i spoke to a woman about criminal fraud at jpmorgan. she tried to warn the bank that mortgages bundled into securities were toxic. no one listened. wait till you hear her tale. >>> plus, why hitting the road in an r.v. could be the new normal in america. i introduce you to older americans still lacking for twork survive. i'm ali velshi, this is "real money". >>> it was a year ago this month that attorney general eric holder announced a 13 billion settlement with jpmorgan chase. america's biggest bank. jpmorgan admitted to misleading investors about the quality of mortgages bundled into securities between 2005 and 2008. in other words, the bank knew that some of the loans were highly likely to default burning investors, this was a civil settlement and no individuals at jpmorgan or any other bank have been charged with crimes. that, itself, is a crime in the minds of many americans whose financial lives were destroyed as the economy created along with the stock and housing markets. rolling stones established a story, raising questions abo

we asked jpmorgan to comment on this. they didn't comment on it for matt's article that appears in "rolling stone" or to us. they told us that they would not have any comment to make. we asked the department of justice for comment, and this is what they've told us. in each of the justice department settlement negotiations we have refused to provide waivers that would shield the banks from criminal liability. as a result, we have preserved our ability to conduct criminal investigations where they might be warranted. as always, we will pursue all available evidence wherever it leads. this is important, because the deal made between jp more sg p mopmorgan chase and the federal government did not preclude the department of justice from pursuing criminal activity later. however, matt, one of the their early offers to the department of justice in exchange for not going through criminal prosecution was $3 billion. it worked it up to $9 billion. li let's use 9 as the argument. the woman next played a pivotal role. tell me about t

. >> "the $9 billion witness: meet jpmorgan chase's worst nightmare." today, a democracy now! broadcast exclusive, we speak with alayne fleischmann, the whistleblower who helped the justice department forced the bank to pay one of the largest fines in american history. you might be surprised what she says about the bank as well as the obama white house. she is featured in a new rolling stone piece a recently returned matt taibbi. >> the significance of this story to me is that it talks a lot about the legacy of eric holder. we finally have somebody from the inside who is telling us what a lot of us expected all along, that the obama administration did have enough evidence to proceed against a lot of these banks, and they just did not do enough with that evidence and those witnesses. and we finally have someone like alayne fleischmann who can tell us all about that and all that went on. >> all that and more, coming up. welcome to democracy now, democracynow.org, the war and peace report. i'm amy goodman. a federal appeals court in ohio has dealt a blow to marriage equality in a

even though i had been a securities lawyer at jpmorgan i was not working as a lawyer.ations, i believe that i witnessed a crime. >> i'm still not clear, did you work for jpmorgan? >> as a jet -- as a deal manager. >> what is a deal manager? when you have places like countrywide making these loans, i was at jpmorgan and we would buy those loans and sell them to investors. i was the person coordinating to make sure those loans were up to quality. >> we will come back. >> we will talk to steve miller, a guest host about his outfit for the retail industry. >> good morning everyone, bloomberg "surveillance." toa moment we will try to go china with our president but right now we are here. a former securities loiter, alain fleischman. the $9 billion witness. i'm trying to figure out what we should walk away from this with, i asked why you went to matt with this and i asked for a reason because he is better than any other finance writer that i know, including myself, he is better at channeling outraged than the rest of us. when we look at pictures of jamie diamond coming out o

elaine let's start with you, what did you do with jpmorgan chase?>> i was a deal manager, making sure the loans were being reviewed properly and they were good enough to sell to investors. >> you are a lawyer. >> i'm a security lawyer by trade. >> your deal was jpmorgan chase whob buyinwould be buying beingi think most of the americans know that story. but you were reviewing the loans being bought busy green point bank and others. >> we could say to investors these are good to be sold to you and if there are any issues, here's what they are. >> you had rules and there were rules that said you're not going to bundle these morntle and mord represent them as a certainly quality, in this case alt-a, which was a certain quality, you were under some pressure to fudge that. >> exactly. when you are doing these loans relying on people saying what their income is, you still have to match up what their job is, with what they're making. it should make sense. for example if you have the man curist making $115,000, that's five times what our programs were tellin

