jamie dimon became a billionaire by nickel and dime in people to death and by getting a perpetual bailout and living above the law the law doesn't apply to him for 25 years and again i'm going to read the charges the department of justice is alleging that j.p. morgan was engaged and these are the charges i remember this is from may 2008 in august of 2016 so that's the whole obama era when obama insisted we must look forward we must not ever look back we must not charge any of these bankers eric holder his attorney general said he he was like he couldn't sleep at night thinking that he might have to arrest some of these bankers his his guy lenny brauer with said that each of the 3 j.p. morgan employees was hit with charges of conspiracy to commit wire fraud affecting a financial institution bank for. commodities fraud price manipulation and spoofing bank fraud wire fraud affecting a financial institution and conspiracy to conduct their affairs of an enterprise involved in interstate or foreign commerce through a pattern of racketeering activity often known as rico conspiracy the d.

look at why and what outcomes investors are pricing in now also, wework isn't work out so well for jamie dimon and jpmorgan we're going to look at how intertwined those two companies are and what the recent drama at wework could mean for the bank's future ipo hoepsz. plus china's -- nike's hyena deal i should say under investigation. the peloton of cooking and snap doubles down on -- we begin with eamon javers at the u.n. eamon? >> yeah, kelly, the president's been tweeting a lot about this ukrainian investigation insisting he did nothing wrong one of the points the president's making is he's saying there was no quid pro quo, that is, he did not he says hold back ukrainian military aid in exchange for anything from the ukrainians in terms of an investigation from joe biden that's why this section of the notes here of the conversation between trump and ukrainian president zelensky is going to get a lot of attention here's the conversation between the two men. zelensky says -- starts talking about defense and a particular type of anti-tank missile system he says, "we are ready to continue to coo

. >> there had always been some chatter that the -- if and when the day came that jamie dimon saw fito retire, mr. scharf was seen as somebody who might succeed him should they go outside that bank. who knows. that may never -- i'll probably be retired before jamie dimon. >> i think charlie likes a domestic bank. i think he sees a lot of good things, just in the same way that al kelly wanted to go be the international globetrotter he is at visa, fantastic job i think that charlie wants to be -- wants it to be the great american bank, i think the expenses are wrong i know he's -- given a free hand to purge if he wants to. but charlie is a considered man, won't go in there with guns blazing. what is wrong, what's right. do the expenses or not -- warren buffett very much behind it. >> we have been talking for months about who they with replace, who they needed, banker or tech guy, you think he's a good hybrid of the two. >> yes i know some of the people around him are chuckling saying nobody can get the job. this was a job offered to charlie a while ago and charlie didn't want to take it

and also have jpmorgan chase here jamie dimon says he does not think we'll see zero rates in america, but the bank is prepared if they happen. are we getting zero rates? zwl i'm going to go to a lot of different places on this i had a conversation with a three billion plus team of advisers on the west coast about a month ago and they said to me, hey, we're in trouble right here, we gave up our taxable fixed income exposure. listen, jamie dimon, one of the smartest guys out there, was talking about a 4% ten-year, potentially higher okay, now we're going to other way. so i think unfortunately, predicting where yields are going to go is a losing proposition. i, i don't think you give up that ball last of your portfolio. as it relate to the president's tweet today, bottom line on zero rates in the president's tweet, first of all, i agree with you today should not be business as usual. but more importantly, when you're looking at the composition of this economy and gdp, it's all about con sunlgs not government spebd spending. and in the u.s. is as strong as it's been in many years and it s

we will hear from top executives, world leaders, the names include jamie dimon, david solomon, narendramodi. this is bloomberg. ♪ >> it is not in the baseline to have a recession. growthid, it is mediocre , it is at risk because of essentially one major threat, which is the trade war that we see, either developing or brewing and the uncertainty that it generates for investors or for anybody making economic decisions. that is not to mention what mark carney called the tragedy on the horizon, the climate change impact on our economies. now, butires action will produce effects later on. that was the incoming ecb president christine lagarde, saying how trade continues to be the number one risk to global growth. joining us now from here in zÜrich across town is the head of ubs global family office group. we heard miss lagarde talking about the possibility of a global recession. earlier, mark cudmore says he thinks the u.s. economy is headed toward a very bad place in a quick way. what is your view on the state of global growth right now? well, clearly, uncertainty is the name of the game the

