j.p. morganizing the entire system was threatened not to mention his holdings, finally stepped in to end the panic of 1907. under his leadership, a large reserve fund was put together. then, facing appeals from banks trust companies, and brokerage firms, morgan met with a group of bankers in his library. together they often worked through the night. it's said that at one point, morgan locked them in while they argued over which firms to save. morgan played solitaire at his desk until they made their decision. morgan had saved the day as a grateful nation acknowledged but the panic's costs were high. it affected banks, businesses and personal lives including that of a disgraced, distraught charles barney, who killed himself. ironically the knickerbocker trust was not a bad bank. it reopened five months later. the people who frantically lined up here got most of their money back. the nation's bankers faced two important realities. could they allow the power to save the banking system to remain in t

according to "the wall street journal," bark lee's, j.p. morgan and deutsche bank prosecutors reportedly examining the price setting process for gold, silver, platinum and plainium. >>> president obama vetoes the keystone pipeline bill. warned he would veto in private without fanfare. officials said a veto of the legislation was coming since it circumvented the process to determine whether the project is in the best interest in the country. >> in washington the clock ticking down on a shutdown of the department of homeland security and senate majority leader mitch mcconnell now offering to allow a vote on legislation to fund the agency strip the provisions that would undo president obama's executive order deferring deportations of some individuals residing legally in the u.s. funding for the department is set to expire midnight friday. john harwood is in washington with more on the latest developments. what's new, john? >> reporter: what's new, tyler, is that senator mitch mcconnell the republican leader came meeting with members of the caucus tod

david kelley back with me from j.p. morgan funds.relieved, there is going to be another obstacle down the road. at least we have bought some time. >> greece can never pay this money back. let's be honest. even the state of the greece economy and the size of the debt, they will never pay back. the logical strategy in the last two years has been string greece along long enough for the rest of european economy to get healthy and the european banks to get healthy. we are actually moving a good deal along that road right now. i think are up is picking up countries that are doing better. if europe can continue to improve, even if the greek situation remains critical, the longer we go, the less dangerous it is going to be. >> it has been a five-year greek drama already. how much longer? common more years before europe really gets back on footing and says, ok, we can finally get this done? >> it is tragic and i feel sorry for the greek people because honestly europe should have been more generous austerity in the middle of her recession, not

here is what banks are spending, j.p. morgan apparently spending $250 million a year for cyber security. and citigroup $300 million. look at bank of america, $400 million. listen, i bank with citi. is my account safe today? you were a hacker where you can hack things just to show where the holes are. could you gain access to my bank account if you wanted to or needed to right now? >> our job is to simulate that, so simulate hacking breaking in and a lot of our customers are in the financial sector and we break into them all the time. it doesn't matter the amount of spend for security. they're trying to throw a lot of money at a problem and we really don't have a good solution. liz: what's the solution, dave? if you were talking to your kid or mom and said, here is what i need you to do to protect your bank account. what would you say? >> well, i think it's unrealistic to say, you need to take your money and tuck it underneath the bed. liz: of course. >> certain things you can do as a consumer to protect your information. one is

is a study by a former j.p. morganse executive that happens to be a consultant for a company in boston and did this paper through a harvard affiliated organization. harvard's claims association with it on the front page of the paper. i look at it and it reminds me of the book "how to lie with statistics." is more fiction than fact. it says that the crisis ended on march 1 of 2010 and everything that happened afterward is due to the dodd-frank law. it ignores the fact that the bill was not passed until july of 2010. almost none of the rules were finalized in 2011. today, less than half of the rules have been finalized and less than 40% of them have become effective. almost all of which -- betty: your point of why you dislike the study and what they're finding is on smaller banks is what? you simply don't like the source? dennis: it is not supported by the facts. everything that happens after march 1 of 2010, this author says is due to dog frank. -- dodd-frank. the author ignores the crash of two dozen eight, the worst c

