i know your people at jpmorgan had their own struggles. i want to ask you about the struggles, how everybody is. first, were you comfortable with shutting down the market like that? >> first i want to say because there are still a lot of people struggling in new jersey and new york. our hearts go out to them. we're doing everything we can to help. we gave $5 million to the red cross. we're going to do an additional $5 billion of incremental lending of small business on top of what we already do. our own employees did a great job. our bank was open on monday and tuesday. >> i spoke to somebody in your company. >> we move trillions of dollars around the world. the stock exchange was closed. the bond markets. that was the decision they made for their reason. you can argue one day or two days. they were in the middle of the storm. had they been somewhere else, i don't think that would have been the issue. a lot of markets are up and running. like i said, a lot of banks were up and running. >> i know you've done a lot for the victims. you just

my interview with the chairman and ceo of jpmorgan chase. we'll talk regulation, politics and policy. as we take a break, take a look at how the stock market ended the week. back in a moment. en we got marr. i had three kids. and she became the full time mother of three. it was soccer, and ballet, and cheerleading, and baseball. those years were crazy. so, as we go into this next phase, you know, a big part of it for us is that there isn't anything on the schedule. a short word that's a tall order. up your game. up the ante. and if you stumble, you get back up. up isn't easy, and we ought to know. we're in the business of up. everyday delta flies a quarter of million people while investing billions improving everything from booking to baggage claim. we're raising the bar on flying and tomorrow we will up it yet again. >>> well, that big thud you heard on wednesday was the stock market plunging, having its worst day of the year. it's greeting to news to the second term for president obama. how can you protect your money and is this likely to

whited jpmorgan via bear stearns?8, almost four years ago, bear stearns blew up that weekend. by friday, they needed a loan from the fed. that is one the treasury secretary at the time, the president of the new york fed, ben bernanke, they all got together and they said, please, you're the strongest man, by these guys. buy them in a very low price. initially it was shut download that. but then they said yes, we want to buy it by monday. so basically -- the markets don't open in uncertainty. jamie dimon said yes, they did it. they are not totally off the hook him as he see. when you buy a company, you buy it for its liabilities because you do due diligence. liz: you can go through that quickly at that scale do not know. you know, i don't understand why the sec about this. you know, it's a pretty big fight. it's not a small one. $297 million is not chump change. liz: why don't they reach out to bear stearns stuff and get them on the jpmorgan side? >> we should point out that this securities and exchange commission is br

ken, first of all, jpmorgan has just over 10% of its firepower. that is that buffer, the capital buffer that regulators look for. is that enough? >> yes, it certainly is. in the case of jpmorgan they are the bank right now. and jamie diamond is the bank. the go to go. >> tom: capitol requirements is what that is referred to, at 10% buffer that is just one area of regulation that regulators are focused on since the mortgage in the housing bust, and the banking collapse. with president obama being re-elected and status quo in terms of the balance of power on capitol hill, what can we expect in terms of banking regulations going forward? >> clearly more regulations. banks are going to have to be stronger. they're going to have to come up with these plans, what happens if they get into trouble. but much more regulation across-the-board. >> tom: what does it mean for shareholders? >> shareholders are being to have some issues with financial stocks. clearly because these additional kline's costs are going to mean greater costs overall to the banks and n

my exclusive one on one with jpmorgan chase ceo jamie dimon. you'll want to hear what he thinks about budget crisis, what needs to be done to fix it, and the banking sector. bill. >> well, i'm bill griffeth. we can't wait to hear what jamie dimon has to say about the fiscal cliff. it's the talk of the day. based on wall street's reaction to what president obama and house speaker boehner had to say earlier today, it is clear that investors are not expecting a quick fix. look at the major averages, which are lower since the president spoke two hours ago. the dow is up ten points. it was up 78 at high. down 67 now, up to 12,822. the nasdaq powered higher today by apple. there it goes again. we'll talk about that in a little bit. up 15 points on the nasdaq now at 2910. the s&p 500 index is up about five points at 1382. the market certainly didn't like what the president had to say at 1:00 eastern time. the dow was in positive territory when he began speaking. as you can see from the chart, as the speech progressed, the dow started to fall. it did r

