alix: we just showed you the opportunities jamie dimon -- jamie dimon sees for jpmorgan. he wants to be everywhere. it?question is, can he do as you wind up seeing, big conglomerates always come under pressure for being too big. interesting because u.s. banks have such an upper hand and so many levels, they have regulatory environments getting relaxed, a tax overhaul giving them the benefit. frankly, capital markets are pretty good. if they don't start spending money, if they don't expand and try to get an upper hand, especially as there are sort of more automated parts of their business used to be lucrative, they will be found flat-footed. he has to go at this approach and he has to sound like we are the dominant ones, but we want to be even more so. david: at the same time, there's a danger of extending supply lines to far. look at wells fargo. as you get bigger and bigger, it gets harder and harder to make sure everyone is the hating themselves. vincent: it is like -- is behaving themselves. when you are like managing so much money, you cannot get the returns you got b

had failed there was a demand for the likes of jamie dimon what he considers you know the good guys of the regulators and government that they had cracked down too much there was demand by people to invest in things they wanted her to participate in the financial environment the small young guys with an idea wanted to raise capital and there was it was hard for them to access a capital as they point out here the i.c.a.o. ban suppressed this digital crowdfunding of i.c.a.o. but it didn't address the root of the problem illegal fundraising of all kinds has thrived in china because the formal banking sector still favors large corporations and state owned enterprises smaller firms and entrepreneurs rely on a shadow banking sector to meet their needs for financing it's very similar in the u.s. obviously it's a more advanced financial system than in china in terms of the state owned banks but not too dissimilar i mean the small and medium sized enterprises don't have access to capital like the ones like amazon they could borrow money and do borrow money to share but buybacks and thin

had failed there was a demand for the likes of jamie dimon what he considers you know the goodguys of the regulators and government that they had cracked down too much there was demand by people to invest in things they wanted to participate in the financial environment the small you know young guys with an idea wanted to raise capital and there was it was hard for them to access a capital as they point out here the i.c.a.o. ban suppressed this digital crowdfunding of i.c.a.o. but it didn't address the root of the problem illegal fundraising of all kinds has thrived in china because the formal banking sector still favors large corporations and state owned enterprises smaller firms and entrepreneurs rely on a shadow banking sector to meet their needs for financing it's very similar in the u.s. obviously it's a more advanced financial system than in china in terms of the state owned banks but not too dissimilar i mean the small and medium sized enterprises don't have access to capital like the ones like amazon they could borrow money and do borrow money to share but buybacks and

jamie dimon out there complimenting the trump administration, unlike previous administration this is white house understands how the free market works. i should point out mr. dimon is a democrat. he supported hillary clinton but he says business is the source of almost all job creation. and in order to create jobs the government needs to work together with businesses. pretty simple. yet so hard for some politicians to understand. jamie dimon, jpmorgan, goes on to say, and i quote, the most pressing areas where government businesses and other stakeholders can find common ground should include tax reform, infrastructure investment, education reform, more favorable trade agreements, and a sensible immigration policy. you heard that. sensible immigration? possible tariffs. you know, growing our economy, it shouldn't be a part staun issue. why does it always become a partisan issue? we should be working with common goal here we want as many americans to be as employed as possible and making as much money as possible. and yet we always getting booed down in this side or that joining me repu

he talks about jamie dimon's letter.hinks more about ans letter and he uses it as opportunity to talk about everything from his share price to succession, to management issues, one of my favorite part of the letters. is: what is interesting maybe amazon is not the place to be. he still sees a ton of opportunities. he has not done. that is interesting considering what people are talking about him doing next. ton of opportunity everywhere, including fixed income, currencies, places that have had issues across wall street. lays out risk in the global financial market. brexit leads the list again. comments were toned down from last year. he adds cyber to this list. guy: what does he say about the fed? what is his background case surrounding the economy? >> he puts qe as one of the big risks. beis something we have to prepared for, given the u.s. has subpar economic growth over the last eight years. thank you. much more on this from bloomberg news. jamie on the cover. this is a real document. a ton of work put into this. the

