at least you had j.p. morgan coming in with a bid when they found out they had a girn tee. >> before this even started, the press was full of reports that treasury was saying there will be no government money at all. there will be no bear stearns deal. they repeated that, they brought everybody into new york, the c.e.o.s from wall street friday night, the first words out of paulson's mouth, practically, dwlt will be no government money, there will be no bear stearns money." today he says, well, of course, there's an asterisk there, had we had a j.p. morgan there might have been some money. they're all sort of hedging that now. but they did not qualify that at the time. if they had not started out so forcefully with the idea-- and i can talk about why they did it, they had good reasons for doing it that way-- but i believe they would have found a j.p. morgan. as it is, they did have a j.p. morgan, they let that slip through their fingers is one way of putting it, maybe. maybe they didn't... they didn't really want

and this is what i found so interesting at j.p. morgan. j.p. organ has had a whole program around a women's leadership process within the company. increasing the numbers of women in leadership positions. and a recent study mentioned that banks that had 30% or more of women in senior leadership actually had much lower risk rates and had a much lower rate of having any of the kinds of bad loans that were made in other banks. i find that very interesting. >> sherr: and the suggestion is that women are somehow good business. i want to now listen to the goldman sachs chairman and c.e.o., lloyd blankfein... >> blankfein. >> sherr: ...this week at the clinton global initiative, had a very interesting comment about what they're doing. let's take a listen. >> we have to do whatever it takes to attract and retain the best people. and oddly enough, this is a recruiting tool for our firm. we... and by the way, it's a retention tool for the firm. if you want to know where goldman sachs loses our people to in the middle of their career, frankly, it's public s

as iis, they did he a j.p. morgan, they let that slip through eir fingers is one way of putting , maybe. maybe they didn't... the didn't really want barclays to buy it. but l the element of a barclays rescue in the formatf bear stearns kind of al were there. therwere, you know, high level communications between british government officials and t amicans if what they're w saying is correct, then there was a shockg miscommunication, a failure of dipmacy at very hi level there because thai believdeal could have been done. >> rose:kay. shouldhey have foreseen the consequees of not doinghe deal? >> witut question. i mean, i do... without question they should have seen it. and, frankly,in some cases they did see it and i d't think they knew what to do about i meing, goingnto that weekend going into... frankly, throughout the smer they were working anthinking about a lot of these isss. and yet clearly they didn't work hard enough. jim is absolutely ght. when they hit that sunday, the ran out of options, but th ly ran... they

ge was upgraded over j.p. morgan, parent of this company. ge shares are up. j.p. morgan, bank of america are higher as well. s&p 500 up nearly 1%. the standouts, walmart, cvs, ibm, weaker, google, ebay. we turn to the fast money final call. gold hitting its highest ever since last year. here is tim seymour. >> hi marie. >> hi, tim, great to see you. talk to me about moving gold. do you want to put new money to work right here? >> you believe it because the reality is that we are actually seeing some price inflation coming through. people know about $2 trillion in monetary stimulus. why is this trade happening now when gold had been a laggard for the first part of this rally? you are getting extraordinary data from around the world. last week pmi numbers around the world. this morning, germany the largest export economy in the world, exports up for the third straight monte. if the world is not as bad as people think it has to tell you there is inflation in the pipeline and people are diversifying in gold. >> mark, what do you think? tell me how you see it. the infla

stocks have rebounded significantly, allowing banks like j.p. morgan and goldman sachs to pay out their bailout money and even report profits. >> of the accumulated moves of the treasury and the fed over time -- the accumulated moves of the treasury and the fed, they did play a significant role. >> but job losses continued. in august -- more added to those given pink slips. and the number of people living in poverty in our region, but the "the washington post" reported 17% of d.c. residents were living in poverty last year. 10% in virginia and 8% in maryland. >>> montgomery county residents are getting a chance to speak out on speed cameras. local leaders asking drivers for feedback tonight at 7:00 at the council office building in rockville. as courtly robinson reports, plenty of mixed emotions -- as courtney robinson. >> you will hear one thing. >> speed cameras. >> speed cameras, i don't know if they do the job. >> last month i had three because of the camera. >> the speed cameras are just one of the programs to slow drivers down, yet is the one tha

