j.p. morgan chase took out a loan from the fed of one point two billion dollars at an interest rate of two point one percent then j.p. morgan chase use that money to loan the government two point two billion dollars at four point six percent interest. they profited thirty million dollars off the deal and all they had to do was sit on their hands and wait for the government you and me to pay them their interest in two thousand and nine citi group took out a loan from the fed of two twelve point one billion dollars that interest rate of af a percent and then loaned that same money back to the government at an interest rate of three point nine percent a profit of more than four hundred forty one million off the deal again doing absolutely nothing except waiting for the government to use our tax dollars to pay them their interest also in two thousand and nine bank of america took out loans from the fed totaling two point nine billion at a rate of a measly point two five percent that's a quarter of one percent and turned around and loaned twenty three and a half billion to the government at a r

j.p. morgan chase post a 67% increase in its first-quarter earnings. it's the first major bank to report earnings this season. looking at the numbers, j.p. morgan earned $5.5 billion or $1.28 a share, 12 cents higher than analyst estimates. but mortgage and foreclosure problems still plague the bank. it recorded a $650 million expense for increased foreclosure costs and $420 million in losses related to mortgage repurchases. >> tom: j.p. morgan chase is one of 14 financial institutions in a deal with the federal reserve over botched foreclosure practices. lenders have been ordered to overhaul their foreclosure processes and pay fines, but no dollar amount has been decided yet. as erika miller reports, today's settlement could be a big deal for big banks and the overall economy. >> reporter: the agreement covers just 14 mortgage servicers. that may not sound like a lot, but these are the titans of the industry. j.p. morgan chase, bank of america, citigroup, wells fargo and u.s. bancorp are among those included. together, all the firms involved hold rough

j.p. morgan chase in particular is the calls for the spike this is a quote from john embry i mean this is becoming i think a huge millstone around their neck and if you don't understand that i don't think you can appreciate the upside and that's right just to break this down for folks or haven't been up to speed on this in other words j.p. morgan in the futures market for every order of an ounce that comes in to buy they sell ten but they don't have it and they can sort of it's sell so of doesn't exist in an attempt to force the market down to keep it down artificially now when guys like john embry and eric sprott of figured out is that well every month at the comics and other exchanges they've got to do the delivery of the contracts that are not in fact going to roll over into the next futures months and they have been taking physical delivery as well as a silver liberation army that we started on this show taking physical delivery so every single month it gets more to the point where the ability for j.p. morgan to keep the price artificially cheap with these mammoth short sales that are

j.p. morgan chase releasing their quarterly resortsreports and tht expectations. retail sales and investors increased. federal reserve will release its beige book, one last note toyota said it will slow production in europe because of parts or shortages. we will be right back. the winds are blowing as we look over san francisco with the chance of the internet on a plane! are you from the future? um, no. cleveland. listen cleveland, your savings account is stuck in the past! earn more with interestplus savings at capitalone.com. that's new school banking baby! so instead of making peanuts, your savings will be earning three times the national average. oops. sorry. three times more? i'll have that! it is now safe to go online to capitalone.com. what's in your wallet? buh-bye... ♪ ♪ it to see sunshine ♪ ♪ tae where yoe afternoode ♪ ♪ernoon rid [ male anner ] now eone can exp the world frome. t high spenternet fromt, ♪ >> mark: suspected serial killer a man accused of killing four women in northern california including three in the bay area will be arraigned today. we

j.p. morgan chase. best buy, tivo, walgreen's and krogers. the college board that runs the s.a.t. test say they may have gotten student e-mail addresses. >>> mcdonald's is in a serious hiring spree. they are hiring 50,000 employees. company will try to fill a variety of crew and management positions. >> eric: wow. that is a lot of ambition there. >> step outside if you can today. it is gorgeous right now. temperatures above normal. yesterday we were right around where we should be. you are taking a live look this morning at the emeryville marina. look at all that blue sky. gorgeous day with numbers continuing to climb. we have very light winds out there. look at the south bay, 67 in mountain view. san jose, 68 in los gatos and san rafael 57. but everyone will see numbers six to eight degrees above yesterday's readings. things will change rather quickly. from yesterday we're already much, much warmer. 8 degrees warmer in san jose. cooler air mass. we're making up for it. the warming continues throughout the day today. still more sunshine. we will need it. it will be cooler as a wea