jpmorgan chase is deducting $7 billion. the biggest regulatory settlement.settlement but no individual was paying that. it's all coming from the shareholders and there's no pain for the people who actually did the deed. >> has wall street changed? >> i highly doubt it. why would they? one of the things i remember from the time, i couldn't understand why they were doing this when you're looking at loans you know are going to go bad when you sell them to investors. part of the problem is they can bring in their lawyers and pr and their lobbyists and make it garks way. as long as they know they can do that, why would they stop? >> that's the key thing to remember. thank you both for being here. that's "all in" for this evening. the "rachel maddow show" starts right now. >> thanks to you at home for joining us this hour. one of the smaller scale controversies of the last presidential administration is that when george w. bush and dick cheney were in the white house, they decide they would not release to the public the visitors logs from the white house. now a lo

elaine what did you do at jpmorgan chase? >> i was a quality manager, making sure the loans were being reviewed properly and they were good enough to sell to investors. >> you are a lawyer? >> i'm a securities lawyer by trade. >> jury deal was jpmorgan chase would be buying loans from a bank that makes lobes from individuals, they would be buying a bunch at the same time, they would then package and sell them to investors. i think most americans know that part of the story. but you were actually reviewing the loans that were being bought by at this point green point bank and others. >> that's right. part of our process was really the quality control so we could say to investors these loans are good to be sold to you and if there are any issues here's what they are. >> and you had rules. they were rules that said, you are not going to bundle these, alt-8 a little higher than subprime, certain requirements had to be immediate and and you are saying your team was under some pressure to fudge that. >> exactly. for example when yo

in jpmorgan in 2006, it was jpmorgan chase.ow it's jpmorgan bear stearns washington mutual, providian chase. and all of the things under it. if you look at all of the thousands of mergers over the years that are being rolled up into five or six big players in the united states, it's crazy to be wishful for that era of looking you in the eye. the system is more under host ra age by a handful of players. >> i would like to challenge something. community banks do a lot of the salt of though earthing lending. they quite frankly did not participate in the type of tread -- predator lending that lead to the housing collapse and the economy reeling the way it has. essentially right now what we see are large banks that fought for carveouts, that are now trying to gut the financial consumers. >> speaking of that what effect could elections have on the reform? >> that's an interesting question, and we don't actually sit in the position of trying to speculate on how politic will effect what will happen. what we'll hopeful for is the hard f

jpmorgan chase, $350 million as well.eparate settlement and a separate press release from the fines that we saw very early this morning from the financial conduct authority out of the u.k. and the cftc with five banks, two u.s. banks, and three european banks, that also concerned this, what they called exceedingly egregious manipulation of foreign exchange rates. in total, these fines are stacking up. jpmorgan and citigroup each paying $1 billion with all three of those agencies combined. roughly $600 million for the european banks. this is a costly issue, one that we've telegraphed, but it also is a har venger of further settlements to come. remember, the doj is still investigating this, as is the federal reserve here in the u.s. a statement from the fed this morning where they said that the agency has worked closely with other authorities in the u.s. and overseas and carrying out investigations into improper conduct in the markets. the fed is continuing to investigate in coordination with other authorities, including th

jpmorgan is cooperating with the u.s.nd has boosted its maximum estimate for reasonably possible losses to $5.9 billion. >> the european commission has cut its growth forecast and its inflation forecast for the eurozone. the former french finance minister. economies's largest are struggling to put the debt crisis behind them after two recessions in six years. france is not managed too well. >> the u.k. has definitely got a thumbs up. the german chancellor angela merkel says the debate between austerity is misleading. ferro is never misleading. let's talk to him. >> that's very kind of you guy johnson. they downgrade forecasts for inflation this year and next. equity markets reacted a little bit to that. dax is coming off session highs. italy just about to turn negative, and then it goes positive on me. gdp forecasted growth of 1.3% in germany, that is more optimistic than the german economy ministry. they forecast the french deficit is 4.7% of gdp in 2016. youdon't need me to remind that that needs to come down to about 3

yes, you do see jpmorgan selling many of its assets. gold man hour has said very recently it's committed to its commodity business. i know from my own reporting they have attempted to buy new assets, even as they sell some, including this met broke -- as well, the committee members noted that b of a merrill has attempted to add to its asset base in terms of physical commodities, has a pending request, apparently for several years now that has yet to be decided. it's sort of in limbo because of the dinamics we're talking about. >> kate, thank you for the breaking news. come back with any details you have. indicate kelly there. so basically three major banks in the cross hairs of congress for how they are treatling commodities. >> talk about the horse having left the barn, this is ridiculous to me. a report which probably took a couple years which this -- morgan stanley sold their oil trading business to ross earlier this year, barclays is out, jpmorgan is out and saying that banks should be separated from commodities is you could sur. a

