jpmorgan onto the plant less than three years ago. if you go to the 529 site community one-year returns. if you go deeper in, if you go to jpmorgan site and look up these funds, you discover the returns are not very good. most of them don't meet benchmarks. the third thing is the names on these plans are very confusing. the vanguard has an option called moderate growth. jpmorgan has an option called moderate growth. 15% of that is in bonds. you don't do well inside 529's unless you use them as an estate planning till. as an estate planning till the are excellent. they can put $140,000 in right away. the tax is deferred. that is fantastic. otherwise the investment options, the fact that most people can put enough money in these things to make them pay off anyway, it is not great. you are better off getting a very aggressive equity funds, put your money in, let it grow. you will do much better. if you pick a good fund, you will do a heck of a lot better. >> what you think that needs to change? >> i think my guest is making some generali

. >>> jpmorgan's shareholder meeting ended. kayla joins us from the new york stock exchange with the highlights. kayla? >> scott, not quite as contentious as last year, of course, when there was a proposal on the table, an attempt to split the chairman and ceo roles atop jpmorgan's structure. but an interesting nuance this year was a ruling that came out a few weeks ago from glass lewis urging shareholders to oppose a $20 million pay package for ceo jamie dimon last year, they said because of the huge settlement the bank inked and some other shortsights on the risk management side they did not believe that such a 74% pay raise was actually justified. but shareholders voted today, this morning, 78% approving that pay package, and while that isn't as much as they approved the directors by, it's a vote of confidence that dimon does urn what he did get for 2013. the board at this point will not have to go back and decide whether they should recalibrate that pay package for last year. some interesting comments from the lead outside

jpmorgan recently pledged money over the next years to support u.s.rans and their families. upon thege builds firm's existing programs focused on education, employment, and housing for vets. manager at thep office of global philanthropy at jpmorgan chase joins me now, and welcome to "bottom line." your time today. >> thanks for having me, mark. >> this is personal for you. you were honorably discharged. what was it like for you when you came home? what was the support like? >> i came home multiple times over every workforce, and what i saw was an adjustment, but one thing that stuck out was that everyone was there to support, coordination.no that is why we are proud of our mission, where we put together companies who are focused on hiring veterans, share best practices, and today we have made that commitment and have blown it out of the water and have gotten 117,000 so far. >> was there a moment or an episode that led you to say, i have got to do this, i have to be a part of it, i have to look out for my fellow vets, and i have to make this my life's

. >> host: james roosevelt and jpmorgan can be immensely famous and powerful jpmorgan created together among a few other established families at the metropolitan club in new york, which was an exclusive club where these men could get together and talk about affairs of the day and decide to a small group. >> host: it is royalty almost. >> guest: it really was. today they are used for drawing up the hierarchy in terms of industry and banking today. the heir to the throne of jpmorgan chase. even the terminology has that same to it and certainly back in the beginning erratic at portion of it there's only three or four families that were most instrumental in running the top three financial institutions in the country that also had the tightest personal and political financial connections with the presidents of the time. other thin cases the difference is these people don't get elected, they are family appointed. one of the other families who are running the national city bank in the early part of the 20th century and he had two daughters and together they produce a rockefeller and in the la

the government called upon jpmorgan to help.but the panic of 1907 was a situation in which teddy roosevelt who became president of the united states before that was friends with the morgans. and when he was going about talking about trust busting other industries, he didn't bust the banks. the reason he didn't the banks was because he trusted and supported and was socially involved with jpmorgan and other sort of big bankers of the time. and in addition to that when the panic happened in 1907, there was a trust company called the knickerbocker trust company in new york, and it imploded. and the reason it imploded is because of a lot of bad bets in copper. now there are bad bets in subprime, then it was bad bets in copper. and teddy roosevelt called upon jpmorgan to do something to save the situation again. and jpmorgan said, all right, i got this. teddy roosevelt, you know, you wait for my word. the treasury secretary was to wait for the morgans' word, and there was a meeting that was called at midnight, 12:00 midnight, at the h