one of the nation's biggest banks, citi's is far smaller than bank of america, wells fargo and j.p. morganand the bank's own fragile financial state, keep in mind that the government owns 34% of citi presents it for growing deposits through a major acquisition as its rivals, wells fargo and j.p. morgan have done recently. so they need to grow internally. but in a way far different than a strategy outlined by the firm's ceo chuck prince, they were talking about expanding the branch network and within those, serving clients would who was citi's over financial services, like brokerage and insurance. back to you. >> what's ahead for citi? let's bring in moisha orrinbuck. hello, what do you make of the pull-back from citi? >> i think that citi has been operating in a mode of kind of preserving capital and shrinking assets over the last several quarters, this is another piece of it. >> what happens here, domestically versus internationally? they have a big international presence. can they make it up overseas? >> well, this isn't as, i think as mary said earlier, this isn't about the funding aspe

j.p. morgan and wells fargo have announced similar changes. >>> this is being called the world's longest basketball shot. a student from texas a&m university got nothing but net. the group of students to pull this off are part of a group that raises money for children. >> technically, the shot does not count because it hit the backboard and he did not call glass. this week's full collision reunion make meet the volkswagen jetta. it gets an epa estimated 32 miles per gallon, and was named an iihs top safety pick. all for just $179 a month. and like all new volkswagens, it comes with 3 years or 36,000 miles of no-charge scheduled carefree maintenance. it's all part of why the jetta is the top-selling german engineered sedan in america. >>> as you take a close look at the ravens next opponent, the cleveland browns, a couple of things jump out at you. one, they do not score much. they have a terrible defense, and the ravens did not care about any of this step. the numbers point to a wild mismatch in

j.p. morgan chase will not charge you until you are 6 or more in the red. and limit the fees to three instead of six. >> the ravens play the first divisional match up sunday. . >> terrifying video shows a child narrowly escaping being crushed buy out of control car. get this. the store security camera in washington state captured a toyota slamming into a market and coming to rest in a parking pole. luckily police say that parking pole prevented the child from being hurt. >> sydney, australia looked apop lip tick after a dust storm turned the city orange. >> the color was amazing. >> you could barely see the harbor bridge and opera house. dust triggered fire alarms across the city and nearly closed the sidney airport. experts say it was australia worst dust storm in 70 years. >> atlanta reporter covering flooding almost became part of the story when a garage exploded while interviewing a flood victim with his cell phone camera. >> the blast blew the garage door off and hurled it almost 30 feet. amazingly no one hurt. the reporter called 911 and firefighters

. >> susie: joining us with more analysis about the economy, bruce kasman, chief economist at j.p. morgan. hi, bruce. >> hi susie. >> susie: we continue to get conflicting data about the economy, and people want to know, is the economy now doing better or is it still in trouble? >> i think it's pretty clear that the economy has begun to grow. it looks us to like we'll have increased at a 3 to 4% pace this quarter. that's a pretty strong pace. coming off a deep recession. but i think we have to realize that we're getting growth off a very narrow base, we're getting some help from manufacturers having cut back too far, similar to builders and we have some incentives in the auto and housing industry. and we're not yet on a fully sustainable growth pace. in addition we're coming off of such big lows in terms of the recession, in terms of how high unemployment is, how serious credit problems are going to be that we're going to continue to have bad news here on a number of fronts, eve than as we see the economy growing. >> susie: let me pick up on some of those points. the housing data, are hom

. >>> we do have great news for bank of america and j.p. morgan chase customers. the companies are going to overhaul some of the overdraft fees and practices that critics called excessive. among the changes customers will not be penalized for overdrawing an account only by a few dollars. more good news for wii players. the console system will have a price drop of $50 on sunday. the demand for wii slowly decreased and analysts hope this will boost the retail sales. nintendo is following sony and microsoft. reduced prices on their systems happened in august. >>> there was glitz, glamour, even a few tears. we're going to show you who surprised the crowd and themselves, too. who really needs some work? >>> and we also check in on bachelors prince william and harry. working to become helicopter pilots. and they say they want to do even more. and that's how verizon fios works. any questions? so will the tv in my house look that amazing? yep. fios has 100% fiber optics straight to your home. and i get $150 back when i switch to fios? that's correct. i got a question, i g

