>> tyler, this was the biggest elephant in the room for jp morgan. they said this was eliminating the biggest piece of outstanding litigation but eric holder said in an interview with nbc news that you just clipped, the criminal charges, the probe is on going that probe isn't over. this only settles civil charges and other issues, hiring practices in china, potential manipulation of the energy market and a host of other things. >> everything at jp morgan but you know, over the last couple years of the financial crisis, we've been reporting on other banks that had charges brought against them. are there more charges against other banks? >> this is the first big thing that the president set up of 2012. this is the tip of iceberg. he didn't know why jp morgan went first but there has to be a first mover but currently there are at least nine other banks being investigated across the country, goeattorney again roll and prosecutors in new york, georgia, jersey looking to figure out exactly what went wrong and what banks were on the hook. >> this is $13 bil

now this deal between jp morgan chase, a civil suit that claimed jp morgan packaged shoddy mortgages, and now the settlement covers claims against bear-sterns, it doesn't absolve it in the future of fraud. but what the settlement does allow is for the bank to claim tax deductions of 7. billion dollars of the payout. those deductions could save jp morgan $2.2 billion in taxes related to the settlement. that's according to an analysis in the wall street journal: attorney general eric holder said the probes of big banks is far from over. that leads to not what's next, but who's next. we go to bethany m mcclane an effectivinvestigative journalis. the author of a new book. do you have any sense today that as a result of this highly anticipated deal that something is better in the world? >> i--i would love to be optimistic, but i question that. so $4 billion going to homeowner relief, that's great. it's fantastic, but it's a drop in the bucket. the last estimates i saw i think it's better now, but some $700 billion of underwater mortgages in the wake of the financial crisis, $4 million is a

jp morgan was a different thing. this is a big company, and maybe that's the argument, it's too big to challenge. >> back to scc keep in mind although the firm has paid $1.8 billion and pled guilty the individual at the top who made an estimated $10 billion steve cohen has not been charged individually. it doesn't mean that he won't be but he has not been charged individually and it's probably unlikely that he will be. i think that's a different story than jp morgan chase. and i do think that these big firms, you know, you don't actually need i will intent on the part of chief executives. you take into account the enormous complexities of these financial firms and throw in incompetences and you've got a toxic brew. >> the concern to people watching right now is my money safer? am i in a safer world than i was five years ago when the banks were fooling around or 12 years ago when you were righting about enron. are we safer generally speaking? >> let me start with the first one a little bit. i'm not sure. you have to k

financial giant jp morgan chase agreed to pay the biggest settle ever of wrongdoing by any u.s. corporation $13 billion. >>> a new report out today suggests that secretary kathleen sebelius now about the roll out and she remarked that the launch would go on without a hitch. >>> talks to end the long stand off over iran's nuclear program continues in geneva. the meeting comes as some lawmakers have been pushing for tougher sanctions again iran. 150 years ago today president abraham lincoln went to a battlefield in pennsylvania and delivered what is known as the gettysburg address. thousands returned to commemorate one of the most famous speeches in american history. actor and reenactors, sally jewel noted that lincoln's speech still resonates today. >> his words chiseled on the walls of his memorial are likewise chiseled on our hearts. they tell us what it means to be an american. they call us the unfinished work, not just to win a war but to continue to perfect our nation. >> the swearing in of 16 citizen received a special video message from president obama. the gettysburg addr

jp morgan chase will pay $13 billion in a settlement with the u.s. justice department. unlike most of these deals, jp morgan chase will still face possible criminal prosecution. attorney general eric holder supervised the settlement and our bob orr spoke with him today. >> and i've insisted that we hold everyone at every institution accountable, even in a civil matter or criminal matter, and to the extent we can make criminal cases, we're going to do so. >> reporter: is it possible somebody could go to jail? >> yes. >> pelley: holder says jp morgan chase bundled together mortgages that were doomed to fail and sold them as high-quality investments to unsuspecting investors. this settlement is rare because it forced the bank to admit wrongdoing. here's anthony mason. >> reporter: in the largest settlement with any company in american history, jp morgan chase will pay $6 billion to investors that bought its bad mortgages, plus $2 billion in fines to the u.s. government, another billion in restitution to the states, and another $4 billion in consumer relief, including mortg

