j.p. morgan chase and they have been working on a settlement. it is suspected they place deceptive bids in 2011 to profit from energy trading resulting in $100 million in unjust profits and j.p. morgan chase could pay $500 million including penalties. no word on how much goes to ratepayers. >> san jose state suspending five of the on-line courses after more than half of the students fail the final exam. the school teamed up with palo alto-based company to set up low-cost math classes and some say they would have done better if they had more time. something now is being evacuated. the pilot program was launched with much fanfare back in john. the governor brown helped broker the deal and was on hand for the initial announcement at san jose state. >> break news from alameda where two men trying to hold up a store were confronted by an off-duty sheriff deputy. abc7 news reporter amy hollyfield is outside the bonfare market. what happened next, amy? >> they believe that both men who tried to problem this store were armed. one of them is on the run. t

j.p. morgan chase settled over charges the nation's biggest bank manipulated the state's energy market. rding to today's "los angeles times" j.p. morgan chase has been negotiating a settlement with the federal energy regular whattory commissions and state energy manager suspected the company was involved in placing deceptive bids in 2011 to profit from energy trading. they say that the scream resulted in $100 million in injust profits and j.p. morgan chase could pay $500 million including penalties. though word on how much of that goes to the ratepayers. >> are you ready for a weekend warmup? mike? >> well start with temperatures starting in the not by at this time where it is coolest in novato at 47 degrees and petaluma is 50, and we are at 52 in santa rose and san rafael, mill valley, at 53 and 55 sat sausalito and american canyon is 57 and some our cooler temperatures are 52 in san ramon and 55 in lafayette and a change right there with alameda and newark and redwood city at 57, and 58 in cupertino. from the exploritorium this morning, you can see the low clouds hanging around the day

j.p. morgan chase with manipulating the energy market by charging california and the midwest electricity gridsmes prevailing power prices. according to regulators and j.p. morgan's susidiary, j.p. morgan ventures energy corp., engaged in eight minutes to if techniques, which took advantage of power market rules, to obtain payments above the market rate. just across the wires, j.p. morgan chase is already assembling with the government and paid a $410 million fine. 125 million of that will go to rate payers, although the company disputes the charges. >> watching wall street this morning. future trading show all three indexes in the positive this morning. investors are waiting for a series of major economic reports later this week. tomorrow the government will report their first estimate of u.s. economic growth for the second quarter. on friday it will publish its monthly job survey. >> here is a look at the closing numbers. the dow fell 36 points. the nasdaq fell 14 points. the s&p 500 fell six points. >> the federal reserve meets today although no one is expecting any changes in policies. the

j.p. morgan chase is a little bit better but even j.p. morgan chase feels in comparison to the smaller banks that have a more you know a simpler to understand more traditional business model so by choosing this implied government subsidy out forcing the market to fund these became us in a way where they clearly understand their money's at risk i think there's funding costs will go up significantly and that by itself will prate a tremendous pressure to downsize and break up i would like to see the market do it that i think it's very difficult for congress or even regulators to say you know you're awful size is one point five trillion or you should be more than x. percent of g.d.p. or it's arbitrary it's probably going to be game a bull in the market i think again if you if you miss the market the government subsidies are over with that they will they will find the market will find the optimal size of a sufficient size of these financial institutions for that difficult to convince the market that it is i mean that's one of the reasons why i

j.p. morgan chase is a little bit better but even j.p. morgan chase feels in comparison to the smaller banks that have a more you know a simpler to understand more traditional business model so by teasing this implied government subsidy out forcing the market to fund these became us in a way where they clearly understand their money's at risk i think there's funding costs will go. significantly and that by itself will prate a tremendous pressure to downsize and break up i would like to see the market do it that i think it's very difficult for congress or even regulators to say you know you're awful size is one point five trillion or you should be more than x. percent of g.d.p. or it's arbitrary it's probably going to be game mobile and the market i think again if you if you miss the market the government subsidies are over with that they will they will find the market will find the optimal size of a sufficient size of these financial institutions was that difficult to convince the market that it is i mean that's one of the reasons why i wr

j.p. morgan chase and federal regulators. the government accused j.p. morgan chase of manipulating u.s. energy markets and forcing californians to pay more for power. experts estimate that the settlement could be between half billion to $1 billion. >> happening today, the former executive director for sanitation district in marin county is scheduled to make the first court appearance on charges of embezzlement and money laundering. this is bret richards during an interview. he resigned as the his of the sanitation district and then just disaffaired and accused of taking $350,000 housing loan that he never used for housing. rip arrested was arrested in the philippines a few weeks ago and bail is $1 million. >> 150 people including several in the bay area now face possible charges in the large of the nation-wide sting to date focused on child sex slavery. we were the only local tv team allowed on the raid with sweeps over three days in hair, oakland and richmond. 76 cities were targeted with the largest number of children, a group of children, were rescued in san francisco. >> celebrities