but perhaps to avoid more regulations, today bank of america and j.p. morgan overhauled their overdraft policies. both banks will now ask customers if they want overdraft protection. bank of america won't charge a fee when an account is less than $10 overdrawn. at chase, it's $5 or less. bank of america will cap the number of overdraft fees at four per day, chase at three. yet banks say avoiding these fees should be simple. >> it's really up to the customer to know how much... what their balance is and how much they have to spend. >> they took $400 out of my account. >> reporter: yet banks can not ignore customer complaints now that they're online. after seeing ann minch's video, bank of america called and lowered her rate. >> which is a small victory for this debtor's revolt movement. >> reporter: which may only be getting started. ben tracy, cbs news, los angeles. >> couric: and in washington today, a diamond in the buff. the hope diamond went on display at the smithsonian for the first time without its usual fancy setting. (announcer) take your time to find

. >> fargo is joining bankamerica and j.p. morgan chase in making adjustments on how they handle overdraft fees on debit cards. some banks are reducing their daily maximum overdraft fees as well. to avoid them, you should watch your account balances closely and try to create a cushion. you forgot your car keys. you look all over the house and can find them. could a wireless key tracker system make finding keys in the past? >> he was an hour late. where have you been? i lost my keys at the warehouse. you always lose your keys. >> the wireless t tracker could save their future plans, saying it will sign -- saying it will find your keys through walls. >> do you have my keys? >> what? >> who has my keys? >> the keys were found but we only found that one out of to actually worked. i had their son had them for me. brice hid it outside. >> got it. >> but it did not start beeping until she was about 20 feet away. >> we are in the room. [beeping] who put the keys up in the light? >> the wireless keep tracker fund lost keys but not from 60 fee

on tuesday, bank of america and j.p. morgan chase overhauled their debit rd pgram boeing may want to put travelers in orbit. it wants to compete in the commercial space business, sending astronauts and perhaps tourists into space. the want to build a transportation system to the international space station. coming up ""good morning america," fall fashions for your shape. and that is your "money scope" report. i am vinita nair. >>> it is warm and muggy outside. >> still to come, a baby pictures you just have to see to believe. >> later on "oprah," musical masters. barbra streisand. >> we invite you to join our oprah fan club. potoo wjla.com to find out. need a lift? hey buddy, i appreciate the ride, you know. no problem. ♪ mind if i take a shortcut? yeah, sure. ♪ i knew the subaru legacy was the smart choice... what i didn't expect... was the fun. the all-new subaru legacy. feel the love. >>> welcome back. 6:23 is your time. time for some stories you'll not find under front page. >> could to see it both of you. what if you did n

the strategy of targeting bank of america which was the major investor in the company and then j.p. morgan chase which also was a part owner kind of under the theory that even though legally they really didn't necessarily owe the workers money, you know, unde the laws that pretty much let workers out in the cold when a company closes, the union took the tactic that moreally -- morally especially having received 45 million in bailout taxpayer money, they had an ethical responsibility to make sure these workers were given what was due them. so i think the general fear and uncertainty in the american public and then internationally, you know, things militant actions in labor and other struggles, obviously, in oer countries are nothing new at all and happen all the time, but, you know, i think people around the world were well aware that this was something you don't see ry often at all in the united states, so they realized what a ground breaking thing it was even though it was happening back in mention coa or argentina or korea or whatever it would be a much more common occurrence. >> and tha

the highlights on the upside the financial services, citi, goldman sachs, j.p. morgan higher on the session and a handful of industrial names like boeing and lockheed martin. the dow down 33 points. nasdaq weaker, down .25%. on the nasdaq 2125. >> end of the quarter tomorrow. it has been a great three months. we have been up best since 1998. >> often time we see end of quarter window dressing. s&p down just a fraction. >> it is time for the "fast money" final calls. our next guest says you can make some money in 20 something stocks. what are 20-something stocks. >> the stocks that appeal to the 20-something year-olds. what i'm seeing there is this is a group that does not have the same financial pressures, not they done have any, but they don't have the same financial pressures their parents do. they have more disposable income and very specific places they are putting that money to work. >> take me through them. beer. >> beer. absolutely. you get started in college you keep going afterwards. beer has become more in vogue right now. i like molson coors. symbol tap, you

