it will increase our wing costs says jamie dimon -- borrowing costs says jamie dimon.y they're going to be things coming in that will make your business operating expenses go higher. the bottom line, as peter was saying, there are more rules. there's plenty of time to continue the debate about what actually going to be agreed upon. -frank did not separate depositors and taxpayers from the risks being taken. --the way glass-steagall >> exactly. all of this voice from the banks singer too many relations and democrats and we have done all this great stuff, it is wonderful and republicans and we should not have any, it doesn't really matter. positionally, we're a of a bigger crisis. we're still in a position where banks are doing too many things that put too much risk on the overall economy. >> i want to go to the heart of your book. congratulations on the book and the way you methodically go through each decade of the american finance and banking. three simple, why will the concentration of deposits in the concentration of size, the growth of size, rather, why will that e

but when jamie dimon got the raise, that broke the camel's back for a lot of reporters. they can see the rational for not yanking their bank charters, like hsbc they left the business in company when they clearly had the power to wipe them out. you can see the rational behind that. you don't want to destroy a functional, viable commercial enterprise, but somebody has to pay. >> where did you learn how to do what you do? where did you learn how to figure out what is going on? and how many lawyers did you have to have to vet this book? >> first of all, lawyers were a lot of my sources for this book. a lot of the stories that i write about in the divide were legal stories. they are arcane financial tails of a company that was for instance and you tack by a series of short sellers and they nearly go out of business and they try for years and years to get the regulatory system interested in protecting them and they can't. so lawyers for companies like that will reach out to me and they will walk me through the whole process and i have to go through the whole process of findin

they be can use the example of jamie dimon's relationship.it is hard to forget him going before the senate committee when there are so many questions, even the question of, would you currently prosecuted, and you look at the senators one by one, the corporate networks were not showing it, showing how many millions his bank and him were responsible for giving to the senators, republican and democrat. >> i remember being up that 4:30 in the morning and talking about jamie dimon boldfaced lying to those committees, then turning over and saying, well, can you give us advice about the economy? it was kind of ridiculous. after the london whale trade, lost billions of dollars, money separated from speculation to begin with. the relationship is much more dangerous also because those big on 85% oftoday deposits of all the commercial banks. 84% of assets of all the commercial banks. control 96% of all of the derivatives that financial institutions that are backed by the government utilize today. 45% of the world derivatives. six banks control so much c

. >> jamie dimon is blamed for unrest in the world including this market. i just want to get that out there i will score points with the administration. i will say this market is very highly correlated to financials. melissa: yes. >> hates bad news coming out of financials. i know wells fargo did pretty good today in their earnings. jamie dimon didn't. what the market tells us as the day goes on starting to pick up losses. the word next week about morgan stanley and goldman sachs and some of the other financials, if they underperform, this downdraft we're having in the market could turn into a 10% correction. melissa: jack what do you think. >> ily it also has an awful lot to do with the glamour stocks, twitters and facebooks and teslas that were doing so well. hey, if you will buy twitter 40 times future earnings, probably won't hit, why not own jpm at 11 or 12 times earnings? those things lost their mojo and gilead, lot of their mojo. i think that caused investors to get a little worried about the rest of the market. melissa: hang on to your thoughts, jar

and what have they do to jamie dimon? have you read the ceo letter?r to regulators. jamie dimon is saying regulation is good, it's making the system stronger, they want to be the model citizen, and then he said -- >> what's his alternative? >> that's it. big brother banking, either suffer or submit. jamie dimon has submitted. they're derisking, deleveraging, down 8% year or year. i would go into citigroup. >> good to see you again. >> thanks for having me. >> mike nay i don't. >>> still ahead, final trades and much more on the sell-off. we'll be right back. we asked people a question, how much money do you think you'll need when you retire? then we gave each person a ribbon to show how many years that amount might last. i was trying to, like, pull it a little further. [ woman ] got me to 70 years old. i'm going to have to rethink this thing. it's hard to imagine how much we'll need for a retirement that could last 30 years or more. so maybe we need to approach things differently, if we want to be ready for a longer retirement. ♪ how did edward jones g