today, over 3% in two trading sessions we've got the constructive comments from chairman and ceo jamie dimon coming up. broader markets, though, lower, down 0.4% on the s&p 59 minutes left of trade >> and i'm morgan brennan in for sara eisen let's look at what is driving the action today weaker economic data put pressure on stocks early, but hope for a trade deal has helped to raise most of those losses. a high-level departure from the white house that plays into the trade negotiations oil falling on that news, as well and apple. that event is just wrapping up now. announcements shaking out in the stocks of different competitors. we're going to fill you in on all of that action but joining us for the hour is steve grasso from stuart frankel. steve, great to see you. >> good to see you >> it's amazing. not necessarily a major move for the averages today or right now. everything is slightly lower and actually, if you look at the week, the dow is actually flat so far to start off the week and yet -- >> there's been this great rotation talk to us about that. >> the rotation is coming out of grow

he worked with jamie dimon at jp morgan as well.ll be taking over on october 21, which is relatively quick. that has caught a lot of people by surprise. isning us on the phone banking analyst ken leon. we have been waiting for a long time. is it a surprise they got one of the candidates many people hope they would but were beginning to doubt? ken: we have removed uncertainty. there was a lot of risk you cannot place a strong ceo with a strong background. we think charles scharf fits the bill. clearly, there is lots more to be done. i do not think you will see a new imprint of his strategy until early next year. see him as ao not disruptive change agent, but someone who will evolve as he learns more about wells fargo. a positive move today. whether it changes the fundamental outlook in a big way, perhaps not. guy: some have suggested he has bounced around too much, that he is not spent time in some of the jobs he has had. is that a concern for you? ken: clearly he has had experience both in the investment banking at citigroup and the

we heard from jamie dimon in that clip.ed about how he does not think a deal will come by the election in 2020. out hope for a truce. because trump needs it. he is fighting on too many other fronts right now. i think we will get that truce. the all-encompassing deal is too far off. there are too many differences right now. >> do you still like u.s. stocks? they are still up your today. do you take money off the table argue holdout hope for a truce. >> i like the laggards this year. health care. there is political risk with that. they are growing faster than the s&p 500. and they are trading at a discount. that is a growth in a value sector right now. we are putting most of our money to work in japan. we are getting a 5% yield. japanese consumer has been resilient. >> thank you very much. when we come back, a look at some of our movers this morning. the individual stories making their mark on these markets. dutch prosecutors start an investigation. and we are looking at other businesses on the move. this is bloomberg. ♪ >> w

. >>> we're getting some headlines from jamie dimon ylan mui has those from washington. >> reporter:imon just speaking to reporters and saying that he doesn't believe a fed rate cut today will offset the impact of the trade war. he said that the fed needs to make its own decision in response to a tax on the fed from president trump he said the fed's independence is paramount and he called jay powell a, quote, quality human being, though he did say that the fed needs to perhaps communicate less and reduce the number of governors and fed presidents who speak and give their opinion. on a recession going forward, jamie dimon said that he does not believe one is imminent because he feels the consumer is still strong, even though ceo optimism is waning and on china trade talks, he said that he has spoken with president trump about the harmful impact of tariffs and the trade tensions on businesses on their supply chains, but he said that he is skeptical of reaching a deal before 2020. guys, back to you. >> ylan, he covered so much ground he even got to negative rates, right? >> reporter: th

and later on, how worried is jamie dimon about the risk of 0 interest rates we'll find out after thisrincipal i can tell you this. when one student gets left behind, we all get left behind. this is a problem that affects each and every one of us. together with ibm, we created a whole new kind of school called p-tech. within six years, students can graduate with a high school diploma, a college degree, and a pathway to a competitive job. you know what's going up today? my poster. today, there are more than a hundred thousand p-tech students around the world. it's a game changer. it's how we bring hope to our patients- like viola. her team treated her cancer and strengthened her spirit. so viola could focus on their future. cancer treatment centers of america. appointments available now. my bladder leak underwear.orried someone might seeerica. so, i switched. to always discreet boutique. its shape-hugging threads smooth out the back. so it fits better than depend. and no one notices. always discreet. >> a live shot of new york city on this september 11, 2019 let's find out what else you