. >>> jp morgan's settlement with the government include $4 billion for what feds call consumer reliefhalf of that money will go to reducing the size of mortgages held by folks wit who are risk f foreclosure. in the last six years it hasn't been taxed, that's benefited people including one california woman who told her story to our stacey tisdale. but as stacey explains unless congress takes action, some homeowners who get mortgage relief in the jp morgan deal may end up paying more in taxes. >> in 2010 wells fargo reduced the size of elizabeth's mortgage so she could afford her mortgage payment. under ordinary circumstances elizabeth's 200,000 principles reduction would be taxed as income. for elizabeth that would have meant a huge tax bill. >> $60,000 on taxes. >> if a creditors forgives your debt, meaning they say, okay, you don't owe this amount to us any more, normally that's considered taxable income. >> reporter: but elizabeth and all of the struggling borrowers who have received financial relief by having the size of their mortgage were spared. for seeing the financial disaster

the buck stopping there usually means, with jp morgan, i'm not as familiar with johnson & johnson. they fire people lower down the chain, sometimes way down the chain and the upper level people continue to draw salaries and bonuses. jamie diamond took a pay cut and has gone symbolically through these incidents and ultimately it's up to the board to decide if they have to go farther. the interesting case is the head of ubs after it wrapped up transgressions. the chief executive was not directly implicated and not charged with a crime but he stepped down and said look, the buck stops with me. i take responsibility. i'm resigning. was he pressured by the board? i don't knowme. at least there was public accountability. it has to be decided case by case. was it tolerated? there knowledge? what's the best way to prevent it in the future? >> in the very least, if the fine is hefty enough with sec and other cases, it certainly sends a message, a sort of chill through corporate america, does it not? >> the point is to detour others. that's a great example, they look at the dollar signs and

. >>> and some more trouble at jp morgan chase. the u.s. justice department and securities exchange commission are looking into the hiring practices at jp mogen at hong kong offices. relative of chinese party officials got jobs there and the bank said in a regulatory filing that several u.s. government agencies requested information about the foreign exchange trading business and whether employees were rigging the market. >>> jp morgan chase isn't alone. citi group, the bank that conducts the most international business revealed that federal investigators are looking into the foreign exchange trading for evidence of possible market manipulation. >>> more on the trouble of the affordable care act healthcare.gov. they looked at what users of the website experience as they shop for health insurance plans and when they found may surprise you. bertha coombs has more. >> reporter: how bad was the first day of open enrollment on healthcare.gov? six people managed to enroll during the first day. by the morning of october 3rd, fewer than 250 because

suenio" en el historico arreglo, de 13 mil millones de dolares jp morgan chase and company acordo pagar 4 mil millones en ayuda para algunos propietarios afectados por los llamados creditos toxicos. esta experta nos explica. s/aracely panameno - centro para prestamos responsables :30-35 06,37,20-36 "este no es un arreglo que va a beneficiar a quienes ya perdieron su casa, es un arreglo que beneficia a l rsonas que est davia en sus casas cuyos eamos estan en riesgo de se a un embargo hipotecario " ra lostados sfectados como nueva trevistado luegoe anuciarse ela. cretidjusticia eric lder explic holder/secretaride justicia :54. "it will allow homeowners to benefit in a number of ways... los duenios de casa podran beneficiarse de varias formas, con una reduccion en su pago al capital del prestamo, en sus pagos mensuales y tambien patrocinara prestamos en areas de bajos ingresos, explico holder. como cada caso es especifico, consejeros hipotecarios recomiendan asesorase bien. s/anabell martinez/consejer a de vivienda 1:19-1:25 06:30:18 "de inmediato buscar la ayuda y el consejero le ayuda a

