j.p. morgan chase. so it's important to realize that j.p. an chase and its management is not responsible for the total amount of this problem. >> ifill: but they're also not being excused from that in part of this deal which is what they want, right? >> well, that's true. and as lynn pointed out, there could well be other litigation that grows out of this and that's one of the things we have to see how that plays out. >> ifill: lynn stout, one of the things we lose sight of is exactly how to fix people. so if you are an affected homeowner who got one of these toxic loans sold to them by this bank, do you get any kind of repayment for that? >> well, there's about $4 billion set aside for homeowner relief. that sounds like a big number, but the fact is the mortgage market measures in the tens of trillions. so i'm sure there will be some homeowners who will be very glad for a little bit of relief but it's not going to make that much of a difference for most homeowners. the big effect of this settlement is the possibility that it's going to creat

j.p. morgan chase is a top of it the idea of too big to fail is huge worthy and so is the fact that j.p. morgan is at the top of the list because the bank is so sleazy it makes me wonder what the hell the j.p. stands for paying with just profit any way you can that anyone thinks and here's the latest sleazy news about the bank it just came out that it was paying seventy five thousand dollars a month to the daughter of china and the prime minister whose family has billions of dollars they supposedly hired her as a contractor i would say she must be a damn financial wizard but the truth is she's not all that special because j.p. morgan loves to buy influence in other countries by giving money to rich people's kids to secure math the profitable contracts for themselves they do it a lot they also hired the daughter of a chinese well wait official and magically the banks the cured business from the state run china where away group so now an investigation is underway to look at how j.p. morgan is spending money to buy influence because that crap is against the laws under the nine hundred sevent

j.p. morgan chase the nation's largest bank finally agreed. a thirteen billion dollars settlement with the justice department over its role in the two thousand and eight financial meltdown on paper at least the settlement looks like a great deal at thirteen billion dollars fine is the largest handed to any u.s. corporation ever in fact it's almost three times as much as the four point five billion dollars fine b.p. paid after the two thousand and ten gulf oil spill but as we've learned on wall street on wall street things aren't always as they seem just as the triple a plus mortgage backed security that went up in smoke and so upon closer inspection this record settlement actually looks like just another wall street rip off that's because more than half of that thirteen billion dollars fine around seven billion dollars is entirely tax deductible in other words thanks to the settlement j.p. morgan gets a tax break remaining six billion will be split between a two billion dollar non-tax a doctoral fine and a four billion dollars payment to help

j.p. morgan chase the nation's largest bank finally agreed to a thirteen billion dollars settlement with the justice department over its role in the two thousand and eight financial meltdown. on paper at least the settlement looks like a great deal of thirteen billion dollars fine is the largest handed to any u.s. corporation ever in fact it's almost three times as much as the four point five billion dollars fine b.p. paid after the two thousand and ten gulf oil spill but as we've learned on wall street on wall street things aren't always as they seem just as the triple a plus mortgage backed security that went up in smoke and so upon closer inspection this record settlement actually looks like just another wall street rip off that's because more than half of that thirteen billion dollars fine around seven billion dollars is entirely tax deductible in other words thanks to the settlement j.p. morgan gets a tax break remaining six billion will be split between a two billion dollar non-tax the doctor will find in a four billion dollars payment to help struggling homeowners we'll see how much o

j.p. morgan chase tweeted "bad idea," what did they expect? i don't know. >> mocking on twitter? never. thank you. today, the marines are expected to release the names of the four marines killed in a training accident if san diego yesterday that were killed. foes are vetting. -- the marines are investigating the deaths. >> two supervisors have been pulled off the president obama's security detail. the "washington post" reports that an agent allegedly tried to get interest a woman's washington, dc, hotel room, after realizing he left a bull health behind. an investigation into the matter turned up a possible inappropriate e-mail exchange by the supervisor and another supervisor with a female subordinate after the scandal last year involving prostitution and drinking before a presidential friendship in colombia. >> part of a civil warship has been removed from part of the savannah river, with archaeologist believing it will take two months to raise the entire warship that was to protect savannah during the civil war. >> looks like an old ironclad that sat low in the water with a bad tende

