j.p. morgan's health issues that you cover j.p. morgan closely.unded called it, but again as charlie gasparino has reported j.p. morgan is behind a ball becomes to any succession strategy that has been articulated to the public or the shareholders. at some point if you need to come out and say here's my-- >> i might take a different approach. i think jamie diamond led franchise has a management succession plan in place and where the they make the public or not is, still relevant. i don't see a lot of succession met-- plans make public. i believe they know what the succession plan is and i wouldn't expect anything else from the 17. i think a lot of them made by that. i think we come to to succession a jc morgan is the loss of some high-level talent over the last two or three years. i'm not concerned there's not succession plans in place, we think it's a place we just on what the individual player will be. liz: they are subscribe into the warren buffett way because he hasn't announced his successor. i have asked him 50000 times and he will give it u

and the kind of the legacy lives on at j.p. morgan because bear stearns is within j.p. morgan and it went from before the crisis being a competitor to now being the real dominant firm in a lot of that was driven by the acquisition of bear stearns. who just a guy ultimately was a tremendous friend. and i thought you know you heard alen echo some of what he was saying this is someone whose word always meant his word. and someone that was really trust worthy and i think in just talking to people in general today the sense of loss among some in the wall street community that knew him well. you know, and just this sense that he was a really good guy is what i kept hearing over and over. >> i also think about someone like ace or warren buffet. there's a couple of folks who used to be around for a long time and saw wall street go through a lot of changes. and we don't have a lot of figures like that left any more. >> right. we really don't. -- f the titans and >> who are the big forces big personalities out there in the banking sect snr i mean, ace certainly was one of them. >>

j.p. morganwing it was linked then j.p. morgan would route that on the whoever was deserving of the particular payment. j.p. morgan then you say unwhitingly helped billions of dollars often payments come from areas sanctioned against u.s. policy that are not meant to be making transactions on what. of these countries. j.p. morgan is not being thought to have done anything here. so, too, neither are the lawyers. j.p. sense of if or why morgan might be on the hook and have to pay more settlement money? >> no. because this is thought there's nothing that they have done wrong. but of course in 2011 they had to pay up $88 million in a failed suit but they to exercise a reasonable degree of caution or care when doing they transactions but forgot to wipe the slate clean. every now and then a transaction would pop up that originated from cuba. b.n.p. paribas would go back and scoff it out and send it back again. what's really interesting is down to court documents and people familiar telling us this stor

let's just say that after frank, j.p. morgan and other bankers who stepped in to straighten out the mess spent several months making sense out of which banks they were going to let fail and which they thought could survive, that they brought the country back to solvency. but it had a huge effect on the thinking of what we are getting to with the federal reserve and other bankers. i want to give you a look at frank's life. he was not always a wealthy new york banker. he started on a farm. this is not his farm. this is his grandfather's. his father died when he was 14. the farm was repossessed. frank, his mother, and little sister stood in the front yard and watched as their possessions were sold off and the farm was taken away. they had to move into the town of aurora, illinois, to live with his grandparents. at the age of 16, he went to work in a factory. this is not frank, but it is a picture from the time of a young boy at the lathe the way he worked. he stood there and thought this is not what i want all my life. one of the m

were there in the final days, where they were selling bear stearns to j.p. morgan.e represented bear stearns. give me an idea more of what those days were like, and working with ace. >> the days were extraordinarily hectic. nobody knew from minute to minute or second to second where it would all come out. at the end of the day, when the board had to make a decision, he was the one who, with all that history and all that knowledge, was prepared to say, the right thing to do is to agree to the sale to j.p. morgan chase, as opposed to creating the possibility of a total meltdown. and he spoke with an authority which nobody else could speak, because bear stearns had been his entire life. >> when did you first meet him? i i first met ace when he and both work for a gentleman by the name of al lerner, who was one of the legends of the financial world and real estate world. al andorked closely with , i guess most came in, tookal over what was then a very troubled think in baltimore, -- bank in baltimore, and ultimately managed to spin out the credit card company, do an ipo