remember that complicated story about jp morgan take over washington mutual and bear sterns? watch it become a lot less complicated. >> somebody needed to do something to prevent a systemic breathdown -- breakdown and jp morgan took over those banks just like wells fargo -- >> can you just say is that a good thing or a bad thing? [laughter] >> jon: and make it snappy, nerd! [laughter] we don't have all day. well, actually we do literally have all day 24 hours 7 days a week. but still good or bad! and wear a tie! [laughter] now watch wolf blitzer. take an analyst making a nuanced argument about the balance in this country between liberty and security. watch blitzer take this cat to j school. >> after 9/11 i think the american people gave the executive branch extraordinary leeway to sort of keep. >> is that good or sphwhad. >> think ultimately it's a good thing. >> jon: it's just not -- good or sphwhad can't believe this dude let himself get blitzed so quickly. let's michel bachman show you how it's done in the timely affordable care act. >> let's go through the points tell me

standard and poor say top banks including jp morgan and bank of america may have to pay an additional $400 million. just last week jp morgan agreeing to a settlement over shoddy related mortgages. >>> some people are fixing up their home and business is booming, but there is a hitch. the banks aren't lending the money to do some of those renovations so some of those people are getting creative. >> a home remodel in the atlanta area for 25 years. she said business is good but it has changed dramatically. >> the joke in the industry both rremodeling and building, oh, te banks have opened up lending to a trickle. >> it's been much more difficult for homeowners. >> it's been difficult for even my professional clients, doctors, lawyers, professionals. they can't get a loan. >> reporter: result, barn said most of her clients are currently financing some or all of their renovations themselves. >> people are getting creative in different ways. sometimes they borrow it from an interest line on another home they own. sometimes they take the money out of their 401k and do it themselves and then

. >>> well, joining us now to talk more about the fed, bruce, chief economist at jp morgan chase. thanks for being here. >> good to be here. >> based on the data you see, the fed seems really divided about when to start the tapering. when do you think it would be appropriate? >> well, i would say conditional on the economic news continues to play out in a solid fashion, we think the fed will taper in the first quarter. we think the most likely outcome would be a january move. >> you know, bruce, they have said in the past, fed officials that they were going to have it dependent on when they were going to taper on the unemployment rate, where it would be standing, 6.5% and other numbers. now it sounds like they might be talking about a calendar date. does it matter to you and how would this play out with markets and investors? >> i don't think it's a calendar date. the fed is tells us they want to taper. they don't want to continue to expand the balance sheet and want to do it based on their assessment there is sole jid growth and substantial improvement in the labor market. there

jp morgan says it was unaware of madoff's fraud operation, and the loan "wasn't suspicious." dominick's is warning of mass layoffs as its chicago-area stores prepare to close. more than 56 hundred workers were notified that their jobs will be eliminated by the end of the year. all 72-stores will close by dec. 28. some workers may be hired by other grocery chains. jewel-osco has purchased four of dominick's locations, and plans to retain 450 workers. and upscale grocery chain mariano's has expressed interest, also. retailer gap surprised wall street with solid sales for october. that stock gapped $3 dollars higher in trading friday as investors cheered positive news ahead of the critical holiday season. gap stores sold enough, jeans, sweaters, khakis and other apparel last month to improve revnue by 4%. the company is also lifting its earnings out look for the 3rd quarter. profit results will be out november 21st. a measure to hike the minimum wage is gaining support from the white house. the obama administration is backing a bill that would hike the federal minimum wage to 10

