why should deutsche bank be allowed to claw back the replacement stock? was based upon excellent performance at a prior bank. and deutsche bank can give that person a poor bonus for that calendar year at deutsche bank. why should they be able to claw back compensation based upon outstanding performance at the prior employer? it makes no sense. >> michelle and i talked about during the break to some degree are they -- when all is said and done trying to show regulators they are on the case. >> of course they are. that's what this has always been about. >> trying ward off any more onerous regulations and come their way by saying look, we are going after these guys at a big way now. and you know, get off our backs. we will do this ourselves. >> more draconian compensation policy they can enact will certainly placate and mollify the regulators. that's what the policies have always been about. trying to stay one step ahead of the regulators to try to mollify them. pacify them. so that the measures they enact upon the banks won't be through extreme. >> we have a

. >> deutsche bank says it will cut almost 2000 jobs. >> the announcement came after a serious hit to earnings. second quarter profit dropped by 46%. the bank's leadership team blames the steep losses on the investment banking division and the eurozone debt crisis. >> it is the first time dutch bank's new co-heads have had to present results. the sharp drop in profits from the investment banking business is particularly embarrassing for jane, who used to run the division. it fell to 61 million euros. investment banking took a nosedive and brought in even less than retail banking. as a result, deutsche bank has announced it will cut 1500 jobs in that division alone, but that is not the only problem facing the bank. market regulators have launched a special probe into the suspected manipulation of the libor interbank lending rate, and deutsche bank could face billions in fines and penalties. >> those weak earnings results had an impact on the broader market in europe as well. the blue-chip dax closed the day just slightly lower and similar story for the year of st -- euro stoxx 50. the

"new york times" claims deutsche is one of several other global banks being investigated. he shares are down. they have been down 2% in the session. patricia has got more. they rallied back after that low. patricia has more. interesting move, patricia. "new york times" comes out -- what's the detail of that report before you get into stock price reaction? >> details of the report basically says that the investigations are at an early stage. they are looking at any kind of transactions whereby iranian money was moved through the u.s., any kind of transactions. however deutsche bank made it very clear they did stop any kind of new business with internationally sanctioned countries back in 2007 and of course the allegations stem from 2008 and later. early stage however from a settlement point of view there was a bit of an impact at the beginning of the trading session so deutsche bank as you were saying ross down 2%. starting to recover rather nicely down about 0.2% as we speak. it's very interesting, but we have to see it in context of the entire sentiment. at the moment, tho

deutsche bank iten times better than s. deutsche bank is terrific. it's well managed. not in the habit of recommending a european bank because that's been pretty hazardous. but deutsche bank is very well run and it's way down on its luck. i'm still not going to recommend it, but i will tell you that it's better than ubs. euro, welcome, tonight's chartist is tim collins. remember, who called here and said there was going to be a breakdown is now saying the odds favor a break up. and not of the euro itself, but the chart. >> oom comele up, shares of high-end retail saks higher. but after suspended reporting of same-store sales, should shoppers worry? don't miss cramer's exclusive with the company's ceo. [ male announcer ] at scottrade, you won't just find us online, you'll also find us in person, with dedicated support teams at over 500 branches nationwide. so when you call or visit, you can ask for a name you know. because personal service starts with a real person. [ rodger ] at scottrade, seven dollar trades are just the start. our support teams are nearby, ready to he

deutsche bank will work with the authories to fin out how the grp of employees manipulated libor rates and investigate whether more of the workers took part. the bank will release the results this year. libor is a benchmark for a wide range of other rates. in june barclay's was ordered to pay very than $400 million in fines for manipulating lobor. financial authorities in europe and the u.s. are propering their banks to see if they were involved in the rigging scandal. >>> focus is now on whether other lenders involved will have to pay huge fines or compensate for damages. >>> swiss banking giant ubs says it took a huge loss from the facebook initial public offering due to glitches in the nasdaq system. the glitches made it impossible to confirm trading for several hours when the social networking giant was first listed on the nasdaq market in may. this made the bank buy more shares than it needed. ubs suffered a loss of $360 million because the price plunged following the ipo. the loss pushed profit lower for the april to june quarter. >>> several financial institutions have taken leg