that theinsensitive media is asking about what j.p. morgan will do.get real and saying we need a safer plan? >> when you have an iconic there are shareholders who are putting wealth in his leadership. i don't think it is insensitive. it is unfortunate, but you have to know the predictability of the success of j.p. morgan. he has a great bench. knows how to develop people. j.p. morgan is going to be fine. >> thank you so much. clark murphy is the ceo. stars gamble playing poker. whoill speak to the woman sets it up. ♪ >> she was the mastermind behind all-star ocher games. she is talking about her life the came crashing down. she is the author of a new book. this game originally did not start off illegal. how did it go down? >> it was legal because i was taking tips. when i started taking a rate that was illegal. >> talk about these a listers. they are usually getting things for free. you are asking them to pay up when they lose. >> everyone was willing to pay. they wanted to come back next week and have an opportunity to win it back. >> it sound like t

one financial terrorist with the crash j.p. morgan by silver campaign and jamie dimon himself is very very sick so in other words that campaign has done a lot of damage to that bank too big going was a three we took it to a thousand on the show we made i'm everywhere i go in this world people stop me and say max thank you for making me a crypto millionaire thank you for making me a bit coin millionaire we became bitcoin millionaires last year and the whole bitcoin story is astounding so now we're bringing in crypto bully on so it's a silver coin with a max coin krypto hola graham attached to the coin and this is the ultimate banker killer this is the baxter killer we're introducing you to this concept devised by a guy named mike murphy on start joint and it's called next clean silver crypto bully on. demand has been so great whereby it's now eight hundred percent funded i thought this was interesting because there's also another crypto bully on currency on the site called vera coin.

is this-- not just for j.p. morganut a lot of the firms-- kind of window dressing, showing that, "we're philanthropic, we want to show civic responsibility." >> dimon: i don't think we just want to show it. i think we are civically responsible. we don't want to drive successful people down. you want to get people who don't have the opportunity, you want to give them the opportunity, and hopefully they become more successful. >> safer: american express ceo ken chenault says chertavian is filling a gap in the economy. there is a shortage of well- trained people in the fields of technology and financial operations. >> ken chenault: it's a win for the urban communities, it's a win for the students, and it's a win for our company. we would not be doing this unless these students were active contributors as employees. and they more than pull their weight. >> safer: can this be expanded on a kind of scale that would have a real effect nationally? >> chenault: this is a template that i think has demonstrated real success, meas

j.p. morganman and ceo jamey wright dunn has been announced he is diagnosed with what he is calling curable throat cancer. in a note yesterday, he said, in part, while the treatment will curtail my travel this period, i have been advised i will be able to actively be involved in our business and we will continue to run the board as normal. he will begin roughly eight weeks of chemo and sloane kettering. we wish him our best. it is tough treatment. it is kurable within they catch it this early. >> we made great strides in different areas in recent years. now to our news-maker of the morning. about six weeks ago, at&t and directtv announce plans to merge their businesses under a deal they say will be more competitively and beneficial to consumers. both companies took to the hill to make the case for the proposed merger. here with us now with his first interview since announcing his deal with directtv is random stephenson, chairman and chief executive officer of at&t and it's great to have you in st

j.p. morgan, biggest% to the loser.hares are down one day after chairman and ceo told employees he was diagnosed with throat cancer. the prognosis was good. you will keep an active role in the company while he is having treatment. charlie gasparino will talk to us more about that story coming up. well, while the overall market remains positive u.s. soccer fans everywhere suffered a downturn last night. team usa fell to belgium and around 16 match. the losing 2-1 in 30 minutes of overtime. the term that continues without the americans and for global foreign exchange traders this is instead comparison from our next guest. imagine if the nfl playoffs were on at noon on a weekday for two straight weeks. the giants and the dollars every day. a spring in a partner in uncl. traders at the new york stock exchange, cme, and, of course, the nymex. we would get back to you in just a second. that is pretty interesting. first, to you. we are always debating whether or not we believe adp and whether that will dictate a strong jobs re

one financial terrorist with the crash j.p. morgan by silver campaign and jamie dimon himself was very very sick so in other words that campaign has done a lot of damage to that bank too big going was a three we took it to a thousand on the show we made i'm everywhere i go in this world people stop me and say max thank you for making me a crypto millionaire thank you for making me a bit coin millionaire we became bitcoin millionaires last year and the whole bitcoin story is astounding so now we're bringing in crypto bully on so it's a silver coin with a max coin krypto hola graham attached to the coin and this is the ultimate banker killer this is the baxter killer we're introducing you to this concept devised by a guy named mike murphy on start join and it's called mexico in silver crypto bully on. demand has been so great whereby it's now eight hundred percent funded i thought this was interesting because there's also another crypto bully on currency on the site called vera queen so. over and that also received one hundred percent o

