named defendants are javier martin-artajo who served as head of equity trading in that office and julien grout who was a vice president and a derivatives trade they are that office. as the complaints describe at the heart of this case are alleged lies and misrepresentations about the fair value of synthetic credit derivative products and in particular credit default swaps on jpm's books, the alleged conduct is simple and straightforward. the defendants deliberately and repeatedly lied about the fair value of billions of dollars in assets on jorpgan's books in order to cover up massive losses that mounted mount after month after month at the beginning of 2012. those lives mislead investors, regulators and the public and they constituted federal crimes. as has already been conceded this was not a tempest in a teapot but rather a perfect storm of individual misconduct and inadequate controls. we also announced a non-prosecution agreement with another former trader at jpmorgan, bruno ixall. before i get to the charges in some detail today, let me introduce our partners in this prosecution an

. >> there is here julien this book. >> yes. i am a buddhist but i have a strong christian anglican background. i gave my father's last rites on his deathbed. one of the major reasons we are so terrified of death is we are no longer in touch with the ritual of the end of life that old religion did so beautifully for us. one of the good people i interviewed for the book said the purpose of religion is to guide to the living through the experience of death and i think we need to recreate some of those rituals because giving my father last rites was immediately relieving of my anxiety and suffering. it helped me know that i had left my father and wherever he was going, whatever form it would take i felt i had done the right thing and i was being reassured by an ancient

julien grout is a french citizen. question will they turn themselves in to investigators here in the united states. prosecutors are hopeful that will happen but d defense will they mount? will they cut a deal or say look, this was approved by our superiors. that could open up a whole can of worms. that i not good news for jpmorgan chase. adam: you bring up a great point a can of worms. >> yeah. adam: two gentlemen they have to prosecute if guilty and two gentlemen might have broken the law and cost the bank roughly 6 or $7 billion. versus investments banks, commercial banks, ratings agency, freddie mac an fannie mae which cost the entire economy cost us 7 trillion and good that the government is on top of it. >> which have two what you would call midlevel executives here being found guilty but the question here how far up the chain does it two? will that come out in this case. wille interesting to follow. adam: banks sometimes get to plead neither guilty or not guilty. >> that's right. adam: ashley webster, ank you ve

at the fact that at some point, martin-artajo, who was the manager of-- bruno iksil's manager and julien grout's manager, said these orders were coming down from new york, so there's a hint in the charges that at least according to martin-artajo, he thought these orders were coming down from higher ups in new york, and so that other attorneys have said, makes them think that they may want to try to go after other executives. but if they can't extra died diet these guys, these guys aren't in this country, if they can't extradite them and get them to talk the investigation isn't going to go very far beyond the two that they've named today. >> so there's a question of whether they'll be able to get their hands on them. .>> yes. >> i want to ask you, what does this mean for j.p. morgan? the fact that it's just two lower-level people at this point who have been charged. the fact that regulators spent months looking into this, and as you say they're still looking at j.p. morgan. >> they are, and j.p. morgan expects to pay some pretty hefty fines. they expect to be find'd find by virtually ever

frenchman julien keller eventually came out on top. >> that looks pretty cool. >> it is pretty cool.oo cool for me, that's for sure. >> stay with us on dw. captioned by the national captioning institute --www.ncicap.org--

that's where the traffic has already started to slow a little bit because of an accident at julien mckee cleared out of the way when the second crash occurred likely is blocking a traffic light also treat chicken the bridges for you, first at the bay bridge ride print for the pri's most commutes here cahow pretty morning here. so is the conditions on the upper deck. no delays in to the city. here for the san mateo bridge, it looks good. traffic on the right side of your screen. a little slower now a 30 minute drive time is normal print your commute to the golden gate bridge is still an easy one not only here but as well as through marin county from the county line to the waldorf great. >>darya: 652. a major narcotics bust ends with two suspects behind bars. and it all happened by chance. police responded to a burglary call at an apartment building on morning. a trail of blood that led them to an apartment on the police also seized more than one million dollars worth of ecstasy. that's 30-thousand pills. 30-thousand dollars worth of cash and computer equipment were also seized. police bel