in jamie dimon's letter to shareholders which moved thursday morning u.s. sia, mr. dimon said the tariffs, the threat of tariffs, could be something like a pandora's box, which could open all sorts of problems for world markets in the world economy. not the least of which, he thinks it could damage growth in the united states. say arehat did dimon the biggest risks the global economy? dan: in addition to the prospect of a trade war, he was discussing the fed's unwinding of a balance sheet. the idea of interest rates steadily rising. he said if this is happening because we have a strong economy, because growth is doing well because inflation is under control and wages or fairly steady, that is a good thing. that is how it should be. he talked of people's expectations and how they might be surprised if inflation suddenly becomes an issue. and if the fed needs to therefore act more quickly and rates might go up quicker than expected. betty: did he signal any plans for growth? dan: for jpmorgan he was exuberant about plans for growth. he went through every busin

jamie dimon said when the u.s. administration talks about free and fair it means same on all counts, that is not what has existed. it's not unreasonable for the united states to press ahead for more equivalency. >> china thinks in decades, we tend to think in terms of an election cycle. i think the danger for americans and investors is to try to defend the status quo. we don't want to fight. charles: status quo is good for wall street. but the folks -- this is -- they don't want to see boeing stock go down or caterpillar stock go down even short term. >> i think larry kudlow is right. the trend like was like this. we should be fighting for it. we shouldn't be playing the defense. charles: most of economic purists were upset with the idea of tariffs and a trade war. >> i think we need an open economy which means open, fair fan free trade. we need to be careful. getting into a trade wash is not the way to make sure american consumers and businesses are being treated fairly. there are a number of ways we can look at t

jamie dimon warning that investors may be ignoring a big risk to the markets in the widely read letter>>> mark zuckerberg says most users should assume they have their data accessed and takes responsibility for the scandal it is good to have you back, jim as we watch those futures hold today. a lot of people looking at conflicting clues about whether or not yesterday did mark a tradeable bounce. >> i think that one of the things that happened, we've got to throw out the book on what's tradeable and what's not because i think what's happened is that -- it can look tradeable as yesterday's did in the morning. again, you had two sessions and this is a big new change you had a declining session and ended with an up session i was just explaining to joe, we have a nafta discussion coming up what happens if the president says you know what, i think we should stop nafta and break it up and send larry out and he says, we're going to do something a little different this is the new world. if you think we have a tradeable bottom, what you have to have some handle on is what the president is going

morgan ceo jamie dimon releasing hess own letter will >> yes, so dimon has a positive outlook for theyear or so when there was a support for a number of reports of president trump's policy, including the terms of trade particularly within it came to chosen he described tax reform as correct, al saying recent changes in the u.s. tax system have many of the key ingredients to fuel economic expansion on the marks, he fears many people underestimate the possibly of higher inflation and wages, which means they might be underestimating the chance the federal reserve may have to raise rates faster than we all think. adding that while quote volatile markets can create market panic, which could start to slow the growth of the real economy, i wouldn't give this scenario very high odds. dimon assesses how well markets are for a surprise compared to during the last crisis for the negative changes since the last crisis, he says there is far more money managed passively in index funds and etfs number two, pro si-cyclicality however, we should stress that overall he is upbeat and not concerned, list

job in f.blic policy, i think the country would be far better off. >> glor: our conversation with jamie dimonlier today. ond tomorrow on "cbs this harning," and on our streaming news channel cbsn, dimon tells us about what he talks about with president trump. coming up next on the "cbs evening news," scientists warn millions are living in a tectonic time bomb, and a major earthquake may hit sooner than they think. ♪ yesss! linzess treats adults with ibs with constipation or chronic constipation. linzess can help relieve your belly pain, and lets you have more frequent and complete bowel movements. linzess is not a laxative. it works differently to help you get ahead of your recurring constipation and belly pain. do not give linzess to children less than 6, and it should not be given to children 6 to less than 18. it may harm them. do not take linzess if you have a bowel blockage. get immediate help if you develop unusual or severe stomach pain, especially with bloody or black stools. the most common side effect is diarrhea, sometimes severe. if it's severe, stop taking linzess and call your d

. >> jamie dimon weighed in, saying it is, quote, not unreasonable for the u.s.o push for fair trade terms with china. he said he believes both sides want to reach an agreement but there's always a possibility for negative outcome which creates a higher risk and more uncertainty. as both countries continue to up the ante, the president of the national retail federation said, quote, we are on a dangerous downward spiral and american families will be on the losing end. he urges the president to, quote, stop playing a game of chick when the u.s. economy. we haven't heard from the president following these latest overnight developments with china but we are hearing from the markets. futures tanking on the news of china's promise of retaliation. take a look at it, down more than 206 points. >> we're hearing from all sorts of economists and investors and each republicans in congress that this trade war is not what we need right now, especially after the benefit of the tax cuts. >>> china again is threatening to retaliate if the trump administration goes ahead with addi

