jamie dimon is up 30%. after he was down 8 million or whatever. you don't even mention it at that point. look, there is journalist envy. what i don't understand is, if you're so envious, go work in the gold room of goldman sachs. go do it, become a ceo. at least this is a country where you can still go do that. >> why would i want to do that? why are you asking many he to do that? >> you're making your money in other ways. you certainly do enjoy it and you certainly do enjoy the benefits of your highly paid compensation. let's go. a key primary in mississippi today with plenty of mudslinging. tea party candidate state senator chris mcdaniel in the middle of it all is john harwood. is john harwood, who i just heard an echo. who is joining us. is that a mississippi thing or -- you forgot the tie? what happened? >> hey, you know, we're out in the field here. it's casual. and by the way, joe, i'm happy to rescue guys -- you guys from that argument still going on. i guarantee you there was no viewer who could follow that back and forth between you guys

he said the country, corporate all sorts of massive, we now see jamie dimon stuff in certain publication. the j.p. morgan, j.p. morgan chase, a legacy. >> why don't we -- >> i will wrap up. anyway, the point is that these things have a long tail and there's a lot of blood and connections and relationships and everything else that manifest in policies that come not from wall street to washington, not from washington and wall street but are together but it's one box. it is in the revolving door. it is one box of power which is shared by different groups of people that have incredible philosophical, political and financial ties spent okay. anat, why don't you take it from there. [applause] >> i come at it as an academic. i teach finance at stanford business school, and i awoke like everybody else in fall 2008, actually before the, wondering what's going on and why is it that this industry managed to harm so much. the more i looked, the more of a calling in a rabbit hole experience it was. so two great pieces of literature are alice in wonderland and emperors new clothes which is sort of the

many people thought one of the threw uphe jamie dimon the white flag and said i submit is because hetart 2014 on a fresh slate. when you talk to financial investors and bank analyst, one of the issues have been -- i don't know what the litigation costs will be. me banks are saying hit where it hurts, you pick the number, i will take it. just let me move on. if citibank really going to be the one in stand up to say we are not going to take it? the department of justice has these banks act into a corner. the banks are saying fine, i will pay you. >> there is a $6 billion difference between what citigroup offered to pay to settle these allegations and what the justice department is seeking. maybe that gap narrows, and they negotiate a settlement. but at the very least, citigroup is putting up something of a struggle. are prepared to pay something, but we are not prepared to pay what you are asking for. >> at the end of the day, do they really have any leverage? look at the position banks are in right now. look at how the department of justice is looming over them. we just sat here with

just a little light summer reading from jamie dimon. , a message to walmart. we will talk to the comptroller about why they are unhappy with the company. let's hope rizzo enjoys the party because it is likely to have a fiscal hangover from hosting the world cup. it is just getting started. ♪ >> high-profile insider trading cases with a massive billion-dollar settlement show how aggressive u.s. regulators are to capture wrongdoing. what about when things go wrong for the regulators and they lose? that is what happened with mark cuban last year when the billionaire was cleared of insider trading after a very long court fight. he said at the time, i hope this result shines a light on the sec abuses that i have witnessed. still with us our attorneys ira sorkin and sean coffey. is it when theow sec loses? >> well, it is a big low. when it started in this business almost 50 years ago, the sec could do no wrong. the sec would whirl -- would walk into court, the judges knew very little about the securities markets, and they would listen to what the sec had to say. the

decrepit the system really is and how much he and his friends are hank paulson lloyd blankfein jamie dimon all these people got together been able to use each other and use their connections for decades to enable them to get away really to get away scot free so far from the crimes that they've committed against they are crimes against humanity the crimes against citizenship the crimes against the economy and they do require much stronger punishments than any of them have received all that they have received in time got to see nothing but a great advance on its book although they've received a little tiny fines that go to their corporations and no even requirement to indicate any sort of culpability for what cause these crises and how they've gone off richer and more powerful more influential more politically connected after them than before them so you're on wall street you work for goldman sachs you work for lehman brothers you know the kind of creepy people who work at these banks when we talk when we equate them with financial terrorism. let's drill down a little bit because when you ta

morgan because you know jamie dimon is somebody that when it when you realize what he's all about and you realize you're working for him the temptation to kill yourself is quite high if you had stayed in banking and not jumped out when you did would you be facing a summer of crisis of conscience ten years later fifteen years later that's a good question as i was suffering from a crisis of conscience back then and i had been something that was growing in me back when it's not like banking was better but it was certainly less sociopathic it kind of accelerates as as the years go by because all of these facts and all of this this subsidization that that institution the bankers receive from government continues to grow and it will continue to grow absent any sort of you know town are fighting against it and i really felt that when i left i mean i really feel like today i am not just an individual a happier person but that would i just feel better about my ability to input information because i think you know this world the way i do rather than how was your message to a lot of these people