more g jpmorgan is one of the companies involved. we need a solution.usiness is supportive of a solution that fixes the problem. we're not religious about the issues of taxes and spending. we want a rational thoughtful solution. the cliff is december 31st, midnight, $600 billion will come out of the economy. the economy drops by 3 or 4%. but the world is not static what may happen is before december 31st you could see the effects and it might be worse as people try to react and protect themselves from a possible impending recession. >>> dodd frank volker issues don't go away under president obama. the question is do they get worse? if we see elizabeth warren on the banking committee. what's your take. >> i called her to congratulate her for winning her election. we worked together well. we are going to meet all of the rules and requirements in the spirit and letter of the law. the most important thing is while doing that we can serve the corporations, consumers, businesss. those things may change pricing, some returns and businesses but i think we can m

it was jpmorgan. >> the of the best going into next year.get a recovery, it will do well but we like jpmorgan. liz: it is cheap, but there's a reason it is cheap, only moderate improving and when the and trading business has been soft. there are reasons it is cheap but return on capital hasn't been great. >> they have struggled with that but it is trading at discounts and we think you're going to see a little bit of recognition of earnings power going into 2013 for jpmorgan. liz: a gain of 31 prison year-over-year. >> dropped the chart another year ended doesn't look as good. liz: the next kickoff have to put you on is a gold mine, gold miners have been dead money for quite some time. you are gusty. >> it has been the most beaten of all, particularly the majors. we think there is value there, we think sooner or later you are going to see the minor follow suit with a metal. liz: why not buy them now? >> because i think cost has been the issue for most of the minors for the last two years. a lot of that is behind them. when you start to see go

i would say that's the case with jpmorgan.aving moved all the way to 44 and pulling it back it is worth exactly, $40.62. we would call this fair money, dead money. >> fair money. at this point, if you are a holder of the bank and you heard jp morgan was traded where it is valued. >> i would be looking to do overrides here. this is a really important point, too. >> i think if you own a stock and you think it will be range bound those are covered put right opportunities, you own the stock, sell some calls. this is really the way to manage these range bound scenarios and as volatility increases, it increases the amount of return and yield that you get for doing that. that could be a good opportunity to take care of stocks like others in similar circumstances. >> we look for a bank not priced where it should be. i think bank of america and krit i are -- it's tough to add to a winner well. buy calls, limit your risk. don't just buy more stock in situations like that. >> a reminder as we head to break if you want updates be sure to

jpmorgan chase and dozens of other companies are pledging to help. to hire 100,000 veterans by 2020. joining us now, maureen casey, managing director of the office of military and veterans affair, and ryan enrique at jpmorgan who served in the u.s. marine corps for six years. so thrilled to have you both here on veterans day. maureen, let's start with you. why do this? why -- because you're up to 82 companies now that are participating. >> actually, 83 last week. tracy: excellent. 83 companies participating in this mission to hire all these vets. what makes a vet a great hire? >> so what we believe makes a vet a great hire is a set of tangible and intangible skills. those intangibles that we hear about -- mission focus, leadership, teamwork -- and then there's a lot of tangible skills that do translate into the private sector; technology, computer-type skills, project management skills, operations, logistics. a lot of those kinds of skills that will translate into the private sector. and we believe at jpmorgan chase, our leadership believed last year

jpmorgan stock down a little bit.rice tag around 250 to 270 or more, the announcement from what i understand that come this afternoon. we will have to wait. you need the full commission to sign off on it. the chairwoman mary schapiro, the last major settlement as chairwoman there will be a change at the sec, that will come later today. it is goldman sachs a couple years ago on the abacus deal, jpmorgan on this one. there could be a few more of these and other stuff they're looking at, mortgage investigations. all the major wall street firms, pretty good banks take these mortgages and package them into securities and sell them to people, how they sold them and what they were disclosing when they were selling them as the housing market, comprised of mortgages, and when they knew it, if you look at the charges and the complaint and goldman sachs and new york attorney general eric steinman filed against jpmorgan, people particularly at bear stearns knew these were crummy mortgages packaging stuff that was toxic and the in