. >> breaking news on jpmorgan. chu has the details. >> jpmorgan and its foreign exchange investigations and possible litigation. the firm has disclosed in a filing that thed oj is conducting a criminal investigation in various regulatory and civil enforcement authorities including banking regulators in the u.s. are looking at the company's foreign exchange trading business. the firm also said in the filings that it believes the estimate of aggregate range of reasonably possible losses from these types of activities legalwise is in excess of reserves already established and it could be an additional 0 to $5.9 billion as -- that's what they can reasonably estimate at this point. again, the doj, they confirm jpmorgan in a regulatory filing is conducting a criminal investigation with regard to the firm's foreign exchange activities and the firm does think it could be as much as $5.9 billion in legal reserves that they are setting aside for possibly covering this type of litigation, guys. back over to you. >> thanks so

jpmorgan c000 more jobs than originally planned.ontinuing the layoff trend for barclay's, bank of america, so many others. back with the fox biz all-stars. liz, since a lot of this start in the mortgage divisions that obviouuly, these guys very smart at this stuff, don't see that business to come. >> in other words, they're the canaries in the cole mine at the growth of the u.s. economy and boom cycle they'll grow, and bust cycle they'll cut back. in all the morj banks two years ago. >> and very early on. >> at the ssme time, what we're seeing with the bank, watch, this jpmorgan litigation reserve, cash stockpile to deal with lawsuits. it's bigger than the market cap of cigna or t. rowe price or delta or whole foods. p'm talking to the guys at morgan stanley, one of them equipped, this is no joke, buts true. washington, d.c. actually does create jobs because the compliance workforce is getting so big, they're adding more people to deal with regulators. >> and firing others to deal with the costs. jo ling, how bad does it get? -p>> t

are jpmorgan, hsbc, citigroup, ubs, and rbs.imated fines of between 225 million pounds and 250 million pounds. citi, 235, jpmorgan, 222. 1.1total not of fines is billion dollars. analysts expected it to be in the range of 1.3 and 1.5. that would have included barclays. so five out of six have been fined. is in ongoing discussions with the fca. cftc has also not included barclays in these announcements this morning. theillion worth of fines to banks that you mentioned and that was an estimate of about 1.5 billion. just a shade below that. >> and for ubs, we have levies here for them from their own regulator, which is finma, the american regulator, which is cftc, and from the fca. 100 34 million swiss franc's. the americans, 290 million -- sorry, 200 -- 280 million swiss francs. 234 million u.k., pounds. so total swiss franc levies on ubs, 770 3 million swiss francs. that is well within what ubs had already provisioned for. my estimates for provisioning was somewhere around $1.74 billion. we do have other american institutions. we

jpmorgan cting 000ore jobs thaorinally anned.elayorend for many others.ank of america, so back with the fox biz all-stars. liz, since a lotot of th start in mortgage divisions that obviouul these gys v smart at this stuff, don see that busin to come >> in other rds,hey're t naries in e co mine at the gwth of th u.sconomy and boom cycle they'll grow, and bust cyc they'llut back. in all the mrj banks two years ag >>the ssme ti, what w're seeing with e bank, watch, this jpmorgan litigat reserve, ch stockpile to deal with lawsuits. it's bigger than the market c of cigna or trowe price or delta owhole f. p' tal to th guys at morgan staey, onef the equipped, this i no joke, but true. washington, actually does create jobs because the complice workforce isetting so big, they're addingore people to de wit relators. and firing others to dl th the costs. jo ling, how bad get? -p>> three bankaying off thounds of people. there is a l m&a tivity, a lolot of tt are big mpi in the tech space they cover acquing smaller compaes. there is this upti

it includes citigroup, jpmorgan, rbs, and hsbc.nk of england has fired its chief currency dealer and they said they are aware they could be raising currency rates. >> there was information that indicated in the judgment of an ,ndependent employment review represented serious misconduct consistent with the banks internal policy. that was the cause for dismissal. the rest may announce its own findings today. walmarts new black friday 12:01 a.m.ne at thanksgiving morning and the last all the way through cyber monday. the world's largest retailer says it will run waves of in-store sales twice on thanksgiving night. scarlet will drop by for that. other retailers are opening earlier. all of their workers have to work. the whole thing is out of control. >> there is a problem. >> let's do a data check. brent crude getting near 80. we are not there yet. >> not there yet, but we do have some breaking news. bb&t is buying susquehanna about $200for million as it expands in the mid-atlantic region. $2.5 billion merger in the banking industry. b

