the item before you is to award a contract for financial management for financial advisory service. the annual contract amount is $140,000. the contract terms to extend an additional 2 years, the total $700,000. the port has a strategic objective to plan and implement a stable financial future to ensure the best tools are used for professional municipal advisors. these specialized skills include experience with municipal bond and financing district and financing issuance, bond sizing and structuring and bond pricing. our municipal financial advisor also helps staff in formulating financing and strategy and plans and capital planning and development agreements. at the conclusion of my presentation on the contract award process, the ports deputy director of finances and administration will provide additional detail on work and upcoming assignments for this contract. the contract monitoring division set an lbe contract going of 20%. the ports current 2-year operating budget includes $140,000 per year for municipal financial advisory services. any program funding i don't know fiscal yea

we made financial education and financial literacy a part of our education. we are delighted to participate in junior achievement especially as chicago is celebrating the 75th anniversary teaching 500,000 students in chicago financial literacy this year. additionally well into our pathway to financial success program to bring financial education to our nation's high school. school districts covering all 50 states, including a one million dollar grant for chicago public schools. let me leave you with a few comments about one final thing. the best way to achieve a greater experience for customers with a way to leave technology and capability is often by partnering with other companies. one of the most vertically integrated and focus companies in financial services and we are a bank and a network ranging from consumers to merchants. we partner with universities for educational expenses and help avoid over borrowing. discover has grown dramatically in the past five years by almost any measure you choose, transactions on a global network, and net income. perhaps t

financial crisis. he is in conversation with sudeep reddy deputy global economics editor at "the wall street journal"."deputy global economics editor at "the wall street journal"." >> host: your new book is called "hidden in plain sight: what really caused the world's worst financial crisis and why it could happen again." you were a member of the financial crisis inquiry commission which was investigating the causes of the financial crisis. you dissented not only from the democrats on the committee but also from the republican appointees. what did you see that they didn't? >> guest: i had been looking at the housing system in the united states and dodd-frank, i'm sorry, fannie mae and freddie mac for quite a while before i got on the commission. so i had quite a lot of background about what has actually been happening in the housing sector. so i was looking for the commission to look into what happened with fannie mae and freddie mac, what will they might have played in the housing crisis, and ultimate

so thank you again for letting us talk about the 5-year financial plan. i just want to give my appreciation to harvey rhodes and budget analyst office and drew moral and lisa sandler in the controllers budget office. this is a shared effort between the three of our offices. a result of the financial team that was made through charter through prop a by the voters. what i have for you today is an update of the document that i presented to you about a month 1/2 ago. the major updates to the financial plan include the controllers plan views and the adoption of capital and ict plans that you heard about earlier today and then because of changes in inflationary cost you will see those updates reflected here as well as potential impacts of the governor's proposed state budget. so the next slide just shows you high level, what's happening with sources and uses. so you can see significant revenue growth over the next 5 years. strongest in the first year and then moderating in the subsequent 4 years and then our major categories of uses, salaries and benefits repre

and start working on your next big idea. ♪ ♪ e financial noise financial noise financial noise financiala.m. eastern time. carl was an early buyer. make an appointment at an apple store, finally to try on the watch. josh lipton live at an apple store in palo alto california. i imagine it's too early for any of that yet, josh? >> reporter: that is right. still quiet here at this apple store in al low aalto but that could change when the store opens in two hours then expect to see customers start coming in and test driving the watch. even if they find a watch they want they might be too late. already you're seeing online that almost all of the models won't be delivered until late may or even later. in fact last check there was one model that was available on april 24th, the official launch date. you know this launch is unique. you're not going to walk in buy the product, walk out. focus is online. apple's retail chief said the company's taking orders exclusively online during this initial product launch because she thought that was going to be the smartest way to offer the most selection t