j.p. morgan chase. expecting a settlement to be announced quickly. there appears to be sticking points. us what they are and what the prospect of resolve it soon? what time frame were you expecting? >> soon, soon. that's an operative phrase. he associated attorney general has been leading our side in connection with the conversations. they are ongoing. been k they had productive. to get into the nature of what we were talking about other than to say that i xpect one way or the other, we will resolve this soon. we will have an agreement or we will be filing a lawsuit. perhaps tony could elaborate. >> we're not in a position to announce anything today. >> thank you very much. on, hold on -- are there other questions. general. torney >> i can't help that almost four years ago today you were at the your and announced decision. it's four years now. t's a military prosecution that's taking place. do you stand by your decision then? the prosecution would have been over by now if it were in a civilian court. the last four years, not to be egocentric about this, but i was right. access to docume

j.p. morgan chase agreed to pay $4.5 billion to investors. jp more dan bought bear-sterns in 2008. and they said the settlement does not include claims involving washington mutual whose banking operations it also bought in 2008. and this deal is not part of jp mormorgan's settlement with the government involving morgan securities. >>> it's the kalamazoo promise. move into the city, and your kids will get a free college tuition. >> literally like bought a house within two weeks without selling our other one. people said you're crazy. i said someone will always live in the suburbs. but i want my kids to go to college without debt. >> popcorn and the sweet smell of success. we'll go to a factory that has been in business for generations. >> 70 years ago it was glen miller the famous band leader who put a city on the map in a song ♪ i got a gal i'm not going to sing it, but in kalamazoo. they have a college program. the kalamazoo promise is now modeled at other cities and philanthropists around the country that they're trying to emulate. >> donny washington is already thinking about gr

j.p. morgan chase agreed to a record settlement with the justice department today over mortgage practiceshat drove the financial crisis. the price tag: $13 billion. good evening. i'm gwen ifill. >> woodruff: and i'm judy woodruff. also ahead this tuesday, president obama personally appealed to senators to hold off on additional sanctions on iran. we have an exclusive interview with white house national security adviser susan rice. >> ifill: and we remember one of american history's most revered speeches delivered four score and 70 years ago today, abraham lincoln's gettysburg address. >> the speech is powerful in

j.p. morgan chase will pay thirteen billion dollars for its part in the financial crisis of two thousand and eight the bank acknowledged serious misrepresentations to the public and investors about the real state of toxic mortgage loans leading up to the financial crash and it's not all over for j.p. morgan the criminal part of the investigation will continue as well as charges over dodgy hiring practices in china and the huge london while trading losses ukrainian government has suspended preparations to entering the free trade zone now with politics involved as well as the economy playing its part to with the iranian energy minister commenting that the decision was based on the best economic interest of his country. now we've got i like who you are saw scale correspondent in ukraine for us giving us a full report on the details as to what's going on let's say one of the main. my men that. well the main issue at the moment is that the government of ukraine decided to take a u. turn hundred eighty degree u. turn from what was said about two months ago by joining the european union for a free

j.p. morgan chase for misconduct that contributed to the global financial crisis that brought our economy to its niece. >> the $13 billion deal with the justice democratic and states requires j.p. morgan to shell out $9 billion in penalties and compensation to settle civil charges that it and two banks it acquired during the financial crisis misled investors about the quality of mortgage investments that contributed to the housing crisis. $4 billion is ear marked for consumer relief, including measures to help struggling homeowners and combat blight in areas with high foreclosures. during a conference call, the bank's chief financial officer indicated the sting may not be as painful as the headline numbers suggest. >> it's our understanding that a $2 billion penalty will not be tax deductible, but the remaining $7 billion of compensation paid will be deductible for tax purposes. >> also part of the deal, j.p. morgan admitted it made serious misrepresentations to the public. the settlement does not absolve it or executives from criminal charges stemming from its mortgage practices. >> in a