banks like jpmorgan chase still face criminal probes by the department of justice. gerri. gerri: liz, thanks for that. and later in the show it is day three of our user'sfied to shopping. -- user's guide to shopping. wait until you see some the gifts we have for you. speaking of gifts s black friday becoming non-existents r tent? changing hours of traditional retailers is putting this traditional shopping day to shame. stay with us. gerri: third quarter earnings for embattled jcpenney coming about an hour ago and it was not good. sales falling shy of analyst estimates and it was the same story for macy's earnings earlier in the day. the department store chain beat estimates on the bottom line but missed expectations for sales. here to weigh in on what this means for consumer sentiment, retail expert billion mole lick. great to have you on the show. >> great to be here. gerri: are you surprise what happened to jcpenney? >> i'm a little surprised. i think jcpenney is continuing to trend in the right direction. their consumers spoke loud and clear saying they want their daily

jpmorgan says it is cooperating with the investigation. former banker has been cleared of accusations -- the former employee of this was lender ubs was accused of conspiring with wealthy americans to hide $20 billion in secret offshore accounts. but he was acquitted by a jury in florida of all charges. and carmaker nissan has seen their profits rise by a quarter in the past year. earnings of 2.2 billion dollars from strong sales in north america and the weaker yen. >> just to wrap up, singer taylor swift has found herself in the middle of another break up. >> she does like to write songs about breakups. the singer's music has been removed from the online streaming service spotify. the record label or taylor swift have not explained why the step has been taken, but it is thought to be that she can make more money from conventional record sales done from online listening. spotify said in a blog post that it hopes she changes her mind. 16 million of their users listen to a taylor swift song in the past 30 days. her new album is when to break

jpmorgan says it's kwording with authorities. the company is raising the top end of its estimates for legal reserves to $5.9 billion. jpmorgan trading flat in frankfurt trade. >>> former ubs executive has been acquitted by a florida jury in a tax cheating trial. he was accused of conspireing with wealthy americans to hide $20 billion in offshore accounts. the jury took about an hour to reach a verdict after a throw-week trial ended abruptly on monday when wells' attorney decided not to call any witnesses. now, nunkin doughnuts are rolling out a few doughnuts to help increase the roll on your waist line. we would like to know what holiday foods would you like to see made into a hot drink? john tweeted in saying there is only one, it's eggnog. happy holiday toes all at "worldwide exchange" and cnbc. thank you very much, john, and the same to you. if you want to join the conversation, get in touch with us by e-mail, world would it@cnbc.com or@krns wex. carolin, what about you, what's your favorite holiday drink? >> i don't know. i w

. >>> also on the jobs front, more jobs cuts coming at jpmorgan. the bank will cut 3,000 more jobs than previously expected. the layoffs will come into the retail banking division. what we're talking about is credit card, merchant services and mortgage units. with those cuts, jpmorgan will slash 27,000 jobs with consumer bank over the last two years. >> so where should those former employees and many others look for work? since the beginning of this year, we have been looking at where the jobs are, examining the skilled labor gap that many businesses say is hindering their growth. this month, mary thompson finds that jobs the are everywhere, as a matter of fact, as long as you're schooled in technology. >> reporter: for 32-year-old justin wu working as the software developer for paypal, he does what he loves and brings social goods. >> these technologies haven't changed for 30, 40 years. at paypal itself, they are on the cusp of changing the world using payments. >> reporter: wu joined paypal last year. >> i was shocked. i was surprised. i felt lik

