oh, jamie dimon's pay is cut to only $11.5 million. oh, sorry.tgage crisis go to jail? i never saw it go away. >> john carny. >> one thing they didn't do is pay their people as much as they used to p.m. banks used to pay out to 50% of profits or revenues right back into themselves, their own employees. out in ratios of compensation are way down. even goldman sachs is way below 40%. >> wow. >> all right. >> i know. >> let's move to a topic that we talked about guns. money and now butter. new research suggesting that aspiring ceos need to layoff the fries, fatty foods. but does anyone really care if a ceo is fat or skinny so long as they deliver the bacon, john carny? >> i think they do. right now in our culture, health is a substitute for morality. when they look unhealthy, they look unethical. so they are trying to project ethics through their appearance of health? >> jane wells? >> is a second class felony in california to be overweight. which is why our prisons are overcrowded. i think if you are a fat ceo now, you have gotten through all the b

they cut jamie dimon in half to $11 million.>> sounds pretty good. i'll sound on for that, wouldn't you? $10 million, restricted stock. you can live on $1.5. >> and wait three years to get the restricted stock. >> i'll be okay with that. you? you wouldn't. >> no. >> that's the thing. he's not kidding. >> i have high expenses. >> higher than jamie dimon. >> i have high expenses. >> we'll talk more in a few minutes. one thing we talked about, zubrow in the middle of this and braunstein. we quoted the jamie dimon element of this but there's five or six people who get a lot of blame in the report. morgan stanley will take three years to pay out 2012 bonuses to high earning employees, paying 20% in may. people who quit or are fired, they get nothing. the plan is said to apply to bonuses at least to those making more than $350,000 annually and should better incentive for shareholders interest and make it harder for employees to leave. >> would a union ever accept this? you'll not get paid everything we pay you this year and get paid 2

. >>> i'll have any candid conversation with outspoken jpmorgan chase ceo jamie dimon. we'll talk real estate, banking, his pay cut. >> we had run terrible year. >>> and she's called the oprah of china. remarkable entrepreneur who runs a media empire and reaches more than 200 million people a month. "on the money" begins right now. >>> this is america's number one financial news program, "on the money." now, maria bartiromo. >> this is what's making news as we head into a new week "on the money." washington has a new watchdog for wall street. president obama has nominated mary jo white the head of securities and exchange commission. white is a former prosecutor with a reputation for toughness. she will replace mary schapiro and must still be confirmed by the senate. timothy geithner spent his last day as secretary on friday, stepping down after a tumultuous four years in the financial system. president obama's chief of staff jack lew has been nominated to replace geithner. >>> every time you turn around the market seems to be setting a new five-year high. the dow jones

dimon says he "respected" the board's decision. goldman sachs and morgan stanley are the latest firms sending homeowners checks for wrongful foreclosure activity. in total, both firms will pay $557 million to over 200,000 borrowers. federal regulators have forced other banks, including bank of america, jp morgan and citigroup, to pay similar fines. the fed says banks rushed the foreclosure process during the financial crisis. shares of hewlett packard shot up 4% on a report a buyer is interested in its "autonomy" division. autonomy is the software company hp picked up in 2011 for $11 billion. later, hp revealed that executives with autonomy allegedly fudged accounting numbers. autonomy execs deny the allegations. hewlett-packard won't say if the buyout offers are true. the federal trade commission will uphold a decision that popular juice maker pom used deceptive ads. pom wonderful advertises its pomegrante juices as being clinically proven to lower the risk of certain diseases. the ftc ruling classified 36 ads from pom as "decepti