j.p. morgan chase and washington mutual. america was forced to buying merrill-lynch. one of if worst ideas he's had, differentiate. with regard to wamu, no. with regard to bear stearns. i think it would be not just unfair, but bad public policy to them for having act with yeszed from serious pressure takethe fnts shl people to over bear stearns. if each of you individually could have done one thing the crisis, ing either before, after, during, i care, individually on your would it have been? start here. >> i thought about this a lot. i think communications the hardest thing to struggle with. describe it, we had one microphone but two different audiences. we wanted to project confidence to the markets but wanted the congress to know how terrified we were. but honestly to cat lose them to move. if we let the markets know hower iffed we were, it would have destablized. i don't have a better answer for solve that, but maybe better communication with the congress so they could know how we were. maybe that would have made the political process a little easier. >> i haven't

j.p. morgan chase is close to agreeing to a $13 billion settlement of civil and state robe into the mortgage business. this is the largest ever amount paid by a financial firm to settler with the u.s. government. futures this morning are pretty quiet. how much do you think drop box is worth? the san francisco based company brings cloud storage and a way to share files and is seeking new funding $260 million that could value the company at more than $8 billion. that is twice what the value was a couple of years ago. when you think of mcdonald's you do not think made to order, but that is how it is being served where drives make their custom burger selection on ipads. mcdonald's is experimenting with food that takes longer to make. the burgers come with a choice of more than 20 toppings and they cost more than a big mac. >> we are coming up on 5:15. global spending on prescription medicines will cross the $1 trillion mark next year. north america, europe, and japanese markets see modest spending increases but emerging markets see double digit growth rates with break throughs in medicine for ar

j.p. morgan chase & co., and others. >> ceo, engineer, corporate leader, and citizen mom. her story--amazing, her journey through the corporate ranks, inspiring. her name-- ursula burns. "the history makers," the nation's largest african american video oral history archive, is proud to present "an evening with ursula burns." and now to our host, veteran pbs tv journalist, ms. gwen ifill. >> tonight we bring you the extraordinary story of one of the nation's most inspiring leaders. she's the president, the ceo, and now the chairman of the xerox corporation, ms. ursula burns. [music playing on soundtrack] [music continues] welcome the most amazing person, ms. ursula burns. hey, homegirl. >> yeah. [laughter] >> we have a little panamanian roots. we'll get to that in a moment. but i'm pretending like we're best friends already. i want to start off by asking you the obvious question, the elephant in the room question, and getting it out of the way. everyone always describes you as "the most powerful african american" so-and-so, whatever job you've achieved. >> mm-hmm. >> doesn'

j.p. morgan chase agreeing to pay $4.5 billion to investors over mortgage backed securities that went bellyin 2008. that's on top of a 13 billion-dollar deal with the government, j.p. morgan came out of financial crisis with a golden reputation. so what happened? here is michael seymore now president of private wealth strategies. mike good to see you. >> thank you, arthel. what was the date used to get these investors object hook in the first place? were the investors blind sided or did they know what he they were getting into. >> if you want me to tell it you, you know, maybe a bedtime story once upon a time the chinese had billion dollars and billion dollars of dollars of orders on wall street trading desk do buy a.a.a. rated securities. and the wall street firms, of course, we don't want to disappoint the good fairy of china. so they made lots and lots of these securities. got the security ratings to rate them aaa. many investors because the market was so brisk this these securities thought they are good enough for the good fairy of china and all those billions maybe they are good enough

j.p. morgan chase. stuart: i think you're right, liz. and close to 16,100 not quite there.is that we've reached 4,000 on the nasdaq. some of the big tech names which are at home in the nasdaq, they're going straight up this morning, 4,000 for nasdaq. it is, of course, the biggest shopping week of the year, black friday just a couple of days away. do you think big stores like toys "r" us will have their act together? according to our retail vigilante, yeah, he's back, that's not the case. look at those pictures, they kind of prove it, right? he's next. ♪ oh, i'm getting nothing for christmas♪ ♪ mommy and daddy are mad ♪ i'm getting nothing for christmas♪ ♪ 'cause i ain't been nothing, but bad♪ (announcer) scottrade knows our clients trade and invest their own way. with scottra's smart text, i can quickly understand my charts, and spend more time trading. their quick trade bar lets my account follow me onne so i can react in real-time. plus, my local scottrade office is there to help. because they know i don't trade like everybody. i trade like me. i'm with scottrade. (announ

