keri geiger is covering the storyfor bloomberg news and joins me now.me again to the newshour. you were saying this is an historic first what happened today. how so? >> well it's really is a fascinating case. i mean to put it into perspective, one year ago we had no banks on with the that had ever pleaded guilty to criminal charges. and today, we have eight banks in total. we've had two banks last year deutsche bank earlier this year, and today specifically we have five more banks. so it really shows a shift in how the dufs department of jfs is doing enforcement actions and policing with the. they're taking much harsher penalties for criminal activity that maybe a year or two ago may not have warranted a guilty plea. >> woodruff: tell us more about what is going on. we heard a little bit of it from the attorney general and how they called themselves "the cartel." how does this work? >> so you have a hand full of traders at each of these five banks, as loretta lynch said, participate in these chat rooms. and basically, what they do is coordinate really l

host: keri geiger from bloomberg news is joining us and talking about this

and thank you to keri geiger. ahead, pablo picasso's painting sold for 170 $9 million yesterday at christie's auction house, making that the cost of artwork to ever be sold at auction. 170 $9up, if you got million was expensive, we will show you what $150 million will buy you. ♪ pimm: welcome back to bloomberg market day. let's go straight to julie hyman with a look at what is happening. julie: i want to take a look at the movers today. the bigger one and has been is pall corporation. the biggest gain in s&p 500. wall street journal reporting 80's in nearing a deal to sell itself near a valuation of $10 billion. the stock is up 18% on that. who could be a buyer? perhaps dan her and thermo liner scientific buying -- for that acquisition. if you look at how those stocks are performing today and you look at dan her and thermo fisher, hopefully, we can. there we go. they are trading higher but derma fisher is not, so it looks like folks are tried to place their bets on who could be the winner of that acquisition rates

later, kerilater, keri geiger talks about the justice department's decision to indict 14 officials withinifa. those conversations, plus your facebook comments, tweets, and e-mail. ♪ host: former illinois republican house speaker dennis hastert received charges of and properly using bank finds an attempt to pay off a long time acquaintance. he was charged with lying to the fbi. it is "washington journal" for may 29. yesterday, president obama made a visit to the national hurricane center in miami. he spoke about the connection between climate change and severe weather events like hurricanes and severe flooding. he said climate issues lead to security issues across the globe

keri geiger is with bloomberg news and she and her team have followed this tick.d look back six months ago, what was the story that caught your attention to how many were involved in getting this point, how many screwed up. >> this really has been an incredible interesting tale of how these banks colluded to fix the foreign exchange market. a handful of traders in these small chat rooms call the bandit chat rooms and sometimes there were only four or five people at any one time. tom: has this always gone on and we just finally caught up to it? >> the chat rooms and e-mails always seem to be the downfall where the evidence plays on a lot of these issues. you cannot typically prosecute a case in just e-mails and chat room so it is likely for cooperating however there does seem to be kind of a deafness of people on wall street that they are still doing this stuff in chat rooms and getting over e-mail and their employers are paying these huge fines and pleading guilty. brendan: low-level collusion wasn't really possible before. what has changed on wall street? >> it s

keri geiger has more on this cash conundrum. walk us through it. and cannot find money to banquet. keri: this is a crazy problem. marijuana is not legal federally. it is legal in 23 states. it is a fast industry which is about $3 billion a year, mostly in cash generated by legal marijuana businesses. that cash is having a hard time finding a banking system. thanks which are federally regulated as you guys know cannot take that money. even though there has been help from other various agencies like the treasury department and the department of justice to provide a roadmap, they still can't do it until they get a green light from federal regulators. stephanie: it is not their fault. banks are desperate for new revenue streams. isn't it in the hands of the government to give them the green light? get it? green light. keri: totally. federal regulators are going to have to provide some kind of exemption. our congress is going to have to step up and change the law. marijuana is a class one drug. if you are buying and selling it, even in states where it i

let's go to keri geiger.ell us the significance of the settlement. 4 guilty pleas from these banks. 4 a year ago we didn't have any on the record and today we have a total of eight which includes those we saw today. you are seeing a shift in how the department of justice is enforcing bad behavior on wall street. we are entering into uncharted territory. we don't know what it looks like to have five of the world's biggest banks with a guilty plea on their records. customers are going to respond, what steps there are for those banks. yvonne: the department of justice has seen a lot of criticism since the crisis for settlements being a slant on the wrist. does this change the way they are going to be policing wall street? guest: it shows the big question is whether or not giving the bank a guilty plea, and what we have seen that have taken them so far, very recently deutsche bank, and the five we have today, it is business as usual. it doesn't seem to impact their core businesses. they don't seem to have problem

keri geiger with us. it is understandable if people out there have bank settlement fatigue.n settlements and money laundering over mortgage market manipulation. now it's about liable and foreign currencies. why is this important and why should people care? ker:i: this is a pretty historic settlement. we have five thanks huddling on all one day which we typically don't the. in the period of a year, we have had no banks on wall street with you to please on their records now eight. we will probably have five today. we will find out more at 10:00 when the doj has their press conference but this is uncharted territory for wall street. it is also uncharted territory for the department of justice and the bank regulators. it is hard to see what is going to be happening with the banks and with a nintendo collateral consequences. the regulators -- unprecedented collateral consequences. the regulators will want to continue operating business as usual and tired the deals. thanks probably are probably not going to have disruptions in their businesses. that calls into question, what is th

