you know j.p. morgan crimes that they've had to pay a fine and get to walk away say you know it's doesn't matter how much dollar wealth you have that freedom is more important and that's a good again what the founding fathers of america what i said that that you shouldn't trade anything for your liberty nothing is worth your liberty when i get that but i've already and now 20 years into it realize that liberty is dead in america except that i accept that jamie dimon is a crook and i am accepting that decline is a way out well i want to get on to this the important bit about stephanie rule on this not only is she the senior business correspondent for n.b.c. news and right here we cover business through some financial news fight finance markets and scandal so with this is part this is all of it into one it's a scandal finance and markets so she's doing this online as promoting j.p. morgan chase but in rules case the questions are more than theoretical about whether there is a potential conflict of interest

j.p. morgan's wrongdoing which covers a 20 year period until 2019 quote j.p. morgan chase has a 20 year long rap sheet that includes at least 80 major legal actions that have resulted in over $39000000000.00 in fines and settlements any other business in america with that recidivist record would have almost certainly been shut down by prosecutors long ago it said however the large banks are effectively shielded against executive prosecution and jail time and that's an injustice and that injustice is felt ripples through the economy and how white people are by their social unrest it starts at the top if there is a if there is an untouchable class it only struck down eventually it might take 20 years in this case but it's working right now but he's doubting that jamie diamond steals a right that's not in question that what we're saying here is that the government and the law makers have decided when jamie diamond steals is good for society if some a looter out of san francisco steals somehow that's bad for society. but of course they're equally bad i would posit

whoa that's what j.p. morgan and jamie dimon were listening to we were out in the streets looking at the people in the arab uprising at the indignados at the global insurrection against banks the occupation so we were seeing this and this is why we hold you back and 2011 to that because the new gold we said it was the currency of resistance because we said that 2011 and it would be funding the global insurrection against banker occupation banker that means jamie diamond who will be out of a job well we're going to take a break and when we come back much more coming your way. to. go in and you may never get. my teenage gang rules here. but. i'm. telling you when. someone. welcome back to the kaiser report imax keyser time now to return to our conversation with dan collins' entrepreneur extraordinary he was living in china for 20 years became an expert on the show many times wrote the china money report welcome back dan. i want to pick up where we left off talking about and finance all set to be the biggest i.p.o.

j.p. morgan chase c.e.o. denounces bitcoin as terrible predicts its downfall and the article he says is a terrible store of value it could be replicated over and over it doesn't have the standing of a government that wasn't $750.00 big queen was in the news so he was saying it's a terrible store of value. 12000 dollars liter like he's now his bank is pushing and we'll get into that headline right well he's not alone in being 100 percent wrong about declining there is no area roubini paul krugman peter schiff and a whole list stiglitz another no bo wening in correct call on bitcoin and there's still a huge and long list because for the reasons that we said it was going to take over the global economy those reasons now been accepted more and more by the global population and jamie dimon is a guy who he is defending the status quo she is part of that front line to keep. real price discovery and real money out of the system he prays to protect or of the out money and all the fake price discovery that goes with it

whoa that's what j.p. morgan and jamie dimon were listening to we were out in the streets looking at the people in the arab uprising at the indignados at the global insurrection against banks the occupation so we were seeing this and this is why we told you back and 2011 to that because the new gold we said it was the currency of resistance because we said that 2011 and it would be funding the global insurrection against banker occupation and banker that means jamie diamond who will be out of a job well we're going to take a break and when we come back much more coming your way. well look forward to talking to you all. that technology should work for people. must obey the orders given to like human beings except where such orders would conflict with the 1st law. we should be very careful about our personal intelligence and the point. very soon with artificial intelligence we'll summon the demon. the robot must protect its own existence and. the maternity town the slums go in and you may never get out some sort of

j.p. morgan's call is just that.n the ford f-150 day is a speed bump but not the end of the road more people are getting excited on the ev strategy i think ford had lagged behind ford the stock, ford the chart, very interesting if you look at both of the autos, and we have talked some of the secular dynamics in the auto industry and where the growth has gone in the last couple quarters. staying in this trade, the long-term ev story is probably not why you are buying it. >> coming up, the next wave of ipos are getting ready to hit the market rentals are said to be red-hot in this market (vo) i'm a verizon engineer and today, we're turning on 5g across the country. with the coverage of 5g nationwide. and, in more and more cities, the unprecedented performance of ultra wideband. the fastest 5g in the world. it will change your phone and how businesses do everything. i'm proud, because we didn't build it the easy way, we built it right. this is the 5g america's been waiting for. only from verizon. high protein. low sugar