j.p. morgan chase and old men responsible for mf global 2011 bankruptcy.t in on the twitter ipo you can still buy a single share. beautiful for framing. selling single share twitter stock certificates. the company predicts it will be a top gift this holiday season, and that is the latest from the fox business network, giving you the power to prosper. ♪ ashley: social needs s looking to move and. the vice president of consulting and a senior analyst. no matter what, should twitter be afraid? >> i don't know if they should be afraid. it should certainly be aware. has to make facebook a top consideration. is it that. one of the biggest risks to the business was a business like facebook, but we are believers that if you looked at the social advertising market that we have projected just for the united states we think within five years that is an $11 billion market, just in the states, not to mention internationally there's a lot of room for growth. to me that is a big enough by for both facebook and twitter to build healthy advertising businesses, not to menti

j.p. morgan chase will announce that they've reached a huge settlement agreement. the beige is accused of sell -- bank is accused of selling troubled mortgage securities. the $13 billion deal includes fines and an agreement to help homeowners hurt in the 2008 financial crisis. $2billion of the settlement could come to california. >>> a little later this morning, attorneys for samsung and apple will deliver closing arguments in a san jose courtroom. it's the final phase of the rehearing for damages on a patent infringement suit. jurors will decide how much money is owed to apple. the judge hearing this case set aside is the earlier jury's decision. >>> and apple is expanding its reuse and recycling program to include water-damaged devices. starting now, you can use the program's website to get a gift card toward a new phone or tablet. the site now asks if the device you wish to send in is damaged because of water. but water damage does cut the trade-in value. if the device still works, you lose about 10%, 30%. f not, you are not likely -- if not, you not likely to g

j.p. morgan chase before mayor michael bloomberg leaves office.city. the police department is denying that ray kelly will move to j.p. morgan. >>> some students in vermont aren't going to be going footloose any time soon because the school banned dances for a year. the school principal says dancing is getting a little too risky. >> dances can't be condoned. they don't represent the values we aspire to. you then have to turn that to a discussion that can hopefully engage kids in understanding it. >> the only dance that will be allowed this year is the senior prom and that is next spring. what do you think about that? caught on camera, photographers who cover rodeos may need tpo -- to get hazard pay. a photographer in canada tossed like a rag doll. then that bull decided he needed another victim. the photographer, we understand is going to be okay but he's got a broken rib and some bruises and that really hurt. >> why was the photographer about 20 feet from the bull? >> because he wants to get close, get the best picture. >> get on the other side of

j.p. morgan chase over that bank's questionable mortgage procedures.me wall street firms are too big, too powerful and too important to the economy to prosecute. >> some analysts say criminal charges against chase would be a truer test. >> s.e.c. didn't pose the same risk to the economy of too big to jail problem, as one of the major money center banks, like city bank, bank of america, wells fargo or j.p. morgan would. if you had one of those banks charged criminally, it would limit their ability to transact business and you'd have massive layoffs, you'd have a real problem for the economy. >> the fines top the $157 million hedge fund manager was ordered to pay, but he is also serving an 11 year prison sentence. prosecutors say criminal charges against cohen are still possible. aljazeera, new york. >> cohen has denied any wrongdoing in the matter. >> coming up, voters across the country heading to the polls today. >> in one state, residents will cast ballots on a special issue. >> why they want to a secede and create to new state. >> the parents of a c

j.p. morgan chase and the government have now agreed to a $13 billion settlement related to the housing meltdownequire $4 billion paying back homeowners. the agreement would resolve civil investigations against the bank of new york and california, but does not mean the bank is off the who can. >> one of the important things that i think is a new development, we're seeing the justice department is looking for guilty pleas, in a number of cases and not settling for low charges. that's what we've seen in the potential settlement, there are criminal charges pending which would not be part of the settlement. >> stock futures a bit lower at this hour, dough futures down seven. here's where we stand this morning, the dough jones industrial average at another all time high of 15,976. the a and p and step thousand 91. overseas, european stocks mostly trading lower in early trading and markets in asia, all arrows in the red. >> home depot earned nearly a half billion dollars over the last quarter. that is $1.5 billion. sales increased 8%. the company expects sales to stay strong. >> electronics, best buy