both were employees of j.p. morgan>>> now the other major disaster story we have been following overnight. this dealing with the death toll from yesterday's plane crash in taiwan. that now stands at 31. 15 people have been hospitalized and another 12 are still missing missing. search efforts are continuing but are being hampered by zero visibility in the water. as you can see here, look at this. cameras on a dashboard of a car capturing the image of the plane as it clipped the side of the bridge as it goes into the water. here we have the video of the rescue teams clinging to one of the youngest victims, a baby being pulled out there. the pilot is being credited for likely saving more lives by steering the plane away from populated areas and the highrise buildings, both the taiwan building and transasia airways have refused to speculate on the cause of the crash, however, we can soon gets ans from the black box recorders. >>> democrats and republicans are demanding that the obama administration do more to help jordan's

j.p. morgan chase c.e.o. jamie dimon. >> you made some provocative comments last week. you said the bank is under assault from regulators. >> i was referring to the fact that there are lots of different regulators. it's hard to deal with. we're going to deal with it. my job is to deal with it not to complain about it. >> jon: complaining about it is just my passion. ( laughter ) while some called for giant banks like morgan to be broken up jamie dimon would just like to let you know how hard something like that would be on us. >> a lot of my directors have mentioned to me that some of their companies were under some pressure to break up and thank god they didn't. the company itself was a port of safety in the storm. we will be a port in the next storm. and you want me to be a port. you want me to be here. >> jon: what's with the "few good men" ( bleep ). you want me on that wall street! you need me on that wall street! you can't handle the truth! well you can't afford it. it's really exprensive, the truth. of course, not all the financial institutions are defensive abou

you look at the fine though $2.6 billion, this is very small fine compared to what for example, j.p. morgan had to pay in 2013. joe? >> and carolyn, what are we watching for today in the markets? should it be a better with day? >> it could be a fairly positive day if you look at futures they are pointly slightly higher for dow and s&p is the dow hitting another record high in yesterday's trading session, we are sort of lacking a catalyst here. now that we have yellen's testimony out of the way. where do we look next? yes, the report that we are looking for is the print of 1.6%. >> thank you, carolyn. we appreciate it. and still ahead on way too early, president george w. bush tell thes us what he misses the most about his presidency. his answer may surprise you. and later, a memorable performance by madonna in london, but not one that she is going want you to remember. unfortunately for her, we have got the video. we will show you that and get the check on your weather when way too early comes right back. >>> more than 500 rescue workers are there at the scene of a massive underground explo

a reporter at j.p. morgan say we are the most fiscal stay in the -- state in the country. that allows us to do things to give folks looking forward that much more excitement. it allows us the ability to -- it may not be sexy, but reduce interest rates that we provide local governments on wastewater and sewer water. saving $40 million for ratepayers across the state. we need to continue to build on a business friendly environment. like many others said, at the end of the day the private sector does this. we have the private sector to identify the opportunities and obstacles for growth. we have either repealed or streamlined 714 regulations that rather unnecessary, unwarranted, stand in the way of further economic development. we are asking them to say help build the business plan for the future. that is where we get into these issues of we do have a skills gap. we had to do things like fund early childhood education because we know the difference that will make long-term. the investments all throughout if business is at the table saying where can we grow, and what are the o

continues over whether oil prices have bottomed for now, falling about 50% in recent months today, j.p. morgan weighed in saying oil's collapse is almost over. this counters yesterday's note when you told about from citi that said oil prices had further to fall maybe even to $20 a barrel. let's bring in kevin book for his take on oil prices. kevin, welcome. clear view energy partners. who's right, chase or citi? >> well it's not for me to judge whether they're right or wrong. history will do that for all of us including oil forecast but what's clear about the divergence in opinion, not only you need two sides to make a market which is part of the fun but also so much uncertainty about what's going to happen given the unconventional supply and how quickly it might retreat from the market. >> kevin, that is one of the differences in your notes that you pointed out. this time the volatility in oil, the big swing to the downside is different than swings we've seen in the past. >> oh absolutely. right now, we're looking at a tremendous inventory overhang. even our numbers which tend to diverge from