justice have told us that they do stay awake at night worrying about these big banks worried about jamie dimon worried about lloyd blankfein worried about all these bankers and whether or not they'll get their christmas bonuses and whether or not they might have to incarcerate them should they be found to be guilty of all the crimes that we suggest they might that there might be a lot of evidence for well eric holder said that the banks could be prosecuted because they were systemically important to the system it's like that old what yellen joke where he said dr my brother thinks he's a chicken and the doctor says take these pills and he says no no we need the eggs so in other words the system runs on fraud with take away the fraud in american commie what a collapse jamie diamond is a serial financial murder that we need to keep banks solvent without him and inside information member to me geithner was down there the new york fed during the whole financial crisis just spilling out inside information lloyd blankfein of course got all that inside information that they would be bailed out before

unfair nonreciprocal trade practices but, rather, to a world of free trade. >> jpmorgan/chase ceo jamie dimonnnual letter. >> in that letter dimon struck a tone of support for president trump's terms of trade, quote, we acknowledge legitimate complaints about trade. >> "wall street journal" reports most investors in pershing square have asked for their money back. >> stocks continuing to bounce from their lows from then till now in the span of 24 hours, a more than 1,000-point swing. >> volatility remains the story of 2018. >> in many respects, i think we'll have a fantastic relationship long-term with china but we have to get this straightened out we have to have some balance. >> dow best performer up 237 poipts on the bell that puts us over 24,500 >> after mark zuckerberg's comments yesterday that the cambridge analytica scandal didn't have any meaningful impact on facebook's business, shares of the stock jumped more than 3% at the opening bell today. stayed there for the close should investors be more competent in social media stocks let's bring in "fast money" traders karen finerman, guy

jamie dimon speaks for itself.nt to ask you about the president setting us up to be more fragile given certain in exogenistharks -- in zogeni shocks. is america more fragile at the moment? jacob: the economic rhetoric is a matter of size and it is evolving cou. this new economic rhetoric needs to mature and grow. too not find it instructive have an antagonistic approach, especially when we are talking about important matters that require negotiations, engagement, collaboration. we are talking about a very interdependent world in which one large country confronts another large country. nothing good can come out of it for the rest of the world. i think it's the responsibility of the leaders to really come to common ground. you mentioned jamie dimon's letter. i want you to be aware that this is one of the most thoughtful letters and sequence of letters that every year he writes. i recommend that you look back and see how well reasoned those arguments have been. tom: let me make this clear and i said this yesterday. th

expectations give them runway for good numbers and good body language from ceo's like jamie dimon todrive things higher. i'm not a big fan of value stocks but the banks can outperform within value. i have been telling clients to buy stocks, yesterday i said let's trim and write calls which is a way of hedging positions but also generating some premium from your positions, not to get too technical in options here. the key things is how mortgage business looks and lending business goes, on the lending business we will have to see will jamie dimon and other ceo's make comments about the alleged trade wars, will they give -- talk about tax cuts and corporate sentiment, what will they say there, the tone will be overall positive even though there are worries on trade and i do think that the banks can continue waiting especially within the large caps. dagen: let's talk about trade, rachel, one of the reasons that the market rally the president threw out larry kudlow to look at rejoining the transpartnership partnership, we pulled out of it last year, that would be a counterbalance to china

moving on to the financial times now and a warning from wall street —jpmorgan chase boss jamie dimon'sic action to stop the us economy from "overheating". the guardian here in the uk with research that's found we carry on producing brain cells throughout our lives — it says it offers hope to those hunting for treatments for degenerative conditions like alzheimers. data from visual capitalist‘s been picked up in some of the papers. it's a complex graphic and answers the question — does money make us happy? it looks at results from around the world. and the conversation certainly has us talking with this research. how do those of you who sufferfrom back pain feel about lifting heavy objects? that's apparently what many people need to help the condition. it's about using tissue for it to get stronger. so let's begin. back with me isjeremy cook, the chief economist of the payments company ‘world first‘. iam not i am not sure if you are a back pain sufferer. talking about the huffington post, an interesting article because it gives you a synopsis of the weirdest twists in the whole scandal

