ceo jamie dimon met with u.s. attorney general eric holder on a reported $11 billion settlement over mortgage-backed securities. we're all over this story. rich edson is reporting from washington, d.c., elizabeth macdonald is working phones here in new york, but first let's get up to speed with rich. >> reporter: good afternoon. he walked through the front entrance, slipped out the side door in a black suv. jamie dimon spent about two hours at the justice department. attorney general eric holder says he met with dimon, this following reports jpmorgan and justice are discussing an $11 billion deal in connection with abuses in mortgage-backed securities. at an unrelated press conference, holder refused to comment on the specifics of his discussions with dimon, though acknowledged the department's focus on financial crimes. >> this is something that is a priority for this justice department, to hold accountable people who would manipulate, companies that would manipulate our financial markets for their own customers'

nothing from jamie dimon.ressed it. >> i do not want to comment where we are in regard to that matter other than to say it is all going. rich: there are of course the issues of how much any settlement could clear off the books for jpmorgan chase. a meeting in washington, d.c. sprung up on us this morning. back to you. cheryl: rich edson. thank you very much. dennis: what is bugging me? bank finds. our government is raiding billions of dollars from banks that already lost money on their own moves. eric holder says it is not enough. we are extract the even more money. almost none of this money ever goes to any real victims. almost none of this money comes from the bank accounts of the individuals who screwed up so badly. instead our government shakes down shareholders. the ones who got hurt are now the ones paying for their banks stupidity. something is very wrong here. should the feds find individuals inside of the things that employed them? cheryl: such an interesting debate. the shareholders are being punishe

. >> jpmorgan ceo jamie dimon trying to reach multimillion dollar settlement with prosecutors. we'll hear from somebody who says if dimon wants to help his company, he would leave it. really? you'll hear why. >> jack in the box giving nutritionists digestion with latest offerings. >> let's go to my house for late might muvennight munchies. >> all that for six bucks. are these calorie packed meals what consumers want right now or does mcdonald's have it right by making meals healthier? the fast food fight coming up. ♪ ♪ unh ♪ [ male announcer ] you can choose to blend in. ♪ or you can choose to blend out. the all-new 2014 lexus is. it's your move. with fidelity's options platform, we've completely integrated every step of the process, making it easier to try filters and strategies... to get a list of equity options... evaluate them with our p&l calculator... and execute faster with our more intuitive trade ticket. i'm greg stevens, and i helped create fidelity's options platform. it's one more innovative reason serious investors are choosing fidelity. now get 200 free trades whe

what options does dimon have left? we have every single angle covered. >>> plus, syria's chemical weapons list is being called surprisingly thorough. what does that mean? the u.s. could get stuck with a billion dollar bill to destroy them but is the list even legit? we'll ask a former u.n. weapons inspector. >>> who made money today. he got multiple black eyes this year but can hold his head high after scoring $50 million today, a good day. find out to see who it is because even when they say it's not it is always about money. melissa: so we have big business news today leading to what could be a huge blow to jpmorgan ceo jamie dimon going in for rare meeting with attorney general eric holder and other doj officials discussing a possible $11 billion settlement related to his bad mortgage-backed securities. this doesn't even include the more than 900 million bucks the bank will pay for the infamous "london whale" scandal. the hits keep on coming for jpmorgan. here to break it all down, experts on every angle of the stor

morgan's jamie dimon.n washington. >> we can tell you that meeting lasted two hours and jamie dimon has left the building in washington, d.c. we got video emerging from the building here a few minutes ago. i can tell you his visit here to washington attracted quite a bit of attraction, there were still cameras, pretty much every entrance today, everybody wanting to get a glimpse of jamie citymon, it is clear they are not ready to announce particular details of a settlement based on today's meeting, but they're also signaling there is more to come in terms of investigations into firms that may or may not have manipulated the financial markets, a strong tone from eric holder. no final announcement here of any developments regarding j.p. morgan. we can tell you jamie dimon was here for just about two hours. >> ayman javers there with the latest. those pictures of jamie dimon leaving the department of justice. stick around, see if markets can hold on to their gains this morning. the american dream is of a bett

that's jpmorgan chase jamie dimon. showing his id at the justice department this morning.hat was he doing there? cnbc's kate kelly has the report up next on "the kudlow report." i was made to work. make my mark with pride. create moments of value. build character through quality. and earn the right to be called a classic. the lands' end no iron dress shirt. starting at 49 dollars. maestro of project management. baron of the build-out. you need a permit... to be this awesome. and you...rent from national. because only national lets you choose any car in the aisle... and go. you can even take a full-size or above, and still pay the mid-size price. (aaron) purrrfect. (vo) meee-ow, business pro. meee-ow. go national. go like a pro. if you have a business idea, we have a personalized legal solution that's right for you. with easy step-by-step guidance, we're here to help you turn your dream into a reality. start your business today with legalzoom. . >>> welcome back to "the kudlow report." i'm mary thompson with this news alert. if you have ever wondered why it takes three butt

shame on jamie dimon, i guess. >> you say shame on jamie dimon but not shame on jon corzine? >> i'm not saying shame on either of them. >> you just said it. >> i am looking backwards -- >> did he just not say it? >> i was being sarcastic. >> was this the regulatory industrial complex -- >> you don't look at results and look backwards to blame. >> jamie dimon has five department of justice investigations going on right now. they have been absolutely hammered. what happened at mf global is much, much more serious. >> hammered? >> they are resisting investigations. the more they resist investigations the more investigations they face. the regulatory industrial complex -- >> just because you say it loud doesn't make it right. >> tom, if jon corzine gets to benefit from either the trades or whatever the people under him that he may not have known about explicitly, if he bets benefit of that by virtue of his bonus, the stock going up, why shouldn't he pay a bigger price when the ship sinks, even if he didn't know about it, the guy driving it? >> do you seriously think facing a crim

he is well-respected by the board and dimon.s, he is starting to get in the headlines there is no move to out of him. here is one issue that is problematic about this. they face six more months of intense regulatory pressure. i think a year total of regulatory pressure. lori: isn't there a statute of limitations on these things? you've been talking about for years. >> by the way that is a squishy thing. it depends sometimes yes, sometimes no. it depends on the, the ill-gotten gains and when they first appeared, you know what i'm saying? so that's where we are right now. and here's the other problem for jpmorgan. when you talk to people in there do you know the scope of the regulatory problems? they say they do. they say they know what they're facing. for example this california suit they may or may not settle. we should point out, what we're hearing, u.s. attorney from california on mortgage cases. what they're saying jpmorgan believes they have a good case on that. they don't have to settle for the extortion nary claims this gu

bob dimon at barclay's bank is calling for more international coordination between regulators to make progress on too big to fail laws. he says banks took on way too much risk in the years leading up to the crisis and new regulations have helped reduce some of that risk. >>> dimon was one of the top bankers at the center of the crisis five years ago but there are dozens of others some of whom are still in the same jobs they held back then. andrew ross sorkin author of "the deanyone tiff history: too big to fail" records on where some others are now. >> reporter: dick fuld was a star on wall street, the longest running ceo of any firm. in 2007 he mounted a vicious campaign against short sellers that he said were trying to put lehman out of business. >> what i really want to do is i want to reach in, rip out their heart and eat it before they die. [ laughter ] >> reporter: five years after lehman's collapse, fuld is chase sent. has a small consulting firm in manhattan, no high-profile clients or among that are saying so. of the clients he has one warned his tarnished reputation could be

looking at front page headlines, jamie dimon is all over the place.ral eric holder inside the beltway. it follows the reports that the bank could pay as much as $11 billion in post investigations into its mortgage mess. liz: dick bove, banking analyst told us in the last hour that jpmorgan could pay as much as

is asking for six billion dollars from jamie dimon steeping morgan for defrauding the taxpayer about mortgage backed securities these are put back claims so the f h f a said the bank j.p. morgan falsely claimed that loans back in thirty three billion dollars of mortgage backed securities complied with underwriting guidelines and that it significantly overstated the ability of the borrowers to repay their mortgage loans of course kaiser report cover this years ago with the time to work was saying that that they were only putting aside reserves of one billion dollars for this put back claims from the f.h. f.a.a. and terry buell our guests said that it would be closer to nine billion dollars here we have six billion dollars j.p. morgan itself is refusing to pay this so it will still be in billions so they have to pay well it could be one billion it could be ten billion it could be one hundred billion it could be a trillion it doesn't matter because they just go over to the fed they print more money and then they will of course debase the currency and to keep the currency from inflating

jamie dimon's directive, get rid of non-core assets. to focus on businesses that make money and make sure as we're focusing on the businesses we're not doing anything stupid. that's what is part of this thing. focus on stuff that keeps us out of trouble. that's where we are right now. i will just say this. if this seems to me, this is me covering banks for a long time, the first step to something much more radical. that at least from my sources inside jpmorgan is not happening right now. cheryl: this is interesting what you said as well. god, this goes back 10 years in our history. splitting off investment banking and commercial banking. >> citigroup. you have to get inside of jamie dimon's head why it is more difficult for them. he helped create citigroup. people forget about that. he was a major executive, number two or essentially sandy weill's right-hand man which created citi and merged investment banking and commercial banking and insurance for a time when they had travelers. he was the guy that put it together, that supermarket m

jpmorgan chase ceo jamie dimon issued a letter to employees to rally troops amid increased governmentwsuits. >> dimon pledged more resources to the fight to stem this regulatory fallout. he told executives, he's added 4,000 employees and spent $1 billion more on controls and oversight. $750 million alone on ongoing government consent orders. now, dimon in that memo said, quote, we're well aware of the news around the legal and regulatory issues facing our company. in the coming weeks and months we need to be braced for more to come. this week jpmorgan faces for the london whale losses. the fine representing settlements of the s.e.c., occ, federal reserve and uk's fca could top $800 million. even beyond that, the total cost of london whale is still growing. they face investigations at department of justice, new york attorney general, and fcc looking to see if they manipulated credit markets with london whale. jpmorgan will not admit wrongdoing. d.o.j. is looking at their trading in electricity market and could settle on fraudulent mortgage-backed securities. so much issues, such a wide

dimon has until monday to respond or settle. a settlement is unlikely because that means they would have to agree to manipulation. the anti-manipulation rule in dold/frank makes it unlawful to manipulate markets intentionally or recklessly. meaning jpmorgan didn't have to knowingly dislocate those, they say the trades swelled could create recklessness. they say betting against london whale who got that moniker because the trade was so large was a no-brainer since it was easy to spot the mispricing. the london whale struck a deal with prosecutors and didn't have to plead guilty. two others have been charged criminally by new york southern district. a spokesman for jpmorgan declined to comment. the lawsuit has not been approved by the cftc. just to the commissioner level. >> thanks very much. the last word there. you wonder what the end game here is for regulators and jamie dimon and jpmorgan. >> they definitely have him in their sights. >> yes. >> we have blackberry in our sights. shares have been halted for a few minutes pending

so, jamie dimon is punished. he made it clear he did not like tarp money. it clear he was opposed to the president now. he is paying the price for it. jp morgan was the best run bank out there, one of the best run banks out there with a couple of others like wells fargo. they are getting big punishment. by the way, when the federal reserve is picking up the point out there, made the money cheap, the housing prices went up. everyone thought it was a natural law of the universe. prices would keep going up. if a borrower defaulted it didn't matter. the asset would be better than ney good. >> david: last word from steve forbes. both parties continue the power struggle in washington this weekend, a new poll showing a record number of americans think the government has too much power. period. the "cashin' in" crew how we claim the power back coming up. but first on forbes, satisfying, satisfries. the new fries saving people calories, some they they are going >> david: burger king is hoping you will be satisfied with -- sa tabisfries. it has fewer calories than th

dimon goes to washington. even he got to the department of justice, he needed to show his id.is. we'll find out what happened once he finally got inside, coming up next. >>> then, should the 99% give back to the 1%? sounds a bit crazy, right? that's what somebody here is saying we should do to fix society's ills. he will state his case and we'll debate it after the break. >>> also, which country is the smart money headed to right now? i've been talking about this one. the answer may surprise you. we have one of the leading business executives from that nation here live after the break. find out. how come all that money is moving there? back in a moment. ♪ ♪ unh ♪ [ male announcer ] you can choose to blend in. ♪ or you can choose to blend out. the all-new 2014 lexus is. it's your move. [ bell ringing, applause ] five tech stocks with more than a 10%... change in after-market trading. ♪ all the tech stocks with a market cap... of at least 50 billion... are up on the day. 12 low-volume stocks... breaking into 52-week highs. six upcoming earnings plays... that recently gapped up.

and jamie dimon and he returns j.p. morgan.the justice department, and wonder what they'll be discussing? . and michelle girard at the state and federal levels, numbers came out this week, is it the high level of taxation, all that revenue coming into the government, do you think that's what's keeping this economy so slow? >> well, you know, i do think that, obviously, higher taxes are not good for the economy. i also think even away from taxes, the general uncertainty that businesses have faced in addition to the increased regulatory burden that companies have faced. all of these things come together to make for not a very pro growth environment and that's at the heart of why we can't seem to get out of this malaise. stuart: that's what i'm looking for, i'm looking for some way of saying we're going to have real growth and get, 4, 5, 6. but we've got obama care come out as more taxes are levered next year. i don't see us getting out of the doldrums and i want to know if you do. >> unfortunately, we've talked about. i don't see

dimon, mr. holder, mr. holder had comment, actually. >> no, that's right, tyler. and the fact that dimon met withholder face to face really suggests strongly that a settle am deal would be near and that the two of them were discussing relatively final term. in this press conference held on an unrelate matter just after the meeting with dimon, the attorney general had some strong words, though, for jpmorgan and its fellow banks, several also under investigation for alleged misconduct with the connection of sales with mortgage-backed security. holding companies accountable for manipulating financial markets is a priority for the justice department, holder said, and we can expect it see more announcements of cases related to that in the coming weeks and months. as of yesterday, jpmorgan and justice were discussing a possible settlement of roughly $11 billion from what i'm told, a chunk of which would go to consumer relief. but a key question remains whether jpmorgan would admit or deny wrongdoing and how many government probe could be resolved all at once. in additio

according to reports jpmorgan chase ceo jamie dimon met with u.s attorney general eric holder yesterday. dimon along wtih federal and state authorities are attempting to come to a resolution over shakey mortgage securities the bank sold prior to the finanical crisis of '08. reports estimate to settle the ordeal-- jpmorgan could pay up to $7 billion in cash to the government and $4 billion in consumer relief. the bank turned a profit of $21 billion dollars last year. the bank's stock rose to $51.89 cents yesterday. jcpenney executives have no worries about the company's turnaround. ceo mike ullman says there's no need to raise cash to boost the bottom line. he says online sales are in double digits compared to a year ago. on wednesday, a reuters report said the company was looking to raise over a billion dollars to help overcome its financial struggle. it sent the stock down 15 percent. shares climbed nearly 3 percent after thursday's announcement. after the close last night the company said it's selling 84 million shares of stock for "corporate purposes". business is brisk at bed bath a

>> reporter: i think jamie dimon has already been under siege. the investigation has been going on for over a year. we'll have the watch the reputation of the company going forward. with this regulatory onslaught, they've been cancelling new growth initiatives. in the consumer bank they had roughly 60 new products they were going to roll out. they stopped doing that because regulators said you need to focus on what you're doing now and make sure your existing regulatory controls are up to snuff and that this doesn't happen again, doesn't worry about venturing into new businesses quite yet. >> could they lose clients? could it damage their reputation to the point where people don't want to do business with them on a larger scale? >> reporter: it depends on what regulators ultimately say. a lot of companies like working with jpmorgan. they're the fortress bank. if they need a big loan, they go to jpmorgan and they still will. the problem is the bank might not be allowed to take on new clients. in its clearing business which is where a bank or a for

asking for six billion dollars from jamie dimon j.p. morgan for defrauding the taxpayer about mortgage backed securities these are put back claims so the f h f a the bank j.p. morgan falsely claim that loans back in thirty three billion dollars of mortgage backed securities.

asking for six billion dollars from jamie dimon stupid morgan for defrauding the taxpayer about mortgage backed securities these are put back claims so the f h f a said the bank j.p. morgan falsely claimed that loans backing thirty three billion dollars of mortgage backed securities complied with underwriting guidelines and that it significantly overstated the ability of the borrowers to repay their mortgage loans of course tries report cover this years ago where at the time to mark was saying that they were only putting aside reserves of one billion dollars for this put back claims from the f.h. f.a. and terry buell our guests.

asking for six billion dollars from jamie dimon stupid morgan for defrauding the taxpayer about mortgage backed securities these are put back claims so the f h f a said the bank j.p. morgan falsely claim that loans backing thirty three billion dollars of mortgage backed securities complied with underwriting guidelines and that it significantly overstated the ability of the borrowers to repay their mortgage loans of course tries report cover this years ago where at the time to mark was saying that that they were only putting aside reserves of one billion dollars for these put back claims from the f.h. f.a.a. and terry buell our guests said that it would be closer to nine billion dollars here we have six billion dollars j.p. morgan itself is refusing to pay this so it will still be in billions that they have to pay well it could be one billion it could be ten billion it could be one hundred billion it could be a trillion it doesn't matter because they just go over to the fed they print more money and then they will of course debase the currency and to keep the currency from inflating too b

jamie dimon said last week that he is going to increase spending by a billion dollars a year and addes just to meet the compliance requirements. liz: right. >> i met with some folks at two other bulge bracket banks in new york and they said the number is small. it is multibillions of dollars. the fact is things like dodd-frank which has been signed into law for a few years hasn't been translated into all the changes and process and controls that will be needed so we think there is phenomenal market opportunity out there. frank frankly the traditional consolidators out there, sungard, first datas are somewhat flat-footed. liz: you came from sungard, before verifone. >> i did. liz: the mobile payments company. there are all kinds of things, square, mobile payments. paypal was early adopter, creator. you've got all kinds of different opportunities here plus trading platforms. i'm switching gears here to all of the glitches we've seen recently at many of the exchanges? >> sure. liz: how do you encapsulate that opportunity with the chunk of money you have? >> we'll make great invests. we'

whether jamie dimon and jpmorgan are worthy of cannibalization is another story.the blame for the mortgage crisis and 2008. fannie mae and freddie mac are far more to blame. if the government came knocking and said, mr. mcshane, we are contemplating indicting you for at and you said, will you take a dollars? you would be indicted for bribing. the government is just interested in ash. then it is interested in shifting the blame for its own incompetence to somebody else. connell: -- >> there is some culpability on jpmorgan's part. it may have caused people to have been foreclosed upon before they should have. there are errors in there. $7 billion worth of errors? the government wants another 7 billion? are they trying to help the shareholders? dagen: judge, it was great to see you. it looks like he is up to no good. connell: what else do we have? dagen: gasoline prices have fallen for 24 straight days. connell: sandra smith joined us from the cme now. sandra: enjoy it while it lasts. twenty-four straight days gasoline prices have come down at the pump. the national

what is jpmorgan chief executive jamie dimon telling his employees?re with more details. >> there's the public statements which he made. they are kind of interesting. you can read them. they're on online. i won't get into them. private statements what he is telling his closest executives and spread across the firm. more than a few analysts are getting the word. what dimon is telling to sources close to the company, he believes regulatory issues even as they mount, are contained. he has some sort of ring fence exactly what they are going on. knows what they faced on the "london whale." he knows what they face on mortgages. he knows broadly what comes down the pike. he will spend money to prevent future problems. that is where a lot of his attention is doing these days. doing what we were first to report here on fox business network, constructing what is known as regulatory moat. it ring fences the firm in a way that it is very difficult for these sort of issues that occur -- the "london whale." maybe those guys mismarked purposely the positions, tradin

what options does dimon have left? syria's chemical weapons list is being called surprisingly thorough. what does that mean? the u.s. could get stuck with a billion dollar bill to destroy them but is the list even legit? we'll ask a former u.n. weapons inspector. >>> who made money today. he got multiple black eyes this year but can hold his head high after

. >> jpmorgan and jamie dimon may be trying to set settle the lawsuits and probe.never ending. >> we'll reveal that number coming up. >>> facebook and amazon stocks soaring. we know that. ceos mark zuckerberg raking in big bucks as a result. how big? we have details coming up. ♪ [ male announcer ] some things are designed to draw crowds. others are designed to leave them behind. ♪ the all-new 2014 lexus is. it's your move. but it doesn't usually work that way with health care. with unitedhealthcare, i get information on quality rated doctors, treatment options and cost estimates, so we can make better health decisions. that's health in numbers. unitedhealthcare. with fidelity's options platform, we've completely integrated every step of the process, making it easier to try filters and strategies... to get a list of equity options... evaluate them with our p&l calculator... and execute faster with our more intuitive trade ticket. i'm greg stevens, and i helped create fidelity's options platform. it's one more innovative reason serious investors are choosing fidelity