jp morgan officials are cooperating with authorities. auto sales revved up in october. sales rose across the board for the biggest automakers. all reported in higher sales, but the results were a little shy of what wall street wanted. gm -- however nearly doubled wall street's expectations. sales picked up after the nearly three week government shutdown came to a close mid october. ford is recalling an electric car due to a potential power loss to the wheels. ford is recalling more than 2 thousand focus cars. the model years are 2012 to 2014. the issue is caused by software that causes brakes and steering to malfunction. despite the issue the car should continue to operate normally. no injuries are reported. climate change is putting global economies at risk. risk analysis firm "maplecroft"-- ranked cities facing the biggest threat of floods, storms and landslides attributed to climate change. dhaka, bangladesh topped the list... followed by mumbai, manila, kolkata and bangkok. a total of 67 cities are considered high risk, making up nearly a third of the global economy

this may just be the start of jp morgan's tackle the banks is sporting some twenty three billion dollars in reserve for potentially to the apt as it braces itself for there to see gage. this estimate indicates that the justice department is intent on hitting wall street where it hurts. its bottom line. it definitely shows a tougher more which could be developed on the part of the us government. at the same time however this is the record penalty without a meal and then a fine cool to call full belief that it is worth who made these bad and criminal decisions. what financial institutions now may be similar fate. between them they have already paid hundreds of millions of dollars in compensation to settle civil charges. well they're a lot of happy football fans here in france today probably quite a few tired ones as well the celebrations going on far into the night across france after the national team won its spot in next year's world cup defence team overcame a two goal deficit to get to brazil by defeating ukraine three goals to nothing for months now to bring in french football special

what happened we hadn't been thinking about disadvantaged youth and all of a sudden this came from jp morganit's wonderful to have alice here to talk about what they're thinking. alice (clapping (clapping.) how about another shout out for doug and registration. job well done. i'm alice rodriguez i manage the banking team and on behalf of my colleagues again congratulations and welcome to everybody. you know, at that time when small businesses are important to the economic growth to the city and the country this is the kind of stuff we're provide to be participating at y public works morgan. we're trying to understand how we can help spur that economic growth. we're proud of the $250,000 gift it's going to support allow some disadvantaged youth to come in and see the imperial spirit. we see our partnerships and wish you all the luck. thank you. (clapping) >> now we only have two people special guests we want to say a few words were this gentleman is from milwaukee to talk about his experience. explaining >> again, thank you for veil having me out and congratulations for a wonderful opening p

jp morgan chase reached a record $13 billion settlement with the u.s.ing $four combrinl to help disstressed homeowner was principal reductions. chase accused of selling toxic loans california attorney general harris says among the victims are the pension funds of california public employees and teachers. criminal charges are still possible. jp morgan chase did not return our inquiries for comment. amazing. >> let's get to questions. one e mail, what do you suggest to do to terminate our time share in addition to notifying them of our intention? >> you can't just terminate a time share. you're going to get into trouble. you sign a contract. this is often, depending on the kind you have, like owning property. you just can't walk away. you're going to have to sell it. easiest place to do that is on ebay. if you check it out, you'll see people take a huge beating there. you can also check out donate time share on line.com. look. buying one of these is easier than selling one. >> yes >> carol e mailed this one. my dentist said insurance could cover and after

jp morgan chase has agreed to pay $13 billion for the bad mortgage investments that led to the melt downeveral years ago. >> the $13 billion agreement amounts to half. jm morgan's profits tha last ye. the they rea require them to pat $9 billion to society e set el l charges. now the settlement ear marks $4 billion to help struggling homeowners at the risk of forecloser and funding efforts to combat blight in neighborhood racked by the housing crisis the deal extracted an admission from jp morgan. and misrepresenting. and another crucial point it does not be a solve the bank or the se executives from criminal chargecriminal charges. >> i don't think that resonates with individual person. >> i don't want to minimise this, because i mean, there's some really horrible things that are on line, and it's not - it's not just twitter, what has happened through social media and the anonymity of the net is that you see websites, hate-filled websites targetting all sorts of groups, popping up. there has been a huge number of those that exist as well. plus in de denmark you may here would you like fr