how come jpmorgan suddenly turned sour on hillshire?pmorgan believed the pinnacle takeover erases all the reasons they liked hillshire brands to begin with. hillshire had a rock-solid balance sheet ton of cash. hillshire is not that much bigger than pinnacle. it could put a lot of stress on the company's balance sheet. second, the analysts at jpmorgan had been recommending hillshire in part because they thought it was a great takeover target itself. this pinnacle deal makes it larger more complicated, plus makes a takeover less likely. hillshire's management is being too bullish about product categories which is similar where conagra is similar. people feel these are no-growth areas. the newly negative or no longer positive guys at jpmorgan may be overstating things a bit. one could argue hillshire would still be small enough to be acquired by any of the larger packaged food companies that are challenged for growth. as far as the balance sheet, hillshire has been sitting on hundreds of millions of dollars to cash. with interest rates so

while jpmorgan came off the low of the day it was still down about 2 1/2%.harlie gasparino in the last hour saying citigroup needs to watch out. that is the name he threw out there. nicole, thank you very much. david: thank you very much. we're about 20 seconds away from the s&p futures closing. let's go back to brian battle in the pits of the cme a lot of action. any way to tell what will happen tomorrow, brian? >> feels like continue ages of the trend last week. we had spike with the momentum and we're up a couple here today. this will be more of this price discovery tomorrow because there is nothing really to drive us higher. david: brian, thank you so much. come back to see us again. appreciate night will do. cheryl: the berkshire hathaway meeting may be over but warren buffett's long-time partner charlie monger is still making headlines. over the weekend monger said this, activist investors are not good for america. david: but investors put about $30 billion into event-driven fund last year. the category that includes activists. that has a lot of folks

jpmorgan chase is all over the country. for them to compete with the bastille that it has, it is almost impossible. >> banal and his arms are tied behind his vac. >> that has to be somewhat of an improvement. >> they have improved and we have over 300 banks and they are still going on. and i think that this number will easily triple in 2014. but one thing to notice is the average size of those vents is $132 million. >> what you think about the big bang? do think some of them should be allowed to fail? >> or should have failed. >> but they are still being a part of the government. >> maybe there should be segregation, maybe not as it is they are, maybe break them up into certain pieces. but they are a lifeline or our economy. so we have to be very careful how we deal with them. and we have to take away the systemic risk. >> there's two ways of looking at it. bank of america, which was going to fail, lehman brothers failed. citibank would've failed. the only one left within jpmorgan. book of you would've failed. and so those

big questions about who will be the next leader at jpmorgan after jamie dimon retires.a clear successor driving key employees who want the job away? charlie gasparino made it out of vegas alive! he still has the growy skin, too, yeah, you remember that from mid friday. he's coming down next with the details on jamie dimon. and what would a full-on cyber war with china look and feel like? totally different from a real war, right? well, the united states files criminal charges against alleged hackers working for the chinese government. we have the ceo who caught some chinese hackers red handed. he's next. ♪ ♪ when folks think about what they get from alaska, they think salmon and energy. but the energy bp produces up here creates something else as well: jobs all over america. engineering and innovation jobs. advanced safety systems & technology. shipping and manufacturing. across the united states, bp supports more than a quarter million jobs. when we set up operation in one part of the country, people in other parts go to work. that's not a coincidence. it's one more par

>> that's precisely what he said, not only jpmorgan.nded his remarks in the sentence to including all the quote/unquote, too big to fail banks. >> just so we can be clear, because i want to make sure i'm not dreaming, it means the moral hazard issue remains out there. jpmorgan chase effectively can do what it wants, get crushed -- >> and the taxpayers will come this to bail it out. there's a massive debate essential that todd/frank solved the too big to fail problem. many people say no, although the response of the critics is you've raised can capital levels, and you've had made the bank safer, you've also raised the cost of being big, so there has at least been some attenuation of the concern. >> thank you very much, steve liesman. >> my pleasure. >>> all right. i'm still reeling from that, by the way. >> it's a quote. >> it's a big story. it's not picked up. we just did. we are the news. i hope somebody picks up that satire. >>> are the l.a. clippers worth more than a billion? mark cuban sure thins so. >> a must-see video of the day,