maria with jamie dimon coming up. >> also with us here at the new york stock exchange. the ceo of coach, lou frankfurt. big miss on earnings. that stock among the worst per formers on the s&p 500 which is ironic since lou last year was named the ceo that created the most value for shareholders in 2012. today he's biggest -- the biggest decliner among the s&ps. we'll talk to lou frankfurt coming up in just a few minutes here. >> and then there's apple. the earnings report everyone is watching and waiting for. some think this could be a watershed moment for the iconic company. we'll be doing special coverage when apple reports. >> let's show you how the markets are trading. no lip synching here. dow up 75 points, just off a high that was set a moment ago. up 79, but, again, getting ever closer to that 14,000 number which we haven't seen since december of 2007 and we're at about 400 points away from the all-time high which was set in the fall of '70. the s&p. the same thing. the dow and the s&p, five-year highs. the nasdaq, that's up 13 points and there's the s&p now very,

dimon's pay was cut. still take home $11.5 million for 2012, 10 million more he took in the financial crisis in 2009, but he now falls to the bottom of the bank executive pay pack. all big bank executives would best him except for b of a's brian moynihan who earned $8.1 million. even with executive pay under the microsoft, compensation for the troops won't be as bad as feared. at goldman sachs, which also reported earnings today, the industry's most used metric of compensation as a percentage of revenue actually fell four percentage point at goldman. meanwhile, jpmorgan's rose nearly two percentage points. that being said, maria, goldman and jpmorgan have been called for massive layoffs, unlike citigroup, bank of america and morgan stanley. those are the three banks still to report. guys, back to you. >> kayla, thanks so much. >> we're all embarrassed for jamie he only made $11 million last year too. bad. let's take a deeper dive into what's happening in the financial services industry. more evidence that

he must've read fifty shades of grey jamie dimon is down to s. and m. and kinky so flagellation all right jamie i thought you had become completely irrelevant but i see you're sticking with it and you're going to be viewed i'm all looking for stacy i'm getting hot but look at you know that i'm going. to ask you are all the fool who are doing oh oh you stay tuned for the second half of the spending with dunbar on their of the devil's tour of the. you know how sometimes you see a story and it seems so for lengthly you think you understand it and then you glimpse something else you hear or see some other part of it and realize everything you thought you don't know i'm tom harpur welcome to the big picture. and will implement sunny's technology innovation all the latest developments from around russia we've got the huge you're covered. thank. you. welcome back to the cows the report imax guys are time now to turn to nick dunbar author of the devil's derivatives there it is the devil's derivatives get a good shot of this this is the book you got to re

dimon.d like to. >> we're going to have to start getting back to traditional measures here. what kind of dividends, what kind of growth. remember, we used to do this before the tremendous tsunami. we used to look at bank of america and say, hey, earn $8. >> it's also still up to the -- >> maybe what's happening -- here's a thesis. in 2013 let's say we don't talk about the government as much. >> i agree. i think that is bound to happen. >> that would be very niles. >> i did want to hit compensation. we have those numbers for you. the comp ratio closely watched. we have at least seeds of activism in some of these financial services world. goldman, morgan stanley. compensation is certainly at the center of a lot of investors' focus. because you can lower it, it goes right to shareholders. there's a look at the ratios. goldman, 37.9%, versus 42.4%. >> and they don't have hedge funds to run to anymore, do they. >> it's a deterrent, though. >> do you ever read the stories about -- i mean, i always

you must have read fifty shades of grey is that jamie dimon is down to s. of them and so flagellation all right jamie i thought you had become completely irrelevant but i see your stick and where they're going to be viewed i'm looking for stacy i'm getting hot but look at you know that. you're only. you know. you stay tuned for the second half of the spending with dunbar on their of the devils to. deadly rivals some decades. if good fifteen thousand people killing each other in any other country there would be diplomats there with mediators. self-imposed out costs from society i will cut myself chemical attack my brother understand my contact immediately. going to leave basically attack the call of my anger and my frustration. that. well into the. truth of the most violent gangs in us history. it's just all model killer big chill with colors matching the national flag. but this country uses violence when it reaches and then it legitimizes the violence they all made in america on the odyssey. more news today violence is once again flared up. these are the im