let's start with jamie dimon. it sounds like what else is he going to say, he would not be a ceo if he didn't. >> growth all over the place. he is able to grow the bank in almost every area, so that includes payments, asset management, wealth management, investment banking. even fixed income and currencies where a lot of wall street has seen trouble. vonnie: i am surprised that one of the statistics. he says 3 million to 10 million ,ange and in the chase business half a million to 5 million. they only have 1% and 4% market share. why do they have such little market share? sonali: it's a very competitive business. ubs is in the ultrahigh worth phase. but there areive, a lot of things in their favor. they want to double their market share. mark: how can they improve and fix -- they are already dominant in fixed income, currencies. speakingamie dimon was on god who and talking about the fixed income business really growing despite headwinds in the business in recent years. he sees theing banking up to throw in. it is

we have people like jamie dimon. not afraid to talk about some of these geopolitical issues on conference calls. there is a likelihood that it uses the call to talk about trade tensions. francine: dani burger is our markets reporter. if we go back -- how do you look at financials? do you look at it through the volatility lens? volatilitypickup and may be should be positive for beks -- and volatility may should be positive for banks. yet the rising yields which is going to continue and that should be positive for banks. which areredit trend pretty positive so all of that is positive for not just for financials -- or financials. one trade that we would like in europe is to be long as a credit. francine: this is worldwide? -- by the end's of this year, ecb is going to end qe. they will and -- they will end program.rogram -- csbe that will be an important switch for financials. especially if the yields pickup. francine: are we going to see much more volatility in currencies? you haven't been busy enough westmark vincent:

we worked out that is roughly the same that jamie dimon gets paid every several hours. most profitable bank, i should add. that gap is going to narrow and it is unlikely that jamie dimon is going to be the one to take their salary down to accommodate the chinese. that will cause a huge amount of social change in its path. it is really interesting, not only the financial sector, which they have worked to open up, but other sectors, maybe the auto sector. what have you learned about other sectors? they also do want to open up to foreign investment? sector, all the attention will be on wings like the auto sector because donald trump, and even people who don't like donald trump might excuse him this, donald trump is more likely to go on about the fact that isn't it great that companies like tesla and other foreign car companies can own the whole thing in china and really take off. he will talk about that and it will resonate in the midwest, i think. he is unlikely to go and say that goldman sachs can now move in, because that's not going to win him any votes. but the second

i understand we're not hearing from jamie dimon. we're hearing from the cfo.mie dimon is on the road with clients so we will not hear from him today. let me recap the guidance and the tone we're getting from the cfo. she did a call with the media in the last 30 minutes or so about credit cards, something you have been talking about this morning. she was asked about credit card charge-offs, and she said they were seasonally high but in line with guidance. she talked about tax reforms, and the impacts are still to be seen in the future. there is a little bit of a lag, so they have not felt the effects so far. they expect that to pick up. when it comes to trade, tensions are holding back clients from engaging. she said those tensions and not spilled over get into ceo confidence. if things escalate, that is something the bank will worry about. so far, things look good. when looking at fixed trading and the fixed income market, she said she did not want to get too offensive, but the last quarter tough.year was really she said there for suffocation has helped them,

there's no way jamie dimon is happy. >> no, they're guilty as well. and no member of congress may directly solicit a contribution to try to remove them from that process. it's easy to beat up on lobbyists. my political opponents like to remind people i once was one. i think we need to make sure in scandals like this we focus on the person who holds the public trust. the person who holds the public trust is the elected official. that's who we target our scorn to, that's the person we kick out of office, that's the person we indict. >> dan, what do you think the financial regulation should look like? one could argue dodd-frank and went too far they were hurting midsize banks. but now, it almost seems like, you know, the party's back again. and it wasn't that long ago. >> well, it's back at the wrong time, right? look at unemployment, the economy, if you're going to roll back legislation, and embolden the banks to do risky practices. here's a guy, mulvaney thought this organization should exist when he was that congress. he took money from payday lernsdl

watermark in earnings, jamie dimon worrying about pressures and margins. rhetoric is divorced from the actual numbers of the earnings. anna: or maybe the expectations are so high. this is the picture in the futures into the u.s. session, nervousness remains. the ceos we will be speaking to during this program in the next --r and a half, we will talk lots to talk to him about. washington, let's go to juliette saly with the bloomberg update. juliette: french president emmanuel macron wants to negotiate a new agreement with iran that would curb its development of ballistic missiles. halting itsto nuclear program. that came after president trump --ned iran not to start its restart its nuclear program even if the u.s. withdraws from the 2015 accord. >> we are not in a vacuum. we should not terror apart the jcpoa. it would not be a good solution. juliette: iran has warned it would abandon the nuclear deal if donald trump pulls the u.s. out. the foreign minister also told the associated press that america had not honored its earlier agreement. >> united states ha