jpmorgan says they have no intention of anymore easing.with a rather optimistic tone. you had a fairly reasonable move yesterday. dollar, lost one percent of its value yesterday. i on our prices -- iron ore prices are the lowest. they still believe that rates will go lower on the back of the current. >> thank you very much. u.s. authorities are seeking more than $5 billion from bnp paribas to settle investigations into the banks dealings with sanctions countries. a temporary ban on transferring money into an out of the u.s. might also be part of the settlement. the former chief executive of jpmorgan's china investment bank has been arrested in hong kong. the magazine says his arrest may be linked to probes into the banks hiring practices in asia. a board member says he sees new risks to financial stability. he talked exclusively with bloomberg and says the combination of generous central bank policies and the search for yields are adding to the risks. >> the real estate market in and highpean countries valuations seem stretched. the global

jpmorgan goes in.ome loans. >> yes. >> and private equity might go in then and buy some of the distressed homes. >> i think there'll be people that may say this thing but i think this is a leading edge sort of move. i know that karen has a huge crush on jamie. >> what? what? >> she'll say super positive things about jamie. but i'm more talking about like the strategy as it relates to the urban regeneration of a city like detroit where it's desperately needed. >> yeah. yeah. >> do you think -- >> look at -- >> it's not even valentine's day. >> doesn't matter. >> do you think private equity is getting behind? in the urban redevelopment story is almost a blue print and play book you can roll out in a lot of other places and some things some guys have done before. if you get the right money behind this, this could really generate momentum. >> it's not yesterday at the t point. you'll see all those other people step in with the capital. what i like about the story is i think he is sort of a first mover in t

jpmorgan is a perfect example. today i did not jump on it because i don't think there's any one day events. i have been in and out of this name. i'm with karen. i believe the jamie diamond is still one of the great ceos out there. bank of america i agree. i have not chosen to buy yet. because it seems to be somehow just sort of holding on to the 15 level. we're not seeing the options that would drag me in. normally we would see 500,000 calls. >> so you want to see that kind of activity. >> yes. and bank of america and citi. jp morgan is the name i'm looking at tomorrow morning. >> i know bk wants to challenge. >> bring it on, bk. >> let's go to sheila back at head quarters. >> well this is about the investigation regarding credit suite's roll in swiss bank accounts. saying their sources have been reporting that credit suisse excuse me department of justice is close to supplying a guilty plea and that the settlement is expected to exceed $1 billion. again department of justice close to securing a guilty plea from cr

it reveals something that jpmorgan is planning. are they looking at getting into a google wallet type thing? are they getting ready to launch a different people? they're stealing all these people. they see it as competition. there is that too. >>> whopper of all news today, this one really got me. reports that burger king is bringing out the big buns, burger and fries for brake fast. you don't like this? i love this idea. there is time of day when you don't want a cheeseburger? not me. i can't think of an hour of the day when a cheeseburger is not appropriate. >> maybe burger but not bread and fries. too many carbs too early. melissa: you're such a good person. >> mcdonald's brought in $201,210,000,000,000 in breakfast sales. all year long, all sales, 24/7 from taco bell 24 billion. mcdonald's beat them with brake fast. only area of fast-food growing is breakfast. melissa: bk says we can't compete with the egg mcmuffin so we might as well sell cheeseburgers. >> i don't eat this stuff. melissa: ever? ever? not a moment of weakness a

melissa: speaking of high incomes jpmorgan ceo jamie dimon is getting a raise? i don't know what happened to the prompter there. but shareholders were -- >> okay. melissa: more hesitant last year about giving him the $20 million pay package. basically what we were trying to say there is that they have their vote every year of shareholders how much they endorse the pay package. this year he received 77% approval, down from 92% last year. >> their annual masturbation session. melissa: yikes. yikes!. >> that is what it is. melissa: yikes! charlie. >> you should call it -- >> is that airbnb segment? >> nothing. these guys get up there. jamie is not worth it. a few activists like new york city pension fund raise as little bit of a stink and they approve it. >> nobody is backing up the truck and asking him to jump in and haul him off and fire him. this is not even close. >> no major shareholder will do that. >> no. melissa: is there any sort of a loss of confidence? >> in him? melissa: yeah? >> i think in business press, we, you and i see, i like jamie personally a lo

