j.p. morgan chase they never submitted a formal bid. they just gave kind of an informal indication of interest. and then only subsequently said it's time to raise new capitol, we did that. they continued to talk to investors and say they wanted to find a way to still try to do something with washington mutual. and they started talking to regulators, to treasury and others to express their interest that they would love to somehow get a deal done with washington mutual. >> so one of the things you argue in the book is that really the fed put its support more on wall street banks. and then on banks such as washington mutual. otherwise it had grown so much as well. our primary charter was still as a savings bank. and so we would be categorized by them was not a wall street outfit but a main street bank or a thrift. one of the other crosscurrents at her hit during that period was then secretary paulson came up with a study and recommendation that the industry be eliminated and consolidated into wall street. you kinda fed three things coming

j.p. morgan chase. the second was treasury saying how can i take care of my club members on wall street and see if i can find something to merge into them. then the regulators who all started to panic when the financial crisis hit including the fdic said we can do a transaction and put those two together and not have any cost to the fdic insurance front and they were scared to death at the time that the fdic insurance fund was going to go under. i had just paid out a huge amount of money for sales and i think they were all in kind of a panic mode. >> linda, what did you find that would back this up? >> during the summer of 2008, the bankruptcy examiners discovered that j.p. morgan chase had been working the entire summer through september, trying to convince the fdic into receiving washington mutual rid did not price.o pay full but they figured out a the procedure was the best opportunity for them because they didn't have to get the shareholders. they didn't have the mark all the assets down. and didn't

j.p. morgan chase to the tune of $4800000000.00 but it has already been hit with backlash all around with many calling it a disaster for soccer so joining me now to discuss further is victor matheson professor of sports economics of the college of the holy cross now professor the president of the union of european football associations is calling the creation of the super league a complete ignorance of england's football culture why are we seeing such a passionate response in opposition to this project. well the big thing going on here is that the super league would guarantee slots to 12 members that have already that already signed up and actually 15 members at the end would have a permanent positions in this league and that goes totally totally contrary how european soccer has grown over the past century which has opened leagues where you have to earn your right to participate in the league and to stay in the league and the teams that don't do well get voted down and relegated down to or levels we hear that are up and comers get promoted to higher levels. this is not the proposed europe

j.p. morgan chase goldman sachs and wells fargo all in veiled earnings for the 1st quarter and they blew away analysts forecasts bank earnings are riding the wave of optimism that the economy is improving is allowed banks to free up reserves they set aside in case loans went back to. the u.s. president joe biden has set out plans to spend over 2 trillion dollars improving america's ailing infrastructure and industry building clued investments in everything from boats to roads to electric vehicles one company that's played a role in u.s. infrastructure for decades is siemens last c.e.o. of siemens usa barbara hunt and is the company likes what it was hearing from the president indeed i do you know we really needed the investment through the american rescue plan to ensure that vaccines rolled out so that we can begin to get things going again now it's time to turn our attention to the future of infrastructure and siemens is here to help build that infrastructure. yes but he hasn't actually said an awful lot about private involvement in these projects does siemens usa see itself being a votary b

j.p. morgan chase and facebook say they will not have a place back in the office five days a week anymore.hey will be reaching for the snack. tell us about the fundamental of the company how do the evaluations look relative to other sectors. >> the evaluations are pretty good but the food industry is slow-growing but they're defensive because the products doesn't change very much was shipped in the economy and many have dividend yields 3% or more and they trace that 16 times which is a nice discount to the s&p 500 around 22 times. jack: here is my question saturday night i will do something very exciting i'm getting go to a restaurant apparently other people are doing this to, does this mean fewer trips to the grocery store? >> fewer trips to the grocery store this year, maybe a decline in demand, i think it looks pretty good because of the work from home trend, a lot of people got used to eating more meals at home during the pandemic. jack: andrew food stocks have been a way to play a little defense when the market got a little rough. given increased evaluation is that still for food stoc

