in this case lee raymond, presiding director of jpmorgan. the person who i think people would look to for leadership on the board. so i wl go dunn there to ask him a question. melissa: you will fight your way up to the mic? i don't know if people at home know how this works. i've gone to these meetings. streams and streams of investors come in and they come upnd ask their questions. this what you're going to do? you will hang around and talk to them? what is your plan, gameplan. >> i will not have a prayer circle and not banging on drums. melissa: there is some of that too, yeah. >> but having said that i treat this as a regular old research mission. melissa: yeah. >> i will go there to ask people basic questions. in other words, howoes the board hold themselves accountable, what do they consider as success? how do we know that lee raymond, the presiding director of jpmorgan is overseeing the ceo and management well enough? how --. melissa: what makes you think you will get that answer? lee raymond is a very straightforward guy. he is very d

is lee raymond today the lee raymond of 20 years ago. perhaps jp morgan's tilting the balance in favor of jamie dimon it waits to be seen. >> thank you for your insights. mike mayo. >>> still ahe the fire for unfairly targeting specific groups. we will look at how deep this scandalal may run. here is how the international markets closed today. >>> time for market focus. we bewigin with biogin. shares are up more than 50% this year and today they continue to rise closing at $222 and change. investors taking a second look at take two interactive after the video game developer reported higher than expected profits after the bell. also raised the outlook beginning with the current quarter. the shares were down a fraction in the regular session and then surged more than 5% in after hours trading. >>> the tv networks begin preseason sales meetings, abc says it will begin to live stream programming in some cities on mobile devices but only to paying subscribers to cable. disney shares touched a new all-time high at 67.52 before falling back sli

it makes sense. >> lee raymond is one of the more refreshing gu in the buness.hn stossel. this is fantastic. i can't wait to watch the show. you go through all of this. >> and more. melissa: and more. john stossel, watch tonight. thanks very much. >>> speaking of gas, th next story is anything but a myth. $2.50 for a gallon sounds like a fantasy these days. tomorrow a bj's wholesale club in baltimore is selling it for exactly that price, wow! it is all to help kick off memorial day week. the store says i wants members to have extra cash in their pocket wn they hit the road. the sale starts 6:0 a.m. are you going, john sssel. >> how much gas will they burn waiting in line to get that? melissa: i was afraid you were going to say that. >>> next on "money," a million dollar idea can come from the oddest places. what a florida woman and hat all money is getting my creative juices flowing. lo at that hat? do you recognize anything on there? you can never have too mh money. ♪ . ♪ melissa: it is a little fun with "sre change. thanks to both of you for doing this. first

melissa: although i interviewed lee raymond said. we're in the energy business.y care what it is. right now it is oil because that is the thing that makes the most sense and the cheapest. if there were something else that makes more economic sense i would do that i don't love oil. i'm not focused on doing that i want to do what makes economic sense. i would switch to whatever the other thing was that created energy. it is economic. it makes sense. >> lee raymond is one of the more refreshing guys in the business. melissa: john stossel. this is fantastic. i can't wait to watch the show. you will go through all of this. >> and more. melissa: and more. john stossel, watch tonight. thanks very much. >>> speaking of gas, this next story is anything but a myth. $2.50 for a gallon sounds like a fantasy these days. tomorrow a bj's wholesale club in baltimore is selling it for exactly that price, wow! it is all to help kick off memorial day week. the store says it wants members to have extra cash in their pocket when they hit the road. the sale starts 6:0 a.m. are you goi

