for financial institutions. prior to developing senior safe main counsel for elder abuse prevention that with representatives from the banks and credit unions to identify barriers to reporting suspected cases of elder financial exploitation. what we learned was that the system lacks the feedback loop substitutions were often left wondering whether the customer had been assisted or if there was even a problem in the first place. russell learned banks and credit unions lacked direction on what to do when red do when web sites identify. senior safe is comprised of three components training to consumer brochure and quick response cards for front-line staff and managers of financial institutions. frontline staff are trained to identify red flags for elder abuse and managers are provided with information to help them develop internal reporting protocols. participants are advised to contact protective services when in doubt about a seniors capacity since aps is equipped to make that assistance. however there's no reaso

for financial institutions. to developing senior safe main counsel for elder abuse prevention that with representatives from the banks and credit unions to identify barriers to reporting suspected cases of elder financial exploitation. what we learned was that the system lacks the feedback loop substitutions were often left wondering whether the customer had been assisted or if there was even a problem in the first place. russell learned banks and credit unions lacked direction on what to do when red do when web sites identify. senior safe is comprised of three components training to consumer brochure and quick response cards for front-line staff and managers of financial institutions. frontline staff are trained to identify red flags for elder abuse and managers are provided with information to help them develop internal reporting protocols. participants are advised to contact protective services when in doubt about a seniors capacity since aps is equipped to make that assistance. however there's no reason to b

financial abuse it's 1 in 44. 1 in 44 financial abuse cases is reported which makes it very difficult, if not impossible, for the best prosecutors in the world, and i've been a prosecutor, not one of the best in the world. to take this kind of action. for neglect it's 1 in 57. so i am looking at some of the state laws that apply to reporting. and looking at who the mandated reporters are, rarely are think financial institutions under state law. which is the primary basis for requiring reporting. i am wondering whether you would endorse more states adopting laws that require reporting. certain people are mandated reporters, for example, for child abuse, schools and others for financial abuse, the same concept applyiesapplies. should financial institutions, and you've mentioned -- one of you mentioned accountants who knew about it. or maybe senator -- i think senator kane actually did quite appropriately, should they be required to report? if they're put under the legal onus they can't say, you know, i'm worried about my client, i don't want to lose my client, does the family matter. mu

i believe financial institutions financial financial and i hope this committee and congress will look at thoses sfwrjt. with this and this not only protect their assets over the long term but will reduce demands on medicaid and other publically funded programs. across this great nation, we thank you for holding this hearing and for the work on behalf of older adults. we hope this will be a sustain's and protect our parents and grand parents, i know senator collins has br induced you but are dealing with nekt,glect, sexual assault, homicide. a recent case was in washington, kenneth sharp was a rotary an businessman and running for city council. his mother helen was in her 80's and had dimensioned. ken her son was there. in 2008 he began to steel from her. thins by taking the proceeds too. over the next four years kenneth stole money from his mother to fund his lavish lifestyle. in 2011 helen's daughters figured it out and called the police who investigated. we then filed seven counts of fallony theft. call must of them were robbed of their entire inheritance. with no money left helen w

financial abuse is 1 in 44, one in 44 financial abuse cases is reported which makes it very difficult not impossible for the best prosecutors in the world, and i have been a prosecutor, not one of the best in the world, to take this kind of action. for neglect it is 1 in 57. so i am looking at some of the state laws that apply to reporting, reporting, and looking at who the mandated reporters are. rarely are they financial institutions under state law which is the primary basis for requiring reporting. i am wondering whether you would endorse more states adopting laws that require reporting. certain people are mandated reporters, for example, for child abuse, schools and others for financial abuse, the same concept, should financial institutions, and you have mentioned accountants who knew about it or maybe senator -- i think senator kane actually did quite appropriately, should they be required to report? they cannot say, you know, i am worried about my client, i don't want to lose my client, it is a family matter, much of this is an in schools for children or in other situations, do

it's the best financial decision i ever made. end of story. >> announcer: what's different about online trading academy? just about everything. first, they provide a truly unique, hands-on, personalized education based on your financial goals. learn how to determine your risk tolerance and identify market moves before they happen. in the professional-trader course, you actually practice your skills trading live under the guidance of their award-winning instructors and you use online trading academy's money in the classroom, so there is no personal risk while you are learning. that's how much they believe in their education. >> the strategy worked. the stock recovered. and it was a winner, so that was a good feeling. >> i didn't have a solid foundation until i got here. it's the greatest thing i've ever seen in my entire life. >> announcer: once you've taken a class, you can retake that class as many times as you'd like at no additional cost to you. >> i'm gonna retake. i've already rescheduled for october, so i think repetition i

