a way for brokers like merrill lynch to compete with banks and then they got the government to create those quasi governmental not terribly regulated seal of approval that said these money market accounts are insured quote unquote and merrill lynch and other. why are house for as big wall street firms siphoned billions from the banks because hot selling brokers would call people up and say oh your money's stagnating at the bank you've got to be in the stock come over to merrill lynch so now we're finding out that all the support mechanisms that are supposedly keep this cash safe as safe as it in the bank are in fact faulty that in fact you don't have access to these funds that the brokers have a license to steal and this guy's never going to get his money back and he should be unemployed soon he's one of the one percent now we have to move from talking about the one percent to talking about the one percent of the one percent because everyone else in the categories are going to go bankrupt well i'm going to talk about the one percent of the one percent because in fact they aren't prote

and its acquisition of merrill lynch was never transparent and never understood it was losing value even as the ink on the deal of the federal reserve treasury department and bank of america was drying so in that respect it is the riskiest most scary bank right now right now as you said nomi prins thanks so much for being on the show the problem is so much larger and has to do with this fifth down i was no mean print in l.a. . all right before we go a quick reality check because the fed today its cut support asked for economic growth and it's raised its forecast on unemployment but it came out and said it will not do more to stimulate growth because the economy has strengthened and it touted the third quarter g.d.p. that recently came out as proof. the grossest rates and during the search order reflecting a quarter reversals of temporary factors that had weighed on growth for earlier in the year ok really quick reality check for people that are excited about last quarter's growth which came which came in at two point five percent and may have been a lot better than it was last

bank of america merrill lynch they're. just joined into the up with. with the federal reserve bank is just going to expand their balance sheet by however many trillions of requires to make all these these unholy security but it's also max the case is here that because of their power in this mafia of this syndicate this racket they're able to put these segregated account holders in a distressed position by being more powerful to be able to step in front of them in this chain of creditors standing in line at the trustees you know well that's true there is another leg so the massive manipulation scam of putting these people into a stress position similar to what they do want on a mobile and finally on this story jesse's café american says i have nothing against vulture funds per se although what i hear a few of them have done with two of the failed icelandic banks and their former directors proves rule for of zombie banking land always use the double tax. double refers of course to two shots to the head two shots through the head which brings me to more g

so bank of america's merrill lynch unit is soliciting for the purchase of claims against m.f. global as you may recall max bank of america is one of the major creditors of m.f. global with j.p. morgan and is reported to be one of the debtors along with j.p. morgan involved in the litigation trying to obtain superiority of their claims over customers whose money was taken last stolen by parties unknown for now but we're close their balance sheet is owned by the federal reserve right so they say oh bank of america wells with others carter called bank of america merrill lynch they're. just joined into that. with the federal reserve bank they're just going to expand their balance sheet by however many trillions of requires to make whole these these unholy security but it's also max the case is here that because of their power in this mafia this syndicate this racket they're able to put these segregated account holders in a distressed position by being more powerful to be able to step in front of them in this chain of creditors standing in line at the trustees you know well that's

economist at bank of america merrill lynch global research. >> the jobs report for october showed the economy has continued to add jobs, just doing so at a sluggish pace, so it doesn't change our overall view of the recovery. it still suggests it is on-going, it is just very slow and quite feeble. the economy is adding about 100,000 jobs each month, which is about what you need to keep up with population growth. it's not exceeding that, which is what's keeping the unemployment rate high, close to 9%. >>> prime minister yoshihiko noda will decide whether they will resume talks on the free trade agreement. >> translator: a team in democratic party is having discussion of the issue. when that discussion is finished, the issue will be brought to a meeting of ministers. there will then be a decision by top government and party executives. whatever the outcome may be, i will have to make the final decision. i am ready to do that when the time comes. >> noda said he'll do everything he can to promote the national interest if japan joins the tpp talks. noda had just taken part in the g-20 sum

and not telling shareholders about certain things that it knew about merrill lynch beforehand, he has used very pointed language and has raised questions about particularly the aspect of the settlement in which the company neither admits nor denies the charges. this is a typical s.e.c. settlement. it allows companies to do this because it's a way to get a settlement and avoid a trial that would be very expensive for the s.e.c. and beneficial to a company that has deep pockets like citigroup or goldman sachs. >> suarez: jacob frankal, this is a world you know well. what did you see in the 15-page order entered today by judge rakoff. >> what i saw was the judge saying to the s.e.c.-- and really to citigroup as well-- you did not tell me, the jumg, enough to be able to sign off on the settlement because this practice of the s.e.c. settling cases without admitting or denying allegations although judge rakoff certainly did criticize that methodology, the fact is that it's very important for the s.e.c. and really for the federal judiciary from a program perspective because this is an