the earnings released chairman and ceo jamie dimon did strike an upbeat note. id, quote, we have growing confidence in the economy, consumers, corporations and middle market companies are increasingly in good financial shape and housing has turned a corner in most markets. all right. we got that going for us. >> wells fargo does not have trading exposure. you know what -- >> no. >> i'm going to own this. my charitable trust sold some jpmorgan. >> what are we talking about first here? >> start with jpmorgan. >> yeah. but, you know, we held some of it. this was a bad quarter. okay. as opposed to saying that it was a good quarter and people are misunderstanding it. it was a bad quarter and no one is misunderstanding it. one of the few misses of jamie dimon. i read the annual letter yesterday and i said on "mad money" i said boy, everything every data point for banking is bad but he reaches the conclusion that better times are ahead. well, you know what, that's jamie, better times are ahead. jon stumpf speak softly if not at all and carry big numbers. i'm mad i wasn

>> the landscape will change according to jamie dimon.is most likely to benefit shadow banking, the unregulated part of the industry. he says the shadow banks are becoming more sophisticated. their asset managers. pretty aanother point, motive. emotive. the lower and middle income consumers will have to pay more for mortgages if they can get them. language.g emotive she said, he would say that, wouldn't he. >> thank you, david. live in berlin. >> 10 minutes until seven in london. dreams for another team. that story and more in newspapers, next. we will try to stop mark from crying in the football discussion. ♪ >> welcome back. 6:53.e in london, just over an hour from european equity trading. a lead is in tel aviv. kick it off. avoid a storyo that has been dominating the news here for a week. and talk about exporters. monday night is the start of the festival. i want to talk about matzoh. exportsly experts -- declined 14%. a exports.ing matz sales to the u.s. dropped to the u.s. dropped by a fifth. mark and anna, because matza is the unlea

john, jamie dimon, c.e.o., what are the key takeways from that? bit more cautious on central bank action, basically the market's interpretation. >> yeah, i think the key light from that, we've got the quote right here. when rates normalize, we know one thing for certain, it will happen differently than what people expect. i don't know what it means. listen to what the central banks are telling us. the central banks are telling us one thing, so we all expect it to happen that way. when rates go up, it's going stay below historic levels. can they guarantee that? >> just give us the quote again. >> when rates do normalize, we know one thing for certain, it will happen differently from what people expect. my guess is when it happens, it will happen faster than people expect. >> right. are you adding that? >> no, he's saying that. >> he said the last bit, so that's the critical bit. it's going to be faster. >> watch out, guys. it may rise faster and catch you by surprise. john, thank you very much, the very latest on jamie dimon and central banks. >> c

jpmorgan chase ceo jamie dimon raking in the bucks for 2013.g with the sec revealing dimon earned $20 million in compensation. that breaks down to $1.5 million basalry and 18 1/2 million dollars worth of stock. you remember jpmorgan dealt with a slew of legal and regulatory issues last year and paid some big-time fines but the bank's board said dimon played a key role resolving those several outstanding claims. dial mon himself said 2013 was his most painful, difficult and nerve-racking professional experience. big bucks for jamie dimon. >>> we'll be back with my two cents more and the answer to our question of the day, are you like me a procrastinator? stay with us. can you start tomorrow? yes sir. alright. let's share the news tomorrow. today we failrly busy. tomorrow we're booked solid. we close on the house tomorrow. i want one of these opened up. because tomorow we go live... it's a day full of promise. and often, that day arrives by train. big day today? even bigger one tomorrow. when csx trains move forward, so does the rest of the econo

we have breaking news on jpmorgan and jamie dimon, who was commenting in the bank's annual letter toholders, saying that the legal issues in 2013 were the most nerve-racking experience. not surprisingly, there were large awards and settlements with the u.s. government on a number of different issues. also, jpmorgan is citing jamie dimon's key achievements in the decision to raise his pay for last year. he sees banks charging more for revolvers, and he also said uncommitted lines of credit may make a comeback. he said there was a high price to be paid with legal issues and focus on the business. separately, he says jpmorgan has hired more than 6300 veterans since 2011. obviously, speaking on a number of different issues. also saying that jpmorgan had a tin ear listening to regulators and needs to do a better job listening to what they want, and presumably to the public as well. those are some of the highlights from the jpmorgan annual letter to shareholders, and some of the highlights of jamie dimon's comments in particular. >> thanks for that, julie hyman. you are talking about go da