bank of america and j.p. morgan chase are capping overdraft fees ahead of debit card reform that takes place in february. starting next month, bank of america will no longer charge fees when a customer's account is overdrawn by $10 in one day, and limit the amount of fees that can be charged in one day. and they will post transactions to accounts as they occur. and there are thousands of americans that are at risk of losing things this fall. and the senate will consider a similar bill. workers are typically eligible for 26 weeks of unemployment, but this time around congress extended the limit twice. the problem is while layoffs haed, those people are having a hard time getting back in the labor force. back to you. >> thank you, courtney. >> thank you. >> see you tomorrow. >>> she moved into her new home last weekend but her stuff is still 1,000 miles away. now a woman is speaking out about what she says is a scam by the moving company. >> i had three outfits. >> reporter: she has moved before, 14 times in eight yea

markets over the next few years, and how do you think we should go about preparing for this >> j.p. morgan was once asked a question of the same kind. he was asked what he predicted would happen to the stock market, and he paused and lean forward toward its audience. i was going to say leaned into the microphone, and it occurred to me that when he was doing it they did not have microphones. he leaned forward and said in my judgment, based on my years of experience in the markets, going forward into the future, there will be fluctuations. i think that is a reasonable prediction. with respect to commercial real estate, there is no question there is substantial the stress in that sector. you have already seen substantial price adjustments. unlike in the early 1990's, there is less evidence of large overbuilding. the problem appears to be more financial. unlike in the 1990's, it appears to be a problem whose focus is let's toward the major systemically important financial institutions and more towards regional and smaller banks and other financial institutions. it is obviously something that i

another bank, j.p. morgan will modify its overdraft ruling starting early next year. >>> on wall street today, stocks retreated a bit. the dow falling 80 points, erasing yesterday's gains. the nasdaq closed 14 points lower, but the new york stock exchange held steady. it's up a point on the day. >>> with h1n1 flu fears on the rise, hand sanitizer has become all the rage to fight the spread of germs, the alcohol-based formula is more popular than ever. bottles popped up everywhere from parents' pocketbooks to offices to college campuses. does it really work and is it possible to overuse hand sanitizer? doctors say yes and no. >> i would say people should use it several times a day, three or four times a day. it's not dangerous to you, so it's nontoxic to you. it's not likely bacteria are going to become resistant to it because it's such a high concentration of alcohol. >> experts on infectious disease suggest most hand sanitizers kill 99% of bacteria if used correctly. they suggest two squirts and rubbing the i

j.p. morgan hachlie ass started it o 25% of mortgages. city mortgage on 23.hovia only at e 7% a icd 7% fargo at 11%. >>> the u.s. nthahaannounced the designs three nainal gnsit the district that will be stamped on s quarters in the ngmirsea. >>> the blog is on fire with warnings about a possible virus hitting facebook. they are warning people against using fan check. they say it can shut down your facebook page there's no official word whether the application launches a virus or not but this is making things this even worse. pc world reports that hackers are setting up websites that falsely climb to remove it an instead down load mal ware. don't get to fan check. >> okay. i won't do it. >>> the first lady's office will not comment on her ties to a proposed farmers market. it will go along vermont avenue and mcpherson square. the first lady said she thinks a mark is a good idea but the permit had the name of fresh farm markets if everything is approved it would open a week from today. >>> from the white house to the mall in an effort to make things look better

j.p. morgan chase, another financial chase that closed to the upside. looking at general electric to see if it could close above $17. if it did, it would be the highest level of shares of our parent company since january. ge falling slightly back below $17, after trading above $17 on an intraday but not closing above that level the commodities story has this market trading higher. freeport mcmoran, murphy oil and u.s. steel with gains. retailers as well. lowe's reaffirmed 2009 outlook below estimates. their 2010 outlook was below estimates, at the low end of their range. $is 124 to $134. the street looking for $134. carmax topped estimates, conagra raised full year forecast. google shares, the price target got raised today to $560. that from a cancord adams. the dow closing higher. >> nice to see you, sir. >> i'm going to hand it back to maria bartiromo. >> we are talking with the prime minister of poland. we have vaclav klaus coming on the show. so nice to meet you. >> you never know who you are going to run into on the floor of the new york stock exch

