. >>> i'll have any candid converersation with outspoken jpmorgan chase ceo jamie dimon. we'll talk real esta, banking, his pay cut. >> we had run terrible year. >>> and she's calledhe oprah of china. remarkable entrepreneur who runs a media empire and reaches more than 200 million people a month. "on the money" begins right now. >>> this is america's number one financial news program, "on the money." now, maria bartiromo. >> this is what's making news as we head into a new week "on the money." washington has a new watchdog for wall street. president obama has nominated mary jo white the head of securities and exchange commission. white is a former prosecutor with a reputation for toughness. she will replace mary schapiro and must still be confirmed by the nate. timothy geithner spent his last day as secretary on friday, stepping down after a tumultuous four years in the financial system. president obama's chief of staff jack lew has been nominated to replace geithner. >>> every time you turn around the market seems to be setting a new five-year high. the dow jones indust

benchmarks here. >> coming up, maria is in davos talking to ubs chairman axel weber and jpmorgan's jamie dimon about how the big banks are dealing with the brave new world of more regulations and thinner profit margins. >> why isn't jamie wearing an overcoat in. >> that's old video. >> have retailers have enough of luxury shopping, we'll talk to ceo lew frankfort and see what's happening in an interview you'll see right here only on cnbc. >> and don't take your eyes off companile. company set to report earnings at 4:30, all the instant analysis you need right now. >> why wouldn't you want to watch us right now? >> i watch every day. >> thank you. with fidelity's new options platform, we've completely integrated every step of the process, making it easier to try filters and strategies... to get a list of equity options... evaluate them with our p&l calculator... and execute faster with our more intuitive trade ticket. i'm greg stevens and i helped create fidelity's options platform. it's one more innovative reason serious investors are choosing fidelity. now get 200 free trades when you open an

he must've read fifty shades of grey jamie dimon is down to s. and m. and kinky so flagellation all right jamie i thought you had become completely irrelevant but i see you're sticking with it and you're going to be viewed i'm all looking for stacy i'm getting hot but look at you know that i'm going. to ask you are all the fool who are doing oh oh you stay tuned for the second half of the spending with dunbar on their of the devil's tour of the. you know how sometimes you see a story and it seems so for lengthly you think you understand it and then you glimpse something else you hear or see some other part of it and realize everything you thought you don't know i'm tom harpur welcome to the big picture. and will implement sunny's technology innovation all the latest developments from around russia we've got the huge you're covered. thank. you. welcome back to the cows the report imax guys are time now to turn to nick dunbar author of the devil's derivatives there it is the devil's derivatives get a good shot of this this is the book you got to rea

you must have read fifty shades of grey is that jamie dimon is down to s. of them and so flagellation all right jamie i thought you had become completely irrelevant but i see your stick and where they're going to be viewed i'm looking for stacy i'm getting hot but look at you know that. you're only. you know. you stay tuned for the second half of the spending with dunbar on their of the devils to. deadly rivals some decades. if good fifteen thousand people killing each other in any other country there would be diplomats there with mediators. self-imposed out costs from society i will cut myself chemical attack my brother understand my contact immediately. going to leave basically attack the call of my anger and my frustration. that. well into the. truth of the most violent gangs in us history. it's just all model killer big chill with colors matching the national flag. but this country uses violence when it reaches and then it legitimizes the violence they all made in america on the odyssey. more news today violence is once again flared up. these are the ima

. >> my conversation with jpmorgan chase ceo jamie dimon about his compositi composition, the housing market, and the u.s. economy. >>> and is the world big enough for two oprahs? i'll talk to the woman known as china's oprah who is a media mogul in her own right. as we take a break, look at how the stock market ended the week. >>> make no mistake about it, jamie dimon says what he says and means what he says. i spoke with the chairman and ceo of jpmorgan chase about the economy, about housing, and his cut in pay. >> news last week was that you took a pay cut as a result of the london whale trading loss. >> uh-huh. >> would you say now that this issue is officially behind you or are there still ramifications around the london whale? >> first, i didn't take one, i was given one. >> you were given a pay cut. >> which i think is appropriate. and the board had a very tough decision to make to balance the good of the company. we had a record year and a bad. we had one terrible mistake in the year. look, we fixed the problem from a financial risk for the most part. we've disclosed both the

