silverware but still still the first leaks cup coming from germany well the most recent one the alexander gorman ski club was claimed at the weekend but the club's ultimate goal is to conquer europe once again and with all the new faces involved it would surely be missing his biggest chimes. of junk agree on thirty more school. and that's what this bill isn't. say. overcoming a barrier like this seems possible. but then you crave something higher. and when you reach the people. who do whatever it takes to get on the top of the world on r.t.e. wealthy british stock. markets. it's going to. find out what's really happening to the global economy with max conjure for a no holds barred look at the global financial headlines tune into cars a report on our.

still still we're the first leaks cup coming from germany well the most recent one the alexander gormanski club was claimed at the weekend but the club's ultimate goal is to conquer europe once again and with all the new faces involved it would surely be missing this biggest chimes . are just going to party. and that's all the sport is this ball is a. my parents really truly honestly believe that what had happened was as a result of my father's exposure to agent orange i was born with multiple problems . i was missing my leg and my fingers and my big toe on my right foot i use my hands a lot in my artwork i find myself drawing my hands quite a bit to me. where my hands you know just as if anyone would. but they do tell a story they tell a story of. oxen. in the news sigrid laboratory to mccurdy was able to build a new most sophisticated robot which on fortunately doesn't give a darn about anything turns mission to teach music creation why it should care about humans and we're going see this is why you should care only on the dog. while. california desert offers an air show and an issue.

welcome back so let's switch gears let's come back to the us james gorman is the c.e.o. of morgan stanley and there's been some press recently about his efforts to change the shape of the firm and bring leverage down low risk we're not very optimistic about too big to fail bank reform and way more interesting to us and compelling is a bank that our guest has been writing about is kind of a case study in conservative nyla banking it stayed that way during the boom despite temptation and is one of the best capitalized banks in the us today so we're genuinely interested not in hearing about morgan stanley but hearing about the third federal savings and loan as a case study of sorts why and how this bank resisted the temptations of financial innovation and lived to tell about it so chris mayer author and managing editor of capital in crisis tell us how did they survive and thrive through this boom with with resisting the temptation of financial in innovation well some of that is they they learned say no so they were they didn't get involved in the a lot of the crazy mortgage

and just and gorman is behind bars, charged with kidnapping, assault, and use of a firearm. he works at a scrap metal salvage company in the two got into an argument over $2,000. the fight escalated until he got the victim into a truck and demanded he get a family member to bring the cash to an exxon station. that is when police were called to the case at around 9:30, they caught up with his truck haul they found the victim unharmed in the back seat. the case remains under investigation. >> in tonight's medical alert, the fda cracking down on illegal internet pharmacies, taking action against more than 4000 websites that illegally sell unapproved and possibly dangerous or ineffective drugs to consumers as part of a global effort to remove these web sites by agreeing civil and criminal charges. letters were sent to website operators as well as internet service providers had a domain name registrars. they were in violation of u.s. law. press cancer survivors that need reconstructive surgery or women seeking cosmetic breast enhancement may opt for and more natural procedure. it

lloyd blankfein, jamie dimon james gorman, wribrian moneynih. and also michael corbat. so clearly a message being sent to washington. the question is whether washington can resolve any of this issues that they've been wrestling with for two years. >> is your expectation that this moves the needle or is this -- what is this expectly? >> i think what we're seeing is additional pressure being put on by wall street, by the business community saying you've got to come to a deal. they're signaling that they want a bipartisan deal, but what they don't say is what type of specific deal they want. they're not advocating tax increases, not advocating spending cuts, not advocating any particular plan. but there are business groups raising money to run tv ads on the fiscal cliff issue after the election. all of that is a coordinated effort, all those people talking to each other to try to push washington to get a deal and give a little bit of air cover perhaps for those members of congress who want to deal and want to have a compromise. they'll take a lot of heat from their base. w