j.p. morgan-chase is testing a $5 at&t in illinois and a $4 fee in texas. it all started when congress passed legislation on how much they can charge for the card transactions. the banks warned they would lose money and have to make up for it elsewhere. >> i would absolutely not pay that. >> he spends his money wisely. he says if the fees will go too high, he will stop using the atm. >> i am an economist. let's let the market decide. if nobody uses the atm, they will get rid of it. >> they say they're still in the experimentation phase. the say it is a fair alternative to increasing fees for their own customers. >> i am confident about charging people who are not our customers. >> $5 does seem state. some area customers agree. >> it does seem excessive, but i think they're justified to recoup the processing fees for non-customers. >> to make sure you are not paying too much, shop around. at this website, if you can find the fees the banks are charging in your area. rebecca cooper for abc 7 news. >>> when abc 7 news at 6:00 continues, the announcement presid

j.p. morgan chase. best buy, tivo, walgreen's and krogers. the college board that runs the s.a.t.test say they may have gotten student e-mail addresses. >>> mcdonald's is in a serious hiring spree. they are hiring 50,000 employees. company will try to fill a variety of crew and management positions. >> eric: wow. that is a lot of ambition there. >> step outside if you can today. it is gorgeous right now. temperatures above normal. yesterday we were right around where we should be. you are taking a live look this morning at the emeryville marina. look at all that blue sky. gorgeous day with numbers continuing to climb. we have very light winds out there. look at the south bay, 67 in mountain view. san jose, 68 in los gatos and san rafael 57. but everyone will see numbers six to eight degrees above yesterday's readings. things will change rather quickly. from yesterday we're already much, much warmer. 8 degrees warmer in san jose. cooler air mass. we're making up for it. the warming continues throughout the day today. still more sunshine. we will need it. it will be cooler as a weak

j.p. morgan chase and bank of america. as april 18 draws near our tax expert kevin mccormally is back. monday, if you're running way behind, tips on filing your 2007 return before it's too late. >> susie: johnson and johnson will pay $70 million to settle civil and criminal charges that it paid bribes and kickbacks to win overseas business. it's the first major settlement since the obama administration started cracking down on the pharmaceutical industry over a year ago. j&j was accused of paying doctors in several european countries and officials in the iraqi government. the company did not admit or deny guilt. >> tom: starting next week, toyota will begin cutting production at its north american plants adjusting for supply disruptions from japan. the automaker hopes reducing its work week will prevent it from running out of parts. toyota will produce 35,000 fewer vehicles in north america from mid-march to the end of april. that's when the company will re- assess its production plans. >> tom: not the threat of a government shut down, nor high energy prices will knock down the bull ma

j.p. morgan chase, barclays bank, target, walgreen, tivo, and others. epsilon says less than 2% of its clients were affected, but it doesn't say how many email addresses were taken. lee neubecker is c.e.o. of hacker investigations firm forensicon. he says the risk is when hackers send out scam emails that solicit passwords and account numbers. but there is an easy way to protect yourself. >> first and foremost, i'd encourage everyone from the list of companies that have had a password is not the same as any other passwords from the list of companies. that have had a security breach. >> tom: now, there are more ideas. >> tom: there are more ideas on how to protect yourself on our web site, nbronpbs.org. >> susie: nearly one out of four homeowners is underwater on their mortgage, meaning they owe more than the house is worth. there are a few programs through banks or the federal government to help homeowners, but their success has been modest at best. here with some different ideas to repair the housing market is john wasik, author of "the cul de sac synd