.: thank you so keri geiger, one of our reporters covering the story from the beginning, we broke itwo years ago, is here, as well as brad. good morning. i, we knew this was coming, we had a good sense of what was going on behind closed doors, negotiations. any of this a surprise? is interesting that the one bank regulated in york have todaylays, they the biggest fine, $2.4 billion. the other banks, we were expecting roughly the number of fines. what interesting to see the actual charges are and what we can expect next with the case. when arad, you are up guilty plea was tantamount to the end of your business. brad: absolutely. you lost your ability to deal with pension plans. olivia: you probably would have lost your ceo. not any longer. we have a justice department making statements. you have also increased the price to the banks because of the civil litigation that is going to follow. once you have pleaded guilty, think of the issue of a follow-on civil case. you'll never go to a jury. the banks looks like can afford it. the shares are up today. keri: ishares always got. we didn't

alix: julie, thank you so much and joining me is keri geiger. this guilty plea come with any teeth? keri: guilty pleas are tough for people to swallow because they have to get what is called a waiver to do a whole bunch of different businesses included -- including issuing different loans. we saw this last year and now we are going to potentially see five hanks including several u.s. banks pleading guilty. this is not a concern for the banks, but there is a question of among the marketers and the lawmakers, basically, have the guilty pleas lost their bite? alix: and the other cases that you brought up, there are workarounds, yes you can plead guilty, but, and that made it easier for them to operate in the u.s., for example. keri: it will be very interesting to see what the justice department comes out with, and we could see a settlement as early as wednesday, and what conditions are being built around this, and my guess is that they are doing everything that they can to make sure there is no interruption on way -- in any way, shape, or form. ali

keri geiger has been watching the sums. heard this morning a justice department official saying we should think as the banks of being on probation. why weren't they on probation after libor and now they are in trouble? keri: great question. ubs clearly broke probation and that is why they had to take a guilty plea. the entire street has guilty pleas. is that type of enforcement on wall street you know, basically getting diluted? what's the point of doing this if there is not any real ramifications? i understand the justice department has to do something. is there a way to police these corporations in a way that makes sense and can deter bad behavior? is anyone expecting any ceos on the banks to resign? my guest and what i have been hearing is no. as long as the shares are good, shareholders are happy. tom: citigroup is in the biggest trouble, they are the ones with the further story, do you agree? keri: i think all of the banks are working things out. investigation after investigation. brendan: do you have any sense that th

later, keri geiger with bloomberg news talks about the decision to indict 14 individuals with fifa, theworld soccer association. >> here are some of our featured programs for this weekend of the c-span networks. on c-span, saturday starting at noon politicians, white house officials, and business leaders offer advice and encouragement to the class of 2015. speakers include former president george w bush. at 9:15 p.m., former staff members reflect on the presidency of george h w bush. sunday at noon, more commencement speeches from across the country with former secretaries of state condoleezza rice and madeleine albright and philadelphia mayor michael nutter. on c-span two, book tv in new york city beginning at 10:00. live call-in segments with publishers and authors throughout the day. sunday at 9:00 on "afterwards" kenji yoshino talks about prop eight, the law that took away the right for same-sex couples to get married in california. sunday afternoon just before 2:00, the life and death of our 20th president james garfield, who served almost two decades as a company from ohio and was

host: keri geiger from bloomberg news joining us to talk about issues of fifa. has sepp blatter, with a definite plan of moving forward from this? guest: i mean, he has publicly said that, you know, he welcomes the investigation and they are open to making changes for the good and so forth. many people have been calling for him to step down or not to run for another term for a long time. i feel that a new leadership is necessary to really see the change and opportunities and potential growth that this organization has. we will have to wait and see what happens with the elections. host: keri geiger from bloomberg news is joining us and talking about this investigation, taking a look at international soccer and fifa. thank you. guest: thank you. host: the house is in for a pro forma session today. we go to a turnout. [captions copyright national cable satellite corp. 2015] [captioning performed by the national captioning institute, which is responsible for its caption content and accuracy. visit ncicap.org] e the house a communication from the speaker. the clerk: