depending on whether you feel your credit situation is where you want to go to a bank like wells fargo or another regulated bank, and line of credit, or work for a working- capital type of loan, which is something you look to do, the opportunity fund. you probably want to try both avenues. as far as your credit scores, everyone realizes, everyone here has a credit score. the first thing any lender will look at is your credit score. after looking at that, they all do not do the same thing with it. an opportunity fund will look at your story in addition to your score. some are limited to your score, that if it is above or below a certain threshold, and they are may not work with you. not every one of the lenders is going to see your situation the same, so you should be shopping. >> [inaudible] >> you can do contract financing. that exists. but a line of credit is probably what you're looking for. >> thank you, marc. i have a question from the audience about a burgeoning market. any avenues for san francisco medical cannabis dispensaries? open to the panel. >> in terms of financing? i can

. >> reporter: the protestors were trying to deliver a letter to the ceos of wells fargo, bank of america and chase, to ask that they accept the city of richmond's offer to buy underwater loans for the current fair market value. if they refuse, the city has threatened that it will seize the loans through eminent domain to prevent the destruction of neighborhoods. >> this has radically hit communities hard. there's been a lot of abandoned homes and blight and a lot of people have been put out of their homes. >> reporter: other communities have considered this action but all have backed down from the legal challenges threatened by the mortgage lenders. but richmond seems determined to take up the fight. >> if we sit back and do nothing, more and more families are going to lose their homes and the city isn't going to be able to recover. >> reporter: but even the protestors know it's highly unlikely that banks will voluntarily sell their loans for a fraction of what's owed. >> if i could refinance and forgiven on the thing that is upside-down it would be nice. but i know they are not going to

. >> they marched to wells fargo, bank of america and chase.fter wells fargo filed suit against the city over richmond's plans to buy the mortgages. the city says that would allow it to restructure loans so buyers can stay in their proper. >> it is a win for everyone. families get to stay in their homes and people are more willing to pay their mortgages. >> the banks say the plan could hurt investors by taking 200 million from the trust that hold the mortgages. >>> the latest crash test show mixed results for small cars. they tested 12 cars. six were good or acceptable. six marginal or poor. in good, the civic, acceptable dart, focus, elantra and scion. >>> u.s. airwaysu.s. airways is lacking into baggage handling procedures. they are moving luggage and tossing it into a pile. they were left there for 45 minutes in the rain before a cart arrived. u.s. air make as lot of money from baggage fees, $516 million last year. a representative says it is not the way they are trained. >>> cooler for a week or two and last night and today we are seeing so

they noticed a man fleeing a wells fargo bank with a basket of cash.y tackled him before ebbed get away -- before he could get away and held him till cops arrived. >> an american tourist accidentally broke the stinger from a priceless 14th century statue at a museum in italy. people at the museum say they are sure the statue can eventually be restored. finally the ugly, a brooklyn, new york, ice cream truck driver busted for giving more than extra sprinkles to customers. police surveillance show him trading drug for cash with an undercover police officer. >> coming up next on the rundown, president bush waking up in the hospital this morning. new details on his condition that you need to know before you leave the house. >> is this teacher sexist? that is what some people are saying. we'll have your e-mails and tweets next. ♪ ♪ ♪ a-a-a. f-f-f-f-f-f-f. lac-lac-lac. he's an actor who's known for his voice. but his accident took that away. thankfully, he's got aflac. they're gonna give him cash to help pay his bills so he can just focus on getting better.

fbi believes the group first robbery was on april 19 at the wells fargo bank on irving street. ese are video clips from the security camera at that bank. they say they were busy on june 3rd. robbing 2 banks. one in millbrae and metro poll tan bank branch on powell street in san francisco. next month they reportedly hit the bank of america on this street pictures from the security camera there. again, the same mo where the robbers take over the bank jump over the counter and commit the robbery by gun point. last thursday the fbi says the robber took over the first republic bank on geary. agency also looking for a second bank robber. they dub this man the up close bandit because of the clarity of the security video. they believe he's hit at least 2 banks. so far he hasn't been as violent as the high jumper. >> simulating as if he has a weapon underneath his clothing. never displays the weapon. if i'm not mistaken he utahizes a note. >> fbi says since october of last year they have had 160 bank robbery if san francisco jurisdiction and that is from the oregon border all the way sou

