any mobile network it is a part of. telling fox news in part, we have evidence that huawei has capabilities, secretly to access sensitive and personal information -- and sincist -- it maintains and sells this world strategically. now that we all understand that. will u.k. reconsider the decision to work with huawei? >> so, i'll lit the united kingdom speak for their decisions, we were just with secretary pompeo in london we met with prime minister johnson had his cabinet, that concern vision was very focused on china. i do think they understand the threats, we will continue to work with them, our closest ally, close ef closest intellige sharing partner, there is still a lot of work to be done, listen, secretary pompeo says this a lot, we're had huawei -- we're having to get rid of that now, and deal with that, deadline i is a challenge, the chinese communist party has behaved in this manner with financial, like huawei, we could do gown th down the list, we'reg a light on it speak

david lebovitz of jp morgan , jitenda, management david westin, thank you so much.to give an update on business headlines outside the -- on headlines outside the business world. vienna hurtado joins us with first word news. viviana: negotiators reaching an understanding on reducing violence in afghanistan. the fighting there has turned into the u.s.'s longest running war. once the agreement is signed, talks will start between the taliban and topics kenaston -- nd afghanistan. u.s. intelligence agencies are isning that russia attempting to turn the election for trump. south korea now has more than 200 coronavirus cases. of thetill the center crisis, roughly 70 5000 infections reported there. if they knew number of cases is declining. -- the new number of cases is declining. global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. viviana hurtado. alix: thanks so much. coming up, wells fargo said to be ready to pay $3 billion to settle investigations into consumer abuses. that is r

david: today, there are four men banks. citicorp, jp morgan, wells fargo and bank of america.ink that is a good thing to only have four big banks based in the united states or is it working ok? but think it works well there is a large amount of the industry in the hands of -- there are 5000 banks and community banks. you have a more varied financial industry. one of the things that makes our industry strong is the variety of participants. with the largest market share along with colleagues but if you look at us as a percentage of the gdp relative to other countries, it is unconsolidated business. with the largest retail at about 15%. if we were coke or pepsi, that would not be very good market share. there's a lot of room to grow. david: what percentage of your profits or revenue are from us at the nixon states? >> about 50-20%. 15-20. david: do you want to expand that? with a company that does corporate and commercial banking as well as treasury services around the world. we are investing tremendously in those. that does not mean you have to make acquisitions. you just add mo

david: there are four big banks, in the united states today. citicorp, jp morganlls fargo, and bank of america. do you think that's a good thing to have only four big banks that are based in the united states or is it working ok? brian: i think it works well. there is a large amount of the industry in the hands of -- there is 5000 banks, so you have much more varied financial industry. one thing that makes our industry strong is the variety. we have the largest market share along with those colleagues. if you look at us as a percentage of gdp relative to other countries, this is completely unconsolidated. we have the largest retail share, about 15%. if we were coca-cola or pepsi, we think that is not good market share. so there is a lot of room to go to grow. david: what percentage of profits or revenues are from outside the u.s.? is it a large percentage? brian: 15% to 20%. david: are you reasonably happy with that? is that where expansion can come? brian: we are expanding outside the united states, and so we have a business, doing capital markets, trading for as

merger deal as we mentioned morgan stanley's ceo james gorman will be joining us first on cnbc in just a few moments, guys. let's unpack a little bit the strategic rationale, davidrket, though morgan stanley is down, appears to be pretty good with >> i think they're happy with that down less than 4% in fact, i know they are i have spoken to people involved in putting the deal together they anticipated it would be down at least that much. it is an all stock transaction of course. that in part i'm told and e trade wanted it but also morgan stanley remember, they get reviewed by the fed, they can only use so much cash, and so they want to keep it for buybacks as opposed to using it in a deal. it is an all stock deal, obviously a significant premium there. they are talking a lot about the stock plan business. you wouldn't necessarily expect that would be one of the first things they want to highlight in terms of the administration of these plans that e trade does for so many corporations but it clearly is an area that they're excited about actually getting the two businesses together. interestingly, one that wilfred asked gorman about the last time they talked. but

morgan's only market. people take this stuff seriously in europe. davidl >> it should be to economic pressure, and to your point, j.p. morgan saying we'll not fund anyone without a woman on the board or someone of a particular race on the board that top of mob mentality. >> goldman sachs back said that. david: school administrator this seattle ending a program they call racist, but a lot of parents' to keep, our panel weighing in on that, coming next. if you have postmenopausal osteoporosis and a high risk for fracture, now might not be the best time to ask yourself, 'are my bones strong?' life is full of make or break moments. that's why it's so important to help reduce your risk of fracture with prolia®. only prolia® is proven to help strengthen and protect bones from fracture with 1 shot every 6 months. do not take prolia® if you have low blood calcium, are pregnant, are allergic to it, or take xgeva. serious allergic reactions like low blood pressure, trouble breathing, throat tightness, face, lip or tongue swelling, rash, itching or hives have happen

stabilize the firms that were less stable, jp morgan, bear stearns, ourselves, and we couldn't stabilize lehman brothers. we even looked at it as a company. david: at one point, the ceo of bank of america was leaving and they needed a new ceo. how did they pick you? you were the general counsel. brian: at that time i wasn't. i was general counsel for a short time. after that, i had the commercial banking business and investment banking business. i couldn't keep a job, let's just say that. i had five jobs in one year. largely, we were doing deals and things were shifting around and it was interesting. the late summer, early fall of 2009, the ceo told the board he wanted to leave at year end. they went through a search process.

