so if he will go after jpmorgan just on the bear stearns stuff which jpmorgan inherited.government to buy it during the dark days of the financial crisis in 2008. this is very politicized public official. his statements will be pretty interesting. chalk it up to at love drama. ashley: what are we waiting for, charlie? are they trying to get all the language right? >> here is what i think we're waiting for. we're waiting for the big thing. this is investor story now. i know the hacks are going to, you know, like schneiderman will go out there and pound the table on this. eric holder will do whatever he does. he will put a statement. jpmorgan will put out a statement and probably talk to analysts about this thing. the big thing to look for is concessions. what did jpmorgan, agree to say it did wrong. essentially three parts to this thing, based on what i know, talking to people inside jpmorgan. there is stuff involving bear stearns, which it inherited. during the financial crisis bought bear stearns on behalf of hank paulson, then treasury secretary. and washington mutual i

kate kelly at jpmorgan headquarters in new york city. kate, the street anyway, seems to be happy that at least this part of the whole saga may be behind jpmorgan? >> yes, we're getting close, sue and i think you're right. investors are cheering the idea of a formal resolution to this although the $13 billion pack has been anticipated for a number of weeks now and, in fact, some portions of it have already been agreed to and announced. let's give you the breakdown of that. of the $13 billion, about $4 billion to the fhfa, already disclosed a couple weeks ago. another $4 billion goes to consumer relief measures. about $2 billion financial penalties expected in connection with mortgage securities packaging before the financial crisis. and the balance to go to credit unions and various other government officials involved with the probe. now in terms of consumer relief, this is an interesting piece of the puzzle. so jpmorgan has agreed to exit tend some things that it's already doing and also agreed to some new things. among them are of this

also, you look at jpmorgan chase, don't you? >> do.stock has had a great run in the last 52 weeks. as your previous report point out, their legal troubles are far from over. and we're just not seeing the kind of growth in the money center banks. here's a stock that's had a great return. it's been a stalwart coming out of the base of the market selloff. and you ask yourself, do i really want to own it at these levels or should i move someplace where the pasture is greener, better earnings momentum, better valuation? it warrants, you know, taking a real close look at it. on the google side, still a great company. but just when you see a price move, especially in the last three months the way that stock gapped up, i remember back to last year with apple and kind of wonder, is this deja vu and maybe it's time to pull money off the table and, you know, look for something with a little better valuation on it because the tech sector is better of better valuation now. >> what are the metrics you're looking at in terms of overvalued situation?

alexis, why are you picking on jpmorgan chase? >> well, i think a lot of people like to say, oh, poor jpmorgan. they went on twitter and day got trolled. but the thing you have to remember, this is basically like the comic relief, in a long, shakespearean tragedy, where we all take a minute and have a little laugh. otherwise, we would have to cry ourselves to sleep for the next 15 weeks. jpmorgan is basically a recidivist institution. if they were a young man who had a series of petty drug crimes, they would be in prison for the rest of their lives, but they're not, they're a corporation. and we have not been able to do what you need to do to put a corporation in jail, which is to say, you don't get to do business anymore, because you've committed too many crimes at this point. >> so are they uniquely recidivist? is the the fact they are attracting the level of bad attention they have attracted because they are subsequently doing things worse than other big megabanks, or are they the ones we have all decided to attach our anger to

>> victim in the jpmorgan be the victim in the jpmorgan case? melissa: uh-huh. >> the victim is the company is trying to compete fairly with jpmorgan. the idea here -- >> we're protecting companies now. >> we have fair competition, not competition decided by access. >> so the feds are out there to protect one company from another company rather than trying to protect the people from illegal goingings on? you see the fed are intervening in everything and trying to make sure companies don't hurt each other. you let the companies take care of themselves. melissa: derek, last word, real quick? >> fair competition is a reasonable job for the government and i think dennis is exaggerating the case there. i do agree women had that the feds get carried away and acting like this jpmorgan case is big deal is probably wrong. melissa: we'll leave it there, guys. thank you. very lively. >>> we all get reviewed at work but what if your boss ranked you and your colleagues and fired those at the bottom of the curve? it is yahoo! newest way to lead out low perfor

this money is coming out of jpmorgan. many mutual funds across the country it is, if you're saving money in you're 401k, you've likely got jpmorgan in it. atta continue. >> so people who are saying what the government did is bad aren't even there anymore, it's the shareholders paying cost. >> i think we've made clear what is going on here is how to transfer capital out of the private sector and into the public sector. that's basically what it is. >> more cash for the government. when we come back, as the country commemorates the 50th anniversary of the kennedy assassination, more evidence of a cuban connection. did fidel castro play a role in the death of a president? ing go, but her knee pain returns... that'swo more pills. the evening's event brings laughter, joy, and more pain when jamie says... what's that, like six pills tod? yeah. i could take two ale for all day relief. really? and... and that's it. [ male announcer ] this is kathleen... for my arthritis pain, i now chse aleve. ♪ [ male announcer ] look for the eas