j.p. morgan chase of manipulating energy markets and forcing those in california to pay more for power. lators are close to a deal. they accused j.p. morgan chase of boosting profits in california and the midwest. the government has fined britain's second largest bank $435 million for electric price manipulation. supporters estimate the settlement could be between half a billion to $1 billion. >> a 58-year-old woman is under arrest in washington, dc, suspected of vandalizing the national cathedral with green paint. the church was the third washington, dc landmark defaced in five days. similar paint was discovered at lincoln memorial and on a statue on the national mall. investigators have not said whether all three cases are connected but the paint looks to be a similar color. authorities say the suspect was arrested yesterday near the national cathedral. she is charged with defacing property. >> investigators are on the scene of a head on train collision in switzerland that injured 35 people. it took hours to free the driver of one of the trains from the wreckage. he died. the accident

j.p. morgan chase and wells fargo, big week for the bang-- for the.nd christies is selling one of the first apple computers ever built. an apple 1 compute we are an estimated value of up to $500,000. and on friday, we will get the measure of wholesale inflation when we see the producer price index report coming out. and finally today, america's symbol of freedom, again, welcomed visitors from near and far this weekend. the statue of liberty reopened several months after super storm sandy swamped lady liberty. the damage to the 12-acre island cost millions dollars repair. she looks refreshed and good for her, she greets 3.5 million visitors every year. that will do it for us. next week, state of real estate is buying and building on the way up. have a great one, everybody, happy july fourth weekend and i will see you next weekend. have a good week look at 'em. living on cloud nine with that u-verse wireless receiver. you see in my day, when my mom was repainting the house, you couldn't just set up a tv in the basement. i mean, come on! nope. we could o

j.p. morgan chase, whether it's aluminum, whether it's copper, whether it's electricity, whether it's oil. the lessons we are hearing are thee things -- first, these institutions can control physical goods and financial contracts based upon these goods, meaning they know more about the trading of these goods because they store the aluminum in two dozen warehouses in detroit or because they are moving the oil in these tankers. they know more about transactions, know more about price, know more about movement of goods, so that means they can trade on inside information. it gives them an advantage in proprietary trading. it means they can manipulate markets. second, these institutions, these banks that own the oil tanker and own the refineries, these banks have access to cheap funding, cheaper funding from the federal reserve, that means us as taxpayers, than -- that they can use to finance their commodities activities. i'll say that again. it means because they can go to the window, they can get cheaper financing, these banks can get cheaper financing. they say there is a lull between their

j.p. morgan chase with manipulating the energy market by charging california and the lowest midwest's electricity grids 80 times prevailing power prices. according to regulators j.p. morgan subsidiary j.p. morgan pinchers energy corp. engaged in a manipulative techniques, which took advantage of power market rules, to obtain payments above the market rate between september of 2010 and june of 2011. and just crossing the wires at j.p. morgan chases are resettling with the government and pain and $410 million fine 120 million of that will go to ratepayers. although the company disputes the charges. >>mark: time warner cable has quickly stopped plans to remove cbs from its lineup in three major markets after initially announcing it would drop the network allowing a fee dispute. not long after time-warner released a statement yesterday saying customers will lose the network at midnight, it said it halted its plans and broadcasters request. about 3 million customers in new york, los angeles and dallas could potentially be affected by this that, which centers made on how much time warner cable pays for

j.p. morgan chase has $14.3 billion in commodities. goldman sachs $7.7 billion, and morgan stanley $6.7 billion. congress and the justice usticement are now questioning whether that allows big banks to manipulate prices of raw materials. >> banks should get back to being banks. they should get back to lending en small businesses and to individuals. s> reporter: in 2003, the federal reserve loosen it had rules that allowed big banks to buy physical commodities such as oil and metals, that's driven up n uces for consumers and, bob, the fed now says they're going to review their ruling. ruschieffer: okay, ben, thanks. it's being called the largest-ever sweep for child prostitutes and the pimps who control them. over the weekend, the f.b.i. arrested 159 people on sex trafficking charges in 76 cities across the united states. they rescued 105 victims, almost all of them girls between the ages of 13 and 17. the f.b.i. will soon have a new director. or.e today the senate voted senatelmingly to confirm james comey. y.e vote 93-1. he was the nu