they say this man robbed the wells fargo bank yesterday afternoon.e are asking anyone with information to call the burling game police department. >>> now, to an nbc bay area follow-up. apple computers savoring some good news from the obama administration. the president's trade representative has overruled a trade commission decision banning imports of some apple products. the commission had banned imports of the iphone 4 and some versions of the ipad 2 saying they violated a patent. apple and samsung are locked in a battle over intellectual property. >>> we have new rules for football fans. the nfl is enfoerrcing the new clear bag policy for the first time today in canton, ohio. face paint still okay though. but the rest of the props have to stay at home. now fans can no longer bring in backpacks or large bags into stadiums. only clear plastic bags are allowed no larger that an one-gallon ziploc bags. no diaper bag, no camera or computer bags. you can't bring your suit cushions. you can watch tonight's hall of fame game between the cowboys and the d

so i get a call -- if you are wells fargo bank you can't be this stupid.n't be -- you can't be this

think because of the adj t adjustment that's been maze and stock exposed to housing like bank of america and wells fargook to get back into them. maybe not today but i like them into next week. >> you're worried about the banks and -- >> i'm not terribly worried. >> i love the reaction from jpmorgan today. we talked about that with the fines lining up and that people in the uk, dough metticl domest hitting them with millions of fines and the stock is up. that says a lot to the strength of the underlining stock. >> it's a bounce back -- >> a little bit. jpmorgan held 50 here today and rebounds to almost 51 on this, and that's in the face of all that news about the fines. >>, yeah i would say it has more to do with rotation. you mentioned housing. housing stocks topped out in q1 and banks kept going. now we see them stalling when the s&p did not make a new high. there are technical factors but maybe easy money has been made. at some point anticipating future earnings growth. >> we deliver with three trades. riteaid, ford and at&t. pete, give me riteaid. >> they've had an incredible move to the upside. i d

the group marched to wells fargo, bank of america and chase bank to quell the efforts to buy hundreds of underwater mortgages so the city can restructure the loans. the city announced it would use emnint domain where it would require private property for public use so it can stem the 50% foreclosure rate in the city. opponents believe it will hurt consumers and first time home buyers in the long run. homeowners struggling to make mortgage payments say it might be their only hope. >> if we sit back and do nothing more and more families are going to lose their homes. the city isn't going to be able to recover. >> the city of richmond the first in the nation to use imminent dough mmain. >> crews began pouring 164 cubeic yards of concrete on the new span of the bay bridge. part of the fix following the discovery of faulty bolts. concrete will cover up a complex cyst temperatu system of steel strand to string s -- strengthen the bridge. caltrans says the work on the bridge is scheduled to be run december 10th. the agency has no word yet when they have rescheduled an owning day for newt spt

. >>> wells fargo bank lays off more than 2000 people.ll tell you what prompted the cut. >> thousands of employees who were forced to take time off may get their money back. the push to get them paid as another threat of furloughs looms just a few weeks away. >> and we'll be back right after this. things won't last . ah! woof. some things will. save up to 20% on an ikea kitchen. and these are my roommates. this is one of my favorite professors. and so is this. this is my academic advisor. and also my cheerleader. and when i finish my degree in business... a new job, at a great company... that's the graduation present i want. [ male announcer ] in 2012, 90% of devry university grads actively seeking employment had careers in their field in 6 months. find your career success in the bay area. learn how at devry.edu. find your career success in the bay area. you're o♪ ♪meout leo! some things won't last 25 years. ah! woof. some things will. save up to 20% on an ikea kitchen. . >>> crews are working tonight to fix a leak that shut down a nuclea

sharon was trying to get money to save the bank of california and and he had that money in wells fargo bank of his own money. but the rumor had spread and by 230 in the afternoon, the bank in the street outside the bank crowded with people. they think the bank is going to collapse. if ralston could make it to 3:00 o'clock, he could get the wealthiest people to stand behind him and he might be able to save the bank. he just can't do it. by a quarter to 3:00 o'clock, the bank of california realizes that everyone is in shock. you can imagine the u.s. treasury. now, everyone's worried about the depression. ralston ends up signing his property. and the next day he swims out to the san francisco bay and he drowns. it is a huge loss for the city and his stream of the procession is a mile and a half long. the common people loved him. it looks like the post is really headed for a depression. especially until he is liable for this stuff. he goes to the wealthiest in san francisco and controls in and says he wants to play on their civic duty. others he guarantees that he will give money to the bank's