deutsche bank is terrific. it's well managed. i'm not in the habit of recommending a european bank because that's been pretty hazardous. but deutsche bank is very well run and it's way down on its luck. i'm still not going to recommend it, but i will tell you that it's better than ubs. euro, welcome, tonight's chartist is tim collins. remember, who called here and said there was going to be a breakdown is now saying the odds favor a break up. and not of the euro itself, but the chart. after the break, i'll try to make you more money. >> coming up, luxury lift? strong retail sales data sent the sector higher, including shares of high-end retailer, saks. but after suspended reporting of same-store sales, should shoppers worry? don't miss cramer's exclusive with the company's ceo. >>> this morning, a lot of ♪ ♪ moving along ♪ new beginnings and new ends ♪ spending our time with our family and our friends ♪ ♪ celebrate with the cool autumn air ♪ ♪ ♪ and we're livin' out our lives ♪ ♪ as we dance without a care ♪ oh we were made ♪ don'

tiger was back in action at the deutsche bank championship. he had his best opening round in three years. with a 64. not the best round of the day. labor talks stalled. they want players to get up 57% of their revenue. season is up in the air. >> it is the last official weekend of the summer. >> we're getting off to a good start. you what to expect for the weekend. we will see a lot of sunshine. clouds will increase sunday. , 84 degreecooler range. y could turn out to be fairly rainy. by wednesday, we will be in good shape. keep up-to-date with changer -- t wjla.com.nditions a bob ryan will have a little bit guidance tonight. >> thank you. this country was built by working people. the economy needs manufacturing. machines, tools, people making stuff. companies have to invest in making things. infrastructure, construction, production. we need it now more than ever. chevron's putting more than $8 billion dollars back in the u.s. economy this year. in pipes, cement, steel, jobs, energy. we need to get the wheels turning. i'm proud of that. making

the pga tour playoffs to the fedex cup continue with the deutsche bank championship on golf channel andbc. coming up next, exempt on the west coast, your local news. tonight on nbc starting at 7:00 eastern time, it's an all new "dateline." then at 8:00, sunday night is football night. andrew luck leads his new team, the indianapolis colts, against the pittsburgh steelers on sunday night football. -- captions by vitac -- www.vitac.com when i look up into my students' faces, i see pride. you know, i have done something worthwhile. when i earned my doctorate that pride, that was on my face. i am jocelyn taylor, i'm committed to making a difference in people's lives and i am a phoenix. enroll in the program that's right for you. at phoenix.edu/maryland declines you are wanting wbal-tv 11. live. local. late-breaking. >> good evening. it has been touch and go with the clouds and rain today. we will check in with john collins to has a first look gap forecast. >> the rain kicked in at about 2:00 this afternoon. the morrison of iran were to the south and east and you can see it pulling off shore

deutsche bank downgraded lpx to hold from buy. looks like deutsche bank won. who's got the right call here, stephanie link? is deutsche burbaank right? >> we've been bullish on housing. these guys have a 20% market share and is certainly a beneficiary of that theme. so we're playing it through wirehouse and joe's playing it through lpx. >> michelle, let me add real quickly, no exposure to europe. >> isaac slowly creeping to the north. jeff killburg of killer capital joins us with a look at isaac's impachlkt good to see you. we have reports that maybe half the state of louisiana doesn't have power as a result of isaac. is that going to impact the refineries? do they have power door they need it to run? >> absolutely. we're seeing crude oil trade down. at the same time there's a bullish note. on top we saw inventories yesterday creep up as a surprise in inventory. supply is not the issue right now. right now we're focussed in the kudo market out west to the grand de ttitans. hey, killar. we haven't seen the major pop. what do you attribute that to? >> 252 is a na

the pga tour playoffs to the fedex cup continue with the deutsche bank championship on golf channel andbc. coming up next, exempt on the west coast, your local news. tonight on nbc starting at 7:00 eastern time, it's an all new "dateline." then at 8:00, sunday night is football night. andrew luck leads his new team, the indianapolis colts, against the pittsburgh steelers on sunday night football. -- captions by vitac -- www.vitac.com my high school science teacher made me what i am today. our science teacher helped us build it. ♪ now i'm a geologist at chevron, and i get to help science teachers. it has four servo motors and a wireless microcontroller. over the last three years we've put nearly 100 million dollars into american education. that's thousands of kids learning to love science. ♪ isn't that cool? and that's pretty cool. ♪ >>> we're learning new information about the victim in an attack. 29-year-old thomas mazelin found unconscious saturday morning on a porch. he had been badly beaten. derrick ward talked with a family friend about the attack and of the condition. >> reporter:

