j.p. morgan chase. she is here on set and will join us in a moment. she saw first hand the criminal activity j.p. morgan chase was taking part in. as tie casinoey pointed out, her main job was to make sure that the bank didn't buy spoiled merchandise before it was tossed into the meet grinder and sold out the other end. she told her managers, j.p. morgan chase was buying bogus mortgage backed securities, oversaid incomes and old dates. they were described as the bottom of the mortgage barrel. they were used cars that had been towed back to the lot after throwing a rod. they sold hundreds of millions of dollar of these mortgages after fleischman repeatedly raised red flags she was fired in 2008. now she is a central witness. what is worse than j.p. morgan chase's criminal activity is the refusal of the justice department to take meaningful action against the bank. j.p. morgan chase paid $6.5 billion in penalties in the end for their massive mortgage fraud they knew all about. it comes out to 104 days of pre-tax profits for the bank. it's nothing more th

j.p. morgan chase. is speaking to us in this broadcast exclusive featured in matt taibbi's piece that came out and rolling stone this week. matt taibbi also with us. elizabeth moran criticized the size of jamie dimon's salary. >> in 2013 alone, jpmorgan spent nearly $17 billion to settle claims with the federal government, claims relating to its sale of fraudulent mortgage backed securities, illegal foreclosure practices act robo signing, it's manipulation of energy markets in california and the midwest, and its handling of the disastrous london whale trade. at the end of the year, jpmorgan received ae dimon 75% raise, bringing his total compensation to $20 million. now, you might think the presiding over activities that resulted in $17 billion in payouts for illegal conduct would hurt your case for a fat "theoan, but according to new york times," members of the jpmorgan board of directors thought that jamie dimon earned and i'm in part quoting, "by acting as chief negotiator as jpmorgan worked of boehn

j.p. morgan chase donated to military veterans. j.p. rgan hired more than 7,800 vets since 2011 and trust me, there's turnt in this now. here to discuss more about the military and veterans initiative is maureen casey, j.p. morgan chase managing director of military and veterans affairs and i personally have to applaud you and j.p. morgan for all you've done for the charity for work, and you have scaled up, with the foreclosed homes on your books. talk about the program, what have you done so far? >> hi, liz, thanks so much for being here. and let me begin by, on behalf of j.p. morgan chase, thanking all of the veterans and their families who served and sacrificed. as you mentioned, we have partnered with building homes for heroes. when we started, our military veterans affairs programs three and a half years ago, we looked at where we could be most impactful as the need of the service members and their families. we looked at it in terms of housing, employment and education. if we look at the housing needs, we looked at the portfolio of

j.p. morgan chase. she is here on set and will join us in a moment. and the criminal activity j.p. morgan chase was taking part in. as tie casinoey pointed out, her main job was to make sure that the bank didn't buy spoiled merchandise before it was tossed into the meet grinder and sold out the other end. she told her mer

j.p. morgan chase, bank of america cut 16.6 billion. but no one has gone to jail for the criminal actions that led to the 2008 financial implosion. the former staffer told of the political magazine he cared about national security and civil rights. wall street wasn't even on his radar. is that a fair assessment and why didn't you go after the change? >> if you look at the settlements that he got from those institutions the way in which we have used that money to give assistance to people who suffered as a result of the financial implosion homeowners that lost their homes as a result of gaming goodies record amounts we have made cases against individuals. one of the statistics you will see individuals have gone to jail we have ongoing investigations that may perhaps produce individual prosecutions. every time we had a settlement with the bank but we have caught out of those settlements is our ability to go after individuals. >> one of the things you are the proudest of this criminal justice reform. you've done things on minimum sentencin

j.p. morgan chase, britain's hbc -- a just royal bank of scotland and ubs. >> today, tough action to enoughorruption in the financial world. it is part of our long-term plan to fix what went wrong in our economy and in our banking system. >> the banks have acknowledged improper behavior by employees first of a number of traders were fired or suspended by cook -- because of colluding with others to fix rates. >> fines are a decision of the independent board of the royal bank of scotland. i think generally, the banking system needs to reflect on the very justified public anger. >> currency minute relation is just one of the serious misdeeds banking regulators have been investigating post up some of the banks find today have also been fine for interest rate manipulation and their roles in a timid -- and activities that led to the financial collapse. they are considering other financial institutions, including german banks suspected of currency manipulation. >> time to look at how the markets -- markets performed on wednesday. the dax in germany was down by more than 1.5% closing and 92.10. the