dagen: dimon playing offense, people.ing after people who want more regulation on big banks, this happened in davos at the world economic reform. >> saying that if we have the right kind of rules in place for the banks, no need for more regulation. now, more on all of this when liz claman talks to mr. dimon tomorrow in our coverage from switzerland, but now liz has important names who is live with more. liz? liz: well, yeah, jamie dimon tomorrow 10 a.m. eastern here on fox business. going at each other i'm sure. look, he's outspoken, a fascinating interview. stay tuned for that, but, yes, greetings from davos, switzerland, home of great swiss chocolate, cow bell, and the world economic forum. this tiny swiss ski village turns from that into for intersection of global ideas. we're on the roof of the concourse center, we are live here ail week long kicking off the broadcast with a little international intrigue. a man who has very big ideas, but speaks very calmly and quietly. some call him a russian al gashing, but he's the

now among the other components of dimon's compensation is lines of business. that could be scored lower to risk oversight on that whale trade. others is the strength of the balance sheet and return on equity. still, signs many penalty unclear. especially since the bank has record profit. adding anything to dimon's pay would hardly come as surprise when cnbc asked in june if he should pay a price for complacency, he said, it is in the board's hands. tyler? >> no one likes to have tlir pay cut. but he would probably man up and say, i'll take it. >> and j.p. morgan's performance seems to be good enough quarter over quarter that he could see it bounce back. >> thank you very much. >>> apple falling below $500 a share for the first time in a year. buy it or sell it one top analyst take after the break. and what the heck happened with this apple store? we're back in two minutes. oi oi. >>> lincoln town car plowed into this apple store in chicago in the lincoln park neighborhood, appropriately enough. one person suffered minor injuries. of course it was not any worse

. >> my conversation with jpmorgan chase ceo jamie dimon about his compositi composition, the housing market, and the u.s. economy. >>> and is the world big enough for two oprahs? i'll talk to the woman known as china's oprah who is a media mogul in her own right. as we take a break, look at how the stock market ended the week. >>> make no mistake about it, jamie dimon says what he says and means what he says. i spoke with the chairman and ceo of jpmorgan chase about the economy, about housing, and his cut in pay. >> news last week was that you took a pay cut as a result of the london whale trading loss. >> uh-huh. >> would you say now that this issue is officially behind you or are there still ramifications around the london whale? >> first, i didn't take one, i was given one. >> you were given a pay cut. >> which i think is appropriate. and the board had a very tough decision to make to balance the good of the company. we had a record year and a bad. we had one terrible mistake in the year. look, we fixed the problem from a financial risk for the most part. we've disclosed both the

but dimon will still pocket a $10 million bonus. add on $1.5 million in salary, and his total compensation was $11.5 million last year. >> we don't think it's inappropriate, what the board did. butt the end of the day jamie dimon is stl doing pretty well for himself. he's not exactly living out of a refrigerator box on park avenue. >> reporter: at the same time, j.p. morgan's fourth quarter earnings rose by more than 50% in the fourth quarter, to $1.39 a share. that was better than expected. j.p. morgan, wells fargo, and other retail banks are benefiting from an improving housing market. >> it's a large factor. i mean, some companies are seeing mortgage growth of 50% over a year ago. it's a major factor. also, refinancing activity is very high right now. as housing prices have increased, that's allowed more people to qualify to refinance their loans. >> reporter: but goldman sachs is a different story. it deals almost exclusively with institutions, not consumers. it's fourth quarter earnings growth came from a surge in investment ba

jamie dimon saved the day throughout the years. he certainly has been under the gun and under the microsoft after the london whale situation. there is a baseball card of him. his annual bonus was cut in half. we talked about what the numbers were. the revenue came virtually and mine. mortgage lending profit did help the bank with their quarterly numbers. they are saying that the strong results were a reason to give jamie dimon a bonus in the first place. certainly, the london whale, is something that hangs over jpmorgan. dagen: president obama expected to announce his plan for greater gun control in this country in less than an hour. that proposal will include a ban on assault weapons, high-capacity magazine clips and background checks on every gun owner. terry, ray to see you. we should point out, there will be more than a dozen executive actions, as well, that the president will take. in terms of what congress will have to tackle in this proposal, how much do you think of it will fly? >> first i want to say this, i cannot help it