we think companies-- j.p. morganill have trouble and bank of america will have trouble with the fixed income. liz: why? >> they will report a decent number tomorrow, but you are seeing their big trading where they'd have taken rest and make it money appears. the government doesn't want them to take risk and on top of that there is not a lot of volunteer the on the fixed income trading desk. those revenues continue to come down. right now it's a drag to the earnings. liz: paul, thank you very much. it seems like short-term pain and later on we can see clear skies with financials. am i getting that right? >> you need higher rates. when do we get higher rates? i don't know. until we get higher rates you will see lackluster performance from the financials. liz: i was just as by two people today when will rates go up-- oh like i know. paul, thank you. paul doesn't know either. citigroup not the only bank that has to pay fines to the government. how much of the the banks actually paid? how much have they owed and what have

and mary trilo with j.p. morgan we look forward to that we have a mystery guest on delivering alpha we broadcast live on "fast money." also i got the exclusive sit down with john paulsen of paulsen and company, 2:15. tune into cnbc for that as well. the youngest conference call wrapping up. we get a final word from colin gillis right after this. . ♪ [ female announcer ] f provokes lust. ♪ it elicits pride... incites envy... ♪ ...and unleashes wrath. ♪ temptation comes in many heart-pounding forms. but only one letter. "f". the performance marque from lexus. >>> yahoo's marissa meyers is still taking consequence on the conference call. your take now, colin? >> so, melissa, incrementally more negative the core business is not healthy. the pricing plummeted 24% on a year over year basis. there may be some investors who may want to pursue shares. at this point that's speculating not investing nothing here to change change our thesis. >> you had a hold rating. are you going to change that you sound incrementally negative

j.p. morgan had a nice run. they're having fixed trouble in the equity. that's going to be a drag on the earnings going forward. they're not getting that margin expansion. they are backing out of mortgages, credit is going well, wealth management is a home run. i don't see this stock having a lot of earnings crest to get it up to that next level. so, therefore, what we like a the wells fargos of the world. they keep hitting singles and doubles and getting that earnings growth up there. mortgage banking isn't what it used to be. wells is on a relative basis is what you want to be in this group. those other two, even though they are good companies, i think they're fairly valued at these levels. >> paul, great to have you with us. thanks, for your time. paul miller, fdr. >>> bank of america, morgan stanley, j.p. morgan, few agrees. >> b.k. does. the best is the capital markets business of some of these banks, they have been thrown out with the bath water. if you get any type of volatility, they may pick up. it's like bogey vol at a low price, beyond that, i

real problem basically it's much more of a moral decision then a business decision luckily for j.p. morgan that's not an issue though because they have mr diamond. what role do our political institutions play in our economic development to dictatorships promotor hender economic growth and does democracy really do a better job of growing an economy i spoke with professor derren us a mobile the author of why nations fail and an expert in understanding how political and economic institutions can lead to economic success i asked him to explain his research showing democracy which has a robust and sizable pro growth effect take a look at what he had to say. i think what we're talking about here is that you've been in a fairly well functioning institutional structure like the united states. the institutional rules if they can meet bet. is transparency if there is cronyism political connections then there are going to be decisions that distort the allocation of resources then don't be utilised the capacity of the economy to the best we've also have this perspective to do in a ship the in the mark

contracts to keep the price as cheap as they possibly can is there a limit to how much banks like j.p. morgan h.s.b.c. can manipulate and keep the price of silver at these artificially low levels or does is just some point the dam breaks and you see as was the case when the the gold cartel broke in the sixty's you had that huge spike is that what we're looking at well in terms of so this heat spike in the price am i can i keep going back to our interview and he was saying we may well see repeat what happened in the seventy's with the so price when it just completely shot up and went up by a t thousand percent so maybe we are seeing a break in the down. that's towards were heading towards you and i was speaking about silver manipulation a lot and i you know it clearly is there is something up in the market in terms of how long they can keep going who knows you know how long can they so keep fiddling and in terms of you know we look at this so fixed now that's now sort of being changed there is that is the change in the server fix because as part of a scandal of the gold fixing in the london ma