we're just getting off the media call, the new cfo for jpmorgan, marianne lake joins jamie dimon and ed out at this point, we're at the end of the way with it. and his pay, the board had a quote tough job. you were talking about how the board posted record profits yet again. are you compensating him on the performance or whale and said the board had a tough job there. he went on to say they won't be disclosing a full end stopped number for what the loss were, 5.7 billion plus or fine nuss fine -- minus $7 million. housing last quarter was his famous line saying the housing market had turned the corner, the first person to make that call. we saw originations up again in the fourth quarter and said the pipeline is strong for qe-1 but refi activity will go down, as expected, rates start going up. deposits were the killer for margins and expect spread compression to keep happening as deposits grow, interesting, at the heart of what they do but here wall street is punishing them for what it does to their margins. >> we'll leave it there. >> that's the story. >> did he say anything, because

jamie dimon pushes for banks to publicly shamed him he wants the banks of publicly shamed him i think he must of around fifty shades of grey. je t'aime is down to s. of them and so flagellation all right jamie i thought you had become completely irrelevant but i see you're sticking with it and you're going to be viewed i'm on look at for stacy i'm getting hot but look at you. as you are all the. states in from the second half of the spending with dunbar on their of the devils to river. what could be happily ever after a gone under left nothing to live. so old love a chance for precious children. like young minds rajon shoulders. leave it to die. on our to. the worst goes a long flight out for the day the radio guy bought available minutes from a quick profit what a watch quote for a budget deal because you never achieve anything like this cult. mission and free accreditation a free lunch for charges free. range mentioned free. free lunch to tide free. download free blogs just plug in video for your media projects and free media oh god r.t. dot com you. will. be a. welcome back to the

jamie dimon pushes for banks to publicly shame him he wants the banks of publicly shamed him i think you must have read fifty shades of grey jamie dunn is down to s. of them and so flagellation all right jamie i thought you had become completely irrelevant but i see your stick and where they're going to be viewed i'm more looking for stacy i'm getting hot but look at you know that. you're all the fool who are doing oh oh you stay tuned for the second half of the spending with dumbo are on their of the devils to. welcome back to the cows the report max kaiser time now to turn to nick dunbar author of the devil's derivatives there it is the devil's derivatives get a good shot of this this is the book you gonna read also another classic instant classic inventing money next dunbar welcome to the kaiser report thanks much the devil's derivatives this is a key text in understanding how we got to where we are today because it goes back to rivet is and long term capital management which is discussed in this book inventing money also a key. point in the history let's talk a long term capital

morgan good point i mean jamie dimon and j.p. morgan are the biggest terrorists and you know a couple things on the nomenclature side first of all it's funny because on wall street or in the finance business you use the word execute to talk about a trade the trade was executed and but you know there's a double meaning to that obviously because they're executing individuals or and this were terrorism i want to be clear i mean in the literal sense it's not a figurative expression in that they are literally terrorists they are any law that applies to anyone who blows people up and commits mass murder should be applied ten times to a jamie dimon as a terrorist full stop the fact that he's not prosecuted in any way means that obama means that david cameron are complicit with terrorism they're ok with terrorism they encourage terrorism and that for these populations in a in america are the u.k. if you don't want a terrorist running your country you need to get you need to regime change they've done that in north africa they're doing ar

jamie dimon pushes for banks to publicly shamed him he wants the banks of publicly shamed him i think you must have read fifty shades of gray. is down to s. of them and kinky so flagellation all right jamie i thought you had become completely irrelevant but i see your stick and where they're going to be viewed i'm more looking for stacy i'm getting hot but look at you know that. you're all the fool who are you know oh you stay tuned for the second half i'll be speaking with dumbo our own fear of the devils to. deadly rivals the decades. if you had fifteen thousand people killing each other in any other country there would be diplomats there would be mediators. self-imposed out costs from society i will contact myself chemical attack my brother understand i want to. immediately. go into the basically attack the columns of my anger and my frustration. that. well into the. two of the most violent gangs in us history. is just all model kill or be killed with the colors matching the national flag. but this country uses violence when it reaches its and then it legitimizes the violence they