." >> security breaches at an temperature and j.p. morgan chase bank could lead to tougher online security. law enforcement officials tell "time" magazine that a top new york senator is likely to impose new cyber security rules on much of the banking and insurance industries that could require companies to go beyond the simple user name and pass yesterday identity checks required to access computer networks. additional security measures could include sending a confirmation number to a person's cell phone or using a fingerprint. >> they keep you connected while you are on the road but a lawmaker fears the technical gadgets may not protect you from hackers. a maine senator looks at the security of wireless technology in new cars and 16 automakers responds and they found the answers show a "clear lack of security measures to protect drivers from people trying to steal personal information." >> in cyber security we will top the agenda when president obama comes to the bay area this week. the president is scheduled to speak at a cyber security su

sony, target, neiman marcus, e- bay, home depot, and j.p. morgan chase are among the companies who have had employee and customer data stolen. some of those data include credit and debit card information and social security numbers. in just those cases alone, more than 300 million people may have been affected, and the breaches could lead to financial losses and identity theft. the average annual cost of cyber crime to a u.s. organization is nearly $13 million. 96% more than what it was five years ago. but what really adds up is the cost of preventing hacks. patrick mcbride is vice president of cyber-security firm eyesight. >> a lot of these companies have spent millions, tens of millions, hundreds of millions even on people ad technology to try to thwart this but they still haven't been able to clamp down on it. >> reporter: so even that amount of money is not enough to stop this from happening? >> it isn't. >> reporter: cyber criminals often operate in places like russia or china where the u.s. government can't readily arrest them. the f.b.i.'s n

j.p. morganbank of america and citigroup, they paid more than $36 billion just to settle a charge of selling worthless mortgage securities to investors. justice department supposed to give that money to group to help struggling homeowners. some republicans are not sure that's where the money went. judge is a senior judicial analyst with me now. nice to see you judge. >> thank you. >> g.o.p. alleges what here? what do they think happened? >> they think that j.p. morgan chase, bank america and the other banks agreed to give money to liberal leaning, non profit housing organizations whether those housing organizations and their clients suffered as a result of what the banks did or not in order to avoid criminal prosecution by the justice department so the justice department threatens to insdiet snb and says you pay somebody else out here. it has nothing to do with the case and we won't indict you. >> that wasn't part of the language, right? if that happened that would be illegal. >> well, no. if tha

like all of the data at a company like sony, which has playstation network, or all of the data at j.p. morganor all of the data at home depot, and now at anthem, is this a different kind of threat that the state can respond to? or does the white house need to do more? >> there is room for everybody to work on this. and when businesses feel the heat not just from the federal government, but state that well, just two days ago we announced a settlement with standard & poor's that was with joint federal and state investigation. the state played a significant role there. the states can play a significant role here. >> what can companies do now to prevent a phone call from you when they are hacked? what is the one thing, these are not doing enough of? >> i think they need to make the backdoor not just a priority, but priority number one. there is so much at stake not just for consumers, but themselves. >> george jepsen of connecticut, thank you for your time. coming up next once an encourager of the patent now worst nightmare. we will talk to a company that fought back when it got sued by someone w

economist at j.p. morgan chase and new york. welcome back. good to see you.ght not be fair but americans like to grade all types of performances. what is janet yellen's grade one year as head of the federal reserve? fax i think at least a b or be plus -- b+. unemployment has continued to fall financial stability has never been in question and if you look at the attitude in consumer sentiment for ordinary americans, people seem to think the economy is going in a good direction. the only reason i would not give her an a or a plus is she has not been given a lot of challenges in her first year. if you think about the last couple of years when we've had european debt crises, the lehman brothers collapse coming to the brink of a debt ceiling default, last year was in the grand scheme of things recall. she has not truly been tested but i think she's done very well. >> last spring, she was said to be behind the curve when it came to reading the inflation tea leaves, but she turned out to be right and called a lot of the data noise. will that keep the fed from raisin