. >> i said this to jamie dimon once when the "london whale" happened. jamie, you're a great guy, you're a great ceo but you can't be everywhere and all times and run a bank that is run efficiently. you're just too big. melissa: you think jeff bezos is in the same seat trying to do many things. >> at some point, "washington post" and this and that. melissa: you think this is big date they are supposed to unveil. >> i don't know about the phone. my response to this story, what took so long. they have 240 million consumers. why give ebay, your competitor a piece of every single one of those sales? amazon has a brand awareness with the consumer. they feel safe with that product. i don't think this is a very big leap. it's a really good move. melissa: but you do have to set that up kind of confidence. the thing about paypal they take the guesswork out of it. >> they have robots -- >> i'm just saying there comes a point where amazon is spread really too thin i think. but i'm not saying this is the point but if you're in the stock you have to watch these things

i know jamie dimon went to a high school or middle school over on the east side over here.is friend say he was cool. it worked out okay for him. >> it is not being an alpha dog. simply being achiever. a lot of schools, especially younger school environments it is achievers, tall poppies cut down by bullies and other kids. once you grow up, achieving a good thing, self-sufficient. being productive. james point ultimately have the last laugh and soar in their lives. melissa: were people mean to you jonathan hoenig when you were in school? did you get bullied? i'm starting to feel like they gave awe terrible time? >> cruel. i spent a lot of my childhood years with my face stuffed down a toilet. will not lie. everything. everything. melissa: no. >> lugies infy mace. thank you. melissa: give you the last word. >> i regret doing that to jonathan. i'm very sorry. never happy again. -- happen again. >> apology accepted, james. melissa: from u.s., to every corner of the globe flying around today in china. hundreds of people have paid 100 grand for a trip to outer space. it will last

the leadership on both sides have voted for bailouts on wall street where, jamie dimon gets 20 million dollars a year, the poor guy in eric cantor's district can't get a job paying 12 bucks an area. it's his agenda where main street ought to be, i think they voted no. >> charlie? >> i agree with that. class warfare is not a great thing for the country, you can understand the palpable anger on heem. i like eric cantor a lot. i know him pretty well. he's hardly a liberal. but think about it, he put immigration front and center, i know i have my friends at the "wall street journal" have told you about this, when you increase the number of immigrants coming in, you're going to push down wages particularly on the low end. that's simple supply and demand. >> or take jobs out of the economy altogether. >> how many people need to work at walmart? we have a problem with jobs on the low end. this part of this is where is this guy's priorities. i think eric cantor was a good congressman. he is hardly a liberal but you got to ask where, is the priorities when wages are stagnant, all the stuff they

and jamie dimon's, york capital management and jeffrey tannenbaum third tree and lobe's third point.lot of big investors into hertz. the chief financial officer was out back in december. so certainly is unclear at the moment. everybody will be waiting to see the proper results once they're restated. back to you. david: nicole, have a wonderful weekend. >> you too. david: liz? liz: he has been at the driver's seat at ford since 2006 and driven over some of the bumpiest terrain in history for the entire auto industry. alan mulally is handing over the ceo keys mark fields. mulally led the company through the recession, through the crisis and through a near-bankruptcy at ford. the automaker coming out stronger on the other side, with 19 straight quarters of profitability without taking bailout money. i sat down with alan mulally one-on-one today at a ford dealership in manhattan for his last major interview as ceo. we talked about the evolution of technology in the auto sector. >> technology, that is the big buzzword right now, back in 2009, consumer electronics show. >> consumer electro