kayla tausche on that story. >> reporter: jamie dimon singled out in a report alongside details the trademade them lose $6 million. dimon's pay was cut. he'll still take home $11.5 million for 2012, 10 million more he took in the financial crisis in 2009, but he now falls to the bottom of the bank executive pay pack. all big bank executives would best him except for b of a's brian moynihan who earned $8.1 million. even with executive pay under the microsoft, compensation for the troops won't be as bad as feared. at goldman sachs, which also reported earnings today, the industry's most used metric of compensation as a percentage of revenue actually fell four percentage point at goldman. meanwhile, jpmorgan's rose nearly two percentage points. that being said, maria, goldman and jpmorgan have been called for massive layoffs, unlike citigroup, bank of america and morgan stanley. those are the three banks still to report. guys, back to you. >> kayla, thanks so much. >> we're all embarrassed for jamie he only made $11 million last year too. bad. let's take a deeper dive into what's happening i

jamie dimon pushes for banks to publicly shamed him he wants the banks have publicly shamed him i think you must've read fifty shades of grey. jamie dunn is down the s. and m. and kinky so flagellation all right jamie i thought you had become completely irrelevant when i see your stick and where they're going to be viewed i'm looking for stacy i'm getting hot but look at you know that. you're only. doing oh oh you stated for the second half of the spending with dumbo are on their of the devils to. nothing to live. for precious children. to die. to. come or. to come. to. come on my. block. the world. science technology innovation all the movies developments around russia we've got the future covered. welcome back to the kaiser report imax guys are time now to turn to nick dunbar author of the devil's derivatives there it is the devil's derivatives get a good shot of this this is the book you gonna read also another classic instant classic inventing money dunbar welcome to the kaiser report thanks months for it the devil's derivatives this is a key text in understanding how we got to wher

about jamie dimon leaving jpmorgan? >> i think jamie dimon is an example of how managing a corporation is complex as jpmorgan is impossible for the ceo to stay on top of the risk. he is still a very talented executive and i don't think we actually call for his termination. we wanted the company to do a better job with respect to risk. the question for other financial giants, are too big to manage? are they so complicated that they need to pull back? a continuing discussion in market reforms or position of the volcker rule in the u.s.? cheryl: it fair to say your position has changed? you have a kinder position when it comes to jamie dimon's leadership? >> jamie dimon is one of the most accomplished executives, financial services, his story with the london whale and $6.6 billion loss in that trade, could make mistakes. the question is what will the company learn going forward? he stepped up and accepted responsibility from that and that shouldn't be a refreshing novelty in government or business but right now it is. cher

jamie dimon saved the day throughout the years. he certainly has been under the gun and under the microsoft after the london whale situation. there is a baseball card of him. his annual bonus was cut in half. we talked about what the numbers were. the revenue came virtually and mine. mortgage lending profit did help the bank with their quarterly numbers. they are saying that the strong results were a reason to give jamie dimon a bonus in the first place. certainly, the london whale, is something that hangs over jpmorgan. dagen: president obama expected to announce his plan for greater gun control in this country in less than an hour. that proposal will include a ban on assault weapons, high-capacity magazine clips and background checks on every gun owner. terry, ray to see you. we should point out, there will be more than a dozen executive actions, as well, that the president will take. in terms of what congress will have to tackle in this proposal, how much do you think of it will fly? >> first i want to say this, i cannot help it

there's going to be softening of the euro. >>> cutting ceo jamie dimon's pay. mere $11.5 million. down from $23 million a year before. we are asking with 11.5 million bucks less in his pocket how might dimon tighten his belt. sweet us@squawkstreet. some of your answers straight ahead. [ male announcer ] it's simple physics... a body at rest tends to stay at rest... while a body in motion tends to stay in motion. staying active can actually ease arthritis symptoms. but if you have arthritis, staying active can be difficult. prescription celebrex can help relieve arthritis pain so your body can stay in motion. because just one 200mg celebrex a day can provide 24 hour relief for many with arthritis pain and inflammation. plus, in clinical studies, celebrex is proven to improve daily physical function so moving is easier. celebrex can be taken with or without food. and it's not a narcotic. you and your doctor should balance the benefits with the risks. all prescription nsaids, like celebrex, ibuprofen, naproxen and meloxicam have the same cardiovascular warning. the

