bruno iksil is the jp morgan chase trader who single-handedly moved the derivatives market last weekrate bonds. joining me now is "vanity fair" contributing editor bethany mclean. thank you for being here. you understand all this stuff. what was going on in the markets, and hadn't we taken care of this problem? >> well, i think it shows you that where there is a will there is a way. unfortunately wall street has a will to subvert regulators or congress' best intention world trade center volcker--intentions withthe volcker rule. >> let me pick up on a couple of things you said. it appears you have this one trader over in london placing huge bets with jp morgan chase proprietary money. meaning that their own money was at risk on these big bets. is that what happened? >> that is, but the justification from jp morgan's point of view is what the trader is doing. he's operating out of jp morgan's treasury and hedging the bank's other positions. he's not making proprietary bets. he's hedging. and it's under the volcker rule. it's not clear to me that anything else would be included under th

the five banks include wells fargo, bank of america, allied, jp morgan chase and citi bank.hey will pay $5 billion for foreclosure abusement. they will also include cuts to mortgage debt amounts and restructuring of trouble loans. >>> a san francisco judge has thrown out a lawsuit that would have banned toys in mcdonald's happy meals. sacramento mother and the san francisco of science say they lure the children into eating fast food. the judge disagreed and the toys will remain in the children's meals. >>> 4:50 is the time. a teenager stranded on the rocks near ocean beach. who called 911 and the rescue to get him back to dry ran. >> it's the end of the road for deandre brackensick. >>> welcome back to the ktvu channel 2 morning news. it's 4:52. take a look at this. it's a rescue of a teenager after he got stranded on rocks. rough waves and rocks out there it was diners at the cliff house that were 9 ones to notify authorities. rescue crews had to use a long board to get the boy out and to shore. he had to be taken to the hospital but not seriously injured. >>> experienced s

reports on the first quarter business of 2012 from alcoa, google, jp morgan chase and wells fargo.p of the regional economy around the states. key inflation out. friday, the consumer price index tells us about inflation at the consumer level. >>> can tweets drive detroit to better times ahead. as part of a downtown digital incubator developed by dan gilbert, more than 40 firms are there to help. they say a handful of twitter employees will staff to start working with the auto motive brands. thank you for being with me. next week, where are the jobs. help wanted in the technology sector for jobs that may surprise you. keep it here where wall street meets main street. happy easter, happy holiday, see you next weekend.

on april the 4th you provided an updid it on your investigation of jp morgan chase which is mf global's largest creditor. regarding the mf global funds in its possession. you stated that you and jpmorgan, these are your words, are "presently engaged in substantive discussions regarding the resolution of claims." is it your expectation that some of these funds will be returned from jpmorgan chase to mf ghoebl customers, and when can mf global customers expect a resolution of claims against jpmorgan, if they can? >> i believe that we have a solid basis for seeking recovery of some of the funds that were transferred to jpmorgan. as to how that decision ultimately will be made, if we do not reach a consensual conclusion, it will probably have to be resolved by bankruptcy judge john glenn, and how long that will take is difficult to predict. difficult to predict. but we would not be exchanging information and engaging in really confidential discussions about legal arguments unless we thought we had a good prospect of recovering something from them. >> mr. chairman, can i ask mr. freeh one qu

we're bringing in assistant secretary of the navy juan garcia to talk about hiring, jp morgan chase andusaa and other companies like that, ge, their veteran hiring program, so we >>> for more information about sea, air, space expo visit seaairspace.org. >>> coming up why america must increase its focus on the pacific. >>> responding to calls from regional allies worried about china's military rise and increasingly aggressive territorial claims, america has assertively sharpened its focus on the pacific. with washington preoccupied with iraq and afghanistan, beijing sped military modern sphwhraition and provocatively declared ownership of the entire resource-rich south china sea, including territory now claimed by or belonging to other nations. unnerved by america's renewed attention, beijing briefly toned down its aggressive rhetoric, but china has returned to form, concocting a crisis with the philippines by dispatching boats to catch fish and dig up coral from a philippine shoal hundreds of miles from the chinese coast. chinese ships blocked philippines ships from blocking the trespas

we had a large investment recently by jp morgan chase into our loan fund. we are looking for businesses that are looking to put in more energy-efficient equipment or retrofit or remove toxins from processed here we have been lending to drive cleaners that are giving you more environmentally friendly products, truck drivers putting in new exhaust systems. finally, just to give you kind of a scale of what we do, mark mentioned the sba right guaranteed 275 loans in a year. we expected to 50 or 60 in san francisco this year, and more like 250 or 300 throughout the bay area. if you are hearing something interesting and you want to talk, the dominant in the purple suit has been handing me question cards out. >> i am the ne community federal community union. we are like a bank except we are nonprofit. we are 501 c 14. we are insured up to 250,000. we build credit. what we do a lot is one-on-one counseling. we are also a part of the bank of san francisco, so we do pay their lending -- payday lending. we help people build up their credit before helping them to get a