today, two of the nation's biggest banks, bank of america and j.p. morgan chase announced they would revise their policies on these fees. here to tell us more is ron lieber. he's the personal finance reporter for the "the new york times" and writes the paper's "your money" column. ron, let's start with the problem. explain how the overdraft fees work. this is >> they put this as overdraft protection, and consumers often don't realize they have it. it may have been part of the fine print when they signed up for their account. the way is works if you spend more than you have in your bank account the bank may automatically cover and you allows the transaction to go through, whether it's a debit card transarchs you make it a store or a.t.m. transaction, the a.t.m. machine, a withdrawal, or even with a bounced check. what will happen then is the purchase will in fact go through transaction will go through but then you'll get chargea fee of $30 or $35. and for as long as are you overdrawn, as long as you're spending below zero, you'll get hit with a fee every sin

bank of america and j.p. morgan chase expected to announce the fees tomorrow.ew rules on how many times a year you can be hit with those overdraft fees. congress has been considering cracking down on the amount of those fees. left unchanged, the fees could earn the banking industry more than $38 billion this year alone. the government expanding a terrorism warning to include more than just transit systems. stadiums, hotels, and entertainment venues are being advised to be more vigilant. investigators are checking out a possible terrorist plot to set off bombs hidden in backpacks. al qaeda training manual said to call for, quote, blasting and destroying the places of amusement, immorality, and sin. i'm ainsley earhardt. we now return to "on the record" with greta van susteren. thanks for watching the fox news channel. check out our web site fox news.com. greta: former fbi agent travels to iran and now he is missing. his wife is no new york tonight and she wants a face-to-face meeting with the iranian president. this is a case we have followed closely "on the rec

day, two of the nation's biggest banks, bank america and j.p. morgana announced they wouldevise their policies on theseees. here to ll us more is ron lieber. he's theersonal finance eporter for the "the new yo times" and writes the pap's "your money" column. ron, let's start witthe prlem. explain how the overdraft es work. this is >> they pu this as overdraft protecti, and consumers often don't realize they ha it. it may have be part of the fine print when ey signed up for their count. the way is works if you spend more than you ve in your bank account the bnk may automacally cover and you allows the transaction to go through, whether it' aebit card transahs y make it a ore or a.t.m. transaction, the a.t.m. machine, a withdrawal, or even with a bnced check. what will happen tn is the rchase will in fact go through transaction ll go through but hen you'll get chargea fee of $30 o $35. and for as long asre you overdrawnas long as you're spending below zero,you'll get hit with aeevery single time you make a transaction unl you make a deposit some sort and

j.p. morgan's bayh of bear stearns and the risk... >> well, that was a straightforward one but still... even in that case there's no recourse on that loan. >> rose: exactly. >> so that's a question of is it a purchase or a loan? that's company example. but it's interpreted as a loan. there are other examples. the treasury has used some extraordinary powers and the federal reserve has bought commercial paper. the federal reserve is now buying a lot of things in the market. >> rose: and you say they should or shouldn't? >> well, a lot of the things they're buying they should. some of them i have no stretch of the law in buying long-term government securities. they could always buy long-term government securities. as a mat over law they can buy securities and they're buying as pile of them but that doesn't raise any.... >> rose: so what causes you concerns about the kind of things the federal reserve did? >> whatever they did gives succor to the next institution that gets in trouble and to their creditors in particular and to their customers so that these institutions that are deemed too l

from j.p. morgan.oe, always nice to speak with you. >> nice seeing you guys as well. >> what is happening in las vegas these days? are there increases in terms of travelers there and are hotels able to actually not discount rooms to get them in. >> this county's still going on. i think the discount rate is lessening, particularly as we go into the fall period. we have some convention, business moving back towards las vegas. it's still down a lot but i would say the rate of rate discounting is declining and comparisons get easier. visitation volumes are down a lot less than revenue. it's really the spend per visitor and the rate is the one thing to watch. a lot of operating leverage there for the casino operators. go straight to the bottom line to the profit line. >> is vegas still a bad word when it comes to corporate events and hosting conferences in vegas? >> unfortunately, i think a lot of washington rhetoric kind of put that stigma attached to it but the remarkable thing about las vegas it is still