j.p. morgan chase, royal bank of scotland, hsbc and >>> sales at j.c. penney fell and shares of the retailer followed suit. the company's loss was smaller than expect as as a drop in operating expenses helped improve margin. but shopping momentum dwindled after back to school sales. after the share initially fell, during the regular session the stock rose almost 8% to $7.76. >>> american eagle guided higher, lifting shares in today's session. the teen retailer pointed to reduced mark downs and lower expenses. the company will officially report its results in a few weeks. shares popped at 10% ahead of that to $13.80. >>> visa homes posted the first full year of profitability in eight years and beat estimates by a wide ma the home builders results had better margins and a tax benefit. shares fell 3% to $18.62. >>> shares of sea world tanked today after it announced a disappointing third quarter fall as it's been dealing with controversy over its treatment of killer whales. shares tumbled 9.5%. >>> investors bought up shares of twitter after they outlined

the settlement includes citi- bank, j.p morgan/chase, royal bank of scotland, h.s.b.c. and u.b.s.ulators said they failed to prevent employees from gaming the system at the expense of clients. >> we expect firms to put conduct and their consumers at the heart of their business. firms need to take responsibility for fixing the cultural weaknesses that have led to the problems from the sales' floors to the trading desk. and we're playing our role in trying to improve standards across financial services. >> ifill: in a related probe, the u.s. comptroller of the currency fined j.p. morgan/chase bank of america and citi-group another $950 million. >> woodruff: a harrowing scene played out today at the brand new one world trade center in new york two window washers had to be rescued from 69 stories up. firefighters smashed a glass panel to bring them inside after they'd dangled for more than an hour. a building spokesman said one of the cables on the large scaffolding broke and left it hanging at a sharp angle one world trade center replaced the buildings that were destroyed in the 9/11

j.p. morgan chase, and ubs. paying for than $3 billion to settle charges of wrong doing in foreign currently markets. >>> and the worst airports for winter travelers. chicago's o'hare to be the worst, 42% of winter flights delayed. newark, denver and ft. lauderdale, more than a third delays in the winter. >>> a sure sign that winter is on the way. the building hype around black friday. more than two weeks away. but several major retailers are jumping in, giving a sneak peek. target, best buy and walmart releasing planned deals now so black friday shoppers can plan accordingly. some are in line two weeks ahead of time. there they are. forming outside of this best buy in beau month, california. they're bundled up and settled in. they have a lot of food and layers. waiting. and they'll be waiting for 16 days to get in and get whatever it is is worth that. >> they must not have heard the weather forecast. they need more than a blanket like that. space heaters. >>> the final days of robin williams. new details about

j.p. morgan chase. the company expects another 3000 jobs in its mortgage and credit edition to be cut. wells fargo and bank of america have also been cutting jobs as the refinancing business is declining. alibaba group is moving full steam ahead to invest in hollywood. the chinese e-commerce giant prefers to invest in specific films, rather than movie studios. alibabal bloomberg news wants to become a bigger player in content distributional by using customer shopping and viewing data to predict which films will become hits. incarnation of the silk road, the black market internet site known for drug trafficking, has just been shut down by the fbi. the alleged mastermind is a 26-year-old san francisco man. he is just been arrested, accused of running one of the most extensive criminal marketplaces on the internet. ago today, shares of twitter started trading on the new york stock exchange with much excitement. it has been a rocky road for the stock. a roller coaster for the company , which gave birth to the tweet, htag, and many other names. the stock is down. interfaces numerous challen

j.p. morgan chase bank will pay $3 billion to cover wrongdoing in the foreign currency exchange market. o'hare is said to be the worse for winter travelers 42 percent of winter frailties delayed. newark and citizen and for the laid detail have a third delayed in the winter. with black friday two weeks ago major retailers are getting a jump on the holiday season. wal-mart is releasing their ad now and deal seekers can plan accordingly. a few black friday shoppers are in line with shoppers our the best buy in california are under the plan coats and tents in for the wait. that is america's money. >> do they know something we don't know? are the bargains that good? >> 16 days in the elements like that... >> it is sports shopping. the competition thing. >> is that what it is? >> you are not there. >> it would not be fair to the competition. >> we are competing for rain the next 24 hours. visibility shows inning for on live doppler hd so well on the national weather service headed to the ferry building aglow in the world series october orange. the golden gate bridge is easy commute. no fog. l