j.p. morgan chase is even testing $5 a.t.m. charges in some markets. consumer advocate ed mierzwinski says the biggest change nationwide is that checking is going from "free" to "fee." >> what they've done is, they've divided checking up into an a la carte kind of a product. you pay extra for your a.t.m. card, you pay extra to use your a.t.m. card, get your checks mailed back, get your images mailed back, get your statements mailed back. it adds up to billions of dollars. >> reporter: once upon a time, fees were a way for banks to discourage bad behavior. now they are a huge money maker. last year, fees generated about half of all income for banks, slightly less for credit card companies. banks have been raising fees as they struggle to replace billions of dollars in lost revenue due to regulatory changes. since last summer, banks have not been allowed to put through automatic overdrafts on a.t.m. withdrawals or debit-card purchases, which were a major source of revenue. now consumers must opt-in for overdraft protection. as credit.com's adam levin poi

j.p. morgan chase. >> it's been profiting quietly from all the hullabaloo surrounding goldman sachs. and if i were sitting there in goldman executive offices, i think i'd be looking over my shoulder fairly constantly and worrying about what they are doing than perhaps what the public thought of me. >> reporter: and then, there's the question of blankfein and his big, but somewhat scuffed, shoes. blankfein apparently has no plans to step down just yet, but already on wall street, the succession speculation has begun. while there's little agreement on a frontrunner, there is on one point-- the new chief will not be an outsider. >> it historically has not done that. it would be almost a violation of their culture at a time when they're trying to go back to their roots, culturally speaking. >> reporter: and, of course, goldman's stock price is another challenge. so far this year, the shares are down 10%, more than its brethren and lagging the overall market. morningstar analyst michael wong does not believe the public's anger toward goldman is the problem. >> we believe that the company'

j.p. morgan chase reports tomorrow, bank of america on friday. both are expected to show how banks, like the economy, are stuck in a holding pattern. so is now a good time to invest in financials? suzanne pratt reports. >> reporter: these days it isn't easy being a financial stock investor. sure, the cloud of uncertainty that hung over banks and brokerages from the financial crisis has lifted somewhat. still, bank stocks, as measured by the keefe bruyette index, are flat this year, lagging the overall stock market. and, first quarter earnings are unlikely to provide much of a boost. financials are expected to rank a lowly seventh out of 10 sectors reporting results. that's due to the fragile economy and the cost of financial reforms. nevertheless, analyst fred cannon says many of the shares are undervalued. >> part of that is justified because they are a lot different today than they were before. but, some of it's not justified and we think those valuation multiples will expand for certain parts of the financials, including the large banks and so

j.p. morgan chase, the primary banker for his firm, had enough information about his account to be suspicious. the trustee liquidating madoff's firm sued the bank last year for $6 billion. he also sued hsbc for $9 billion. madoff predicts that bank will have "big problems." hsbc says it didn't know anything about madoff's fraud. >> susie: tom, it is a few points higher, a few steps back and today with the step back, it shows that there is a lack of conviction by investors. >> tom: a lack of conviction, while we're still close to post rehis-- recession highs but not a lot of volume, not a lot of volatility in the market and that goes tore today as well. let's get everybody updated with tonight's market focus >> tom: the strong earthquake in japan and the lack of any budget deal in washington helped send u.s. stocks adrift, ending with small losses. consumer stocks held their own, though, in part on the heels of good jobs data and retail sales. home depot was the best dow industrial gainer, up almost 1%. that puts shares less than $1 away from a 52-week high, and close to the top of its recent