>> jpmorgan is interesting. we talked in mid-may last year, and almost immediately following our conversation, you saw the trading losses reported by jpmorgan. our manager halved their position in jpmorgan. we still own the stock but at a much lower weight. >> tom: you own everything we mentioned? >> through our funds and my investments we're talking with famed global investor mark mobius. hear what franklin templeton's top strategist has to say about emerging markets and the historic leadership change underway in china. and lew hay, c.e.o. of utility, next era energy on the dividend cliff and how tax hikes on dividends could impact his shareholders. >> tom: finally tonight, after all the billions of dollars spent on the election, those in office now have to work together to solve problems. and that's exactly what lou's been thinking this week. here's author and educator lou heckler. >> i used to tell people that when i ruled the world, everyone would have the same title on their business card: problem solver. i

jpmorgan is still chasing down employees involved in the bank's massive $6-billion trading loss. reports say jpmorgan is suing the man who supervised "bruno iksill," the trader known as the london whale. iksill is said to be responsible for taking supersized positions in deravitives that led to multi-billion losses this year for jpmorgan. his boss, javier martin artajo, is now being sued in a british court by the bank. facebook is feeling the post- lock-up pinch and slipped a little. about 229 millon shares expired this week, giving faceboook employees the right to sell their stock as part of an agreement after facebook's ipo. but when the market opened for trading wednesday, the stock dropped nearly 4%. another 804 million shares expire in mid- november, about 156 million in mid-december and 47 million more next may. it's not all bad - the stock is still up nearly 10% from just before facebook's third-quarter earnings report. facebook shares closed at $21.11. a deal in the fashion industry will give the pvh corporation full control of the calvin klien brand. pvh is buying warnac

at this point reuters reporting that there is no comment from jpmorgan chase. no comment from amd.usiness will continue to follow the story for you. >>> president obama is meeting with labor leaders and ceos this week to discuss a solution for the impending fiscal cliff. so if the country avoids that cliff, how do you profit from it? internal optimist keith banks, president at u.s. trust joins me now in a fox business exclusive with several sector ideas that you think are maybe turning around now, going to turn around, you are really watching the sectors overall >> we are. our focus is obviously first of all on the broad based markets. you know, we provide asset allocation strategies for our clients, so we're trying to get the stock bond part of that right. but we're optimistic. i mean it is going to be volatile. but we don't subscribe to, the you know, the doomsday scenario that's out there by some people. cheryl: you are telling your clients they can get paid to wait. >> right. >> so you're telling them to sit still, maybe not make any moves. a lot of sectors, depending on where

jpmorgan chase has named mary and lake as chief financial officer. she is going to succeed the vice-chairman. that is the latest from the fox business network, giving you the power to prosper. i need to rethink the core of my portfolio. what i really need is sleep. introducing the ishares core, building blocks for the heart of your portfolio. find out why 9 out of 10 large professional investors choose ishares for their etfs. ishares by blackrock. call 1-800-ishares for a prospectus which includes investment objectives, risks, charges and e expenses. read and consider it carefully before investing. risk includes possible loss of principal. liz: follow lesson you can make the some money. we have a new report from a company called transit. jumping 15% year-over-year, asia, particularly china, you may be surprised to see how the u.s. is doing. the vice president, matt porzio joins us. how can you make money through m&a activity? you cannot let this report with the deal flow indicator. what does it show you? >> so at our business, intralinks, we are meas

and head of japanese research at jpmorgan securities. i suppose the question is whether this contraction here in the third quarter will be followed by another one in the fourth. >> it looks quite likely. you've got bad news on exports continuing and you've got on on top of that now a contraction in public spending beginning to come through. the boost we got after the weak construction from the disaster, that's now bapeaking out. so public demand and economic demand likely to drag us. >> and how much is domestic relying on government support? >> the domestic private side is actually doing really differencely okay. one data point here, you find that mortgage lending is actually growing now for six or seven consecutive months and that shows you that they're opening their purse spritrings little bit. but overall you're really looking at slight contraction in the economy. >> what extra pressure does this put on the government and the bank of japan? >> you're right be the focus now will be on policy. and the key here is not so much in my opini

she's currently the cfo of jpmorgan and he retail banking unit. lake will report directly to jamie dimon. jpmorgan stock in frankfurt 1.2% up. and the twinkie gets a stay of execution. they will intermediaenteinterme its striking workers. the kcompany have announced on friday it was shutting down. this after union walked off the job the week before. now the judge says he wants to try everything in order to save around 18,000 jobs. we'll take a short break. still to come, is france losing its va-va-voom? hear what the finance minister told cnbc after s&p cut the country of its aaa rating. [ female announcer ] e-trade technology can help make you a better investor. our e-trade 360 investing dashboard can shows you you where your money is, live. e-trade pro is so usable you'll actually use it. and our apps are the ultimate in mobile investing. become a better investo . >>> here are the headlines from around the world. not the sick man of europe. finance minister tries to reassure reforms, saying his country's debt is the most liquid in europe. barack