system the problems facing financial organizations.t is a top concern world given the importance of her own systems functioning of the patent system. internally if a great deal of attention to make sure we're addressing ever escalating threats to our operations. debates the elusive prize very attentive experts to work with those banks to make sure they are attentive it is it is a larger problem is one where retailers others involved in the financial system. >> i we will conclude with this. the state area because of currency manipulation among many other areas in the no this is been mentioned but i would like to make sure you keep a close eye on this the ability to be competitive and all that was said to be if it is a fairfield we will do fine but if the game is rigged i don't know how we win that. i have always have the same feel that my leg member right next to me in ohio has dealt with this a lot. it's been manipulated against the company. i would just ask that you keep that in mind thank you for your service. >> thank you. >> mdm. c

not, yes, did not cause the financial crisis. nevertheless added regulations have caused hundreds of banks and credit unions to simply stop offering certain products. they're instead forced to spend valuable resources on compliance. a conference of state bank supervisors found that compliance costs have increased for 94% of community banks. i believe it's time to reverse this trend. today we expect to hear recommendations from regulators on ways to provide regulatory relief for smaller financial institutions. past committee hearings on this issue have demonstrated bipartisan understanding that something must be done here. discussion here will build upon these efforts by providing specific recommendations from both regulators and congress to implement. i believe that we're long overdue for regulatory relief for small financial institutions. and i look forward to the hearing today. i'll now recognize senator brown, our ranking member. >> thank you very much mr. chairman very much. i appreciate that you've invited both federal and s

is this an issue of financial literacy? is this just a consequence of having a -- one spouse working in what should be a two-working household? to what do you attribute this? >> well i think you could definitely -- we're kind of hitting the nail on the head. in this day and age, you do need both spouses working. you can't really depend on one income anymore. and this isn't just military. it's in the civilian world also. so i can see how the moving around would, you know, make it harder for spouses to find jobs so you don't have that second income readily available. but, you know, this -- this isn't just military this is -- the civilian world too. as far as debt goes i know it is real easy to get loans in the military because the banks know that you have that steady income. if you have a four-year contract you know, they know that you are making this much for, you know, a set amount of time so it's real easy for them to give out loans. i wanted a car loan and they were real quick to give that to me so that could be part of t

helping protect that world takes state farm. e financial noise financial noise financial noise financial noise

how does that fit into the adopting of this financial plan. >> the financial plan is assuming the last cost of service done for the power enterprise back in 2010. we're issuing a rfp for the next cost of service study. as required by the charter we have to do that for each utility at least once every 5 years. we're planning to do that work over the summer so when we come back in the fall we will have rate fairness hearing boards and that kind of thing and bring back to you folks the rate fairness board's thoughts on the next two year cycle when we go into the budget conversation, so we will have cost of service study and the power as relates to that. as relates to cca we will build into that cost of service assumption some general assumption of what those revenues would be, but the cost of service work that we would do for the power enterprise wouldn't be to per se set rates for cca, we would be doing that throughout the rest of this year as a separate track. >> so just to understand the context of these two items, they are required by the charter. you can always revisit your financial

financial impacts. so despite the really significant accomplishments and opportunities, the fundamental problem that we've been facing persists. the port has an extraordinary large gap between what we need to spend every wreer for capital and what we can spend and the port's balance sheet alone cannot address the backlog. the chart that you are seeing here shows the difference between what we're projecting to spend in capital, the blue line, and what we would need to meet our annual renewal costs, so you see about a $30 million gap between those numbers. and when daly discusses the capital plan you will see we have a 1.13 billion dollars of unfunded need at the end of the 10 year period. so the picture is improving and we're addressing the problem, but the fundamentals stand. so how will we address this very very large gap? we are advancing internal strategies. we funded the port's pile driving crew which -- and they are making good headway on our backlog. we are looking at smaller scale investments for