j.p. morgan chase when they do this the gold isn't actually transferred to the banks it stays with the fedand everything is done electronically or in paper the bank then turns around and sell it the paper promised gold for a profit this market is called the gold carry trade and it's leverage so there is more paper promise gold than what's physically available and we can't say that the price of gold is manipulated by any institution but we do know that the banks have the ability to influence prices of other commodities a lawsuit alleging j.p. morgan was manipulating the price of silver on the comex was thrown out in march but the district judge and knowledge j.p. morgan had the ability to influence prices and the bank did not dispute this also as we mentioned earlier in the show goldman sachs has been manipulating the aluminum market for year and response to bernanke's comments jim rickards the author of currency wars tweeted if i were one of those manipulating the gold markets i'd be really embarrassed now just because it's just so obvious for the federal reserve chairman to tell congress

j.p. morgan chase when they do this the gold isn't actually transferred to the banks it stays with the fedand everything is done electronically or in paper the bank then turns around and sell it the paper promised gold for a profit this market is called the gold carry trade and it's leverage so there's more paper promise gold than what physically available and we can't say that the price of gold is manipulated by any institution but we do know that the banks have the ability to end fluence prices of other commodities a lawsuit alleging j.p. morgan was manipulating the price of silver on the comex was thrown out in march but the district judge and knowledge j.p. morgan had the ability to influence prices and the bank did not dispute that also as we mentioned earlier in the show goldman sachs has been manipulating the aluminum market for year and response to bring a few comments jim rickards the author of currency wars tweeted if i were one of those manipulating the gold markets i'd be really embarrassed now just because it's just so obvious for the federal reserve chairman to tell congress

j.p. morgan chase c.e.o. jamie dimon and the company news letter and the next day he was fired for unacceptable conduct but a hong kong judge ruled today that the firing was hypersensitive and awarded williams one point six million dollars now the video max was a compilation of a crash j.p. morgan by silver campaign now the hong kong judge. decided that the bank jeffries was irrational and they were hyper sensitive to fire this guy for fear of upsetting the. telephone well we just got another scalp of morgan but you know the old juge find the first of many relating to their silver position well it's interesting that hong kong is also the center of where all the gold is working in the world hong kong allowed snowden to go to flee hong kong is now saying jamie diamond he ain't that much so who cares if we've insulted him in this e-mail so you know it's a what do you got along well stick to show don't go out of the woods or one of the former good friends are here but we're all right stay here ever thank you x. .

j.p. morgan chase goldman sachs deutsche bank just to name a few he also went after dick grasso the then chairman of new york stock exchange for receiving excessive compensation at the time it was listed as a not for profit exchange however this attempt was fruitless so one the case in court in addition to whipping the financial services sector in line attorney general spitzer pursued cases in other industries including bringing down several prostitution rings after laying down the wall as a g. he became the fifty fourth governor of new york but only for half a term as his terminal issues conquered him. reversing the investigations on spenser's he resigned after the f.b.i. caught him with his pants down at the mayflower hotel his scandal was revealed just a few blocks from here and what's been called at least faithful city and america he was referred to as client nine and booked his room under george fox his friend and campaign donor and a news conference he stated that he has insisted that people take responsibility for their conduct and he will ask no less of himself the investigation and the s

j.p. morgan chase goldman sachs deutsche bank just to name a few he also went after dick grasso the then chairman of new york stock exchange for receiving excessive compensation at the time it was listed as a not for profit exchange however this attempt was fruitless as grasso won the case in court and addition to whipping the financial services sector in line attorney general spitzer pursued cases in other industries including bringing down several prostitution rings after laying down the wall as a.g. he became the fifty fourth governor of new york but only for half a term as his terminal issues conquered him reversing the investigations on spitzer's he resigned after the f.b.i. caught him with his pants down at the mayflower hotel his stand up was revealed just a few blocks from here and what's been called at least faithful city and america he was referred to as client nine and booked his room under george fox his friend and campaign donor and a news conference he stated that he has insisted that people take responsibility for their conduct and he will ask no less of himself the investigation a

j.p. morgan chase goldman sachs and blackrock to buy up to eighty percent of the copper available on the market so they're already in plans to expand this sort of model where they're able to be a bank that on the one hand can trade on insider information gained from their warehouse which they alone control how fast or slow they are delivered if teddy roosevelt were alive today he'd break these trust up that's the problem the american economy today is you've got these trusts vertically integrated market manipulation inside colluding bankers and politicians who are creating this enormous wealth gap america is now the twenty seventh in terms of where that middle classes to other countries around the world it was number one of the richest middle class in the world now it's number twenty seven and it's dropping like a stone and that can only lead to one outcome max just to be clear goldman sachs says they are market making. they're just market make that ok well so you never thanks much again for explain this all here on the kaiser report thank you max so two for the second half of a whole lot more.

