and at one point he told several of the people who had direct conversations with jamie dimon.ferred to the justice department under eric holder as relentless just like the mafia, i.e., we're being shaken down like the mafia. we should point out that we did run this by the pr people at jpmorgan. they have no comment on it. i will say they never asked for a correction when we said this in the past. anybody that knows jamie dimon knows he said this, aside from the fact the two people he spoke with told me he definitely told them. this is his feeling. listen, if you ask anybody on wall street, any major ceo like dealing with the justice department. they would give you similar responses, jamie is colorful. he's stepping down, who might replace him? a number of names, duval patrick, he threw cold water on him today, to some extent. you never know, the president calls you, you answer that call generally. the u.s. torn for the southern district. amazing record, you know, he put wall street guys in jail. cheryl: true. >> something that couldn't be done by others. on paper he's very str

they, the fed actually does performance reviews on jamie dimon, on michael corbett, on all ceos.issa: based on what? >> they said yes. so i went out. i checked it today. this is what i know. anybody considered a tier one executive gets a review, that includes bankers, traders, ceo's. melissa: what are the metrics, do you know? >> the metrics are, how well do these folks, like jamie dimon, comport with new risk standards advocated by dodd-frank. that is what the fed, so the fed is actually doing a performance review on jamie dimon's ability to adhere to -- melissa: i would be interested to see how they rank against each other. >> i will point out that the -- melissa: according to the fed, whatever is that worth. >> maybe one reason why we never really hear about this like i said, i don't think this has been out there or at least hasn't been talked about much, it is one of the most useless exercises that the banks engage in every year. it is like, it has no impact of the fed doesn't do anything with it but does show you the keep of bureaucratic morass dodd-frank is. do we want to l

jamie dimon well in his treatment. the president will deliver a speech tonight.o lay out a strategy to battle the islamic state. here is our white house correspondent, phil mattingly, to give us an update. who is the president speaking to his evening? >> really, to the american people. it sounds somewhat trite, but in speaking to white house officials, their feeling since june is that they have not successfully explained what their strategy up to this point has been. and they have definitely dropped the ball how they want to counter this threat going forward. that is the bush. obviously, they care what members of congress think. however, what they want to do is try to align the u.s. people behind what they want to do. fit inwill the president the 13th anniversary of 9/11? >> elegantly. they are -- delicately. day are cognizant of the and that it's coming one day before. theone year ago to the day, president spoke to the nation about syria. that was about trying to get chemical weapons away from bashar al-assad. that effort failed. not only will he say that he is

jamie dimon might be happy he's gone as well. i think the big question is who's going to replace him, and will they be friendlier to wall street or not? this is going to be a big change for the president. the president has had him as a key member of his team for many years. neil: what is he third longest serveing? >> indeed. and i think this is going to be a big adjustment for obama. he knew this was coming, the timing is interesting as well. neil: what do you make of the timing, jonas? >> he's depressed, i think he wants out of the job. i don't think he thinks he was successful. a lot of cash settlements, he wanted people behind bars for the whole financial crisis. that was a bomb. he alludes to he wishes there should be a bigger whistle-blower following, i need more tips. i think he wanted executives in jail. he didn't get that. and wall street didn't get -- >> a lot of people on the insider trading behind jail. that was preet's doing. neil: nevertheless, that in motion, what could be the next wave in this before they drag him

he made jamie dimon wait outside his office for over an hour after setting up a time and place.ly -- >> good-bye is the word. and good-bye is the word for us, see you tonight. i sure hope so. with healthcare costs, who knows. umm... everyone has retirement questions. so ameriprise created the exclusive confident retirement approach. now you and your ameripise advisor.... can get the real answers you need. start building your confident retirement today. health can change in a minute. so cvs health is changing healthcare. making it more accessible and affordable, with over 900 locations for walk-in medical care. and more on the way. minuteclinic. another innovation from cvs health. because health is everything. >>> hello, everyone, this is the fox news alert. appearance at the white house president obama announced that after six years the attorney general will be stepping down. he praised mr. holder moments ago. >> this is bittersweet, but with his typical dedication, eric has agreed to stay on until i nominate a successor as attorney general. he has shared ideals as a people and