jamie dimon pushes for banks to publicly shamed him he wants the banks of publicly shamed him i think you must have read fifty shades of gray. is down to s. of them and kinky so flagellation all right jamie i thought you had become completely irrelevant but i see your stick and where they're going to be viewed i'm more looking for stacy i'm getting hot but look at you know that. you're all the fool who are you know oh you stay tuned for the second half i'll be speaking with dumbo our own fear of the devils to. deadly rivals the decades. if you had fifteen thousand people killing each other in any other country there would be diplomats there would be mediators. self-imposed out costs from society i will contact myself chemical attack my brother understand i want to. immediately. go into the basically attack the columns of my anger and my frustration. that. well into the. two of the most violent gangs in us history. is just all model kill or be killed with the colors matching the national flag. but this country uses violence when it reaches its and then it legitimizes the violence they

morgan good point i mean jamie dimon and j.p. morgan are the biggest terrorists and you know a couple things on the nomenclature side first of all it's funny because on wall street or in the finance business you use the word execute to talk about a trade the trade was executed and but you know there's a double meaning to that obviously because they're executing individuals or and this were terrorism i want to be clear i mean in the literal sense it's not a figurative expression in that they are literally terrorists they are any law that applies to anyone who blows people up and commits mass murder should be applied ten times to a jamie dimon as a terrorist full stop the fact that he's not prosecuted in any way means that obama means that david cameron are complicit with terrorism they're ok with terrorism they encourage terrorism and that for these populations in a in america are the u.k. if you don't want a terrorist running your country you need to get you need to regime change they've done that in north africa they're doing ar

jamie dimon pushes for banks to publicly shamed him he wants the banks of publicly shamed him i think he must of around fifty shades of grey. je t'aime is down to s. of them and so flagellation all right jamie i thought you had become completely irrelevant but i see you're sticking with it and you're going to be viewed i'm on look at for stacy i'm getting hot but look at you. as you are all the. states in from the second half of the spending with dunbar on their of the devils to river. what could be happily ever after a gone under left nothing to live. so old love a chance for precious children. like young minds rajon shoulders. leave it to die. on our to. the worst goes a long flight out for the day the radio guy bought available minutes from a quick profit what a watch quote for a budget deal because you never achieve anything like this cult. mission and free accreditation a free lunch for charges free. range mentioned free. free lunch to tide free. download free blogs just plug in video for your media projects and free media oh god r.t. dot com you. will. be a. welcome back to the

jamie dimon pushes for banks to publicly shame him he wants the banks of publicly shamed him i think you must have read fifty shades of grey jamie dunn is down to s. of them and so flagellation all right jamie i thought you had become completely irrelevant but i see your stick and where they're going to be viewed i'm more looking for stacy i'm getting hot but look at you know that. you're all the fool who are doing oh oh you stay tuned for the second half of the spending with dumbo are on their of the devils to. welcome back to the cows the report max kaiser time now to turn to nick dunbar author of the devil's derivatives there it is the devil's derivatives get a good shot of this this is the book you gonna read also another classic instant classic inventing money next dunbar welcome to the kaiser report thanks much the devil's derivatives this is a key text in understanding how we got to where we are today because it goes back to rivet is and long term capital management which is discussed in this book inventing money also a key. point in the history let's talk a long term capital

into debt expand the bond issuance expand the size of the federal reserve balance sheet and jamie dimon j.p. morgan's balance sheet central banks and commercial banks want the debts to be as high as they possibly can from what you're just saying because they can apply that fractional percentage point of fraud over vastly larger pools of capital you know it's not for nothing they're around six hundred trillion dollars worth of derivatives it's not an accident that the central banks have hundreds of showings of dollars worth of debt that all the major g. twenty countries are severely in debt that's where banks are ample june fish for risk lost profits the bigger the debt the easier it is for them to risk for risk close profits they love the debt because it's easier for them to commit fraud and to suck capital out of the system and pay themselves huge bonuses now the other risk of course is that one day people will recognize what has happened to them and that risk we're seeing results in the emergence of a new trend which is the so-called libertarian communes now this is one of the things