jpmorgan admitted that it made misrepresentations.t does not absolve it or executives from criminal charges stemming from its practices. >> attorney-general eric holder is offering his reaction to the jpmorgan settlement and he said, "without a doubt the conduct of this investigation helped sow the seeds of the mortgage meltdown." it's the end of the road for toronto's mair as a tv show host. why the plug is pulled on rob ford's program after one episode. >> new york city bumps a law bumping up the age of those who can by tobacco products. >> and the u.s. post hopes a wizard can weave magic to put a dent in its huge debt. >>> a florida congressman will appear in court wednesday accused of co-cane possession. trey raydul was a first-time republican and was rested that washington d.c. he apologised to family and constituents saying: >> he faces a maximum of 180 days in gaol and is a fine of up to $1,000. the toronto's mayors television career comes to on end. rob ford co-hosted a show with brother dug. it promised the booze, dope and th

not just an attack on jpmorgan but capitalism broadly but an attack on bank shareholders.'s not coming out of the sky. it's coming out of jpmorgan and i'm telling you many mutual funds across the country, if you're saving money in your 401(k), you likely got jpmorgan in it and as james said these attacks will continue. >> the people who actually did what the government is saying was bad, dan, aren't even there anymore. it is the shareholders of the bank that are paying the cost, not the people who did the bad things. >> yeah, well, as -- i think we've made clear that is going on is a transfer of capital out of the private sector through these banks and into the public sector as mary said. attorneys general and the justice department to distribute for other purposes. that's basically what it is. >> more cash for the government. >>> when we come back, as the country commemorates the 50s anniversary of the kennedy assassination, new evidence of a cuban connection. did fidel castro play a role in the death of a president. >>> friday marked 50 years since president john f. kenn

you say it is time to buy jpmorgan. >> i like jpmorgan a lot. in fact, as i heard the earlier comments from the standpoint in terms-h terms of the significant overhang from a legal standpoint, don't know if i would go that far. i think it's very clear, as you look at reactions among jpmorgan's peers today, it's very clear investors are saying, hey, look, it's a tough pill to swallow from an investor standpoint. from a management standpoint. but clearly we're in the later innings here from a legal standpoint. without a doubt, there are mo more -- there's more legal and liabilities out there, but this is a pretty sweeping settlement we've seen today. it's going to accompany -- reflecting a company that has the earnings power to support something like this. if you go back to the earnings and the $93 billion charge they took for the legal liability, it was -- you barely saw a blink of an eye with respect to the stock on that day. since then, it's only outperformed to this point. >> what about that? >> but, maria, book value you would say jpmorgan is

the real question is for every jpmorgan shareholder, it's the fine print. what concessions, what did jpmorgan concede it did wrong, and if it did concede it did something very bad -- agreed to fraud -- that it was culpable this some way, that the bank itself not just washington mutual which it inherited, not just bear stearns which is part of this deal, but jpmorgan itself which sold a lot of bad mortgages, if it did say i did something really bad, this is going to be a hit to shareholders, and i don't think they're taking this into account right now if we look at a stock chart, shares of jpmorgan were up marginally. but long term is what you have to look for here, it's whether they really did concede they did something wrong in this settlement, and that language is not out. now, is this a done deal? yes, it is. eric schneiderman, the attorney general, just front ran the department of justice. why does he have the authority to do it? he's head of president obama's mortgage task force designed to hold banks accountable for mortgage fraud during the runup to

jpmorgan chase expected to settle a 13 billion dollars agreement.etails to be announced by the u.s. department of justice any time now. talks to end the long standover over iran's nuclear program expected to continue tomorrow in geneva. >>> new york city set to sign landmark legislation today. michael bloomberg, raising the legal purchase raise of tobacco to 21. >>> chances are if you have ever been to ann arbor, michigan, you have heard them. if not, you are in for a real treat. is the first in a special series of reports we're calling veteran's stories. >> reporter: first light in ann arbor, michigan, and these two celebrate a decade of veteran's radio with their team at a local restaurant. [ laughter ] >> a few laughs and a hearty breakfast before going live at 9:00 am from tiny studios. >> this is veteran's radio 10th anniversary program. >> reporter: the first guess ten years ago is back on the air again. john dingle from washington, d.c. >> congressman dingle welcome to veteran's radio. >> good morning, my friends, and congratulations to you.