. ♪ >> compared to other wall street titans like jamie dimon, bob benmosche is less recognizable, but couldn't tell on the streets of old dubrovnik, where people came up to the ceo to take photos. he recalled the first time he took on the job with aig. when you first got your hands on the books, what was going on in the company? what did you see? >> i did not look in the books. i had a good idea of what was represented by what was in the books. because i spend a lot of time with jim milstein. jim was the restructuring executive who was handling this for the u.s. treasury. and i spend a lot of time with sarah dahlgren, who was also handling it for the new york fed. they told me about the financials. i questioned them about the financials. and my assumption was that they did their due diligence. >> when they briefed you on what was going on at aig and what they knew, were they better or worse than you thought? >> the world thought they were worse than they were. >> you did not? >> i didn't think it was that bad. but it is a question of, if the outside world thinks it is that bad, i have

. >>> jamie dimon has finished his scheduled round of radiation and chemo therapy. he was diagnosed with throat cancer this year. he's 58 years old. >>> stocks are falling. is this a blip of what's to come? joining me, head of global equity research with $613 billion in assets under management. also james who is professor of economics at the university of texas and author of new book end "the end of normal" thank you both for being here today. sarah, let's start talking about the markets. it was a little bit of a rough week for the markets. i wonder, do you think there's something worse to come? is this the beginning of something? >> higher interest rates are on investor's minds. that could rain on the equity parade next year. we're cautions investors not to sell too soon. stocks peak before the interest rates. we don't expect to see that until middle of 2015. >> professor, in your book, you point out you don't think america's economy will see easy growth any time in the near future. what would you say now in terms of how you think the economy is performing? >> it's

here's jamie dimon, chief executive of jpmorgan chase, quote, "you want the choice to be able to go to walmart to get the lowest prices," he told reporters. "companies should be able to make that choice as well." and then he said this, "i'm just as patriotic as anyone." sorry, mr. dimon, it's not patriotism, it's a travesty, the corporate equivalent of moral treason. and all the rest of us have to pay for it. there's more from joseph stiglitz on our next edition of "moyers & company." >> we already have a tax system that has contributed to making america the most unequal society of the advanced countries. that doesn't have to be. we can have a tax system that can help create a fairer society, only ask the people at the top to pay their fair share. >> and take a look at our website, billmoyers.com. i'll see you there and i'll see you here, next time. >>> don't wait a week to get more moyers. visit billmoyers.com for more essays and video features. >> announcer: funding is provided by -- anne gumowitz, encouraging the renewal of democracy. carnegie corporation of new york, supporting inn

icbc chairman gets paid 2% of what jamie dimon does. icbc is at the pace in june of 2014.an see the difference in the asset pace. salariesutting banks is mainly for lessening the public discontent regarding the paychecks. >> so it is political. >> that could be the case. atond of all, if you look the point of view from the --ernment, these executives it does not take too much expertise. itwhat you are saying is does not make too much of a difference to the operations of the bank. >> in fact, to cut their , giving themher incentive to manage the banks better for the shareholders. if you look at their counterpart in the u.s., the compensation for major bank ceos in the u.s. was 7.8 million u.s. dollars in 2013. china,look at banks in they were at least 2.3. the chairman making only 2 is inconceivable. >> what about the idea of incentivizing? it is something which has not been the norm. that is another way of getting around. it was the first state bank to announce the plan of stock incentives. ways toone of the offset the probable pay cut for executives. it's you look at tren

jamie dimon was attacked because of it. all the fines were the result of his calling out the fact that dodd-frank imposes tremendous costs on banks who will have to -- >> those fines aren't withsta withstandi withstanding. you're saying it would have happened regardless. >> it would have happened regardless. >> then you could separate that and say maybe they took a cue there the airlines and said they're making money hands over fist so why don't we do it. >> no question more revenue is needed across the board given the economy right now. and so the fact is you will pay. the customer will pay. so airlines, banks, they will try to take revenue from you if that's two or three dollars. if you need cash right tlep and there,le happe there it will happen. only way to avoid it is plan ahead. >> you shouldn't bounce a check and you should try to go to your bank's own atm if you can. i say fly commando. but if that option isn't available -- >> or fly privately as you go. >> sure. but what do you do? >> first of all, i'm old enough t