j.p. morgan chase report later this week.o will more consumer based companies like pepsi and bed, bath and beyond. federal chair jerome powell says the economy is at an inflection point and he expects growth and hiring to pick up in the next few months. powell said he doesn't expect to raise the fed's benchmark interest rate this year. alexrodriguez and are buying the minnesota timber wolves. the sale also includes the wnba team, the minnesota lynx. rodriguez and lori come aboard in the next two years. that's your money report. head to cbs money watch.com for more. >>> back here in the bay area, a look at the local bridges. as more things open up, increased traffic is partly to blame for the prices increasing at the pump. prices are now around $4 a gallon. san francisco and napa are over the $4 mark. san jose and sanda cruz are a little below the $4 line. all of the prices are about $1 higher than a year ago during the shelter in place. high gas prices did not stop people from driving to oakland's lake mary over the weekend.

j.p. morgan chase, and more than $70,000 a year in income what she doesn't have is a college degree. >> did you assume that investment banks were only for college grads, even ivy league school grads >> i had no notion that you would be able to even get a foot in the door without a degree >> reporter: the global bank is actively recruiting people without college degrees through programs that pay them to train in careers like operations and consumer banking. >> i didn't have a degree my future was extremely uncertain. and the program kind of provided a way, a clear way, where i would be able to pursue a career path or journey. >> i only went to college because my parents made me go to college. >> reporter: marc benioff is the founder and ceo of salesforce. >> everybody thinks that if you don't have a college degree you can't be successful in the united states and it's not true. >> reporter: the average cost of a four-year degree has risen to more than $10,000 a year for a public university and 37,000 for private and more than half graduate with an average of $29,000 in student debt then is co

j.p. morgan chase cisco and other corporations that are placing economic pressure on the state former president donald trump says that republicans are now going to boycott the boycotters in support of georgia's election laws for years the radical left democrats have played dirty by boycotting products when anything from that company has done or stated in any way that offends them now they are going big time with woke cancel culture and our sacred elections it is finally time for republicans and conservatives to fight back don't go back to their products and till they relent so now we've got republicans targeting the corporations that are targeting georgia but it gets more interesting before these corporations started boycotting georgia you had liberal activists threatening to boycott them if they didn't liberal activists said that they would boycott coke and other corporations if they refused to stick it to joe. speak with the woman it's this post some a coke you know the corporations that they needed to speak out against racism but if you might sequence about this opposition is they've not liv

j.p. morgan chase citigroup american express and that list just keeps going on and on and just prior to air here major league baseball has announced that it will move the 2021 all star game and m.l. be draft from the city of atlanta due to this law so this raises the question just how effective is this corporate activism we'll call it coming from business leaders weighing in on the political issue and kennett effect change to talk about this let's bring in the host of the news and the exam chaz rick sanchez himself now rick before we get into the corporate angle of this let's talk about this law what are your thoughts on that this is the republican party taking a gun getting the trigger aiming it at their foot and shooting they're literally shooting themselves in the foot they're doing everything possible one can almost help but feel sorry for them this is so incredibly short sighted for the republican party of the united states to send a message to all men. doherty's in america that essentially says we don't want you to vote we are going to make it as difficult as possible for you to vote

j.p. morgan chase cisco and other corporations that are placing economic pressure on the state former president donald trump says that republicans are now going to boycott the boycotters in support of georgia's election laws for years the radical left democrats have played dirty by boycotting products when anything from that company has done or stated in any way that offends them now they are going big time with woke cancel culture and our sacred elections it is finally time for republicans and conservatives to fight back don't go back to their products and till they relent so now we've got republicans targeting the corporations that are targeting georgia but it gets more interesting before these corporations started boycotting georgia you had liberal activists threatening to boycott them if they didn't liberal activist said that they would boycott coke and other corporations if they were. used to stick it to ga speak with a woman it's this post some of the corporations that they needed to speak out against racism with a view might sequence about this opposition is they've lived up to their roo