the one concern that is on the mind of lee raymond going forward is making some changes on the risk policythree top drerks on that committee had approval ratings in the 50 percentage point range. that is not good. they said there will be changes. stay tuned for those. and that they are listening to shareholder concerns in the meantime. that's the latest from tampa. maria, we'll send it back over to you. >> thank you so much, kayla. >> so with jamie dimon keeping both jobs, should you bank on shares of jpmorgan chase right now? let's look at the charts and start talking numbers on the technical side with rich roth. and on the fundamental side, it's enis taner. good to see you both, guys. you heard the superlatives, rich. it's a 12-day intraday high for the stock. it's ready to close at a six-year high today. it's had a great run. do you like it here? >> bill, clearly this is a case where life imitates chart. this is a compelling buy. let's bring up that long-term chart and i'll show you what i mean. we see this decisive breakout to a fresh 12-year high above $53, that kayla alluded to. but

if lee raymond is the lead director.hallenge the ceo with such impugnity and without worry? >> we'll talk about the policy officer from glass lewis later in the show and one of the big advisory firms. let's say, though, jim, that it does pass. what is a reasonable response? do they start a succession plan with a split role? >> i guess so. i mean, it's non-binding. >> it's non-binding. >> you don't like to go against these agencies, but i question the agencies. i'm putting it right in the face of the agencies. what level of homework did you do? do you know what dave cote has done? >> it's know as though they haven't gone through a very rough time lately and the london whale and a number of other things occurring there. >> do you think he had to include himself? >> i don't necessarily believe that, but it has been a rougher road for jpm. >> but i think he talked aggressive action. i still believe -- >> one of the things we know about this business -- >> you can be in a job for a long time. >> right. >> we do know this is a

i mean, lee raymond, former head of exxon, says they're going to be replacements on the risk committeefuder, david cote and james brown. is this a signal to jamie dimon, this woman fuder got only 53%, not very much. in fact, all under 60%. this sounds like a warning to jamie dimon. >> well, you know, i think they wanted to make some changes on the risk management committee, already. in fact, going into this, since the london wale crisis, added a ceo of a big four account canning firm and need today beef this up. this isn't to say the risk management committee doesn't have hard working people meeting constantly on this. you look at some of the language used in the trades s and no regulator, no financial analyst, nobody in management, let alone any financier could figure out what they were talking about. so i don't know that more expertise -- i think one of the things the governor govern iistas like to make a ritual out of, you look at freddie mac, they're all financially literate in the mortgage backed securities. >> i understand. i understand. i'm just saying that i think the sharehold

he's got a leading director lee raymond who certainly can stand up to him.e on this, do we have balance of power? it may not be theoretically the best model, but seems like a good model. to me, the issue on this is all downside. if this -- if this gets taken away, it adds downside to the stock. if it -- if jamie stays and everything remains as possible, then what you have is you have jpm like the other financial institutions participating in a recovery of the u.s. economy, a small investment banking rebound and a trading rebound. you know, it's a great story at jpm. >> how much is the jamie dimon premium worth? talking 10%, 20%? 50%? >> no, that one -- i'm sorry, that's one i'm going to dodge. the issue on that is, you know, is -- are executives irreplaceable. and the answer is no. no one is irreplaceable. but jamie is a very, very capable executive. and it, you know, this is -- this adds an uncertainty to action going forward. it would not be good. >> but as an analyst, you have to model, you know, as the analyst, don't you have to factor that into your mod

in a letter to shareholders, jpmorgan directors, lee raymond, and william weldon, former j&j chair, urgedreholders to reject the position, saying they firmly believe in the need for flexibility and that a split could be disruptive to the bank. news corp.'s rupert murdoch tweeting, the bank would be up a creek without dimon, calling him one of the smartest, toughest guys around who didn't bend during the financial crisis. former ge chair and ceo jack welsh tweeting, dimon's results through the financial crisis earned him the right to hold both titles, calling him a great leader, while the oracle of omaha says, he's 100% behind dimon. >> i think he should maintain both the chairman and the ceo -- >> i think it's fine if he does, sure. >> so you're on board, not just as an outside observer, but also as a shareholder at jpmorgan? >> right, right. >> but it was also under dimon's watch that we saw last year that $6 billion lost in the london whale trade, and that's prompted proxy adviser glass lewis to recommend jpmorgan shareholders vote for splitting the chair and ceo roles in the interest o