some breaking news on jpmorgan ceo's jamie dimon. seema mody joins us. what's going on?nt s.e.c. filing, jpmorgan's ceo jamie dimon made $11.8 million in 2013, down from $18.7 million in 2012 after what was a tough year for the bank, but let's put that in perspective. shares of jpmorgan did gain better than 30% in the year of 2013. kelly? >> all right. seema, that number one more time. >> $11.8 million in 2013. >> okay. great. seema, thank you very much. 11.8 million, what could you make of it? >> conflicts with earlier reports that said he got a raise to 20 million. need to figure out how the s.e.c. actually giles that. a lot of that was restricted stock and i think that had something to do with it because in 2013 he was given an $18.5 million restricted stock grant for that. >> this is going to give fodder to a lot of critics who have been upset with jpmorgan in the wake of all the penalties and fines that they had to pay last year, paying jamie dimon any significant amount of money. a lot of critics who think jamie dimon led jpmorgan has paid too much in fines and res

still have more capital than the last down turn. >> i don't know why i defend jamie dimon.nvited to. >> i get invited too. >> you go there and rub elbows. i don't even get an invite. i don't want to go. >> who was the baseball player that was there this year? >> mike made a clinic -- get it? >> and an analyst and a gentleman. have you heard that one? >> i get that one. >> before we take a break, i'm the only one asking the questions. look at questcor. what is the price they agreed on? it was just at 91. do you remember what you said the price was? 86. why go to 91? >> because somebody -- >> no. it's a done deal. and kay. look at millinkcroot. we're valuing it on clothes. >> half the people are liking that. >> they like both. now it's worth more than 86. it's a cash and stock deal. that's what i was doing. >> i was wondering what you were doing. >> yeah, me too. >> yeah, coming up. much more from the clinic from mike mayo. that's funny. wall street journal edit editor-in-chi editor-in-chief, gerry baker. >> and the new next member of our portfolio series, bubbles. no. know w

jamie dimon is not leaving any time soon. i think cavanaugh left because he saw that. >> great opportunity, too. >> it was. >> you look down bench, you trade a number of your players, even some of your bench players, you look down there and it gets a little thin. >> it's not thin. >> in wall street history after goldman went public and you saw partner after partner after partner leave and, guess what, they survived. when you buy these big companies you buy the culture and the top people and hope that they put in the good bench in the process and that's what's out there. >> i have to say in my own dealings with jpmorgan, they are almost surprisingly unfazed by everything that's going on. the unfrustration even of the u.s. attorney in the southern district who made these commence on monday about banks and kind of a sense of some of these regulatory issues. without naming names, but he talked about some things that have gone on specifically at jpmorgan including the ceo raise that we saw jamie dimon get for calendar year '13. th

you love jamie dimon. >> i have loved jamie dimon. i love his stock. to me it's fair value here at this level. >> is it love or lust? >> for me, it's -- i think he's done a great job in a very touch situation. >> he said valuation cheap. you say valuation is fair. >> i think it's fair. i don't see the out performance i would look to the up side. i don't see extreme risk to the downside either. those are not the kind of names i play. unless they are over or undervalued. >> i think there is the product mix and everything that goes into it and the potential of buybacks mentioned in this upgrade today. i think there are reasons why this stock could easily be 65 and not too long from now which is a pretty nice move from here. >>> coming up, is there more downside ahead in the momentum stocks? our next guest says it doesn't even matter. find out how he's trading it in our etf trade of the week. >>> as the high trade debate rages on, a top analyst joins the half and reveals the little known secret. >>> welcome back. micron is down today after beating estimate