. >>> the justice department finalized its $13 billion settlement with jp morgan chase today. the settlement brings to an end a long legal battle over risky more damage practices. the government accused jp morgan of selling troubled loans without disclosing the risk involved. the $13 billion figure is the largest paid to theist government. >>> the dow jones lost eight points after they briefly broke through the 16,000 mark yesterday. the nasdaq lost 17. analysts say it was pretty much an uneventful trading day. >>> san francisco's police chief says the security and crowd control of friday's huge bat kid event came at no extra cost to the city. you will remember thousands of showed up helping to transform san francisco into gotham city for miles scott, also known as bat kid. they wouldn't be making any overtime working the event and those who stuck around did so out of the kindness of their hearts. >> every time i see that kid, i start smiling. what a great story. >>> an east bay police department combating crime. >> no other strategy has proven to reduce violence. >> but the s

jp morgan has a tenative agreement to pay $4.5 billion dolalrs to settle claims with investors who lost money on mortgage backed securities in the housing crisis. on capitol hill this week. budget talks continue and janet yellen could be approved to become the next fed chair by the senate banking committee. this market continues to show strength. larry shover of sfg alternatives join us on this monday morning. good morning to you larry. > >good morning. > >it's a yellen kind of a week but it's also another week that we could see another record run. > >it could be. last week was six weeks in a row of the market being up. a lot of people blaming it on the fact that yellen is somehow---but nothing's really changed except they just reiterated the zero interest rate policy and how that's gonna be extended for a long period of time. that's going to help underpin risk settlement. > >and yet crude has been on a losing streak. the biggest one we've seen in a long time. > >you're exactly right and boy i'd like to say it's gonna continue but i'm afraid we're almost at the end of it. right now it's

. ♪ >>> the giant jp morgan bank settlement breaks down like this. $6 billion to investors, $4 billiono homeowners affected by the bad loans and $2 billion in civil penalties, $1 billion to new york state. >>> walt disney's last living child, diane disney miller, passed away in napa, california. she's credited with being one of her dad's inspirations for building disneyland theme parks. she was 79 years old. >>> olympic skier lindsey vonn crashes into another setback on the slopes. >>> and chi chi rodriguez, ouch! >>> when the president had that heart scare, how scary was that? >> it was scary. it was very scary. >> yeah. >> but -- >> i wasn't that scared. >> you had obama care? >>> in sports, olympic gold medal skier lindsey vonn is recovering from knee surgery. she had to be helped off the practice slope in colorado on tuesday. the u.s. ski team said it won't report more details until after a medical evaluation is complete. vonn injured her right knee in february at the world championships. she was expected to return for her first races on thanksgiving weekend. >>> now to the nba. in

this is jp morgan. it hasn't made a high since july or august. marcus here in october.citibank. hasn't made a high since august. look at goldm magoldmanman sax. here's pay big life insurance company. same circumstance. hasn't made a high since august. these are all topping out forplafo forplaces. here's berkshire hathaway, hasn't made a high since august. the xlf itself which we think is the entire sector is going to pull the same stunt. it's starting to stall. it is not performing well. here are the visuals. this is the relative chart of the seck tomorrow. underperforming for five months. that's a problem. for what it's worth i'm going to turn to you. market is not cheap. this is a ten year basis, adjusted for inflation. we are basically at the top of a range if you net out 1999 market excess. we're at the top of historical range. that's not a good circumstance. >> that's convincing. i have my own little pen. i figured something out here. you remind me of harold in the purple kran. if you think the actions in the financial is a warning sign for the market, i keep getti