j.p. morgan chase to phiser -- the good news is that unemployment rates for post 9/11 vets have gone down over the years with a slight up tick last month to 7.2%. but rates are still consistently above national averages and experts say it doesn't give the whole picture. >> the mission is certainly not accomplished. 80%, that's 80%, of veterans stayed in their initial job for less than two years. so that's completely unacceptable. and we really need to understand the reasons why veterans take jobs and then leave them so quickly. >>reporter: 22% of veterans had more than six different jobs since transitioning to civilian life and some might have to do with the quality of jobs. veterans are underemployed at a rate of 14% higher than the rest of the u.s. workforce. other experts say education might be part of the problem. 30% of veterans have completed an associates degree or higher compared with 44% of their civilian peers. but whatever the solution, veterans o veterans advocates worry the issue of veteran unemployment is only going get more press. >> there's a huge group of folks about to c

j.p. morgan chase, citigroup, ubs ag, and bank of america were proud to be negligent in traders collusion to run global currencies. the british financial conduct authority unveil the penalties. >> they put their own interest ahead of their customers, they manipulated the market and abused the trust, i think, of the public, certainly, plus as regulators. the bank's failure to establish adequate controls is what allowed the traders to manipulate the fixed rates around the world, and failings like this seriously undermine confidence in the market and undermine the intent to perform banking culture. new figures show u.s. police forces were responsible for the highest number of shooting deaths in 20 years. according to the fbi, police across the united states fatally shot 461 people last year. the news comes as the family of michael brown appears before a u.n. panel in geneva investigating the u.s. record on torture. the family attorney called for reforming u.s. law enforcement toward community policing. we are here to say that michael brown junior deserves justice, number one. number two, tha

j.p. morgan chase and citibank and hbsc.th fines totaling more than $4 billion. pop culture lead now and eminem, have never gone together and there has been social media outrage to some, shall we call it, colorful language that the rapper used at the concert for valor in honor of veterans day. >> d.c., happy [ bleep ] veterans day! >> because nothing says thank you for your service like an f-bomb. the rapper's potty mouth instantly sparked criticism on twitter and some people questioned the decision to include eminem in the lineup to begin with and others chimed in what better place to show case freedom of speech in a tribute for those who fight and die for those freedoms and eminem wasn't the only artist raising eyebrows and the boss, bruce springsteen who has had over a billion songs in his music catalog, he's been widely criticized for teaming up with the foo fighters for the anti-war song "fortunate son." ♪ ♪ ♪ >> of course, that is want an anti-military song in any way, that's a song about fat cats, connected people sen

j.p. morgan chase and other institutions. >> ifill: the price of oil kept falling around the world today, after saudi arabia cut prices for u.s. customers. oil finished near $77 a barrel in new york trading, putting more pressure on energy stocks and wall street in general. the dow jones industrial average managed a small gain up 17 points to close near 17,384; but the nasdaq fell 15 points to close at 4,623; and the s&p 500 dropped five, to finish at 2,012. >> ifill: still to come on the newshour. on the ground reports from kentucky and wisconsin. the analysis of mark shields and michael gerson. how money was spent on the campaign trail. young people weigh in on the negative messaging in campaign ads. debating what the election could mean for immigration reform. and how it could affect efforts to tackle climate change. plus, the possibility for a tie in the senate. >> woodruff: in one of the three states where polls close in less than an hour, kentucky. senate republican leader mitch mcconnell hopes to prevail over his democratic challenger, alison lundergan grimes. and if republicans ca

