london, whether you like it or not, new york is a great transatlantic mirror of london. >> rose: come on. >> london, i'm proud to be a new yorker by birth. >> rose: that's a very interesting thing. you were born here. how did that happen? >> the details i think will be familiar to most people, but i wanted to be with my mother at the time obvious here. she was here in new york. my parents were students then, my mother was in columbia university. so i was born -- >> rose: so you're an american. >> i'm an american. >> rose: you have an american passport. >> i have an american passport. i was the possessor of an american pass port. to travel to america i must use an american passport. america is very very quite rightly very jealous of its children. >> rose: can't we argue that like the empire, london was the proud city and the king of the empire. now america and america is a great city is new york and new york now much more than london houses the largest and furthest and deepest extension of culture and fashion and film and finance. >> new york and london are very similar. in population

lack of regulations in london.you about other financial institutions. i'm from new york also. i talk to them, they tell me if we put certain regulations in place, they'll leave new york and go to london because they have less regulations in london. i don't understand -- isn't there some kind of loophole in london other institutions, maybe not gorjpmorgan chase, they say we put these regulations in place, they will leave new york and take those jobs with them, that's what they tell me, to london. why is that if there's no london loophole? >> there are problems -- nothing to do with -- as far as i know, loopholes or -- >> we'll take a quick break once again and head back to capitol hill and listen to more testimony of jamie dimon. >> if a u.s. company -- if you made a list of countries from around the world... ...with the best math scores. ...the united states would be on that list. in 25th place. let's raise academic standards across the nation. let's get back to the head of the class. let's solve this. so i test...

is london is london is england ♪ ♪ is home ♪ chorus: ♪ london is london... ♪ ♪ nowhere like london..and is here ♪ ♪ london ♪ ♪ the country must be mad about it ♪ ♪ london... ♪ ♪ london ♪ ♪ country people rave about it ♪ ♪ london... ♪ chorus: ♪ london is england ♪ ♪ flabbergasting, everlasting ♪ ♪ london... ♪ ♪ london, london ♪ ♪ london people rave about it ♪ ♪ london is london ♪ ♪ country people pray about it ♪ ♪ london is my town and it's not the rhine ♪ ♪ oh, follow the country that shines ♪ ♪ the costers are talking of what they are hawking ♪ [band playing rule britannia] [applause] ♪ and london is london ♪ ♪ is england ♪ ♪ is mine ♪ [applause] why the hell do we come here? because we always come here? exactly. what's the matter with you tonight? good evening. why, she's got young calbury with her. calbury? he's some idiot in the horse guards. damn it, chips we've been stood up. stood up? she's forgotten. oh, dear. i am sorry. oh. johnny longbridge. oh, my god i've stood him up. i must get him over. not to stay. come on, chips. what will you think of me? nothing, except that you'r

>> i don't think this activity was in london because regulatory activity was less in london and most of what we do in london was european companies. >> well, what are the lessons you have learned from large financial institutions going forward? is there any way to ensure against this type of loss where a trader is forced to hedge the hedge and cover losses that led to more losses? is it possible to ensure that legitimate hedges never morph into something else? >>. >> it's not possible to ensure we won't make a mistake. hopefully they're small and few and far between and hopefully not life-threatening. we in this one area we failed to have the gran all limits and the review that we should have. we believe it's not true, and we fixed the problem. >> and where the risk limit rules raised while the loss-making position was in the books? no, sometimes, they're triggered and they ask for further focus and we heard about when the limits were hit. so do they raise them? they do get raised, yes. >> and why were they raised again? >> i think sometimes they do get raised so you don't know why t

some of that money in london went to the gambling tables in london. whether it was $2 billion lost or some multiple of that, that's why we're here. and i would hope that you would leave here dedicated to taking the money away from your london operations and lending it to small and medium size businesses. and if you can't find 100 in each one of our districts, we'll do it for you. now, i'd like to, without objection, put in the record an editorial by the wild socialist over at bloomberg. i assume there's no objection. >> without objection. >> they point to a study just published by the imf that says that your bank enjoys a $14 billion subsidy, that its cost of funds is some .8% lower because of the implicit federal guarantee. what we saw in 2008 is a belief around the world that if a bank your size was going to go under, there would be a bailout not just of insured depositors but of all creditors. that belief reduces your cost by .8% of your total funds is responsible for $14 billion. you are in a position where you are simply too big to fail. this rai

