or you're going to see that with jpmorgan move higher. i think jpmorgan can. i think a lot of what happens in the first quarter, in january, let's not forget january 15th jpmorgan reported. january 21st you got that financial regulation reform. that's really what knocked the financials down. so i think being just okay is going to be good enough for the banks. >> to joe's point real quick, when you look at alcoa, that's an underperformer because of the fact that that is not a quality name. that's a terrible name. constantly they come in, they always disappoint. everybody's expectations are high. they always disappoint. they virtually disappointed again in my mind. this was an opportunity for them to come out of the gate and bang us. the stock is not even near the year high. it's not even close to the year high. and yet you look at the market, the market is screaming higher. alcoa's not been participating. look at freeport, look at all the different names we talk about in the material space. 50-some-odd percent of their revenue come from the u.s. that will be th

no jpmorgan came to the white house. he was upset. and he said, if we done anything wrong with regard to the structure of his monopoly, send your man to see my man and will fix it up. teddy roosevelt and his attorney general, planned an ox, said no, we don't want to fix it up. we want to stop it. and we're going to go to the spree in court and they did and they want five to four in the supreme court. from that decision came the modern antitrust movement. and by 1912, 10 years later, this movement was strong enough, the thinking behind it, they can insist in the change of consensus was dramatic enough from the standard oil was broken up into 35, 37 pieces. now standard oil was the lifeblood of the american economy. this is a manufacturing economy, a transportation economy. that was fuel that economy. but people had become convinced because of the leadership of teddy roosevelt that while they could be beautiful in america under some circumstances and is certainly about the private benefits, they could also be dangerous to society. it's

jpmorgan came to the white house. he was upset. and he said if we have done anything wrong with regard to the structure of this monopoly send your fantasy line and we will fix it up. teddy roosevelt and his attorney general slander said no. we don't want to fix it up. we want to stop it and we are going to go to the supreme court and they did and they 15-for in the supreme court and from the decision came the modern antitrust movement. and by 191210 years later, this movement was strong enough. the thinking and the consensus behind it and change of consensus was dramatic enough that standard oil was broken up into 35, 37 pieces. now standard oil was the lifeblood of the american economy, this is a manufacturing economy, transportation economy. that was the fuel of the economy. but people have become convinced because the leadership of teddy roosevelt that while big could be beautiful and america under some circumstances and it certainly had lots of private benefits big to also be dangerous to society. it's a very simple point and r

prove that making jpmorgan smaller will not have adverse consequences.that is an interesting question. i don't think jpmorgan is about to run an experiment for me but where should the burden of proof the? should the burden of proof be on the guys who just drag us into the biggest financial crisis since world war ii? that is what president obama calls it, what everyone calls it. should they -- shouldn't they have to prove that big is good for society and that the size advantages are commensurate with the costs the have manifestly created? i think yes. i think that is on them and they've got nothing. it's true i do know they have crass research projects specifically to prove me wrong but it we will evaluate that research when it appears on the same basis we evaluate the research sponsored by the foreign companies with appropriate degree of skepticism. okay on the right this gentleman and the white shirt. >> i -- >> charges began the microphone for the cameras. speaking to the microphone. >> aideed work here at sais and have been having lots of the debates

jamie dimond the ceo of jpmorgan chase more of the most successful banks recently said in a letter to the shareholders this week if we get big because we win, because we are good we should be able to reach any size we want. that's the free market. well that's not the free market we do have a free market, we have a two big to fail on a fair and vintage if you run a massive bank, and i'm assuming none of you do because they don't usually come to hear me talk. [laughter] but would be happy to hear the be made if anybody is here. if you have a massive bank you have a tremendous unfair advantage. you are too big to fail. you will be saved in the credit market recognizes that and of course you only get bigger. there is nothing in jamie dimond's decision as the jpmorgan chase that says he's responsible for american or global financial stability. i haven't seen the description by a confident, the decision is to make money for his shareholders and his colleagues a jpmorgan chase. we can discuss how well he does but certainly the insiders are done. you've seen from 2,009 total compensation on w

jpmorgan recently that's said that about $3 billion in business there. we're on top of the story in the after-hours session. meantime, let us trade the headlines that we will want to be watching tomorrow. ged get ready for a senate media circus. goldman sachs faces congress. all your favorite characters will be there from fab fab all the way up to lloyd blankfein. but holes already being poked in the s.e.c.'s case. will it be smooth sailing for the financials after tomorrow's three-ring circus? on the fast line right now anthony scaramucci of skybridge capital. anthony, after tomorrow is the coast clear? we're getting some static here. >> i'll tell you i'm not so sure about the coast being clear for goldman. but here is what's going to happen in this slugfest tomorrow, and here's the backdrop. number one, goldman is clearly losing in the court of public opinion. you can see the stock continuing to trade lower. the central thesis being this uncertainty will be a cloud over its stock and other financial services stocks. number two, they have whistleblower