advanced micro's got a pop because of the strategic options being pursued with jpmorgan, but we will be following this one over the next couple of days. david: thank you, nicole. president obama starting a series of meetings on the nation's critical fiscal concerns. the first round with leaders supporting a stance a higher tax and spending priorities, so if any progress being made at all? rich edson with the very latest. >> we're getting closer, but this is silly stage they're laying off the options where they're willing to go. there were labor leaders, and it looks like they're on the same page. >> very committed to making sure the middle-class and workers don't end up paying the tabs for parties who did not get to go to. making sure social security, medicare and medicaid and beneficiaries don't get hurt. >> house speaker john boehner said the only way they will talk revenue is entitlement reform. republicans said what they want from a president is a serious proposal. >> when it comes the great economic challenges of the moment, saying that you want a balanced approach is not a plan

jpmorgan was in the red earlier today. bank of america. some of the financials are still in the red. citigroup, goldman sachs, case-by-case. it is not a blanket of of arrows across the board. it still remains. it is something they have to contend with sooner than later. melissa: breaking news right now. the fire is now out at the offshore oil platform. that is in the gulf of mexico. there was an explosion just after 9:00 a.m. eastern. it was about 20 miles off the coast of louisiana. at this time, the coast guard, look at that, the coast guard cannot confirm any deaths. two people are missing and nine people have been flown to local hospitals. we will bring you the very latest just as soon as we learn it. lori: bp is so fresh in everyone's memory still. president obama meeting with congressional leaders. it is all we are talking about these days. the fiscal cliff. rich edson joins us from the white house now. rich: they are not offering very many specifics this early on. we do have a ways to go. john boehner did offer framework. the framew

you look on this board here, the jpmorgan chases i think has been -- has shown over time that it has been resilient in this sector, compared to some of the others. obviously jamie dimon, household name there, people have invested a lot into this. liz: from june you see a pretty decent move here. then you see a pretty good spike in september. more action and then the pullback after the election. but then this little part right here is starting to look pretty decent; right? >> right. and then you consider what happened at the election. i think many sectors out there had that sell off by the election time not really knowing what the outcome was going to be like. coming into this election it was neck-and-neck coming up to election day. i think investors took a pullback at this point. liz: when the clients pick up the phone and call you on the trading floor, jpmorgan, what other names? -- names? >> we have multistrategy clients, we have clients that specifically look on certain sectors that are here. you look at charles schwab, that is a household name. i think you get different types of

jpmorgan will do a $25 million lpo.ll see you in a few minutes and talk europe. if you're just tuning in this morning, here's what you missed earlier on. >> welcome to hour three of "squawk on the street." here's what's happening so far. >> that's the main point in the spirit of rising above. it's time for everyone to sacrifice a little bit and solve this now. it's not the time for ideology. >> i think that ultimately what we should do is have shared sacrifice, shared solutions. i don't think relying on the top 2% to pay this entire bill is a realistic expectation, nor would it be helpful to the economy. i think we have to have balance and significant spending cuts. >> i just find the displeasure in stocks is not in keeping with what stocks can do for you. >> well said. very well said. >> they do a pretty good job. i don't know -- i'm not going to get on my cd a special $4 check. we give so much press and discussion when it goes wrong. it went right here. all that happens is we don't think about it as much. it is not --

cat would become a proxy. >> so disagree with jpmorgan there. brave man.d upside brings us back to a hold on valuation ground." the stock has had a modest jump of 8% over the past six months. >> i'm long j&j and am going to hold it like they say. that 3.51% yield is nice particularly when they're -- when the government's compressing yields along the treasury curve and the perception of safety and yield together is going to become very attractive. i'm not sure if safety's deserves but perception is there. people might flock to johnson & johns johnson. >> you're comfortable with this drown grade. >> i am. if it settles above $70, i'll add to my position. >> "the result of a number of pipeline setbacks this year and competitive development shares have not done much over the past three months," up 1.2%. wha say here? >> another one i'm uncomfortably long on. the report said merck and gi-- not a huge buy, if they're having great success in this, somebody's got to suffer, probably bristol mire squiyer s. i'm like neutral on bmy but if it settles belon $31.47 i'v