lee raymond's going to take a bigger role. that's the former ceo of exxon. this is good news. it's about window dressing up there. i hate to say it. but this is a company that had record profits even after the bull -- the whale, excuse me. after the whale. and i think more of that comes to these guys going forward. >> there are a lot of people who think the whale was bull, timmy. >> it was bull. >> well done. >> thank you. there may be evidence the rally is in fact getting stronger. let's go off the charts with jeff weiss. chief technical analyst at tejas security groups. good to see you. >> it is good to see you. >> so we're talking the technicals and we're looking at the new s&p support level as the market just keeps creeping higher. >> it does. we're approximately 130 days into this bull market. dating back to the november 16th-19th period of last year. and looking at this chart which is a weekly closing chart, which gives us an aerial view of the market, if you will, we have this dashed line which basically goes back to the march-april period of you can see 2000. this isn'

lee raymond is the lead director and he's the real lead director. i don't understand. people don't like jamie because he came through this thing with great, flying colors and now this is the revenge of people saying you know what? you're not so perfect after all? i don't know, i like the stock. >> there's the other more complex issue and if you were to separate it, very difficult to do once that person has had both roles. suddenly to not have it it is a messy management structure. >> they have a real board, if the board thinks they should split it, i trust the board. this is not a board of hacks and this is a bunch of people who are at the top of the game. if they think it ought to be split i'm all for it, but it has to be the board. >> we still have a few weeks before the meeting in tampa. when we come back one of the biggest soda and snack companies join the fight against obesity. later, financials, as jim said, turning out to be one of the biggest outperformers this month and which are the best for your money? we'll show you how to invest in some banks. as we head t

lee raymond, presiding director of the board of directors actually said this is not the time for disruption, they have much work ahead and he was referring to the oncoming regulatory programs jamie dimon stalls or 0 -- shareholders they can expect. connell: adam shapiro from tampa. i want to bring in senator judd gregg, out of new hampshire, he was named ceo securities industry and financial markets association. jpmorgan. for joining us about before we zoom in on what adam was reporting, what is your view if you have a general view whether large banks should have the same person mr. chairman and ceo? >> that is up to the stockkolders, the board of directors. my view is jamie dimon is one of the best leaders of financial institutions, i a very small stockholder of jpmorgan and strongly for keeping him as chairman and ceo. i see no reason to separate that, it is very complex and very significant, needs leadership and he is a very strong leader. it is really corporate political correctness to try to separate these rules arbitrarily and for no good reason and you could end put a lot of disrupti

also making an appearance lee rain raymond, one leading voices that challenges jamie dimon and previouslyhareholders as potential not being a strong enough voice to counter dimon. he saying he's never been told he's not strong enough and the genetic makeup of executives means you are not a wallflower by nature. it comes on the risk policy committee. three members of that committee have seen very low approval rates, of in the 50% range. alan futter got the lower rate. futter was not friend today. and james crown got roughly 57%. raymond speaking in responsible response to those number saying you need to stay tuned, and then prepare to keep listening to shareholders. tyler and sue, back to you. >> kayla, thank you very much. we'll check back as developments warrant. >>> eight years and 70 million xboxs later, believe it or not microsoft reveals the next generation. we have some of the first pictures, and we'll take you inside the brand-new xbox. bny mellon combines investment management & investment servicing, giving us unique insights which help us attract the industry's brightest minds wh