stayed in london. rained down, and i think that is part of the magic of the queen is that when it really mattered to her country, she stayed the course. we're also joined by peter. you are a general and cure ator of the national maritime museum. this for you has to be one of the great days, doesn't it? >> yes, that's right. splendid stuff. >> hey, let me -- if i may just intervekt. we're looking at the pictures, and you see this orchestra. it is the london philharmonic orchestra, and what's fun about that particular boat as it's the 1,000th is they will be playing quite the repertoire. the mi6 building, the british intelligence agency, they'll be playing the james bond theme, they'll be playing dan buster's walts when they pass by the globe theater a. why use the river as the back drop, because we have never seen anything like this on the thames since 1600s. >> well, that's the whole point is that the river is for the modern age, a great neglected stage. i mean, up until the middle of the 19th century,

when we think about the losses coming out of the cio in london did those losses stay in london or did the 30 billion or more drop in your market value impact your shareholders here in the u.s.? >> yes, it did affect our shareholders. yes. >> but you have lobbied very strongly and answered mr. frank. you do believe the foreign markets should be exempt from the extra territorial regulations that we're proposing here and if this impacted your shareholders here why do you continue to take that position? >> i think i said the overseas operation with the fed and the occ. these things went and collateralized. the reason we're careful about overseas competition, if j.p. morgan operates under a different rule than our foreign competitors we can no longer provide the best product and services to the foreign clients and that's why we're concerned about extra territoriality. if we compete we give our clients which include major u.s. companies better deals. they will go elsewhere if we can't give them the best possible deal no matter how much they like us. >> so you take that position despite the

my guest tonight, the mayor of london. his new book is called johnson's life of london.ple who made the city that made the world. please welcome to the program london mayor boris johnson. sir. ( applause ) >> thank you very much. jon: how are you? very well, thank you jon: thank you for joining us. johnson's life of london. there you get the picture. the double decker bus. there's a cat on it assume. you're a mayor. >> i am jon: of a major metropolis. let me move all this for a second. stay with me. i apologize for how windy it was back stage by the way. here we go. all right. which of these is marijuana, about an ounce, and is... >> no, no, no jon: 22 ounces. this is an ounce. this is not light. this is an ounce. which of these in london, as the mayor, would you penalize more heavily? this large soft drink or this large... >> illegal highly damaging narcotic >> jon: you're talking about this? >> what is this jon: that is a soft drink, a coca-cola. our mayor who is also the mayor of a major metropolis. if you were to sell someone this in a restaurant, $200 fine. if you'r

>> i don't think this activity is in london because regulatory activity is less in london and most is served in the european companies. >> what are the lessons you have learned from large financial institutions going forward? is there any way to ensure against this type of loss where a trader is forced to hedge the hedge and cover losses that led to more losses. is it possible to ensure that legitimate hedges never morph into something else? it's not possible to ensure we'll never make a mistake. anyone who has ever been in business makes mistakes and hopefully they're small and few and far between and hopefully this is not life-threatening. we in this one area we failed to have the granular limits and the review we should have, and we believe it's not true for the rest of the company. we try to be very, very disciplined and we fixed this problem the second we found it. and were the risk limit rules raised while the position was on the books? >> no. sometimes limits were hit and it asks you for details and where they were hit people did what they were supposed to do. >> so do they rai

. >>> welcome back to london. a rain soaked london. but our spirits are dampened. about every other part of it is. we're building up to the grand finale. really an excitement awaits us. breaking news. this is our colleague on our boat. my god it must be miserable. it's miserable up here. there were ten different vessels together. from what i understand in talking to the conductor the other day. ultimately it was prince charles to give the thumbs up on which music is played. then you have rhythm on the rive river. >> the national anthem. rhythm. it will have the jets around it. or helicopters. >> we want to get in a quick break to bring you the grand finale live. you are watching the diamond jubilee. i'm an expert on softball. and tea parties. i'll have more awkward conversations than i'm equipped for because i'm raising two girls on my own. i'll worry about the economy more than a few times before they're grown. but it's for them, so i've found a way. who matters most to you says the most about you. massmutual is owned by our policyholders so they matter most to us

now you know it's a hot money so once again we see that london you know london and germany you know their concern concentrating all the money and of course the swiss but zone has a problem because as you have seen the you know international bank of switzerland started to make wanted to divvy zings this is crazy you know we're you know the whole situation is just good you know you know going going down on the gutter i don't know if so then yeah the year zero nationally was brought in to bring harmony in the world but it has not has failed it's bring misery you know instead of harmony and is the bad guy once again germany. we can't see the german is the bad guy determine protests are protecting their interest which is normal every country is protecting their interests the point is that you know all the countries you know except germany you don't it just to bankrupt but when things get heated in a fog of a currency war people can say well they're protecting our interest in a lot of times ancient animosities come out scapegoating emerges you see how you are at each other's throat yes an