let's talk some jpmorgan. the firm, and the justice department, getting closer to finalizing a $13 billion settlement. it would end a series of lawsuits about mortgage bonds issued before the financial crisis. kate kelly is live outside of jpmorgan's headquarters in manhattan with the very latest on where the deal stands now. kate? >> reporter: thank you, scott. we've been waiting all morning, and i'm told the documents surrounding this settlement announcement are still being finalized. of course, the broad contours of the $13 billion deal have been in place for about a month. but some issues have kept the negotiators at the table for weeks now, and they're still tweaking language as we speak. just to recap -- as part of the $13 billion, we're expecting to see several major components. $4 billion already agreed on with the fhfa, and additional $4 billion going to consumer relief measures i'll talk when in a ekd is. $2 billion, financial penalty related to alleged misconduct that jpmorgan engaged in around the

. >> the government and jpmorgan are expected to announce they have signed the settlement today.ion dollars in total is comprised of three parts really. almost 7 billion goes to investors in jpmorgan and banks that it acquired, about 4 billion dollars will go to home owners in the form of either lowering the principal on their mortgages -- these are properties which are now worthless than what the homeowners owe on them, or lower monthly payments, and interesting places like detroit and other places that suffer from blight will be the beneficiary of jpmorgan's anti-blight program. but only 2 billion dollars will go to fines against jpmorgan and those are in the form of civil fines for actual potentially criminal charges. right now we still don't know whether the justice department will proceed further on with actual criminal charges against jpmorgan. >> this of course is a massive, massive bank, but it has already had to pay out billions in other settlements, how is this going to impact on jpmorgan in the future? >> well, already it announced a rare third quarter loss mainly beca

chase, if not a lot of jpmorgan chase.s. are we seeing the u.s. government penalizing a an organization whose tentacles reach into all of our bank accounts? >> let's see what the stock prices. my guess the stock price of jpmorgan today will not go down because of this settlement because it does mean for future that jpmorgan can come back to its main business and no longer have to worry about fighting the government. i think other banks may have greater problems convincing their shareholders they can do the same. david: here is the other thing. we are, this money isn't just going out in space. part of it is going to people underwater in the housing mortgages, et cetera. isn't some of this money, maybe a lot of it, perhaps even adding up to billions, going to speculators? that is people who speculated in housing who made a bad bet and therefore don't deserve a payoff? >> nine billion will settle federal and state claims. the other four billion is basically going to homeowners. that is where the government to a degree is play

our kate kelly outside jpmorgan in new york city. of sacramento first, and then washington. jane wells has more on that. good morning, jane. >> reporter: hey, carl. we're expecting a news conference later this morning at the federal courthouse behind me when they have it all worked out, as kate said. why here? the u.s. attorney here, and his team, have been doing the heavy lifting in this investigation. and despite whatever may happen today, their work may not be done yet. ben wagner was appointed to the u.s. attorney four years ago by president obama. this includes the l.a. county, and in between the epicenter of the foreclosure crisis. down the road is stockton, which had the worst foreclosure rate in the nation as the housing bubble exploded. one in ten homes reportedly went under. many of the mortgages which went bad were from washington mutual, the bank jpmorgan took over and continues to pay aheavy price for. wagner recently told the "sacramento bee" he loves the challenge of the complex financial cases, quote, big white-collar

as part of the deal jpmorgan admitted to making inaccurate comments to the public. it is not prohibited from criminal charges stemming from its practices. >> now, i ask "real money"'s ali velshi whether the deal means an end to the legal action against jpmorgan. >> it may not be. there's one criminal case under way so far in california. jpmorgan is part of the deal, is agreeing to cooperate with authorities in a criminal case against it, and unlike prior deals we have seen, this does not give jorl -- jpmorgan immunity. >> michael eaves is here with sports, involving a case of a top heisman trophy contender. >> we know why it took nearly a year for a sexual assault case involving jamesin winston to reach the attorney-general's officement the case, which was declared inactive in february after the alleged victim changed her story was reopened because someone involved brought forth new evidence. neither the victim nor jamesin winston spoke to the tallahassee police about the assault. >> in soccer four more teams secured spots in the 2014 world cup, including portugal,

the jpmorgan settlement can't address this problem. while they may be able to afford their mortgage payment, they may be stuck with a tax bill that they can't afford. and it may wind them up in default again or in foreclosure. >> say yo you get a mortgage of $100,000. that's considered income by the irs, and many people may have a tax bill of $30,000. it's extremely important that congress may extend this tax cut. >> but it sounds like it could be business as usual in washington. they told aljazeera: >> considering how dysfunctional of how congress has been, how difficult it is to pass the simplest of bills, i near that congress will not be able to get it done. >> reporter: it could have broad implications for the entire committee. >> the jpmorgan settlement, it's port to extend the law. >> consumers have to look to congress to fulfill. stacy tisdale, aljazeera, new york. >> it's one of the most visited sites in washington. the eternal flame for jfk, but was it supposed to be that way? >> welcome back to aljazeera america, i'm del walt