j.p. morgan chase's worst nightmare by the journal journalist who broke the story. ♪ let us be lovers, we'll ♪ i've got some real estate here in my bag ♪ ♪ it took me four days to hitch-hike from saginaw ♪ ♪ "i've come to look for america" ♪ so i can reach ally bank 24/7, but there are24/7branches? it's just i'm a little reluctant to try new things. what's wrong with trying new things? feel that in your muscles? yeah... i do... try a new way to bank, where no branches equals great rates. thank you. ordering chinese food is a very predictable experience. i order b14. i get b14. no surprises. buying business internet, on the other hand, can be a roller coaster white knuckle thrill ride. you're promised one speed. but do you consistently get it? you do with comcast business. and often even more. it's reliable. just like kung pao fish. thank you, ping. reliably fast internet starts at $89.95 a month. comcast business. built for business. >>> a new bombshell investigative piece. the first eye witness account from a whistleblower at one of the biggest banks in the world. how the bank knowingly rip

j.p. morgan chase and he said this, along with other programs in place are baby steps and should help lessen the speculative volatile nature of the shanghai-asia market. that is why the government is highlighting that importance of bringing institutional investors and the hong kong-shanghai stock connect program. thefully, that will reshape investment base in the stock market. for the global investor, this opens up more opportunities for different sectors to invest in here in the chinese market. if you look at the index in hong eighting off the wie that index is financial-related companies. they will now be able to invest in mid-cap, small to medium sized enterprises in various industries including consumer-related goods and industrials. consumer trend is the big one here. this gives international investors a broader avenue into this market. >> steve, thank you very much indeed. joining us from shanghai as we get the hong kong-shanghai connect underway. let's find out more on the story which is dominating headlines. >> hong kong bracing for legal action at any moment. papers published over t

j.p. morgan chase, michaels, the south korean banking attacks. on "60 minutes" last month, the f.b.i.irector said there are two kinds of big companies in the u.s. those who have been hacked by the chinese and those who don't know they've been hacked by the chinese. and i was the other states are doing it. so today we've seen these incidents nearly focused on data breaches and industrial es piyoneadge. what keeps me up at night and i'm sure you as well and the worry that we could face a true cyber attack that we haven't really seen yet that actually causes significant damage to get the same kinds of facts through cyber that -- that traditionally you'd see through use of kinetic weapons. and we know that that technology is out there as you know. and so my question is, you know, we know who and how we will respond if we saw an attack using kinetic weapons, missiles or bombs. we have either the pentagon or the law enforcement agencies would respond to the national guard or the captains in those cases. but what confidence can you give to the american people? what can you say to the america

j.p. morgan chase. >> there is a lot of information in a small place, i was hired as a deal manager.i had been a securities lawyer at jpmorgan i was not working as a lawyer. as for obligations, i believe that i witnessed a crime. >> i'm still not clear, did you work for jpmorgan? >> as a jet -- as a deal manager. >> what is a deal manager? when you have places like countrywide making these loans, i was at jpmorgan and we would buy those loans and sell them to investors. i was the person coordinating to make sure those loans were up to quality. >> we will come back. >> we will talk to steve miller, a guest host about his outfit for the retail industry. >> good morning everyone, bloomberg "surveillance." toa moment we will try to go china with our president but right now we are here. a former securities loiter, alain fleischman. the $9 billion witness. i'm trying to figure out what we should walk away from this with, i asked why you went to matt with this and i asked for a reason because he is better than any other finance writer that i know, including myself, he is better at channelin

j.p. morgan chase and all thinking of median incomes because they are not dealing with median incomes bute new mediocre is a stagnating income overtime that is not going anywhere. is that a problem for the stock market going forward? will that eventually catch up with us, this lack of consumption? >> i think a lack of consumption is more of an issue for gdp data than it is for corporate earnings. corporate earnings is much more business investment. companies need if you like they have more clarity and a greater visibility into the future before they continue to invest. we mentioned it a little bit when we were talking about deal flow and whether or not we would see companies reinvest in themselves. what we really want to see as i was saying before is the. we want to see companies invest back in themselves and say we have this confidence in the future. that in and of itself will be a propeller for earnings and we expect them to be the next leg for hiring. >> what are your clients as in terms of policy differential? >> it is a little bit confusing for everyone but everyone feels confident t