we will hear from topic exec it is, where leaders and policy is including jamie dimon, david solomon,'s narendra modi and christine lagarde. bloomberg ember also users can interact with the bloombergshow here on television. to catch up on analysis and he can save charts for future reference. by the way when you're traveling to work tuning into bloomberg to alive in mobile device or on dab digital if you're in the london area. any, sirius xm. this is bloomberg. nejra: good morning from bloomberg's european headquarters in the city of london. manus: this is "number daybreak europe." these are today's top stories. no rush. the pboc governor says the central bank is not about to roll out massive stimulus. at the federal reserve, james bullard says more easing might be needed. event, president trump will address the u.n. general assembly today as europe joins the united states in blaming iran for last week's attacks on saudi arabia. and awaiting a verdict. the u.k. supreme court will rule ofthe locality -- legality boris johnson's suspension of parliament. nejra: welcome to "daybreak

we will hear from jamie dimon and michael sullivan, tidjane thiam right here.rg "surveillance." for the first time, a woman wellhead one of the biggest banks in the u.k. she is currently deputy ceo. she will replace ross mcewan who has been ceo for six years. he announced he would be leaving rbs. preparing for talks with kaiser to ease its debt burden. that would give the ceo marbury room. bondholders have been pushing the country a -- for a swapper. india cutting data on domestic businesses for one of the lowest rate in asia to provide a $20 billion boost to an economy whose growth has fallen to a six-year low. the investment rate will be a little more than 25%. tom: greatly appreciated. it has been an extraordinary week, the linkage of the equity market and the repo debate. right now, let's listen to a set of central bankers. down, ae economy turns more extensive sequence of rate cuts could be appropriate. >> from india's point of view, any cut in interest rates would mean greater flows into emerging markets. towe have more space normalize as soon as possible

maybe jamie dimon should quit his job.d disney chief bob iger on a movie centered around a single woman who leads an all-female board of directors to help her pick her husband. they told the tale wednesday at the bloomberg global business forum in new york. >> it was about marriage. it was a marriage counseling thing. [laughter] >> it was about a woman who could not pick men very well, so she would have a board of directors of women who would be testing men for her and picking her husband. [laughter] >> there might be some other movie executives in the room that would be glad to consider this. >> i said bette midler should be part of the cast. taylor: iger jokingly called the pitch gutsy and gave the pitch a c. and coming up, facebook is headed to capitol hill yet again. this time, they are sending coo sheryl sandberg. what she is likely to face questions about this time, next. this is bloomberg. ♪ taylor: facebook is negotiating with a key congressional committee for chief operating officer sheryl sandberg to testify as s

why and what else is at stake here for the market plus, why we work setbacks could jeopardize jamie dimon'sorts. and it's like peloton for cooking. discovery is launching a live subscription cooking platform. we'll discuss that in rapid fire back to you. >> look forward. sounds like a great show thank you very much. >>> elliot management targeting marathon petroleum calling for the company to split not into two, but three separate entities to quote unlock significant sustainable value for shareholders jim owns it. called it one of his best ideas. joins us on the phone probably from an elliot management board room kidding. jim, what do you make of the call you must agree with elliot, but do you think it's the right strategy >> the nice thing, it is a clear cut case management is on one side. elliot wants them to go the opposite direction management wants a vertically integrated company elliot says no, it's not working. split up the company first off, elliot's right. the facts of total shareholder return bare bear them out and secondly, if you get boo a fight with elliot, you know who wins el

maybe admirable that jamie dimon admitted that a firm, one of the smartest guys on wall street missedll of that. i thought it was pretty well-telegraphed. some people thought we would get a 50 basis point cut but secondly how do you prepare? what he talks about the risk of this, how does than investor get their portfolio ready for lower rates or maybe zero? >> again i think this has been a bond bubble. so to your point i think essentially rates go down, they get to that level. then you've got to prepare i think for that correction. so from an investor perspective, you know, how low can rates go? not much lower. i do think as well. we've seen the treasury curve shift up a quarter of a point in the last few days, right? charles: are you making adjustment for at least lower rates at all? >> again i think as it relates to the bond market, we've been short in terms of preparing for rates going higher. you have to find incrementally find yield in other places. more dividend-paying stocks, things like that. charles: we're seeing the dividend payers do pretty well. jason what adjustments have