i will give you a quote from none other than your friend jamie dimon.ho basically said dealing with the justice department under eric holder during all these settlement negotiations is this. they're relentless, just like the mafia. that is what wall street thinks of eric holder. melissa: wall street did not have a great time with eric holder. >> jamie did not in negotiating $13 billion settlement. marginally if wall street had its way, they would like preet. he is very centrist. melissa: very tough. >> very ambitious. will do whatever the president -- melissa: that is key point. byron i want to i but in on this. the got to be one of the things the president will be looking for, someone who will be wing man for him, someone to deaf fuse the problem and do a lot of what he wants. is that a fair assessment? >> absolutely. the president really wants an ally in the attorney general's office, there is no doubt about it. because he often does some tough guy things the president really doesn't want to do. remember holder has has had enormously contentious relat

thanks are part of it right now and the chairman makes 2% of jamie dimon. what is likely to happen in the proposed pay cuts? up in june, compared fact, itillion and, in is lessening public discontent. >> it could be political. big paychecks of the banks are excessive in the eyes of the people and the average age of an employee in any area was ¥53,000. so, it sounds like quite a lot. government,of the they expect no more than the directntatives, by orders of the authorities. andink it is political there are some behind the salary cuts. >> let's talk about what they could do to bank operations. >> it would do away with a lot of incentive from shareholders and's if we look at the case in the united states, the major conversation of around 7.8 million in 2013 and, the state-owned banks that lease trillions of dollars last year, think of the household names and bank of america. need tocase, they million yen. a bit more. it sounds like it. sanctions have a contradictory process. on the one hand, we have the government saying they want to look at market forces and

but jamie dimon, he stepped up and said in their 2013 annual report we're investing heavily, $100 millionattle, and we're not going to win all of them. so i think getting the consumer to understand, we have an adversary, the stock market's not up every day, and just like we're not all going to be perfectly safe every day, there's a reality, but i still think jpmorgan is one of the real leaders. cheryl: which is is it? are companies just slow to the take? is are we not moving fast enough or are we never going to get ahead of -- we thought a lot of them were 20, 21-year-old kids that are breaking into major american companies. are we just not going to get ahead of them? >> i think, unfortunately, we're never going to live in a perfectly safe cyber world. they're innovating. apple spends billions of dollars to release a new technology, those cyber attackers are spending millions of dollars to come up with their own, it's not an iwatch, it's an ihack, and as soon as we beat them back, they go figure out how can we find a new weakness? some of the ways they're attacking us now if you had told

and, in fact, if you're like jamie dimon you might even get an $8.5 million raise for the settlementof negotiating such a great settlement when your company breaks the law. so without criminal prosecutions the message to every wall street banker is loud and clear. if you break the law, you are not going to jail, built you might end up with a much bigger paycheck. so no one should be above the law. if you steal 100 bucks on main street you probably are going to jail. if you steal a billion bucks on wall street, you barnwell better go jail too. so i have another question i want to ask about and that's about living wills. that is the plans that big banks are supposed to submit now so if they start to fail they can be liquidated without bringing down the economy or needing a taxpayer bail out. last month the fdic and the fed as we talked about earlier sent letters to 11 of the country's biggest banks telling them their living wills didn't cut it. you said that if these banks failed either they would need a government bail out or they would bring down the economy. these letters confirmed

managing financial institutions, these kids see themselves as the next lloyd blankfein, the next jamie dimon do they need to know about political power? the odd things about the street is it is blind. -- it is blind to washington. it certainly was leading into the crisis. a smalle issue is that i group of people that can cross over between, that is a rare group. they know how washington works and how trading and investment banking work. you go down to d.c., their motivation is power. you go to new york among the motivation is commercial. motivationork, the is commercial. the regulatory world is affecting where the commercial world can go. the sea,ding understanding the fed, understanding the sec, understanding the initiatives that are going on and capitol hill -- >> do mbas understand what these jobs are or is it a thirst for hot -- for money and power? >> you do not go to mba school because you want to run a charity. what you have in terms of the mbas is -- let's face it, they are going through the first year. it is finance, accounting, beginnings of strategy. as you go into the second year