kaylatausche has more for us. >> fingering several executives in the process, the board cutting jamie dimon's in half as a result. but dimon says the bank has been quote, better, stronger and tougher as a result. the record net income for the quarter and 15% return on tangible equity. another uptick in number two. up 8% this quarter an 33% since last year. dimon continuing his bullishness on housing saying quote the entire gamut changed. he expects them to remain strong throughout the year as rates remain low. also a surprise to the upside, debt surging 79% since fourth quarter last year and assets under custody in the investment bank tripled to or i should say rather, topped $18 trillion. even so, j.p. morgan suffered from the same sector, scat loan growth and shrinking interest margin even as deposits grow. how is the stock cheap enough to buy in dimon says he is sensitive to the price even with a $3 billion buy back program in place. dimon asked the feds for smaller buy back to go forward to play it safe in a regulatory environment. sue, back to you. >> thank you very much. matt, covering

jamie dimon's reputation already dented.g he fully accepts the board's move to cut his pay by more than half. goldman sachs earnings surged dramatically firing on all funders across the board. their net income basically almost tripled to $2.83 billion the company that handily beat expectations. they posted a $5.60 versus expectations of $3.54. goldman sachs shown the way how to do investment banking in a not so great climate. tracy: thank you. we had an equity analyst on the 1:00 hour and he said he had a buy on jpmorgan. ashley: interesting. oil closing up $0.96 moving closer to that $95 per barrel level. a gain of 1%. you might associate credit card debt with the responsible twentysomethings, but not actually true. gerri willis is here to explain who is racking up those bills. >> their average debt according to a new survey under 50, 6200. this isn't the whole range people at the specific subset. the thing that is really disturbing is they are not buying high-end bottles. they are buying the basics. dental work, you name i

connell: then there is jamie dimon and john chambers. you will be hearing from both of them in this hour. liz claman at the world economic forum. cheryl: stocks now and every 15 minutes. apple. nicole: i will show you apple in a moment. the dow, the s&p are doing quite well. five-year highs. highs that we have not seen since 2007. the tech heavy nasdaq, apple weighing on the nasdaq. are we almost at 14,000? we cannot believe it. what a five-year run this has been. ibm helping the markets along yesterday. today, apple delivering news that is below the analysts estimate. the shareholders are certainly disappointed today when they see their stock down over 10%. $461. the low of the day was $450. not a good day for apple while all of its competitors are soaring today. connell: the stock market looks pretty good. the economy looking better. john brown joins us. senior economic consultant at euro pacific. have we turned the corner a little bit? >> i think there is reason for some optimism. i think strategically the economy is still in very bad

here with jpmorgan ceo jamie dimon. thanks for being here. >> pleasure to be here. >> news last week that you took a pay cut as a result of the london whale trading loss. would you say now that this issue is officially behind you, or are there still ramifications to the london whale deal? >> first of all, i didn't take it, i was given one. the board had a decision to make. we did have a record year and the bad. we had one terrible mistake in the year, so, look, we've fixed the problem from a financial risk for the most part. we've disclosed both the economy report and a completely independent board report with independent outside board advisers. the regulators will have their review toss do so more ongoing things from that. we cleaned up cio and changed procedures to make sure we manage the company properly going forward. >> what kind of changes might we expect going forward. in terms of changing the bank, restructuring how the governance is done. >> look, i'm very proud of jpmorgan. you know, last year i think 1.8 tril

since 2011, several other confidants of jamie dimon have left the firm. from downmarket to high end. pawn brokers are turning into the new banks for the upscale. according to marketwatch.com, because of stricter bank loan rules, even the wealthy can't always access quick cash. the pawnbroker industry is responding and seeing growth among customers looking to tap into loans that can go as high as a million dollars and be made within minutes. the pawn industry made more than $15 billion in 2012. although they appeared to be a casualty of the housing crisis, jumbo loans are actually flourishing. as the housing market improves, banks are increasingly handing out jumbo loans to home buyers in excess of $625,000. reports say overall, lenders gave out $148 billion in private jumbos in the first 9 months of 2012, a 23% jump from the year before. getting the loans requires a credit score in the 800 range. target's special holiday promotion will become year- round. target says it will match prices on identical products if consumers find them priced lower at select