she serves on the financial services committee and a strong supporter of the consumer financial protection bureau, two minutes to ms. moore. the chair: the gentlewoman from wisconsin is recognized for two minutes. ms. moore: thank you so much, madam ranking member. i really -- i rise in opposition to h.r. 1195 and not because i don't think it's a wonderful idea that mr. heck has come up with, along with his colleague from the republican side for a small business advisory panel at the consumer financial protection bureau. you know prior to the consumer financial protection bureau, we had example after example after example of wall street preying on consumers and treating working class americans just like an a.t.m. to feather their bonuses. but here today we find yet another not so veiled attempt to defund the cfpb. and i guess i could take the pay-go rules a little bit more seriously if just last week we hadn't repealed the estate tax to the tune of $270 billion for the 6,000 wealthy americans who will benefit from that. it's a tax where only 6,000 people benefit from it. and i'm certainly

financial education to the high schools. the school districts are covering all 50 states including a 1 million-dollar grant criteria in chicago to the chicago public schools. now let me leave you with a few comments about one final thing. the best way to achieve the experience for customers and the way to leave technology capabilities often by partnering with other companies. we are a bank ranging from consumers and merchants yet we choose to partner with others rather than go it alone. we partner with other banks and networks are probable and universities to ensure they are used for the educational experiences. by partnering with others, it's grown dramatically the past five years by any measure. the total loans, transactions and net income. the most dramatic is the way that we have grown the acceptance with merchants. six years ago discover was primarily a domestic card company. you could use the cards at about 6 million u.s. merchants with patients. today you can use them at more than 30 million locations in 185 wonder 85

financial risks have migrated. for example, they have migrated from banks which are far more regulated and better supervised and heavily tested, to non-banks. they have migrated from advanced economies towards emerging markets. let's go through a few of those risks. for one, there are adverse side effects of the very low or even negative, as we clearly saw, including on the primary market today, very low, if not negative interest rates caused by otherwise necessary accommodative monetary policies. these foster a higher risk tolerance on the part of investors which can lead to overpricing. and if the low interest environment persists, it can create solvency challenges for life insurers and defined benefit pension fund. so the purpose of these policies is to actually kick-start growth. but if it was to last longer, then it puts some of those business models at risk. or think of another one, the wide movement of exchange rates that we have observed recently. for the past six months, the u.s. dollar has appreciated aga

the problem is it ties back to domestic violence and financial abuse, financial illiteracy.d that's part of the problem. so the longer that an abuser holds on to the finances the more illiterate they become the more they forget or they don't have access to the information. and that's where they go back to those relationships. it goes back to the premise of i need my finances to get out. if i don't have my finances i can't break free. >> and raising awareness hopefully goes back as well to some of the financial institutions involved to develop processes to deal with this so that people don't become trapped. a lot of points to think about. thanks for sharing your story, for the work you've done and for being here this afternoon. >> thank you. >> that's john rugel with allstate. >>> uncle sam wants you, meanwhile, to wash your car. after a five-year investigation, that's the government's investigation on how to avoid brake problems. the hot list has the details next. >>> plus there are few more iconic images in advertising than you know them well budweiser's clydesdales. they a

by the way, not only financial. general motors is an example of a company, not a bank rest it on too big to fail. but in the financial crisis they were mostly banks. the notion was despite all the bad and names they might have died and believe me there were a lot we asked the nation could not afford to let them fail because of the other institutions in households and even sin city and state governments that might've got dragged down with them. according to the too big to fail doctrine the government must find some way to prevent the failure of institution acts. that could mean getting emerge to another bank. that is what we've done with bear stearns, for example. that could mean taking it over, the federal government taken over by which is what we did with fannie mae and freddie mac. it could be nationalizing which is the institution much discussed in the united states done to some extent in europe. americans don't like nationalizing things. there was a huge debate in the early weeks and months of the obama administ

bump for financials going-forward. >> most of the largest financial institutions out there report earnings early on in the season. we'll get a good idea of how the sector looks over the next few weeks. >> for nightly business report i'm dominick chiao. >> eric wasserstrom joins us now with his take on what to expect when the banks start their first quarter earnings this week. eric welcome, good to have you with us we're delighted you could join us tonight. overall, you think that the bank earnings will be mezza, mezza, one part of those banks will do better than others. which is it and why? >> well i think that the banks that are more concentrated in the carpal markets base are probably going to do better this quarter. as you point out, the quarter contains some good elements and some poor elements one of the strongest elements has been capital markets results, the brokers should reflect that we think. >> who do you like as an investment strategy for the longer term investor who wants to play in the financial arena. >> sure so the -- my topic in this space remains morgan stanley, it's expo