seven of the world's biggest banks like rts, citigroup, deutsche bank, j.p. morgan, and ubs, huge banks. they have been summoned and subpoenaed. they will head to the u.s. and will take thousands of documents with them. they will give lots of testimony. considering that the barclays bank has already admitted fault, will the other banks do so? the other banks will likely admit to it. and take it. one of the interesting points is this is one of the u.s. regulators investigating something that happens in london. as we saw from the standard chartered case, there are questions about the number of regulators in the u.s. combat are investigating different things, some of them the same things. five regulators. then you have london investigating this. the question is, who is the regulator takes precedence? can any regulator have a go at anything about anything? does it allow american regulators to take action in the u.s. for something that happened in london? this poses all sorts of questions. >> the number of regulators is being raised with all the banking scandals li

london adding to percent dax almost four percent there in frankfurt led by financial gains with deutsche bank and commerce bank adding more than six percent it just was. over here in russia the markets also ended on a very positive note as boiled prices provided a lot of support and also led by financial shares with bt dns and ing up almost three percent. and very juicy returns have been promised for investing now in russian infrastructure in a sense asset managers say pumping money into new toll roads hospitals and airports will bring over twenty percent annual return something most investors can only dream about nations adds that russia's government will back businessmen who could potentially raise the national g.d.p. growth from four to six percent by buying into the projects. and a sigh relief for facebook as the shares recover somewhat after twenty billion dollars was wiped off from facebook's value in four days now the sister of the cofounder mark zuckerberg has moved to google and fresh lawsuits accuse it of encouraging ordinary facebook users to invest well hiding negative earnings fo

the pga tour playoffs to the fedex cup continue wit the deutsche bank championship on golf channel andbc. coming up next, exempt on the west coast, your local news. tonight on nbc starting at 7:00 eastern time, it's an all new "dateline." then at 8:00, sunday night is football night. andrew luck leads his new team, the indianapolis colts, against the pittsburgh steelers on sunday night football. -- captions by vitac -- www.vitac.com my high school science teacher made me what i am today. our science teacher helped us build it. ♪ now i'm a geologist at chevron, and i get to help science teachers. it has four servo motors and a wireless microcontroller. over the last three years we've put nearly 100 million dollars into american education. that's thousands of kids learning to love science. ♪ isn't that cool? and that's pretty cool. ♪ isn't that cool? and that's pretty cool. able dust pick up in less time. i love that book! can you believe the twin did it? ♪ [ female announcer ] swiffer. great clean in less time. or your money back. ♪ >>> he is chief of the san jose police department and

the fedex cup playoffs continue with the deutsche bank championship. coverage begins labor day weekend on golf channel and nbc. we go to the famous finishing hole. >> yeah, and what a finishing hole it is, mark. 487-yard par 4. you can see water down the left. fairway slopes he severely. rough is thick and not very good to play from. second shot is uphill some 30 plus feet to a green that is also severely sloping from right to left and back to front. it is such a difficult hole. the hole location today, you see there over on that front right corner on that little shelf in the strokeplay portion of this championship, mark, 312 rounds were played on this hole. only 12 birdies were recorded. it is a tough, tough par 4. >> gary, this week i've followen in love with this hole. it really has become one of my favorite fishing holes in american championship golf. a lot of things can go wrong here. you remember ochoa had a chance to win the women's open. hits the ground before the ball. >> one of the worst hooks i've ever seen in competition. and it really was

the fedex cup playoffs continue with the deutsche bank championship. coverage begins labor day weekend on golf channel and nbc. we go to the famous finishing hole. >> yeah, and what a finishing hole it is, mark. 487-yard par 4. you can see water down the left. fairway slopes he severely. rough is thick and not very good to play from. second shot is uphill some 30 plus feet to a green that is also severely sloping from right to left and back to front. it is such a difficult hole. the hole location today, you see there over on that front right corner on that little shelf in the strokeplay portion of this championship, mark, 312 rounds were played on this hole. only 12 birdies were recorded. it is a tough, tough par 4. >> gary, this week i've followen in love with this hole. it really has become one of my favorite fishing holes in american championship golf. a lot of things can go wrong here. you remember ochoa had a chance to win the women's open. hits the ground before the ball. >> one of the worst hooks i've ever seen in competition. and it really was