much larger was the key financial institute hit rate. fox is is guarding the hen house from my perspective, so my question really, as you begin to unwind massive balance sheet hopefully in the near future, what assurances can you give this committee that the fed will stress test its -- qe exit plan. >> well, with respect to our balance sheet let me say that we do stress test it and we have issued some reports and papers where we describe what stress tests would look like when theirça?3 interest rates shocks would affect our balance sheet and pass remittances but it really is important to recognize that the federal reserve is not identical to an ordinary blanking organization. first of all, capital plays a very different role in the central bank than it does for a banking organization. congress and the place regarding our capital were never intended to make our capital play the same role and it's not necessary for it to play the same role as in a banking organization. importantly, unlike a bank the federal reserve's liabilities are mainly

what impact does that have on a family's financial stability?> it's a multifaceted problem, definitely. i think the biggest problem that we face specifically is child care. i know that's a common concern. you know i have about six years of retail experience after that management and i have never made over $8.25 an hour so if i was to take that full-time, i would actually pay more out of pocket to work 40 hours a week including child care than i would to just stay at home. it's hard to continue post secondary education, because you never know if you are going to move. schools are -- they change how they transfer credits, if it's actually going to be worth anything, you may have to repeat classes. >> military families move around a lot, is that something that employers shy away from too? >> definitely. we have been here for four years, which is fairly uncommon but even i have trouble, you know putting in many applications just to bring in a little bit of extra money. the first thing they address is the schedule. you know i say if he changes his sc

i've literally created a road map for you to achieve your financial goals. this event -- it's gonna be a turning point for many of you watching this show right now. but you have to pick up the phone in order to make that change. all you need to do is call the number at the bottom of the screen or go online right now to reserve your two free tickets to my upcoming two-hour educational event. >> than's event gave me the confidence that i needed to succeed. since then, i have completed 15 real-estate deals, and i'm in the current process of completing two more. >> we have a lot of students who had zero real-estate experience who are now flipping multiple properties a month. however, learning how to flip is only part of what we teach you at the event. the second important step we teach you is how to build long-term wealth with real estate. you see, the key to building true lifelong wealth is to learn how to acquire income-producing properties, like this one right here, that produce monthly checks for you whether you work or not. and if you think about it, no mat

so go ahead use those three simple financial resolutions to fix your financial life and make it morear it will pay dividends for decades to come. i goting to now. i'm cashing out. >> that gym is looking empty. must be a post resolution thing. no one wants to throw away money, of course, but according to new report, more than a third of all mortgage borrowers are not sure what their interest rate is and mortgage age all of a sudden say homeowners have got to check their rates annually since they change year to year you could be paying less. >> i think there is a big information gap. people have a lot of things to think about and they're not paying attention to where mortgage rates are because they already -- they already bought their house. that already got their mortgage. they're thinking about daycare and all that kind of stuff. so, you know, every once in awhile when rates are this low and they've really kind of cratered in the last two months, we want to get the word out. hey, rates are really low. this is a good time to refinance refinance. >> there you have it. so right now the

stability of our economy and protect american financial interest. interest. i applaud the fed for finalizing strong rules. i encourage you to move forward to finalize outstanding proposals so that everyone will benefit from the certainty of having appropriate rules in place. in today's papers they're are reports of the doj investigation and we have yet to see a proposed rule. you must send the message to your examiners that these goals must be implemented and enforced. finally while my colleagues are eager to help you decide monetary policy community that is the wrong role for congress. i think everyone of us knows that there are times when you can do better by having a candid discussion in private. our real goal must be to have a federal reserve that works for all americans can have a stable a stable and diverse financial system that provides opportunities. that is why your dual mandate to promote price stability and employment and i appreciate perhaps more than any of your processes understand the dual mandate including employment, how important t

physical comedy emotional and financial. roughly the target of exploitation to the tune of billions of dollars each year. of the perpetrator is a family member the numbers you don't tell the story accounts of the terrible instances of this type of abuse. and to focus on a generation to be less able to sell support. often a family member is legally appointed as a guardian. to feel even more parlous often the victim will struggle with filing criminal charges against the child or family member. the civil action to potentially gain access. we cannot shy away from holding perpetrators accountable. it is absolutely unconscionable. a recent phenomenon to discuss these types of cases in the criminal arena as discussed with family matters of people here from a seattle prosecutor who specializes in elder abuse control cases. only a handful of officers like the office that she works in in washington. financial exploitation cases they're difficult to prosecute you need competent and trained professionals for every level. forensic accoun

it was used in the early years after the financial crisis. we ran large deficits, but in the course of doing that, to gdp ratio, rose and were another negative shock to come along, it's questionable how much scope we would now have to put if in place even on a temporary mull it ty year basis expansionary fiscal policy and i think it's important to deal with these issues, for the congress to do so. >> but your concern about scope doesn't lead you to believe t t that -- >> always interesting when we lose the feed. that was fed chair yellen. bearing some arrows there from senator warren, of course, and earlier from senator shelby. senator warren asking about the swap push out rule and one point telling her i just need a yes or no here. of course the fed chair's response the fed is not looking to alter dodd/frank. steve liesman is back at hq i hope he has his ear piece in. was that the highlight of this, steve steve? >> sort of in terms of what matters to the market's monetary policy i don't think it was but in human drama sure. elizabeth warren

