it's been compared to j.p. morgan to provide some character comparisons the size of this whole thing what's really going on dan we if for any actual is the world's largest creditor at this point they are one of the 2 largest. money managers in china now we're go back to the world's largest i.p.o. we over surpassed saudi aramco i.p.o. in the bell you ation of the company i think the. top officials in china just got nervous at how much power this company has and they kind of just kind of told them who's the boss and old bat long term it won't stop in financial i.p.o. you financial group spun out of ali baba which is one of the world's largest companies and it's basically the top leadership is just trying to gain control before you know they're probably most likely i.p.o. in next years i don't expect any long term changes that would set a follow up on the sand financial dale it's an enormous company it's as big as j.p. morgan the biggest bank in the world plus it's spun out of alibaba as you point out jack mosque company

j.p. morgan chase biggest bank or exxon mobil you basically have 2 choices one choice is to meet the requirements of the institutional structures that exist and work to maximize profits. no matter what the human consequences that's one choice the other choice is to put those aside and work to create a decent world suppose you make such a choice in your be at least thrown out by the board of directors and somebody else's good in who makes the 1st choice these are institutional ones not individual no that's not to say that it would be changed within existing institutions it can so take j.p. morgan chase again biggest bank you know recently internal memo of the bank was leaked and made public it was very interesting it weren't the directors of the bank that this in their words the survival of humanity is at stake if we continue on our present course of funding falso feels that it added that the bank is facing reputational risks meaning the public is getting and rage and will take its revenge on you

j.p. morgan asset emea chief market strategist. every survey i read of market sentiment, everybody is bulled up. joe biden is going to be the president. we've got vaccines coming through. there is still stimulus from the ecb. there's a lot of good news in there. my question is, what keeps asset prices moving higher or even staying where they are right now? how confident are you that that is going to happen? karen: i think you have to remember there is a lot going on under the bonnet. if you look at covid losers that were badly hit by the pandemic, the energy stocks, airlines, hotels, they have rebound since we heard about the vaccine news, but still well down from where they were at the start of the year. but i think when you start to pick through the details and step away from particularly the s&p and the nasdaq, which are really looking so resilient based on the fact that they've got a very heavy tech waiting -- perhapsghting, investors are little bit more circumspect about the ongoing difficul

fine to that effect so the recent weakness in gold in the past week or so this is the folks like j.p. morgan others flooding the market with paper claims on gold sell orders for gold that doesn't exist that's been documented to be true because they desperately don't want people to get ahead of their ability to manipulate the global economy using interest rates or central banks by buying gold but what big coin is is he can't do manipulate because in this way because 1st of all there is no paper market. like there is in the gold market and even if one develops which is highly unlikely given the amount of catching up bitcoin has to do to catch up to gold we won't see rilya to regain his market in bitcoin to the extent of gold until because it gets to 4 or $500000.00 per bitcoin but even so the ability for private key holders to pull the rug out from any derivatives ponzi scheme is real and any derivatives trader knows that and they're not willing to go make a risk on betting on manipulation of bitcoin like they will with gold because they know in the case of gold the amount of fakes so waters i

from that point when it happened and the deleterious effects are widespread let's come back to j.p. morgan for a 2nd and the other banks on wall street the other bankers around the world you know they're obviously not going to give up a fight and so the question is are bankers going to ruin the party for us at big calling can they ruin the party statement to chen has been talking about bringing in some last minute legislature that might be disruptive typically an accent or a. what's going on there isn't maybe i'm not supposed to say this but a lot of the narratives that we have going on the big choir right now like you know digital golden. number go up store of value stuff like that there is there are trojan horses for wall street wall street is going to come and they're going to bid this thing up the going to pump the price they're going to everybody's bags and they're not going to realize that the underlying technology is fully sovereign fully anarchic and is set to destroy and dissolve our structures or maybe they do realize that and wall street is just correct the only good at getting

the united states might have to last but it will happen here right won't we know for a fact that j.p. morgan just played a 1000000000 dollar fine for manipulating the gold market yes this is something we've been reporting on for 10 years that they were manipulating and breaking the law and manipulating the gold market they finally paid a fine to that effect so the recent weakness in gold in the past week or so this is the folks like j.p. morgan and others flooding the market with paper claims on gold sell orders for gold that doesn't exist that's been documented to be true because they desperately don't want people to get ahead of their ability to manipulate the global economy using interest rates and central banks by buying gold but what big coin is is he can't do manipulate because in this way because 1st of all there is no paper market . like there is in the gold market and even if one develops which is highly unlikely given the amount of catching up bitcoin has to do to catch up to gold we won't see rilya to regain his market in bitcoin to the extent of gold until because he gets to 4 or