j.p. morgan chase and company. >>> still to come at 6:00, dining out is about to take an even bigger biteews that may have you reconsidering that next restaurant meal. >>> and if you have evening dinner plans outdoors, things are cooling off. still sunshine san francisco. winds picking up a bit west at 20, 59, degrees. we do have clouds off to the west that hint at some changes as we get back to your workweek forecast. [ banker ] when ashley's violin teacher told her parents she was gifted, they were thrilled. she's a natural vibrato. oh. we started saving for this music camp in vermont. so i told them about some of the wells fargo online savings tools like my savings plan, which helps them set up and monitor a savings goal. until we found out that maybe her teacher uses certain terms a little bit loosely. rebecca is clearly very gifted. [ banker ] we decided to roll that money into ashley's college account. turns out there's seven gifted kids in ashley's class of nine. [ male announcer ] wells fargo. with you when it's time to save. ♪ >>> in a murder investigation, it's not only who did

j.p. morgan chase bank of america and rocco via each received five hundred million dollars now banks only go to the discount window when they're in serious crisis and they're facing a liquidity crunch thus began gretchen morgenson says the bank run that set off the financial crisis of two thousand and eight so in retrospect it was mexican drug gangs the ending of the money laundering via the banks without that access to liquid cash they froze up because it turns out it appears that drug money was the only cash in the system americans don't have jobs nobody we only have. ok ask there's no liquidity there's only crime all right so we covered the story at the time and we've said it we've talked about this and we said about expected it yeah and we said that the the crash of two thousand and eight the only way that the wheels of global banking system started turning again was that the money was released by the drug mexican drug lords but what we're saying today is that the reason why the crisis happened to begin with exactly yeah was that with that with the withholding of the cash and i rememb

j.p. morgan chase earnings beat expectations the bank is the first to report first quarter results net income jumped sixty seven percent to five point fifty six billion dollars or one hundred twenty eight dollars a share so it's also climbed as u.s. retail sales of bads for march in europe stocks are rebounding from the biggest drop in four weeks the footsie is up one a quarter of a percent while the dax is trading slightly higher traders and buying into mining stocks which were sold off on tuesday shares a fresh set of equipment dives i could tell of growth by having three percent after brokerage upgrades here in moscow stocks a mixed at the close the r.t.s. has declined a quarter of a percent and lies it's the still trading in the black energy and metal stocks among the main losers here the the market movers m i six the south spread bank is high on music need net profit first quarter you have to straighten lower following the recent decline to prices that's in addition to use it will come when you were reporting the news tax exemptions for certain fields here in russia bucking the trend is.

j.p. morgan chase and isaacs at it's raising early losses and is heading for the first game this week energy and metals dogs among the main losers though and here are the market movers welcome isaac this hour spare bank is edging high on news it nearly doubled net profit in the first quarter roll snafus trading in the red poing the recent decline include prices that's in addition to use your company reported use tax exemptions for certain fields here in russia bucking the trend though is coal mining response cap has jumped two percent better than expected first quarter results from one that responds more than doubled its net profit last year reaching two hundred forty four million dollars the bottom line was given a boost by coal prices which rose to alt. helicopters is planning to start delivering marketing on its proposal initial public offering in london next week a state run aircraft maker is eyeing up to five hundred million dollars in the i.p.o. as the government steps up its bid to raise funds for the defense industry russian helicopters is the holding company for eleven weeks on manu

j.p. morgan chase slipped one percent reversing an earlier rally triggered by higher than forecast earnings the bank has said it will not lose dividends for the next two quarters. jazz and europe again rebounding from the biggest drop in four weeks before the finish point seven percent higher while the dax and the over eight percent building which here shares advanced across europe shares of french telecom equipment giant alcatel lucent jumped nearly five percent for broker upgrades and here in moscow the r.t.s. index ended flat and the miles it's been is tough to set higher wednesday let's look at some of the share movers on the my xix bank and that high on news that nearly doubled net profit in the first quarter profit have finished lower following the recent decline in crude prices that in addition to news the oil company will reportedly lose tax exemptions for certain fields here in russia and coal miner us thoughts gained on better than expected first quarter results. for the market is struggling to surprise. a couple of things one is the expectation of dropping bombs in the u.s. for f