jpmorgan chase, deutsch bank, ubs, citigroup and hsbc. what we're hearing is they're looking to evidence of collusion with barclays which has been fined around $450 million on the back of this scandal. we're hearing that they are looking for evidence, so in essence they can criminally prosecute standard chartered shares. down by .75%. the bank is looking for a collective settlement, bearing in mind yesterday it agreed to pay a $340 million fine to new york's financial regulators. on the basis of accusations of allowing money to go through the u.s. from iran. we know that there are other u.s. authorities that are still looking into this particular situation. the ratings agencies have weighed in. we've got s&p saying they won't change their ratings on the bank, but they are monitoring developments. moody's characterizing the settlement as a positive credit development in terms of the impact on the share price, but says it is going to be watching the ongoing situation very, very carefully. the markets looking a little mixed this morning. >>

morgan chase and company deutsche bank and barclays are among a handful of banks recently subpoenaed in a joint new york connecticut investigation of possible manipulation of the life or benchmark international lending rates new york attorney general eric schneiderman and connecticut attorney general george jepsen had also subpoenaed citi group and u.b.s. earlier this year live where manipulation. put that together with the steam is recognition of gold is a currency that gold and silver are currencies live or is the price of money it has direct relation to money gold and silver are money when you manipulate live or you're manipulating the entire global currency markets or people say it affects five hundred trillion dollars of the securities refers to the global currency market gold and silver now unimpeachably money so therefore lie bores about manipulating gold and silver as well so if bar chilton or up to see if the sea or of jet christian around these people come out and say no so over you know we don't have the total facts on it they haven't read the wall street journal or the fi

of that report indeed the dax is up three point four percent is driven by financial shares and deutsche bank a.g. is up almost eight percent something spectacular for a huge blue chip like that as take a look at what's happening in commodities same picture there lights we added three and a half dollars for just remember a couple of days ago it was a report saying that crude inventories in the u.s. dropped more than the the most in seven months of therefore this has been supporting oil prices and now this is on the back of the hopes of recovery for global demand for energy over on the currencies market the russian ruble is very much supported by these oil prices it's gaining more than one percent versus the dollar and the dollar is as you can see is losing against the euro as investors come back from cash and into assets basically and into those really the euro. over on the russian market there is around fifteen minutes still left on the clock for trading but it's looking very positive for the r.t.s. gaining two point seven percent of my sex on a strong the ruble is gaining less than that als

europe or probe several banks under investigation for suspected euro rate rating have joined deutsche bank in giving information to trust regulators in the expectation of lower fines if found guilty the european commission is investigating possible manipulation of interbank lending benchmarks including the hero interbank offered rate or the london interbank offered rate library and the tokyo interbank offered rate tibe or if these. politicians want to go back to medieval times here about the presidents election america they're talking about how many angels can dance on the head of a pin they're not talking about real in the lightened meant type policies that would in a rich the community a large they're caught up in a religious theocracy they start religious wars in the middle east they start christian fundamentalist wars in america they want to go back to pre-enlightenment they want to go back to medieval days that that's true then you've got to use the punishment for medieval days so when you find jamie dung stealing money you gotta draw a cold room you've got to split him down the front

growing on these the news the dax is up a whopping five and a half percent driven by financials deutsche bank is doing more than eight percent of this south something very spectacular. german traders are heading for a very nice weekend well if they're bulls of course light sweet is gaining three point six percent that's again on the on the back of hopes for recovery from global demand and this has been helping the russian ruble on the currencies market to enter this session up against both currencies against the dollar that's actually one point six percent gain very strong performance given that the past two days the ruble has only been shedding of value against both currencies on the russian market this is the closing values of the r.t.s. growing almost twice what we're seeing on the myself that's as of the year ruble has become stronger so therefore the difference between those two in the seas and it's mainly also driven by a growth in financials also very juicy returns have been promised for investing now in russian infrastructure renascence asset managers say pumping money into new toll r

new york officials have subpoenaed ubs, deutsche bank, royal bank of scotland, jp morgan, citigroup, hsbc, and barclays bank over the past several months. barclays was fined $453 million by u.s. and british authorities for its role in fixing libor in june. but the justice department and the attorneys general of new york and connecticut are conducting investigations. a federal probe into the failed commodities and derivatives brokerage house mf global is unlikely to result in any criminal prosecutions of top executives. and a file -- mf global filed for one of the largest bankruptcies in american corporate history last year with almost $40 billion in liabilities. regulators later discovered up to $1.2 billion in customer funds that should of been kept segregated were missing "the new york times" reports from as the gators have concluded that losses were due to mistakes rather than fraud. jon corzine, who headed mf global, would be among those to evade prosecution. raging wildfires across parts of the western u.s. have forced hundreds of people to evacuate their homes. the fires have s