also with us, david bahnsen of , cio anden group managing partner. we have this big deal, morgang e*trade. what you make of this? david: it is a bit of a surprise. i think gorman is quite a like citigroup at the bottom of the financial crisis, they spent $7 billion for that unbelievably robust franchise, and now they are spending five or six times that on e*trade, which used to run baby bowl commercials with throwing money around. it is so offbrand for morgan stanley. i'm just stunned. and zero fees in the race to the bottom. david: what i would speak to, i'm highly confident in my view here, is the cultural problem. the clients of e*trade are not looking for advice. even apart from the fact they don't pay for trades, they are not looking to have intermediaries that are there to provide wealth management. the spectrum of the marketplace that is willing to pay for a more private level of asset management and financial planning is at a higher net worth level than where e*trade is. i think this is going to be a very difficult culture murder for them. alix: obviously, charles schwab

david: thank you so much to kailey leinz for that report on e*trade and morgan stanley.next, coronavirus follow-up in china. thealk with anna ashton of u.s. china business council about how her members are dealing with the difficult and fluid situation in china. power" onalance of bloomberg television and bloomberg radio. ♪ [ fast-paced drumming ] [ fast-paced drumming ] "balance of power" on bloomberg television and radio. i'm david westin. for bloomberg first word news, we go to mark crumpton. mark: the white house is admitting president trump's trade stance did hurt economic growth. the chief economist told reporters uncertainty caused by trade negotiations dampened business investment. that contrasts with the president's repeated assertions. he said tariff had not hurt the economy. the supreme court will gather tomorrow for the first time in nearly a month. justices will rep up opinions in cases from the fall and decide what new cases to take. most prominent among the possibilities is the latest dispute over the obama era health-care overhaul. other cases include pre

david: okay. >> ticktock getting banned by another government agency over growing security fears, we ask morgany are over flowoverblown or justifies, morn is next. there's a company that's talked to even more real people than me: jd power. 448,134 to be exact. they answered 410 questions in 8 categories about vehicle quality. and when they were done, chevy earned more j.d. power quality awards across cars, trucks and suvs than any other brand over the last four years. so on behalf of chevrolet, i want to say "thank you, real people." you're welcome. we're gonna need a bigger room. i waited to get treated. thought surgery was my only option. but then i found out about nonsurgical treatments. it was a total game changer. learn more about the condition at factsonhand.com it was a total game changer. tto examine investmentgo opportunities firsthand, like innovations in agricultural research. because your investments deserve the full story. t. rowe price invest with confidence. oh no, here comes gthe neighbor probably to brag about how amazing his xfinity customer service is. i'm mike, i'm so busy.

. >> the situation suddenly looked much worse than detective david maurer had thought. he brought morganand called his partner and long-time friend, darryn sedlack. >> he said, can you get in here, something is going on. i'm not sure what but shappell just stole morgan's truck and fled and we can't find him. >> we had no idea it was going to turn out the way that it did. >> their first priority was to find steve shappell, who was now on the lam. they tried tracking his cell which was in the truck, but it was turned off. but morgan's phone was in there and it was turned on. she gave detectives permission to track it. >> so we focused all of our efforts on morgan's telephone. >> meanwhile, morgan was downstairs in the interview room as detectives tried to find out what steve was running from. >> do you think maybe steve hurt kevin? >> i don't know, but by his reaction today -- >> he takes your truck without your permission and in my terms flees the scene. >> absolutely. >> although morgan had previously denied the affair with steve, the much-younger landscaper, she was now telling the dete

i was speaking with david kelly, the global cio of jp morgan asset management who was trying to make the case for over waiting international equities. are you still trying to overweight international equities or do you think it is u.s. versus the rest of the world? >> right now we see the u.s. in the lead. given that there is this search for safety in light of the coronavirus. he came into the year, the set up was looking good for emerging markets. we still remain overweight. the rationale being that we still think once we get past the coronavirus fears, we hope most of the impact will be contained to the first quarter. then we should see a recovery in the back half of the year. once we get the recovery, we still think the set up for emerging markets looks good , aen the cheaper valuations widening growth differential relative to developed markets, some tell when's we see in terms of the e-commerce space and infrastructure and health care in those markets. taylor: we haven't talking a lot about the coronavirus. has anything from some of the markets -- warnings are getting about suppl