at the barclays financial services conference in new york yesterday, jamie dimon talked about the trade and the many other areas he's worried about right now. >> the u.s. consumer is chugging along. the u.s. consumer's 70% of the market they don't necessarily react very much to geopolitics at all. but you do have this mounting stuff of what i call a complex geopolitics, but you do have argentina, mexico, brexit, china trade we'll go back to in a second, hong kong, india, pakistan >> it's a long list. joining me with more on those global risks is neil ferguson, senior fellow at the hoover institution. and neil, it's great to have you. i'm going to ask sort of the cynical question, which is, you know, the world's always a mess. there's always a bunch of problems out there what makes now different, if you agree that it is >> well, some of what jamie dimon's talking about is essentially business as usual. argentina financial prices come on, that's pretty much once-a-decade affair, and a bunch of other things, too i think it's not worth getting too excited about, populist governments and tha

and i think jamie dimon said the same thing he toents see a deal with the chinese before the 2020 election dawning this is the right environment to have a vix trading north of 17 probably closed in the 15s today. i thought this a while a and have been wrong. i think in this environment given the back drop the vix is way low. >> it was a risk off day the vix down more than 6%. yields moved up moved 10 basis points oef over the course of the past 24 hours. strength in the regional banks up almost 2% and strength in the fang names. >> i think sentiment in the fang names has gotten negative specifically netflix you see that nap back 4% if you want to focus on market action intraday and the comment tear about the china trade deal. you look the semi, the tracking etf had the 3% reversal from lows closing to the highs. >> you think it's china. >> i think it's china. but remember you had a good conferring with michelle caruso cabrera. saying there is no incentive now for the chinese to do a deal because as long as the impeachment drags out a little bit here then you get in the election cycle and t

i don't think jamie dimon the head of the company as a conservative. he is not.is not about the ideology. it's not about the bank. it's about whether you are making the city better. >> look, i know him and i respect him and i think he often speaks about important issues but we have a very different world view and it doesn't surprise me that he would not support someone who wants to tax the wealthy a lot more and wants to challenge wall street and believes that we have to do a lot more for working people in the country. that's what i'm about. >> tucker: name one big sector that supports you. can you name one question mike >> i don't play these games. the question is the democratic party for too long has been way too cozy with donors, with wall street, with folks who actually created a lot of our problems. the whole reason we are having a good conversation on automation is because i don't care about what those donors think. i don't care about what folks in silicon valley were trying to justify that technology somehow, they are resting their morals on the universal

i don't think jamie dimon, the head of the company, is a conservative -- she's not.about the ideology. it's not about banks, it's about when they are making the city better. >> i know him and i respect him, and i think he often speaks about important issues, but we have a very different world view surprise me that he would not support someone who wants to tax the wealthy a lot more and wants to challenge wall street and believes we have to do more for working people in this country. >> tucker: name one -- just one. >> i don't play these games. >> tucker: is not a game, it's a question. speak of the democratic party, for too long, has been way too cozy with donors, wall street. the whole reason we are having a good conversation on automation is i don't care about what those donors think. i don't care about what folks in silicon valley, who are trying to justify the technology is somehow going to save us all, they are resting their laurels on the universal basic income. and this is another fallacy, tucker. maybe it's part of a solution in some way, shape, or form but w

hiring over the next six months goes undeclined as with he will pl brt and jp morgan chase ceo jamie dimonaid he doesn't believe the recession is imminent because of consumer spending.ke but he s with president trump about the the toll the trade war is taking on businesses and supply chains and that he is skeptical the white hoe will reach deal with china before 2020. dimon says he doesn't tnk the central bank interest rate cut will impact the tradesi ts. but he believes in the independence of the frad reserve and calle chairman j. jay powell a quality human being. >>> speaking before t t fed decision, respected long time bond investor jeffrey gunned latch said even though partsth economy appear stropping, the odds of a recession are rising. >> the economic data has gotten a bit better, s yet ill think when we put it all together, looking at allor indicors recession it seems that there is an increasing probability of recession before the 2020 election. obviously the yield curve being flat and even invertedrom fed funds at least at the moment out through the curve, that's clearly something

we will hear from roll and policymakers including joey votto -- jenny biden -- jamie dimon.f that and more live on bloomberg. we are live at the u.k. labour party conference. this is bloomberg. ♪ nejra: this is "bloomberg surveillance." i am nejra cehic in london. let's get the bloomberg business flash. viviana: deutsche bank is transferring its brokerage business to bnp. they will continue to manage the platform until clients have been migrated over. over 1000 staff will move to bnp as a part of the deal. some directors want out of newman to step down as ceo. officials tied to its largest shareholders are behind the move. the board mediate could come as early as this week. representatives climbing to comment. that is your bloomberg business flash. nejra: let's bring you more from the u.k. labour party conference where brexit is on the agenda. jeremy corbyn is facing calls to campaign for remain in the event of a second referendum. earlier and edwards spoke to john mcdonnell. jeremy -- the process which we can bring the party together. it is a logical sequence is about labor