jpmorgan's top china expert is breaking down that trade, right after this. well, if it isn't mr. margin. mr. margin? don't be modest, bob. you found a better way to pack a bowling ball. that was ups. and who called ups? you did, bob. i just asked a question. it takes a long time to pack a bowling ball. the last guy pitched more ball packers. but you... you consulted ups. you found a better way. that's logistics. that's margin. find out what else ups knows. i'll do that. you're on a roll. that's funny. i wasn't being funny, bob. i know. we believe the more you know, the better you trade. so we have ongoing webinars and interactive learning, plus, in-branch seminars at over 500 locations, where our dedicated support teams help you know more so your money can do more. [ rodger ] at scottrade, seven dollar trades are just the start. our teams have the information you want when you need it. it's another reason more investors are saying... [ all ] i'm with scottrade. it's another reason more investors are saying... when you take a closer look... ...at the best schools in the world... .

staffers from jpmorgan chase or other banks will come onto the banking committee.atus quo there that elizabeth warren would upset if she got on the banking committee. what i'm hearing from folks is nervousness on k street about elizabeth warren getting a seat on this incredibly influential committee and nervousness about her actually following through on promises like glass/steagall, the volcker rule, ensuring that the dodd frank financial law gets enforced. >> well, they really tried to not have to face this because if you look at what the financial industry did to help scott brown's campaign, the incumbent she beat, $5.5 million came from the financial industry. among the top tendo nors to scott brown's campaign, fidelity investments, goldman sachs, liberty mutual, price waterhouse coopers, jpmorgan chase, and bane capital. interesting. these are the top tendo nors to -- or contributors to her opponent scott brown. so they really, really were digging in their pocket to try to prevent her election. >> yeah. the banks and insurance companies, all those folks that y

. >>> we have breaking news regarding jpmorgan.ate kelly has that for us right now. >> after a relatively brief surge jpmorgan has gone to-n to name a new chief financial offer and named mary ann lake who runs their community and banking group. they're divide into major divisions. mary ann lake has been with the company for a number of years. she was the controller of the investment bank previously. she's been running consumer and community bank for a couple of recent years and now cfo starting in the new year and join the company's operating company. lake succeeds bronstein, who was cfo in recent years and decided recently he would step down, possibly go back to investment banking where his roots are, or possibly do something within or outside the company. those details are not clear yet but what we do know is jpmorgan is going to have its first -- i'm sorry, second female cfo. >> thanks so much. female cfo. we're getting somewhere, bill. >> that's a good thing. >> you want me to do this? >> it says your name. >> bertha coombs has

joanne johnson joins us now, a wealth adviser with jpmorgan private bank.elcome, joanne, good to have you here. >> good afternoon. >> you deal with a lot of very wealthy people and people in upper income brackets. if they are walk nothing your office today, what's the best advice that you're giving them right now, given the atmosphere that we are facing and the environment that we are going to face in january? >> first thing i would remind them is to expect the up expected. a couple of years ago, we were all stunned when president obama signed into law the tax relief act that extended bush tax cuts and increased transfer tax exemptions to historic levels. we are now looking at something very different and we need to prepare for taxes rising, but also, take advantage of certain opportunities today. as you say, we have got about six weeks left to get it done. >> let talk about some of those advantages, because it's such a scary story really. >> yes. >> if you've had a decent year in the market and you have some gapes, a lot of people are talking about apple,

some of these firms have had serious problems since the crisis and of course jpmorgan chase actually lost in their london office and an event that revealed poor risk management. the point here is, these firms have successful strategies for weathering the crisis. there is a huge difference between taking a large loss such as morgan recently took and having the company fail. the companies that failed in the crisis didn't just take losses. they went out of business and required massive amounts of taxpayer aid or ended their existence as independent companies. unsuccessful firms included man -- fannie mae and freddie mac, bear stearns, laymen, merrill lynch, citigroup, wachovia, ups, aig, countrywide and wamu. the variations they exhibited similar shortcomings and organization, government and management. many of these institutions have become so unwieldy that they were virtually impossible to manage as integrated enterprises. while managers may have profited from it can can go -- conglomeration, it is not clear that this massive size benefited mark or the financial system or for firms th

morgan -- jpmorgan and financials giving it ago. week same-store sales and first-time we have seen it in nine years. >> more economists coming around the u.s. economy in recession. economists looking at recession and that is the key, lackluster growth. reports making rounds on wall street, indicating we could see more slowing around the bend, with more on what they're hearing here is a liz macdonald with the bottom line. if you listen to these economists everyone is resetting their expectations. >> seeing four of ten, only 4 of 10 have been their sales estimates. that is not a good number. and other data from the same louis fed, very controversial study. they are -- their preliminary data is flashing fire engine red alarms and a recession is around the corner. the second or third quarter, a third of the gdp growth came from government spending on things like defense the we're seeing 227 stocks in correction mode, apple, google and microsoft and we are seeing a big indicator cutting signals, the number of companies that are cutting -