david: i screwed that up. hey, guys! hey, guys! welcome. hey, tonight we've got ron, jo, morgan ov

morgan hill. >> they said losing the stored water will not impact customes. abc reporter david louie are explains the potential risk to public safety of the. >> reporter: answederson reservoir's safety are important to two million customers in the santa clara valley. plans have been rway to prevent damage in a major earthquake. the risk is deemed so high that it is requiring trillions the gallons of water to be dranld. >> we want to make sure it is done in a speed and in a safeway, so not too quickly and to make sure there's no concern about the additional water that would not be behind the dam moving forward. >> reporter: i'm standing right on top of anderson dam. right beneath it are homes in morgan hill with many more under couldn't strugs. those are not the only properties at risk if there were a catastrophic event. this is showing a worst case scenario if it were damaged in a major earthquake or major rainfall. morgan hill would be under 35 feet of water. coyote creek will flood, chaneling run-off into san francisco bay, putting downtown san jose under eight feet of water.

david. premarket takes a breather after wednesday's record highs morgan stanley buying etrade for 13 billionhilly fed with the best beat ever the road map with a mass

. >> to that point, david, about whether this is the right time to use these rate cuts, you have jp morgan saying these developments ease their call for the june meeting and risk of return to the zero lower bound are rising because of that. >> look, i don't think the rate cut -- we would rather have a vaccine than a rate cut. the fed has to say -- first of all, the bond market is anticipating a fed ease. that's not the reason to do it but that's one reason it's driving long rates down. secondly, the fed has to think about a couple of things one is, it has the risk to the economy gone up more from june saying a rate cut would help and secondly, we know people at the fed who think when you get as close to zero, where we are now, the right recipe is do more earlier, don't wait in order to avoid hitting the zero lower i don't think they decided yet i don't think they want to ease now and then discover it will be a v-shaped recovery. after all, forecast for the first quarter is around 2% they want to wait. the odds of easing go up every day that it looks like the virus is spreading beyond china

morgan is not commenting. that is your latest bloomberg business flash good coming up, "balance of power." an analysis of the state of the union. ♪ david world headquarters in new york to our tv and radio audiences worldwide, i am david westin. welcome to "balance of power," where the world of politics meets the world of business. on the brief today, a reporter from hong kong on the coronavirus. laura davidson from capitol hill on the impeachment trial, and maria tadeo from brussels on surprisingly strong european pmi numbers. sophie, give us a sense of what is going on over there. the wto -- the who saying not so fast. the world health organization downplaying expectations of a breakthrough vaccine of treatment for the coronavirus, the agency saying it plans systematic review of all therapeutics as china is expected to start critical drug on the mainland as soon as thursday. as cutting taxes and fees and lowering -- david:

morgan ortagus from the state department. she will talk about the possible beginning of the end of the afghanistan war. that's significant. >> all right, davidhe top of the hour. i will vote for you as mayor. connell: mayor asman. melissa: love it. connell: who let the dogs in, the mall and for shoppers and their puppies. melissa: i love it. how fun. connell: so does jeff flock. he is coming up next. ♪. ♪ ♪ don't just plan to retire. plan to live. an annuity helps cover your essential monthly expenses, so you're free to live the life you want. find out how an annuity can give you lifetime income at protectedincome.org it's unacceptable that americans pay vastly more than can give you lifetime income people in other countries, for the exact same drugs. but they aren't listening. they've just raised the prices of over five hundred drugs. president trump supports a bipartisan plan, that would force drug companies to lower prices. but the senate won't act. tell senate leaders to stop drug company price gouging and lower drug prices now. melissa: retail ice age forces companies to get creative, jeff flock in a chicago mall. called coolest mall in

the same morgan stanley analyst i was talking to earlier said that program has limited incremental value given the fact that the underlying business of the stocks are not performing well. david is a puzzle to me because the board was there. the board must have approved this. kailey: i would say there is mixed reception on the street, whether or not this is a good idea. there was pressure involved in that as well. some on the street like the model. there was supposed to be a lot more people coming to the vegas for the new football stadium, but some are saying this was not the correct direction. regardless, the deal is already done. the question is what is the company look like under a new ceo? david: a lot of changes to mgm resorts. many thanks to kailey leinz. the ripples of the coronavirus are spreading wider and deeper by the day. what does it mean for the global auto industry? power onbalance of bloomberg television and radio. ♪ when you rest on a leesa hybrid mattress, bedtime is no longer simply the time you go to sleep. it's time to switch off and catch up. enjoy me time, and we time. 40 winks or 8 hours solid. the leesa hybrid mattress combines two technologies to giv