. >> a wells fargo bank was robbed about 2:00 after noon on saturday police are still searching for thee is described as a caucasian-between 35 and 45 about 6 ft. tall. if you have any information on any of these crime please contact your local police officers appeared >> at a protest in richmond yesterday resulted in arrest of protesters refused to leave the chevron protest. >> why they were arrested from the richmond chevron refinery coming up. coming up on kron 4 news weekend live look outside. walnutlet's take a quick looklet's check in with janu for thousands gathered to commemorate the first refinery fire. and the city of richmond recently announced plans to damages from the fire. there and has the details. chevron responded to the statement: >>""chevron respects the rights of individuals to express their viewpoints in a nonviolent manner."" come up on kron4 new news weekend we will have arts and entertainment appeared will be back after the break. look at 'em. living on cloud nine with that u-verse wireless receiver. you see in my day, when my mom was repainting the house, you co

. >> what i tell my team is that we have a responsibility as teammates of wells fargo bank as part ofvision and values to help support our communities, and a great way to do that is to be the advocate so that we can help the communities achieve the financial goals. community housing partnership is a great example of something that we have done locally in the bay area. >> our relationship with wells fargo is more than a funder. through the team member engagement, they are on the ground to help us to achieve the mission and goals. they have open policy to listen to us about the needs and how they change organizational ly fr us. wells fargo has partnered with the community housing partnership to help end homelessness here in san francisco. >> to learn more go the wellsfargo.com/about/charitable s. >>> this rn mobbing more than 1,000 kids will get backpacks stuffed with school supplies in san francisco. the annual event will be held at the ella huj community center in the western addition neighborhood. there is a free health care for families who participate. families must take part of th

a bank like wells fargo, for example, which is the largest sba lender in the country.n the lender makes the loan to you, they come to us and say that your business, for a variety of reasons, may not be strong enough to get a loan without a guarantee. it might be a business that is too young or is a type of business -- say, restaurants -- that are a little riskier than they want to deal with, or you do not have the kind of collateral a lender is looking for. "an sba lender will be able to make the loan with a guarantee that sba will be able to provide. we probably will about 225 sba loans this year. at any point in time, we have about 1500 loans in san francisco that are sba loans. a lot of them are restaurants because that is one of the areas that is very typical because it is a riskier business. but a lot of people in san francisco see that as an opportunity for them as well. we also partner with the golden gate restaurant association to help people understand how to do financing for restaurants. a lot of what we do is helping small businesses get access to credit. th

he ends up putting that money in wells fargo bank, his own money. t the rumors spread, and by 2:30 in the afternoon the bank is crowded, and the street outside the bank is crowded with people trying to withdraw their money. they think the bank is going to collapse. if ralston could make it til 3, then he could get the wealthiest people in san francisco behind him, and he might be able to save the bank. he can't do it. by a quarter to three, the big iron doors, he orders them to be swung shut, and the bank of california suspends, and everyone's in shock. this is, as you can imagine, the u.s. treasury. it's like they had to suspend. so now even's worried about a depression. ralston will end up signing his properties and signing everything over to his partner, william sharon, and then the next day he swims out into san francisco bay and and drowns. it's a huge loss for the city. the procession behind his funeral, the procession is a mile and a half long. the common people loved him. it looks like the coast is really headed for a depression if this bank

financial firm assisting richmond however none have been so brazen thus far units of wells fargo deutsche bank blackrock pacific investment and fannie and freddie mac. filed a lawsuit all together now their lawsuit alleges that the loans are being seized being seized for a valid public purpose and valid public purpose that's a key condition for a city invoking eminent domain it also claims that interstate commerce laws are being violated and that the proposed use that eminent domain is unconstitutional because it benefits only a small group of richmond citizens at the expense of out of state investors. now supporters of the plan they say it helps out not only specific homeowners but also the larger community by reducing foreclosures which ultimately hurt property values and decrease the tax base and legal advocates they say the constitutional challenge isn't likely to hold up in court because interstate commerce isn't hindered now robert hockett he's a cornell law professor who advocates for using eminent domain in this way he says interstate commerce isn't burdened because quote it doesn't pr

some of the banks are now suing to stop that action, including wells fargo, a bank that the mayor triedo meet with and work out a deem with last week, but she was rebuffed on that. >> joining us now with more is cnbc exclusive is richmond, california, mayor, gayle mclaughlin. thank you very much for joining us. >> thank you, maria. glad to be here. >> so wells fargo declined to meet with you last week. in a written response, they said they don't have contractual authority to sell the private loans to the city. why go after them and other banks if they're basically telling you they legally cannot change these loans? >> well, frankly, richmond has hit -- been hit really, really hard by this economic crash. we have over half of our mortgages in the city under water. and we have nearly 1,000 homes in foreclosure last year, and many more coming forward this year. lots -- millions of dollars in community wealth has been lost, and that's last year -- >> there's a lot of wealth that's been lost across the country, by the way. everybody's feeling it. >> right. >> yeah. >> right. and frankly -- >