after my second story, i started getting offers from goldman sachs, merrill lynch. i said, i wanted to do work that was meaningful to me, so ended up working in the prison system at rikers island. i know all of that was in so many ways possible because of the work that you did. i just want to say that i honor you, respect, love everything that you have done, all the roads that you have paid to allow me to do the best things that i have done. [applause] >> 44 years apart these two stories happens. clearly, life is not the same. so i went to ask you, miss coleman, what has changed since your time? and, bryonn, after that, what has not changed? when you listen to this story 44 years later for what you sat down and fought for, what has changed? >> well, that is a difficult question. i have to say, depending on what part of the country you come from -- when i have visited and montgomery, people ask, what did they get out of the civil rights movement? one thing. the street that i lived on, instead of calling it east dixie drive, they called it claudia colvin drive. [appla

so you're talking about the former head of countrywide countrywide of course was bought up by merrill lynch i suppose which got bought up by bank of america which will be soon bought up by j.p. morgan and the problem is. big to fail but don't look under of mine the curtain things get bigger and. this basilica he of course was caught red handed falsifying documents and committing forgery of course documents and giving loans to muskrats who are living in tree stumps half a million at a time and calling that a legitimate loan made and getting huge fees as a result and then when that when boss they got a huge payout from the government of course that's run by crony friends. who are occupying all the regulatory authorities sure they were the friends of angelo mozilo where the famous christopher dodd included you know they were congress people and senators who received special interest rates on loans from mozilla so that's right he made fraudulent loans made because illions of dollars and gave it to politicians to help them reelect him selves and he's off there sunning himself laughing his. who a

you can't close greece like we did latham brothers or buy it like a bank of american did merrill lynch, shepard. this about face shocked the world. somebody put heavy pressure on him. >> greek prime minister decided not to have the people of this country vote on the budget cuts and other austerity measures he has already agreed to after the leaders of germany and france warned cut off billions in loans to him as early as next week. he decided the referendum wasn't needed when the opposition leader said support the plan had a different take. >> he almost destroyed greece in europe, the euro, the international stock markets. his own party in order to ensure, what? so he can black mail me and the greek public. >> he made clears days ago the budget cuts were necessary and he will still push for a vote of n. no confidence in his government tomorrow night. >> shepard: very good news on the job market at home. unemployment claims are thought lowest they have been in more than a month. labor department reports applications dropped why 9,000 last week to less than 400,000. that's a five week lo

a lot of faulty securities and loans, same thing with merrill lynch.d the derivatives portfolio into the depositors side of the bank. they are looking to their captive must kers whethcutters welfare recipients, active service duty people or general population at large to figure out where they can make up for those losses and settlements they are facing in the other side of the book. if you split up their book, if you say, you know what, those losses in your securities portfolio, derivatives portfolio, you know what? we cannot let you pay those with nickel and diming and feeing up your captive customer base, that would be a huge step to ensuring that this kind of thing doesn't happen and customers aren't pillaged for the losses and speculative bad decisions made on the other side of the bank. >> great to see you this morning, nomi. thanks for your time this morning. >> thank you. >>> the primary calendar, all set. new hampshire keeps its status as the first in the nation presidential primary state. details coming your way in just three minutes. uh, i'm

work at merrill lynch, restricted. restricted. restricted.d people making policy, no restriction. we start with peter swietser, his new book explos insider tra on the hill. the book called "throw them all out." send the rest of us to jail. peter, delight to see you. i mention the restrictions that my colleagues and at cnbc before that and all my various sources and in the financial sources have been and continue to be under give me a sense of things you can get away with congress and imagine congress is a publicly traded company and the politicians are board members. >> well, let's pretend for a minute, dillon, that you're sitting down at at board meeting and the korngs hasn't been doing well. there are a lot of rumors about how bad is it going to be. you sit down in this meeting and they say dylan, this is a board meeting, secret, closed. check your cell phones at the door. listen, it's really bad. we're looking at losing 25% valuation on our stocks. don't tell anybody. don't let anybody know. this report's going to come out in a few days. >

a monthly analysis from bank of america merrill lynch found investors increasingly optimistic about europe'st its financial house in order. the italian senate passed a new budget law, allowing for formation of an emergency government. and greece's new prime minister, lucas pappendemos is forming a new cabinet. in stocks, disney led the gains higher on solid gains in sales and theater revenue. and caterpillar rallied on news they're shifting some production from japan to north america to cut down on heavy equipment shipping costs. that's it from cnbc, first in business worldwide. now back to "hardball." >>> on this veterans day, let us commit ourselves to keep making sure that our veterans receive the care and benefits that they have earned, the opportunity they defend and deserve, and above all, let us welcome them home as what they are, an integral, essential part of our american family. >>> welcome back to "hardball." that was, of course, president obama today at arlington national cemetery. returning veterans today, by the way, face a rough job market, as you might expect. and for veteran