moving and shaking this hour, jp morgan ceo jamie dimon is not letting something like chemotherapy and radiation slow him down much at all. the bank's cfo says dimon is "sh ockingly present." dimon is scheduled to finish treatment for throat cancer. warren buffett sent him an e-mail urging him to watch episodes of "breaking bad" during his treatment sessions. call also got a treatment from none other than the president. now comes the tough part. dimon will have to wait several months to see whether the cancer is still present. liar -- those are the words spoken to me by the owner of the miami dolphins in support of nfl commissioner roger goodell. believes good l did not see the videotape that shows ray did notbelieves goodell see the videotape that shows ray rice knocking out his then fiancÉe before it leaked this week. there are prior reports that claim it is impossible godde -- goodell did not see the tape previously. ross joins other owners backing him in the wake of the ray rice controversy. for more on these exclusive comments, i want to bring in our columnist, who has right -- ou

jpmorgan ceo jamie dimon has pledged to spend billions of dollars to improve compliance and cyber security. he has cut ties with potentially risky clients, including banks. exposedsold businesses to more scrutiny by regulators. regulators are treating jpmorgan as though it is as risky as ever. $35 billion cannot be used for dividends or buybacks. we will be back. ♪ >> you are watching "in the loop" live on bloomberg television and streaming on your phone. good morning. i am betty liu. here is a look at bloomberg top headlines. frommay be banned operating in germany. uber drivers do not have the necessary permit. it may ask for another hearing. -- eric cantor goes to wall street. he has been named vice chairman of an investment company. washington office for the firm. he lives in virginia. apple will turn an iphone into a mobile wallet. according to a person familiar, apple agreed to partner with visa, master art, and american express to make mobile payments easier. certainly, a lot of questions about security after the hacking of its icloud system, which it is investigating right now. in t

when jamie dimon had his recent experience, i as a customer of jpmorgan found no ripples whatsoever.en he recently revealed he has cancer -- >> no, i sorry come in the hacking thing. when they were announcing they had been invaded along with four other banks, that they in fact handled it extremely well, i think, so far. i think it is important to see what apple has also done. they said they have cleaned it up. i know on both sides, jpmorgan and apple. of -- when target had its problem, when people have problems, leadership comes to the core in how they handle this. >> there is a distinction. target's stocks have not recovered. what did they do wrong for? >> they did not handle it very well. contrast that with jpmorgan and apples. >> i want to bring and anders corr. you look at geopolitics, you give us perspective on what is going on in the middle east and ukraine. howdy you call cyber attacks and cyber hacking because this is a growing area? >> the latest cyber hacking event really shows once again, i mean, we have cyber hacking events every few months. this one really shows again th

jamie dimon makes $21 million a year. what jamieut 2% of dimon makes.pect to it? you are seeing an anticorruption drive in china. than $300,000 -- it is really to smooth the public discontent on paychecks collected. >> could china the on the way to bring more private capital to the banking business? right now, icbc is still a state-owned enterprise. >> that is what they've claimed they will do. we still haven't seen the first step yet. they also tried to push for the stock incentive program for the staff, but i think it could be one way to offset a cut for salaries. programs arese related to give banks profitability in the future, i'm not sure how much the top executives are thinking staff would get. >> we will leave and then. -- leave it there. thank you so much. time for a look at some other stories we're following for you. a report says icbc make get approval to open its first branch in london. that is according to "the financial times." pushingbig name is driverless cars. gm says it will introduce a cadillac with super cruise technology that takes c