robert ray saves in 10 said that he been watching this whole jpmorgan jamie dimon ring.has concluded that maybe this isn't about a government, but a government and its chairman. i recently know jamie dimon, and you can explain from having one of these vast tracts, is there a connection? >> it's really hard to tell. you don't know what is on the other side. he is negotiating on behalf of the banks. he met with the attorney general for an hour. but the numbers are astronomically high. >> they could be over 10 million. neil: the multibillion on the whale trde, that really didn't hurt anyone. and they have reserves of over $600 million for legal fees. we are talking about a settlement of over $10 million. neil: this has to do with bringing people up to speed -- you know, they add more, but isn't that a little bit much? >> there may be a willing victim on the other side because of jpmorgan and the other big banks. bank of america and other banks are wrapped up with multiple different potential in losses and liabilities. and they have a way to negotiate to buy some type of glo

is asking for six billion dollars from jamie dimon steeping morgan for defrauding the taxpayer about mortgage backed securities these are put back claims so the f h f a said the bank j.p. morgan falsely claimed that loans back in thirty three billion dollars of mortgage backed securities complied with underwriting guidelines and that it significantly overstated the ability of the borrowers to repay their mortgage loans of course cries report cover this years ago where at the time to mark was saying that that they were only putting aside reserves of one billion dollars for these put back claims from the f.h. f.a.a. and terry buell our guests said that it would be closer to nine billion dollars here we have six billion dollars j.p. morgan itself is refusing to pay this so it will still be in billions that they have to pay well it could be one billion it could be ten billion it could be one hundred billion it could be a trillion it doesn't matter because they just go over to the fed they print more money and then they will of course debase the currency and to keep. the currency from inf

ashley: you mentioned jamie dimon. what does his future hold you think? >> i have no idea.e would stick around for the long term here. ashley: yeah. >> you've got a company, first of all has very little top-line growth. most of the growth has been coming from besides trading is cutting reserves. it has been from cost cutting. costs are starting to go up. still not a lost top line opportunity. not a lost loan demand in the economy. i'm not sure why anyone would want to oversee that and law of large numbers. you have a company 1/9 the size of the entire u.s. economy. ashley: yeah. >> to expect it to grow at significantly higher rates than the economy without leverage becomes tough. ashley: so you think he could be retiring maybe in the next year or so is it possible once we get through this period. >> it would be an absolute guess but i would not imagine to choose to in 18 months. ashley: has he lost a bit of his credibility? he was one of the most outspoken critics of regulation and tempest in a teapot conversation about comment about the "london whale" situation. has he los

di dimon. there was the dimon who wasn't very good and the one that is good. we had a piece about angelo mozilo. what is this? some sort of resurrection thing. it is all about five-year stuff. >> it is five years taking a look back. nobody went to jail. m mozilo paid a fine. >> it is interesting, once these guys were out of office or out of running their institutions, whether it be sandy weil, who did walk back his comments a bit last week but did say, it is time to break them up. now, mr. dimon is saying the same thing, interesting that they choose to do that. you will hear a different argument from the other mr. dimon. a very different argument. >> he is doing this all wrong. he should tender for paul weiss, buy the firm, bring it all in house. he is spending $4 billion, $5 billion. go buy a law firm. he could buy sullivan and cromwell, paul white. think about the money you would save. what would it cost? >> i don't know what their revenues are. >> less than $4 billion. it would be a brilliant move for a law firm. >> that's true. >> buy in volume. no more ho

jpmorgan fought they had that thrown out because jamie dimon is very close to the founder of twitter. and may impact certain pieces of business including this one. goldman sachs is a good firm but there are such plugs, why they didn't get that lead but they will play a major underwriting role. i am going to get a couple other headlines out here. frank petronis, interesting guy, cleared of regulatory issues, made a come back as an adviser, what sources tell the fox business network, frank is advising on this. he is revising done this. and he has been doing other deals and this is big for him as well. we should point out that the timing of this, unspecified, and looking to raise how much i don't know yet. they have yet to begin an exchange. lori: what is bigger than face book? >> they don't want the hassle of facebook. that is a smaller company, twitter versus facebook but from what i understand this is a big finger, when we were reporting over the last year we were doing public and likely to be done at the end of the year or 2014 they do not want to repeat face book's problems or come