j.p. morgan chase and morgan danly are poorly perceived. ups has cut the profit forecast because of a slowing economy but the markets show the s&p 500 hitting a record high yesterday and, today, we are up but we will call this a breather day, and the silicon valley index is trading higher, as well. more possible problems for lululemon saying customers could still be wearing see-through crow good pants because they buy sizes too small. they made big changes since it recalled the pants in march that were see through and the problem is isolated to those would bought on-line and did not have the by of an instore fitting session. the company has been telling the company the clothes could become more see through when they set. you a it is friday so i will leave that alone. >> if you paid $100 for a pair of yoga pants you do not want them to be see through. >> can you see through the forecast, mike? >> scary. >> i have not seen any of those at the jim not -- at the gym not that i was looking...you can see cloud cover shows flight arrival delays ha

j.p. morgan chase but again all j.p. morgan has been fined millions by the federal government jamie diamond the man at the helm of the alleged criminal activity is still sitting pretty raking in millions of dollars and bragging about how his bank actually benefits from downturns his words in the economy. now compare the cases of s.h.c. capital h.s.b.c. and j.p. morgan with that of martha stewart back in two thousand and four america's favorite home decoration grew was found guilty guilty of conspiracy obstruction of an agency proceeding and making false statements to federal investigators and was sentenced to five months in prison and two years of probation in relation to of insider trading according to the securities and exchange commission stuart avoided a loss of nearly forty six thousand dollars by selling all of her thirty nine hundred shares of im clone stocks back the day before the stock's value fell sixteen percent so why did the f.c.c. the d.o.j. and the rest of the federal government relentlessly pursue the cas

j.p. morgan chase in 2012 was nearly $100 billion. that would fully fund the department of transportation, nasa, the national science foundation, and even bail out detroit. yes, let's look at detroit. this weekend we saw the city of detroit file for bankruptcy. the new stories report detroit is $18 billion short, about a third in its pension funds. well, look at what the financial crisis took from the cities of michigan. over $180 billion. 10 times more than the debt that the city of detroit is juggling. $180 billion in lost property value in michigan alone. who should pay detroiters and michigan back for what was taken from them? the value of their property. now there it's a math problem for you. i would say to my colleagues, please join us in sponsorship of h.r. 129. let's put prudence back into banking and keep the speculators out. mr. speaker, i yield back my remaining time. the speaker pro tempore: the gentlelady's time has expired. the chair recognizes the gentleman from pennsylvania, r. thompson, for five minutes. mr. thompson:

j.p. morgan chase revealed that they had a thirty one percent increase in profits last year as their net income grew from four point nine billion to six point five billion wells fargo also posted large gains net income of five and a half billion that's up nineteen percent over the last year so lose warren says hey let's have a twenty first century glass steagall mr glass mr steele are dead now but you know it's a good name it's a good name and let's separate the wall street gambling banks from your checkbook and savings account banks and see it worked fine from one nine hundred thirty five to one nine hundred ninety nine let's bring it back to anybody object to that i go ok but added i do i think it's absolutely absurd grammys to government to just divvy up this market the problem is that the government's been involved for this for way too long to create a lot of the problems that we're dealing with instead of letting the market wait a second just to his story that it's out fact a problem that it's only with this response act there and never let them fail to those who are probably going to one

j.p. morgan chase, they reported earlier, wells fargo is due out in 12 minutes. they cross. target downgraded, stifel nicolaus. hormel, spam was upgraded by bmo capital markets a. few stocks to watch. bemo, bank of montreal. senator elizabeth warren introducing a bill to break up the banks. the opponent will join us to talk at the top of the hour. then the creator of the bill will join us as well. senator elizabeth warren is here. that should be fiery, to sigh the least. "squawk box" coming right back. good morning. every day we're working to be an even better company - and to keep our commitments. and we've made a big commitment to america. bp supports nearly 250,000 jobs here. through all of our energy operations, we invest more in the u.s. than any other place in the world. in fact, we've invested over $55 billion here in the last five years - making bp america's largest energy investor. our commitment has never been stronger. . >> some stocks to watch. don't use this on "street signs." . >> trademarked. >> stocks to watch, j.p. morgan, banker on the floor 66

j.p. morgan chase bank, which now owns your property." >> moyers: how long did you stay in the house?lived there for 24 years. they wanted $120,000 for the buyout of it, and i'm like, "where am i supposed to find that?" you know, so it goes into foreclosure and you can sell it for, what, $30,000? i was like, "are you serious? "you can't lower my payments or my interest rates "so i can stay in my house, but you'll foreclose on it and sell it for $30,000 or $40,000 or whatever it was?" >> moyers: with nowhere else to go, terry moved in first with a relative, then with a friend. >> and i felt, like, a sense of failure because i've always been able to get back up on my feet. i've always found a way or the money to fix it. and i just couldn't fix it anymore. >> moyers: at the time terry lost her home, both her grown sons, daniel and adam, were living with her. do you think they are going to get their feet on the ground one day economically and be more secure than you and tony were? >> i have my doubts. >> i want to hold him all the way over there! >> okay, you can hold him. >> adam neumann