bank of america and j.p. morgan kobe on the list -- and j.p. an could be on the list of companies coming over and car manufacturers in europe. is it going to be a continuing trend will will we see momentum in the u.s. to close the loophole or tax regulation which means they do not want to bring their money home or not likely? >> it has been a funny situation. we have heard the u.s. is a capitalist gold aurora. is.tax rate so it it is completely high. >> enjoying suggesting it is a vote of confidence for the u.k. >> he was quite pleased with himself at the beginning of the pfizer/astrazeneca deal. there is a solid half-dozen european countries that have much lower corporate tax rate , switzerland.land it is something we will see. pharmaceuticals is the focus. industrials potentially and the technology and none of these are off-limits for the trend. with interest.h matt, thank you. matthew campbell. let's bring you up to speed with companies on the move. gm has recalled more than eight million cars in north america because of defect because of mal

floodwaters are -his global back positive earnings are coming up of places like j.p. morgancks yesterday it was an all-time high at the down. dense flesh here with more to what to expect with our weather. >>: finally today showed up in the form of rain on our radar. her fear for its here and there is of some marine some reports on the bay bridge but of course is gone now. there is that the view of the golden gate bridge and can make up the south tower the fog is so dense. have to of this is the single 60 so the bay area. slightly warmer in livermore 67 they're patel be a warm spot this afternoon. to 85 in sunnyvale will of the sun sun shines afternoon in temperatures continued cool was ahead to thursday in. river accident and health or >>: with check-in accident in the south bay of one 01 in the 280 unchanged. in the past four months the neighbors have cameras set all three cars stolen were older found and returned. made in the investigation. some high end retail stores will re-open today in san francisco's union square. after a water main the stores were flooded. and mercha

j.p. morgan's $13.7 billion settlement, the check was in the mail in the form of a few bucks here and there to millions of consumers. is citibank's kind of distribution of this settlement a response to what we saw and kind of the reaction to how it was handled by j.p. morgan last year? >> well, i think we've had a number of settlements over the years from the national mortgage settlement to some of the things the other government regulators have done. offering a few dollars to consumers directly provides really no benefit. whether or not this settlement will work is a good question. but i think what you're seeing here is public policy making through litigation. what you are seeing is the attorney generals for the most part have been actively engaged. creating the way to solve the problem that was created to come with solutions that will move us forward. so what the litigation is doing with that money is trying to promote public policy that will actually do some benefit for low and moderate income consumers. it's a very small step but the hope is that maybe it will serve as a catalyst to do

a year back, j.p. morgan had a huge settlement that skewed the data. it was a series of one-time charges. you don't have that this time i think we could be surprised on the upside from the whole sector and j.p. morgan, in particular. >> i think the kitchen sink quarter, this was the kitchen sink year. i think 2015, therefore, anything we get in 2014 is bonus. the bar is very low, with the exception of wells fargo, therefore, it's interesting now. coming up, google is gearing up against amazon, the pledge for fending off its prime competitor. later, why dennis gartman is sounding the alarm on a summer scare for the mark. the changes he is making to his portfolio. back in two. i make a lot of purs for my business. and i get a lot in return with ink plus from chase. like 50,000 bonus points . oh chris, did you remember to pay the dog sitter? oh i knew i forgot something... i'll just do it now. well, we're boarding. no, i'll use citi mobile. takes two seconds, better safe than sorry right? yeah who knows if we'll even get service on the islands? what! no s

today's deal and the $13 billion agreement reached with j.p. morganhase in november would appear to be evidence that the doj is finally taking big banks to task for their misconduct. >> city is not the first financial institution to be held accountable by this justice department and it certainly will not be the last. >> next in the doj's cross-hairs, goldman sachs, wells fargo and bank of america, whose lengthy, lengthy list of wrongdoings is expected to result in a much higher fine than that of j.p. morgan or citigroup. >>> and righteous bully or criminal bully? which one is either? steve kornacki discusses his new profile on the governor and much, much more, coming up next. (vo) get ready! fancy feast broths. they're irresistabowl... completely unbelievabowl... totally delectabowl. real silky smooth or creamy broths. everything she's been waiting for. carefully crafted with real seafood, real veggies, and never any by-products or fillers. wow! being a cat just got more enjoyabowl. fancy feast broths. wow served daily. >>> you have to hand it to gove