jpmorgan had a london -- did anyone here know that london was the most important office for jpmorgan? think new york is taking that back. >> hearing applause. i think the bell ringer this morning -- >> american red cross greater new york region. >> there they are. >> the branch of the red cross. what a week these folks have had trying to help the northeastern united states come back from hurricane sandy. >> i talked to people in the utility industry because i have a lot of people on. there's a lot of feeling that the politicians are going to really come down on the utilities after the smoke clears here. i'm hearing it from high level people in the utilities saying no matter what we do, easy times for stockholders could come to an end. >> there's no rule from god that con ed or whoever has to be the utility in any part of the country. >> something to watch. that group has been strong. it's been viewed as an unregulated group that used to be under the jacket of regulation. it could come back. >> many have dividend yields that are significant in these low yield times so they are attracti

jpmorgan, we don't know.ie dimon for a long time was a democrat. >> he's been saying for years he's barely hanging on. i have no idea who the man voted for. >> he didn't call me and tell me which bothers me tremendously. i would have felt like after you leave the voting booth, you give cramer a call. there are people who people are republicans that are speaking to the president. suddenly you have paul ryan back in the mix. this is like having john back in the mix. i don't know if you remember him. there are still a lot of people, a lot of people in the republican party who are saying this $250,000 and more, i will go to my grave before i raise taxes for the wealthy and i'm not hearing any of these guys saying i used to believe in not raising taxes for the wealthy and now i believe it. >> david has been a critic. problems are going to come along. in light of that, what's today all about? what are these futures all about? >> we live in a period of hope where you come in and the last guy you spoke is positive. t

jpmorgan down about 5%. coal stocks, energy stocks, healthcare stocks, insurers are all under pressure today. a lot of these guys are still trying to contend with the fact that they have no power, some of them still haven't had power in their homes, contending with trees, houses that have been hit, the nor'easter is upon us as you showed the video coming into this segment. we have had a lot to contend with this past week and a half. right now a day on wall street where we see selling as you noted on some heavy volume with some conviction behind it. liz: nicole thank you. are we headed for the fiscal cliff? we don't know yet. charlie gasparino constructed a fiscal cliff -- with papier-mac papier-mache. now he's here to talk about it. >> what would i do if i believe that the fiscal cliff is coming? i really do think it's coming. you have an emboldened democratic party picking up houses, seats in the senate. you have the president being re-elected by -- i guess you could say an electoral landslide, something th

they're blaming it on bank of america, jpmorgan chase. investors are worried about how the president will handle the economy. >>> by now most people have forgont all about hollywood video, remember them? they went bankrupt into 2008, 2009. >> some customers can't forget them. john matarese tells why it won't leave them alone. >> reporter: it's lick a bad horror movie with a monster that creeps coming back at everyone assumed it was gone. that's what's happening with the former chain hollywood video which is harassing people again, three years after closing. trails sip and her husband run a pottery studio and prefer spending their time creating bowls and not battling creditors, but a letter she received has her going in circles over a video store that closed years ago. >> i received a letter from a collection agency about hollywood video regarding a video we apparently never returned. this sounds fishy, possibly a scam. >> reporter: two years a group of state attorneys generals filed suit. hollywood's creditors agreed to stop asking former

jpmorgan shares adding just a tenth of percent in frankfurt trade.obama administration is planning to take steps to fill the capital hole to help avoid the need for taxpayer bailout, department of housing and urban development says independent audit found the fha's capital reserves had fallen into negative territory. hud plans to outline measures to shore up the pha which insures one out of every three u.s. mortgages. and dell continues to struggle with a shift from pcs to tablets. sales to consumers dropped by nearly a quarter. dell is projecting another decline in its first quarter. and apple lost almost 20% in the last month alone. is it lack of buyers or disappointment? more information at cnbc.com. and we've asked you where you think apple stock is headed now and whether it's a buying opportunity. jeff tweets in to say he's unsure whether it's a buying opportunity. it's lacking a jobs like new market moving product. disagree us @cnbcwex. #. >>> a pair of notable earnings on the calendar. foot locker and jm schmucker. president obama will also be