. >> city and is county of san francisco 5-year financial financial plan and budget instructions raphael and the speaker is kelly kirkpatrick and this is an informational report and discussion item. >> thank you commissioners and thank you kelly for being here tonight. as you know this is budget season for us and we will be talking in more detail about our particular budget. we thought it would be helpful for you to hear the mayor's office office perspective on the budget in general especially this year and i heard a wonderful presentation at the mayor's office at a director's meeting and i thought it would benefit you to hear some of that information so you could understand the larger context in which our budget sits so we're very lucky to have kelly come to speak with us. she's our liaison on our budget so she's going to go deep and strong in our budget in the future but tonight she's going to step back and talk about the larger budget for the city. >> welcome kelly. >> thank you director raphael for the for the introduction i'm going to be giving an abbreviated version of what the may

financial markets are global. if we take actions to stiffen supervision and regulation in the united states, and other major financial centers don't act in similar ways, we will just see activity move out of our borders to other parts of the world, and i don't think that will make for a safer global financial system. so we do want to be part of international discussions that lead all countries to work harmoniously together to try to raise standards and maintain a level playing field and that explains why we participate and we can't -- i think we do play a leadership role in this organization. >> but you don't need to accept that their recommendations are verbatim, do you? >> we do not. often we've put in place tougher standards than came out of those. >> thank you. "the wall street journal" recently reported that the federal reserve sir charge for the largest banks is hurting u.s. banks because it is not on par with what foreign regulators are applying to the foreign banks. the article also indicated that the fed'

greg wagner chief financial officer. we have calendared for today the first hearing on our proposed budget for the coming two fiscal years, fy 2015-16 and fy 2016-17 and as in the past we plan to use this hearing to outline some of the themes that we're looking at as we head into the budget process and go through a couple of specific initiatives that are proposed, and we will be back -- i think our current schedule has us at march 3 hearing to do to go into some more depth on other proposals we will be bringing to the commission. we talked about this a little bit in december, but just the high level financial outlook for the city is greatly improved especially compared to two, three years ago. we're seeing a associated with the economic growth in the city significant acceleration of general tax revenues and that is helping to close the projected deficits. the five year financial plan that was introduced in december includes projected deficits of 15. $9 million and $88.3 million for the two years of the upcoming budget an

important financial advice with david.e vice chairman of -- smart couples finish rich, his book. david, welcome to the show. good to see you, my friend. >> gerri, good to see you. thank you for having me on. >> you're most welcome. let's start with couples getting together. it's my experience that young couples never ever, ever talk about money management. tell me if i'm wrong. >> well, they rarely talk about it until they're planning the wedding. that's usually the first time it takes place. how much money will we spend on this wedding? that's often where the first fight takes place. most couples are attracted to their financial opposite. the good news, however is that you can bridge the gap with good financial planning. and i will tell you, for a lot of those parents who spend a fortune on a wedding, the best gift you can give your newly wed gifts is a financial plan. >> i know a couple who spent $90,000 on a wedding. i was crying a river. you could have a big down payment on a house. a house. who cares about the wedding

but that would be fatal for the financial market. the last bank crash brought the world economy dangerously near to total collapse. so what do you make of ttip. is there a price to pay to create an estimated two million new jobs, or do you think we are handing too much power to the multinationals? join our discussion on facebook and find out what other viewers think across the globe. that was our global 3000 special on global finance. thanks for watching and do join us again next week. until then, bye bye! [captioning performed by the national captioning institute, him which is responsible for its caption content and accuracy. visit ncicap.org] want to feel cooler - or warmer - without running up your utility bill? you can reduce your bills with a flip of a switch on your ceiling fan. in summer, set your fan counter- clockwise. it stirs up the cool air that hangs near the floor in winter, just flip the switch again so your fan runs clockwise on low speed. this pushes the warm air down where you need it. and if you're buying, choose a