j.p. morgan's bayh of bear sarns and th risk... >> well, that was a raightforward one but still... even in that case there's no recourse on that loan. >> rose: exactly. >> so thas a question is it a purchas or a loan that's compa example. but is intereted as a loan. there are other example the treasury h used so extraordinary powers and e federalreserve has bought commercial paper. the federal resee is now buying a lot ofhings in the maet. >> rose: andou say they shoul or shouldn't? >> wel a lot ofhe things they're buying they should. some o them i ha no stretch the law in buying long-rm vernment securities. they could always buy lonterm gornment securities. as a matover law they c buy securies and they're buyg as le of them but at doesn't raise any.... >> rose: sohat causes you concerns about the kind things theederal reserve d? >> whater they d gives ccor to the nex instution that gets in troub and to their editors in particular and to their customers so that these institutions that are deemed t large to fail will be protected, which will lead to behavior that will be deabilizing

we have received about $70 billion from big banks like goldman sachs, morgan stanley, and j.p. morganlook at financial firms, it looks like that if that pattern repeats, we could be paid back. but if you look at other investments or loans made to aig, general motors, or chrysler, it is a big question as to whether we will ever see that money again. jane: ok. is there good news? can you highlight what is actually working? >> sure. the inspector general says this program did work and in fact actually stabilize the financial system. you do not have banks here teetering on the brink of collapse and threatening the entire financial system of the united states. but there is a big question about whether or not it helps main street, because he still have on employment on the rise, small businesses having -- you still have unemployment on the rise, small business is having trouble getting loans -- you still have unemployment on the rise, small businesses having trouble getting loans. jon: rick is live in pittsburgh. what is the scene there? >> some falun gong protesters are here. a mass march

. >> other than bank of america, j.p. morganould be highly impacted by any meaningful regulation of the like, the kind you just described? >> sure the big megabanks have more than half of the u.s. deposits right now. so those are the people that are going to feel the biggest impact right away from this regulation one would think. they also have the lion's share of the market of mortgages and credit cards where we're seeing more regulation also. >> dave, a pleasure. thanks. nice to meet you on the phone. i'm sorry. i was misinformed as to your first name. >> no problem. >> pleasure to make the acquaintance. >> lawyers for director roman polanski will fight any attempts to bring him to the united states to face a 1977 conviction for having sex with a 1-year-old girl. let's go to donna friesen who is in zurich, switzerland. i understand an attempt to get secretary of state hillary clinton involved in this? >> the foreign ministers of poland and france have come forward and say they are going to request that the secretary of state h

j.p. morgan wasn't as hard hit the price of stock has recovered pretty well.t's a pretty good indication of just how much trouble they were a year ago and how much recovery they have taken on so far. >> let's talk about some of the smaller firms amid this crisis. how are they doing now? >> i think it's about opportunity. what is happening some of the smaller firms have looked at their big brothers. now, they are starting to steer away, not only some of their best clients but where they are laying people off and cutting departments, wachovia and aig, some of the best tal sent leaving because they are not getting bonuses and compensation. >> the when you have one more question, consumers, how did they fare? >> they had a lot of trust in some of these large institutions. they really don't know where to go. the reputation of the companies are shot. they are returning to small size firms and more on a one on one relationship, but they are still pretty scared. >> what are we going see over the next couple of quarters? >> in my opinion we have started the healing pro

were a lot of management practices that are questionable which makes the big new york banks like j.p. morganant to lend them money. >> understood. what can they do now at this point? stave off a possible -- the second sort of slash in the economy. >> i think we have go back to the suggestion at the fdic to create a bad bank to remove the assets, then look at some of the practices of the banks. they become involved trading securities, buying commercial mortgage-backed securities among one another like lehman brothers, kind of a small version of what happened in new york. we need to get the guys back to banking, making loans and getting repaid and being trust worthy. >> peter, thanks so very much. >>> some people who live near los angeles are allowed back in their homes this morning now that firefighters are getting ahead of the so-called station fire. i want to show you the area that we're talking about here. fire officials releasing new numbers this hour saying 140,000 acres of mountains and residential communities are destroyed. look at these amazing pictures showing how close the flames ha

market than rivals like bank of america, wells fargo and j.p. morgan. and fragile financial position presents it from growing the acquisition. so for now it's focusing on growing the base from within. i did a back of the envelope calculation looking at the branches that could be closed. and what you see is a closure of about 3% of the total branches. and or excuse me, 12% of the branches and 3% of the deposits. if they pulled out of the cities -- >> you saved far more than you were lose in deposits if you were to pull back? >> what i'm saying is it's a small amount of their deposit banks that think of it, 12% of their branches, so maybe what you're looking at is increasing efficiency. but they're trying to say, no major bank closing. trying to drive efficiency to drive branches. >> thanks, mary. see you later. >>> this week we've been asking you folks for your observations about the economy. anecdotal evidence of either recovery or continued recession in your area. as opposed to the government's statistics, that we all keep talking about. so we're wonde