jamie dimon talking friday about profits on ao jpmorgan bond desk. what is the why?hy is it so quiet? >> we put out a note last night. regulation, lot of desks have to get smaller. people have the same opinion about where bond yields are going to go. they wait until that occurs. >> en colette had a great shirt out about banking employment in new york city. >> this is what robert kaplan was talking about yesterday. the liquidity crisis that may come about. >> what happens is we wind up everyonento ranges and leans one way, dealers cannot take down the product because they cannot expand the amount of bonds they own. you get these selloffs. it is similar to what you have the last may and june, when corporate bonds and treasury bonds, no one could buy them. you had forced sellers. people pull their money out of mutual funds and no one can buy the bonds. this shows the new wall street out there. it goes to the idea of everybody adapting seven years out of the financial crisis. >> we are still adapting and trying to figure it out. there are still these little moves, like t

jpmorgan down 2.5%. goldman sachs, another financial loser this, after a major proxy advisory firm recommended shareholders vote against goldman's executive compensation plan. goldman sachs currently trading down 1.5%. on the flip side, let's talk about b.e. ore space, stock moving higher after the maker of airplane seats and overhead compartment bids. jeffrey says the company is worth up to $107 a share. that stock is spiking up more than 10% and let's end up on chipotle, very appropriate for the cinco de mayo day. raymond james upgrading the stock. chipotle getting a bump up of 2.5%. i'm pretty excited, guys, and i had my margarita in celebration. >> i was going to say. >> no, go ahead. >> thank you, sheila. we're chuckling because we're staring at two very large buckets, bill, filled with beer and other products. today is may 5th, also known as cinco de mayo. if you're planning on celebrating this unofficial early kickoff to summer you may find yourself indulging in one of these many products produced

it's dirt cheap and i think you follow the jpmorgan pattern. when these mistakes happen, you get in. >> after the break, grasso will be jumping into one name that fell over 40%, but he's calling it his fire trade. did the flame just get a little too hot to handle. we'll give you the name as well. >>> plus, the bad news just keeps on coming for gm. the very latest details over their $35 million fine after this break. i make a lot of purchases for my business. and i get a lot in return with ink plus from chase like 60,000 bonus points when i spent $5,000 in the first 3 months after i opened my account. and i earn 5 times the rewards on internet, phone services and at office supply stores. with ink plus i can choose how to redeem my points. travel, gift cards even cash back. and my rewards points won't expire. so you can make owning business even more rewarding. ink from chase. so you can. [ girl ] my mom, she makes underwater fans that are powered by the moon. ♪ she can print amazing things, right from her computer. [ whirring ] [ train whistle b

sorry, deutsche bank down 7.t3% jpmorgan down 21%. they're down 41%. this is not pretty reading however you slice it. barclays finance director on the line this morning talking about the fact that because they are geared towards macro products, these are things like interest rates, currencies, the lack of volatility has actually september the flow of client trades has slowed down, especially when you compare it to 2013. so massive problems that the weakness will continue in q2 and it already has in april. obviously barclays are about to unveil a major strategy review in their eneinvestment bank. investment bank profits down 49%. we're going to probably get a whole series of the european business especially in fic moved into the bad bank. you have decisiivisions that if could sell, they would sell. there are a lot of people this hindsight who say why weren't they more proactive in selling these divisions. but the question is who would buy. >> all right. for now thank you. plenty more online, as well. we'll get more into the banks. we have swiss bank ubs

jpmorgan cited upside potential from the biotech's multiple sclerosis franchise. a comeback in the nasdaq. the spike in volatility in the so-called momentous stocks. here they are over the past three months. sandisk, number one, apple in second place with about 19.5% gain. in fact, today, tyler, ubs uping its price target to $700 a share. back over to you. >> seema, thank you very much. >>> big news from two of the biggest retailers around. we start with costco, flat on the day. up 2% over the past two months. courtney reagan here with the retail detail. court? >> so many of the earnings seasons are over for a lot of these companies. for the for retailers. where has retailer costco reporting earnings today proving that it's an expensive task even if you're charging admission. costco's fiscal third quarter profit missing wall street's expectations for the fourth straight quarter. revenue of $25.23 billion coming in slightly shy of consensus. the warehouse retailer's results took hits from both less favorable exchange rates and lower gasoline prices. costs also incr