j.p. morgan chase says the justice department is now investigates its foreign exchange business. the invest firm revealing the probe in its quarterly filing on monday, saying losses total just under $6 billion. citigroup also expects probes. >> hyundai and kia are penalized up ward of $350 million for overtating the gas mileage on some of their cars. attorney general eric holder said the mileage was off by as much as six miles per gallon. >> consumers deserve the right to know the cars they buy have the characteristic that are represented to the e.p.a. a basic compact at hyundai and kia was flagrantly violated in this case. >> other car makers could face similar fines. ford has overstated mileage on several recent models. it was not part of this settlement. >> when it comes to new home construction, big is in at least in los angeles. >> the monster mansions are changing the way neighborhoods look and pricing out just who gets to live there. >> they've been called starter castles, garage mahals, mcmansions. >> we call these hummer houses. >> homeowners say they are ruining neighbo

j.p. morgan chase, and one of the reasons why essentially that when no further and the media actually had to retract statements saying that it did go further and it created essentially breaches of other institutions is because the bank that was actually breached was very good ed immediately sharing directors associated with that breached other institutions, and that is what is so vitally important every sector have that kind of apparatus. i think that is what we are going to see more of going for wrote -- forward to more maturity within other sectors that are also experiencing impacts, but because regardless of where the breach occurs it will impact financial-services. it is going to impact financial services to the extent of availability. it will impact financial-services to the extent that there is a retail breach which specifically impact financial-services customer accounts. and so i think again that is going back to my initial statement what we recognize is first and foremost, really having that environment protected. when you have the chemistry council you think, yes, there are ente

j.p. morgan chase -- many people think that there is hack into ebody could a bank unless you have a very sophisticated state-sponsored system. but the retailer hacks, you can buy that software on the dark side of the internet. to any little hacker in short basically by the hacker for retail systems. host: four countries have put the chip and pin system in place, has there been a of data breaches? guest: chip and pin is really the solution. in those countries, there is much less fraud at the retail level. the question is whether the fraud is going to migrate online. right now, america is one of the easiest places for the hackers to play because our so easy to hack -- because we are using the magnetic stripe. the real question is, what is going to happen and development of better systems? -- and the -- quite frankly, the work is still being done. host: has there ever been efforts to bring debit cards up to the same security standards as credit cards? guest: well, consumer groups report putting them under the same standards. they currently are not; however, the big problem is, even if they were, the mone

j.p. morgan chase and like bank of america and defense contractors and so on, these are the big spenders on politics. federal government activities are part of their business plan. and they do get a tremendous amount of business from the federal government, and that's part of why they are political players. so, we'll be looking at that later but i think for politicians, you know, they're raising the money they need to get elected. they do it based on how much television time do i need to buy, what do i need to for get out the vote, for campaign buttons and all those other things. they raise the money they need to do that. i think there's a certain point in raising money when you get beyond the rate of return, how many more ads running are going to, you know, if you do five more negative ads a week will that put you over the top as opposed to not doing them. in terms of getting back to the question of how much we have spent compared to other things, i think it's a ridiculous comparison. the real problem is that we've done away with so many limits on outside spending and who can spend and tha

j.p. morgan chase, target by the south korean banking attacks. the director said there are two kinds, those that have been attacked by the chinese and those that don't know they have been attacked. the other states are doing this so to date we see the the incidence is being focused on the data breaches and industrial espionage but what keeps me up at night and i'm sure you as well the worry that we could face a true cyber attack that causes significant damage to the same facts that traditionally you see through the use of kinetic weapons. we know that technology is out there as you know. we know how we would respond if we saw an attack using the weapons or missiles how they would respond to protect us in those cases but what confidence can you give to the american people to say that would give them confidence that we have a plan in place and we know how to respond if either we saw the planning stages ready to be executed or if it was being that the order was giving and was underway that we could stop at this point is there a sufficient mechanism

chase leading up tot crisis. how did you find yourself wedged between a giant like j.p. morgannt like the justice department. >> as a deal manager working with the due diligence managers, i saw some things there that i thought was wrong and raised them up through management. and eventually wrote a letter setting out specifically what i was seeing on one deal but also general problems with the diligence across the board. so years later when these investigations started, the sec spoke to me and took some information and then really the d.o.j. out of sacramento broke the story wide open using the testimony and information from that letter. >> and when you say you wrote a letter about what you had seen and some of the practices in that group, what exactly was that and why did it strike you at suspicious and why would that been something that then would have been of interest to the sec and d.o.j.? >> the first flag was when we had a new diligence supervisor coming in who was senior who wasn't send emails and would tell us we couldn't send emails to him. which is exactly what you exp