about jamie dimon leaving jpmorgan? >> i think jamie dimon is an example of how managing a corporation is complex as jpmorgan is impossible for the ceo to stay on top of the risk. he is still a very talented executive and i don't think we actually call for his termination. we wanted the company to do a better job with respect to risk. the question for other financial giants, are too big to manage? are they so complicated that they need to pull back? a continuing discussion in market reforms or position of the volcker rule in the u.s.? cheryl: it fair to say your position has changed? you have a kinder position when it comes to jamie dimon's leadership? >> jamie dimon is one of the most accomplished executives, financial services, his story with the london whale and $6.6 billion loss in that trade, could make mistakes. the question is what will the company learn going forward? he stepped up and accepted responsibility from that and that shouldn't be a refreshing novelty in government or business but right now it is. cher

jamie dimon's reputation already dented.g he fully accepts the board's move to cut his pay by more than half. goldman sachs earnings surged dramatically firing on all funders across the board. their net income basically almost tripled to $2.83 billion the company that handily beat expectations. they posted a $5.60 versus expectations of $3.54. goldman sachs shown the way how to do investment banking in a not so great climate. tracy: thank you. we had an equity analyst on the 1:00 hour and he said he had a buy on jpmorgan. ashley: interesting. oil closing up $0.96 moving closer to that $95 per barrel level. a gain of 1%. you might associate credit card debt with the responsible twentysomethings, but not actually true. gerri willis is here to explain who is racking up those bills. >> their average debt according to a new survey under 50, 6200. this isn't the whole range people at the specific subset. the thing that is really disturbing is they are not buying high-end bottles. they are buying the basics. dental work, you name i

connell: then there is jamie dimon and john chambers. you will be hearing from both of them in this hour. liz claman at the world economic forum. cheryl: stocks now and every 15 minutes. apple. nicole: i will show you apple in a moment. the dow, the s&p are doing quite well. five-year highs. highs that we have not seen since 2007. the tech heavy nasdaq, apple weighing on the nasdaq. are we almost at 14,000? we cannot believe it. what a five-year run this has been. ibm helping the markets along yesterday. today, apple delivering news that is below the analysts estimate. the shareholders are certainly disappointed today when they see their stock down over 10%. $461. the low of the day was $450. not a good day for apple while all of its competitors are soaring today. connell: the stock market looks pretty good. the economy looking better. john brown joins us. senior economic consultant at euro pacific. have we turned the corner a little bit? >> i think there is reason for some optimism. i think strategically the economy is still in very bad

instead of someone like a jamie dimon, and i think steve is absolutely right.on't think there's a human being on the planet who knows the current budget and its issues better than jack lew which is exactly the reason i would say he's absolutely not my first choice for the job or the fifth guy in line to be president should anything happen to the other four because i think he's going to have a parental relationship, so to speak, with the budget and its process in trying to change it, and i think that that paternal instinct is going to be defending it versus, you know, actually trying to make a difference. looking at the budget even though we technically haven't had one. we've had continuing resolutions. i think we need someone that will look at frankenstein monster called the budget and not stick up for it but pick it apart. >> rick, you know, i don't think anybody in their right mind would argue for a second that a guy like jamie dimon wouldn't be the right, the qualified, the good message-sending pick. >> i don't think jamie dimon would take the job, by the wa

here with jpmorgan ceo jamie dimon. thanks for being here. >> pleasure to be here. >> news last week that you took a pay cut as a result of the london whale trading loss. would you say now that this issue is officially behind you, or are there still ramifications to the london whale deal? >> first of all, i didn't take it, i was given one. the board had a decision to make. we did have a record year and the bad. we had one terrible mistake in the year, so, look, we've fixed the problem from a financial risk for the most part. we've disclosed both the economy report and a completely independent board report with independent outside board advisers. the regulators will have their review toss do so more ongoing things from that. we cleaned up cio and changed procedures to make sure we manage the company properly going forward. >> what kind of changes might we expect going forward. in terms of changing the bank, restructuring how the governance is done. >> look, i'm very proud of jpmorgan. you know, last year i think 1.8 tril