he threw his bank, through j.p. morgan -controlled capital from europe and from america, decided where it should go and along with that took seats on a lot of the companies that he was investing in so not only did he have enormous control over kind of the financial spigots but he had a say in how companies all across the country were run . among those companies were the rail. as i mentioned, are important . grown rapidly, recklessly. had gone bankrupt. and caused depressions and at a certain point railroad investors were so frustrated that they asked morgan to get more involved in order to protect their own money and that was a process that we've done so forcibly that it became known as morgan is a period that is reorganization when a company goes bankrupt so morgan wouldgo in , fix up a company, a big state move things out for hisinvestors . so by the time roosevelt takes office and morgan is on wall street, they are the two most powerful people and that the two come into conflict. >> morgan securities, this is obviously

lenders because banks like j.p. morganressed the desire to increase their buyout levels starting pretty shortly because they felt confident they could do so. a lot of people moving into equity markets looking for the dividend, because yield is lacking everywhere else, so banks still don't seem like a pocket they can go to. it is going to hurt these lenders. agreed there would have to be payouts to preserve capital, but he was a dissenting voice for this extension, so there are some slight currents theg through the fed that opinion is changing, but the band for now sticking around until the end of the year. about the european perspective now? what is the current status of that fairly heavy guidance? dani: thats going to continue rough the end of the year, but we are getting more commentary from banking executives over their dislike of discontinued ban. regulators foran this to fact o'bannon. the chairman saying it makes banks uninvestable and could backfire. saying that they need to reconsider their stance. he says that if

and i like that if you compare contrast in financial shares j.p. morgan so in financial history revenues stranger basically came out to ali baba jack ma said you know wasn't happy with the chinese financial system you're not getting enough small loans to small business people if you don't change it we will and they actually did change it so they're doing payments they charge 0.01 percent transaction on a payment they're connecting $80000000.00 merchants 16 trillion dollars in payments that's $25.00 times bigger than pay pal where they've also revolutionized they've gone into credit lending and assets under management you can get a loan or i'm in financial within 3 minutes a 1000 dollars 2 $1000.00 unsecured loan this is creating frictional e-commerce original commerce still. there revolution 1500 in china what the banks here should have been doing right back collins got a cut off their thanks bank as a report thanks guys all right that's going to do it for this edition of kaiser a part with me max kaiser and stacy ever want to thank our guest and collins

j.p. morgan r. >> they are completely different businesses. to be the trying biggest. not do strategy through envy. you do it based on what works and what is important to your institution. care if there are others who are bigger. the point is are we generating the returns we need for our shareholders? , it is this deal absolutely happening. >> that was the morgan stanley chairman and ceo speaking to us. a quick line on the u.k. response to the virus. chancellor will announce a job support plan for lockdown hit areas. there has been criticism when lockdowns have been announced, measures have not been put in details affect those -- will be set out friday. france will place more cities on maximum alert after maximum -- daily cases rose above 18,004 the second day. pandemic threatens to spiral out of control and europe once again. let's get to maria. was the latest situation? i have mentioned some of the hotspots around europe. a crossbecoming continent conversation. >> that would be the takeaway. th

j.p. morgane investors' minds the state of the u.s. economy. joining us now is dani burger. what can we expect today? dani: one of the key figures to look out for these banks specifically is their trading revenue. jp morgan especially. the cfo said she expects trading revenue to pick up 20%. for citibank, the low single digits. this should help offset towering loans and boost their profit. job cuts will be a focus for both of the banks. to laying offrned some of their workforce after pledging not to do so during the pandemic. cost cuts will signal how concerned these banks are about things like net interest income which has been eating into their profits. some of the idiosyncratic things especially for citi, there will be questions about the new ceo coming in as well as some of the regulatory pressure they have been under and fines they have received. for j.p. morgan, i'm curious to see their picture of credit cards. butstoric revenue source consumers have not been spending a lot on credit. morga