so financials became a bad thing.t's impossible for industrials analyst to really have confidence in this company even though they virtually all have or a significant percentage had buys. you're supposed to. it's market stock. i think it is a very, very positive thing. what i would like to know more about, though, is why they didn't have a competitive auction for the real estate. reported that they didn't. that's a little troubling. having said that, though, $50 billion buyback, that's 25% of the market cap, you do simple math, and you adjust for the credit portfolio coming out, i think it's a pretty good buy. >> does it change the way you have your long-term view of ge stock? >> absolutely. >> is today? >> absolutely. and i agree with the move. it has decongom terrorized and sarat -- >> i'm surprised i got that out fluidly. how about props for that. carrying on, scott, you can understand the company, but now you simplified the company into an industrial which is very cyclical. let's consider this. a luge backlog in j

we made financial education and financial literacy a part of our education.delighted to participate in junior achievement especially as chicago is celebrating the 75th anniversary teaching 500,000 students in chicago financial literacy this year. additionally, well into our pathway to financial success program to bring financial education to our nation's high school. school districts covering all 50 states, including a one million dollar grant for chicago public schools. let me leave you with a few comments about one final thing. the best way to achieve a greater experience for customers with a way to leave technology and capability is often by partnering with other companies. one of the most vertically integrated and focus companies in financial services and we are a bank and a network ranging from consumers to merchants. we partner with universities for educational expenses and help avoid over borrowing. discover has grown dramatically in the past five years by almost any measure you choose, transactions on a global network, and net income. perhaps the most

financial noise financial noise financial noise financial noise

everybody in the financial market understands that. we'll start to do derivatives on synthetic which sounds like gibberish even allegedly very sophisticated investors have turned out. >> host: did your book "after the music stopped" you said the first order of business was to put an end to bubbles. why is the wrong? >> it is too hard. click get the government generally is often pushed on to the federal reserve to stop a but -- abubble first of all, you have to recognize it. 2002 house prices as we look back probably not a few people thought so what about 2004? is a little dicey maybe yes or no but by 2006 it was clear not in every market in the united states but clearly they were inflated relative to any reasonable gore but then it was too late ywis to large we didn't have a way to let the air out such to let the air out of a bubble that actually comes from bubblegum that will go flat on your face if you blow it up too far. to stop for even mitigate such of bubble you have to have the well targeted instruments that take a bubble down w

we had the financial crisis.ll see how the markets will digest interest want to bring it back to today care i know you have been looking at individual movers at of the bell. scarlet: absolutely. in terms of division growth of different businesses hasbro hat preschool sales were up 22% followed by boys toys up 10% and gains 7%. girls toys dropped 16%. mattel also reported earnings last week, also moving higher and extending the gains posted last week. kirby alliance coming out with results as well. we know operators are ahead of last year on the sense the economy is doing better. but it is not all flowing down to the bottom line. the caribbean cruise line cutting its full-year per-share outlook because of a stronger dollar. feel prices rise since january. carnival is also down in the premarket trade as well. betty: thank you for going through all the members for us. much more is ahead. gloves are coming off. an activist investor turns up the heat. he wants his nominees on the board. an exclusive interview with the

so wed a discover have made financial education and financial literacy a part of our mission. we are delighted to participate in junior achievement, especially as chicago is celebrating their 75th anniversary by teaching over 500,000 students in chicago financial literacy this year. additionally, we at discover are well into. our pathway to financial success program, a $10 million commitment to bring financial education to our nation's high schools schools. so far we have made $8 million in grants to 900 schools and districts covering all 50 states including a $1 million grant right here in chicago to chicago public schools. now let me leave you with a few comments about one final thing. the best way to achieve a great end to end experience for customers and the way to lead with technology and capabilityies is often by partnering with other companies. discover is one of the most vertically integrated and focused companies in financial services. we are a bank and a network with direct relationships ranging from consumers to merchants. yet, we choose to partner with others rathe