>> j.p. morgan chase. >> do you mind if we have an audit to see if there is from running or insider-trading by them? is that ok with you? >> i'm not sure i have any decision making authority. >> you are the general counsel. >> the g.a.o. audits government agencies and you want to audit a private entity. i think that is something congress would have to change the authority of the gao to allow. >> that's right. that's what we're doing right here. let's say the federal reserve gave a billion dollars to a promising institution called dick cheney savings and loan. their only asset is in an unnumbered swiss account. don't you think would be a good idea to have the gao looked into that? >> under the authority, as written, along by the federal reserve to a specific density, say a particular bank, as you have pointed out, would be subject to the g.a.o. audits. we do not oppose that. >> the federal reserve has given one trillion dollars in the past 12 months. that is how much the increase on the balance sheet

his money came from j.p. morgan. he gave us the alternating current.hen he turned on niagara in new york he walked away and said that any type of fossil fuels and coal-burning was against nature. he developed a the tessla coil which many of our physicist use. it is renewable, clean. i suggest you look into this. we have had the technology for about 100 years now. i will listen to you offline. guest: thank you, i am not familiar with the particular scientist. i'm familiar with a lot of great ideas out there. there are a lot of technologies both new and old we can put to work. we are capable of meeting it. the challenge here in washington, d.c. will be for congress to focus on it, get legislation through so that we have a framework, a market for innovations to come forward and be capitalized. host: virginia, on the line for democrats, leah. caller: i am so glad to be on the show. right now because of the economy at least we can take energy [inaudible] as a blessing. at least we have ways to save money on energy. a lot of people use more energy than we ne

the two major players hsbc and j.p. morgan are short more than one-quarter of the world's annual gold production. host: let me in an e-mail missing topic. -- on the same topic, let me tie in this e-mail. what can you tell us about this? guest: at the agency we're looking at whether to set a position limit for commodities of finite supply. congress gave us that authority and directed us to use it back in the 1930's. we did it for metals and energy products through the 1990's in partnership with the exchanges. while that was backed away from in 2001 will looking first at the energy project. there have been many questions also raised about the precious metals markets. host: what is the danger of that in terms of people's positions in precious metals or other commodities? guest: there are two sides of the debate which resulted. we want to promote markets. the cftc does not set prices. we make sure that markets are free of fraud and manipulation. that hedgers can naturally mead speculators on the other side. the farmer need someone

in "consumer alert" wells fargo is joining bank of america and j.p. morganustomers make small overdrafts. consumer groups say to avoid overdraft fees you should watch your account balance closely and try to maintain a cushion. if your bank won't let you opt out of overdrafts, shop around. about half of the nation's 25 biggest retail chains say they will hire fewer workers this holiday season than last. a consulting firm says from best buy to american eagle to sachs, they will hire fewer than 25% of holiday workers than last year. that means fewer people will have less money to spend on holiday shopping for themselves. this usually adds 700,000 temporary jobs, and the numbers of missing workers could reach six figures. >> "working women" unveiled two of the best companies to work for. the companies were selected based on a number of criteria. to see the complete list of companies log on to wbaltv.com. click on "news link." >> the federal communications commission is looking at new rules to make sure your internet reduce is as important as anyone else's. the f

sheehan from chase, i have your a statement, waiver and it basically says j.p. morgan chase bank national association successor interest to washington mutual bank has offered for a modification mha modification under the make it affordable plan announced by the obama administration march 4, you have decided that back you had declined to be considered for an mha modification opting instead to go forward with a modification made by lender to you prior to the march 4 annocement, the prior modification. had to qualify for mha modification, you may he been entitled to the following. and you go on and talk about what they may have qualified for. by signing below you acknowledge that you have been advised and understand the above. what is this all about? >> that was a form that was developed at the time prior to the invitation or announcement even of mha, chase had rolled out a significant enhancement to its own modification, but modification efforts. we're in the process of communicating and qualifying many, many borrowers for the jays modification program at the time of the