david? >> break the what? >> the island pattern that you flagged. >> yeah, the tesla island pattern. >> meanwhile adam jonas of morgan stanley today says they're gettingith calls about tesla. and he goes on to reiterate his relatively bearish stance that 2% penetration, it's too early to call winners. >> i just think that we're -- when i look at that deutsche bank, when i look at the movement in many of these banks, i say to myself, you know what, europe coming back, that 500 -- maybe 500,000 tesla plant next to berlin could be a winner, even as ford is closing six plants again, this was up in an interview. you either think tesla is a technology company on wheels, as i do, or you think it's had its day, which is hard for me to understand how it could have its day. >> they're cheering for their $400 million market cap company. >> they ought to take a nap. >> qualcomm does beat by 14 cents. revenue was ahead. david mentioned earlier they do see a hit not just from corona on their own operations but to the wireless industry at large. >> yeah, i think that was a shame they had to do that because 5g penetration -- they indicate where it is and it's actuall

david? >> there are some things out there people are missing >> it's a nice, between that and under warm your, i don't know. >> you could have under armour in your portfolio and what else? morgantreet street high on sales force. >> i thought it was vacuous. >> and nvidia thursday, three price increases, deutsche 220, opi 300, wells 290 >> why don't they make it impossible for jenson to beat it i had strauss zelnick on last night. we talked about the business focus on me for a second >> sorry >> thanks for coming in. texts are coming in. >> all right, go ahead >> i'm listening >> no. >> i'm here for pu >> strauss was talking about the next generation of, next generation of machines, play games, nvidia, you open up the data center, sorry, lisa seal, i'm going to say this, they have unbelievable amount of nvidia in there. if they get the melanox deal after mastercard got a little nod from the chinese it's another reason to go up. nvidia is back and it is bigger than ever, but it doesn't have the bitcoin. which is good, by the way. bitcoin was empty calories >> what you're saying is the chips by all those miners are not being used to the extent they were when it was the craze. >>

morgan. thanks to you. bring in a panel. nice to see you all. >> great to be here. >> david, you covered a couple of these before.> this feels a little different in the sense they will be a winner, least we hope, that will be clear. i don't think it will be as defining a race as we have seen in the past, in part because there are a lot of candidates, before it was bernie and hillary. i think whoever wins tonight, likely to be bernie sanders or pete buttigieg, will win with probably 25% of the vote. in past elections here the winners have gotten from 40, 50, 60%. so that will not be decisive and say this is who the democratic party wants, there will be a second place finisher. i think the third tier, and you saw how close klobuchar, warren, biden are polling will be indicative of who gets a little bit of news. they're going to keep hanging on as well. this is a preview i think of a long, slow slog to the convention with the x factor, bloomberg, hitting super tuesday. >> you mention where it may be most clarifying, people doing worse in the wide field. listen to joe biden and what he sounds like now. >> what does i

david wen. all right, well, he dominated as a wrestler standing 7 feet tall, weighing 300 pounds. how the wwe superstar has stepped into a new role as mayor of the city he calls home. matt morganeers and applause] >> and that was swatted down, he does and connects with lance dunbar! lisa: the renegades beatle the seattle dragons, 24-12. and meanwhile, the houston roughnecks beat the tampa bay vipers. today we'll see the new york guardians take on the is st. battle hawks and the d.c. defenders face the l.a. wildcats. and -- pete: two forward passes. lisa: all right, i've got to get to headlines. and a 42-year-old plays his first nhl game and wins! [cheers and applause] usually the practice goalie for the toronto maple leafs, but was called into action to help out the hurricanes. that is pretty cool. and jason, thanks a lot. [inaudible conversations] [laughter] pete: from the beginning! jason: talk about lifelong -- houston? houston roughneck fan. lisa: you'll have the sewer city at home. pete: i've watched it. when you can listen to the coaches and the quarterback and listen to the referees, it's actually -- jason: it's actually pretty entertaining. lisa: the nfl take notice? p

david morsi, jeffrey cajun, andrea dwayne. bill slide, matt kavanaugh. paul hudson and rick the morgan junior. still lifes during the fires and expenses condolences their families. for recognizes the contribution of thousands of volunteers and a career firefighters and dedication emergency services personnel across australia. five honesty contribution of home the six and a half thousand australian personal including 3000 preserves and the work of emergency management australia throughout the summer. six recognizes the generosity of the vigils families, schools, churches and religious groups service clubs and businesses from across australia and outright interrupt ring the evacuations and following the fires. the senate expresses its gratitude to australia's remains, allies and knights who have provided support. recognizes the unceasing efforts and cooperation between state governments demonstrating strength of our federation. nine commits itself to learning any lessons from this fire season and ten pledges the full support of the australian toothy areas to recover and rebuild. mr. we welcome t