james gorman tells the financial times that wall street workers are overpaid, and banks must cut staff and compensation. banks have failed to lower pay in hard times as many banks are struggling with falling trading revenues. morgan stanley will consider another round of cost cutting next year. >>> on the housing front, mortgage rates continue to drop to record lows. just weeks after the fed decided to buy up billions of home loans each month to help boost the economy. freddie mac says the average rate on a 30-year fixed mortgage is now 3.36%. lower rates have sparked a surge of refinancing. the mortgage bankers association says they jumped 20% in the past week alone. >> shartia, thank you. >>> we are coming up at 6:51 on this friday morning. tom kierein is with us. >> back to october, not august weather this morning. looking like october too. many neighborhoods with a maple tree in your neighborhood, it's probably already blazing orange. right now in western maryland, there is gorgeous autumn color. this photo was taken a few days ago. the color has gotten more vivid and more widespre

the earnings were a beat, but not so positive comments coming from james gorman on the conference call saying that the company's still looking to cost cuts to boost returns that m&a volumes are not back and they might run into some issues with impending regulation, of course. the company had a great quarter with bond trading, but it's unclear at this point, obviously investors are unsure whether those other negatives will be outweighed by bond trading. >> and the stock is trying to get positive. >> yeah, very simple. if you want to play a pure brokerage firm, play goldman or play morgan. there's no second or third best. you can dip down to to merrill, however, prices are coming down in all of their product lines. banking fees, so the whole model's under attack. so i would say, look, i like them, it's a bet on the economy, but i'm not involved now. >> all right. well, we'll have much more of our exclusive interview with gus sauter, including his defense of high-frequency trading. and can investors put to rest concerns over a china slowdown? our traders debate what's really going on in t

the ceo james gorman tells "the financial times" those are necessary to improve value.etic the industry is overpaid. >>> samsung is reporting a record quarterly profit of $7.3 billion, nearly double the figure last year. they expect the current quarter to be more difficult as samsung spends more on marketing and escalating competition from apple. >>> american airlines says the jets they pulled from service should be back in service tomorrow. they pulled 48 to inspect and make repairs to loose seats. several flights made emergency landings because of the loose seat problem, something they're trying to get fixed quickly. steve. or joe? >> he's standing for a second segment. does your contract say no standing? >> we're at the agent after the show, he's on my speed dialer. today's job report, major implications for the presidential race, senior economics reporter -- >> you can't walk and read. do it again, start back here. senior economics reporter -- >> bob pisani -- you're not going to walk. that's not in the contract. >> what do you want to talk about? >> i want to talk

think of what gorman has done coming and jamie dimon at chase. been there forever but he came from the bank one acquisition several years ago. he was an outsider and took over for harrison and got a bang going in the direction it needs to go. you need a fresh set of eyes to use your term. cheryl: they have loan growth. they had revenues looking pretty decent. a good quarter over all and denis mentioned timing this thing is odd. why not wait until thursday? >> couple things. this definitely draw into question the board. i thought to myself this is a board of accomplished people. however, the same could have been said about a hewlett-packard's board which is a textbook case of this function. i don't think citigroup's board is as bad as hewlett-packard has been over the last few years, but they need to get this ceo transition done smoothly or the competency of the board will be drawn in. dennis: the board took no action after shareholders vote against the vikram pandit pay package and the board did nothing. what should the board have done? >> i did

. >> finally, some discussion about compensation at the firm, gorman has said he's going to keep theto be happening. would you argue they are, if not leading the charge, at least at the front end of that movement on the street? >> well, they're one of the firms on the street. so firms tend to be price setters. but he's certainly been very prominent in making the point. i think when you think about where a lot of the pressure comes, it's come from shareholders. and you've heard increasing dissatisfaction from shareholders about compensation levels and how they need to come down if the revenue environment's going to remain this challenging. and i think it's a very fair point, and i think that management firms across the street have heard it and that's why you're hearing not only at morgan stanley, at goldman sachs a couple of quarters ago when they said they were going to become a younger, aka, cheaper workforce. so, you know, we're -- it's not just at morgan stanley, we're seeing it everywhere. and i think that has helped ease the competitive pressure to pay up for some folks, which s