there was an account at j.p. morgan chase, it was essentially a cash in and cash out operation.nvestors would send him a check and he would pay out redemption from this account. he never made any trades and this was why it was so astonishing, i guess, even madoff said, he was never caught. it would have been very easy to go check with nasdaq or with the depository and trust corporation, but no one from the s.e.c. did. >> host: you write madoff's london office played a large role in helping to hide his fraud. london may have started out legitimate, but was a place they felt comfortable stashing what they considered their personal fortune, roughly $113 million pounds by the year 2008, which is about $220 million in u.s. dollars. >> guest: that is correct. london was the office madoff opened in the mid-'80s and started out as a place he and his legitimate broker dealer could trade stocks overnight. back in the '80's, even it wasn't that common to trade 24 hours a day. so anyway, by mid-2000s, probably 2007 and 2008, the madoffs were starting to wire money back and forth to make it

one of our larger banks, j.p. morgan chase sphwog help with us a project that focuses on financial literacy. anything that would help us all, young and old, i think the events of the last year have pointed out that. we'll have exhibits that focus on clean energy, wind, solar. we'll have ways to use wind and solar, to show -- demonstrate really how -- we'll have an exhibit to fo focus on conservation. a smart grid. we'll have some focus on, among other things, nuclear energy and show how we actually create electricity from nuclear power. those are some of the things -- what i -- what our vision is that when -- when kids leave the children's science museum on the banks of the christina river, they will be juiced. they'll be excited. and they will want to come back there again. or just as importantly, when they go back to class the next day or the next week, they'll be thinking about their math assignments, maybe their science assignments, a little differently and say -- trying to provide a connection. how is what i'm learn

his money came from j.p. morgan. he gave us the alternating current.en he turned on niagara in new york he walked away and said that any type of fossil fuels and coal-burning was against nature. he developed a the tessla coil which many of our physicist use. it is renewable, clean. i suggest you look into this. we have had the technology for about 100 years now. i will listen to you offline. guest: thank you, i am not familiar with the particular scientist. i'm familiar with a lot of great ideas out there. there are a lot of technologies both new and old we can put to work. we are capable of meeting it. the challenge here in washington, d.c. will be for congress to focus on it, get legislation through so that we have a framework, a market for innovations to come forward and be capitalized. host: virginia, on the line for democrats, leah. caller: i am so glad to be on the show. right now because of the economy at least we can take energy [inaudible] as a blessing. at least we have ways to save money on energy. a lot of people use more energy than we nee

major players hsbc and j.p. morganare short more than one-quarter of the world's annual gold production. host: let me in an e-mail missing topic. -- on the same topic, let me tie in this e-mail. what can you tell us about this? guest: at the agency we're looking at whether to set a position limit for commodities of finite supply. congress gave us that authority and directed us to use it back in the 1930's. we did it for metals and energy products through the 1990's in partnership with the exchanges. while that was backed away from in 2001 will looking first at the energy project. there have been many questions also raised about the precious metals markets. host: what is the danger of that in terms of people's positions in precious metals or other commodities? guest: there are two sides of the debate which resulted. we want to promote markets. the cftc does not set prices. we make sure that markets are free of fraud and manipulation. that hedgers can naturally mead speculators on the other side. the farmer need someone

his recommendation is that for giant backs such as citigroup or j.p. morganat you should limit their performance because they are probably in need of some sort of federal assistance if they got into trouble. are you in favor of that? >> i think you have brought you were an interesting point. i've expressed concerns about what were investment banks. they weren't commercial banks. they weren't making loans. what they were doing -- you may have a bare stearns or lehman. they were doing everything from operating ledge funts or trading on their own account, not for commerce. they were trading organizations, and they were taking risks, proprietary trading, which is a very risky thing. that is very different from a commercial bank that is lending money. you have got goldman-sachs and morgan stanley, and they have come within the umbrella of protection of the federal government. well, if they are going to continue to engage in proprietary lending, and if they are going to continue to maybe be involved with hedge funds activity, some of these more risky activities, th