gabriella santos, j.p. morgan asset management. international investment.plain the courage. this is bloomberg. ♪ every year, we set out to do one thing: help the world believe in holiday magic. and this year was harder than ever. and yet, somehow, you all found a way to pull it off. it's not about the toys or the ornaments but about coming together. santa, santa, you're on mute! just wanted to say thanks. thanks for believing. continues,ull market 2020, up 12%ays, per year for the past decade, near 11% per year since i was born. let's get it straight. it is not a single digit stock market. america, well, they need more within one vaccine. perhaps, johnson & johnson to the rescue before summer. order, all right, i have a few questions for this mr. trump, what is this? judge judy? the supreme court says we will not hear the case. good morning. "bloomberg surveillance" with tom and francine in london and new york, dinner on the 13th floor, i cannot pronounce it -- whatever the beautiful building is -- in brussels, it is really cool. she lives there in a privat

worth around $65 according to j.p. morganor next year on recovery and ad dollars. twitter alphabet facebook, telecom list are the byes in 2021 according to j.p. morgan but also, chipotle is rallying and it had its upgrade to up buy and people says it's worth $1,500. it is because of its resilience but finally, speaking of big money, check-in on bitcoin. surpassing 20,000 for the very first time. headphones are rushing into by and and that's probably why the stock or why bitcoin is rallying today so guggenheim spending around $500 million and one river buying a billion dollars worth. that is the top of the adoption that we've seen in square, paypal and robin hood. stuart: you missed one. susan: i did? stuart: microsoft up over three dollars. susan: that's almost one and a quarter percent. stuart: requirement -- retirement territory. it could be months before the general public it's vaccine but when that happens could you require, could you be required, forced to get the vaccine before you go to work? todd piro is a lawyer and

annmarie: hugh gimber from j.p. morgan stays with us. we will talk about your bridge over troubled waters closer to home. the united states house and senate have passed a giant year-end spending package combining $900 billion in pandemic relief with one point $4 trillion in regular government spending. the vote will now go to president trump to sign. hackersd russian targeted senior treasury officials in the recent cyberattack. according to the top democrat on the senate finance committee, the information taken is yet known -- not yet known. it doesn't seem to have hit the irs or taxpayer data. the european union has approved a vaccine from pfizer, paving the way for immunization to start before the year-end. officials at europe's health there is noy evidence a vaccine won't work against the new variant of covid-19. global news, 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in over 120 countries. coming up, a last-ditch push. ready to givee ground on fishing rights, opening the way

j.p. morganor joining us. what are we seeing at the moment? a market looking for downside? this bill has been in the works for a while, it is a classic case that it is better to travel than arrive. guest: you are looking in the right direction. but i would suggest from markets, it's christmas time, malls are crowded but so are markets. we have an interesting situation where consensus views are almost universally -- people are bullish equities, bullets risks, bullish value. the concentration of consensus is something we need to be cognizant of. thatso be -- have to match factwe have -- despite the that as you rightly suggest we have roadblocks all over the place. even bob -- a roadblock with the passage of the bill in the u.s., a lot of those terms and conditions are capped a three-month forward view. we will be having this conversation again. talking about the 10 million americans that are about to lose their unemployment insurance, 7 million families that are potentially facing other actions com

so, yes, i do think that $146 billion this year j.p. morgan and goldman, nothing is going to change liquidity is free. doordash was a billion and a half a year and a half ago b bon. >> bonawyn, is the ip ofrp market still something you feel is a good overall market >> you almost lost me with the jordache conversation. i thought i was in and then i had one foot in and one out. to answer your question, morgan stanley, if you lock at traditional banking as karen pointed to and the e traded retail side, that is another way to play this where you have diversified revenue streams and more visible ref newspaper streams. that is another name i would mention. >> we saw headlines earlier today that they are getting ipo down the line for robin hoods. >>> we are just getting started. here is what is coming up next >>> new year, new stock picks? a stock technician joins us to give us his three best ideas for 2021 you can't afford to miss this. plus we will dive into the options pits with a look at what to expect. that and a lot more when "fast money" retur

coming up, j.p. morganset for a bonus boost after a record year but other staff may see a less generous pay out. details next. this is bloomberg. ♪ >> traders at j.p. morgan are set for a bumper bonus season. the bank is planning to boost annual compensation by 20% for sales and training staff up to 20% for sales and trading staff. but the rest of the company could see payouts fall. su keenan, what we know about jp morgan's compensation plans and how they compared to people's comps and -- expectations? >> we hear jp morgan is planning to boost annual bonuses for traders from 15-20% after trading generated a record $23.5 billion in revenue this year. bloomberg also learned payouts will vary widely from desk to desk, depending on performance. for instance we are hearing it could freeze raises for executives at the vice president level and above. also the bonuses could still change as the process is said to be in the early stage. what is important here is the traders who would get the 20% bump in bonus will li

invest with the expertise of j.p. morgan, either with an advisor or online, through chase.er all, it's yours. chase. make more of what's yours. robinwithout the commission fees. so, you can start investing today wherever you are - even hanging with your dog. so, what are you waiting for? download now and get your first stock on us. robinhood. >>> president obama is speaking out, warning activists in his party to stay away from the defund the police slogan if they want to accomplish real change. here is what he said during an interview on snapchat today. >> if you believe as i do that we should be able to reform the criminal justice system that it is not bias and treats everybody fairly, you can use a snappy slogan like defund the police but you lost a big audience the minute you say it. if you say let's reform the police department so everybody is being treated fairly. if there is a homeless guy, maybe sent a mental health worker and not an armed unit. >> a lot to talk about there. james carville who rose to fame with the clinton campaign. co-host of the politics war room p