financial noise financial noise financial noise zimplt welcome back to power lunch. coming just a bit now. they're being 4e78 helped along by analysts at citigroup. they're remaining positive but if prices for the products can be raised, it would help profit estimates here. international paper, rock ten, packaging corp. of america were mentioned in the note as beneficiaries of the possible higher prices as well as lower input costs. mandy, back to you. >> thank you. >>> over the weekend a disturbing threat from the islamic group al shbaab based in africa. they said they would target american shopping malls, specifically the mall of america, and jewish-owned shopping centers throughout the world. let's go to eamon live with the protection plan. first, let's go to john yang at the mall of america. john. >> it's business as usual here at the mall of america. people are doing their shopping. the store managers i talked to say the crowds are about normal. no change over the weekend. there is some security. it's not overwhelming. message boards telling people if they see s

not, yes, did not cause the financial crisis. nevertheless added regulations have caused hundreds of banks and credit unions to simply stop offering certain products. they're instead forced to spend valuable resources on compliance. a survey by the federal reserve in the conference of state bank supervisors found that compliance costs have increased for 94% of community banks. i believe it's time to reverse this trend. today we expect to hear recommendations from regulators on ways to provide regulatory relief for smaller financial institutions. past committee hearings on this issue have demonstrated bipartisan understanding that something must be done here. discussion here will build upon these efforts by providing specific recommendations from both regulators and congress to implement. i believe that we're long overdue for regulatory relief for small financial institutions. and i look forward to the hearing today. i'll now recognize senator brown, our ranking member. >> thank you very much, mr. chairman. i appreciate that you'v

financial markets are global. if we take actions to stiffen supervision and regulation and the united states and other major financial centers do not act in similar ways, we will just see activity move out of our borders to other parts of the world. i do not think that would make for a safer global financial system, so we do want to be part of international discussions that lead all countries to work harmoniously together to try to raise the standards and maintain a lawful playing field and that slightly participate. i think we do play a leadership in this organization. >> but you don't need to accept the fact that their recommendations are verbatim? >> no, we do not. and after we have put in place tougher standards that came out. >> ui. "the wall street journal" recently reported that the federal reserve surcharge for the largest banks is hurting u.s. banks because it is not on par with what for regulators are applying to foreign banks. the article also indicated that the fed's proposal is going beyond the intern

the house financial services committee on wednesday. investors will be looking for clarity and any hints of when the central bank will hike interest rates, the first hike since 2006. every phrase will be sliced and dissected. as steve liesman tells us there are key words we'll be watching for. >> reporter: washington is playing a game of words with feds tomorrow when janet yellen heads to the senate for semiannual testimony. the first word that we'll be listening for it patience. the word the fed said will be two meetings before it raises rates. if she doesn't use it. markets will believe that rate hikes could come sooner. that's what makes the next word or phrase so important. does yellen say mid year to connote when the feds might be thinking about rate hikes. >> committee participants have indicated that in their view conditions could be appropriate by the middle of next year. >> reporter: all of that is de pen dent not on whether yellen plays the inflation word she will but how she plays it. a word in december shows inflation was by

they make the financial advisors a lot of money. that's because the rules that apply to retirement investment advice haven't been updated in 40 years. and they don't serve the modern financial landscape. and so they don't apply to rollovers, to iras, to iras, it costs investors a lot of money. the economic suggests it costs retirement investors as much as $16 billion and $17 billion a year. >> so basically, what you're saying if i'm understanding you correctly, correct me if i'm wrong, mr. haut man, the advisor can't wear two hats. he cannot be a commissioned salesperson and also have the client's best interest at heart in all cases. it just doesn't work. >> that's not what i'm saying. so mr. benson said commissions won't be allowed. that's just not true. the d.o.l. first of all, hasn't proposed a rule. any analysis about what the rule is going to look like or the impact it's going to have is just speculation. we want the d.o.l. to propose the rule to update it to close loopholes in the rules so it reflects the modern financial land

but that would be fatal for the financial market. the last bank crash brought the world economy dangerously near to total collapse. so what do you make of ttip. is there a price to pay to create an estimated two million new jobs, or do you think we are handing too much power to the multinationals? join our discussion on facebook and find out what other viewers think across the globe. that was our global 3000 special on global finance. thanks for watching and do join us again next week. until then, bye bye! [captioning performed by the national captioning institute, him which is responsible for its caption content and accuracy. visit ncicap.org] [upbeat twangy music] ♪ >> ♪ world go away >> hank cochran is, without a doubt, one of the greatest songwriters ever on earth. >> ♪ and i fall to pieces >> it's important historically that people know who hank cochran was and what he did, and he always wanted to be the hemingway of country music, and i think he did it. >> it's stunning when you look at the body of work that he was able to acco