. >> jpmorgan faces a criminal investigation into currency trading. the largest u.s. bank says it might need as much as a $5.9 billion to cover losses. >> farewell feifa. emirates drops its sponsorship in the midst of allegations of corruption. >> welcome to countdown. >> a warm welcome to the program. >> japanese shares are on the tear. we are joined from hong kong with the latest. the market didn't get everything done on friday, did it? >> it is getting the job done. it has been rising. it reached a six year high closing 3% higher. brokerages and consumer lenders led the game along with exporters. it was more than twice the 30 day average and it was closing 3.3% higher. itone point during the day, surged above 17,000 for the first time since the financial crisis. it closed out the best two-day gain in six years. it could not get the job done. holidayy was a public in japan so we were seeing a lot of movement today. saying itecurities was such a big impact from that additional easing that the that not everything could be priced in during one gain. the fact that japan

citigroup, jpmorgan, bank of america. they have been fined collectively.he feds say that these things need to do a better job of detecting bad behavior by rogue traders. all of the stocks are down one percentage point. the price of oil at $77 right now. all downhill from there. now we are hearing that senate democrats are thinking about improving the keystone pipeline during the lame-duck session. do not look now. down a fraction of a penny. there are some individual stocks that are moving today. here they are. yahoo! goes shopping again by bright role. what do you think the price was. yahoo! at 49 right now. that is a new high. up to 116 right now. we've were sold on single day. that is a lot of money. look at what we have for you and 10 minutes. dramatic and revealing. yes, it is. president obama. a deep reduction in greenhouse gases. he is expanding. china about reduction. china can increase its emissions for the next three years. look who is here. "wall street journal" editorial board member, mary kessel. >> i think you are right. he is calling climate

jpmorgan and citigroup or find more than a billion dollars each.aces a $250 million penalty. we may be on the verge of a huge takeover in the medical industry. is in the talks to buy the maker of botox. this is a bloomberg scoop. there was a gap of about $3 billion between what they want to pay and what allergan is asking for. valiant pharmaceuticals has the backing of the largest shareholder. in the banking industry. bb&t has agreed to buy susquehanna bank. premium. 39% bb&t also bought a bank in texas branches. republicans pushing back on the climate change deal between the united states and china. they made the announcement in beijing. china has agreed to cut carbon emissions and the president obama agreed to deeper carbon cuts here. >> this is a major milestone. it shows what is possible when we work together on an urgent global challenge. by making this announcement together, we hope to encourage all major economies to be ambitious. all countries, developing and developed, to work across some of the old divides so we can have a global climate

jpmorgan says it is cooperating with the investigation. >>> virgin america is going poub lick. on the same day that privately owned airline reported third quarter profits rose 24%, it also announced that it's planning on an initial public stock offering selling more than 13 million shares for upwards of $24 apiece. that would value the carrier at about a billion dollars. >>> and switching now to video games and the latest installment in activision's call of duty franchise called advanced warfare. it is now hitting stores, but can it reverse the big brand sales slump? julia boorstin has more. >> reporter: die-hard fans turned out at walmart for exclusive early access to call of duty advanced warfare. day zero edition. that's before it's available everywhere else tuesday morning at 12:01. advanced warfare has been called the most ambitious game in the franchise yet. set in the sci-fi future with kevin spacey playing a role. >> the journalist ought to be able to disagree with the president. >> wipe that off your face. >> working to build buzz for the game with a global ad campaign

jpmorgan, jr. testified in this room.hat got huge amount of attention because jpmorgan was a private banker. and it was here, in may 1933, the weakening of ma -- the beginning of may that morgan was testifying. barnum & bailey circus happened to be in washington. circus promoter brought along a little person who identified herself as the circus midget. and during a break, the senators withdrew to a back room to talk. morgan was sitting at the witness stand and the circus promoter dropped the midget into morgan's lap. he thought it was a little girl. he said, i have a granddaughter bigger than you. she said, yes, but i'm older. he dropped her. but every press photographer had a picture. when the committee came back, they were chagrined. they asked the press not to print the picture. it was on the front page the next day. it was a symbolic picture of these once olympian bankers being humbled in congress. it had nothing to do with the circus midget, but it showed the attention was being given to his committee and the effecti

>> we saw one with jpmorgan, bank of america now. i talked about this. it all leads back to morgan stanley who has been getting away from that business. they've ramped up their asset management business. people laughed at them. that's now the cash cow. so all the negative headlines for everybody else should point -- continue to point in the direction of morgan stanley. >> the negative headlines have also been opportunities to buy it the next day. citibank, we were all up in arms. a bigger linkage into something greater. an opportunity to buy the stock. this is a case where you really have to consider the big picture. the thing of bank of america, i'd look at the technicals of the stock. the stock has been running up against this level. trouble breaking through. that's a bigger issue than this accounting news. >> finally all these banks setting aside extra money saying this is what it might cost to get this behind us. that should be an opportunity. >> i totally agree with you. and i look at this whole thing. every time we see this, it's an opportunity. jp