services as well as the support from the chairman and ranking member of financial services. i'm grateful to them as well. as we gather in this chamber, i don't think it's very often that we come in in regard to the consumer financial protection bureau. those who follow our committee, there are a few differences how it is structured and how it should move forward. and we had that debate. but all of us agree that consumers should be protected and they should have a strong advocate in that protection. though we have disagreed on some elements of the cfpb, we have a very bipartisan group coming in talking about straightforward reforms that make some of the rules from the cfpb and help consumers and americans out and our constituents out. in regard to my bill in the last congress tried to go to one of the advisory committees at the cfpb. these are usually open in government. there is only a couple of exceptions. the c.i.a. doesn't open up their advisory committee meetings for obvious reasons. but when i try to go to a cfpb meeting i was told they would not accommodate my request

reporting the retirement system has a new financial report for the accounting principles required to be used by the entity if they create significant change for all government plans invading and really it changes the measurement the actual scenarios that are required to be used in murray the pension liability for the participating employers now the terms as on the retirement financial statements no impact in terms of the liability the liabilities are 40 employers that participated in the pensions plan but the partnering employers will for 2014-2015 they'll set the numbers recorded by the pension plan and report the liability open their financial statements that is as a relates to the preparation benefits. >> that's on page 38 of the financial statements it is new jargon that is introduced the net pension liability and you'll see with this remunerate we the it is yourries report was 95 percent recorded under the definition for gadsby we come out under 92 percent still a very health and very strong fund percentage even from theth profession point of view that is basically putting out s

things, the financial situations and the financial decisions, and the financial modeling. is that your reading as well? >> i have to confess i haven't really thought about it. the chief financial officer prior to us really having much in the way of financial work was ed harrington because he was the controller of the city and county of san francisco and there was very little in the way of accounting transactions. we had -- because we were a sub grantee to muni they were the accountant so to speak so we had an excel accounting system and little for ed to do. once a month we would sit with him and he would look at our journal entries and he would sign off on them. as activities picked up we implemented our own accounting system and ed was moving to puc at the time and fred clark who was at mta and trying to retire but we went let him and he was appointed but he was with tjpa as well and that seemed like a natural progression and i do take my duties very seriously. >> as i do as well and board officers are special and it's fine being -- you need to be an employee. i don't wan

huizenga at the urging of the financial services committee. i believe this is the right thing to do on i believe an overwhelmingly partisan basis of that committee. i urge my colleagues to support this rule and the underlying bill. i yield back the balance of my time -- i move the previous question on the resolution. the speaker pro tempore: the question is on ordering the previous question on the resolution. so many as are in favor say aye. those opposed, no. in the opinion of the chair, the ayes have it. mr. mcgovern: mr. speaker. the speaker pro tempore: the gentleman from massachusetts. mr. mcgovern: on that i ask for the yeas and nays. the speaker pro tempore: the yeas and nays are requested. those favoring a vote by the yeas and nays will rise. a sufficient number having arisen, the yeas and nays are ordered. members will record their votes by electronic device. pursuant to clause 9 of rule 20, the chair will reduce to five minutes the minimum time for any electronic vote on the question of adoption of the resolution. this is a 15-minute

we'll keep an eye on the financials using the s&p financial sectors. >> this is still an important part of the overall business for some of the big banks, particularly jpmorgans and goldman sachs. if the russell closes at a historic high. we had another buyer strike i'm getting aknowed by this. 2.5 million shares. >> don't you think everybody is waiting for earnings right now? >> yes. >> we're not getting a lot of guidance going into this. we expect it will be a bad reporting season because of the weather and the dollar. >> we're down 3% for s&p earnings. normally you beat by 3%. the problem with the rat race is even if you win, you're still a rat. the problems with the earnings season is even if they beat it it's still lousy, you're flat for the quarter. i think a lot of traders are having a hard time getting around that reality. >> we're going out with minus signs right now although the russel is finishing slightly positive so we could get a record there. keep an eye on that. all right. a lot to come now in the second hour of the "closing bell." >>>