jamie dimon is now losing money in his salary because of the whale trade. what do you guys think about that? > > i don't think it really matters if he loses money in his salary if the stock continues to go higher. we actually saw a pullback in banks for the first time this year. the market looks so strong, we saw a pullback yesterday in the banks. bank of america under the 11.5 level. we saw citigroup down. wells fargo sold off on an earnings rally- > > things were up 20% in the banking sector, so a pullback is natural. but the issue here is a $6 billion error, and he still gets paid $11.5 million. > > is he worth it? > > is he worth it? if you look at it in perecentage terms, that's 0.002% of the $6 billion. > > so he's worth it. > > so that is quite a catch for that ceo. > i like that line, and i want to work for andrew. true or false: a u.s. software developer outsourced his own job so he could take it easy at work. > > i'm going to take the opposite of whatever you say because- > > i saw this! i actually read this. yes, it is true. he outsourced it for

but at the end of the day jamie dimon is still doing pretty well for himself. he's not exactly living out of a refrigerator box on park avenue. >> reporter: at the same time, j.p. morgan's fourth quarter earnings rose by more than 50% in the fourth quarter, to $1.39 a share. that was better than expected. j.p. morgan, wells fargo, and other retail banks are benefiting from an improving housing market. >> it's a large factor. i mean, some companies are seeing mortgage growth of 50% over a year ago. it's a major factor. also, refinancing activity is very high right now. as housing prices have increased, that's allowed more people to qualify to refinance their loans. >> reporter: but goldman sachs is a different story. it deals almost exclusively with institutions, not consumers. it's fourth quarter earnings growth came from a surge in investment banking revenues thanks to gains in stock and bond underwriting. goldman earned $5.60 a share in the period, compared to a $1.84 a year ago. that was also better than expected. big banks aren't the only financials expecte

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and jamie dimon, the ceo of jpmorgan, spoke this morning. what did he say? said kind of what you were saying. the worst is behind us. we've seen increases in employment, increases in home sales, increases in the stock market. he was basically saying don't dwell on the past, stop being so hard on the bankers and by the way, that whole london wale thing that looked bad for jpmorgan last year, he's sorry about that. listen to how he apologized. >> i just want to point out no customers -- terrible mistake. if you're a shareholder, mighty apologize deeply. but we did have record results and life goes on. >> reporter: that was that big series of trades that cost jp more began billions of dollars he basically waved that off and said don't worry about it. he also talked about critics who say that the banking system is okay. jamie dimon has not only been golden child of the banking industry, but one who has stood up in defense of the banking sector. he said it's not opaque, it's complicated and he followed it with the the line you don't understand how aircraft engine

it is interesting jamie dimon talks about how his company did not need the fed money.ame out in bloomberg costs freedom of information request when they got all the data from the audit f am the federal reserve, came out his company at that time in late 2008 had a $50 billion or $60 billion line of credit with the fed on top of all of the money they were getting through the tarp bailout, to the bailout of bear stearns and other facilities. apparently, they did not need that $100 billion or whatever it was they got from the federal government, they were just taking it because they were being polite and asked to run the federal government. this fiction that they did not need the money, that they were healthy all the time, the government -- when not only give them money, but we vouched for them. now we're stuck of vouching for them basically fever. that is the ongoing bailout that has become the real problem. >> i want to ask william black, in the deal the obama administration reached on taxes recently with the house republicans, there is stopping a lot of attention to the

dagen: what do you say to jamie dimon? there was one hedge fund manager that went after him. d back off. >> well, jamie is right about the capitalization. he has incredibly strong capital. a lot of the standards forced the banks to have more capital, have more liquidity. it really is about rules. some of the most simple rules are the most important ones. banks should have more capital. okay. i have met that. the reserve should carry them through bad times and good times. i think we had a problem where they did not carry enough reserves during the last cycle. the u.s. bank was to buy fannie and freddie preferred. you have to carry less capital. it encouraged the banks to all men. of course, they got wiped out with those positions. in europe, you have the same situation. it is not just the rules. jamie has done a pretty good job. dagen: other than that one loss. if you look out probably speaking, if you look at how stocks have done in the last year, best performers are the major sectors in the s&p. cannot continue, do you think? >> i think it can continue. there is nothing more