i think if you think about jamie dimon's letter yesterday you should expect cautious commentary about stuff going on. he made specific comments about immigration. the trade stuff is important. if this group reports good numbers and can't rally then that may spell something worse for the broader market. the relative under performance to the broad market is concerning. >> even on a sentiment basis there is validity to that based on what they report will taint how we view? >> we should look at the look at the market. that is going to impact the banking sector. if you think about project finance or anything that commercial loan growth we talk about net interest margins. you have to make loans. to make loans you have to have people committing capital and people are concerned that the outlook is uncertain. they are not going to do that. >>> another sector that got slaughtered, the industrials. dominic chu is live with the details. >> dan nathan mentioned the idea of an important sector in financials for sentiment. another important sentiment indicator about what the market has been doing ha

. >>> wages were something that jp morgan's crowe jamie dimon mentioned i his annual letter out to shareholders this morning. in it he wrote that many people derestimate the possibility of higher inflation and wages, custom means they might be in understi the chance that the federal reserve may have to raise rates faster than we all think. mr. diamond also said he wants the same outcome as president trump inegard to trade but that he would go about it in a given manner. > let's turn to our guest dan roth for more on the employment picture and whatti he's exp in tomorrow's big jobs report. he's editor in chief at linked in. dan, thank you for joining us. thanks for having me. >> the 145 million users on linked in you believe give you a good samples of the jobs market and it trackso closely what the bureau of labor statistics reports on a machinely basis. what are you expecting to hear tomorrow about the march jobs number? >> it is 145 million in the u.s. 540 million worldwide. when we look at those u.s. numbers what we areing is a nearly 20% increase in hiring year over year last month. and a 3%

if you think about jamie dimon's letter yesterday, you should expect cautious commentary about some of the stuff going on here, specific comments about immigration. the trade stuff will be important. if this group reports good numbers and can't rally, then that may spell something worse for the broader market because what carter just said, and the relative underperformance to the broad market is concerning > do you think on a sentiment basis there's valid to that in terms of how they perform based on what they perform will taint hugh they strew overall. >> we should look at the market as a microcosm if you think about project finance or commercial loan growth, we often talk about net interest margins you have to make loans and have people come. with capital and fun people are concerned the outlook is uncertain, they're not going to do that. that will impact banks. >> another sector that got slaughtered, the industrials down dom has the details. >> dan nangt mentioned the idea there's an important sector in financials for sentiment. another important sentiment indicator about what the m

morgan jamie dimon craig welcome back. good to see him x. topic number one on the show jamie diamond tape worm her responsible citizen now over there j.p. morgan jamie sent out a letter to investors he warned of a major market panic and he's encouraging people to hold gold and silver this is after of course we've discussed he went from a two billion pounds short position when the bear stearns acquisition went down during the two thousand and eight financial crisis and that was more was engineered by timmy geithner and ben bernanke gates aligned goldman sachs pockets of billions and billions and now they're going along silver because they've been buying sell with reckless abandon out there in the marketplace is this just j.p. morgan feathering their nest once again talking their book krag. part of that max no doubt about it i mean if we look at the data whether it's suspect or not it shows j.p. morgan to hold in their comix vault well more than one hundred forty million ounces of silver and most of it is marked what they call eligible which me

stock prices higher which pumps the option prices higher which pumps the compensation for guys like jamie dimon lloyd blankfein higher so they by putting attorney get on the economy by stopping the economic flow by dropping money. velocity does their oh they have inflated their net worth in the story quite right they have but i mean what's worse with that problem and what the government should be doing is they shouldn't be playing paying banks interest the federal reserve shouldn't be paying excessive reserve interest and they should receive retool that entire corrupt system where the banks make money by holding excess reserves that are from money printing so and to get it to be clear that not only is the banks cost of borrowing zero exactly it's. creative pay to borrow money for the banks borrow money from the central bank and then they put it on deposit at the central bank so the more they borrow them or they make so there were the risk reward and the whole idea of capitalism of taking a rest for we were is inverted here you're saying that the more risk we take the more. rewards we make witho