so what is the definition of logo it will be especially difficult in the financial reward are coming peel; right? whether there's loans available or assistance available or protection in real estate transactions then they'll become financial incentives it will that will be at od's with the definition being kind of mushy; right? >> the definition can't be mushy it has to be very specific and, of course, if we don't and on the other hand, there's a financial gain you can have a battle. >> cultural it will not think quantify active but qualify active. >> so this i anticipate and so if you - you know as we get into this and like to have presentations from other entities to help you. >> shape. >> and by definition i mean let's cut to the chase by definition legacy means longevity how many employees what's our revenue you mention everything else is irrelevant it will streamline boil down to how long you've been in business let's say an interesting premise on which to base financial protection i can anticipate all kinds of controversy because basically you're going to hang you it is like co

financial risks have migrated. for example, they are migrated from banks, which are far more regulated and supersized and heavily tested to nonbanks. they have migrated from advanced economies to emerging markets. let's go through a few of those risks. for one, there are adverse side effects of the very low or even negative, as we clearly saw including on the primary market today, very low if not negative interest rates, caused by otherwise necessary commodities monetary policies. these foster a higher risk tolerance on the part of investors, which can lead to overpricing. and if the low interest environment persists it can create solvency challenges for life insurers and defined benefit pension funds. so the purpose of these policies is to kickstart growth, but if it were to last longer, then it puts some of those business models at risk. or think of another one. the wide movement of exchange rates that we have observed recently. over the past six months the u.s. dollar has appreciated against a basket of major cu

financial noise financial noise financial noise why do we do it?we spend every waking moment, thinking about people? why are we so committed to keeping you connected? why combine performance with a conscience? why innovate for a future without accidents? why do any of it? why do all of it? because if it matters to you it's everything to us. the xc60 crossover. from volvo. lease the well equiped volvo xc60 today. visit your local volvo showroom for details. >>> there's one big corporate story this morning. ge's financial unit restructuring. we've heard from ceo jack welsh. and he says -- instead of saying quote again and again, i said he said in his words, i like the package. it looks like a smart move and right for the changing financial landscape. which is pretty nice. >> different world. he's saying it's a different world. >> he is. he's very tactful and almost like a former president which doesn't want to -- presidents don't like to trash current presidents. >> when i talked to immelt last night, he didn't trash jack. i said was it a question to

>> its been six years since the financial crash that sent the global economy into a tailspin. devastating the us housing market. predatory lending and a poorly regulated financial system were at the root of the crisis. but now, housing sales in some parts of the country have picked up. >> it really started in 2010 2011 in the wake of the housing bust and the foreclosure crisis that ensued. >> there were markets that were totally devastated. >> you had an unbelievable number of foreclosed homes. >> at foreclosure auctions like this one in georgia, competition has gotten steep. >> sold! >> what's the name of your company? >> we're private. >> but the recovery isn't quite what it seems. >> housing recoveries are typically led by buyers. and those buyers historically were typically homeowners. people who intended to purchase and live in the home. they weren't investors and it wasn't second homes. >> i don't want to be on camera >> but in 2011 2012 you started seeing firms that were backed by some of the larger private equity firms beginning to get into the market. >> who came in a

gives more financial resources if a financial crisis occurs. so the united states does not lose its veto rights. it continues to be the key shareholder. it takes zero financial risks so i think it is a no-brainer. mr. kempe: let me ask one more question that you touched on. john kerry secretary of state john kerry is here next week at the atlantic council ms. lagarde: here with you. oh, great. mr. kempe: with us really launching a campaign around these trade issues. and we are particularly highlighting the geostrategic and geopolitical importance of trade issues. instead of focusing on the gains that would be had from the tpp and ttip, look at the other side. if we get to the end of this administration, there's no trade promotion authority, no ttp and no i.m.f. reform ratification, instead of saying everything we would gain, what happens if none of that goes through? which could be an outcome. it is a possible outcome. ms. lagarde: well, i'll put my sort of corporate hat for a second. and i'm a big u.s. corporate and i want to invest i know the