i am looking at jpmorgan. the u.s.ll street's trading slump has deepened and could last until the second quarter. this is according to a new regulatory filing. >> pfizer reports first-quarter profits that the analyst estimates. pfizer is trying to buy astrazeneca for one of the biggest deals ever. it was not able to do so now because of the rules the surrounding its offer. b/e aerospace. no decision has been made. >> your number one stock to watch, target. regain is working to loyalty. will now serve as the interim ceo while they seek a permanent replacement. we see the opening bell. we are going to go to the call on the markets. we will bring in stuart freeman. he is bullish on the stocks. a good morning. job did you make of this number on friday? positive numbers up front, but when you dig deeper, we does not going up. people leaving the workforce. what did you think? is a positive. we are seeing job growth. we are seeing jobs coming up and out of the hole. we do not have the participation we would like to see, but i

wouldn't you rather have jpmorgan dolling out -- >> yeah.ution skeptical of dealing with the government and the repurchase agreements. why would you do something -- >> it 'em boldens the -- >> everybody on the left is now sure. i've seen them call an international criminal enterprise. >> and the far left -- not even the far left would suggest even those allegations aren't enough. it hasn't actually done anything. that's where capital punishment they might be for. >> thank you for being here. you'll be back soon to&we can talk about bitcoin. >> we are hearing from the intercontinental change that duncan niederauer will step down. he will remain president of ice this year. current ceo is named as his successor. >> we knew this would happen. >> dick, thank you for a great hour and a half together. >> thank you. >> was it fun? >> it was fun. >> up next, just when you thought it was safe -- amount of fun. ultimately it was. just when you thought it was safe to get back in the water. >> one our favorites. >> blood sucking lampries. after slipping

it should be a german flag, not a japanese one for jpmorgan.eveloping story. meanwhile, a quick recap of where the u.s. futures stand today. we'll be looking ahead to the retailer reports. the dow is 12 points below fair value, the s&p at the moment is 2 points off fair value and the nasdaq is really just 3 points off fair value after a move higher yesterday. that is it for today's edition of "worldwide exchange." coming up next, "squawk box," the count down to the opening market state side. whatever happens, you hope it's a profitable one for you. bye for now. >>> good morning and welcome to "squawk box." credit suisse pleads guilty to tax evasion charges, will pay more than $2 billion in fines and the ceo says he's staying put. >>> china reacting to u.s. charges of cyber spying confronting the u.s. ambassador about the accusations. >>> and go pro is going ipo. i think i know what those are. what is, a camera. tuesday, may 20th, 2014 and "squawk box" begins right now. >>> good morning, everybody. welcome to "squawk box" here on cnbc. i'm becky

the eu accuses jpmorgan, hsbc , and others have rate rating.of that breaking news coming up. ♪ >> let's take a look at what we are watching today. big news breaking. jpmorgan, hsbc, and others have been accused by the european union of rate rigging. >> there has been a statement of objections in regards to acting in the form to rig rivals, the interbank rate in terms of european interest rates. one. the people who took part in it -- >> six firms agreeing to a record amount of buying, 1.7 billion euros. you wonder if those banks that did not agree to those fines -- >> given the climate at the thent, i suppose preparedness for regulators to paribas onkes of bnp some of the issues there, perhaps they are running a risk. 1.7 billion euros. that was back in december time. have had theanks opportunity to respond. >> it is not over yet. this goes on and on. >> the commission made a manifest error of assessment in the way in which it calculated the bank sales, they said. this refers to the amount of business that you would have done in the interbank ma

amoroso is with us from jpmorgan. there is an optimism among economists.'t hear that with jeff gundlach. do you believe in a buoyant economy that can drive all assets higher? >> i think the economy is picking up but there is not a whole lot of optimism from that survey on the housing market. investors and homebuyers have been scarred financially and emotionally. i think it will take some time for us to return back to the homeowner nation we were. >> how do you position assets within a retirement plan with what you just said? you cannot do 60/40 anymore? i think that's the first step, to identify the strategic allocation. what has changed is we have to be more regular in our approach to equities and fixed income. >> it's a matter of owning which bonds. ownershipay the home trend rate is declining but what about the multifamily construction and what about the apartment reits that can benefit from the extra rental demand? when it comes to bonds, what do you own globally? i wrote a piece that said redrawing the boards is something we have to do. the vast major