coincidence or not, here we are a few days after jpmorgan. all the financials making basically the same high as we made back in october. touching up against those levels, selling off. it's very interesting. it's very hard for me at least to think about being long this market right now. >> volatility in the overall market spiked dramatically. no surprise. volatility amongst the individual stocks, the goldman sachs, morgan stanley, that also spiked dramatically. karen, if you're taking a look at a possibility of these stocks moving lower and the ability to establish a position at lower prices than we saw today later on, how do you establish those positions? do you, say, sell a put and take advantage of the premium in the market right now, or how do you decide how to pull the trigger? >> you know-f you've really got guts or some other anatomy, selling the put would be the way to go. i don't love that trade because you know, when you get -- when you get put that stock, you very often don't feel so comfortable buying that stock at that price. i wo

there's nothing in jaime diamonds job description as head of jpmorgan chase that says he's responsible for american or global financial stability. i haven't seen his job description but i'm confident in assuming that. in his job description is to make money for shareholders and colleagues said j.b. morning chase. we can discuss how well he does it for the shareholders but certainly the insiders have done well and you seen the latest figures. 2009 total conversation on wall street was higher than it's ever been. compensation was down but the conversation who work in the banks was shot. the ceo of wells fargo just got a big -- we've seen the details of a big cash bailout in 2009 cash which is exactly what the administration asked them not to do. in march 2009 president obama said, please be careful going for it and behavior cells and don't take reckless risks and we presume he said the please bring in the compensation, none of which they've done. john stump got paid a very big cash salary which is exactly contrary to what the administration asked inç compensation. when questioned about

jpmorgan came to the white house. she was upset. and he said if we done anything wrong with regard to the structure of this monopoly, send your man to see my man and will fix it up. teddy roosevelt and his attorney general said no, we don't want to fix about. we want to stop it. and were going to go to the supreme court and they did and they went five to four in the supreme court. from that decision came the modern antitrust movement. and by 1912, 10 years later, this movement was strong enough, the thinking behind it, the consensus in the change in consensus was dramatic enough to stand was broken up into 35, 37 pieces. now standard oil was the lifeblood of the american economy. this is a manufacturing economy, transportation economy. that was feel. fuel from the economy. they had become convinced because of the leader teddy roosevelt all big could be beautiful in america and certainly about the private benefits. they could also be dangerous to society. it's a very simple point and roosevelt i think was a very simple and direct thi

my game plan next week, alcoa, intel, csx, jpmorgan, yum, google and ppg. don't forget, rock, paper scissors, bank of america, first horizon. and you know what? bluto blutarsky, we're going to get to the bottom of -- where's dean warmer when you need him? "mad money" will be right back. >> announcer: coming up, merger madness continues. trade up by trading down? dr. cramer's in the building, and he's checking out one pharma play that could be the best medicine for your portfolio. and later -- ♪ cheeseburger in paradise cheeseburger in paradise? with consumer spending on the rise, these restaurant stocks are sizzling. if you're hungry for profits, stay tuned. >>> takeovers are roaring back to life. saw a big one today in the convenience store patch, casey's general. and we're anxious to make some money, some mad money off the half trillion-odd deals that have already been announced this year. can you imagine, more than $500 billion in deals? that's why i've been teaching you how to analyze these takeovers all week with our acquisition winner series so that y

don't forget, jpmorgan and bank of america fit that same pattern. we're going to be on the citigroup call on monday. we're looking at boeing, looking at ford. we're looking at pretty much everything. okay? now, next, the case against goldman. i've always wanted to be judge, jury, and let's say prosecutor. and, well, you're going to see me do it. stay with us. >> announcer: coming up, goldman turmoil. fear running rampant. is dow 12,000 now a pipe dream? get cramer's reality check. you've got questions? >> investors don't seem know what to do. i don't know what to do. >> good. i do. you came to the right guy. >> announcer: jim's got the answers. "mad money," demystifying the market. take care of your engine and it'll go far. one way i can take care of my engine? one a day men's -- a complete multivitamin for my overall health. plus now it supports my heart health and helps maintain healthy blood pressure. [ engine revs ] whoa. [ man ] kinda makes your heart race, huh? [ ryan ] ahh! fresh. minty. ready! ♪ hi. oooh, minty. [ sniffs ] so what do you thi