portfolio manager for jpmorgan of european equities.o be had buying -- i know you are in equities man -- is there any case to be had for buying , which debt at under 2% could happen for the first time ever? does that make the equities case very compelling? >> do you think that spanish debt is attractive? there is still a spread over bonds. people are looking for a yield pickup. it is there if you wanted. i think the credit risk in spain has very clearly receded in the last three or four years. they are now very close to running a try merry budget surplus -- a primary budget surplus. yes. in a world that is scarce of yield, if you feel like taking a tilted a 10 -- tilt at a 10-year, why not? >> even better that the yield is that low. we keep having guests on that say yes, dividend yield. that is their mantra. >> the difference between evan yield and corporate yield is that it makes dividend yield very attractive a deep -- indeed. you need a conviction that the dividend it can grow over the next 10 years. dividend yield is a real return w

liz: jpmorgan, perfect, sic, let's do this, down team them. then he says yes. >> really encourage sympathy of the public after they brought down the financial system. now colluding through the financial system. not just foreign exchange market. also commodities and libor. i'm underweight investment banks and portfolio strategies. the yield curve will tighten but they're a favorite piggybank of the regulators. they're the whipping boy. they're going to keep getting fined and they bring it on themselves. liz: they do. >> why do they need to manipulate markets to increase profits? nobody believes in free markets anymore, liz. liz: you've seen jpmorgan in the past, say, due to legal fees, how about citi? due to legal fees we have to readjust certain numbers. this shouldn't paint all the people at these companies with a negative brush but nonetheless it really hurts the entire family of the company. >> liz, the financial etf, the xlf, is up over 16% year-over-year. so fines or no fines, these stocks have been still going up. they're still muddling

at jpmorgan to the list of banks in a criminal investigations. they say they're cooperating with the justice department's criminal investigation. plus, the bank faces inquiries from regulators and the u.k. and elsewhere. jpmorgan will set aside another 1.3 billion dollars to handle possible losses in this investigation. similar probes. >> saudi arabia has rattled the oil market. west texas intermediate fell to its lowest in three years from now trading for less than $76 a barrel. that comes after the saudi's cap prices for oil exports to u.s. customers. analysts believe oil stocks have increased. last month oil fell by the most in 2.5 years. >> may be the declining oil globaltells you that the economy is still recovering as all the bullish analyst state. quick so far this year, oil prices have fallen within 20%. crush of spaceshiptwo may have been pilot error. it possibly was ripped apart just seconds after launch friday when its braking system was deployed at the speed of sound. debris has been found 35 miles away from the main crash site in cal

according to a senate report which says goldman sachs, jpmorgan and morgan stanley manipulated prices. >> announcer: you're watching "worldwide exchange," bringing you business news from around the globe. >>> welcome to the show. the eurozone numbers just came in at 50.4 for november. it was expected at 50.8. the previous reading was 50.6. the composite number came out at 51.4 had. it was expected at 52.2. the previous reading was 52.1. >> and we should point out that the eurozone purchasing manager index for services came in at 52.3. that was in line with expectations. expectation was 52.3. lower than expected pmi data come out, but the services number coming in with expectations. >> euro/dollar, down 0.25% on the day. it was a little bit off the french reading, fell off the german reading. going to bring in james ashley, chief economist at rbc capital markets. james, after last week, we had gdp data which just showed the eurozone and growth. pmi data so far this morning is just more than we expected and perhaps suggest that we won't be able to stay in that growth environment for muc

i take this back to jpmorgan and jamie dimon. he was in a murky area.e walked into the department of justice and they slapped him across the face. j.p. morgan stock went up that day. they just want answers. if you do not know what lies ahead, how do you know if you can hire? >> here is a deal between harry reid and the senate democrats and house republicans, an opportunity -- >> a deal to get bipartisan progress. >> i think business wouldn't mind the idea of also having things the president wants. >> they just want to know the rules of the game. tell me the rules and i will learn how to get around them. >> yesterday, the commerce department released revised gdp figures. 3.6%, the strongest stretch of economic growth in the u.s. in more than a decade. you have been friends with every fed chairman. you and greenspan, you and bernanke, janet yellen is your bff. >> i do not think inflation is coming around the corner. we have a strong economy and we have a strong dollar. that acts as a shock absorber, a buffer. as far as the u.s. economy, it is doing so wel