boeing does. >> j.p. morgan won't finance those deals? >> at double. >> time is up. >> s&p cale out today and said double up the balance sheet. >> by the way, you can still soet. keep soeting. >> he agrees with his brother. can i have a word? >> i'm just saying. i've never seen. >> you are probably bearish. >> wow! >> more in the camp with b.k. >> bearish. >> it's a grower. he talkedant record revenues. it's growing at low single digits. it's not a cheap stock. >> double digit revenue growth. >> it's not. i'm looking at it right here. it's at 34% expected this year. >> agree with your brother, move on. we will close the vote now. we are closing the vote your chance is over in the bull, dr. j., monster has taken home the trophy tonight 61% of you. yeah. >> trounced. >> kim kardashian helping one stock keep up. her new mobile game is holding spot no. 3 in the app store. we are talking to the ceo. blue mobile is up 45% since the launch of this particular game. that's right after the break. more "fast" right after the break straight ahead. yo

diamond has headed j.p. morgan years and credited with leading the company through the recession and the meltdown of the mortgage market. >> reena, stocks have hit a new record high. the dow closed in on 17,000 points for the first time. the dow kicked off the second half of the year on the bullish note. at one time yesterday, stocks came within two points of the 17,000 mark. but overall, it rallied, 129 points to close at 16,956. the surge is being attributed in part to strengthened in the manufacturing sector. >> new this morning, the so-called food police are exposing new secrets about the salt intake in 17 popular chain restaurants. at kfc, researchers found sodium levels in adult meals up 12%. red lobster's, chili's and olive garden, serving 5,000 milligrams of sodium, three days worth of salt. subway, cutting sodium 27%. ♪ ♪ >>> well, team usa's roller coaster world cup has come to an excruciating end after the round of 16. >> and after 90 minutes of scoreless play, it came done to extra time. despite a spect

just behind bank of america and j.p. morgan chase. the $7 billion accounts for a full half of citigroup's total revenue for all of 2013. experts say the aim to send a signal to all banks is working. >> there is a queue forming at the door, the department of justice, wants thesis banks to -- wants these banks to settle and avoid uncertainty just about how high the penalties could be. >> this is the largest several penalty. >> the bank's activities shattered lives and livelihoods throughout the country and also around the world. >> last month the justice department got fed up when it couldn't reach a deal with citigroup. wall street journal reported the government was ready to take them to court7ác but only postpd the filing so they could announce an arrest in the benghazi city bombing. that gave them just enough time to come back to the table and agree to this $7 billion fine rather than face prosecution in the courts. >> some financial analysts are warning that today's settlement could have unintended consequences for consumers. gerar

chase and j.p. morgan chase trading lower. the c.e.o., jaymee diamond, is suffering from throat cancer. dimon says it is curable and he will be involved in the running of the bam. still, there is uncertainty as dimon undergoes treatment. >> shares in facebook are trading lower in the united states. authorities in the u.k. are investigating an experiment back in 2012. without being told about this, some users were provided sad or happy news to see it how it influenced their mood. chief operating officers sherrill sandberg says facebook communicated badly about the experiment, and she says she is sorry. the number of jobless in spain fell in june as the spanish economy continues to recover. the jobless total fell by 120,000 to 4.45 million people. it was the 11th month of deadline, and the spanish government says it is the longest collinning trend since 1999. with an unemployment rate near 26%, there is still a long way to go. along with grease, spain suffers from the highest unemployment raid in the euro zobrist. back to you, t

beat up on barclays they beat up on the french they beat up on the german by then goldman sachs j.p. morgan city by and by america they can sort of move again easier oh noes own the territory of those black so i think that's also part of it in fact a true think should be the main. the main part of it but i don't think the world should accept the fact that the united states government jan and. decide. what countries they're buying it's these other sovereign countries what the banks and sobbing countries who they can do business with and yes i think you see the dollars importance diminishing over time is that right. yes i think it has to diminish over time primarily because of the sanction thing. because you save if you're not if you're a country and you're not far off the dollar payment system that no sanctions can be applied to. and there's really no benefit any longer of being in the dollar payment system it grew up at the end of world war two because united states was the only country that had an economy and all the rest were strong and so how were you going to settle international paymen