this is a three-year time horizon, and he's -- and unlike other ceos, you know, i love jamie dimon, butve a succession plan. bob does. you've got to give him credit for that. that's a big thing in corporate america. liz: charlie gasparino, thank you very much. and, yeah, the nasdaq is good enough for fox be -- >> we're there. liz: we're there. >> not that that matters. liz: no, that doesn't affect our opinion. this guy can't be bought. >>> closing bell ringing in 39 minutes. is the flight to safety really that safe? well, our market panel is going to duke out that very subject, where you should really be parking your cash, stocks or bonds? and is there really truth in wine? well, now you can find out simply by snapping a cell phone picture of the bottle and the label. the app delectable, super hot, super popular tells you about the contents in that. vino is a big investment plan, alex fishman joining us next. ♪ ♪ my dad has aor afib.brillation, he has the most common kind... ...it's not caused by a heart valve problem. dad, it says your afib puts you at 5 times greater risk of a stroke.

someone like jamie dimon is suggesting that is a little quiet out there.e at this quiet? >> i am not in the city every day but i hear the departure every thursday. it is extremely quiet on friday. i am on the capital market side of the business. you are seeing firms get out of certain lines of business. traditional wall street is very very changed. >> we go back to 2007. six, seven years into the market. here?s the law have we legislated our way into a baking quiet? are we so safe and cautious now we can't take risk? what is the wife or why we are going to the hamptons on thursday? >> i think a lot of it is muscle memory. the difference between large bank lending and small bank lending is extraordinary. >> described that. >> large bank lending is growing but not at the pace small bank lending is. just looking at that spread i think shows you that large banks are a very different animal. >> what you see anecdotally? you are the social guy, partying far more than i am. >> it is not so much what i hear as what i agreed -- what i read. really is the goto place

james gorman, jamie dimon, mike ormond, year, who is the fastest? take them all. >> you are without a doubt the fastest runner? >> we will see how it goes. i am really slow. that would take me half an hour. >> deveney was going to do it that she was called away to an assignment -- stephanie was going to do it but she was called away to an assignment and couldn't. >> she looked already in her workout here. disappointed. >> maybe next time. >> i am sure there will be a next time. thank you very much for joining us today. it was good to have you here. tomorrow on market makers, we will be talking to the ceo of .ransocean, stephen newman >> i am so looking forward to that interview. i am an oil nerd as we know, and i cannot wait. this will be a good one. it is approaching 56 past the hour. that means bloomberg television is on the markets. scarlet wu has more. >> u.s. stocks are holding pretty steady following today's historic rate cut. investors are waiting for the next shoe to , the may jobs report. that comes out at 830 a.m. on friday. joining us now

reuters reporting that bank of america boss brian moynihan may be trying to take a play out of jamie dimon's book. remember, back in september of last year, jamie dame by effort to droig a previous issue. >> traditionally, if you are -- and i'm not suggesting anyone is a criminal, but if there is a criminal probe, somebody like that does not often meet with you. they don't usually take that meeting. so this is an interesting play. >> but it's a difference of perspective. there are many people who think this is just a shakedown. >> i don't disagree. >> and if eats to find a deal, why wouldn't you go the two together to find out why can we come to an agreement on it? >> the argument against taking the meeting is that it appears to the public -- whether it's a shakedown or not, i'm not going to go there. i made the argument in the jpmorgan case i felt that it was. but if you have an organization where the head of the justice department is -- >> i'm shocked that you're suggesting there's a relationship between wall street and washington vis-a-vis money. >> is it too early for that kind of sarcas

show and i've been skeptical, you hear people like warren buffett be skeptical and people like jamie dimon. what sold you? >> i think the common theme you're seeing there are people who approach bitcoin first from the finance or the monetary policy perspective, rather than the technology and why is this network so valuable perspective. so again, think about it as sort of the early days of the internet, where this network now does something that was never possible before, which is remove the necessity for a third party in a transaction. and the efficiency gains from that are rather large. and that's ultimately what convinced m ed me. >> how much regulation is to come around bitcoin? and how much regulation is needed to the extent you think it's necessary for bitcoin to succeed? >> so regulation, globally, is developing pretty rapidly around bitcoin. the u.s. is actually probably the most advanced place, so treasury has issued guidance around how do you deal with bitcoin from a regular story perspective. and the irs weighed in recently too. i think there's more to come, and there's obviously