i didn't just baptize it the city of london t has been the city of london since -- >> how would it beby -- >> roman times. >> a europe collapse? >> as you will find out in "johnson's life." state of london was founded by a bunch of bushy italian immigrants called the romans and they built this wall, now really the square mile of the city. >> yes. >> it has been there for 2,000 years. >> i'm using it in the metaphor cal sense, referring to your financial sector, would your banks be able to survive? would the other financial companies be able to survive a euro breakup or any defaults or de facto defaults? >> dylan and i were just talking about this problem and i think it's very severe. the difficulty is that everybody in the european political financial establishment, particularly the bankers, the bank, are determined to keep the thing going, otherwise, they fear that in the current -- in the implosion, they individually, the bank, will lose money and i can see their point of view, and they will. but unless you have some sort of resolution, you will never end [ inaudible ] >> the threat

that is where the lord mayor of london resides. not to be confused with the mayor of london.d be david wooten. and she is now leaving that reception heading over to a lunch that is also in her honor. >> at westminster hall. and the rest of her family, royal family, are coming for the reception from guild hall. i believe they're already at westminster hall because she's supposed to be the last one to enter, i believe, to much fanfare and company. >> that's right. we are going to speculate about everything, so let's just bring in our experts right now, joining us in london, we have andrew roberts who is historian, camilla, who is a royal expert and ben fogle who is a correspondent for us here at nbc news. welcome back. thank you very much. we watch the transition of events this morning, what should we keep our eye on? >> every member of the royal family that we can find. and particularly i think people will be interested in the younger royals and seeing how they're coping. obviously kate the newcomer who everyone likes to point out. she'll be there at the center of it. and of c

some of that money in london, went to the gambling tables in london. where was it was $2 billion lost or something multiple of that. i would hope you would leave here dedicated to taking the money away from the london operations and lending it to small and medium sized businesses. if you can't hundred in each one of our districts, we'll do did for you. now, i wouldn't like to put in the record an editorial by the wild socialist at the bloomberg. i assume there's no objection. >> without objection. >> they point to a study published by the imf that says that your bank ebb joys a $14 billion subsidize that it's cost of funds is some -- a.8 percent lower because of the implies the federal guarantee. but we saw in stwaight a belief around the world that if a bank your size was going to go under, there would be a bailout not just of insured deposits but of all creditors. and that belief reduces your cosby.8 percent of your total funds is responsible for $14 billion. you are in a position where you simply too bill to fail. -- too boying fail. and -- too big

>> london. >> everybody is from london. everybody is from london.e they're enjoying themselves. you can bring your own food to the street party or you can buy your food. they're doing hog roasts and things up the road there. becky anderson on the streets of london. max, over to you. >> becky, on the banks of the river thames, full crowds filling the whole space here. not since the times of charles ii have we seen a pageant on the river thames. 350 years. everyone is set. guys? of what does today mean to you? explain it? >> it's good fun. >> why are you all here? >> to come see the queen. >> there we are. in two hours' time special programming from the river pageant, but now we're going to go to candy crowley with state of the union. >>> a recall race fueled by big labor power, tea party passion, and national implications. politics gone wild.

erica hill is in london. erica, what do we have from london this half hour?ood morning, charlie. lots to come. one the things we saw in the "eye opener," we showed some of this video from 1957, home movies from the royal family. they're making the cover in the paper. a lot of people talking about that this morning. of course, all the preparations as we kick off this four-day celebration for the diamond jubilee. we'll give you more on queen elizabeth, the past 60 years, and the incredible security feat. what it will take to keep everybody safe, especially during the 1,000-boat flotilla on river thames this weekend. >> thank you. >>> in the race for the white house, mitt romney is telling president obama look at your own business record. he visited solyndra, the failed solar panel manufacturer that got huge government loans. jan crawford has an interview with romney mr. that you'll onl& see on "cbs this morning." >> reporter: we sat down with governor romney in airport hangar, in between campaign stops in california. the first interview he's given since he clin