"new york times" is reporting today banks like bank of america, citi bank and wells fargo are using data bases of past transgressions in banking products by potential customers. the banks defend the practice saying it helps them weed out risky customers and combat fraud. those vulnerable are low income americans living paycheck to paycheck. advocates say this force pemz to turn to costly check cashing services and pay day lenders for financial needs. silicon valley congress woman is fed up in cha what she considers hidden fees in many cell phone contracts. for seven largest providers. and is asking the fcc to issue a report and be impact on consumers. bottom line, they she says is that fees are not listed in the price of monthly service. how would you like to pay more than $2 a gallon to fuel your automobile? is possible because ford announced it will sell a liquefied version of the popular f 150 pickup truck. it will cost about $10,000 more than current models. ford says you'll make that up in two to three years in lower fuel costs because natural gas currently goes for $2.11 per gallon

yesterday wells fargo and doich bank suing the city of richmond hoping to block the plan.iling sets up a showdown on a constitutional issue that has bondholders squaring off against the city. >>> facebook is looking more like twitter, plus toyota announces a new recall. bertha coombs has details on that plus news before the bell. good morning, bertha. >> good morning, guys. futures are pointing to a higher start. it looks like stocks might bounce back after falling for three straight days. on wednesday markets had comments from fed officials who seemed to be suggesting the central bank could begin cutting back on the stimulus program as soon as next month. this morning we'll get data on the weekly filings for unemployment claims. last week they fell to the lowest level since 2008, the dow dropping 48 points to 15,471, the nasdaq slipping 71 to 3654. toyota is recalling 342,000 tacoma pickup trucks to fix an issue with the seat beltses. screws come loose over time as the doors are opened and closed repeatedly which is not supposed to happen. it affects trucks made between 2

. >>> new at 11:00, wells fargo and deutsche bank are suing the city of richmond. the big plans hope to block a plan to reduce the mortgage debt of many homeowners. richmond is trying to seize mortgages of struggling borrowers and change them with cheaper loans. today's filing sets up a showdown on a constitutional issue, that has the bondholders squaring off against cities. >>> major league baseball is fighting back against san jose and its quest to get the a's. lawyers for mlb are asking a federal judge to toss out san jose's lawsuit against the league. arguing baseball's antitrust exception protects itself from lawsuits. an official says san jose cannot show it has been harmed on the decision to allow the a's to relocate from oakland. >>> b.a.r.t. officials laid out their grievances in front of a panel by jerry brown. b.a.r.t. says the latest offer will give workers a 15% raise over four years. b.a.r.t. says the two sides are $62 million apart in a three-year contract. the union says the number's actually $56 million. b.a.r.t. wants the governor to order that 60

wells fargo and deutsche bank and blackrock and pimco, they're all against this.this is an overstepping of imminent domain. what is your take? >> i have to agree with you. i don't like it even when for a public use like building a road. but taking from investors and giving to borrowers, you are not increasing net woelealth. there is no public use value created. and if a community wants to build a road, usually the community is supportive of it. i have yet to meet an investor that wants to have their loans pushed down this way. so there is no some collective action problem to be solved by investors here. also the president earlier this week talked about we need to get private capital back into the mortgage market. what private investor ever will want to if every time they turn on the tv they're hearing about how the mortgage value can be stolen away from them by government. >> this is like sovereign debt default. at the end of the day, you're going to be hurting. these mortgage holders, these authority gamg investors, these are not necessarily rich people. >> i agr

this comes one week after wells fargo and deutsche bank sued the city of richmond to block a plan thate to sell more than 600 under water mortgages. >> a bicyclist who pleaded guilty to felony of vehicular manslaughter after striking a chilly pedestrian in the cash to district lester will be sentenced today. 37 year-old chris bucchere agreed to a plea deal last month which includes a sentence of three years' probation and one of the hours of community service. the felony conviction was the first of its kind in the nation. >> this is a case at slide continued. the time against the worst team in baseball. that the lead exposed to for their team photos before last month's game. that astros went on to win a 10- 1. they will face off again today at 12:35 p.m.. >> on to the giants. bottom of the fourth of the score is 1-1. and todthony rendon hammers once a center. two batters later, tim less income rose a wild pitch. the score is now 4-1 nationals. the giants came back the final score 6-5 nationals. we will be right back ren >> will be r cucut!t! i i hahaveve no idea whats's go. mamaybybe e