jamie dimon is now losing money in his salary because of the whale trade. what do you guys think about that? > > i don't think it really matters if he loses money in his salary if the stock continues to go higher. we actually saw a pullback in banks for the first time this year. the market looks so strong, we saw a pullback yesterday in the banks. bank of america under the 11.5 level. we saw citigroup down. wells fargo sold off on an earnings rally- > > things were up 20% in the banking sector, so a pullback is natural. but the issue here is a $6 billion error, and he still gets paid $11.5 million. > > is he worth it? > > is he worth it? if you look at it in perecentage terms, that's 0.002% of the $6 billion. > > so he's worth it. > > so that is quite a catch for that ceo. > i like that line, and i want to work for andrew. true or false: a u.s. software developer outsourced his own job so he could take it easy at work. > > i'm going to take the opposite of whatever you say because- > > i saw this! i actually read this. yes, it is true. he outsourced it for

since 2011, several other confidants of jamie dimon have left the firm. from downmarket to high end. pawn brokers are turning into the new banks for the upscale. according to marketwatch.com, because of stricter bank loan rules, even the wealthy can't always access quick cash. the pawnbroker industry is responding and seeing growth among customers looking to tap into loans that can go as high as a million dollars and be made within minutes. the pawn industry made more than $15 billion in 2012. although they appeared to be a casualty of the housing crisis, jumbo loans are actually flourishing. as the housing market improves, banks are increasingly handing out jumbo loans to home buyers in excess of $625,000. reports say overall, lenders gave out $148 billion in private jumbos in the first 9 months of 2012, a 23% jump from the year before. getting the loans requires a credit score in the 800 range. target's special holiday promotion will become year- round. target says it will match prices on identical products if consumers find them priced lower at select

. >> my conversation with jamie dimon, about his housing market and the u.s.nough for two oprahs? i'm talking with china's oprah. take a look at how the stock market ended the week. ♪ [ male announcer ] to hold a patent that has changed the modern world... would define you as an innovator. to hold more than one patent of this caliber... would define you as a true leader. ♪ to hold over 80,000... well, that would make you... the creators of the 2013 mercedes-benz e-class... quite possibly the most advanced luxury sedan ever. see your authorized mercedes-benz dealer for exceptional offers through mercedes-benz financial services. to the best vacation spot on earth. (all) the gulf! it doesn't matter which of our great states folks visit. mississippi, alabama, louisiana or florida, they're gonna love it. shaul, your alabama hospitality is incredible. thanks, karen. love your mississippi outdoors. i vote for your florida beaches, dawn. bill, this louisiana seafood is delicious. we're having such a great year on the gulf, we've decided to put aside our rivalry. now

. >>> some big changes in jamie dimon's paycheck. the jpmorgan chase ceo is swallowing a 50% pay cut. he goes down to $11.5 million from $23 million. it's a fallout from the bank's $6 billion losses from trading that went bad. but dimon has jpmorgan shares at $263 million. >>> and how is this for an overachiever? a boy in southern california has just become the youngest certified specialist at microsoft. and he's 9. yes, 9 years old. the fourth grader passed the exam a few days ago. apparently his skills in differential calculus helped him to write the programming. in case your 9-year-old isn't solving world peace at the moment. >>> if you're in the market for a bigger tv, check this out. this is a monstrosity. it's the biggest tv in the world, in the universe, known to man. 201 inches. that's more than 16 feet. porsche designed the l.e.d. set, which is selling for more than $660,000. it's too large to fit inside. but the company says it would be perfect on a yacht or on the front lawn. >> not in a new york city-style apartment. that