. >> international banks i'm really nervous about. deutsche banc. east four european banks investigated as part of the iran money laundering situation that standard charter was tagged with. people are basically just taking a shot on who those other banks may be. i think all of those banks are under pressure so in other words, deutsche bank, wouldn't touch it here. >> we have liked the banks. this is a call i actually got right with jpmorgan. >> you have gotten a lot right. >> well, anyway, i think that the bank rally is real but you want to be very selective in terms of which banks to own. i'm less focused on the capital markets financials and much more focused on the banks with mortgage exposures. if you read this note, it's better net interest margins. mortgage originations are up. re-fis up 17% year to date. you have positive tail winds. i like wells fargo and suntrust. >> grasso, the names bank of america and then the regional players we hear about a lot. >> the one i would add is the one you just said to stephanie's list is bb&t. we have covered

struggling last year you know spain had to guarantee some derivative contracts that they had on with deutsche bank there were lots of little things that were going on that made it clear this was happening and so i think now you know spain actually set up a bailout fund specifically for the regions so now we're seeing that debt pushed back up to the national level it was unsustainable at the regions and now spain has a debt to g.d.p. or probably will by the time this is all done of over a hundred which puts it in the category of where it's trading but yeah i think that's one of the things each of these countries accounted for things its own way had debt placed in its own way and had various burdens or had burdens bear borne by different entities and that's all kind of coming back to be standardized right now i think that's a really interesting point because people look at spain and say ok it has all of these economic problems but you know a housing bubble that burst that's one of thing but it's debt to g.d.p. ratio is below the euro zone average and you making such an interesting point which is tha

too bad deutsche bank on the other side of the transaction they should have known better. >> yes anddman is not a fiduciary here. when you or i may have a money manager managing money for us and they have a responsibility to make wise investments. that's not the case. >> eliot: they might have been viewed as a fiduciary is an open legal issue. probably not other otherwise they would have brought charges. >> let's not perfect that goldman has been punished to so degree. they've paid $450 million on a similar security on the grounds they did not provide full disclosure to investors what was in this security and how it was put together. that was punishment. the reputation has taken a huge hit and it's not a surprise that the justice department said we're not going to bring a criminal case against goldman sachs. look at the history. arthur anderson being a classic example. do you want to destroy this firm because some smart investors bought these things and took a bath, i don't think so. >> at some point you do bring a criminal case otherwise there will never be remedies efficient to the

the winners on this one would be hong kong shanghai, deutsche bank citi. e are large institutions. eventually you'll see a market share shift. will this be enough to move their earnings? probably not. there is one bank which trades in south africa, called the standard bank. by the way, it's not related to standard chartered. it's totally independent. this bank, though, has a huge franchise in africa. and so a movement away from one of these handful of banks with local activities to standard actually could move the needle for them. >> so the bottom line on an hsbc, citi or deutsche bank, if this shift does happen, that's not necessarily a reason to invest. >> no. no. it's a positive thing. it actually gives you in the case of a citi, let's recognize, in this is a global bank with strong activities around the world. it's just another tip of the hat to citi's global franchise. that franchise has value and this is an example of it. >> brad, good to speak to you. thanks for your time. >>> china out with inflation and industrial production data this morning. as t

. >> price target raise of deutsch bank?eagate technologies. >> this has been remarkable ever since they disappointed. >> williams-somona. >> what a gutsy call to go ahead of the quarter and say that they are going to make the quarter. i think that's too high risk. >> what else can you say about dell? >> it doesn't have it. i don't want to buy it. >> and wells fargo, weak earnings, i guess? >> yes, exactly right. >> have there been any other kind of earnings for dell recently? >> you have three seconds. >> priceline.com. >> people were saying there is hope to european sales. i'm not going there. >> we didn't get to zagg. >> i had the ceo on saying sell, sell, sell, he said don't worry about it. it's looking pretty good right now. >> ceo stepped down unexpectedly. >> it was one of the stocks that i used to get yield. i invited jeff gardener on to say, listen, this is a defend your life call. century link has been good, obviously verizon and at&t has been good. >> he'll tell a national audience. >> you can talk about zagg, rig