if you look at the valuation, there is no jamie dimon premium -- >> can he get it back?s it gone for good, or can he recapture it? >> that's a great question. i don't think at this point you can buy this company, not for that premium. you can buy the company for being a strong company regardless of the ceo, that it can continue to do that. and you can also buy it -- look, if he leaves and they break the company in two, the sum of the parts is greater than the whole, jpmorgan. >> we've discussed whether there's been a brain drain going on at jpmorgan, and the conventional wisdom at this point, based on the people who's left, he's not going anywhere anytime soon. >> the brain drain, right, it's a money drain, right? let's face it. working in a big bank today with the government over to private equity, it's not a hard choice. >> what about citi? let's finish our thought talking about citi, a stock that's been much in the news of late. you know, counterparts of yours have made some calls for some executive to leave the company, to resign, quit, get fired, et cetera. what's y

a new filing shows jp morgan cut ceo jamie dimon's pay to $11 million last year from $18 in 2012. florida's orange crop will be the lowest in decades according to the ag department as a deadly greening bacteria infects trees. and northwestern starts the process of appealing the ruling making it possible for football players to unionize. joining us now is trader todd horwitz of average joe options. i love to tease todd because he's the most bearish i have ever met. good morning big bear. >>what's up? good morning to you. >>what did you think about those fomc minutes? and the rally that ensued? >>i think the fomc minutes were exactly what you expectthat the fed was going to try and take back what they said and what janet yellen said after a last meeting and say that they weren't going to be in such a hurry to raise rates. but i think more importantly, the rally really came off of 1840 in the s&p, which is a level we've been trading back and forth for about the past 3 months. other than that dip down in january, 18.40-18.80 has been the level and i wouldn't be surprised to see us get

jamie dimon was asked about flash boys and whether the market is rigged.ds were not couple miced. and they asked if jamie dimon was still having fun. he said there are challenges always. there are secular shifts but we are innovating and i still enjoy coming to work every day. that's the latest we have. i'll send it back to you. >> thank you, kayla. >> cramer's take auto yesterday's selloff. "squawk box" will be right back. >> it's another big week on "squawk box". monday, earnings from citi. on tuesday, the stanley cup is in the house. we talk nhl playoffs with the commissioner. and take a spin in an $850,000 porsche. wednesday, it's executives from bmw, jaguar and nissan as the new york auto show kicks into high gear. on thursday, it's the ceos of auto nation and sap. set your wakeup call for monday 6:00 a.m. eastern time. squab box gets you ready for the trading day ahead, and it's only on cnbc. baron of the build-out. you need a permit... to be this awesome. and you...rent from national. because only national lets you choose any car in the aisle... and

great quote here from jamie dimon.t seems that just about everyone has become a risk expert and sees risk behind every rock. they don't want to miss it like they did in 2008. they want to be able to say "i told you so." i think that defines the average investor, the average investor wants to look really smart. wants to say get out now because it looks really bad. average investor wants to say i'm willing to pass, because when it does peak, which it hasn't now for how many s&p points, when it does peak they'll look smart. i think that was the most important quote. a lot of people pulling a lot of different quotes from jamie dimon's letter. the one that was the oddest, the arc of the moral universe is long but it bends toward justice. a martin luther king quote. >> yes. also said paypal is a shadow bank. >> and martin luther king would call for bonuses. >> the proxy fight between e-bay and carl icahn is now over. as part of their agreement, icahn is withdrawing both his proposal and withdrawing two of his nominees to the

president obama which has been towards the banking system not to restructure, reform it or call jamie dimon a crook, but for congress to call him into their hearings and ask him for economic advice shows that the relations, trust and alignment over time continues to exist today, and no accountability is asked in return. no punitive actions. >> as we say many times, nobody has been made to pay for the things that have happened to us. naomi, what a great history and what a great book. thank you for joining us. a senior fellow and author of "all the president's bankers: the hidden alliances that drive american power." next, the organization for economic corporation and development mass the numbers to prove it. the secretary general joins me next. and paying amazon employees to quit. i'll tell you why next. >> a new development in this general motors recall fiasco showing g.m.'s new ceo was aware of safety problems in some cars in 2011 before she took the top job at g.m. mary barra testified that she did not become aware to the ignition switch issue linked to 13 deaths until she became ceo. >>>