money printing phantasmagoria that through the can tell in effect it benefits a few people like jamie dimon who them as now declared he is concerned about the motives of his bank and he wants to start helping starving african children jamie you can do it go down there and hand out this is the roger vera of the world and quickly in the last headline japan's pension fund warns of global investing losses so japan's pension fund is the largest in the world as $1.00 trillion dollars it is the government pension investment fund g p i f and they say global markets have become so synchronized that money managers risk losing on every front according to the mizuno chief investment officer of the world's largest pension fund he said quote conventional wisdom of portfolio just versification is when we lose money in equity we make a profit in fixed income but we lost in every single asset class and lost in the currencies translations as well that never happened in the past so synchronized algo bought trading scalping pennies right and that leaves only gold the big one so the huge japanese pension fund c

comeuppance for the banks and the jamie dimon of the world is that they were. met a commodity an asset class that they can manipulate that they could every other asset class stock and bond several just as they could manipulate it because they won't be able to lend in the same way and for this reason you know it will put those guys out of business but there's 2 points there's 2 headlines that prove that we one that we were right from the very beginning like harry i'm a car police had spotted that made off bernie made off was a ponzi scheme that he was operating a ponzi scheme he looked through the numbers he told the regulators hey regulators this guy's running a ponzi scheme they did nothing because bernie madoff was respectable like c.n.n. was respectable and giving cover to these sort of people like jamie diamond he's a hero member he was on the cover of like time magazine as a hero who rescued the financial system one of the heroes of our of our post financial. kras we were identifying these issues and we were right well i think that's the essence of financi

he was looked at as a possible successor to jamie dimon.ckier story than jp morgan. there's a lot of cleanup to do, a lot of regulators to appease, customers and rating agencies. alix: we are seeing analyst comment triple out --, trickle out. what is on the laundry list? sonali: regulators is number one. the federal reserve asset cap, removing that is going to be a very big deal. on top of regulators, just operational issues. they had to revise net operating income expectations down twice. also balancing what they are going to do with these regulatory issues. alix: when that the client issues and internal -- within the client issues and internal workings, is that done? or does he have to go in and clean house? sonali: that is going to be very interesting, for an outsider to come into a bank that has been run by insiders for so long. cultural issues have to be cleaned up. they got in trouble for different lending practices. they had gotten in trouble for their wealth management arm having some improper incentives and different advice they ga

liz: jpmorgan and jamie dimon says they are coming to the united states. >> i don't think there will be zero interest rates but we'll be prepared for it for risk management. >> we see rates inching down toward that level. long-term government debt is at historic lows. we need to incentivize investors. we have take and few steps back. the trade wars, an example of that. but rather than encouraging the manipulation of the money supply, let's keep our eye on the ball. we have seen what worked the last few years. we saw a big bump up in productivity. let's build on that rather than try to rely on our central bankers to give us that boost that we are looking for. liz: just ahead. fresh details on the case that led to the latest black eye for cnn. the case of the agent hiding in russia in plain sight. rashida tlaib and alexandria ocasio-cortez rip into the former i.c.e. chief thomas homan. it got ugly real fast. thomas homan fired back and shut them down. trump gets a big victory from the supreme court. president trump: what can be much more threatening than people that want to pour across

francine lacqua moderated a lively discussion with jp morgan's chief chairman, jamie dimon, and bob igergive,t advice would you and what advice would you take from politicians? >> advice from politicians when it comes to regulation in various countries around the world get advice from government relations and knowledge from government officials and countries. most you have dealt with have never been in business. seeking business advice from politicians is not something a typically do. i respect their opinions on things, but it is pretty limited to that. >> policy is complicated. collaboration is necessary. the road to health pays good intentions. you're supposed to lift up the people of the country, and they drag them down. many good politicians should figure out the policy, what can be achieved, and get it done, as opposed to thinking over some plastic things. you have seen countries around the world doing great for the people. you have seen countries doing terrible. terrible is always in the name of good. listen to the politicians. do the right policy and move on. if you don't get reel