last week, wells fargo and deutsche bank filed a lawsuit to block the plan from moving forward. wildfire burning in the tahoe national forest is threat being part of california history, two gold rush towns are in the path of the flames and both are significant areas of the county. the old mining town of last chance is in the most imminent danger with no populated areas threatened. the fire is only 10 percent contained. >> in utah hundreds hope to return home as firefighters continue to battle a 2,000 acre wildfire sparked by lightning. flames destroy 14 homes and several vehicles and boats and shifting wins pushed the fire to 250 homes in a subdivision ten miles northeast of park city and that fire is 25 percent contained. >> time to get our latest weather conditions. mike nicco, what is going on? >> we will start in the east bay where the traffic is this time in the morning. temperatures are in the low-to-mid 60's because of the lower clouds and increasing humidity. the only exception is in the north bay, santa rosa and novato at 54 and napa at 55, oakland is at 63 and san jose

yesterday wells fargo and deutsche bank. the constitutional issue has bondholders squaring off against cities. >>> the time is 5:51. we talk about the giants struggling a little bit. but the little guys are getting it done. we'll update you on how the boys from belmont redwood shores are doing in the west regional. we have the action next. >>> we take a look at yesterday's ipo, update you. it did something you'll be very interested in ahead in business and tech. look at 'em. living on cloud nine with that u-verse wireless receiver. you see in my day, when my mom was repainting the house, you couldn't just set up a tv in the basement. i mean, come on! nope. we could only watch tv in the rooms that had a tv outlet. yeah if we wanted to watch tv someplace else, we'd have to go to my aunt sally's. have you ever sat on a plastic covered couch? [ kids cheering ] you're missing a good game over here. those kids wouldn't have lasted one day in our shoes. [ male announcer ] add a wireless receiver. call to get u-verse tv for just $19

>> you know it is interesting, put that way, darrell kronk, wells fargo private banking said to fix theirems they went through a lot of cash. 1.2 billion was the cash burn in the last quarter. let's listen to what darrell has to say about that. >> cash burn is the top of my list. the company is saying they're going to end the year with 1.5 billion in cash. obviously the big swing factor is the fourth quarter. are they going to make, you know, actual profits or actually stem the declines, neutralize the cash burn or is it going to be another negative? that will be the lynchpin in this whole story. >> another lynchpin in the story too is that the company, jcpenney, struggling retailer, bill ackman was basically, he basically quit the board, is the fact that they are trying to boost their sales with private store labels. in other words, like st. john's bay, to bring back the long-time jcpenney shopper. whether those shoppers will come back and not go for the designer brands at tj maxx remains to be seen. another interesting strategy, they're basically saying you know what? it is ron jon's so

a fund for the family that everyone can donate through the main branch in spokane of the wells fargo bank: we will put that up on our web site at foxnews.com and we'll here at "fox & friends" make sure we get that message out to our viewers. >> no linda, the fraternal manager of the eagles where delbert attended. thanks, linda. >> thank you. >> clayton: so hard us a can imagine. >> ainsley: coming up fort hood shooter nidal hasan will that bring total justin to his victims. next guest says his sentencing is only the beginning. >> mike: then, police track down a woman's killer with her help. the key clue she left behind that led police officers straight to her murderer. every day we're working to be an even better company - and to keep our commitments. and we've made a big commitment to america. bp supports nearly 250,000 jobs here. through all of our energy operations, we invest more in the u.s. than any other place in the world. in fact, we've invested over $55 billion here in the last five years - making bp america's largest energy investor. our commitment has never been stronger. [ mal

she will visit wells of fargo headquarters in san francisco today, seeking a meeting with the banks ceosche bank sued the city of richmond to block a plan that we used domain to force the sales of more than 600 under water mortgages. >> a bicyclist who pleaded guilty to felony vehicular manslaughter after striking to when a pedestrian will be sentenced today. 37 year- old chris bucchere agreed to a plea deal last month that will include a sentence of three years' probation and 1000 hours of community service. the felony conviction was the first of its kind in the nation. >> it has been called one of the most toxic, polluted marijuana growers sides in all of california. the sprawling garden in a remote part of santa clara county was rapidlrated early yesterday morning. rob fladaboe takes a look at that environmental damage in his report. >> aside from the piles of trash, rat poison, and human waste. water has been diverted which is a source of drinking water for san jose. this water is not contaminated the poison. >> this is from mexico. a teaspoon or more of this can kill a person or an