the only slowing is around the mckee julien. the rest is still looking good. >> we are just *hours away from the closure of the bay bridge. all lanes in both directions will close tonight at 8:00- pm. workers will then make the transition from the old roadway to the new eastern span. joining us from treasure island is kron four's mike pelton. >> we're now just six days away. you can say that the lights are turned on combined meat and the crews are not just quite ready to open up to traffic. they will shut down on the bay bridge tonight at 8:00 p.m. and reopen tuesday morning at 5:00 a.m.. here you can see the crews are working on the span. they have to do lane striping and paving. they also need to connected. it will have more scenic view and stability. the holiday weekend, receive less traffic so this is why they are changing forever. one woman i spoke with shared her memories. >> my husband and my went across singing the bridge song. melamin >> this opened the back in 1936. we would love to hear from you if you have any pictur

who served as managing director and head of equity trading in the that office, and julien grout, whoand derivatives trader in that office. as the complaints describe, at the heart of this case are alleged lies and misrepresentations about the fair value of synthetic credit derivative products and in particular, credit default swaps on jpm's books. while the transactions and financial products involved may be complex the criminal conduct alleged is simple and straightforward. the defendants deliberately and repeatedly lied about the fair value of billions of dollars in assets on jpmorgan's books in order to cover up massive losses that mounted month and month at the beginning of 2012. those lies, misled investors, regulators, and the public and they constituted federal crimes. as has already been conceded, this was not a tempest in a teapot but rather a perfect storm of individual misconduct, and inadequate internal controls. we also today, announced, a cooperation and non-prosecution agreement with another former trader at jpmorgan, bruno iksil. before i get to the charges in some de

transparency overall but in his previous commentary on wikileaks, for example, he is, was a supporter of julienange but felt the redaction should have been taken more seriously and mistakes were made and had they have been more careful in just secure -- that's the heavy burden of these whistle-blowers, if they're going to do it and they're going to make a big statement, if they are going to release highly classified documents it has to be absolutely perfect. >> you a yankees' fan? >> not really. >> because you're a new yorker. right? >> now i live in new york, but i'm a mississippi girl. i like the braves. >> a view on a-rod, playing tonight. not playing well. but he has $175,000 after being exposed as a cheat. >> i think he could care less at this point. he's made a ton of money. set some records. he feel, ah, my legacy is set in other ways. i could care less what would michael have thought? not a lot, i suspect. >> jo think he was really at the top of michael's list of concerns in life. michael was believer in fairness and i don't think he would have approved of a-rod necessarily. >> were you

and we have julien david. tell me this is not the answer to the daily commute to.rm into a fully functional planning? it is still being tested but apparently mayor are a lot of other this is the closest would you ever go on with these? >> i actually have sat in the plane but it was on display in cape cod at the museum. is $270,000 spicule make the argument is a value proposition? >> i think kevin just go if the cave with a parachute. >> where do you park it? >> great question can to parallel park in manhattan? >>. >> but that is a lot of @%ney. >> remember the story that we told you switching out the boots not getting the cheap stuff not a franchise owner has to pay half a million dollars in fines but if it is premium alcohol is a that the problem? >> would you expect? >> i am proud from new jersey i think every single them. [laughter] >> with these was rubbing alcohol with food coloring smith that happens all the time. [laughter] >> somebody should be in jail for that. [laughter] >> it is official despite the outrage over the boston bomber covered the major boycot