people with knowledge of the matter say that they're working with j.p. morgannd have reached out to potential buyers. they also own the loft. an anonymous bidder has agreed to pay hundred $22,000 for warren buffett's 2006 cadillac. he will turn over the keys in person. proceeds go to charity that advocates for girls. that is a look at the top stories we are following. the tale of a washed up actor who once played a superhero has thrown open the race for best picture. we are joined now from los angeles with more on this award ceremony. thank you for your time. before we get into the films diversity it has been the elephant in the room at this year's oscars. all 20 acting nominees are white. why do we seem to keep revisiting this? >> well, hollywood has an issue it seems. it is something that has come up in sony hacking where there were e-mails. they were engaging in jokes and racial slurs. that true of lot of criticisms. it is an issue. that is represented when the films that are being chosen, the actors that are being chosen they're obviously isn't a balance. w

target and j.p. morgan and anthem failed not only the companies, but they failed their customers and consumers when these data breaches occurred. this fact of life is more than the cost of doing business for these companies. it is an invasion of their privacy. it's an invasion of consumer privacy. potentially theft of identity and personal assets. so the billions of dollars that could have been saved by consumers, creditors, banks and others of companies and universities were collecting sensitive data, spent money and resources on better protecting that information is one of the facts that brings us here today. as attorney general, i brought a number of enforcement cases against companies that violated connecticut's data breach law, and i worked with my colleagues, including lisa mattigan, who is here today. but i worked with kelly iot who is now a colleague. so this issue is hardly a partisan one. in fact, it is distinctly bipartisan involving stronger protections for sensitive consumer data, and we recogn

the bay was hit home depot j.p. morgan chase and michaels.do is keep an eye on the account activity and make sure there's nothing going on you can catch it that way you can stop the bigger problem down the road. >>darya: the woman was shot and she was first detained outside of home depot for shoplifting night they said she got away from the security prison and a gun and is she attempted several carjackings and that is when she encountered the police in oakland. >>: of was a scam of the car and confronted her again fervor row commands to drop the weapon dropped the weapon and at that point she came up came the weapon had our officers and that is when they fired. >>darya: of was involved in the shooting happened with the department with more than seven years comes in there on administrative leave during the investigation. >>darya: coming up the space center could be facing more charges and what a federal grand jury claims he did now and will continue our team coverage of the storm that is on the way this is was on to look like at 6:00 tomorrow

we have witnessed in j.p. morgan. they said, sell, it's moved too much versus the peer group. they never said the palo alto plays were spebsexpensive. they felt that one got ahead of itself, and maybe it has, it stormed down 15% after the downgrade and i pointed out that tesla doesn't deserve to trade at these levels after the last quarter. i was not surprised to see it fall. even as i took a ton of flack. as someone who watched the original tech bubble who is old enough to remember, who is part of the bubble and am in print that i was selling the nasdaq skpo and move engineing in to bonds, i think i have the street cred to come out and contrast the two moments. i was bullish this the top of 2000. that is true but after the final blow off, where the market soared i changed my mind and told you to get out. differences between the two, apple is the leader now. market cap over $200 on billion peak. when it led the group, it had a market cap of $556,000. we use price to earnings multiples. cisco sold 80 times earnings and apple is at 15 times. given the current strok trades at 18.

target and j.p. morgan and anthem failed not only the companies, but they failed their customers and consumers when these data breaches occurred. this fact of life is more than the cost of doing business for these companies. it is an invasion of their privacy. it's an invasion of consumer privacy. potentially threat of identity. -- theft of identity and personal assets. so the billions of dollars that could have been saved by consumers, creditors banks and others of companies and universities were collecting sensitive data, spent money and resources on better protecting that information is one of the facts that brings us here today. as attorney general, i brought a number of enforcement cases against companies that violated connecticut's data breach law, and i worked with my colleagues including lisa mattigan, who is here today. but i worked with kelly iot who is now a colleague. so this issue is hardly a partisan one. in fact, it is distinctly bipartisan involving stronger protections for sensitive consume