president obama which has been towards the banking system not to restructure, reform it or call jamie dimon a crook, but for congress to call him into their hearings and ask him for economic advice shows that the relations, trust and alignment over time continues to exist today, and no accountability is asked in return. no punitive actions. >> as we say many times, nobody has been made to pay for the things that have happened to us. naomi, what a great history and what a great book. thank you for joining us. a senior fellow and author of "all the president's bankers: the hidden alliances that drive american power." next, the organization for economic corporation and development mass the numbers to prove it. the secretary general joins me next. and paying amazon employees to quit. i'll tell you why next. gettysburg address talk to al jazeera only on al jazeera america >> on the next talk to al aljazeera... >> i'm antonio mora and this is talk to al jazeera >> award winning documentary director ken burns, talks about his craft, and his latest project on the gettysburg address talk to al jazee

jamie dimon was talking about fixed income trading.w it fell and was a big drag on profit. jpmorgan warned it would be a bad quarter. the actual number was down 21%. we is to think of fixed income trading as a seasonal thing where the first quarter was the big one. now it is quarter by quarter. a lot of lame is being placed on tapering. -- a lot of blame is being placed on tapering. >> not just the tapering but the rules the banks have to operate under now. it is making it more difficult for banks to trade certain kinds of securities and in a certain fashion. wantsdimon, the c.e.o., us to believe what is going on in trading is not a permanent shift. he says it is a cyclical decline and not a secular decline. that means the trading business will improve. it is just a question of when. >> it is a question of the economy, confidence, and when the economy comes back. >> that is one take. someone after the call who said the fixed income earning decline has come down to a level where this is part of the normalization of interest rates. fixed

jamie dimon is not going to be interested in a mortgage loan for 3.25%. i may be more interested in at 4.5%. >> bob, as investors start sorting through companies and going after the ones with good fundamentals and real profits, what does that mean for the overall trend in the markets? are we going to see this volatility, big rallies and a big correction? >> there's a potential for this market to continue to have this volatility, this extreme volatility, when you come off a year and you're going to have an economy that's just barely moving forward above trend, that brings with it that volatility. there's going to be a question about what happens with interest rates. when janet yellen spoke about it, there was a market panic to some degree. but i think that raising of fed funds rate is quite a ways off in the future, maybe a year off. that's going to be just fine. but when we get to the end of easing, the end of tapering, there's going to be questions about what happens with the interest rates and that's going to be your best opportunity to get into the sto

. >> jamie dimon out with an annual letter to shareholders writing the bank had conversations with regulators before settling into trading losses. they said they should do more self-examination and that they should be better listeners. he federal reserve releasing minutes from the march meeting paying down forecasts saying that interest rates may rise faster than previously predicted. u.s. stocks rallied on the news that technology shares gained the most in two months. new jersey's credit rating was citing the sizable imbalance and this is four levels above the top hitting cap -- california and illinois in the category up the top. those are the top stories. back to you. >> thank you, carol massar. we are broadcasting live from ferrari midtown. joining me now is marco mattiacci, chief executive of for ari north america which include central and latin america and we're here to mark the 60th anniversary in the united states. thank you very much for having us here. tell us a little bit about the history of coming to the u.s. >> thank you for having us here. it's a great moment for us. 60 years is

it must be an indication jamie dimon is not going anywhere.o anywhere, i will go to carlisle. that's a good point will stop not rolling the dice. bloomberg's contributing editor, thoughts., giving his >> captain america fights the forces of evil and brings in a ton of money for disney plus marvel studios. >> i'm erik schatzker. you are watching "market makers." if you are a big-money political donor, your phone has been ringing off the hook because the supreme court struck down the amount in total cash you can candidatesolitical and parties. phil mattingly is in us. democratic supporter and ally of the president, a big donor himself with your earlier today saying this would maybe level the playing field and take power away from special interest groups because the cash can go to the mainstream democrats and republicans. is that what you are hearing? >> i think a little bit of that. that's why the rnc is publicly excited about this ruling and the dnc keeps their powder dry a little it because democrats are opposed but they will benefit as well.