and jamie dimon, the ceo of jpmorgan, spoke this morning. what did he say? said kind of what you were saying. the worst is behind us. we've seen increases in employment, increases in home sales, increases in the stock market. he was basically saying don't dwell on the past, stop being so hard on the bankers and by the way, that whole london wale thing that looked bad for jpmorgan last year, he's sorry about that. listen to how he apologized. >> i just want to point out no customers -- terrible mistake. if you're a shareholder, mighty apologize deeply. but we did have record results and life goes on. >> reporter: that was that big series of trades that cost jp more began billions of dollars he basically waved that off and said don't worry about it. he also talked about critics who say that the banking system is okay. jamie dimon has not only been golden child of the banking industry, but one who has stood up in defense of the banking sector. he said it's not opaque, it's complicated and he followed it with the the line you don't understand how aircraft engine

it is interesting jamie dimon talks about how his company did not need the fed money.ame out in bloomberg costs freedom of information request when they got all the data from the audit f am the federal reserve, came out his company at that time in late 2008 had a $50 billion or $60 billion line of credit with the fed on top of all of the money they were getting through the tarp bailout, to the bailout of bear stearns and other facilities. apparently, they did not need that $100 billion or whatever it was they got from the federal government, they were just taking it because they were being polite and asked to run the federal government. this fiction that they did not need the money, that they were healthy all the time, the government -- when not only give them money, but we vouched for them. now we're stuck of vouching for them basically fever. that is the ongoing bailout that has become the real problem. >> i want to ask william black, in the deal the obama administration reached on taxes recently with the house republicans, there is stopping a lot of attention to the

but one thing that cannot be debated the dimon's leadership. he is the chairman of this company and he knows that regardless of who is to blame for this loss, ultimately, the buck stops with him. the board looked at the story, acknowledged the changes that were made in response to what happened. but also noted that despite the size and scope of the bank, the ceo takes responsibility. and dimon did just that, without complaint or two test and probably cost him millions of dollars in compensation. if only our elected officials would take the same kind of accountability and responsibility. instead, we get a steady diet of d.c. finger pointing on nearly every issue. sometimes it can take a lesson or two from wall street. that will do it for us tonight. see you tomorrow. stay with cnbc. "fast money" begins right now. >>> live from the nasdaq market site in new york city's times square, i'm melissa lee. big drop for stocks. why one veteran market watcher believes stocks may soon see a major pull back. gary schilling joins us live. apple downgrade. we

new reports that jpmorgan chase ceo jamie dimon may take a hit.ning me now is former treasury department adviser for the clinton and obama administration. i want to start with the sec. >> i think it is an important development. it really shows that risk management will be really important for things going forward. the fact that the enforcement action is coming, the board is talking about pinging jamie dimon bonus. they are starting to think or probably about strategy of the firm and it is not just about quarterly earnings. cheryl: he is the highest-paid ceo out there. it is the board's call whether or not to release the london whale report. this hurts him financially. >> yes. what concerns me a little bit about jpmorgan is jamie dimon is not just ceo, he is also chairman of the board. we like to have the tube positions split. when there are decisions like this, you want the board to be able to say this may make the ceo look back, but we are going to do it in the issue of transparency. cheryl: and it will mean more regulation, more accountability,

his base salary is the highest of anybody on the list, twice the salary of jamie dimon. the answer to the question of the day, should prison inmates are allowed to sue the government? gerri: new york post issuing a scathing report today showing new york city taxpayers are getting built by more than $100 million by rikers island inmates. these prisoners have been rewarded for winning frivolous lawsuits over things like slipping in the shower. should prison inmates be allowed to suit? year is what you are tweeting me @gerriwillisfbn. they alrea seem to have more rights than the average citizen. no, they lost they're rights when they were sent to prison. we also asked you this. 4 percent said yes, 96 percent said no. here are your e-mails. i'm so disgusted, we need to go after our own energy here in the