morgan stanley, a heads of goldman sachs, heads of jpmorgan chase, , etc. come here is what they tell him. things you could find on the editorial page of "usa today." they are not interesting. lack of transparency. lack of discipline. unmanageable risk. uncontrolled hedge funds and the one that i like best, agreed. [laughter] i will buy that. none of these are wrong. it is just that none of them ask the most preliminary question not why did the train go off the tracks but why was the train on the tracks of the first place? not only that but why was our trained the biggest and brightest and shiny as most comfortable trained in the world? the biggest brightest shiniest rein in the world for the last thousand years? these are questions they don't ask. the next question, who is our and we and a group created this economic civilization? but with the parallel the answer is that question is judeo-christian culture it is the only answer to that question then to find out how they built that civilization men to call and answers in the way back i checked with a friend

because they have a jpmorgan chase technology center that's opened so jpmorgan gives a lot of money to syracuse. but anyway, i was curious who you would pick. you picked jamie. >> muhammad ali. forget it. >> i had yo-yo ma. >> he was one of my classmates. he manages money. >> at least jamie dimon knows, jim cramer would not be protesting. by the way, i also want to put some context out there pemp one's talking about all these protests going on. i think there were 800 signatures but there's 19,000 people at syracuse. it is not a widespread -- they want to protest something, protest the way they played in the ncaa. that was outrageous. jamie dimon should take it right to them. and the big east. >> if they protest him, maybe he should come out and speak about something like that. >> how bad the big east was and syracuse was emblematic of the problem. let's talk about something to get you angry about. >> just giving him some ideas. >> syracuse is real good in the lacrosse tournament. >> they crushed somebody. >> hofstra. >> hofstra! very good. >> i got a bunch of other things i want to ask

jpmorgan's up 22%. that going to be an issue. and this whole financial reform bill is now a big problem because they think it may be more aggressive than they thought before. before it was manageable. now it's not sure. remember, all the gains in the s&p are mostly big gains in the s&p 500 this year, are going to be due to improvement in earnings in the financial. that's a big issue. halliburton had excellent numbers overall. their north american operations are improving. rig count is up. pricing looks like they're going to be able to get more aggressive. the worry here is natural gas prices. if they stay down here, halliburton's going to be under a lot of pressure to cut back pricing for what they charge for their rigs. let's talk about phillips. i didn't even mention that this morning. this is the big electronics giant over in europe. their numbers were much better than expected, and sales improved rather noticeably, 11%, and they said they're increasingly confident they'll be able to make their ebitda targets for the year. tra

you brought up jpmorgan a couple of times. more of because with goldman's problems, he does become the king of wall street. why was jamie dimon the guy taking all the phone calls when dick fuld wanted to borrow $31 billion from him and he had a conference call saying we may have to prepare for all of these bailouts because he acted responsibly. >> he was smarter. >> they had the five basic, goldman sachs, morgan stanley, bear stearns, all these others and even a merrill lynch, they had to get inside a bank to get themselves covered. and meryl, you know, goldman sachs declared itself, can we register as a regular bank. then you get all these federal guarantees for what you got. >> but we've got to have some kind of regulation over these derivatives. i don't care how you look at it. >> you've got to. >> because right now. >> poker game and five card is wild. >> the problem is, you go back to what happened, and the fact is there was no transparency. when you have somebody like the fed chairman, alan greenspan saying, i have the b

and a lot of this i actually, jpmorgan chase's testimony, mr. sheehan and mr. lowman, was very good, and i think it was a thoughtful analysis. there is going to be a cost to everyone else in this. the third one, and this is something that we ought to all be concerned about, i think the greatest cost is going to fall on those with less than perfect credit in the future. because it's going to raise what their down payment, some of that may be good, but some of it may make it very hard for them. it's going to increase the costs to those with less than perfect credit going forward. because sooner or later they're going to have to shoulder the benefit, and these are people that probably would not have defaulted. .. >> it certainly would be a hazard and a risk that we would have to bear in the future. and as a result, we would either do one of two things. we would increase the down payment requirement to protect ourselves from that in the future. or raise the prices, or both. so i think the cost of homeownership in the future would be really increased as a result. >>

his job description is to make money for his shareholders and for his colleagues at jpmorgan chase. we can discuss how well he does for his shareholders, but you've seen the latest figures i think. for 2009, total compensation almost was high that it has ever been. executive compensation was down a bit but the people for working this is out. the ceo of wells fargo just got a big, we have seen the details, a very big cash bailout for 2009. cash which is exactly what the administration as them not to do. in march 2009 president obama did say to the bank, please be careful going forward, please behave yourselves, please don't take reckless risks are and none of which they have done. johnstone got paid very big, cash salad which is exactly. the administration wants. when questioned about why he would get so much cash, a spokesperson for wells fargo said we had a very good year in 2009. it's difficult of a good year in 2009. they were saved by the american taxpayer, by the, i think, excessive generosity. certainly generosity of this administration. it's extraordinary. the attitude of the