half jer martin-artajo and julien grout, a more junior level trader for marking value on jpmorgan's booksur charges of wire fraud. during a period of several months it's alleged they mismarked the company's position, grout did at the behest of martin-artajo and now a parallel case has been filed. we'll learn more from the men who brought this case in just a couple of minutes. >> thanks very much, kate kelly. appreciate that. very interesting story evolving there. sue? >> and the dow right now is down 110 points. digit loss. that does it for all of us on "power lunch." right, ty? >> and "street signs" begins right now. >>> and we begin with breaking news. a news conference bringing charges against two former jpmorgan traders tied to the london whale chase. preet barrera, known as the chief of wall street, about to take the stage. we'll bring that to you live. bob pisani and kate kell and herb greenberg and possible binsy as well. thanks for joining

to gangs or cartels and no history of violence, and offenses wouldn't impose mandatory minimums, juliennow, is that the right bar to sort of place there, to cut down on the prison population? >> well i think that's right. i think george characterizes the attorney general's reform accurately. and that's exactly where i differ with george here is that attorney general is exercising prosecutorial discretion here. he is not giving drug offenders a pass. he is simply saying, let's not charge them with crimes that would trigger mandatory minimums for ten years, sometimes more than ten years, for nonviolent possessory offenses. since the mandatory minimum lawets went into effect we have 800% increase in incarceration rate. we incarcerate at seven times the rate of most of the rest of the world. we have prison overcrowding of 40% according to the justice department. it seems there is some bipartisan consensus. not just rand paul make the case. new england, jeb bush, norquist saying the drug laws are out of kilter and this seams seems to me a good use of prosecutorial discretion so we don't trig

>> i think they have, julien bond who has been outspoken on that and taken a leadership role, so hasiden and the president of the united states, you might see the president evoking gay rights, gay marriage tomorrow. right before the election, he went to caesar chavez's grave, and prayed, barack obama and sat with the widow of caesar chavez. yes, we can, coming from the chavez movement. it might be an opportunity to bring the latino movement into the fold and have a talk about the poverty situation, that no one should be afraid of a midnight knock on the door. there's a lot of opportunity for the president. again, reread the second inaugural and i think this will almost be a component speech to the social justice part of what i thought was an excellent second inaugural. >> you know, it will be interesting to see how he ties the issues together. finally, james, i want to get to something i found interesting from "the washington post." they issued a mea culpa, turning out the "post" missed a lot of things in their coverage in 1963. they were forthcoming about this. the front page lead s

. >> julien, do you want to say anything? >> reporter: for all three of these 15-year-old suspects who were going to be in 10th great next year, they have all been expelled by the principal at the middle school last month. we'll see what happens with their school records. but for all three of them, this was the very first offense with the criminal justice system and so the judge will also take that into account. jenna? jenna: the victim, phil, the 13-year-old victim, what is ahead for him? >> reporter: he may actually have an opportunity, in two weeks to, testify in front of his three alleged attackers. at least prosecutors want to at least gift victim and his parents that opportunity to come here. the victim we're told is recovering pretty well. he was hit, punched, kicked, stomped on 50 times by my count, in about 60 section on that school bus last month. as far as remorse from these suspects not one indicated to me personally that they are sorry. they all just clammed up. but, for their parents they all seemed pretty embar

the other thing, julien bond, who was an active member of the movement at that time and later becameing you see in the pictures which is this was not simply an african-american crowd. it was an integrated crowd. it was all of america at that march. that is very inspiring to see and to remember. >> yep. you talked about harry bellefonte, charlton heston and james gardener, paul newman. it's pretty interesting. pretty interesting strategy. by the way, jon meacham, politics is fascinating. they knew kennedy was watching this speech and kennedy needed to be shown that this was -- that all of america or a lot of america was extraordinarily concerned about the plight of african-americans in 1963. it had passion, it had a point. and it had numbers. and reston saw something there. one other point we should make about how the world has changed, you know, white washington expected riots. people didn't show up for work downtown. it was an eerily quiet city that day. "the new york times" was so convinced there was going to be trouble that when russell baker was assigned to cover the story, they