period of time, you saw the jpmorgan news today that the fed ok'd the buyback.news to you? how important? >> definitely important. there's been concern about what's been going on with the banks, especially the way they sold off yesterday. this maybe will help put confidence back in the names that the capital is flowing and the concern isn't that heavy on terms of maintaining the reserves now. >> anybody look for a rebound from the 450-point sell off in two days? >> if we get good data tomorrow we could see a rebound. >> thank you very much. great conversation. appreciate your time. we'll see you soon. next my thoughts on health care reform now that president obama will be in the white house for another four years. plus a lot more about today's sell off. stay with us. in america today we're running out of a vital resource we need to compete on the global stage. what we need are people prepared for the careers of our new economy. by 2025 we could have 20 million jobs without enough college graduates to fill them. that's why at devry university, we're teaming up wi

. >> you saw jpmorgan and city with the arrows, jpmorgan has good news.liz: what about retailers? one retailer hitting a new all-time high. what is behind the big sales? nicole: same-store sales, a er

. >> it's a distant third to jpmorgan and goldman.struggle with the company. they don't know if they want to be a retail house, institutional house. we haven't seen that. >> it changes year to year. >> i think kelleher is excellent. he nav dpated through the financial crisis well. he's capable. but i think the structure of the company and the strategy is challenged. i just want to see synergies from smith bar any acquisitioac >> hurricane sandy crippled the northeast leaving millions in the dark. utility crews worked around the clock to restore electricity. what did sandy teach us about the power grid? let's welcome the managing director of clear view partners. good to have you on. >> thank you for having me. >> can i ask, a lot of people in the this area think it is absurd they have to live for two weeks, maybe more without power in the wake of a category one storm. they think there is something broken about the utility system because this happens year after year. are they right? >> it depends what your metric is. if you measure it a

that includes jpmorgan chase, citigroup, wells fargo, bank of america and pnc. most of those banks are waiving their fees until november 7th. >>> investors overseas waited on the sidelines ahead of the u.s. presidential selection. tokyo's nikkei dipped a half of a percent. the hang seng lost half of a percent. wall street ended on a sour note. the dow lost 139 points while the nasdaq was down 37 points. even though gas has been hard to come by in storm stricken areas prices at the pump are trickling down. the price of a gallon of regular has slipped 21 cents over the last two weeks. the nationwide average is now $3.55. it's the struggle around here to get it, though. >> i was about to say. that's the talk of the town. ashley, good to see you. coming up, the investigation into a child killed by wild dogs at a zoo exhibit after he fell off a railing. this is the morning news. jack?! looks good ladies! jack! come on, stop the car. jack! no, no, no, no, no! the only thing more surprising than finding the perfect gifts.. niice. ...is where you find them. how did you

that's why you're seeing jpmorgan shares up today.action, but certainly the fed okaying the plan is a positive. >> once upon a time, and i know i'm sure he's going to want to talk about this, jamie was talked about being on the short list for treasury secretary for a second term of president obama. >> i doubt it. i highly doubt it. no way. i'm betting on larry fink. i think larry is going to be the next treasury secretary. there's a horse race going on now between larry fink and jack lou. >> i think it's going to be jack lou, the president's chief of staff. he's skilled in budget negotiations going back to the days of ronald reagan. i think that's what they're going to need to have. somebody who can deal with the gridlock that has existed in washington for the last few years. >> you also have larry fink being a business guy. >> true. >> the president has had an antagonistic relationship with business. this could be a positive if it's larry fink in there. you know tim geithner is on the phone with larry fink virtually every day if not

thoughts now on that deal from our guest with jpmorgan funds, more than $1.3 billion in assets. good tough back. >> thanks for having me. >> we are going to talk later with you how to invest against the environment we find ourselves in now this deal greece has reached, do you have confidence that it's enough, basically shore up the banks to get them enough down the line? >> a step in the right direction. we knew the last time we'd restructuring it wasn't going tonight end of t if you're asking me are we completely now through and behind and is this whole greece saga and debacle behind us, that i'm a little bit concerned of. you have to find a way to help these economies and peripheral europe grow i think a lot of these calls for austerity needs to be pawed, abandoned. you need to talk about more debt forgiveness, possibly grants rather than loans. these are steps in the right direction but again, i think we will see over the next year. >> how easy is it going to be to get growth into the equation, given where they are now? >> incredibly difficult. one of the things you can do ri