tom lee joins us, a strategist at jpmorgan, and jim cramer you, and i both in different divisions spent time at goldman sachs. one thing that stood out after reading this complaint, is the man in the center of it, this guy, fabrice, a 30 years old vp, the s.e.c. says he was in charge of putting the books together. that's not a call the shots position at goldman sachs. >> no, it's not. i wanted to mention at the top that i have information that leads me to believe that goldman sachs was an investor in, not against, but in -- and i think that's a game changer when it comes to what the case is. i'm going to repeat it. my information is goldman sachs was an investor, not a short seller. >> so goldman sachs was long -- this is a game changer, so the billed oncdo that we're talking about is abacus 2007 ac-1, you're saying -- >> my information is that they were an investor, which may explain the incredible confidence they had, if this were an open-and-shut case, believe me, this is the way it works. goldman sachs, we're sorry we did this, we're going to throw over the guy, 31 years old, he did

that's why you see the laggards catching pup .jpmorgan makes money today. it's not a regional bank that has to pay back t.a.r.p. it makes money today. >> if we're talking about lagga laggards, morgan stanley is a name i would look at going into earnings. >> our next guest wants to ruin all our great stock stories. a man of fear approaches. he's president of the elliott wave international. robert, good evening to you. the greatest shorting opportunity for a generation. >> well, it's the third best. i think the best was in 2000, the next one was '07. and now we're getting a third opportunity in ten years with everyone lined up. >> what would you short exactly? >> well, the main thing i would like to say is most people aren't short sellers who listen to financial television. most are few kuhle fund omutual. there's no reason to be investigated in stocks right now. there's every reason to be in cash. it's not a scary thing to do. you can wait far better buying opportunity down the road. >> where is that level, rob snert. >> it's going to be a lot low per we hav

when you look at bank of america, and jpmorgans and even goldman sachs right now, i think that they may be, the right opportunity to put some money into those areas. >> well, let me ask you about, that because the fear is of course that it may not be just goldman who is going to be hit with this, but you could have other institutions as well, and consequently, they are all trading off. you see this though as a buying opportunity? explain? >> well, no question, trish. this is a company one quarter ago reported $9.5 billion in net revenue and now earnings coming out tuesday and no question that goldman should report in the eight-digit range. so if i were a buyer and looking at the recent history right now and the stocks in the quarterly earning patterns, i am saying that goldman is a great opportunity if they can be wiped out on the earning numbers. >> it is bob pisani, and i want to know about the whole fear factor in the market, because outside of financials and the material stocks and commodities down, this is not a rippling move to the downside in my opinion. are there broader implica

and -- but then what we needed was we needed a buyer that could do what jpmorgan did with bear stearnswhich was still in the capitol whole and guarantee the trading during the shareholder vote because there was no authority -- turning over every stone to see what authorities we had. there was no authority to guarantee liabilities or to put capital into the institutions. but any event, i'm not sure but the british were -- i had said in the book i had used some rash language when i was disappointed but as as i reflected on it, they obviously have their own issues they were looking at and the regulator -- it was for them a very difficult -- it must have been a very difficult decision to let one of their banks to go ahead and in the middle of the ron, lehman brothers stepped in and make that acquisition and confident they had the wherewithal to do that. >> hank, lehman did go down on that sunday. and barclays bought a limited part in a much smaller transaction and i think it was tuesday or wednesday of the british authorities said if you have an account with lehman keeping securities there

chairman there was a reason i was tired after 18 years of experience at jpmorgan chase. as i said earlier the company and this is well-known in the industry, in the mortgage business, had experienced significant problems in a three in 04. the problems in the main home loan group, which is where i focused a lot of my initial attention, were several. first i mentioned is the management team did not have a great deal of experience in running a mortgage company of that size. i went to a process along with david schneider who joined later in the year of repopulating most of the senior jobs in that business. secondly, the technology in the business was antiquated and as i said earlier, there were literally 12 different production systems as a result of many acquisitions. there were manual processes in the business and relative to what i have seen in my previous employers, the company had many many shortcomings as it related to processing closing and servicing loans. >> i think you were here earlier this morning when we went through a panel for the 2005 internal wamu investigat

first quarter corporate earnings reports begin to come out today with google, intel and jpmorgan chase among them. it could spur the stock market to i seventh week of gains. the dow briefly touched the 11,000 mark on friday for the first time in a year and a half. and that high water mark could boost retail confidence. >> people pay attention to these big round numbers and that has the potential to bring retail investors back in the game. a lot of rally so far has been driven by big institutions but if mom and pops get into it, that could bring the dow higher still. >> as good as the market rally is, it's still 20% off the record high back in 2007. it's time for market activity. tokyo's nikkei average rose 47 points today. hong kong's hang seng fell 70. in london the ftse opened higher. on wall street, the dow gained 70 points. the nasdaq at 17. >>> the new airline survey found that performance improved in 2009 for the second year in a row. planes were more likely to land on time and bags were more likely to be lost, as new airlines cut back on flights from everything from checked bags