j.p. morgan chase sold her team million dollars in bonds, the largest bank deal ever.ould be related to recent changes in regulatory relief banks. finally, ceo's of six of the biggest banks are being called to capitol hill to testify next month before lawmakers. we don't know the topic, but many are speculating the tone of the meeting could be tough. back to you. rishaad: su keenan there for us in new york. bank of america chairman and ceo brian moynihan speaking to bloomberg about their results. >> at the end of the day, the economy affects of a bank like ours affects the whole financial system. the good news is this is a health crisis in the very good news is you are seeing vaccine numbers go up and the ability to reopen, and you are seeing people move around, so our spending levels for our bank of america consumer customer base work record in the first quarter. march was the biggest month ever. if you go back and compare it to 2019, they are up 2%. there's a bigger number growing at a faster rate, and yet, people still have a lot of the stimulus in their accounts an

j.p. morgan chase and goldman had a lot to do with the reddit-fueled craze over gamestop, the fervor over and you had both banks and wells fargo releasing reserves for loans that never materialized. there had been a warning that the good times could not last. it looks like profits were outsized, surprising everyone. however, j.p. morgan did report that loans were down 4%, a 14% decline in credit card loans. wells fargo also root -- also reported a slump. that has raised concerns. you did see j.p. morgan stocks go lower. concerns about what this means about loan demand going forward. although the banks tried to put a positive spin on it, that there is pent-up demand that will probably pick up in the second half. back to you. rishaad: thank you. next, richard byworth on all things crypto and the coinbase ipo. ♪ ♪ >> when people called cryptocurrencies, they are really the vehicle for speculations. nobody is using them for payments. it's a little bit like gold. >> this is volatility that will be unstable in terms of investors and analysts understanding what coinbase actually is. >> i believe

j.p. morgan chase managing director and vice chairman of asia-pacific. good morning.eene and lisa abramowicz, i'm jonathan ferro. here's the price action right now. equities are off by 0.16%. it is a mild move lower this morning ahead of a really interesting trading week. cpi tomorrow, retail sales wednesday. yields up a sickle basis point, 1.6 -- a single basis point, 1.6657% on tens. alibaba with a record fine from the regulator. here's the hope for the market. alibaba up by a little more than 6%, on the hope that these issues are behind the company now. tom: i thought there was a wide set of headlines there that really show a new china as well. joining us to drive forward the conversation, and the current -- conversation, enda curran, on the academic politics of the pacific rim. i really want to talk about something out of forge magnus's -- of george magnus's required reads, "red flags." do you perceive that beijing and mr. xi are rebalancing and reforming business over towards more of a state owned enterprise? enda: there's no doubt they certainly are trying to ge

j.p. morgan chase can grow and earn a good return for its shareholders. be faster and more creative. that's an interesting line. it will be interesting to talk about what this bank is good to look like. he is key on ringing people back. -- bringing people back. alix: are you going to be hiring mbas or coders to help with your fintech? over the last two years, i have heard about interns at goldman sachs from m.i.t. and coders. guy: these institutions are going to have to change radically. jamie is about investing aggressively in technology and he has been for quite some time. the european close is up next. the commodity stocks are doing well today. this is bloomberg. ♪ want to save hundreds on your wireless bill? with xfinity mobile, you can. how about saving hundreds on the new samsung galaxy s21 ultra 5g? you can do that too. all on the most reliable network? sure thing! and with fast, nationwide 5g included - at no extra cost? we've got you covered. so join the carrier rated #1 in customer satisfaction... ...and learn how much you can save at xfinitymob

j.p. morgan chase goldman sachs and wells fargo all in veiled earnings for the 1st course and they blew away alice forecasts bank earnings are riding the wave of optimism that the economy is improving its allowed banks to free up reserves they set aside in case loans went. by u.s. president joe biden has set out plans to spend over 2 trillion dollars improving america's ailing infrastructure and industry will include investments in everything from boats to roads to electric vehicles one company that's played a role in u.s. infrastructure for decades is siemens last c.e.o. of siemens usa barbara hunt and is the company likes what it was hearing from the president indeed i do you know we really needed the investment through the american rescue plan to ensure that vaccines rolled out so that we can begin to get things going again now it's time to turn our attention to the future of infrastructure and siemens is here to help build that infrastructure. if it hasn't actually said an awful lot about private involvement in these projects does siemens usa see itself being a votary being frozen out ye