>>> is jpmorgan really on the hook for all $13 billion?ale announcer ] can you heal a broken heart with a bundt cake? of course you can! even if that heart was broken by zack peterson. bake the world a better place with nestle toll house. bake the world a better place the was a truly amazing day. without angie's list, i don't know if we could have found all the services we needed for our riley. for over 18 years we've helped people take care of the things that matter most. join today at angieslist.com there are signs both political bparties in washington get it: washington is lagging behind the country on this... ...this issue has been around far too long... and yet, we wait. reforming our immigration system would dramatically reduce our nation's debt... grow the economy by 5.4% ... and take bold steps to secure our borders. on this, both parties say they agree: democrats... we are very very strongly in favor of moving immigration reform... and republicans... we do want to make some progress in reforming our broken immigration system... an

that's how much jpmorgan has agreed to pay to settle charges that the company sold toxic mortgages.sked ali velshi where exactly the money is going. >> about 8 billion dollars is going to settle claims made by four separate federal agencies. this is a bunch of deals all in one. another 1 billion dollars is split between the five states that sued the bank, new york, california, illinois, massachusetts, and delaware, but the interesting part, and this is a first, jpmorgan agrees to pay out 4 billion dollars as relief directly to consumers. >> will consumers see any benefit from this deal or not? >> yes, about 4 billion dollars is being paid to consumers, about half of that is going towards actually reducing the principal on jpmorgan held loans where the value of the loan is bigger than the value of the house. some of that will go towards restructuring some mortgages to reduce the monthly payments. that's 2 billion dollars. and some will go towards subsidizing new mortgages for low and middle-income borrowers, and some may go to cleaning up properties in distressed areas. >> so is this

not at jpmorgan, probably. >> no. as it happens, where -- >> do you try to get a better geel or something if you lay off? right here, where is it? are you friends with -- >> chase. >> chase -- >> you're working for a lower interest rate. >> no. >> the layoff? >> i'm not working for anything.you asked the question. >> but i'm an equal opportunity. i also have american express and some of those others guys. >> oh, home depot. we mentioned it. home depot's third quarter results. oh, bribe nagel, hi. brian nagel is here. it's a hard line analyst at oppenheimer and company. it is good and is it above, do you think, what people thought in terms of how good it is, brian? >> well, good morning. i think this report leads -- is going to be very pleasing to most investors out there. there's nothing to quibble with her whatsoever. good sales growth, good expense management, good buyback, it's across the board, really good report here. >> and we immediately mentioned the bernanke. it's a better environment for housing. that's bett

he, by the way, also has breaking news on jpmorgan.s coming down the hall right now, stay tuned. ♪ ♪ when we made our commitment to the gulf, bp had two big goals: help the gulf recover and learn from what happened so we could be a better, safer. i can tell you - safety is at the heart of everything we do. we've added cutting-edge technology, like a new dpwater well cap and a state-of-the-art monitoring center, whe experts watch over all drilling activity twenty-four-seven. and we're sharing what we've learned, so we can all produce energy more safely. our commitment has never beentronge [kevin] paul and i have been [paul] w..foreve [kevin] he's the one person who loves pizza mo than i do. [paul] we're obsessed. [kevin] we decided to make our obsession our livelihood. [kevin] business was really good. [kevin] then our sauce supplier told me: "you got to get quickbooks." [kevin]quickbooks manages money, tracks sales and expenses. [paul] we even use it to accept credit cards. [paul] somebody buys a pie with a credit card, boom, all the a

jpmorgan has agreed to pay more than $13 billion to federal claims of poor mortgage practices. more on the settlement that stems from accusations jpmorgan misled investors in the run up to the financial crisis. the largest settlement between the government and a single corporation in u.s. history. to payn chase will have up to $13 billion following an -- intointo the thanks the bank's mortgage backed securities. >> i am proud to join our partners in an unprecedented , ine of federal partnership announcing a landmark settlement was jpmorgan chase for its conduct that contributed to the global financial crisis that brought our economy to its knees. >> this may just be the start of jpmorgan's battle. the bank is holding $23 million itself forand braces further litigation. the settlement indicates the justice department is intent on hitting wall street where it hurts -- its bottom line. >> it definitely shows a tougher, more retributive attitude on the part of the u.s. government. at the same time, this is a record penalty without anyone to identify who the culpable executives were