i'm long jpmorgan. i thought the price action was really good in bankamerica, not quite as good in jpmorgan. but one other thing that's interesting besides the bond auction that tim touched on was the credit data. i actually don't know what to make of that. people spent much less than expected in terms of credit balances. that is -- you could take that two different ways, one of which would be bad for consumer discretionary. >> stock stories. have you got a good stock story? >> i thought today's action was really good. i thought the rotation, what you had was the rotation. so while some money was coming out of some commodity stocks, it was going into the financials. you had every reason, as tim mentioned, you had every reason early this morning it to think today might have been the day you had a major sort of sell-off or retraction here. you had a lot of concern about greece, and you had a lot of fear about the auction this morning. >> yep. >> before the auction took place. and you didn't have that majo

first quarter earnings season begins with alcoa report, hear from intel, bank of america, jpmorgan chase and general electric. ge is the parent of the company that produces this broadcast. it will be a busy week for earnings. monday, the white house begins a two-day nuclear security

. >> about the -- and then what we needed was we needed a buyer that could do what jpmorgan did with bear stearns which was fill the kettle hole and guarantee the trading during the shareholder vote because there was no authority to do this in

its assets sold to jpmorgan chase. the effect would be sold nationally as the country suddenly found itself in the grips of the worst financial mess since the great depression to read in his book, "house of cards," william cohan exposes the corporate arrogance, the power struggles, the deadly combination of greed and inattention that led to the collapse of not only bear stearns but the very foundations of wall street. having been a wall street banker for 17 years, william cohan has in-depth inside knowledge of investment banking. in addition to his years as an associate and then vice president, at lazard frÈres, mr. cohan was a director in the acquisition eckert but merrill lynch and a managing director of jpmorgan chase. he left jpmorgan to write the last tycoons, which received the 2007 financial times goldman sachs business book of the year award. he probably wishes that was the to those of seven just financial times business award. [laughter] after today's wall street journal report on the sec problem. the last tyc

the "wall street journal" says 18 banks, including goldman sachs, jpmorgan chase and bank of america,emporarily lowered their debt just before reporting it to the public presumably in an effort to help keep their stock price. >>> apple's upgrade for the iphone and ipad will be available this summer. the new program will allow users to run more than one program at a time. the company did not confirm any plans to make the iphone available through verizon or other mobile carriers. >>> and competition is gearing up following e pad's launch. hewlett-packard is showing off its yet to be released tablet computer called the slate. the company says it has what the ipad doesn't, a camera, the ability to play flash video, and a usb port. >>> and we finally made it. today is tax freedom day, the day when most americans have worked long enough to pay their taxeses for the year. it comes a day later than last year, but two weeks earlier than in 2007. so, michelle, congratulations to us both. it's a friday and it's tax freedom day. from and i think weky k. say con frat lagss to a wholt lot of fronts

jpmorgan pointed to the sheer cost, saying it would take hundreds of billions of dollars. but middle class advocates contend, is there not a place to meet in the middle? so far, of 1.1 million ho homeowners who signed up for the plan, only 170,000 have had their mortgages lowered. >> we've not impacted the number of homes in foreclosure. do i agree with this contention? >> certainly there's no question, more needs to be done. >> sir, more needs to be done? >> it really is stunning that that's the position we're in. that the american taxpayers shoveled out hundreds of billions of dollars to rescue these large financial institutions and these same large institutions don't seem to want to be part of the solution. >> reporter: and far from washington, thousands of you have written in. karen from arizona, they just give me the runaround. this woman, from texas. i've been trying since last october, and have gotten nowhere. and there was marlo writing from outside chicago, the hoops they put you through, she wrote. we went to find her today. she now spends tens of thousands a yea

that may allocate, as you say, a portion of this tax break, you know, to jpmorgan. we've been in contact with the fdic, we've been in contact with some of the creditors who have been objecting to this, and we're going to continue to monitor that situation. we haven't really taken any action because we're waiting to see how the settlements break down. but that's where it is right now, it's in bankruptcy court. ultimately, you know, whether it'll be a negotiated settlement among the parties or whether the bankruptcy court judge will make a ruling, there are complicated legal arguments on all sides that we've been reviewing. right now we've sort of been taking a backseat and watching the process to see what actually happens before making an evaluation, but we have been on top of this from our legal division to follow it. but it is, it's certainly a very complex discussion with the intricacies of bankruptcy law. at first our reaction was the same as yours, this doesn't seem to be able to make sense, but as you sort of get through the weeds of bankruptcy law, it's a very