same story at jp morgan chase. and they set aside almost half of the amount to fight legal battles. google's two for one stock split isn't going over too well. the price fell $26 a share today down 4% and there are are stock prices in general off again today thanks to a slowing late of growth in chin yachl the nasdaq off by 44 and s and p 500 down 17. >> just ahead tonight a campaign against hild abuse teaching children how to protect themselves. >> with a simple message coming up. ring ring hello, progresso. it fits! fantastic! ring ring] progresso. they fit! awesome thk you ring, ring [ man ] pro-gresso they fit! okay-y... okay??? you don't understand. i've been eating progresso because there's... 40 flavors 100 calories or less and now my favorite old jeans...fit. okay is there a woman i can talk to? [ male announcer ] progresso. you gotta taste this soup. >>> san francisco child abuse prevention center is rolling out a campaign aimed at teaching children how to keep sthechls safe. there is a pilot project because its national child abuse prevention month. >> no one has met my ne

they sent a letter to jp morgan chase demanding they return hundreds of millions of dollars they claimere transferred from customer funds before the company went belly up. a bankruptcy trustee will comment about the lessons earned and the man who ran it. >> check out this amazing image of a meteor shower spotted over california. people didn't realize it was at first so they called 911 after it hit with a really large boom. it happens every april. that is your 5@5:00. >>> a enterprise trip to new york city they delayed the flight to jfk airport which was originally scheduled for today. the earliest it would happen is wednesday. >> a lot of you may want to grab your umbrella before heading out the door today. >> the rain is coming down hard here. big storm dumping masses of amounts of rain along the east coast. snow in some parts of our country. maria molino is in the weather center. what a surprise for april. >> we had a weird season. an early snowstorm around halloween time across the northeast. a quiet winter and now it is april and we are dealing with the snow once again across parts

wells fargo, bank of america, city group, jp morgan chase and allied would pay $5 billion. they will also restructure and forgive loans for thousands of borrowers. >>> 5:21. a sea lion rescue right in the middle of the bay. famous landmark where this young pup was stranded. >> world war ii veteran is the target of thieves. the sentimental items stolen from him. a shopping cart. so 2005. wait, what? and only 3 likes? honey, it's embarrassing. carol's son got over 12 million views on that dancing squirrel video. don't you want that? i...i suppose. now go make your dad and me proud. tryomething funny. [ male announcer ] now everyone's up to speed. get high speed internet for $14.95 a month for 12 months with a one year term. at&t. but now it can make you more connected to your doctor through e-mail. test results from home. check records. change appointments. now doctors, nurses, techs, pharmacists are all digitally connected to each other. and ultimately connected to you. at kaiser permanente, we believe that if knowledge is power, shared knowledge is even more powerful. kaise

and that overshadowed better- than-expected profits from jp morgan chase and wells fargo. more people are paying home loans on time. and more people are taking advantage of low interest rates to refinance. >>> crude oil fell near $103 a barrel on news that the economy grew at the slowest pace in three years. china is the world's second largest consumer of crude after the u.s. >>> apple is responding to a lawsuit brought by the government that they raised prices of e-books. apple said its entry into e- books broke up what it called amazon's monopoly over the publishing industry. >>> general motors said it would stop selling the pickup truck next year, after the company sold only 20,000 of the vehicles. the chevy avalanche is made at a factory in mexico, which also makes the gmc sierra and silverado. that's all for now. for more, go to cbsmoneywatch.com. in new york, i'm alexis christoforous. >>> the most active volcano in new york erupts once again. you can see the plumes of smoke, hot lava and ash coming out of mt. etna. six times so far this year. even though mt. etna oft

jp morgan chase said it lent more money in the first quarter, helping to boost profits up 50 cents aers will likely make a profit of 10 to $100 billion for the 2008 bailout. a little good news on this friday the 13th. that is it from cnbc. now back to "hardball." >>> welcome back to "hardball." george zimmerman will try tomorrow to get zimmerman out of jail while he awaits the trial for the shooting death of trayvon martin. and she announced that her husband's colleague, a cnn legal analyst, had denied zimmerman's request to represent him last month. joann reed is the managing editor for go.com as well as a legal analyst. she's got the latest. what's going on? >> the judge in this case, jessica rexseidler, her husband is in a civil trial by the name of mark neejim. he represented tiger woods after that infamous car crash in his home where there was apparently a golf club involved, and he also, in the past, represented the parents of casey anthony in that huge trial here. so this was a very prominent attorney that was apparently contacted very early on by george zimmerman, before he g