. >> jpmorgan playing a hefty price for its part in the financial collapse, how the $13 billion can help some home owners. a small city makes a big promise, kids that graduate high school get free tuition: i'm ali velshi, that is "real money." of the show so join the conversation with the @aj real money. on twitter. >>> j.p. morgan disagreed on tuesday, to pay a whopping $13 trillion, $8 billion will go to settle claims made by various federal agencies. another $1 billion will go to five states that sued the bank. but here's what might be the moss interesting part. about $4 billion will go to consumer relief. now of that $4 billion, about half, will go to actually reducing the principal on j.p. morgan-head loans. where the value of the mortgage is higher than the value of the house. some of that money will also be put to restructuring the mortgages to reduce the monthly payments and of the remaining $2 billion some will go towards subsidizing mortgages for low to middle income borrowers, some will go to help distress areas or tearing down abandoned homes. now, this deal between jpmorgan

jpmorgan chase agrees for a settlementbillion for misleading investors during the housing crisis. welcome to our viewers around the globe. more uncertainty in an already tense middle east after a huge bomb attack in beirut. the target was the iranian embassy. at least 23 were killed. the war in syria has created a lot of instability in lebanon. a lebaneseoups -- group fighting alongside syrian rebels has claimed responsibility for the attack. paul wood has this report. >> a man wearing a suicide belt rushed to the outer wall of the embassy and detonated. next came a car bomb. that may have been a suicide attack, too. eyewitnesses say iranian guards rushed out after the first blast and were killed in the second. it appears many bystanders died as well. sectarian feelings were running high, holding the promise of more violence. people won't fight us face-to-face. so they use suicide bombers. let them face us. we are ready for them. >> casting blame using the standard e-mail griffey here in shiite -- standard demonography here in shiite south beirut. there are a lot of rumors here. t

that changed in a big way today as jpmorgan has agreed to pay $13 billion to the federal government. that's the most money any company has ever paid to the feds. we begin there tonight with our justice correspondent, pete williams, at the justice department for us tonight. pete, good evening. >> reporter: brian, good evening. and just to put this in perspective, what jpmorgan has agreed to pay is about three times what bp paid after the gulf oil spill. it was a scene repeated nationwide, people who thought they had achieved the american dream ending up with mortgages that cost far more than their homes were worth. like bridget an army veteran of iraq injured in iraq whose disability payments couldn't cover her mortgage. >> my payments were cut dramatically in half. but i still had the bills and responsibilities of an active duty salary but my salary was nowhere near that. >> reporter: taeds -- today the government imposed the stiffest punishment yet for the wall street manipulations that led to the crisis and the biggest economic downturn. $13 billion to be paid by the world's second

if you want to sound smart, tell your friends jpmorgan had nearly $24 billion revenue last court, buteported a $400 million loss mainly stemming from legal fees. bank settlements add up to almost $20 billion. let's go for tto the cooler. former president bush stopped by "the tonight show". >> president obama is koopd ind getting all the late night jokes now. >> better him than me. i really don't miss the spotlight. it's hard for some to believe, but i think eight years in the spotlight is enough. >> i must say, you look much more relaxed. >> no kidding. yeah. >> but i mean i would see -- i mean, i know -- >> duh. >> duh! it's amazing video 58 years in the making. bob dylan debuted an interactive video for his hit like a rolling stone which was released in 1965. on the website, you scroll through channels. here's a look. ♪ once upon a time dressed so fine in your prime ♪ ♪ didn't you, people call say beware you thought they were all kidding you ♪ ♪ you used to laugh about everybody that was hanging out ♪ ♪ now you goyou don't talk so l now you don't seem so proud ♪ ♪ about having to be

jpmorgan raised their price target to 8.50.ging endorse mn given the stock is at $8.79. >>> mead johnson nutrition stock number two, childhood nutrition provider. >> the stock up about a half percent. upgraded to outperform at oppenheimer. they think the company will benefit from something we talked about repeatedly, the loosening of the one child policy on china. this is a child nutrition company. more kids, more need for nutrition, oppenheimer target at 100, stock is 83. >> and endurance international receiving two, not one, but two pretty big initiations today. >> a new stock. went public in late october. starting to get the ap lists to come out and comment legally. used to be called biz land, website hosting company, initiated at overweight at morgan stanley. credit suisse, $23 target which is nearly a double from the current 11. -- 12.18 price. >> green mountain coffee reduced. >> stock down 3.25, full year eps cut below the consensus, they think coffee category pricing likely to remain pressured. a potential for partner b