that is where you get financial crises. the failure of the bank in 1931 was the proximate cause of the great depression. we cannot let there be any thought, possibility in man or woman's mind that there can be a failure of a giant bank. we cannot let that happen. that's where depression come from. let's not let that be on the table. as for sorting out the regulations of dodd-frank some clever bureaucrat wink, wink can figure that out. david: let's talk about stocks americans have been burned several times in the past ten years. first in the dot com crash and of course, in the late 2000s. so do you think that americans are spooked for good on the stock market? is it a terrible mistake they're staying out of the stock market? >> well, first of all most americans don't have money to invest. david: that's a good point. >> majority of americans are living paycheck to paycheck with a small minority of appreciable amounts to put in the stock market. those who do should put it in the stock market. warren buffett has the ultimate ge

but why did schools and financial institutions take these shortcut? >> atlanta educators could receive bonuses when student performance improves. >> loan officers received bonuses, commissions. >> jon: personal enrichment incentivize for personal enrichment. and why was this culture of fraud not stopped? >> educators who tried to report the cheating faced a cult culture of fear and intimidation. >> there were threats and intimidation. >> what kinds of threats are we talking about? >> your tires would be flat. >> your tires would be flat? >> yeah. ( laughter ) >> jon: in new jersey, that's considered a compliment. ( laughter ) ( applause ) i gotta say mortgage lender intimidation is pretty weak. sometimes i would bring you over to the office, and chad would eat it, even though it had name on it. so many eerie similarities, though. it's sort of how linkon had a secretary named it kennedy and kennedy banged his secretary in the back of a lincoln. ( laughter ) anyway there's got to be some difference between these two stories. what could it be? >> three d

but they are also a great deal financially as well.part is that they're admitting 5% at stanford. as we talked about last week. some seven or 10%. you must be awesome in high school, but fearless in the financial aid process as well. gerri: you've given us great tips on how to do that. i want to pick a knit with you, my friend. you in your notes to our producer colleges are financially sound. nothing hurts. what about sweet briar. >> there are schools like sweet briar. (?) there were bad investments that sweet briar made. and not very community cancommunicative. -- and they have -- they are healthy financially. jamie: i have gerri: i have to tell you who is arguing with you. the federal government. department of education says there are hundreds and hundreds of schools that are financially troubled. and it's not, you know just betty's hair design. okay. it's schools that are actually serious schools with real viable programs that are facing financial difficulty. there are so many students that aren't going to school anymore. how do you

-- financially independent. worried about the people where they might have enough to get by, but when some kind of crisis concerns -- those are the kaiser people i think about. >> particularly among the boomers, the first generation suddenly told midstream. it is for you to put together. it is not that great. perhaps some of you want to talk about that. can we probably have those numbers on hand so i will start. we look at what people have now a different age groups, my team at the new school, and we project out what their income will look like. about six other groups at universities and centers do it appeared our numbers conform with most of theirs. when we look at what people have, people 50 and over on average have a little over 100 thousand dollars. it is a huge variation and motion -- most people have nothing in their retirement accounts. we are just looking at near retirees look at what they're going to have, and low to middle-class people, they will be downward the mobile. about $17 per day. the only way

erik: 6.5 years after the financial crisis, risk to the global financial system are rising. monetary stimulus is creating address -- dangerous excesses. the director of capital markets in washington, jose good morning. what risk are you most concerned about? jose: risks are rising over the past six months. risks to the global financial system are much lower than a few years ago, so i think that is important to put things into perspective. the risks we are most concerned about is the risk othat the policies in place in europe and japan may not be as effective as one would like because the companies look at the risks and there is side effects coming from low interest rates and the consequences that financial could have in emerging markets. erik: which add up to what? are we looking at the increasing potential for another financial crisis? or is what you see more contained? jose: i would not say that we had the potential for another financial crisis, but i would say is that there are a number of challenges that shows financial instability -- financial stability is not strong. t