vonnie: jamie dimon of all people -- we learned a lot. he spent a long time at j.p.before moving about. can we assume he has picked up a fortressake balance sheet out of this balance sheet? michelle: if i were j.p. morgan, i would be scared. people always said that wells fargo, sales scandal aside, are a strong bank, healthy assets, not too risky. if they can get the sales scandal out of the way, with someone like scharf at the helm, i think they really can become a new j.p. morgan. n'sarf was diamond -- dimo protege. started as his assistant 20, 30 years ago. now he is leading a bank that could one day be a rival to jp. up 4%e will watch wells, right now. the street is looking at this as a good thing. that is bluebird's michele davis davis.mberg's michelle of come complaining about the whistleblower, exclusively obtained by bloomberg news. pres. trump: i was the -- who was the person who gave the whistleblower the information? that is spying. you know what we used to do in the old days, when we were smart, with spies and treason? we used to have them go to the -- gu

always, of course, seen as a long -- a potential successor to jamie dimon.ce jump 2.3%. he's a very credible appointment particularly in light of the delays it's taken them to find the permanent successor. once it took more than three months, six months this week since tim sloan stepped down they started to ask the question can they not attract someone of this caliber i think this will be seen as a win. >> the huge issue has been that anybody who's taken this role has been a pinata when it comes to congress. >> absolutely. >> any of these democratic candidates running for president because they just think they're going to get beat up that's been something that warren buffet, the major shareholder in wells fargo has made the point that he and charlie munger felt they didn't think it should be somebody with a lot of wall street experience because of the concerns that happen however, you want somebody who understands banking and who knows how to do it coming from visa might be a good thing and bny melon maybe not one of the more incendiary places that might be

i think jamie dimon is right you're not going to see a knock on effect because the banks are fairly insulatedbe a macro economic effect not just as much of a financial systemic effect. >> i'll para phrase another part of his comment the voelker rule is relaxed, it would only be a fractional reduction in banks cost and big increase in liquidity. wouldn't affect trading at all do you agree with that or is that encouraging the relaxation of voelker rule in which they go back a little bit on >> i think it's hard to say. you know the voelker rule, as you know, is one whose effect is hard to see from the outside because it does have so much to do with the way traders comport themselves and i obviously no longer have access to that kind of information for the rest of us we'll just have to wait and see what the impact of the agency move is to relax. >> daniel tarullo we appreciate your insights. thank you for joining us >>> we have an earnings alert on broadcomm. >> morgan, broadcomm reporting of $5.16 street is at $5.13 revenue coming in at 5.25 billion. street was looking at 5.45 billion. think rei

jamie dimon, ceo of j.p. morgan chase, is speaking right now at the business roundtable ceo news conference. the business roundtable is the group that changed its mind on who is important as a stakeholder in corporate america, to actually include people other than just the shareholders. that was a very recent move. that,today talking about also about the federal reserve moves, saying the fed "did exactly the right thing" on money markets. -- the the distillation dislocation would be far more dramatic and bad times, and that it wasn't a big deal. he says the usmca is better than nafta or no trade deal, and that a rate cut won't upset the concern about the impact of no trade deals being made. how is that going to flow through foreign-exchange market? for a time, we were just staring at the renminbi. there will be other disorderly moves if we get some resolution one way or the other on trade. jane: we might get something in october in terms of the high-level talks we will have them. markethat would calm expectat

francine lacqua moderated a lively discussion between jamie dimon and bob iger.ncine: what advice would you give or take from politicians? >> i seek advice from politicians when it comes to regulation in various countries around the world, get advice about government relations and the knowledge they may have about government officials, but most politicians you deal with have never been in business. so seeking business advice from politicians is something i don't normally do. they help us enter markets, but it is pretty limited to that. >> policy is complicated. collaboration is necessary. the road to hell is paved with good intentions. a lot of policies are supposed to lift up the people of the country and they drag them down, i can give you a million examples. really good politicians should figure out the policy, figure out what can be achieved, and get it done, as opposed with going with the wind and thinking oversimplistic things will actually work. countries around the world are doing great for people and some are doing terrible. the terrible is always in the