now, this deal between jpmorgan chase and are fell produce curts across the united states, what's more j.p. morgan admits to misleadings verch leadings investors. now when this deal ends all the civil claims against the bank, it doesn't absolve it of possible criminal charges in the future of fraud. get this: tax experts say up to $7 billion of its fine could be considered as tax deductible. >>> a very different situation: any debt forgiven is treated like income or taxed like income. for the past seven years it hasn't been taxed. including one california woms who told -- woman who told her story to stacy 'ti tisdale. >> in 2010, well wells fargo reduced elisabeth's mortgage so she could afford her payment. under ordinary circumstances, elisabeth 's would have nent a huge tax bill. >> $50,000 on taxes. >> if a creditor forgives your debt normally that's considered taxable income. >> but elizabeth and all of the struggling borrowers, were spared. foreseeing the financial disaster the tax laws could create. george w. bush siedged the mortgage -- signed the mortgage relief in 2011. >> it'

correspondent pierre thomas one-on-one. >> reporter: tonight the justice department is accusing jpmorgan chase of helping trigger the financial meltdown of 2008. jpmorgan has admitted to packaging risky mortgages, ones that were likely to fail, selling them to investors as a good bet. when the loans weren't paid, they went south, igniting the housing market collapse. millions of families lost their homes. >> the debt kept getting higher and higher. >> reporter: thousands of investors were wiped out. >> when you lose all of it it's devastating. >> reporter: during the years of the housing bubble jpmorgan made billions. in 2008 as the economy tanked ceo jamie diamond made $19.7 million. >> i don't think there is any question that at least a part of the reason why the economy collapsed in the 2008, 2009 time period was as a result of the problems we had in the mortgage sector. >> do you think crimes were committed? >> we're still in the process of looking at this conduct. >> five years after the housing crises, not a single high ranking banging official has gone to jail. why is that? >> no

checking jpmorgan shares in europe, we're flat on the day.t completely out of the woods. it faces at least nine other government probes into things such as accounting practices in china and whether it manipulated the libor benchmark interest rate. in an interview with nbc news, eric holder says the jpmorgan settlement is a big step towards holding banks accountable for their behavior before the financial crisis. listen in. >> simply something that jpmorgan simply signed a check and smilingly said this is a good deal for us. this inflicts pain on that institution. the way in which this case has been settled is a tempt late for what we can expect both in terms of getting maximum amounts of money .using that money so we get it to people who suffer the greatest amount. that is either investors or homeowners. >> now, new york attorney general eric snyderman says after jpmorgan, he's confident other banks will follow and expects them to come to the settlement table in the coming months. legal experts say the next bank in line could be bank of ameri

and also tom lee at jpmorgan. he told cnbc that he thinks that mega cap tech is a very good trade over the next few years. so three reasons why they're so bullish on meg ka cap. number one, they are cheap. you look at the valuations at companies like intel, qualcomm, also ibm. they are right now below their five-year average when you're taking a look at forward pe. and they're also below that of the markets. number two, yes, they are definitely considered cyclical stocks. but right now the defensive characteristics of those stocks are looking pretty good. just take a look at the dividend yield right around 2.2%. also their big free cash flow yields. in fact, those numbers match right in line with consumers and staples companies. so a lot of those defensive characteristics right now are positive. and finally, when you think about the overall economy and it's growing and as it gets better, i.t. demand, cap ex, corporate budgets, they should all start to get bigger. that's going to give them that cyclical boost it ne

scheduleding, jpmorgan stock is holding up. is that fair? is that true? >> yes. it fell 11%. people were kerchtd about the legal overhang. they made these announcements, that's the number so far in total. ? a normal, in this reserve. >> the point is it won't impact earnings. it's an overhang removed. we can focus on fundamentals and 2013's cash deployment which is dividends and -- >> look, again, i'd like to know, you know, you had this incredible laundry list of the finds and where the money went. community organizers are getting some of this money. i don't get that at all. fannie and freddie are getting some. what's the algorithm? if you do something wrong, you have to pay for it. i don't see the algorithm and with these numbers and that's why i think this was read trib bugs against jamie dimon. the person who gets hurt here is the average commitment. they lied and sawed that this appeared to be abiding by the rules. what this says is if you play by the rules in america, you're going to get hurt. i think that's the wrong message to send out. >> 13 billion, 9 billion went to