stable and that's terrific as the general manager said at the opening we are financially stable entity we've achieved that but taking some sort of stopgap steps raising rates and the debt financing we celebrated in today's meeting to use a former word those are leathers we've pulled them and now time to plan for what we can do in addition to make sure we maintained our long term operating financial will stability of the business enterprise there's been - we're another point fundamental change it noted so i'll pause there and see if there is any. >> would the one billion dollars deferred capital more than half of that is the interconnection facilities in negotiation with pg&e. >> that's true. >> one hundred and 64 out of the one billion dollars. >> when we talk about the stakes involved and replacing did interconnection agreement it is more than half of our unfunded capital program. >> big deal. >> any other questions or comments before i move on so i mention that fundamental business change is needed let's talk about the opportunities are the present we talked about the need for or the

that is why at mufg, we believe financial partnership should endure the test of time. with time comes change. what matters in the end is that you are strong enough to support it. mufg, we build relationships that build the world. >> and now, "bbc world news america." >> this is bbc world news america reporting from washington i am katty kay. hundreds more migrants are rescued from the mediterranean on the even of the emergency summit of how to deal with the crisis. saudi led airstrikes continue to pound who the rebels in yemen even though they say this phase of the fighting is over. on the eve of what they believe is shakespeare's birthday we discover the bard's relationship with his female characters. >> something happened to him where he suddenly got it about women. katty: welcome to our viewers on public television in america and around the globe. the italian coast guard rescued hundreds more people today trying to get to europe from north africa. so far 20,000 migrants have reached the italian coast so far. it is fewer than this time last year. the number of people

i want to show you financials as well.y've been at the bulk of kicking off earnings season. jpmorgan one of the big winners. here's jpmorgan giving a little bit back today. goldman sachs and citi the two latest financials to report. goldman had an absolute blowout quarter. stocks selling off but it was up nicely into that. . citi had a good quarter as well. transition continuing there. that stock was having a pretty good day as well. there it is right there, thank you so much control room. up nearly 1.66%. >>> jeff taylor from digital risk richard weis from american century investments. guys, it is good to see you. jeff you first. what do you make of the market? not so much the averages they're not doing much today. what do you say about earnings? >> not as bad as some people thought they would be even on lowered expectations coming in. >> look at financial cycles. i think citibank had its best quarter in over three years. the reality is we go on a 3 1/2-year run here. >> it's a little early to tell on the earnings. we're

one of the big things is financial aid. what we are seeing is a lot of schools are starting to have conversations along what does it mean to have a scholarship at our institutions. i am actually really excited to share that, be part of loyola. the past week bearable to pass. their students took the initiative. a lot of the conversations around immigration were led by youth and so is really excited to see that loyola university of chicago took it upon themselves to say i'm willing to give half of a coffee, $2.50 out of my tuition every year to be able to give money to an endowment for undocumented student scholarships. so it was a challenge they gave to the administration to say can you join us in this effort. we are trying to see that the students lead this. it is also an issue that we need to take forward. it was empowering for myself as a student and alumni. >> thank you. you actually have a masters degree, right? you have one of the few degrees for undocumented students who was able to complete that. what has been your e

financial institutions set up correspondence accounts with the financial institutions in cuba. many businesses do you expect utilize this type of account through their bank? so i'm not sure where i came up with risk appetite. i'm sure i heard it somewhere. >> well chew on that a little bit while. >> i will indeed. as far as i am aware, no u.s. fsn institutions yet have opened correspondent accounts. i think what we do is we authorize certain activities but we don't require financial institutions to engage in any certain activities. >> obviously. well, if that were the case how many u.s. businesses would you expect to utilize this type of account through their bank? do they have the risk appetite to do that? >> i think the more u.s. industry wants to trade with cuba, the higher of trade goes with cuba, the more demand there will be on the banks from their clients to say we need you to be in there servicing us. so i think the trade increases the more we would expect pressure on the banks to go in. >> i appreciate your answer. this will conclude the first portion of our hearing th