for london this year since something interesting i just came from london there was a three days ago four days ago we performed. a very long over a beautiful bit of a kind of wagner. and famous wreck feel very young so that was very recently on my next return visit to london is in may it will be totally dedicated to russian composer stravinsky yugoslavians key is arguably the most famous composer of twenty of century and maybe one of the absolutely most important musicians of the century and i am always on the road to just conduct his music everywhere in russia in america in europe is they in london it will be the star i mean ski season what about the olympics will you be performing in london during the games well my august there will be involved some london symphony orchestra i will be there myself for the closing ceremony and i think we will all hope for fantastic games and i personally hope also russia. well so you here you are pretty. active i mean socially politically recently recently you he were. endorsed put his presidential campaign why did you decide to to to give your popu

you're looking at live pictures from london. queen elizabeth ii being honored at a diamond jubilee thanksgiving service at st. paul's ka need. this morning's ceremony is one of the final events to wrap up four days of celebrations there. the service expected to wrap up in 15 minutes or so. after that the british monarch will attend private receptions and a lunch at westminster hall. then the royal family will take a formal change procession through the streets of london where hundreds of thousands of people have been camping out, waiting anxiously for that sight. >> what a beautiful location. st. paul's cathedral stunning. live shots inside the cathedral. i'm thinking that tomorrow might be a day of rest for the entire nation and especially the queen. >>> we're looking at the forecast, tom saying it's lion-like, clouds and cool temperatures? >> yeah, a gray morning over the potomac. that's a live view on this tuesday. it is feeling like a lion chill. clouds have been -- a london chill. clouds have been producing sprinkles and sc

to arrest after with the world's top whistle blower sort of political asylum ecuador's embassy in london to stop his extradition to sweden. egypt's convicted former leader hosni mubarak is reported to be clinically dead after a stroke the country is in limbo at the moment after the presidential runoff vote as protests rage over the military's relentless hold on power. and the mainstream media goes all out against those opposing intervention in syria with hyped up reports warning of imminent war games to be held in the country involving thousands of warships jets and tanks. it's good to have you with us here on ars he today i'm wrong receive should live in moscow straight to our breaking news for you this hour scotland yard says the world's top whistleblower is a liable to arrest for breaching bail conditions the warning comes after julian assange is took refuge in the ecuadorian embassy in london seeking political asylum in the latin american state to avoid extradition to sweden shortly here on r.t. will be crossing live to our correspondent sara firstly standing by in london but for now

>> london. >> everybody is from london. everybody is from

or is in the process of moving to london. is that correct? >> well, they are very significant operation out of london and they operate as a branch in many countries and they have advocated to this commission that that not be covered by dodd-frank reforms. i have a different view. i hope the commission will vote out to get public comment this thursday and that we don't in essence create another london loophole. >> that's what i want to ask you about. how does your oversight toolbox differ when trades are executed through london opposed to the u.s.? what are those london loopholes that you have described? >> congress has given us some discretion to interpret a provision of the act 722-d as to where the reach of the act and if it has a direct and significant effect on the commerce or activities here in the u.s. than it

london beats las vegas. this morning, a return to more traditional british pomp and pageantry. >> we're not going to see another 60-year reign in our lifetime. it's important to come to be a part of it. >> reporter: and it's a party, the likes of which, you'll never see again. now, over the next few hours, we're going to have a carriage -- over the next few hours, a carriage procession. weather permitting. we're going to have the air force fly past. the royals out on the balcony. remember the royal wedding? a bit like that. and prince philip, hopefully watching on tv from his hospital bed. and, robin, we wish him well. >> we certainly do, nick. nick, just a short distance, at trafalgar square. >>> joining us now is piers morgan, the host of "piers morgan" on hln. >> great to be here. it's fantastic, isn't it? >> what is the feeling of the people here? >> it's been a real resurgence on the popularity of the modern monarchy. but the viewing figures for these events in britain have been massively high than they

erica hill is in london. erica, what do we have from london this half hour? >> good morning, charlie. lots to come. one of the things we saw in the eye opener where we showed this video from 1957. home movies of the royal family. they are making the covers of some of the papers. prince charles and princess ann having fun at the beach. a lot of people talking about that this morning. of course all of the preparations as we kick off this four-day celebration for the diamond jubilee. we'll give you more on queen elizabeth and past 60 years and also the incredible security feat. what it will take to keep everyone safe during that 1,000 boats on the river this weekend. we'll have that for you as well. >> erica, thank you. the race for the white house, mitt romney is telling president obama look at your own business record. on thursday republican nominee to be visited solyndra, the failed solar panel manufacturer that got huge government loans. jan crawford is in los angeles and she had an interview with romney you'll see only on "cbs this morning." >> reporter: he