in the past home depot and j.p. morgan chase have all been attacked. a breech -- breach of the white house was linked to isis. those are urging the white house to make cyber security a concern. >> we are at a transformational moment in the evolution of the cyber threat. the actions we take today and those we fail to take will determine whether cyber space remains a great national asset or increasingly becomes a strategic liability. >> reporter: the new cyber center will create information about cyber threats. it comes as president obama prepares to visit stanford university friday for the white house cyber security and consumer protection summit. >> the thing goes in the security business there's only two types of companies. companies that have been hacked and companies that don't know they've been hacked yet. everybody is going to be hacked. >> reporter: herb lin is a cyber security expert helping to organize the summit. 400 ceos are expected to attend. including tim cook and executives from google, yahoo and facebook. lin say it is nation's cyber sec

target j.p. morgan they are not only the company but they failed their customers and consumers when the data breach occurred. the fact of life is more than doing business for the companies. it is an invasion of their privacy. it's an invasion of consumer privacy and potential effect of identity and personal assets. so, the billions of dollars that could have been saved by consumers, creditors, banks and others, the companies and universities were collecting sensitive data and spend money and resources on protecting that information is one of the facts that brings us here today as the the attorney general i brought a number of enforcement cases against companies that violated connecticut the data breach law and they work with my colleagues including lisa madigan who is here today and i express a appreciation to her for this work in this area that i work with kelly i ayotte and this is hardly a partisan one and it is a succinctly bipartisan involving stronger protection for sensitive consumer data and we

target and j.p. morgannd anthem failed not only the companies, but they failed their customers and consumers when these data breaches occurred. this fact of life is more than the cost of doing business for these companies. it is an invasion of their privacy. it's an invasion of consumer privacy. potentially theft of identity and personal assets. so the billions of dollars that could have been saved by consumers, creditors, banks and others toif companies and universities were collecting sensitive data, spent money and resources on better protecting that information is one of the facts that brings us here today. as attorney general, i brought a number of enforcement cases against companies that violated connecticut's data breach law,if companies and and i worked with my colleagues, including lisa mattigan, who is here today. and i express special appreciation for her great work in this area. but i worked with kelly iot who is now a colleague. so this issue is hardly a partisan one. in fact, it is distinctly

security breaches at an them and j.p. morgan chase could lead to tougher security. top new york senator is likely to impose new security rules on the banking agencies calling for them to go along the current password checks including confirmation number being sent to a cell phone or using a fingerprint. >> this morning, the northeast is being pounded by another major snowstorm. boston is in the bull's area and you are looking at the skyline of boston or what you can make out of it through the snow. more than 1' of snow is expected there the next few days and schools are closed until wednesday and slick roads have sent cars into snow bangs from newspaper numb to vermont -- from new hampshire to vermont, the third storm to hit the region to three weeks and boston pent $18 million removing snow. the city is bringing in special machines to melt up to 350 tons of snow an air. >> we will see who will win that race, mother nature or the snow machines? >> i think we know. we got some snow. >> more on the way. we will find out final totals this afternoon and i will tweet the

joseph analyst at j.p. morgan.rdinary colleague with tireless team support and eric vandercar was senior managing director of mesereau financial and thoughts are with all of their families tonight. just ahead, the latest on the aaron hernandez murder trial and the trip the family took today and a dangerous mud slide in washington leads to flooding and evacuations and the 9-1-1 call. unbelievable. it sparked an investigation. father struck in a hit-and-run. teenage daughter called for help and the operator told her to stop whining. details ahead. switch to t-mobile. get 2 lines of unlimited 4g lte data for just $100 bucks a month. it's america's best unlimited family plan. and it's only at t-mobile. [ female announcer ] we help make secure financial tomorrows a reality for over 19 million people. [ susan ] my promotion allowed me to start investing for my retirement. transamerica made it easy. [ female announcer ] everyone has a moment when tomorrow becomes real. transamerica. transform tomorrow. i've been called a