j.p. morgan chase jamie dimon referred to bitcoin is fraud. he later called it not my cup of tea., according to coindesk, jp morgan to offer an actively managed bitcoin fund. that headline just crossing the bloomberg. tom: i am fascinated by the word actively. i get owning bitcoin, and there's easy ways to do it through coinbase and the rest of it, but how? do you actively manage jonathan: i'm -- but how do you actively manage? jonathan: i'm not sure. tom: it is up a lot today. i considered stepping in sunday morning. jonathan: lisa, a serious response, maybe? michael: all the banks -- lisa: all the banks are getting into it. obviously when you have the likes of coin listed on the nasdaq doing so well, you look at their margins when it comes to what they earn, they cannot get into this -- they can't not get into this. it is too juicy. accepting bitcoin or trying to harbor it, how do these banks justify to their shareholders that they are not in it? jonathan: bottom line, the clients want it, the clients get it, and the clients want exposure to it. when we catch up with troy gayesk

j.p. morgan chase did just lift its rating on the company earlier this month.n himself had an offer to pay $50 million out of his own pocket to prop the stock up to show how much he believed in it but it has not helped. the stock fell 9% last thursday, as the company was holding a virtual event. it has been battered throughout the year by short-sellers such as carson block's muddy waters who question the firm's legitimacy. this month was another big blow from grisly research, which issued a report questioning qualifications of teachers used by gsx. gsx called the report erroneous and chen has tried to sound optimistic. but there have been a lot of headwinds for the company and it is being closely watched. shery: bloomberg's su keenan in new york with the latest on the fallout from archeogos. a wild ride, we may brace from one from test out with a report monday. we expect -- from tesla when they report monday. we are expecting a move on options pricing 7% in either direction. we are getting forth -- first quarter earnings and investors watching if test that will

j.p. morgan chase and coca-cola among them. a letter was sent to the ceos the company is not in the business of business applications and two weeks ago, senate minority leader mitchell mcconnell said corporations should not be intimidated by the left and should stay out of politics. he noted his comments did not apply to political contributions. others have questioned whether the ceos have read the georgia bill. in similar fashion i asked those critical of corporate community have read the ad. "the times" reported that some participants wanted this line out that shanall and frazier insisted it remain. here is how it reads. i'd sign that. who wouldn't? but, then again, i'm one who also believes the georgia law has, in part, been m mischaracterized. i had a telephone call in mile program on thursday. chris from nashville identified himself as a former board member for one much big four accounting firms and what he said made great sense to me. >> i think a lot of these companies also, their leaders realize a society with tension a

j.p. morgan chase chief executive jamie dimon. investment honchos that say the better part of valor is to get everyone back in their office chairs. you miss a good chunk of them when they're at home or telecommuting. let's get more with liz peek, fox news contributor. gary calphon, a contributor as well. and investment houses seem to value in-person relationships as an in-person culture that is unique in that industry and that can't be substantive the way it's been thus far. what do you think? >> what is interesting, yes, that in-person culture is important but it's more important to these banks in terms of training their employees. the big problem last summer, neil, is with the whole class of analysts that come in every summer have no interaction with senior people at all. they were mostly at home, some living with their parents, some, you know, in far-flung places. when they're in a meeting looking over their boss' shoulder working on a model or listening in on a phone call, that's when they learn the business. it's an apprentic

j.p. morgan chase, viacom, cbs, breaking and the media are all over the story. >> well, happy sunday, thanksaving me. i think we should put all of this in some perspective. in fact, in 2014 it was justice alito that wrote that corporations are entitled to the protection of religious liberties as human beings because human beings control those companies. in the past, corporations have largely sided to ben's point, someone argue narrow set of objectives, they thought about economic, societal inclusion, last 2 years, last year, we have seen the business round table, we have seen large big ceo's and big company including the last week jp morgan and amazon, the ceo's come out and suggest that they are open to the idea of paying more taxes. they're open to ideas of climate change. howie: you see this as a long-term revolution. let me jump in and we will come back to you, harold. when president biden deflected reporter of moving masters out of augusta, did it highlight inconsistency of espn of yanking the all-star game on moral grounds? ben: absolutely. i think that this is an increasingly hypocrit