instead of someone like a jamie dimon, and i think steve is absolutely right.on't think there's a human being on the planet who knows the current budget and its issues better than jack lew which is exactly the reason i would say he's absolutely not my first choice for the job or the fifth guy in line to be president should anything happen to the other four because i think he's going to have a parental relationship, so to speak, with the budget and its process in trying to change it, and i think that that paternal instinct is going to be defending it versus, you know, actually trying to make a difference. looking at the budget even though we technically haven't had one. we've had continuing resolutions. i think we need someone that will look at frankenstein monster called the budget and not stick up for it but pick it apart. >> rick, you know, i don't think anybody in their right mind would argue for a second that a guy like jamie dimon wouldn't be the right, the qualified, the good message-sending pick. >> i don't think jamie dimon would take the job, by the wa

new reports that jpmorgan chase ceo jamie dimon may take a hit.ning me now is former treasury department adviser for the clinton and obama administration. i want to start with the sec. >> i think it is an important development. it really shows that risk management will be really important for things going forward. the fact that the enforcement action is coming, the board is talking about pinging jamie dimon bonus. they are starting to think or probably about strategy of the firm and it is not just about quarterly earnings. cheryl: he is the highest-paid ceo out there. it is the board's call whether or not to release the london whale report. this hurts him financially. >> yes. what concerns me a little bit about jpmorgan is jamie dimon is not just ceo, he is also chairman of the board. we like to have the tube positions split. when there are decisions like this, you want the board to be able to say this may make the ceo look back, but we are going to do it in the issue of transparency. cheryl: and it will mean more regulation, more accountability,

his base salary is the highest of anybody on the list, twice the salary of jamie dimon. the answer to the question of the day, should prison inmates are allowed to sue the government? gerri: new york post issuing a scathing report today showing new york city taxpayers are getting built by more than $100 million by rikers island inmates. these prisoners have been rewarded for winning frivolous lawsuits over things like slipping in the shower. should prison inmates be allowed to suit? year is what you are tweeting me @gerriwillisfbn. they alrea seem to have more rights than the average citizen. no, they lost they're rights when they were sent to prison. we also asked you this. 4 percent said yes, 96 percent said no. here are your e-mails. i'm so disgusted, we need to go after our own energy here in the

punishment of any oversight is of course compensation for ce o o jamie dimon and other top executives. more than $23 million, dimon is the most handsomely paid wall street executive. here is how you break down his pay package from last year. $1.5 million base salary which rose in 2011, a stock award worth some $17 million and cash bonus of 4.5 million. that is what expert say could be most susceptible here. now among the other components of dimon's compensation is lines of business. that could be scored lower to risk oversight on that whale trade. others is the strength of the balance sheet and return on equity. still, signs many penalty unclear. especially since the bank has record profit. adding anything to dimon's pay would hardly come as surprise when cnbc asked in june if he should pay a price for complacency, he said, it is in the board's hands. tyler? >> no one likes to have tlir pay cut. but he would probably man up and say, i'll take it. >> and j.p. morgan's performance seems to be good enough quarter over quarter that he could see it bounce back. >> thank you very much. >>>

his base salary is the highest of anybody on the list, twice the salary of jamie dimon.nd the answer to the question of the day, should prison inmates are allowed to sue the government? i had enough of feeling embarrassed about my skin. [ designer ] enough of just covering up my moderate to severe plaque psoriasis. i decided enough is enough. ♪ [ spa lady ] i started enbrel. it's clinically proven to provide clearer skin. [ rv guy ] enbrel may not work for everyone -- and may not clear you completely, but for many, it gets skin clearer fast, within 2 months, and keeps it clearer through 6 months. [ male announcer ] enbrel may lower your ability to fight infections. serious, sometimes fatal events, including infections, tuberculosis, lymphoma, other cancers, nervous system and blood disorders, and allergic reactions have occurred. before starting enbrel, your doctor should test you for tuberculosis and discuss whether you've been to a region where certain fungal infections are common. you should not start enbrel if you have an infection like the flu. tell your doctor if y