it was sort of a jamie dimon celebration.the end, yet you pay in a pretty big way. -- he had to pay in a pretty big way. we will be back with more. stay with us. ♪ >> live from bloomberg headquarters, this is "market makers." >> welcome to "market makers." eric is out this week on ring break. licking me, bob is here. he is a bloomberg news editor -- bob is here. he is a bloomberg news editor. families take advantage. it is costing congress against and lost revenue. is it worth the than that? welcome david. what is the chance they're actually going to do away with this mortgage deduction? topic ofk this whole tax reform is something that needs to be ultimately addressed by congress. as you said, 38 million americans take part in mortgage insurers reduction. the vast majority are at the lower end of the range. 91% of all is below 200,000. two thirds are below 100,000. we are really talking about a benefit that is appreciated by those who foul tax returns who are more at the -- file tax returns who are more at the user end. thos

you are made for jamie dimon or brian moynihan. >> i will be sure to pass that on. so much. it is interesting. the banks are looking at growth. retail banking is back in fashion. where the next 2 billion customers would come from? they're going to come from developing. it is a gateway drug into what is coming next. companyook at the phone operating in africa. even t-mobile here what they're trying to do. how to compete with those guys were people already have the phone and maybe just need to dial the numbers? >> we love them. tosend money from europe there. we will see more of that. in africa, we want to see basic financial services to more people. >> have you ever had a conversation with bill gates or warren buffett about this? >> i haven't. i am a big follower of gates. he said, if we can cut the cost of migrant remittances from 10% to five percent, that frees up lines of dollars every year. >> i would think bill gates would be all over this. >> scarlet has a better relationship with him. >> this is important stuff. if you think about how much these people are pay

no no no conscience about representing jamie dimon one of the worst financial terrorists in this whole crisis in history made you know maybe i was not too late to get in the ring and teach this jamie diamond a lesson well you serious because you know that you could. possible i mean i realize he is the professional fighter and all but he doesn't understand that when people around the world when they hear the word jamie dimon very direct so that will rage that awesome rights pre-digital rank it takes you i don't care if you're a professional fighter take you out jamie diamond knocks us the whole point right you guys you crypto currency go you just lose it all the time we've got real money that's the difference between people what do you call real money people you know when you're fixed. you could well be taken although there was a report to see that gold we set up studies in metal all right what is right listen matt i'm sorry that is a goal that i'm sorry that is interrupted this interview just to make some comment this guy's really getting on my nerves because you know on this show we h

he tends to be -- jamie dimon put out his annual letter. he tends to be candid.ught my eye -- the case for the universal bank. generate $15gan billion of additional revenue every year by combining additional businesses and saves $3 billion a year in shared expenses. do you buy the math? >> i cannot trace the $15 billion, but i know it is a large number, and jpmorgan clearly does the best job of any bank in actually achieving that. he has a better handle on those numbers than we do, so i would take that from him and accepted it, but i would say absolutely. they are the ones that are the standard bearer for the effectiveness of the universal bank. >> moshe orenbuch, i am looking at your coverage universe, and wondering to myself, which make do you believe is most strongly positioned heading into this challenging year with the factors that we cited, driving mortgage production, interest arjun impression -- who stands out? >> jpmorgan stands out because her execution has been -- because they are execution has been strong. they have had better flexibility on their cos

we don't talk to -- we don't talk to him as much as james gorman or jamie dimon.>> the new york times -- "the as aork times" listed him former ceo. but the job is to work with the board and execute and he has not only been a job of that, he has done a great job of running this firm and would have -- what could have been a very perilous time for goldman sachs after 2010 when they were the target of everyone's ire. the centergman, of university of new york, this raises the concerns of a conservative. krugmanto professor about the benefit of conservative thought in america. has done much work for various white house and administrations -- white houses and administrations, and he was talking about any quality. you were squirming in your chair. what did professor krugman get wrong? theou say that this is focus of all problems and it leads you to public policy to improve public policy by going after the rich. this will not improve public policy, this will hurt public policy. you -- if you want to work with no consequences, you want to work on economic growth and how to