i am dead chief executive officer of jpmorgan chase and joined by my colleague for the jpmorgan chase s shares your commitment to stabilizing the nation's housing market and that chase we work hard to help families meet the mortgage obligations and keep them in their homes by making home payments affordable parker to date we have helped to prevent 965,000 foreclosures through our own proprietary modification programs and other programs and in addition we have refinanced and the $16 billion of loans under harp. helping hundreds of thousands of homeowners achieve affordable mortgage payments and at chase we are now completing more than 10,000 permanent modifications her month than an average to minors receiving a monthly payment reduction of $548 through the modification that represents on average a payment reduction of 29% and in addition we adopt the home affordable foreclosure program and the second name modification program actively use forbearance agreements were unemployed bar were similar to the program being contemplated by the administration. you asked us to focus the testimony

with jpmorgan, when jpmorgan was in power he had different systems. one of the things was wall street. he competed connections on wall street that basically gave him a loan and he and his cronies the ability to determine who did what and where in this economy. he was essentially the king. he distributed property as he saw fit. so we actually don't see on wall street quite that sort of concentration that we saw back then. but it is a big issue. i absolutely agree and but again it is something we are going to be able to deal with. in terms of taxing wall street will have to understand if you tax just the bank then the way things are structured now the tax will end up affecting been passed on to us somehow. the other issue is you could also attacks the bankers. there's a difference between taxing banks and taxing bankers. banks or institutions we rely on to tax them taxing yourself if you tax the bankers did those are the people who are getting wealthier using the present system. so, you know, what -- when people talk in europe about taxing the banks tha

is it the idea that jpmorgan and citi could be next? >> that does very much worry us. in fact, the goldman case may look weak to us and it may not one that ultimately goalman wins, but my experience in the market suggests whenever you have a fight going on in the government, that stock is not usually you want to own on your portfolio. we're worried about the obama administration or the s.e.c. itself might further expand that exploration into the other entities, like you say, jpmorgan or some of the other brokerage firms. if that were to be the case as an investor, we would probably be pulling away from the financial sector because there would be regulatory risk and gives us some type of discomfort. >> that would away short-term trade or something longer than that, keith? >> yeah. i think short-term trade. at this point, we move away from goldman generally speaking because of the headline risks. we think they may prevail in their conflict with the s.e.c. but for the balance of this year, it looks to us to be dead money. >> keith, why do you stand on the earnings picture

we quite like the top financials, the jpmorgans, for instance. >> good talking to you, as always. roman scott, calamander capital. >>> coming up next on "worldwide exchange," regulators are stepping up the pressure on goldman sachs. we've been talking about this. we'll talk more about it after the break. >> and we'll leave you with a good look at where the u.s. 10-year is trading at the moment. attention medicare recipients! the following is important news from hoveround. with medicare and your supplemental insurance, a power chair costs you little or nothing out of pocket. that's true for most power chairs. but when you choose hoveround, you get a better power chair. how is it better? just ask these questions: is it round? hoveround is the only round power chair. that makes it easier for you to get around the tight spaces in your home... "i love how easy it is to maneuver." is it reliable? at hoveround, we make your chair, deliver your chair for free, and service your chair right in your home. no one else can say all that! last question, is it affordable? here is what most hovero

he was fired in 2008 just before the fdic took over wamu, and jpmorgan bought the banks assets in what some say was the steal or deal of the financial crisis. >> mary, wamu, their senior management knew? >> they did. they did know what the report shows is a number of e-mails to, in some cases the audit committees of the board about these lacks practices at a variety at the subprime lender, as well as some of the prime operations. >> and where were the regulators? >> the regulators were notified. as i said in my report, both the fdic and otc were notified of these, i guess you could say, shoddy practices, but but they didn't do a lot about it. the regulators will get to say their part on friday, because they're being brought to testify before the subcommittee on friday. >> this is a front-page story. >> it will. >> unbelievable. more corruption in that area. mary thompson, thank you ever so much. >>> let us turn to what i am calling cowboy monetarism. in short, i want traders to be totally scared to death of a john wayne-type federal reserve shooting out the lights on higher interest ra

jamie dimon said he would hire 9,000 people at jpmorgan, what about you?we've been hiring for the last couple of quarters certainly to get us through the busy ira season and the tax season and now that we're largely through that, over the next couple months i think we will be pretty stable and we won't be in an active hiring mode, but as we come through to the fall depending on our view of next year and the view of the market which continues to be more optimistic, we will certainly consider hiring but in select areas, technology and front line service sales people. >> when you say technology and front line, where do those jobs come from? technology jobs mostly overseas or are those jobs here? >> most of those jaup jobs are here. >> thank you very much, fred, we appreciate it. ceo of td ameritrade. do you feel safe enough to fly through the ash? >> that's right. >> maybe there is a hole in the ash you could sneak through. >> we know -- squawkonthestreet.cnbc.com is where you vote. >>> this was the street poll question of the day. mark was not allowed to vot