j.p. morgan chase earnings beat expectations the bank is the first to report first quarter results net income jump sixty seven percent to five hundred fifty six billion dollars or one point twenty eight dollars a share stocks also climbed as u.s. retail sales of brass for a night in march and european stocks gained three bounding from the biggest drop in four weeks the footsies up around two percent while the dax is trading over eight percent of the material shares advance across europe shares of french telecom equipment giant alcatel only five percent after a brokerage are great and they are they are holdings designer i phone chips rallied five point seven percent here in moscow stock still is in the black we are testing this point three percent higher and isaacs and it up half a percent and here are the market's movers on the rise it's the size bear bank and that high on news that nearly doubled their profits in the first quarter rossley have to straighten lower following the recent declines in crude prices that's in addition to news your company will reportedly lose tax exemptions for cert

j.p. morgan chase slipped one percent reversing an earlier rally triggered by higher than talk last earnings the bank has said it will not use dividends in the next two quarters. beauty and stocks games rebounding from the biggest drop in four weeks before the finish point seven percent higher while the dax ended up over eight percent a.p. rose point six percent on wednesday in london valuing a proposed share for the swap with rosneft at seven point one billion dollars. here in moscow the us yes and its lot in the mines explain his tough reset higher let's look at some of the share movers of the isaacs declined eight percent valuing it's taking about nine billion dollars your company will also reportedly lose tax exemptions for certain peals here in russia where bank ended higher on music nearly doubled net profit in the first quarter and coal miner parts games are better than expected first quarter results. and that's all from me in the business team here in our team but stay with us for headline news with kevin next. question is that so much ally people at muriel their little. difference o

j.p. morgan chase slipped one percent reversing an earlier rally triggered by higher than forecast earnings the bank's chief executive said the lender will not whose did it ends in the next two quarters starts in europe again rebounding from the biggest drop in four weeks if it secret is point seven percent higher while the dax ended up over eight percent building materials hasn't passed across europe has a french telecom equipment giant alcatel inside jumped nearly five percent after a broken outbreak. here in moscow the r.t.s. index and its collapse on the rise of spanish health percent high on wednesday let's look at some of the individual moves movers is growing and it high on music nearly doubled net profit in the first quarter was nastiness lower following the recent decline in crude prices that's in addition to news the oil company will reportedly lose tax exemptions from certain rules iran and russia and coal miner is a game of better than expected first quarter results for the market is struggling to price a couple of things one is the expectation of dropping demand in the u.s. for

j.p. morgan chase says we're going to see one every five to seven years if we have another recession we could have a much bigger one between now and then we won't ever get to that point so we really have to be very very cautious and continue to create jobs rather than just overall economic growth as a critical priority for this country. and of course one of the things is that although sure we gained a few jobs wages are not going up you know and it's so interesting depressing actually to compare some of these figures that you know wages didn't go up at all between or from february to march if you look at all of two thousand and ten the average worker their wage went up two percent whereas c.e.o.'s their wages went up twenty seven percent if you look at new figures that came out today tells you that the top twenty five hedge fund managers made twenty two billion dollars last year amongst themselves but if the average americans wages aren't going up and now we have gas prices that are rising we have food prices that are rising is it only going to get worse for them. well let's take let's take t

j.p. morgan chase morgan stanley goldman sachs wells fargo bank of america a.i.g. the big banks of america now these people in between are the interlocking boards of directors stephen hall and martin feldstein an f. who is who is on a john chen those goes on and on and on without we don't really need the names but what you see is that there is there are direct links between the boards of each one of these banks and each one of these media companies so you wonder why was it so easy when george w. bush went to the media and said you know the big banks need some help. there's these connections it's all about connections and maybe we should be thinking about legislation that says you can only serve on the board of one company. time for our daily poll your chance to tell us what you think here's today's question s. and p. is warning about a new five trillion dollar big bank meltdown will the u.s. taxpayers with this bill your choices are a yes we'll do it on the back of the new deal by social security unemployment minimum wage or no we will all see the right and start r