saying is if you want to put money into financials, forget about the traditional banks that even jamie dimon perpetually slower growth because of regulation and capital requirements and the fact they cannot trade. look at private equity. liz: they should not even be looking at financials. charlie: carlyle group, blackstone, kkr, those are the stocks we should be showing right now on our screen because those are the stocks, there we go, apollo group, kkr, they are down. those are the stocks more of a hedge fund. these are private equity. they take pieces, this is what they traditionally do. basically took companies priva private, publicly traded companies themselves taking other companies private and at some point spin them out for a huge profit. there are some flies in the ointment. the favorable tax treatment they get to have. they carried interest is taxed at a capital gains rate as opposed to a physical income. that would be a negative on the stock. i am not saying it is happening, but i would tell you the notion that like the banks, private equity firms get roped into dodd-frank and cons

become jamie dimon and the reality is that's not the case jamie dimon infiltrated the whole j.p. morgan chase constellation and is probably the most powerful banker living today j.p. morgan who started that legacy was also a very powerful banker and his family members as well as the rockefeller family members in the stillman's in the aldred his and all of these very powerful banking families have created this dynasty whereby they are also in the top echelons of financial power which they use to press to political policy and through washington real individuals on the street don't have that kind of access the idea of a true democracy doesn't therefore exist because you have such a concentration of political and financial power in the hands of a very few families or their colleagues or their proteges you know we want to touch on the one nine hundred thirteen perry to check all aisle and of course this is where the creation of the federal reserve bank was was created and how does it alter the course of american democracy and the economy that's obviously a broad topic i want to get to

i spoke to jamie dimon about this sort of issue, whether ceos get burnt out faster, given everythinglse that is going on? melissa: yeah. >> i think this is latest line. this is symptom going on for a long time. average lifespan after ceo has been cut dramatically for a lot of reasons, inincluding the fact if you run a big coopany, you have government on your back 24 hours a day. >> to charlie's point, i saw one study average term is five or seven years. melissa: is turnover good. >> ge is now at 25. same when jack welch stepped down in 2001. it was hovering around that range. >> in his defense, there is no such thing, no such such thing as a term for ceo. this is not a senator. he works until he can no longer do the job well or until he doesn't want to be there. >> isn't he not doing the job well? >> the stock underperformed. >> put knit context. i know jack. i know jeff. i guess, full disclosure i'm closer to jack than jeff, but, but he inherited -- melissa: way to throw names around. >> he inherited not a easy situation. he inherited ge following the internet bubble when a lot of f

melissa: president obama hitting wall street really hard, punishing people like jamie dimon.dn't she want to be like president obama? >> she has already said she will not be like that. that is anybody's guess. spread the risk around from the financial crisis. the one question is is the republican party in such disarray we have to root for the other guy or girl in this case? the '90s were a great decade especially when clinton got in there because he raised taxes and cut them. he did that with a republican congress. charlie: who allowed the creation of all these banks that eventually blew up? it is glass-steagall and bill clinton. who allowed the creation of all these mortgage-backed securities? this put a lot of money and wall street pockets. republicans on wall street will not support hillary clinton no way, no how. melissa: why are they disaster from an investment point of view? charlie: they are not. no way. >> you link back clinton to previous clinton and that is why it is happening. melissa: thanks, guys. companies like apple are finally opening their checkbook putting t

today jamie dimon said he was sorry.> let me jump in there. they haven't had any accountability or indictments in any major way. but you mentioned the bailouts. we had to bail some of them out supposedly because they ran out of money, right? just this week, under the obama administration, we're seeing the capital requirements raised up to about 5%, higher than some european countries. >> it's a little bit of mirage, the increase in the capital requirement. it will not take effect until 2018. there's a lot of time for maneuverabili maneuverability. and they only look at a portion of a bank's books in terms of capital. what it doesn't do, are reforms that came out of the crisis, the frank dod act doesn't do is separate, specifically separate the activities of any kind, whether trading or creating weird toxic securities from the depositors and taxpayers of this nation, which is what the glass spe spiegel act did. there's no reform structurally to make it happen. >> really important and very interesting stuff. thank you so m