raymond james and jpmorgan on the other side of that taking it down. my suggestion would be, if you're looking to drill down a little further and look at halliburton. much more of an international exposure and with oil, let's lee careful. you get stats coming out tonight and tomorrow morning. oil right now pulling back under 86.5. >> john, you made a very impassioned plea last night for ak steele, worth repeating. you're absolutely solid. >> i amp i like a number of other steel makers, as well. the reason, of course, the price of iron ore the main thing that goes into steel has gone up. the producers of oil and steel and iron ore, i think that's a wind at our backs here in the u.s. and that hurts most of the asian steelmakers. it will be great for u.s. jobs overall. this is not job protectionism but increasing their price and doing so on a quarterly, rather than annualized basis. >> let me pick up specifically on some of those names. j.j., you have an insight as to what retail customers have been doing. >> yeah, we saw with our retail traders over the

but we are also going to get earnings tomorrow morning before the opening bell from banking giant jpmorgan and chase as well. that could move the market as well. >>> we have relief today. also cooled off a lot. >> it did. last week at this time it was 90 degrees. now we are at 50. 40-degree plummet. >> exactly. hard to believe, right? spring. it will do that to you. mauck you wonder what to where the next day. right? that's w let's take a look at what's going on across the area. we stul have gray skies across the area. and weigh do st-- we still have showers falling across the area. 50 degrees. temperature at reagan national air poshgts dew point temperatures at 44 degrees. east-northeaster wind will. 13 miles per hour. we haven't gotten a strong fetch off the water. we are going to see skies clear during the overnight period. as they do, well, temperatures are going to plummet. north i think we will have to watch the northernmost counties of maryland. carroll county, washington county, frederick county, temperatures will be dropping to the upper 30s by morning. and a frost advisory for so

these guys if you look at heads of wall street firms not the rank and file but heads, jamie dimon at jpmorgan chase, blankfein were at the speech all liberal democrats. big supporters. >> that's what it is. if you take a look at how much money goldman gave the president, barack obama got nearly a million dollars in donations. if you look at how much that was in terms of tarp dollars a dollar for every $10,000 they got in tarp money. they paid it back. they gave the money back. at the end of the day that was -- >> more than that the notion of too big to tail that you have the government behind you all the time allows goldman to borrow so cheaply it can make money doing nothing almost. by the way, too big to fail is in this bill still. >> sean: this is almost like a permanent tarp system where the american people will have be in a constant position to bail these companies. greg craig, white house counsel leaves in january, represents goldman. dick gephardt lobbies for goldman. harry reid getting money from goldman. rahm rahmbo dead fish getting money from goldman. the democrats are trying to po

the dow is led higher by boeing, bank of america and jpmorgan.s of appm, though, are the standout of the session, up nearly 6%. quarterly profit ahead of expectations. 13 analysts have upgraded this stock today. revenue was up 49%. >>> and general motors chairman and ceo ed whitacre spoke to phil lebeau before he spoke to anybody else, and as phil said, they're looking for a first-quarter profit at general motors and a chance of the company going public. in kansas city, phil lebeau is talking with gm vice chair steve girsky in his first camera interview since taking the job. take it away again, phil. >> reporter: thank you very much, erin. let's point out here that i heard from several people with general motors. they said, hey, listen, we're not telegraphing a profit for the first quarter, but you saw the enthusiasm from ed whitacre jr. the vice chairman of general motors is joining me now, steve girsky. i have to ask you this, because it's clear when we were talking to ed, he said just you wait and see what we do in the first quarter. are we lo

and i even presumed that jpmorgan was going to go to zero. and on top of all that, i took into account the total elimination of dividends at caterpillar as well as 3m. and then i added in the potential bankruptcy of alcoa. >> the house of pain. >> sell, sell, sell! >> for good measure. you've got to admit those are pretty dire assumptions. and you know what? even under those ghastly conditions, with all of those bankruptcies, going to zero situations, i still could not get us a low that took us down significantly from where prices already were. from the moment i made that call, remember, it was a bottoms-up call. i didn't say that i liked the market a. i said, look, i add all these up, and i take a minus three and minus three and minus five, and people were calling me crazy, but i could not get the dow prediction lower. and people said i had no idea what i was talking about. but a month later, with the dow 1,500 points higher, those people were still there. they were still sending me e-mails that were even more impassioned, even more angry, c