>> there was a fascinating article in "the wall street journal" about jamie dimon's relationship withnn. clearly, they got a lot of support over there. i really don't know. maybe they will get it directly s.om the saudi it seems like at the moment, the poor,tion of wework is so it will be a rare capital holding institution that is willing to give them very much. taylor: your reaction? >> i would just say that i think despite the salacious headlines about wework, they do have some assets, and i think the same article referred to what some of them could be. it strikes me that there are some parts of this business that people would be interested in. i cannot say much more than that, just that i think that while we can focus on salacious headlines, there's actually some aspect of the business that are doing quite well. taylor: i learned a lot from this roundtable from both sides. thank you for joining me. david kirkpatrick, you will be sticking with me. dimon should quit his job. he pitched disney chief bob iger story about a female ceo who builds an all-female board to help her choose a

headlines from jamie dimon, speaking at the barclays conference, saying that trade concerns are hitting and business confidence but that jpmorgan will generate $57 billion in net interest income in 2019. that's quite a precise number for him to come out with in 2019 on net interest income. shares are up two thirds of 1% and at the forecast is lower than the previous guidance by about a half of a million dollars. this is bloomberg. ♪ vonnie: this is "bloomberg markets," i'm vonnie quinn. every year the capital markets assumptions reports comes out, covering private equity to bonds and natural resources and this point $2firm worth one trillion is relatively bullish, calling for returns from 4.5 to 8.9% in the next five years. joining us with more insight is oversightf investment officer at northern trust, bobby brown. are these compound returns, or how do you break these out? bob: these are annualized returns. the range, we try not to get too caught up in the precision of any single estimate, but the point is that we think returns will be positive if not modest, about 5.8% in total for eq

rishaad: jamie dimon says it looks like the trade war has reduced business confidence by multiple measuresit's going to be the best ever -- close to the 50th percentile. jim: one thing governments can do is stimulate the stock markets. if the stock market goes up then consumers who have got shares will feel more confident. that is something we could see in china. i think we've seen in countries like japan, the bank of japan has been active in buying equities. there are extreme measures countries can take. their asset purchase program set that ecb is looking at they could be extended. rishaad: all of this is because is what more can monetary policy do? mark carney is saying that what we have is a global economy that is showing signs of a slowdown. it is open edned as to what goes on next. jim: the issue that we are detecting now is that monetary policy cannot be used in isolation. it has to be used with other tools another the big one is fiscal policy. we're seeing in countries across the world, specially countries like china, which is very active a means ofolicy as stimulating consumer spe

to hold the equity, are you going to put it behind someone -- >> he's got his believers, though jamie dimoned in this. >> and david sullyman as well from goldman. >> he's got his believers. of course they see future business opportunities they've lent money >> credit facility plus underwriting fees, a pretty good deal for them. >> jamie dimon doesn't get involved in everybody's ipo. >> we thought the s1 was dramatic this is getting interesting. >> there's a book here somewhere. >> you can write it. >> i don't know. >> thanks. >> thank you. >> as we go to break a check on shares of ford under pressure as you probably saw yesterday, moody's cut the debt to junk the firm says it expects weaker earnings and cash generation as it pursues a, quote, lengthy and costly restructuring plan. dow is dow70n points. pretty steady. we're back in a minute but when a recall happens, perfectly good food goes to waste. now, we've got away around that. looks good. we're on target. blockchain on the ibm cloud helps pinpoint a problem anywhere from farm to shelf. it's used by some of the biggest retailers everyw

. >>> breaking news from jamie dimon. an interest rate cut will offset the concerns of a trade war. dimon of course, top ceo of the business roundtable which told us last hour that the ceos in that group are investing less due to an economic, various economic concerns they have. that's a rear view mirror, things could turn around on a dime if we get a china deal or usmca deal. the market is down now about 63 points. >>> let's talk about indiana. it's a big corn state so what's better for their farmers, a china trade deal or the passing of usmca? let's ask senator mike braun, indiana republican. i heard a lot of farmers say yes, we care about china, yes, it's hurting our farmers in the midwest, but frankly, we get much more out of a usmca deal because we deal much more with mexico and canada. what do you say? >> very good point. canada and mexico are our two biggest trading partners. the chinese are of course next in line and they create the most mischief out there. so when it comes to farming, i'm one of the few individua

this comes after "vanity fair" says he met with jamie dimon how to get the ipo back on track joining discuss the latest in that saga, good morning to you both stephanie, i'll start with you what do you think? is adam neumann poised to leave the company, does the board have the ability to make it happen? >> there's a lot of stuff in play now i think adam neumann needs to think of what's best for him and the company and other shareholders i suspect that in addition to talking to board members, he probably needs to be doing some consultation with his family, with his closest advisers. the challenge adam faces now i suspect is like a lot of fallen founders, he is finding himself with not a lot of friends to turn to. it is clear from news coverage coming out that former employees are starting to reveal things about what's happening inside the company, big supporters are falling by the wayside i think there's a real lesson for founders about the way to comfort themselves as they build their companies. when things get rough, you need friends. it seems like adam's friends are falling by the