morgan and putting jamie dimon out on to the stray we know that when they acquired bear stearns i inherited this enormous short position our investigative journalism kind of uncovered does vulnerability to their balance a we encourage the world to buy out as a seller it's across j.p. morgan and there was some collateral damage bligh's masterson was kind of a arcus trader the whole thing lost their job same kind of has buried ourself in the crypt of as us now jamie diamond of chorus has had to issue a mic culpa on the wall on the financial times they add him to account for this massive vulnerability on his balance tape and now they're in the. as us of acquiring self or which is great for silver it's honest money it's real money and you know they've had to take an enormous hit to their balance sheet if they didn't get a free open the spigot from the fed what's free money is there a percentage of straights jamie diamond would be selling hot dogs in central park right now because they've got that relationship with the new york fed and the primary dealers and the system is rigged to support the

supposed to regulate even though they're made up by executives from these big banks like the likes of jamie dimon for example so they why are these big banks so much more and how why do they have an equity premium over smaller banks well it turns out weak effed new study uses taxi ride data to show increased blackout lifted and around f o m c meetings this is a case of good data leaks showing fed leaks and this is a new study out of the universe of chicago but it's following up on a twenty sixteen study from select morris and visiting the targets and twenty sixteen they presented evidence that the equity premium of large banks has largely been earned in the weeks of federal reserve monetary policy meetings and drawing on a corpus of anecdotes hypothesize that unofficial federal reserve communication around these meeting times is responsible here's this guy collected data from yellow taxis here in new york city and gather that information and found out that yes there was an increase especially from midnight until four in the morning so they're like meeting at like two in the morning down at the fe

stock prices higher which pumps the option prices higher which pumps the compensation for guys like jamie dimon lloyd blankfein higher so they by putting attorney get on the economy by stopping the economic flow by dropping money. velocity does their oh they have inflated their net worth in the story quite right they have but i mean what's worse with that problem and what the government should be doing is they shouldn't be playing paying banks interest the federal reserve shouldn't be paying excessive reserve interest and they should receive retool that entire corrupt system where the banks make money by holding excess reserves that are from money printing so and to get it to be clear that not only is the banks cost of borrowing zero exactly it's. creative pay to borrow money for the banks borrow money from the central bank and then they put it on deposit at the central bank so the more they borrow them or they make so there were the risk reward and the whole idea of capitalism of taking a rest for we were is inverted here you're saying that the more risk we take the more. rewards we make witho

if you look at what jamie dimon is saying, we do not know how this will finish.ever a situation before where we have had an egregious quantitive easing followed by reversal of policy. it is an unknown commodity. my feeling is uncertainty and volatility are here tuesday. vonnie: -- here tuesday. -- here to stay. vonnie: what will you tell them following a visit? >> we are looking for niche strategies, areas of the economy, music royalties, insurance securities, where the underlying cash flow and collateral are relatively new. to economic activity. buyouts, we do not like passive strategies. they will be very difficult to replicate. vonnie: will you be able to find new niches, or will you ignore the macro and stick with what you have in your portfolio? i would one description uses, we are moving back to the old norm, the new normal was low volatility, steady, but genuine long-term returns. i think the old normal means, not necessarily a complete out and out there market collapse, the more volatility, the interest rates will go up. later down the line, maybe they wi

controls the global financial system and you cannot access the rails of that financial system without jamie dimon or u.s. regulators saying you can access these rails then you're cut off from the grid and you know your nation can starve but if there is a decentralized peer to peer anonymous network that is neutral and it functions simply as the rails of a free market system that treats all participants in the market is equal then. you know it's not you can't censor it there's no way to stop transactions from people to get it coming together agreeing to a price for products and exchanging ideas or products right so look at the forces that created the birth of the universe the black hole the forces that create the birth of life itself the day to procreate the forces that guide us as living beings on the multiverse i'm not going to be stopped by any state tape recording releases power that is beyond even atomic power this is cosmic. our it can't be stopped atomic swaps are coming atomic swaps are coming you know you can't you can't stop this with any force. all nation states got together and tried t

mike: i think jamie dimon is wrong for the right reason.e is right, there is a lot in the annual meetings that is a waste of time for institutional investors. i think he is wrong because annual meetings can be structured in a way that is more valuable to institutional shareholders. for me personally, i will travel halfway around the world for one morsel of new information as opposed to listening to the same earnings presentation that hundreds are listening to. vonnie: what about board elections. is there something out with the process that allows for something more democratic? mike: that is why i am going there. the issue with the financial crisis, we have the tenure anniversary of the failure of lehman coming up in september, a lot of anniversaries. nobody was minding the store. the regulators thought the markets were watching in the markets that the regulators were watching. if you want less regulation, we are having less regulation, it is up to the institutional investors to hold management accountable and make sure they're running their