still ahead, j.p. morgan private bank is making a concerted effort to promote equality and diversity across its business. we will hear from asia-pacific's ceo. rishaad: next, herald van der asia'sointing out how strong performance is concentrated on just four equities. we talk about how their strategy is shifting. this is bloomberg. ♪ rishaad: let's get a look at the asian stocks. our next guest has a strong showing in just four equities. herald van der linde is hsbc's head of strategy. dislocation not seen since 2000 aids crisis -- 2008's crisis. what do you rotate? is it also essentially what we have seen in the u.s., where stocks have been so dominant? not a peer asian moment, but you look at the asian equity universe, it is up a couple percent. there's massive divergence between markets, in markets. in asia, thailand, down 20%, 30%, china up 30%. you have a couple of stocks that have done well, and the others haven't gone anywhere. in india, it is not very good, but take it out, the rest of the market, do

jonathan: when you read -- tom: when you read your economics at j.p. morganou factor in a disinflationary trend? david: is a good question. what i would say for everybody within the walls of morgan with my opinion, there is somebody with the opposite opinion. we do not view inflation as a risk. output gaps are wide, unemployment rates are elevated, and we would be surprised to see inflation pick up. in the short term. long-term, there's a lot of debate. we think inflation will remain in check. i am more in the disinflationary camp. we have seen this mass debt built -- jonathan: i will jump in. david leibowitz of j.p. morgan asset management. some cracks in the line. forgive me, i am sorry. let me get economic data quickly. initial jobless claims at 751,000, down from the previous read. the estimate was 770,000. upside surprise on the gdp figure. the best way to think about this, shut down in q2, -31.4%. , an annualized jump of 33.1%. the momentum and sustainability of the improvement, what is q4 look like, that is the question on many peoples mind. looking to

taper a ponzi right exactly right that the fraud has been going exponential with goldman sachs j.p. morgan and all the banks and this fed has been soaking up all the bad debt that had they kept on their balance sheet these banks would have had to declare insolvency. and as a result america is now losing out in the global geo political race to china i think there's a direct connection it's a direct connection and now we're at a stage where.

warning as well as a descriptor of where we're heading if we continue along this so in the case of j.p. morgan who we talked about on the show often jamie diamond had set up that bank they recently agreed to pay a $1000000000.00 fine they voided criminal racketeering charges for rigging precious metals markets for over a decade they were reportedly are earning $250000000.00 annually in profits on their gold price raking so look dress like they returned under half of the money they stole so you would put the sort of the category existential nihilism says absolutely i mean the film dark waters which is. came out in the last year showed that i think it was dupont but it wasn't i think with the pot with the company that made teflon ended up playing out in class action suit over a period of decades the total amount was less than one year profit on that extruding the poisonous product that they were just dumping into the ground so if they can make it pennies on the dollar or even 10 you know tense of a penny on a dollars course are going to continue to do that and if there is no barrier to them cont

and i want to hit the markets one more time here before we leave michelle j.p. morgan and citigroup they both posted beats for banks this earning season is shaping up to be pretty good but this just because experts expectations are so low as it would seem valuations are still climbing as a result but eventually companies have to stop using coronavirus as an excuse to justify their astronomical valuation is that correct. well yes i mean right now what we've had in the bank sector as i mentioned earlier in the whole sector has underperformed for the last couple of years so what happened today with j.p. morgan is that they've reduced their reserves they had a tremendous amount of buildup of loan reserves but the impact of the virus and the fact that they were expecting a lot of loan defaults and the 3rd quarter has brought some optimism although diamond came out today and said that he still has $34000000.00 in reserves for loan defaults essential really they're expecting the job loss to be less going forward and also they're expecting the g.d.p. to actually get a little b

coming in stacy well of course we were also well ahead by a decade of everybody and terms of the j.p. morgan making the precious metals markets that happened we also warned about to goldman sachs and their crime spree and of course that basically over the past few years they've paid 5000000000 in fines they've paid another 2000000000 this past week for their dodgy dealings over in asia and yet they didn't face any jail time now you know because of that crime wave that we've been focusing on and looking at because their markets finance and scandal you know the fed's balance sheet they now own 22 percent of all marketable securities which is up from 13 percent last september 2019 so the fed's balance sheet is having to expand as the fraud expands and the fraud can't shrink because you can't taper a ponzi right exactly right that the fraud has been going exponential with goldman sachs j.p. morgan and all the banks in this fed has been soaking up all the bad debt that had they kept on their balance sheet these banks would have had to declare insolvency. and as a result america is now losing out