jamie dimon oversaw how many billions of dollars in fines 'just got a 74% raise.s who have the name, it feels like never see any repercussions for bad action. >> look, there are two different issues there, i think. one is compensation. and how we think about compensation. and one is how we think about individual accountability. at dfs, we've been in business for three years now, the more we've been watching what's been unfolding, we're taking action and other regulators are taking action, and we haven't seen a lot of change. and we're very practical, when you try to change the system. try to make our system better, stop the wrongdoing we're seeing, yet, we're seeing flawed after flawed after flawed, at different firms it feels like groundhog day we start to ask ourselves the question, what are we doing wrong. what we came to conclude, one of the things we haven't been focused on enough, all of us as regulators is you can fine a corporation $1 billion, $10 billion, but if the individuals working on that corporation, this is where it links back to what you said abou

jamie dimon was led astray in a multibillion dollar loss that couldn't be spotted by the ceo and hism in new york? if a brilliant sharp-eyed banking captain can't see a whale in his midst, maybe no boat is safe. how about citigroup? the test that bank of america passed with the erroneous submission because of regulatory issues that we can probably presume include the recent discovery of a $400 million alleged fraud link to one of the clients. when i googled the client after the alleged fraud was exposed, i saw a whole host of articles about the finances well -- written well before the suspected fraud was discovered. maybe citi needs to google the clients before lending them money? or are things so desperate they've compromised their ability to think clearly? bank of america, citigroup and jpmorgan are not terrible companies. they have smart people who work there. but these institutions have gotten too hard to figure out and big to keep track of. the error had to do with a structured note, which in english having created them, sold them and bought them means really hard to decipher cu

. >> contrast that with jamie dimon testifying before the senate judiciary committee, the head of jpmorgan talk about what his bank was fined for him what he ultimately, what happened to him. is the ceo of jpmorgan chase. laster that bank a $20 billion in fine, which is an extra ordinary number if you think about it. i think it beats by a factor of five a record for the largest amount of regulatory fines in a single year which was previously held by bp for the deepwater horizon incident. they were accused of extraordinary array of things, everything from being bernie madoff's banker and not raising flags are early enough, to manipulating energy crisis in michigan and california, to failing to disclose to investors extent of losses in the london quayle episode, to abuses during the subprime mortgage period of some of their subsidiaries. the list of things goes on and on and on. translated into common criminal law, this is sort of replacing hundreds of years in prison for many different people. >> absolutely. i made a point where there was another case involving a company called general rein

jamie dimon or blankfein, they're quasi political figures, yeah, they're corporate figures but feelinglitical responsibility or accountability or exposure that they've never seen before. >> there's a bigger problem here. when i was growing up, i guess i'm getting old, you invest in a company with the idea some day that will company would be more valuable. 10, 20 years ago. >> things got short and people were focused on the corner. now we're focused on milliseconds. we need to get back more to a bit to last, invest in the bit to last, invest in the maybe there's policy changes necessary to incent for long-term buy and hold kind of investment which is what's critical to build our economy is to back these companies, particularly back the startups with long-term money, not the short-term hot money. >> it's a question, too. to what extent wall street has changed as well as washington's ability to prevent the next big thing from happening. >> i guess one of the questions i would have for michael as you talk about the confidence in the market and exchanges, what's the answer? is it more regul

madam president, when we talk about oligarchy, we might want to think about somebody like jamie dimon, who is the c.e.o. of j.p. morgan chase, and he recently received a 74% increase in pay, more than $20 million in total compensation. now, interestingly enough, that's a pretty big salary, $20 million, what did he do to earn it? well, during that same period over the last year, the bank he runs, j.p. morgan chase, paid out over $20 billion in penalties to the federal government for financial fraud. so your reward after paying out $20 billion to the federal government in penalties for financial fraud is to get a $20 million compensation package. that is called oligarchy. no matter what you do, if you're at the head of a large financial institution, you're going to get rewarded for that. oligarchy has a lot to do with a gentleman named william mcguire, the c.e.o. of united health group from 1991 to 2006. and everybody knows the crisis that we're facing in health care. everybody knows that tens of millions of americans today, despite the affordable care act, are still uninsured. and ever