j.p. morgan chase and tiffany wilding of pimco. stay with us on radio, on television. ♪ it's moving day. friends are doing the heavy lifting, jess is busy moving her xfinity internet and tv services. it only takes about a minute. wait, a minute? but what have you been doing for the last two hours? ...delegating? oh, good one. move your xfinity services without breaking a sweat. xfinity makes moving easy. go online to transfer your services in about a minute. get started today. so jeff, you need all those screens streaming over your xfinity xfi... for your meeting? uhh yes. and your lucky jersey? oh, yeah. lauren, a cooler? it's hot. it's march. and jay, what's with all your screens? just checking in with my team... of colleagues. so you're all streaming on every device in the house, what?!! that was a foul. it's march... ...and you're definitely not watching basketball. no, no. i'm definitely not watching basketball. right... ( horn blaring ) ♪ jonathan: from new york city for our audience worldwide, the countdown to the open starts right now. 30 minutes away from the opening bell. let's

j.p. morgan chase head of u.s. equity strategy. lots of tech earnings. lots of earnings. today we've got the fed as well, plus the president going to capitol hill. buy or sell volatility with week? which side of the fence are you on? monica: i still like selling it. we continue to see that when people anticipate big events, they don't actually realize as exciting as people are hoping for, maybe because we are all stuck at home looking for a little excitement. that has been the story over the last few months, and it continues to be a trait i like -- a trade i like. recall how well these stocks have done over the last year. i think it is normal to see people managing risk a little bit into a big earnings week like this, and certainly into the summer, when things can get a little slower and liquidity is lighter. kailey: you talked about market having anticipated things. when talking about anticipation, it seems that large parts of the equity market are priced to perfection at this point. so what kind of upside catalyst can earnings be if we have already priced in what some a

j.p. morgan chase and back of america, their franchises in the united states have returns on equities of over 30%. citi cannot match those numbers, so citi will have to take a look at how we get bigger in the u.s. jonathan: we asked this question of sonali, and you can answer it a little more aggressively, i imagine, because he read bloomberg, we have to be double medic. do you see -- have to be diplomatic. do you see a difference between mr. corbat and jane fraser? gerard: absolutely. we expect new guidelines on targeted return numbers, what they expect to be able to achieve with these strategic changes. citi has a lot of work to do, a lot of heavy lifting, but with the new leadership under jane fraser, i acting there ash i think they are going to be able to accomplish new and better numbers for shareholders -- i think they are going to be able to accomplish new and better numbers for shareholders. lisa: in the market, who is winning? gerard: it looks like so far, goldman sachs came out on top in almost all of the categories, whether it was dcm, trading and markets for ficc or equity. but to

j.p. morgan chase all report later this week so will more consumer based companies like pepsi co, and bed,h, and beyond. we will see what happens as the reports come out. >> we will be watching and waiting, thank you. >>> condolences continue to pour in after the passing of prince philip. in the last hour, prince william released a statement on his grandfather's death. he said in part, i feel lucky not only to have his example to guide me but his enduring presence in my adult life through good times and the hardest days. my grandfather was an extraordinary man and part of an extraordinary generation. philip's second oldest son, prince andrew stopped to talk to reporters to give an update on how the queen is handling the loss. >> she described his passing as a miracle. she described it as having left a huge void in her life but we, the family, the ones that are closer are rallying around to make sure that we are there to support her. >> last night the british academy of film and television arts honored prince philip at its award ceremony. he was the first bafta president when the group form