okay, j.p. morgano$250million now . >> they have to do more. >> i am told over 50% of time, customer service, representatives, 50% is spend on cyber security, helping customer get new credit card, and deal with this, it will be a big tax on all of the banks, but this has to go to fireeye, feye, it can only go up from here. cyber security, subsector of technology everyone should be in. charles: jim? >> no amount of money will protect firms from cyber attacks. increase is up about 200%. charles: so spend no money on it. >> no. but, more money will be spent, bigger is better, bigger companies will be able to protect themselves a lot better than the smaller guys. charles: interesting that large corporation have gotten away with it. sony now at 52-week high, target alall-time high. >> i got two phone calls and an e-mail today, i spent $57 at a gas station, was it really me? charles: my bank said my money is their money, i never worry. >> time for marchining orders, earnings are winding down. genuine parts,

i thought one of the great political moves of teddy roosevelt was his relationship with j.p. morgan. one of the first companies that he curtailed was the northern railroad that was owned by morgan. i think it was in '02 or '03. in '08 he asks morgan to help bail out the federal government. and he does that. can you talk a little bit about that relationship and how that worked? >> well, two points. on railroads roosevelt always wanted to lower fees on the railroads. but on morgan, very complicated and interesting relationship. but there's one moment when t.r.'s attorney general tells morgan and morgan was very upset that, my administration knows no ticker tape. meaning wall street. because morgan was saying, if you do this it's going to affect the finances of america and roosevelt's guy got back and said i know no -- i don't follow -- i don't make judgments on your financial ticker tape. so it's a wonderful -- there's a wonderful amount of literature on there, the adversarial relationship with the two. yet in many ways a mutual respect. in the end. >> thank you. >> okay. >> thank you

ebay home depot south korea credit-card bureau and j.p. morgan was chased round out the top five.nt were for the purpose of identity desperate other reasons include access to financial account and other day that and just plain nuisances attacks only 4 percent of the breaches involve sites secured by a creek beyond three encryption. >> pam: much more news to ahead at 630 including the huge turnout for the front row of three muslim students killed in apparent decline. the bay area connection to one of the victims' plus new details on the death of longtime cbs newsman bob simon. what we've learned about the moments leading up to the crash. and our top story tonight bridge for big traffic problems as president obama returns to the bay area. >> reporter: you can see the flash and went over my shoulder. president obama a ride to 30 minutes ago. he will not leave here until saturday speaking at stanford and raising money for the democratic national also. >> reporter: 23 year-old wadkins were killed by officers wednesday evening outside this home on sherman street after he allegedly threa

i sat through the j.p. morgan chase on tuesday listening to the same arguments if the banks should be broken up stop -- broken up. you can say the same thing about hsbc. the problem we are learning is a lot of businesses, businesses that were perfectly looked perfectly fine precrisis in the 1990's are no longer looking fine. swiss private drinking -- banking where it was not allow this like patriot acts and money laundering now it is different. the fact is that issue. can you manage the big banks? that is the issue. really holding on to the business underneath. jamie dimon was trying to push how well he thinks his team worked together as splitting businesses. stuart gulliver will probably want to say the same. all of the press from activist shareholders. >> they can deny there is a discount and open to question. >> when was asked, he said the markets are -- quite funny from somebody in a big markets business. anyway. >> it is the complexity that people are focusing on and the inability and i heard time and time ag

from j.p. morgan asset management. >> is the ftse about to hit historic highs.t told us where he was on december 31, 1999. where were you? >> i was trading on a bond. >> that brings us to our next guest. ♪ >> it is 7:30 in london. the dollar is reversing down. that is the one currency trending lower. yen, in an upward trajectory. there is a persistent source of restraint and that is the strength of the dollar. according to the fed. we had a conversation where they said the trend will ultimately reinstate itself. the trend on the dollar will continue higher. savings will float the u.s. that will go into the bond market. it will go into the equity markets. definitely the fed remained patient. they refer to the strong dollar. the fed essentially getting a little touch of cold feet in terms of the timing on when they will move on rates. janet yellen give us her fresh view. equipped with the unemployment numbers from christmas. let's check in on dollar sterling. one of two individuals. he stepped back from that. he said, the risk of low inflation is that the behavior