i know, poor jamie dimon. but do you know what, he made $23.5 million last year, so $11.5 million, what a pauper. >> i'm glad he won't have to apply for food stamps. goldman sachs, we'll touch on that before you go? >> okay, goldman had a strong finish as well. also benefiting from the housing recovery and the credit conditions that are getting better. goldman booking a profit of almost $3 billion and that's triple from a year ago. and despite what ceo lloyd blankfein called a challenging economic conditions for most of the year, goldman pretty much coming out very strong. what's most interesting with goldman, carol, and there's this shift going on from making money on trading and investment management to goldman getting most of its growth from lending money. you look at goldman shares, they recovered in 2012 from a really, really tough 2011. shares lost almost half their value in 2011, most of it coming after the summer debt ceiling debate. guess what? shares of goldman have gained 48% in 2012. the rally has

his base salary is the highest of anybody on the list, twice the salary of jamie dimon.nd the answer to the question of the day, should prison inmates are allowed to sue the government? i had enough of feeling embarrassed about my skin. [ designer ] enough of just covering up my moderate to severe plaque psoriasis. i decided enough is enough. ♪ [ spa lady ] i started enbrel. it's clinically proven to provide clearer skin. [ rv guy ] enbrel may not work for everyone -- and may not clear you completely, but for many, it gets skin clearer fast, within 2 months, and keeps it clearer through 6 months. [ male announcer ] enbrel may lower your ability to fight infections. serious, sometimes fatal events, including infections, tuberculosis, lymphoma, other cancers, nervous system and blood disorders, and allergic reactions have occurred. before starting enbrel, your doctor should test you for tuberculosis and discuss whether you've been to a region where certain fungal infections are common. you should not start enbrel if you have an infection like the flu. tell your doctor if y

so jamie dimon turns to singer and says, i guess your business is opaque. he's running a hedge fund. >> right. >> there was a fair amount of debate. i thought the most interesting part, frankly, was axle weber. here's a guy who is running the bundes bank and a regulator for ten years, an academic before that. and now is knee deep in the issues that jamie dimon is facing running ubs. now, weber is running ubs. >> yeah. >> he's got a different outlook, but i should say we came away from the panel realizing he thinks the banks will be split up. that's why he's focused on wealth management. they are restructuring ubs. he thinks that we'll see a real separation of plain vanilla deposit taking and the complex investment banking. >> this is a debate that's been raging in the u.k. for some time. we had the independent banking commission suggest this. we've stepped away from the full recommendations. but it's interesting that it's gaining more traction, right? >> it is. and you've got a financial tax being talked about in the u.k. >> yes. >> all sorts of different p

liz with jamie dimon. liz? >> thank you, we appreciate it.e with the ceo and president of jpmorgan, jamie dimon. i want your first reaction, just broken in the past hour that president obama will no , nomie the u.s. attorney as the head of the securities and exchange commission. you deal with that as a bank. what do you think? >> first, welcome, happy to be here with your viewers. >> thank you. >> i met mary joe white, and anyone who knows her at all, she's capable, confident, bright, tough, and perfect choice. >> also renominating richmond for a job that in the past you've been a little, at least, maybe contentious about her criticals, consumer protection agency. >> i was not critical, just part of the banking thing, completely separate to coordinate better. they did a great job, first of all, start from ground zero. i had a decent relationship with elizabeth warn. they came out a week or two ago, and they were good, thoughtful, and they did it quickly, and they didn't delay. they made progress, and i hope they continue to do that. >> jamie

dimon raked it in, but still, with the cut, could be taking home $16 million this year.ahead of tomorrow's earnings. tom from ag and matt mccormick on whether to buy, sell, or hold. it's a basic question. matt, starting with you. you are worried about, i think, the noise is what you said about jp morgan. go into detail, matt. >> cheryl, i'm concerned about the london wale issues and the continued fallout. jp dodged a bullet with the fed slapping hands and not charging any fines, but to my knowledge, there's seive other legal and regulatory agencies still investigating the london trade, and there could be a fallout and maybe more fines and i just think that j pmorgan, though, a good company will beat earnings. there's too much noise and concern. other companies have equally strong management that have not moved as much. it was up over 36% last year, 35% year to date. there's other safer banks and be more selective than buying a company that you know regulatory issues will be coming out. cheryl: getting to the sector in a second, but taiment, todd, you're not concerned abo