jpmorgan and goldman sachs and the banksused of -- but the financial systems at risk. goldman sachs acquired a banker who brought along, the deaf confidential information. goldman also fired one of its supervisors. according to the new york times, the new york fed fired their employee expected of leaking that information. from a bob investors. founder jack ma says this is the most dangerous moment for the chinese e-commerce company. spec too much may from ali baba. he has previously warned employees about being complacent and failing to innovate as they have gone larger. and three students were wounded in a shooting at florida state university. the shooting took place overnight at florida state library. police shot and killed the gunman. students were told to seek shelter for several hours until an all clear was sounded. back to president obama passed his prime times the john immigration, the president is seen here in the oval office. iswill explain how he has -- attacking issue that was allowed to fester for too long. white houseow, correspondent phil mattingly in dcn

. >> at the ssme time, whwhat we'e seeing wh nk, tc, th jpmorgan litation reserve, cash stockpile tothlawsuits. it's bigge than the marketap delta or whole foods. rgan stanley, one of them equipped, this is no joke, buts true. washington, d.c. aually does create jobs because t mpliance workforce is getting soso big, they'redding moree people to deal with regulator >> and firing others teal with thecosts. ling w bad ds itge -p>>hree banks laying off thousands of people. theris a lot of&a actity, a lot of that are big companes the tech sce they cover acquiring smaller companies. there this upti. >> and get deals and all tha exactly. and to echo what you said, washington is engaging in a enrprise, we've seen it with the $13 bllion ttlement half of morga'snnual eaings. a loof money, government >> what they're saying is we're having etin to talk about meetings with meetings with reguto ey'r calling ithihis at cigroup and a jpmorgan chase pers said that. th knew the was a scwu vegetati unerse which is like dodd-frank, it's never-endingg tidef rulenitpicking. >> ridiculous. in the meanti, o

jpmorgan, rbs were also find.ain's financial conduct authority is expected to discuss these estimates at the news conference at the top of the next hour. profits will be lower in the second half than in the first. 160u.k. grocer will invest million pounds to reduce prices which would also likely lead to a final dividend. they anticipate years of negative sales growth as shoppers continue to look for convenience and better prices. ferrari ipl was inspected to happen between the second and third quarter of 2015, according to the chrysler automotive's. s. he is spinning off the luxury carmaker to upgrade capital. he hopes the floats will raise. >> i think anything i tell you about value today is going to be wrong. i have had plenty of conversations with most of the bankers who are talking to us about this. one thing i know for sure is we are going to get it wrong. the best thing to do is just wait until we go public and we will talk about value. let's turn now to geopolitics because the sanctions are taking their tol

there was another one that did not involve jpmorgan.ay, i have a lot of euros and a message to his counterpart, let's double this. i thought you were supposed to be in competition with each other. unbelievable they were working together. >> we have known this would happen for some time, but two thoughts i had, number one with a lot of money involved bad behavior will happen. also the large banks have a systemic almost endemic problem inside of their institutions with lot of money made or profits being made the higher-ups tend to look the other way. the other thought that i had was once again we see people that purvey criminal activity are not very smart. how can you document this bad behavior and what is entirely market manipulation. it is the crassness of what occurred. liz: while we do pick up a chart that has goldman sachs, they were not involved in this, it was for the u.s. banks. for the foreign banks, they have abused the trust. we wait on don't call it a polar vortex because that is not what it is yet but you are in the really co

of, there's a lot speculation that that was a direct shot at jamie diamond, ceo of jpmorgan. thei mean, if you read financial press, if you read the wall street journal, they make a was paybackat this for him, you know, not playing ball with the current administration. and i hesitate to say this is a problem of the current administration, because there of all kinds of administrations. but the lawsuit against standard poor's for downgrading the government's credit. i mean, that's a baseless lawsuit. the hell is that all about? we did what we were supposed to us?and now you're suing what's the legal basis for that? example is if you really talksllison's book, he about -- he opposed tarp funds. he's the former head of bb&t and i hope you all know who he is. he hoped tarp. he lobbied in congress. he was really against it. in essence, one day, they reallyly said, that es a great -- that's a really great bank you have there. thehate to see us change capital requirements, which would immediately render you insolvent, so you might want to rethink your optio opposition t. those are th