when the stock is at 100 bucks, you are saying you are paying a premium for jamie dimon. you are buying it with faster growth to the market, better than peers. if you get hick is, this is a company you want to own. i look if it starts coming down, add it more to portfolios. not to say you can't buy bank of america because we do own those. >> i think he was clear, he said for long term investors stick with the name. i think long term if you're going to own the banks and the banks start to rally again, jp morgan is going to lead that charge. >> i have my notes here. >> literally nothing there. >> i'm not a big fan. one of them is square. i still love square. i think they are making a lot of the right moves right now. i think they will be a force to be reckoned with. as far as growth, i see a much longer run way there than at any of these big banks. >>> let's get to the headlines now with sue herera. >> here's what is happening at this hour. british prime minister johnson and european commission president agreed to ramp up talks on securing an illusive brexit deal. the two s

jamie dimon says i don't think we're going to zero interest rates in the u.s.f zero rates. do you think that's really going to happen here in the u.s.? >> look, anything's possible. there's a lot of problems elsewhere in the world. i really hope we don't get there. it seems like the fed is going to cut 25 basis points at the next meeting. i think they would do everyone including themselves a big favor if they went to 50. what's the point of going 25 you now, 25 a few months later. if you look at the front end of the yield curve, aittle over 2%, versus the 10-year at 1.7, it would really help a lot of people by doing this and their stimulus i think would have a greater effect if they did 50 now, versus 25 and 25. lauren: we'll see. thanks for your insight this morning. cheryl: the number of americans without health insurance is actually on the rise. lauren: tracee carrasco has the details, good morning, tracee. tracee: good morning. new data from the census bureau shows more than 27 million americans were uninsured in 2018, the first increase since the affordabl

jamie dimon is sounding a bit like president trump on china.e said at the white house's not fair trade, not part of an ideological struggle but he does not see a deal coming anytime soon. >> fair means kind of reciprocal. trade has never been reciprocal, but closer is good for everybody and i hope we get there. i don't expect it to happen before the election. after that, we will have a fair trade deal. amro shares are plunging the most in three years after authorities opened a criminal probe under anti-money-laundering laws. the prosecutor alleges the bank failed to report suspicious transactions and did not conduct significant checks on its clients. abn amro says it is cooperating fully. imperial brands is falling, saying earnings growth ground to a halt this year. and blames a slowdown in sales of a vaping products amidst a rising backlash. global news, 24 hours a day on air, on tictoc, and on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. nejra: thank you so much. let's get the late

if the guy who runs exxon is sort of a carbon giant, so is jamie dimon, the guy who runs chase.y are pouring money i into te destruction of the planet. they're doing everything they can to make a profit off that destruction. we have got to figure out how to stop that. and i think we will. amy: and your "time" cover story, wrote -- "let's imagine for a moment we have reached the middle of the century. it is 2050. we have a moment to reflect. the climate fight remains the consuming battle of rh but its most intense phase may be in our rearview mirror. so we can look back to see how we might have managed d to dramamatically change e our socy and economy, we have no other choice." explain this look back. >> time asked me t to try and imimagine a world that actually worked. thatat is not easy because an incredible number of things have to go right from this point on. but if we did everything right from this point, if we cut off the supupply of money to the fossil fuel inindustry, if we tk someththing -- pass summit like the green n new deal a and implt it i it fast, if we do everythi

. >> so let's say jamie dimon, i'm watching the show and say that guy cascarilla, he's doing a good,hat is keeping someone else from doing what you're doing. >> there's no reason they couldn't but can you do you have the engineers and technology, have you thought about how to create innovative products so anybody can do that but i think what's neat about paxos, one we're a trust company but, two, half our company is product and engineering. we're a technology firm at heart and so we're trying to give you the confidence of a bank but innovation of silicon valley and different from most institutions that are in the banking world today. >> look, i'm pro-gold. another way to buy gold. think about it and stop worrying it's over $1400. that's what everyone says, it's too expensive. another way to play it that's charles cascarilla. it's a private traded company but you can buy goal in a very secure way "mad money" back after the break. - stand up if you are first generation college student. (crowd cheering) stand up if you're a mother. if you are actively deployed, a veteran, or you're in a