financial market utilities and they have been designated as important, financial market utilities. and they are being supervised by the federal reserve. there are a set of principles put in place and agreed globally for what are best practices in terms of liquidity standards and other risk management standards for these financial market utilities and it is extremely high priority for us to make sure we enforce those standards and we are in the process of doing so because although these entities reduce risks that were previously present, they create their own risks if they are not appropriately managed. i agree. we are giving it a great deal of attention. >> senator corker. >> thank you for being here today. there is a push to add a provision addressing currency manipulation in the asiaian hifere pacific trade deal. you think trade negotiations or an appropriate place for these issues and what includes the arbitration panel under the enforcement procedures where companies or other nations could challenge future monetary policy decisions by the federal? >> so let me first say that i

some breaking deal news in the financial space.om chu has the details. >> kelly, steeple financial is announcing another acquisition again trying to bolster it's ranks. they announce fortunatelially they are going to acquire stearn stearning a. this was part of their earns release. they boston stifel has been looking to bolster a lot of business was the acquisitions. you may recall back in 2012 they acquired miller buckfire. again, this adds to their financial expertise. again, stifel will buy stearn ag. this was part of the overall earnings report. you may recall this was reported by bloomberg last week on friday. back over to you. >> all right dom. thank you for now. hedge funds making a bullish bet on this market. how bullish? jeff cox, maybe a record bullish bet on this market right? >> yes, kelly. thanks. after six years of dismal level of underperformance, hedge funds have decided to kind of hitch their wagon to the stock market. now, as you say, we're at pretty much a record level, 57% net long allocation to stocks. now, thi

that close is coming for you. e financial noise financial noise financial noise financial noise shyouee this right? it's 80% confidence and 64% knee brace. that's more... shh... i know that's more than 100%. but that's what winners give. now bicycle kick your old 401(k) into an ira. i know, i know. listen, just get td ameritrade's rollover consultants on the horn. they'll guide you through the whole process. it's simple. even she could do it. whatever, janet. for all the confidence you need. td ameritrade. you got this. >>> welcome back to "street signs." i'm jackie deangelis. we are at the oil close. 50.45 is what i have right now as we go into the settle. up about $2 on the session, off session lows. we had a 6% pop at one point. traders telling me this kind of volatility is probably going to last for awhile. you have traders getting in, buying the dips like we saw yesterday, then seeing some selling pressure conversely as well. you had a weaker dollar which does help oil and did, in fact, today so that's something to watch. also, production at this point is pretty robust after that

that means financial advisers will be in high demand. the bureau of labor statistics forecast that employment for personal financial advisers is expected to rise by 27% during the next 8 years. the median annual pay for this job is $67,520. many companies hire college grads for entry level positions but being a certified financial planner is the gold standard in the industry. you can explore the certification process at cfp.net, where you will also find a career center which lists both jobs and internships. the financial planning association of san francisco has a website with more information about the industry here in the bay area. go to fpasf.org. i'm jill schlesinger for kpix 5. what's that thing? i moved our old security system out here to see if it could monitor the front yard. why don't you switch to xfinity home? i get live video monitoring and 24/7 professional monitoring that i can arm and disarm from anywhere. hear ye! the awkward teenage one has arrived!!!! don't be old fashioned. xfinity customers add xfinity home for $29.95

>> i think it is more of financial or issue.hen you look at massive fines, when you look at standard charter, when you look at litigation with the swiss bank hsbc is not a one-off. i wouldn't single out hsbc. >> it is interesting that this continued u.k. management in the you is a key uncertainty amongst all the other risks. how much of a risk is that? >> we know there could be a referendum in germany. the outcome could be quite uncertain. we have got to deal with the fact that they have more and more country activities. the capacity for banks to operate in one country with deficits out of another country. i am not sure an exit from the eurozone unit would hermetically change the picture for banks like hsbc. >> i want to look at the ftse 100. we have gone through that record high. we are under for the day. the ftse 100 down. hsbc stock down by two and a half percent. it's worth pointing out hsbc makes up six and a half percent of the ftse 100. the move has pulled us back from the all-time high on the ftse 100. a big banking week