standard & poor's estimates including jp morgan chees morgad bank of american may be on the hook. the minute wage and the debate over raising it are back in the spotlight. a proposal of hiking minimum wages to $15 narrowly passed for seatac, washington. a recount is being suggested there. meanwhile, new jersey voters approved a state wage hike earlier this month. and president obama came out in support of recent legislation sponsored by congressional democrats for a new federal minimum of $10.10 an hour. now the current minimum wage stands at $7.25, that comes out to an annual salary for $15,000 for full time work. that's 4,000 above the poverty line for an individual but well below that for a family. raising that rate to president obama's proposed rate would effect 30 million workers nationwide. 19 states and washington, d.c. have higher rates and starting in 2014 new york and new jersey will as well. one argument in its favor is that it will drive the income scale and in turn should boost spending. that would be good for businesses all around. but our next guest says it will cru

jp morgan is re-assuring shareholders the bank can handle the $13 billion dollar government settlement. it's believed to be the largest amount ever paid by a financial firm in a settlement case with the justice department.it includes $4 billion to help 100,000 homeowners who were hurt by banks lending and securities trading practices.jp morgan and officials will not admit violating the law.an estimated 7 billion of the deal is tax- deductible. johnson and johnson will pay out at least $2.5 billion to settle lawsuits brought by thousands of patients because of faulty artifical hips. the company will pay $250-thousand for each surgery required to replace its faulty hip device. so far, 8-thousand people in the u-s have had that surgery. j and j will also set up a $475- million fund to cover additional medical costs that patients have incurred because of the hips. the new york times reports that the settlment costs could run as high as $4 billion. the national highway transportation safety administration opens a formal investigation into tesla. this is after its model s electic car twice b

joining us to talk more about janet yellen and what she means to your money is chief economist at jp morgan you have any doubt that ms. yellen is going to be confirmed, and if she is, presuming she is, how might she be a different fed chief than ben bernanke? >> so far expectations are she will get confirmed. in terms of the differences from bernan bernanke, there is going to be a fair bit of continuity with bernanke. she served along side bernanke for a number of years. many of the policies bernanke created, she helped to implement, certainly that's been the case with the communication policies. i think initially, the thing is not to expect a lot of differences but actually a fair amount of continuity. >> michael, we got an advanced copy of janet yellen's testimony she'll make in front of the banking committee and sounded very much like ben bernanke in her testimony saying it's important to continue supporting the recovery. i guess that's code for keeping the stimulus plans going for awhile yet. but what can surprise us coming out from the janet yellen fed? is there something -- everything

a number of banks including jp morgan chase reportedly are considering banning traders from electronic chat rooms. the wall street journal says large banks are considering blocking employees from computer chat rooms as the scrutiny grows over ways traders could potentially maniuplate the market. computer chat rooms allow traders to communicate with each other and clients. its "the end" for a controversial book. publisher simon and schuster is halting the release of a new book in light of a flawed 60 minutes report. the book "the embassy house" was written by now discredited source dylan davies. davies appeared in a 60 minutes report detailing his account of an american mission in bengahzi libya. however, it was later found davies told the fbi a different story than he told 60 minutes. cbs owned simon and schuster is now asking stores to return copies of the book, to the publisher. the days of having to follow strict rules when bringing liquid on board flghts-- may be coming to an end..overseas. ccording to a report a non- profit research and development organization in ohio.. has insta

. >> reporter: joe whalely took over the business ove over froms father, who was a broker at jp morgan in cocoa commodities. >> i was a why why world waer. >> it costs about 300,000 for the liability insurance, machinery, getting everything up and going. most vets don't have that saved. >> reporter: he took advantage of vet loan advantage. it officers commercial real state loans with long-term, low-interest rates. rates that most commercial banks can't compete with. in 2013 more than 7,000 loans worth $4.8 million were give through veteran loan programs. the goal, to increase lending to veterans by 5% every single year for the next five years. that's because the unemployment rate for post 9/11 veterans is 10% leaving 246,000 of them out of work. which is why beth solomon connects vets to the capital that they need. >> leadership, understanding what operational excellence, self-discipline, adopting to changing circumstances very quickly. those are skills learned in the military, and they lead to success as a small business owner. >> reporter: the 20 year fixed rate low interest loans pr