. >> like jpmorgan fines. >> they say, they say it was a mistake but i thought this was modus on randy. when you get on expedia, there i can get it and you click and go for it, up 500 bucks. >> $200,000's jamie's lunch bill, right? melissa: you are saying he might pay the fine for southwest to then them out. >> they're probably a client of jpmorgan. i would say this if it was that egregious it would be more. probably it was a mistake. you don't think so? >> we were talking about the transparent fare acting pulled and relying advertising. why is this a tough issue. rely on the ad. >> do you think they're lying? melissa: they said it was a mistake. they meant to make seats available and they didn't. i don't know. seems awfully convenient. i'm always very suspicious. >> not me. i believe pr twice all the time. melissa: thanks, guys. forget about commercial drones because something much bigger and heavier destined to take over our skies. you have to hear how this hover craft is ready to fly you and a buddy at some pretty decent speeds over an hour at a time. this sounds like a huge headach

neil: coming up amid your number one jpmorgan chase was going to commit a hundred million dollars? then i noticed that a certain rich guy named steve case see something there as well. the next entrepreneur could be from the motor city. when folks think about what they get from alaska, they think salmon and energy. but the energy bp produces up here creates something else as well: jobs all over america. engineering and innovation jobs. advanced safety systems & technology. shipping and manufacturing. across the united states, bp supports more than a quarter million jobs. when we set up operation in one part of the country, people in other parts go to work. that's not a coincidence. it's one more part of our commitment to america. i got more advice than i knew what to do with. what i needed was information i could trust on how to take care of me and my baby. luckily, unitedhealthcare has a simple program that helps moms stay on track with their doctors and get the right care and guidance-before and after the baby is born. simple is good right now. (anncr vo) innovations that work for

neil: coming up amid your number one jpmorgan chase was going to commit a hundred million dollars?i noticed that a certain rich guy named steve case see something there as well. the next entrepreneur could be from the motor city. all stations come over to mission a for a final go. this is for real this time. step seven point two one two. verify and lock. command is locked. five seconds. three, two, one. standing by for capture. the most innovative software on the planet... dragon is captured. is connecting today's leading companies to places beyond it. siemens. answers. that corporate trial by fire when every slacker gets his due. and yet, there's someone around the office who hasn't had a performance review in a while. someone whose poor performance is slowing down the entire organization. i'm looking at you phone company dsl. check your speed. see how fast your internet can be. switch now and add voice and tv for $34.90. comcast business built for business. what is this place? where are we? this is where we bring together the fastest internet and the best in entertainment. we cal

because no less than jpmorgan chase is investing that in the detroit area.ts, investments, directly to spur economic growth, back with our guests on what this means. >> i think that this is a smart move. i was reading about the stories in one of the areas they are focusing on an job training. many say that there is a huge skill gap and that they need people who are qualified. so i really like the emphasis on that. >> even if jamie dominus the shepherding the funds? >> i think he's just trying to cover his butt after and on. and he could donate money to africa right now. [laughter] >> that is what worries me. the most he loses a thousand dollars. but i'm wondering when someone like jimmy diamond steps out, is an analogous to ibm buying back stock after the meltdown. it's a confidence builder, is it not? >> it's stupid genius. it is a city in the middle of the united states. but look at what you have around it? you have commerce around it, buying up tracts of land and a build, they are a bank, and the people that buy those houses, they are going to bank that w

coming up, do your builder when jpmorgan chase committed $100 million to beefing up detroit?hen i noticed that a certain rich guy named steve case see something there as well. the next entrepreneur could be from the motor city and steve case is putting a lot of money on it after this. ♪ ♪ ♪ now printing is so affordable and convenient, you can print all you want. hp instant ink. save on ink and never run out again. plans start at just $2.99 a month. welcome to the future of printing. that corporate trial by fire when every slacker gets his due. and yet, there's someone around the office who hasn't had a performance review in a while. someone whose poor performance is slowing down the entire organization. i'm looking at you phone company dsl. check your speed. see how fast your internet can be. switch now and add voice and tv for $34.90. comcast business built for business. 's the one they always say follow the smart money and don't go in on your own. what i'm hearing in the course of the last week, jpmorgan chase invested $100 million in detroit, of all places, a little bit m