. >> john, if you had a strong lead director or stronger lead director, are you happy with lee raymond that a fair outcome for you? >> this is not an attack against lee or against jamie or anybody. >> but isn't that what it is in extra pra? i understand the principal of it. >> i think jpmorgan chase has mounted a strong campaign. they have made it about the personalities involved. we have always talked about the fact that we do need stronger corporate governance. this is an issue that's becoming more and more in the public's eye. therefore our pensioners and in turn our tax payers. so look, again, the sanctions imposed by regulatory agencies. i think this is a cause for concern. it's only right we talk about these issues. now, whether or not the resolution passes today. >> the issue is that this decision is not going away. in the coming years, i believe this is an issue that will become more and more publicly discussed not just jpmorgan chase. >> many more corporations that still have the split title or the same title. chairman, ceo. a lot of people with no common sense. >> people want

i think that the idea of lee raymond is not that good and cody not understanding risk. >> dave cody shouldand say can i understand why you guys understand risk? >> it's kind of embarrassing. >> if you are a j.p. morgan shareholders, if it does go against and he decides to leave. my charitable trust -- which is a possibility. he can make more money. he can go somewhere. >> i don't think it is about money with that guy. >> he may be doing something else. not that he hasn't made enormous amounts of money. >> david, sometimes there's more to life than money. it doesn't buy you happiness. >> how many boats can you water ski behind? >> how many houses can you own? >> i only have one. >> how many houses can you own? >> by the way, you mentioned speaking of wealth, james murdoch does sell some news corp., the non-voting stock and it's not a routine sale. it's 20% of his stake and holds on to the class b shares, but what a run it has had. up 60%. this was an dollar 18 stock last june, i believe. these companies split themselves up and they were going to give the publishing division some money. also

when it discussed the matter with lee raymond, raymond cited the challenges of recruiting board management risk management skills and no conflicts. citigroup and bank of america for their part according to iss, have both been able to add a handful. j.p. morgan says it strongly endorses the reelection of the current directors and disagrees with iss' position. they have served the company well and that recent oversight and mistakes were not attributable to that committee. further, iss backs a non-binding proposal that would split the chairman and ceo rules in favor of appointing an independent chairman. 40% were in favor of a similar proposal last year and the ceo jamie dimon in both roles. dimon has held the dual roles since december 2006 and bill harrison stepped down after the successful merger of j.p. morgan and chase. since then you can see shares of j.p. morgan are roughly flat. of course, both of these pressing issues that are going to come to the fore in the meeting with tampa which is two weeks from tomorrow. carl? kayla, thank you for that. >> as you know, the markets are hovering

so can lee raymond go toe to toe with jamie doimon?t to thank you. >> if jamie dimon was to leave, then the stock could fall 10% perhaps with a huge market loss. >> yeah. i put out a note yesterday saying that j.p. morgan market value could decline by $20 billion, if not only jamie dimon was stripped of the chairman position, but if he also left as ceo. is this bluffing? partially, but it goes to the point if you strip to the chairman position, maybe he doesn't stay as long. >> meek, we want to thank you very much for joining us today. >> we've been speaking with mike mayo and an analyst at clsa. here at the morgan stanley analyst meeting i want to keep you with one last thought. he was talking about the financial industry and he said higher bank capital requirements could hurt the economy because it would restrict lending. he encouraged regulators basically let dodd frank get finished first before he started talking about new capital requirements. guys, back to you. >> thank you very much. mary live from the conference. >> today marks

lee rayswmond has come out to address questions about his role and how he plays this role on the board and why he thinks it's the correct one. raymondcdote from his days at standard oil companies saying there are two requirements for a peaceful coexistence. the board needs to be able to oust management. but management can't oust the board. like wise management needs to be able to run the company. and the board can't run the company. the board will respond in due time to any concerns raised by shareholders, even if vote does defeat the proposal to split the chairman and ceo roles, that the board would respond to whatever critical mass of shareholders were voting in that regard. the risk policy committee came under oversight of the loss that occurred over the last year. also noting that he's very proud of jpmorgan. he said he's proud of dimon's work. just up is a pension fund that challenged the work onto hold where the vote stood during an 11-day period when they were try to posture in terms of how to plan for what would eventually come out today. hod the to jump on air. kelly, back to you. >> thank you very much. let's hear more on