it was a phone call between jay people who've been in blair that was actually what happened was j.p. morgan and a consortium of other banks didn't fact prop up the whole iraqi economy to the tune of about 2 and a half 1000000000 not 20000000000 other bit nervous that day then 6 months after he left office blair some a sign by j.p. morgan for $5000000.00 every year i was just trying to enlighten the public that there was corruption involved and not just bad decision making i'd like to find out how this. managed to access the coolant there must be a back door in because they don't want to tear time and there was a court room directly underneath the court room the player was in and it was left on not so i went through that run up 2 floors by the fire escape and then to the door of the court itself by this time my heart was pounding like i'm really going mad and i actually lost my courage for the moment i went and sat down in a low in a bar for my family gents toilet there i did actually ring my mother and said listen i'm here in washington do you think i should still go when my mom said you're

even better, j.p. morganhings are shaping up in 2021 with solid demands and coupled with china aggressively buying american agriculture products the short term fundamentals. there is one slight problem here the analysts still has to sell in fears even though they are raving about agriculture, they want you to sell the stock. i think that's crazy at which point they'll be forced to upgrade and stocks will go higher if yours good, you can't forget about ager this company is way too cheap. this man retired about a quarter of a share cap demands for tractors is off the charts supply's down, demand high talk about a bull market anyone who's ever grown corn knows these guys i actually grew corn for a while, i mean what the heck do i know they are genetically modified and producing some of the best last week, a smart activist firm started coming after them. i first read the presentation, you may want to buy the stock. this is a profitable business with few competitors and you should be making money that's a lot to d

j.p. morgan's cohead joins us with his outlooks for asian banks. policy is on hold, but fiscal stimulus is only darting. will get more from fred neumann after the break. this is bloomberg. ♪ of wards and washington on who is to blame on the stalemate. trump says that republicans want a deal. he says that house speaker nancy plus he is not so. still with us is fred neumann. d.c., butoes on and when it comes to covid, does this market a regime change? take fiscal policy would the reins from monetary policy? in parts, and it is because central banks are running out of ammunition. fiscal policy and this type of environment is more effective. really two types of fiscal policy. one is what you spent during the pandemic, to really help incomes. the big fiscal portion also needs to calm during the recovery. if we assume that the virus fades from the scene and 2021, there still needs to be fiscal policy, as second round the is still needed. notches in the u.s., also across asia. yvonne: how long can they keep the tabs open? when does this become dangerous?

year-to-date market cap has seen a drop of $133 billion and you can see morgan stanley, goldman sachs, j.p. morganrgan stanley and goldman sachs holding up better. we go get back to that theme again. david: thanks so much. coming up we will talk about the imf, they are saying we need more stimulus. bloomberg senior editor for economic stephanie flanders is here to talk about the state of the global economy and how much we can take on. ons is "balance of power" bloomberg television and radio. ♪ so you're a small business, or a big one. you were thriving, but then... oh. ah. okay. plan, pivot. how do you bounce back? you don't, you bounce forward, with serious and reliable internet. powered by the largest gig speed network in america. but is it secure? sure it's secure. and even if the power goes down, your connection doesn't. so how do i do this? you don't do this. we do this, together. bounce forward, with comcast business. david: this is "balance of power" on bloomberg television and radio. i'm david westin. for bloomberg first word news, we go to mark crumpton. mark: the head of the world health

still with us, hugh gimber from j.p. morgan asset management.on the stimulus package, price action in the market. can you walk me through the diminishing marketing returns of the additional role of stimulus from the ecb? what impact is it going to have? hugh: i think you will see a peripheral bond markets and credit markets, because the statement from the ecb commits them to even longer, would be possible by the fixed income markets. what it is going to do for the rest of the european economy and the stock market is then going to depend on fiscal stimulus, because really, i think that this stage, all the ecb can do is limit any potential increase in borrowing costs and say to the government, over to you, now it is up to you to drive forward fiscal spending and 2021. so they can do that, but clearly they are not the only game in town. annmarie: just like jay powell, she kept squarely pointing the finger at fiscal stimulus. what kind of instruments could we see? she kind of left open the statement about other interest they are looking at, as well

see this is just a compile a show what we've been hearing we're seeing over the past 3 or 4 years j.p. morgan is reported to be shifting 200000000000 euros or to frankfurt making it one of the biggest banks by assets in germany but having said that london will continue to be and remains of popular destination for financial forms but you can expect more shifting to the continental europe well more companies moving this side but a lot will depend on what kind of a deal is reached between the e.u. and the u.k. we should also talk about that bizarre trading session or lack of it in tokyo what happened. well for now it's been blamed on hardware issues there's no indication of it being a cyber attack like the we've the saw in new zealand where trading was disrupted in august. but it's a huge setback for a talk year which is actually looking to project itself as an alternative to hong kong as best and companies look to move out of the chinese territory. i should have fun day in frankfurt thanks for bringing us up to date now it's been 30 years since the reunification of germany which began of course