big, negative headline for jpmorgan. factor that is helping to cut this morning's losses, we got some good news on the u.s. economy, and the services sector in particular. it's the usm, institute for -- ism, institute for supply management, saying services grew at the fastest pace in eight months, so that is certainly helping. we're going to watch the numbers as we move through the last 58 minutes of trading. >>> and we'd all love to know what the oracle of omaha is saying, right? well, liz claman has been in omaha, nebraska, all weekend long covering the shareholder meeting. warren buffett has made a lot of money with his insurance businesses. the billionaire says in the end he would pick the good of society over profits any day. take a listen. liz: you said if driverless cars hit the roads and accident rates go down because they end up being safer, that could meaningfully and negatively affect your geico insurance unit. >> yeah. but if they really work well, they're good socially. but, sure, they could reduce the costs

yuan. >> you really hate jpmorgan. >> it's not about hate.t. it depends on how the banks look at it. because we're first to market the technology and we've patented it. if the patents are granted, then the banks have come behind us with the new technology. remember the incident in 1990, newspapers used to take a picture of the front page and put it on the website. they called that innovation. fast-forward 20 years later, facebook, twitter, youtube. true contemplation of the technology versus just using it. >> reggie is a mart guy, you are a smart guy. why do we need an alternative currency at all? >> trying to say it's going to replace the dollar orien, that's crazy. what it is when you think about it, it's a payment system. the mastercard, it's visa, paypal, but it's free. that's really the innovation here. what reggie is doing, you know, bit did not coin 3.0, it's fantastic stuff, but for the average person right now, what you really need to know is this is a way that i can transfer value to anyone around the world for free. >> i didn't kno

someone like jpmorgan is different. this is a bank that is going to struggle to earn that amount of money. >> this is a time when the eu is conducting stress tests. >> when they don't want to lend. they want to reduce their overall capital commitments. they are trying to build reserves. that is when you have got pressure. there is an article in the new york times. never too big to fail, too big to jail. nobody is too big to jail. discuss this level of fine that is potentially being lobbied? bloomberg, the reason why it is potentially $10 billion, misconduct more egregious and the bank did not fully cooperate. this is a master class. a master class in regulator saying, we have come to investigate you. not only have you not complied, you have not cooperated. now you are going to pay the price. this is regulators on wall street demonstrating very clearly, they have the facts with them. there is a breach of sanctions over a number of different countries, now you're going to pay. >> it makes it very clear, the value of the u

, ebay, which have been under pressure, rebounding today, biotech also a sort of strepgt, though jpmorgan wrote that sentiment across the sector remains quite fragile, and an underwhelming first quarter earnings season. social media also a bright spot. twitter which has been under pressure as of late. its recent lockup expiration, today suntrust upgraded the stock to buy from neutral. also skm upgraded pandora. lastly, keep an eye on u.s. listed indian stocks. all higher across the board. we've been seeing a rally in indians stocks on the past couple months results due on may 16th happy of them watch some of those big u.s.-listed name. >>> the dow hitting an all-time high, what are the stocks driving it from its previous peak. now, we're looking back, what, how far? >> just a month. april 4th was the last time we had an intraday high. it hasn't been that long. remember during the time we had a couple percentage point correction. i say that loosely, because everyone thought it would materialize into something bigger, we're back up to all-time highs. it's been an interesting move. a 7% pull

the 20% decline in jpmorgan, i blame myself.eved that you could have good quarters if you were in the big banks. >> barclays also suffering a number of significant defections from its investment bank. a lot of the ex-lehman bankers that barclays have departed or will be departing in the near term. interesting to watch what's going on at that financial services company. >> you pointed out last week that was kind of a black hole. it's funny the one that's really doing best right now is royal bank of scotland and that one had big -- >> oh, boy. >> it's been its time in the wilderness. is that a polite way to put it? >> they bought the -- they did the big deal that got them into so much trouble. >> thank you very much. >> ges. like that ad. royal bank of scotland that that was genius. >> thank you so much. >> oh, boy. that was stupid. >> wow. >> keep our eye on apple closing above 600 yesterday for the first time since october 2012. we mentioned angela arent and the bonus signing. greg stein livle who will get up to $55 million for