deutsche bank say there's is a new start up search engine that is stealing market share.ve drag because of the hp effect today. hp east forecast. we have a dozen -- two dozen, in fact, at about a 20-year high after better than expected earnings. back to you guys. >> spices are hot right now. >> thank you, bertha, the dow seeing this triple digit decline in the stretch, but the latest survey saying bullish sentiment has broken above average and is at a four-month high. >> yes, it seems to be trumping that survey today. we have joe quinlin and bob pisani. do you want to be putting new money to work here or are you waiting it out? >> i'm still worried at europe in particular. the numbers in china are getting softer and softer. here in the united states i feel a little better. >> what are you watching right now? >> i think cyclicals have outperformed. in my view, that is a head fake. europe is clearly in a recession. china is trying to engineer a landing, and i would be careful chasing the rally that we have seen because the fed might ease once again. it won't have that big o

now, citigroup was part of a settlement unrelated to this, with deutsche bank. d a combined 165 million. that was a settlement with national credit union over the rules and underwriting mortgage-backed securities. bank of america has settled its merrill lynch unit. 315 million for lawsuits brought by 18 different kinds of pension funds over mortgage-backed securities. this is the latest. $25 million settlement. the face value of the fund involved, the mortgage-backed securities rather was is.8 billion. 25 million seems like a bargain. back to you. dennis: sure does. thanks very much. adam shapiro. the gop convention officially kicks off today. however as we swayed earlier with hurricane isaac roaring through, republicans in tampa, florida, pushing a lot of festivities off until tomorrow. fbn's rich edson is on the ground with the latest and what to expect from the big day. rich? >> well, dennis we were expected to have tens of thousand of delegates here. instead republicans pushed this off. we've got empty chairs and band rehearseals. they thought, republicans di

. >> a downgrade by deutsche bank. profits in this one. >> piper jaffrey recommends buying amazon. >> amazon is a stock to watch because google has fallen a little, apple can still be the leader. >> kayak. >> kayak i think it is a little expensive. >> costco? >> i don't know. we like costco but haven't they always been reluctant to jack prices up for people? >> absolutely. tiffany. goldman says it will report a negative number. >> adrian shapiro saying listen, it's going to be bad next week and you want to buy it. i think it's a brilliant call. >> more on those names. we'll see what's coming up tonight. >> we have iff. i've never -- this is a company i wish they had done tv earlier. he's a remarkable man. they had a major turn-around. also we're selecting our quarterback for our fantasy along with our tight end, kicker and defense. carl, it will not be an eagle, but i might wear an eagle jersey because i had a giant jersey on yesterday and i felt awful and tried to burn it after the show but victor cruz is very good. >

we were worried about the deutsche bank then and japan was doing the endless spiral. maybe different currencies, different countries. it's funny. maybe the reason i'm not as frightened as others about what i hear now is because of the heat i took this week 24 years ago when i b thought i was on intellectual high ground. i was in a castle made of sand. that was as if someone someone had taken a basket of hot french fries out of steaming oil and slapped me with it. something that happened to karen at mcdonald's. here's the real bottom line. it's easy to sound smart, to think you know the history. it's easy to get a real good sense of what everyone else is looking at. but it's important to recognize when everyone hates a rally and no one believes that it might be a time to buy, not sell. stop trying to sound clever, like you're part of the intelligencia and focus on stocks you like. you can do some buying. who knows? maybe the bank will take the profits despite the vix, volume and lack of volatility. jim in michigan. >> caller: yes. since liberty media has taken over sir

for everything from deutsche bank and apple itself. why is san so important as a tell? why does the stock have tremendous mine share at least in my head? spain now is the ultimate worldwide battleground. [ machine gun fire ] as spain goes, so goes the world. spain is large economy with a big bond market. it's right on the bubble. greece, it's not an asterisk but the market is prepped for default. spain, oh, boy. it will most likely collapse italy with the third biggest bond market on earth. we have big banks in this country. wells fargo controls one of three mortgages but our banks can't take us down anymore. people think they can but they can't. they raised a lot of capital. nothing compared to spain where the bad loans are horrendous. no bank is bigger than p arbanc santander. it might be the most dominant financial in the world today. sovereign bonds it probably doesn't want. in other words it's basically lehman brothers but it's ten times over because the failure would send dominoes falling that may well be catastrophic for europe. we'll get through. it cannot fail.