i set the record in the united states jpmorgan said it will pay up to thirteen billion dollars settlement over high risk mortgage securities it gets old effects. and partying far into the night here in france is the national football team turned around to qualify for next year's world kept. for joining us here husband kevin sheedy concubine. first of four un new round of talks on iran's nuclear program gets underway today in geneva. ukrainian foreign minister was optimistic heading into the stock saying he thinks there is every possibility for success. iran's supreme leader weighed in saying he wants friendly ties with all countries including the united states but insisted that surround will not give up its nuclear rights. now you may remember barack obama made a historic phone call that the iranian president just two months ago with david cameron has now become the first british prime minister to speak directly to an iranian president in over a decade those are signs of adding to our optimism that some sort of interim deal might not the talks today as us announcement he explains the bigg

this is a problem for me with twitter, not jpmorgan. they made a mistake.that if you're hoping for corporate money on twitter, if you want to, you know, advertise with businesses, but there's this kind of reaction, it seems like why would i as a company advertise on a platform that makes it so easy for me as a company to be ridiculed? >> first of all, i think you got to be careful. just like with any medium, when you're looking your worst you don't walk out of the house. time when you do your sit-down with oprah or whomever. it's just common sense, now is not the best time. and twitter was not the best even social medium for them to do that. but i still think this is an important medium for people to engage in. all the data that i'm seeing shows that people are increasing their engagement. brands that are spending there are getting a return. looking at some numbers that we brought you on cnbc just a couple weeks ago from adobe, tumblr has the highest positive engagement. twitter is right behind them. facebook actually worse. you might get worse treatment on

jpmorgan reached a record $13 billion settlement with the justice department over its role in selling toxic mortgages. finally a big bank is being forced to take responsibility for the financial crisis. this important. this is progress. and it's in line with the president who's fighting for everyone, not just the top 1%. >> our stock markets and corporate profits are soaring, but we've got to make sure that this remains a country where everyone who works hard can get ahead. >> everyone should be able to get ahead. but not everyone is. last year the top 1% made up more than 19% of all household income in this country. look at that statistic. that's staggering. and why does it exist? because we have a republican party that protects the rich all while top republican pundits dismiss income inequality in this country. >> if you're obsessed as much as they are in europe -- >> obsessed we quality? is he serious? this is why the gop has failed playing out. they're against raising the minimum wage, against extending long-term unemployment benefits, against food stamps. republicans consider the

that may headaches for this guy, jpmorgan ceo jamie dimon.er putting other banks on notice. he said no firm is above the law. and passage of time is no shield from accountability. the jpmorgan settlement breaks down, $1 billion to state government. $2 billion to government and $2 billion to credit unions and $4 billion to consumers. >>> elvis presley inc. has a new owner. it's purchased the intel elect wall property of the king of rock 'n' roll. album covers, movie posters, video footage. even events. we don't know the purchase price of it, authentic brands controls the marilyn monroe brand. don't worry, berman, graceland and part of the party are not part of the deal. >> you're an elvis fan? >> she can't see under the deck, but it's not there. >>> coming up a few inches means a difference between life and death for a man in washington, d.c. >> saved by his wallet. >> saved by his wallet! >> berman's fall ago part here. >> we'll have the story after the break. yup, you get it free each month to help you avoid surprises with your credit. good.

jpmorgan agreed to certain things.ustice department abreed to certain things and just needed to be approved, we think, i think because my sources close to the bank this thing will get announced i was a betting man, tomorrow might be a good day, wednesday. unless there is another screw-up, and i don't think this is this thing is done. here are the basic parameters. jpmorgan pays, pays through different mechanisms about $9 billion. they have already paid for 4 and $5 billion for fannie and freddie related claims. these are mortgages, faulty mortgages that were sold through some of the banks they inherited like bear stearns and washington mutual and some other bad things they have might have done along the way. it comes out as concessions to homeowners, direct fails about $9 billion. this is kind of the interesting thing about this of the jpmorgan agreed, at least tentatively until they ink the deal, all bets are off, this is what i understand, agreed not to seek money what remains of washington mutual. remember washingto

dennis: should jpmorgan $4 billion to the on homeowners it didn't harm?ad to say? match tweets no good deed goes unpunished, sheila bair, gunz, bad guys do well, good guys write the check. extortion? this is what can expect when you put a lot of criminals and lowlifes into an administration starting at the top. mike rights no one should have to do that. totally unfair and banks should fight it until last dog dies. t can our response those people who took out loans they couldn't afford to be paying of a fine to those who were harmed by their stupidity. cheryl: the 2013 oxford dictionary's word of the year, beat out work, shopping. 17,000% in frequencies since last year. since 2002 it became popularized by social media while rapidly being used in mainstream media. the phone calls why is it -- it was taken during a spacewalk at the international space station. future political aspirations of the mitt romney plan, and romney, mitt romney's wife, was heard by her 5 sons and 20 grandchildren about getting into politics. just what does she think of obamacare? th