those concerns outweighed better-than-expected earnings from jp morgan chase and wells fargo.go, the white house released information on the tax returns for the president and first lady. the obamas reported an adjusted gross income of $789,674. paying a total of $162,074 in taxes. the president's effective federal income tax rate is 20.5%. >>> and in a category of what will they think of next, how about an e-reader that glows in the dark? barnes & noble has unveiled a new version of its nook e-reader that comes with a glow light to allow you to keep readinging at night. the new nook costs $139 and it hits stores next month. >>> and finally, with the high school prom season upon us in the news that you can use department for teens and their parents, it will cost a lot more money. a survey done for the visa credit card folks, finds families spending on average, about $1,078 this year. $200 more than last year's $807 on average. just the cost of the dress or the tux on the rise, but limos, professional hair and makeup raising the tab. barbara, back to you. >> did you spend that m

the ap reports that jp morgan chase ceo jamie diamond was paid $23 million last year. that's an 11% bump. >> shocking. >> yeah, the largest u.s. bank says the salary includes $1.4 million, that's the salary. the bonus was $4.5 million, stock awards a cool $12 million and stock options worth $5 million. diamond also got get this -- $143,000 just for air and car travel and home security. >>> and some small phone companies are set to sell apple's iphone at a discount. small wireless companies like intelus wireless in virginia as well as in kentucky and alaska will charge $150 for the basic 4 s model this month. that's $49 less than what at&t, verizon and sprint charge. phone companies subsidize the iphone and it costs about $600 wholesale. they are basically taking a loss of $450 on every phone they're selling but it's getting to the point where they're saying can we not afford to sell this phone? >> i wonder if they get some help. >> just your service. >> really? >> that's exactly right. yeah. >> first daily deal of the day right? >> there you go. >> you're back in 30 mi

. >> jamie diamond, who runs jp morgan chase, the highest paid banker, $23 million he made last year,to shareholders saying, look, we are not going to apologize for our millions of dollars of lobbying congress. why? congress has no clue. they are making up all these rules that are counterproductive. some of them don't even make sense, one against the other. and we have got to spend a ton of money, because they're going to ruin things if we don't get in there and try to influence things. lobbying congress is a good thing because congress is dumb. that's basically what jamie diamond -- he didn't use the word dumb. but if you read the letter, you'll get the gist. this is what he said. you read constantly that banks are lobbying regulators and elected officials as if this is inappropriate. we don't look at it that way. no surprise there. as a defender for the banking industry saying, look, we give all these millions of loans and lays out how many loans they made, all of these credit cards, all of these mortgages we've been giving, all these mortgages we're trying to fix and these guys in

that you and jp morgan, your words, are presently engaged in discussions regarding the resolution of claims. is it your expectation that some of these funds will be returned from jp morgan chaseto mf global customers, and when can mf global customers expect a resolution of claims against jp morgan if they can? >> i believe that we have a solid basis for seeking a recovery of some of the funds that were transferred to jp morgan. as to how that decision ultimately will be made, if we do not reach a conclusion, we'll probably have to be resolved by bankruptcy judge, john glenn, and how long that will take is difficult to predict, difficult to predict, but we would not be exchanging information and engaminging in really confidential discussions about legal arguments unless we thought we had a good prospect of recovering something from them. >> mr. chairman, can i ask mr. freeh one quick question, if i could? mr. freeh, you're the trustee of mf global holdings; is that correct? >> yes, sir. >> is it your responsibility to protect assets, what's left of mf global? >> yes, mf global and the other debtors in chapter 11 of which i'm the trustee to get the assets and get them back to t

chase and wells fargo had better than expected profit and ref few numbers. jp morgan earning $5.4 billion, wells fargo, 4.3 billion. earlier, alcoa kicked off ahead. and google announced a two for one stock split. the markets rebounded wednesday with fears easing about europe's debt crisis. then thursday, they put on rally caps, having the best day in a month. the markets fell, though, on friday. picture this. facebook is acquiring instagram, a photo sharing site for $1 billion. they have 13 employees and no earnings. and new cars and trucks getting 24 miles a gallon according to a study from university of michigan, highest ever, up 20% from october, 2007, the first time the study was done. joining me, abby cohen. wonderful to have you. >> thank you so much. >> we saw a good first quarter for the markets. not a great start for second quarter, even though seeing a pickup the last few days, do you think the markets are undervalued? >> we think the markets are undervalued, but have to keep in mind there's a lot of risk aversion out there. and when investors are reminded