j.p. morgan chase who is saying we have been hobbled by bad policy., of course, have to look in the mirror and see whether they're being part of the solution or part of the problem. they benefitted from a very large tax cut under the trump administration and right now the business roundtable that jamie dimon is part of is defending that tax cut, opposing the way that joe biden wants to pay for his plan. so the question is, if you're serious about wanting to tackle these problems, where is the money going to come from? poppy? >> so interesting because the lyft ceo on this program said they have big ride share company, they do support a 28% corporate tax. but most don't. so is that going to change? i don't know. we'll see, john harwood. thank you very much. >> well, we're just minutes away from testimony resuming in just mun minutes in the trial of derrick sh chauvin. piled high with crisp veggies. on freshly baked bread! so, let's get out there and get those footlongs. now at subway®, buy one footlong in the app, and get one 50% off. subway®. eat fresh

j.p. morgan chase, to deliver 2000 hot meals, part of their home court is this program. this is the fifth meal distribution event here today, meals will be from brenda's soul food in san francisco. they will be delivered to the castro lgbtq cultural district, and tenderloin neighborhood development corporation. >>> sam adams is giving out money to encourage people to be vaccinated. starting on monday, if you post your vaccination sticker or your bandage, the company will send you $7 through cash out, for a beer at your favorite bar. remember to include the hashtag though shot for sam, then tag sam adams on instagram or on twitter, and then, why did i feel like a lot, check for the message, you will get the beer. >> so many steps. >> so many steps. >> don't make me work so hard, i'm getting the vaccine. that hurts enough. >> i got lost halfway through those instructions. krispy kreme, you just walk in and they their ou to donut. >> every day. >> i like that. >> much easier process. yeah. yeah. i agree. i guess we won't be going out and having beers together anytime soon u

j.p. morgan chase, jamie diamond says he's bullish on the economy all the way through until 2023.t. became at his annual shareholder letter. he said quote i have little doubt that with the excess savings, new stimulus savings, huge deficit spending, more qe, and new potential of the structure built a successful vaccine and euphoric around the end of the pandemic that the us economy will likely boom, so a lot of reasons given. diamond says the magnitude of government spending during the pandemic has far exceeded the response of the financial crisis and economic boom could run well into 2023. as for the markets, diamond called the stock valuations quite high and said the multiyear boom may justify the current level. interestingness. stuart: she has a lot of reasons for being super bullish. thank you. economists jon lonski is with us right now. seems to me jamie diamond is saying what you have been saying for some time, we have a rocketship economy. he think it lasts until 2023. word used in on that? >> i go along with the consensus and begins to slow down by the second half of 2022.

j.p. morgan chase ceo is bullish on the u.s. economy.ahead. >>> vaccine passports, getting pushback dr. scott gottlieb joins us to talk about the issue and where we stand in the battle against covid-19 >>> and investors piling into the auto sector despite a chip shortage we'll go under the hood and find out what is fueling this rally as the second hour of "squawk box" begins right now. ♪ ♪ i can't drive 55 ♪ >> good morning. welcome back to "squawk box" right here on cnbc take a look at u.s. equity futures at this hour well, we're in the green still not by a huge amount but dow will open up 12 points higher nasdaq eight points. s&p 500 up about 1 1/2 here's what's making headlines perhaps the biggest, new york is the latest state to legalize online sports betting. exact details though on how sports betting will be administered haven't been released it's going to take a few months right now to get up and running. meantime, the u.s. army beginning tests on a new covid-19 vaccine this one is a protein based shot that researchers say could p

from perspective of maybe longer term jn morgan chase, wells fargo and goldman sachs over a six-month period are severe outperformers. the overall index up 48% j.pjoining me trillion assets and cnbc contributor jeff killber cheryl, we'll start with you, are the financials still one of the sectors that you think could outperform in the coming month, like they have over the last six? >> yes >> yes, we do expect financials to outperform. financials make money from both the spread from short-term and medium-term interest rates on loans but they also benefit from increased loan demand. and we continue to expect this as one of the more cyclical sectors to do well as the economy continues to improve >> jeff, with that in mind, are you as constructive on the financials? we've seen the picture get incrementally better over the last several months for the banks. we've also seen a pickup on capital market activity, not just on the m & a side of things, but trading and whatnot side of things is that enough for trading in the future >> well, dom, i don't know if i share the same enthusiasm that cheryl does on the financials sectors. when you look at wide exp