>> and we have seen that time and again with hsbc, jpmorgan, and other banks.inst a brick wall. right now there are negotiations going on in washington. people are visiting. talks between people trying to figure out the best case scenario. banks are really backed into a corner on this issue. >> no good scenario for them. kerry, thank you for giving us the latest. >> and now, folks? a number that you may find to staggering. >> not the number that banks are paying in fines. >> not quite that much. but let's put it into perspective. the number is three point $5 billion to connect the dots between the conversation we were having a moment ago? jpmorgan pays about $20 million to settle allegations of wrongdoing with a justice department. pay onet suisse might billion. >> that is how much money -- david single person -- tepper is estimated to have earned last year, making him the highest-paid hedge fund manager in the world and, perhaps, the highest-paid individual on the planet. this is coming to us from an institutional investor today with a list, and also on that l

the upper echelon is to the bridgewater, jpmorgan, breva nrnbrevan. >> and also api xwrl, viking andd good performances last year as well. another interesting take away, some of the most interesting acquisitions, the one we talk about on the show all the time, high flying stock players emanate from smaller funds, look at third point, pershing square, greenlight and perry capital. we talk about it a long time whether it's their outlook or gone active on. while they have strong aum, far from the largest, underscoring this whole notion of nimbleness from professional traders. they want to keep it on the smaller side to get in and out of names without moving prices. >> the size of your asset under management doesn't necessarily correlate to ire performance. >> and the top performance was underwhelming in terms of s&p and in terms of the hedge funds in many cases. >> i don't think it's being nimble. what your opportunity says it is. if you have to take a position $50 million or $100 million if you're a $2 billion hedge fund versus $35 billion hedge fund you have to look for bigger ideas >

especially jpmorgan. phenomenal. jamie is clearly, if not the number one ceo in the world, right up there. he's done a hell of a job. the same true with wells fargo. i was intrigued by it when you had the former head of wells fargo on the show a couple weeks ago. he said it all. but these are great values and they're doing a hell of a job. so i love those. i -- believe it or not, i'm getting pretty excited about facebook. >> because? >> because i think they're demonstrating traction and revenue growth in terms of -- >> do you own facebook? >> yes. >> are you on facebook? >> no. i'm not on facebook because i don't know what to do if i got on it. >> i don't either. >> when did you buy? >> we started buying last week. >> wow. >> i think they got a business here. i want to say something, appealing to all of our leaders in congress, let's not argue about who's wrong with this veterans problem. let's fix it. let's get in a room and say here's something we can do bipartisan. here's something that we can sit and

. >> let's check out shares of jpmorgan falling in after hours trading and in the company reporting a to russia as of march 31st and is closely monitoring events in russia and the impact of possible or potential sanctions the right now jpmorgan trading down 1% after hours. sarah? >> thanks for checking on that, courtney. >> russian president vladimir putin calling for u.n. security council meeting over the escalating violence in ukraine, this as pro-russian and ukrainian forces clash in one of the largest cities with two ukrainian helicopters being shot down, so what is vladimir putin's next move? up next, we'll ask one of his biggest critics. >> and we'll talk why the markets didn't respond all that much to what happened today. >> and speaking of fights, boxy champs, floyd mayweather has a big one on pay-per-view this weekend and may be in for an even bigger battle when it comes to buying the l.a. clippers. we'll find out why he wants to buy the team and why he insists owner don sterling is a great guy despite sterling's racist comments. that's still to come. till to co. it has exact

turns out jpmorgan, some other banks have some exposure in russia.n reporting $4.7 billion exposure in russia as of march 31st. may have changed a little bit since then. this is according to dow jones by the way. they are concerned, they're closely monitoring events in ukraine about whether that might affect their investments in russia. as you can see the stock is off a a little bit hours because of this dow jones report. we'll closely monitor it and bring more information to you. meanwhile, let's go back to liz. liz: thank you, david. if anybody really knows warren buffett, how he thinks, how he invest our next two guests would be near at the top of the list. one has been warren broker, day, morning noon, nighttime more than 30 years. one has written numerous books about the "oracle of omaha." with me, john freund, citigroup managing director of institutional equity steals and andy kilpatrick, who wrote, "of permanent value," the story of warren buffett. this is the most recent iteration. how many pound is this. >> that is nine pounds. it's a baby.