wells fargo, extremely well-run bank. they're looking ahead.ot great if you happen to be in the mortgage business at wells but it is right thing for the stock. cheryl: it is their biggest business. david: how will all this change, if the fed, let's hope gets back to some normalcy with regard to rates? will we see more emphasis on fixed income than the last year? >> fixed income is rising rate environment. at first they do fine. then they begin to slow down. and that's just, simply that, portfolio managers adjusting to rising rates, bring down the duration, bring down maturity of their bond portfolios so they're less interest sensitive, right? equivalent of an retail investor moving into money markets. of course what happens is the profitability of a fixed income division begins to decline. now the the biggest fixed income businesses in the world, deutch, jpm, barclays, goldman sachs. we kind of look at it now, we say fixed income will be fine for now but looking ahead, you will see this slowdown. now the street of course is in the process of pr

the bank says the demand for dropped... >>> wells fargo handed out pink slips to 2300 employees acrossry. the bank says the demand for mortgage refinancing has dropped so it cut back on employees in that division. the layoffs make up less than 1% of wells fargo's total workforce. they will try to help laid off employees with other opportunities within the company. >>> the wall street recovery could be a short one. futures trading suggest a downturn this morning. marlie hall is live in new york from cbsmoneywatch.com and has the latest. good morning. >> reporter: good morning. despite a six-day losing streak and a computer glitch that shut down nasdaq for three hours, wall street rebounded thursday. the nasdaq finished up 38 points and the dow climbed 66. >>> the latest retailer to report disappointing earnings, the new york-based company posted a loss in its latest quarter of almost $34 million. it increased the number of stores it plans to close. other teen retailers with recent slumping sales, abercrombie & fitch and american eagle outfitters. >>> j.c. penney has adopted a plan to pr

fargo has had a pretty good run of 27%. you see it will benefit from the steepening yield curve. >> it's a conservative bank, when i think conservative think of wells fargo. >> it really fits our client profile. a lot of our clients are kvrtive and work with a lot of brewers who cashed out of their businesses. they want to get on base and avoid strikeouts and i consider wells fargo to be the avoid the strikeout bank. >> really, the best place to go looking for a play on the markets. >> they have pretty good underwriting procedures and i trust their conservative nature. >> walgreens, is that a play on the job market. >> and also the affordable care act. with health insurance improving over the next few years we feel the retail drug stores will benefit from t.wall street undervalued historically when you compare it to its historical averages. decreased its dividend at a double daj pace and looking at the business model made some. >> recent acquisitions and in doing so what they are really going to be doing is shifting from your typical pharmacy drug store into a more pharmacy health and wellness center giving walgreens the competitive

loans, the struggling electronics store is trying to pay off current lenders including bank of america and wells fargo but not clear whether it can be accomplished. the stock rose more than 7% -- rather it -- yeah, rose about a fraction to $2.77. >>> and some sweet music is being played for stein way shareholders. the stock climbing today after the musical instrument said it would be taken private. the price tag is 160--year-old company at $512 million. they cancelled the previous deal. the stock rose more than 7% to $41.29. >>> prosecutors in new york city charged two former jp morgan chase employees in connection with the massive 6 billion-dollar trading loss orchestrated with the london whale. the two traders who were both based in london are accused of false flying records to conceal the size of the bank's losses. here is part of what the u.s. attorney of southern district of new york had to say about the charges he filed today, and the impact on investors. >> the defendants deliberately and repeatedly lied about assets on the books to cover up massive losses that mounted months after month ps at

if i have to own a bank, i'd rather own wells fargo. alan: technically i'm looking for the stock to get to 80 eventually. angie: topic number two: retail wreck. bill eckman, the big investor activist, sold off his stake as jcp, at a loss. what would you do with this stock? james: right, so playing any retail stock in this market right now is like playing craps at the casino. we just don't really know. there have been stocks that have held up really well... alan: back to school... james: urban... jcp has not been one of those stocks. it's been a weak stock all year long. there's been extremely bearish order flow in the equity options space. they're implying that this thing is going to go below $10. alan: well looking at this, i love stocks that have this kind of capitulation event. this guy lost $500 million with this stock, but buyers stepped up and took out his 18% stake in the company. so i think there's some value here because of this high volitility, there's options plays, but it hasn't been below $10 since 2001. so somewhere around