now, this deal between jpmorgan chase and are fell produce curts across the united states, what's more j.p. morgan admits to misleadings verch leadings investors. now when this deal ends all the civil claims against the bank, it doesn't absolve it of possible criminal charges in the future of fraud. get this: tax experts say up to $7 billion of its fine could be considered as tax deductible. >>> a very different situation: any debt forgiven is treated like income or taxed like income. for the past seven years it hasn't been taxed. including one california woms who told -- woman who told her story to stacy 'ti tisdale. >> in 2010, well wells fargo reduced elisabeth's mortgage so she could afford her payment. under ordinary circumstances, elisabeth 's would have nent a huge tax bill. >> $50,000 on taxes. >> if a creditor forgives your debt normally that's considered taxable income. >> but elizabeth and all of the struggling borrowers, were spared. foreseeing the financial disaster the tax laws could create. george w. bush siedged the mortgage -- signed the mortgage relief in 2011. >> it's a really g

j.p. morgan paid through the nose for sins that a government all but forced down its throat. ? neil: the fact that jpmorgan chase is paying upward of $13 billion for more than 5 years after the fact. the big investment bank taking full responsibility for cash strapped washington mutual mortgage snafus even though they occurred prior to jamie dimon and company snapping up wamu. >> jim tracy says this is extortion. a punishment that expert at the time did not remotely fit supposed crime, that of then, jim with me now on j.p. morgan. >> i mean, it is incredible to me, but sadly any company has to help th the government out has o take a step back and say woe. neil: if you don't, it's like the mob. >> you will get hurt. neil: you can't win. >> almost a settlement right now there will be others, he is going -- he is saying i have to take this, just an increase in act sig cost 5 years after the fact. neil: if they knew at this time, you buy the company you get liability, they say that was written into the grime, that company was going -- that is j.p. morgan would take all liabilitiy and risk, government saying, you kne

j.p. morgan tell me about. the name i was saying this song did we hear it was this on we were actually singing as we were going up the escalator into the chase bank and we were handing out leaflets of information about the things that chase has been doing that has been affecting the climate we were just a few blocks from here yet fifty six fifty six and six avenue it's one of those wealth management banks tom i know you don't know what that means because i know you're broke of course but that's where rich people get together to discuss their stock portfolios and. chase is the top financier in according to our research the top financier in climate changing industrial projects gas oil and coal mostly and we. really i actually did and i don sings extraordinary work we just have literally just have sixty seconds left tell us what your face seen and the people who are watching what website are you going to do and how can i help you. can you hear what ok so it was one year for reverend billy three months for myself. is the the what they offered. us and i believe there is. well we're performing currently at st joe's pub where you get a sense not ju

chase sapphire preferred so you can. . >> sometimes emotions get in the way of making big money. for instance, you may hate j.p. morgan.w a lot of people that do. they are happy they pay $13 million to the government for these fines. you know what? all i care about is j.p. morgan has better earnings power. because my charitable trust owns it. you should be gratified. it gets the government out of the picture to a large degree and you can actually physical out what j.p. morgan can be worth. i got to tell you, it's worth a lot more than it's selling. there is always a bull market somewhere. right here on ""mad money."" i'm jim cramer. i will see you tomorrow! >>> welcome to "the kudlow report." we are live at 7:00 p.m. eastern, 4:00 p.m. pacific. president obama may be caught in another lie on obama care and scott walker is about to join me to talk about it. but first up, we have breaking news. in what sounds like a valedictory speech. bernanke making comments about qe 3 right now. we have an advance copy of the speech and he's all over it. >> yeah, he's going out on a dovish note, larry. the fed chairman saying that he