j.p. morgan -- i really almost couldn't believe this when i read it -- j.p. ay has 3,300 -- 3,391 subsidiaries, more than 15 times the number of subsidiaries that lehman had whenned failed. three years. ee years, and the f hasn't rejected any of them as ... recent experience with the bankruptcy of lehman brothers, can you honestly say that jpmorgan could be resolved in a rapid and orderly fashion as described in its plans with no threats to the economy and no need for a taxpayer bailout? >> so the living will process, as i understand it, is something that's intended to be iterative in the sense that the firms submit plans and will receive feedback from the regulators on whether or not we think the fed and the fdic regard these plans as sufficient to enable resolution under the bankruptcy code. we have given feedback on the first round of plans that were submitted and are working actually to, at this point, to give feedback on the second round of plans. in fact, the firms have now submitted a third round of plans -- >> i'm sorry, chairman. i'm just a little bit

j.p. morgan analysts say by.ho covers the bond market to further understand what is going on here. give us the context of how the performance of the emerging market that has been going so far. >> sovereign debt of emerging markets have been sold in the u.s. 10%.have rallied this is a tremendous game -- tremendous gain. people are wondering if this is it, how much more can i possibly go? there is this debate between j.p. morgan and ubs. what their argument is growth is really stabilized within the emerging market countries. you have a sense of what they're expect nations are. to be clear the growth is about double what it is in developed markets. then you have concert in developing markets. growth seems to be slowing. there really are mixed signals around the world. it may excel break their stimulus to ignite more growth, which frankly would be good for emerging markets. they are saying emerging markets for all of the gains this year has not caught up. has not cut up to developed markets. at theeas ups is looking

goldman j.p. morgan our city ed thoughts here you know interesting i heard just today the new. canada want to stop any world big projects in russia as part of the broader sanctions so you can see that the world bank is being used as a tool of financial warfare so the question really is for the brics if this is what's going to do we really want to be a part of that system right it goes back to that last question if you're setting up the apparatus for a competing sort of system i think china is going to be definitely at the center. and you do have the potential for a clean break as a result of some sort of crisis down the law stuff then we have a gable cain here she writes in to say is there a theoretical or model the limit to what the level of financial derivatives can exist at any one time relative to the real economy or is it the nature slash quality of the underlying asset that is the determining factor where there seems to be record highs in stocks and other assets do derivatives act as a stabilizing force in the event of a substantial market correction slash shock or could

goldman j.p. morgan our city ed thoughts here you know interesting i heard just today the new. canada want to stop any world big projects in russia as part of the broader sanctions so you can see that the world bank is being used as a tool of financial warfare so the question really is for the brics if this is what's going to do we really want to be a part of that system right it goes back to that last question if you're setting up the paradis for a competing sort of system i think china is going to be definitely at the center. and you do have the potential for a clean break as a result of some sort of crisis down the law stuff then we have a gable cain here she writes in to say is there a theoretical or model the limit to what the level of financial derivatives can exist at any one time relative to the real economy or is it the nature slash quality of the underlying asset that is the determining factor where there seems to be record highs in stocks and other assets do derivatives act as a stabilizing force in the event of a substantial market correction slash shock or could th

>> well, j.p. morganthere's no news. >> up next, yahoo's marissa mayer, and tim armstrong spotted in deep conversation in a bar. what were they talking about? we're going to hear from someone that was actually at the scene, next. if you have moderate to severe rheumatoid arthritis, like me, and you're talking to your rheumatologist about a biologic... this is humira. this is humira helping to relieve my pain. this is humira helping me lay the groundwork. this is humira helping to protect my joints from further damage. doctors have been prescribing humira for ten years. humira works by targeting and helping to block a specific source of inflammation that contributes to ra symptoms. humira is proven to help relieve pain and stop further joint damage in many adults. humira can lower your ability to fight infections, including tuberculosis. serious, sometimes fatal events, such as infections, lymphoma, or other types of cancer, have happened. blood, liver and nervous system problems, serious allergic reaction