to the chinese government, it is bad here with the obama administration, that your eyes if your jamie dimonhinese government, the communists are running this? >> that is not new, that has been true for decades. this guy -- >> i said it before. this guy intended the cn and square, seen in public with party leaders. the introduction to the internet -- >> why as an individual, the wall street journal, why hasn't the wall street journal put that on page one? because we did. in most people, and this is the fault of the mainstream media, as they have noted wt isn this company. >> charlie, and -- >> writing this for years. i learned about -- back in 2009. >> the reason is - stu we w$970ge, price, you run up from the first trade price from 99 and change, now you are back to the opening price. you had not hit 100. i want to set the scene, this is a historic moment. the biggest moment in american history, selling shares first time. the run-up in the price, and part of the buzz, chasing this thing up. we are giving you the other side of the story, there's a degree of skepticism to be had here. the lit

. >> compared to other wall street titans, lloyd blankfein and jamie dimon, bob benmosche is less resteds recognizable, but you could not here where people came up to the hoping 6'4" co2 take it photo. >> i'm really nobody. >> he talks about taking on the job of turning around aig. >> when you first get your hand on -- got your hands on the books at aig, what did you see a perplexed i did not actually look at the books. i had -- what did you see? >> i did not actually look at the books. i had a pretty good idea of what was in the books because i spent a lot of time with jim milstein. jim was the restructuring executive who was handling this for the u.s. treasury. i spent a lot of time with sarah dahlgren, who was also handling for the new year -- the new york fed. was they did their due diligence. >> when milstein and dahlgren briefed you on what was going on and what they knew of the financials, were they better or worse with -- than what you thought? >> in line. the world thought they were worse than they really world -- they really were. is, if thestion outside world thinks it's that

jamie dimon the jpmorgan and larry think of blackrock will be there. he is going on quite the world tour and will be going to the clinton global initiative event next week where he will hang with the clintons, presumably. >> everyone is hobnobbing. the bestoadshow was type of marketing event for them. sign that he wants to expand in the united states and he needs to build these relationships. >> people want to build relationships with him. he is the new it company. >> thank you, guys. don't miss emily chang's big interview with jack ma, the chairman of alibaba coming up at 9:00 a.m. eastern time on bloomberg television. are you getting your iphone today? >> i am. i carry a few devices but the feeling of a new iphone is exciting. i have not gotten to touch it yet but i am excited to see what the big screen is like. >> what color did you get? >> i went with gold. i have a black one now. >> i will wait until christmas. it is the end of an era at oracle. ceo larry ellison said he is stepping down from the helm of the company he founded almost 50 years ago.

jamie dimon finishing his cancer treatment. profiles him and the recovery and his recovery, says he is being closely monitored by doctors. diamond stayed active in the country. limited his travel. he's now expected to resume international travel. looks like he's doing okay. there's a great anecdotal -- talking about how you should have breaking bad or bringing an ipad to watch. he's been doing all the 8:00 meetings on friday morning. he's definitely getting better. >> and this is tough, what he went through. now you recuperate for six weeks. >> the next couple weeks may be the hardest part. >> i was gratified to be that he was going to have to watch for years. he's keeping a close watch 20 years from now, hopefully. i read twister while you were reading that and that is that this guy immediately -- a segue, but immediately pictured val kill mer in that volleyball game that they play. >> the shirtless volleyball game? >> the shirtless volleyball game that they played. that would be funny. there would be a lot of movement, a lot

. >> in that case they think, jamie dimon talk about what 600 people he has on his staff working on cybersecurity the amount of money that they spend every year he wrote about in his annual report. >> huge amount of money and this affects every single company in america. cybersecurity has become a huge issue. look, apple's coming out on what september 9th, talking about a new mobile payment system. well how are we all going to go to a mobile payment system if people don't feel that their money is secure. >> do you have anything in the cloud that you should tell us about right now? >> i can -- i'm quite confident that there are no nude photos of me in the cloud. and i certainly hope there are none of you. >> i was just going -- because you couldn't see me either, right? that's what i said earlier. >> how safe should consumers feel though? when you had up what happened with target, the banking situations, look at what's just happened with the cloud. it gives me a little bit of pause. >> absolutely. it's very frightening. it's frightening on the consumer level. it's frightening on the national secur