equity strategist at jpmorgan in the studio.piece out this morning in "fortune" by mohammed al arian, because of last week's numbers, we are not going to taper, at least not yet. choose make sense? >> i don't know that i agree with that, you know? but i nomo hammed me, as does you you's good guy, i respect his opinion. but i think the fed announced, as we were going into the fall, they wanted to start some taper to show they were committed to exit strategy and the conditions did not suffice to let them do that. with great uncertainty for the market. and now, i thank you lot of fowlkes at the fed are going to look and say, at least in the short run, we went through the shut down, the jobs numbers were better than they thought, the gdp better than we thought, i think they start it. >> they start it when? >> i think at the next meeting. going to be a heavy -- 50% chance they do at the next meeting, probably coupled with something about the longer guidance. >> while mr. bernanke is still around? >> that's what i think. >> tom, where

but the asset management business side of jpmorgan is booming with the stock market.xpect this name to go higher. >> problem with jpmorgan has been more maybe headlines -- >> yeah. >> -- than some of the fundamentals. >> i think that's already built into the stock. they've already taken the reserve for it. and once that's behind them, it'll offer multiple expansion. >>> after the break, the "wall street journal's" john hissen rath is here, and you he thinks the jobs report and impact could be on ben bernanke and his colleagues at the fed and, of course, your money when we come back. pulte, pulte, ♪ when you think about it, isn't that what retirement should be, paying ourselves to do what we love? ♪ jon. >>> all right. welcome backp. not so fast, pete najarian. they're quick but not always right. pete made a bearish call on staples. >> when you look at it with lower sales, lower margins that's a terrible combination so -- and the competitive landscape is going to get only more difficult for these guys right now. i think you can wait on the stock with this pullback you'

jpmorgan chase, we announced yesterday.t will not be the last. >> you talked about your boss eric holder. some would like to impeach him. you have a president who is a friend of yours. his approval ratings have been low. do you think this approach for wall street, this kind of $13 billion deal, does this help their image in the eyes of people who feel five years later, they want justice? >> one of the things about my job at the department of justice, i don't have to worry about politics or partisanship. i go in there and try to live up to the name of our department. >> the associate attorney general and his boss promising mo more justice. >>> coming up, a republican warning against the dangers of socialized medicine. >> you and i will spend our sunset years telling our children and our children's children what it once was like in america when men were free. >> that is not ted cruz or any member of the tea party. what it has to do with president obama. next. mine was earned orbiting the moon in 1971. afghanistan in 2009. on

the $13 billion settlement by jpmorgan chase for knowingly selling bad mortgages. $4 billion will go to helping affected homeowners. an estimated $1.5 billion will be sent on loan forgiveness. $2 billion to interest rate reductions and other financial support. and jpmorgan is still the subject of an ongoing criminal investigation. >> five years after the housing crisis, not a single high-ranking banking official has gone to jail. why is that? >> no institution is too big to be held accountable. we're going to be extremely aggressive. >> attorney general eric holder also says jpmorgan helped set the stage for the 2008 financial meltdown. the record deal could serve as a template for similar settlements with other banks. >>> and new york city is now the first large city in the country to prohibit tobacco sales to young adults. mayor michael bloomberg, a former smoker himself, signed the bill into law yesterday. it bans the sale of tobacco products to anyone under 21. the law also sets the minimum price for a pack of smokes at $10.50. >>> h&m has customers upset with how it is dealing w

jpmorgan chase has plenty of money for this. they have set aside $23 billion so they won't feel it despite the big number of this. and investors just want to see this done with and jpmorgan chase shares are up slightly this morning. >>> tesla being investigated by federal regulators over those model s fires. stock is really hit hard over the past couple of weeks on that. fell another 10% yesterday. but this morning tesla shares are up by about 1%. stock market trying to hang on to a couple of benchmarks yesterday was unable to do so. the dow making another run this morning at 16,000. let's look at the big board. the dow is down by 1 after coming close again and the nasdaq is lower by 8 points. s&p above 1800 a bit yesterday now it's down by 3 points at under 1790. frank and michelle back to you. >> jason brooks from kcbs news, thank you. >>> 6:44. time for traffic on this tuesday. liz, take it away. >> lawrence's hi-def doppler has been tracking some light rain in parts of marin county including along 101. we are actually seeing