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this as j.p. morgan because it's top internet pick.xxon also rising, being upgraded by -- goldman expects recovery and oil demands as we move through a coat -- post-covid world. finally, i can come on your show without talking about brexit. the pound rising above the dollar. up 1.35 against the dollar. this as we are hearing optimistic signals about the prospect of a trade deal. fishing, the only hurdle, but we have to wait until we see the deal. david: i knew we weren't going to get through it without talking about the fish. emme: very important. david: we are going to talk stimulus. democratic congressman from the state of michigan. this is bloomberg. ♪ david: this is "balance of power " on bloomberg television and radio. congressional leadership is negotiating down to the wire that possible stimulus package. this is what senate majority leader mitch mcconnell had to say about progress. mcconnell: the democratic leader and i worked a long time. the speaker in the house -- the bigger of the house and the house revoking leader -- house

karen ward, j.p. morgan chief market strategist for emea. about fiscal support coming as we go into 2021. what should we expect? coming up, joe biden says he will not immediately remove phase i tariffs on china. more on that next. this is bloomberg. ♪ ♪ >> we are seeing with the , governmentsght were indicated in implementing this huge support to firms and people and they must continue to do so. there will be a time to reflect , but that will not be 2021. anna: that is the ecb chief economist speaking about the y have for nexte year. joe biden will not immediately remove phase i tariffs on china. furthermore, we are joined by -- for more, we are joined by jodi schneider. what are we learning about president-elect joe biden's likely posture towards china from this? >> the first thing we are learning is that he has not going to have a wholesale change from the policy that the current president, donald trump, had in terms of china. he says he wants to do this review of the phase one due. he also -- deal. he also wanted to consult with what had

invest with the expertise of j.p. morgan, either with an advisor or online, through chase., it's yours. chase. make more of what's yours. lou: breaking news, joe biden's brother james -- also reportedly under federal investigation. politico reporting federal authorities in the western district of pennsylvania are now conducting a criminal investigation of rural hospital company americorps. investigators want to know more about james biden's role with the company and whether he used the biden name to influence decisions. we're back now with attorney sidney powell. she was describing a cyber pearl harbor in the 2020 election focusing on four names. i would also like to put up this element from your investigation. if we could have that full screen up so that we could all go through that with the audience, because it's important as we look at these four names, we're talking about very large, a very large foreign intrusion and interference in the election of 20 20. give us -- it's outrageous that we have an attorney general, sidney, who has said that he sees no sign of any signi

the first one this morning is j.p. morgan. spell it out, please. >> j.p. as been the best dividend growers in financials since the financial crisis and it should not be a big surprise that they were in a position to grow their dividends is so much because during the financial crisis they took on much less water than everyone else did and while citigroup and other big banks were selling off their profitable divisions, j.p. morgan was taking on bear stearns, washington mutual and other things they were picking up for pennies on the dollar, so they generate free cash flow like no one in history and paypal the dividend quite generously and still a 3% yield now the stock is still down 17% from its early year high in yet it's up dramatically the last couple of months and remember the only reason the dividend has not grown moore's because the fed has not let them over the last couple of quarters. we like this stock a lot. stuart: got it. here's what i don't know personally met enterprise product partners. who are they and what do they pay in well the pale grow? >>

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invest with the expertise of j.p. morgan, either with an advisor or online, through chase. after all, it's yours. chase. make more of what's yours. >>> i reported today that over 1,700 health care workers were tested as positive for covid-19 last week, and that's double the number we saw the week before. to protect the hospitals we have to get community transmission rates down, and everybody can help with that. >> officials in california warning hospital systems are becoming overwhelmed. and the services that transport those coronavirus patients to the hospital say in many cases they're on the brink of collapse. in a letter to the feds the president of the american ambulance association put it this way. the 911 emergency medical system throughout the united states is at a breaking point. without additional relief it seems likely to break even as we enter the third surge of the virus in the midwest and west. so to that end we welcome to our broadcast dr. ed rauft, the chief medical officer at global medical response, a member of the american ambulance association. doctor, at

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invest with the expertise of j.p. morgan, either with an advisor or online, through chase.yours. chase. make more of what's yours. it's moving day. and are doing the heavy lifting, jess is busy moving her xfinity internet and tv services. it only takes about a minute. wait, a minute? but what have you been doing for the last two hours? delegating? oh, good one. move your xfinity services without breaking a sweat. now that's simple, easy, awesome. xfinity makes moving easy. go online to transfer your services in about a minute. get started today. lou: breaking news now, president trump has filed a personal lawsuit against the wisconsin elections commission. president trump is challenging wisconsin's election results saying the elections commission as well as state and city officials engaged in what is called, quote, unlawful and unconstitutional acts. and it is becoming more and more interesting every day as the trump legal team advances the cause of the president and the nation. the president also taking part himself. our first guest this evening is a postal service subcont

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