thank you so much for joining us, j.p. morgan asset management strategist. will point out how news of the greek a lot extension is playing out in the currency -- they allow extension is playing out in the currency markets. headlines when we return. ♪ >> i am david inglis in hong kong and it is monday, february 23. greek and european officials agreed to a four-month extension of the bailout deal subject to approval from creditors. they will lead to come up with economic targets to satisfy roika and the austerity party. they have square demands with pre-election promises. speaking of the subject, the euro moved up slightly on friday, slightly unchanged. againstrading sideways the yen and rebound. any relief in the wake of the deal will be short-lived and the risk is in implementing it, markets focusing on spain for the radical left at -- where the radical left has been pulling strongly. singapore releases inflation data later on and they are expect it to show deflation for the second expect -- expected to show inflation for the second month. the number comes o

from the j.p. morganagement, what our guest just said, they need to be more easing actually come through. keep an eye on the euro/dollar. as i said, you have got a number of different issues. you have got to go data. that is expected to show confidence at a four and month high. -- at a four-month high area standard charter called the euro as the least ugly. which currency do you want? that seems to be they least ugly of them all, so the euro virtually unchanged at the moment. we will see how that turns out. they may want to consider reigniting short positions. >> the top stories on bloomberg. pro-russian rebels have attack ukrainian positions, killing two people at a rally, according to the defense ministry in kiev. speaking to the bbc, the u.k. house of commons member said russia risks worsening if sanctions if it did not change its behavior. >> there is a huge long-term price for russia with what it is doing, for his country, and you can see this developing even quicker than some of us predicted a year

among them, eric vander car and j.p. morgan analyst joseph made all.ount you down to the top 10 headlines hitting the radar before the bell. julie hyman and my guest post this morning, greg braeburn, is joining me. and also now, the ceo of flora water. ok, so let's start with number 10. another day, another hack attack. this time at anthem, the u.s. insurance companies saying hackers obtained data on tens of millions of current and former customers and employees in a sophisticated attack that has led to a probe by the fbi. one of the worst in the insurance industry, community health also being attacked. julie: 80 million is what they were talking about. what is alarming is that it is not just names and e-mail addresses. it is social security numbers. the question is, what can companies do about it? it seems as though there are no barriers to this kind of thing. betty: i think copies can do things about it. they have been lazy. >> what it tells me and what it should tell people about stock investments going forward is that companies are locally under sp

telefonica is said to have hired j.p. morgan to handle the sale. would be used to pay for recent acquisitions and to bolster its balance sheet. drugmaker shire has one u.s. approval for the first medication to treat binge eating disorders. shyer is said to have received the go-ahead from the food and drug administration to market its drug. binge eating is thought to affect more people than disorders such as anorexia and bulimia. shares in the chinese bank have fallen after the president's design. a magazine reported he is being investigated by chinese authorities. the bank has a market capitalization bigger than deutsche bank or credit squeeze. the bank says the president has stepped down for personal reasons. the magazine claims he was quizzed by anticorruption authorities. >> up next, we will be speaking with the ceo about his plans to cut more than 200 jobs as part of a $100 million savings drive. ♪ >> cutting cost this year. a surge may quench profit. great to have you with us. let's get you the detail. the topline is 200 jobs to go. that is th

is it business as usual at j.p. morgan, or have you recalibrated?k we've had to recalibrate. i think today is a reminder of the world we are in. we had to central-bank cuts. china and romania, about 16 so far this year. you lose track, because countries like denmark have gone three times this year. the central banks are seeing something they don't like. they are worried about deflation, worried about a slowdown in growth. they are worried about an extension of credit. they are providing an enormous amount of liquidity and that will percolate. to use a sentence that you use every day, how big a deal is this, exporting of inflation and importing of inflation? how big a deal is that global dynamic echoes -- that global dynamic? >> it is a huge deal. the is being taken out of emerging markets and that has an impact. >> on the real economy site. >> on the real economy site can we are not releasing of the change. the real economy level in the u.s., we are seeing -- we are seeing inflation start to bubble away. elsewhere around the world, we are not seeing