i do think, look, as i heard dylan ratigan say, if jpmorgan chase is going down, we're not going to watchsink. we'll come in and save it and maybe break it apart. >> it doesn't mean it's in the legislation. >>, no it doesn't. and let me say i think the president on the politics of this, no doubt he's in front of us, he's going to win it. he's got the republicans signing up. i thought he handled it well in his speech. it was clear and simple. i don't know the real nitty-gritty of the bill, whether it's going to be good or bad when you geet gete into the regulations and things like that, but clearly the president is on the right road. this is a winner for him. and i think his sort of magnanimousness, if you will, or magnanimity, if you will, is a wise policy thereupon. once you've won the battle there's no reason to start yelling. >> patrick buchanan. >> you've won it. >> you've moderated your whole approach. used to be going off the cliff. >> well, when ronald reagan won a battle, he would say come on over to rostenkowski, let's have a drink, danny. it's all over. >> listen to -- >> are yo

and a lot of this actually jpmorgan shays testimony with ms. sheehan and mr.wman was very good and it was a thoughtful analysis that there is going to be everyone else in this. of the third one and this is something that we ought to all be concerned about, i think the greatest cost is going to follow on those with less than perfect credit in the future. and because it's going to raise what their down payments, some of that maybe could put some of it may make it very hard for them. it's going to increase the cost to those with less than perfect credit going for it. because sooner or later they're going to have to shoulder the benefit and these are people that probably would not have defaulted. so my questions are going to concern those things. a first, mr. lowman, you talked about industrywide cost of 700 to $900 billion and that's a large cost. how will the industry work through, work through it. it's under water and in the near term are really may be a better question, will this cost necessarily be incurred or passed on to other atmar worse in the future? how

we'll find out if the big banks are making money again and how much after jpmorgan chase and bank ofy good reports this week, many people are hoping for a good financial sector earnings next week. also, on thursday, we're going to get a key reading on the ailing housing market. that's new home sales. and for those of you who carry around $100 bills in your pocket, wednesday, a new $100 bill will be unveiled. it's expected to be more colorful and with enhanced security features. >> i'm "showbiz tonight's" a.j. hammer. so will this week be kate gosselin's last on "dancing with the stars"? she has squeaked by so far. we'll find out on tuesday. also, look for mel brooks to get his star on the hollywood walk of fame. remember, "showbiz tonight" is now live at 5:00 p.m. eastern on hln, monday through friday, and of course, we are still tv's most provocative entertainment news show seven days a week at 11:00 p.m. eastern and pacific. >> all right. thanks, guys. >>> now for some of the stories domestically and internationally that we will be following, some big stories. we talked about that

jpmorgan. all these financials. i think people want to get out of knows only because of the performance. >> even the best trade for the last six weeks. so why wouldn't they want to get out? you look at morgan stanley, in fact those numbers were fantastic. that's a place to probably -- >> especially with the political overhang why not get out of the outperformers? let's bring it back to some of the stories we're following in the after-hours session? check on ebay, which gary sid should have prereleased these results, taking down its second quarter guidance. and you see the stock here at after-market session lows. joe, what do you make of this move? >> across the board you have some earnings here. whether it be ebay or whether it be qualcomm. that clearly the exuberance that was in these stocks is coming out. it's basically exhausted. if you look specifically at ebay, you have to wonder if craigslist is beginning to present a little bit of a challenge. they're definitely going to be the currency headwind with the euro

everyone else bank of america was up 12%, jpmorgan up 4%. this is where these guys should be making their money and these guys are not. >> okay. it is judah rhoden. we apologize to andrew rhoden. but they are withholding their votes for andrew liverus and judith rhoden ahead of the shareholders meeting tomorrow. changing gears here, g.i. joe and the transformers grab the headlines. is the success of toys like these -- this is my little pony convertible. these are helping hasbro shares jump nearly 3%. with the consumer showing signs -- >> is it safe? >> the pony -- the ponies are strapped in. anyway. anyway. can shareholders expect more days like today? on the fast line hasbro ceo and "fast money" friend brian goldner. brian, we're having some fun with the ponies here on set. good to have you. >> hey, nice to see you guys. >> you said on the conference call that you feel more confident than you did 90 days ago in terms of reaffirming your 2010. what exactly happened in the past 90 days that made you more confident? are you seeing more orders?

roosevelt had his version of goldman sachs to deal with, a railroad monopoly owned by financier jpmorganried to slip out of a mess he got himself into. quote, if we have done anything wrong, send your man to my man, and they can fix it up. well, teddy roosevelt told jp to forget about your man, my man business. quote, we don't want to fix it up. he sent word back to morgan. we want so stop the dirty deals, period. maybe president obama will get really tough with wall street. certainly there would be a loud cheering section if he did. and maybe even get some republicans behind him if he does. maybe there are a few who still have a picture of teddy roosevelt up on their wall. that's "hardball" for now. "countdown" with keith olbermann starts right now. >>> which of these stories will you be talking about tomorrow? president obama says no more business as usual for wall street, and that's a good thing. even for banks. >> people will have confidence that when they're dealing with banks and these institutions that they, in fact, are playing it straight. >> this as a senate committee passes st