liz with jamie dimon. liz? >> thank you, we appreciate it.e with the ceo and president of jpmorgan, jamie dimon. i want your first reaction, just broken in the past hour that president obama will no , nomie the u.s. attorney as the head of the securities and exchange commission. you deal with that as a bank. what do you think? >> first, welcome, happy to be here with your viewers. >> thank you. >> i met mary joe white, and anyone who knows her at all, she's capable, confident, bright, tough, and perfect choice. >> also renominating richmond for a job that in the past you've been a little, at least, maybe contentious about her criticals, consumer protection agency. >> i was not critical, just part of the banking thing, completely separate to coordinate better. they did a great job, first of all, start from ground zero. i had a decent relationship with elizabeth warn. they came out a week or two ago, and they were good, thoughtful, and they did it quickly, and they didn't delay. they made progress, and i hope they continue to do that. >> jamie

the wall street journal reports a board is considering cutting jamie dimon's bonus due to last year's trading debacle, which cost jp morgan chase billions. the department of homeland security is still not satisfied that oracle has fixed flaws in java software - flaws that leave users vulnerable to hacking. the issue is with the jdk7 version of the java web surfing software. late last week, users were advised to disable the software. oracle provided a fix over the weekend. but monday, the department of homeland security's computer emergency readiness team said the software bugs remain and the software should continue to be disabled. oracle has not yet responded to this latest development. united parcel service is giving up its $7 billion bid to acquire dutch delivery company tnt express. ups abandoned the plan after encountering strong opposition to the deal from the european commission. the commission was expected to announce its decision february 5th. ups will pay $267 million to terminate the deal. swatch, famous for affordable watches, is polishing its brand by acquiring harry wins

. >>> jpmorgan's jamie dimon speaking about the whale trade.is comments. >>> simon hobbs is out on assignment today. he'll be rejoining us tomorrow. >> we look forward to that. breaking news for you now. imf in with their outlook. hampton? >> good morning, david. let's get right to those headlines. updated outlook from the imf. it saying among other things it looks at global growth projecting to increase in 2013, but at a more gradual pace than the previous projection back in october of 2012. policy action in the u.s. and europe have lowered the acute crisis risk, but the recovery is going to be protracted and delayed. it notes japan did slide into a recession, but the stimulus measures there are expected to boost growth near term. modest growth expected in some emerging market economies, others still struggling with a lack of external demand and domestic bottle necks, overall the imf saying if the crisis risks do not materialize and financial conditions continue to improve, global growth could be stronger than projected. however, the significa

jpmorgan chase beat expectations but cut ceo jamie dimon's composition in half to $11 million because of the so-called london well trade which cost the bank $6 billion. retail sales were up more than expected in december, up half a percent. they ignored worries about higher taxes. consumption makes up 70% of the u.s. economic growth. the debt ceiling debate, presidential report card and quiet market rally. what does it mean for you money? joining us right now, jared bernstein, center on budget and policy priorities and chief economist to vice president biden. also with us, russ koesterich. thanks for joining us. >> thanks, maria. >> russ, let me kick it up with you. a pretty good rally. on thursday the s&p 500 hitting yet another five-year high. is this rally for real? do you think it's sustainable going forward as we continue through this earnings period? >> i think in the short term, it is. i think we're probably going to hit a road bump in february. the reason i say that is we've got a lot of flows coming into the market early in the year. people were nervous in december. they're c

. >> well, i think jamie dimon would build business between the community which feels a little bit alienated by the administration's first-term policies and mr. obama. but what they got is a guy -- not one of them, but does know the budget really well and the clearly the main challenge on the economic front for the first year is going to be on the fiscal front. insofar as jack lew has the trust of the president is in power to make deals, i would say that is is a positive. you do have to keep in mind he's not exactly the most trusted or liked person among republican on capitol hill. so that might actually make deal making a little bit rougher. >> jerry, what about all of these issues, you know, in washington. the debt ceiling fight that's on the horizon. is this going to impact the broad economy in the earning season, do you think? >> i guess this whole political thing is these are all the bricks in the wall of worry that equity markets are continuing to climb. you know, we know how to talk about these things, they're out there, in the media a lot. we follow them sometimes like a sport. maybe

did send me this image and this is jamie dimon what he really looks like her she is a.