this breach comes after j.p. morganicated a loss of personal information to hackers of about 83 million households. of course, in november hackers had ties to the north korean government and orchestrated an attack on sony. the sony attack would be comedy, but it is literally no laughing matter to other businesses, including financial institutions on wall street, health insurers and others whose data may be taken. to quote the fbi agent in new york who supervises the cyber special operations division, " we are losing ground in the battle with hackers." in december of 2013, we learned about targets data breach which revealed personal information for as many as 10 million consumers. the point is that these losses of data are not only losses to these companies, they are potentially life changing loseeses to consumers. target, jp morgan, and and failed not only the companies but there consumers. this cost of lifeis an invasion of their right to see, it is an invasion of consumer privacy, potential effect of identity and pers

bring up a lot is what the sharing have actually helped sony come and gone, home depot, target, j.p. morgan and so i am kind of looking at whether this sharing has helped and if not, what else can we be looking at now that we are getting it under our belt. >> the answer of course is that it depends. what would you have shared. >> how long have you been here now? >> you get this language down really good. it is a fair question of something we always ask. but for what could this have been prevented and certainly knowledge and the bad actors were targeting. could that have been picked up by intelligence sources? could somebody -- we went through this drill of september 11. what did we know before it happened that we could have told others about and integrated and shared and could have presented. so that's what we are good at. i don't know that even if they have perfect knowledge of what was going on that individuals than would have taken the proper action to know what to do because it's sometimes been boils down to what he said earlier if the individuals are the key and the information put in

a reporter at j.p. morgan say we are the most fiscal state in the country. that allows us to do things to give folks looking forward that much more excitement. it allows us the ability to -- it may not be sexy, but reduce interest rates that we provide local governments on wastewater and sewer water, saving $40 million for ratepayers across the state. i think we need to continue to build on a business friendly environment. like many others said, at the end of the day the private sector does this. we have the private sector to identify the opportunities and obstacles for growth. as a result, we have either repealed or streamlined 714 regulations that rather unnecessary, unwarranted, stand in the way of further economic development. we are asking them to say help build the business plan for the future. that is where we get into so many of these issues of we do have a skills gap. we had to do things like fund early childhood education because we know the difference that will make long-term. and the investments all throughout. if business is at the table saying,

you know j.p. morgan has them at $175.l be curious to see how much further this stock is under pressure today given the 4th quarter that they reported an even though their guidance is for delivering or i should say producing 55,000 vehicles this year a lot of people are k look at -- saying it's fine you have that target but can you meet the target in 2015. >> you talk about the jp morgan downgrade, it's a serious one. it's a sell. musk, he's optimistic. he's going to say the right thing. is he kidding himself in his view of where he thinks china is relatively to the ridiculously bad numbers recently? >> part of the problem is you don't know exactly what the numbers are in terps of deliveries right now in china. that question came up on the conference call last night. he said we're going to get there. we have a few issues but we're going to work our way around it. this is a bit of the frustrating part for investors you have to look at it in it's totality in terms of overall production globally and deliveries globally and th

how about a number of major banks, including j.p. morgan? 76 million households and 7 million small business accounts were affected by the attack. how about home depot? 6 million accounts were put at risk. now, if -- that ought to be enough to continue the funding of the department of homeland security. but there's a lot more. most folks understand that t.s.a. that checks us as we go through the security at airports at seaports t.s.a. is a part of the department of homeland security. are you going to cut off the funding for t.s.a.? t.s.a., that is now trying to stop the new kind of attacks with nonmetallic explosives? well you remember because of our intelligence apparatus workingworking through liaison partners in other countries ... remember about two years ago the cartridge in a printer that was discovered ultimately going on an airplane that was bound for the united states? that's a nonmetallic explosive. we were fortunate we got that. but they. these folks that are trying to attack us -- but they continue. these folks that are trying to