for more banks have reported already goldman sachs j.p. morgan these really big asset managers investment banks are doing very very well they're posting record profits they're expected to earn about $100000000000.00 in trading revenue this year but the other banks the ones that are more focused on consumers on on on sort of day to day retail lending those are getting hit harder here in europe there are many things that are more focused on consumers than on the retail on retail banking and that's where we're likely to see these loan losses and more defaults and that's going to pressure the outside of the big sector so it almost looks like a k. shaped recovery even in the banking system to tell she did ladies thank you so much . other coronaviruses threatening life the hoods and then his fame to center of glass blowing that's morano the island vanished depends on tourism but the pandemic has put a stop to that the artisans there now are hoping it can hold out until the crisis and it's. these days only one furnace is still blazing in the vineyard gl

j.p. morgan and citigroup set up a combined less than $3 billion.analyst from academy securities says financials have been conservative in their reserves, and having these much lower third-quarter provisions could be a catalyst for the sector to finally provide leadership. you saw in the trading numbers how they are doing. jp morgan saw a 30% jump in markets revenue. citi's fixed income and commodities trading had its best quarter in years. but you look at stock performances today, they are down, investors not convinced we have seen the worst when it comes to bad loans? david: yes, seeing the stock prices, i am surprised. and we have. still more financials coming. scarlet: i expect more of the same trends. trading doing well and lo loan loss provision in going down a bit with all the work they did in the first half of the year. looking forward, we expect interesting numbers from the tech sector. health care and tech were the havetwo sectors to surprises in growth in the previous quarters? david: thank you very much, scarlet fu. coming up, we must to

j.p. morgan and city groep -- citigroup kicking off the earnings season.ali basak has some details. >> investors reacting to these details because provisions for loan losses were a lot less bad than expected. when you look at the numbers deeper, you see consumer businesses have pretty steep declines. j.p. morgan down 7%, citigroup down 13%. that weakness of the consumer will be a concern. jamie dimon was saying a u.s. stimulus is needed here. of course, we are still seeing a lot of pain in consumer businesses as, globally, citigroup posting their biggest declines in latin america. on top of the pain the consumer is seeing, we are also baroody about net interest income for those businesses who will also see a concern tomorrow. you see how much it has come down. jamie dimon really pressing against analysts who are asking for changes to the businesses in the future. they are saying jamie dimon and the cfo of jp morgan, they are saying they will not make temporary changes to what could be a temporary headwind. vonnie: thank you. amanda, continue. amanda: go ah

gabriela santos joins us now, j.p. morgan global market strategist.hat are you more concerned about this morning? fiscal talks breaking down stateside, more restrictions in europe? gabriela: thank you for the invitation. in terms of the markets, we are trying to wrestle with two things at the same time. the first is, as long-term investors, we are trying to position for where we are going over the next couple of years. we are in a brand-new economic with fiscal support that does not seem to be going away anytime soon, and one that is much more regionally diversified for that reason. we are overweighting equities, credit, and keeping it regionally diversified, but we have to square that with some of the more short-term concerns over the next couple of months around the path of the virus come around when we get more fiscal support. for that, i think you want to be a little less overweight than you normally would. you still want to keep a certain amount of duration to offset some of the short-term uncertainty here. but overall, we are still thinking of a

banks will -- including j.p. morgan chase, bank of america and citigroup.t only be listening for details on lending activity but covid-19 impact. we have a preview. there are already indications that banks are -- banks have assets of the safest levels. >> they are keeping more than 35% of their balance sheets in cash and safe securities, a decade high. citigroup will be the first to report and we may be hearing more about their ceo transition and risk management issues, the regulatory sanction they just received. meanwhile, wells fargo and goldman report midweek. there is a whole slate of bank earnings for the week. in terms of what investors will be listening for, election scenarios by the various banks and executives will be of key interest. -- instance, if joe biden were to win, some might perhaps remove robust -- on overdraft funds, about $11 billion per year. there were also be commentary likely on stimulus and job cuts and compensation. recently resumed draft protection. revenues isriting expecting to be a standout area. analysts will watch closely to