ian reid, jeff immel and jamie dimon gave a vigorous defense of their companies, most of which are widely held by investors. we'll start with pfizer. in a "wall street journal" op ed, ian reid slammed the treasury department's new tax rules which resulted in pfizer walking away from its $160 billion deal with allergan. "this ad hoc attempt to single out and damage the growth opportunities of companies operating within the current law is unprecedented, unproductive, and harmful to the u.s. economy." he said the broken u.s. tax system puts american companies like pfizer at a competitive disadvantage. and now to general electric. in an op ed in today's "washington post," jeff immel took direct aim at some of the claims democratic presidential candidate bernie sanders has made against his company including the criticism that ge is destroying the moral fabric of america. mary thompson has been following the story, good to see you as always. jeff immel offered an impassioned defense of his company. >> he basically denied everything that sanders said. as you would expect, he talked about the com

how much was desperation by ian reid. they stepped slowly step by step, inch by inch. me like that. >> sorry. >> don't look at me like that. allergan is a fast moving drug. i put it out there. >> i know. you're not going to get a fee on that if it happens. >> i got a breakup fee -- no, i didn't get any breakup fee. i get absolutely nothing from anyone, no one, skmep my wife occasionally. money. >> yes. >> dow is down, having its best day in three weeks. let's get to bob pisani. >> it's a mixed matter this morning. i want to show you interesting moves in europe. you guys were talking about allergan and the pfizer deal being terminated here. there seems to be some here. it seems like they may be merging with another company. they're not done here. this would be courting the same dealing that allergan has. also up are some of the italian banks, very interesting. there was a meet of the government with some of the italian bank executives to try and figure out what to do with italy's battered banking success tore. i guess you would call that. you can see some of the moving

. >> and pfizer ceo ian reid also speaking out after abandoning his potential mega deal with allergan, calling out the treasury in an op ed. >> and jeff immelt taking on bernie sanders in an op ed of his own, saying "we create wealth and jobs instead of just calling for them in speeches". let's take dimon first. jpmorgan's jamie dimon warning increased volatility is likely to stay. he writes, "the good news is that the system is resilient enough to handle the volatility. the bad news is that we don't completely understand why this is happening." dimon discussed the bank's healthy balance sheet, showed some disappointment in the stock performance compared to the benchmark over the past decade on the heels of that "journal" op ed the other day. >> look, he talks about what the balance sheet really means. best line in the letter was, you can see in the table below that jpmorgan chase alone has enough loss absorbing resources to bear all the losses assumed by the 31 largest banks in the u.s. that's the good news. bad news, you know there was a thing called the whale. >> there was. >> and