mcreynolds with merrill lynch.e continued to work with them for more than 30 years. >> what were the issues connected with this case. >> reporter: they said that merrill lynch was run like a fraternity, like a boys club. the white brokers would work like teams and exclude the black brokers. they would bring in more money, and the black brokers would earn less and those who earned more were given more clients. so they said they were disadvantaged. not the accusation that merrill lynch deliberately discriminated but there were systems in place. >> all right, john, in chicago. john, thank you. we've been telling you about the major storm working its way through the southwest of the country, and heading east. well, there is a pretty strong storm that is slamming the u.k. and i understand that pictures are pretty extreme. richelle carey is here. in. >> reporter: thank you. let's get to the picture. they are dramatic pictures off the coast of britain. winds pounded the british coast it's the worst tidal surge with winds

and rates strategist at bank of america merrill lynch said we believe bitcoin can become a major means of payment for e-commerce and maybe merge as a serious competitor to traditional money transfer providers as a medium of exchange bit coin has clear potential for growth and our view and with that he provides this chart which compares it to western union as you see blue is the western union and red is. and if you notice western union income was down twenty percent in the third quarter this year when they had to reduce their rate their transfer fees well they would. a maryland bank of america clearly copying my work i mean it's almost quoting me verbatim he's making a reference to silver which i done already in his price target is thirteen hundred dollars for a bit coin that's my price target was recently raised to fifteen and then seven hundred dollars based on ron paul's endorsement bid going so merrill lynch is trying to get into the max kaiser business why don't i don't be smirched him for doing so it's a great business to be in that's why so many t.v. shows mimic the show so many

that's what merrill lynch was doing. they're charging a fee rather than a commission. they're looking out for their clients' needs. they really are managing their money. >> and so if you -- when you're on the slopes in vermont and, you know, people are going to get this book and read it, what is the main takeaway you want them to leave with? >> i want them to understand what made a great company. how important values are, how important a culture is. and also that in leadership, you not only need technical skills, you need character. >> all right. we'll leave it at that, win, for joining us. again, can you find the book and perhaps change your own mind about just what happened five years ago. >>> coming up, black friday may have been called black top friday because car sales were off the hook. we'll discuss if auto sales, yes, cut into holiday spending on other kinds of gift items this month. ♪ ♪ stacy's mom has got it goin' on ♪ ♪ stacy's mom has got it goin' on ♪ ♪ stacy's mom has got it goin' on ♪ [ male announcer ] th

. >> the merrill lynch system kept black brokers out of the money. >> black brokers are in the officeut we're not part that have group. we won't be chosen to be put on the teams. we are not chosing for the good stuff. we want to change that. we want to open that fraternity. >> reporter: it has had a wider effect. merrill cincmerrill lynch. >> by inviting people who sued them to the table and be part of the solution, i believe in our clients, and i believe they can change things. >> merrill lynch said an argument. it was society, wealthy white investors were more likely to work with brokers who looked like them. butteamerica is integrated. it is not just black and white. it is integrated. and we need to keep it that way. >> reporter: now after 30 years with merrill lynch he said he'll return to work and try to make that happen for the next generation. >> well, we have more still to come. after the break. including a look at how football is trying to compete with the traditional sport in the united states. every sutÑ >> now let's go to sports. >> reporter: thank you so much. we'll start

fees.hink we are lowering look at merrill lynch.ng with a small investor anymore at merrill lynch. financial advisors are charging a fee. less than 100 basis points. management,account 55 or 70, no brokerage commissions and good solid advice. >> why has there been so much competition and john vogel think merrill lynch is his best friend. >> he has always thought that. >> but the raging debate of the broker versus advisor, instead of doing it myself, where does it stand going into next year? >> a good advisor makes the heck of a difference. most people don't have the skill, that time, or necessarily the interest to manage their own money. there are some that do. that is terrific. and there are opportunities. but a good advisor could make a heck of a difference. side wee sell institutionalize the process quite a bit more than used to be. commissions being the game -- which gave the ability to retain the assets at the bank or investment bank rather than having them leave every time a broker walks out the door. and also improve returns

merrill lynch agreed to change its policies and hire a coach to improve prospects. by inviting the people who see them to the table and be part of the solution, i believe that they can change things. >> meryll lynch had a novel argument. it was not the government, out society. wealthy white americans more inclined to invest in brokers. the company did not admit fault. in a statement they were told, "this is a positive resolution filed in 2005. new initiatives will ensure opportunities for financial vizors in the future. we appreciate and respect mr reynolds ongoing contributions to merrill limp." america is intreg raid, it's not black and white, it's integrated. we need to be that way. >> after 30 years with merrill limp, he said he'll return to wok and try to make that happen. >> the case concludes an 8-year battle as to why merrill lynch brokers were 2% of brokers and had smaller books of business. >> speaking of unemployment, 2013 is poised to be the best year for hiring sips 2005. which is before the recession. a strong november jobs' report shows the unemployme

. >> i want to show you the results of a merrill lynch survey. very extensive.he first one up. employees know they're not saving enough. 85% say i'm not saving enough. 59% report that they need help managing their retirement savings, yet only 21 of the participants seek education and guidance about it. why is that? >> well, i think that it is a process, gregg. it's work. it's work to sit down and understand, well, i'm going to be 60, 65, 70 some day. what do i have to do now in order to prepare for that? and in addition, gregg, the issues that are looming going into 2014, social security. if i'm 40 years old today, will there be a social security system in place when i'm preparing for retirement? i think what people need to do is be more pro-active about fiscal responsibility themselves. the way to start that, i think, is to be pro-active about sitting down with a trusted advisor to map out a game plan. >> you know what impressed me also about this merrill lynch survey? take a look at this. people are pretty happy with their benefits at work. 61%, financially we

auto and other export related issues earlier i spoke with melty hay strategy at bank of america merrill lynch. i also bought is about this year's pride price movements and the outlook for two thousand and fourteen. in that as of monday was great to have a style of this year. mostly from the benefits and an apple now. all stains the more stable part of a recent markets. mr safe from identity to mark's it was mostly increased by that the amount of expectation and then from gabriel. i sit here on a rule that was inquisition the boj and then the alta leases have started the second copies of the things on its hands. he missed us and use a stick the morning. now what happens. so was it into something that says that a quiet stay stable. but uno on the show was down so us to come up was quite stable market for japan in secret next the allied expect a good mom get more sleep some more wine shallots global economy is not bound to find specific species. so no my face and say to the united states is expected something from paper notepad. my year end target is seventeen seven hundred. um which has stayed

economist, tank of america, merrill lynch -- bank of america, merrill lynch. go to you first, peter. we will go to michael on housing news. this is a chairman with a jumble of economics to deal with. how do you rate ben bernanke off the tape or yesterday and then the view forward? where does he stand? >> i think ben bernanke has done an outstanding job. financial under great uncertainty. he used financial policy to great effect. a clears been transition for the next fed chair, and ben bernanke has taken on tapering. he has made it clear that the policy is going to continue. >> there is the macro view. michael hansen, bring it down to the micro view. this is the dilemma that chairman yellen will have as we go back and forth, good and bad days. >> that's right. the reason the fed tapered as they acknowledge that given what they were looking for in the labor market, it was good enough to get them to start moving. there is a lot of -- we have had some wobbles in the housing market in particular. much of that is due to interest rates. as we go forward, the rates wi

but bank of america merrill lynch saying this steel stock holds the most upside, especially as nonresidentialonstruction comes back to lye. inventory could weigh on steel prices as could a stronger dollar. keep an eye on the heavy debt sitting on many steelmakers books. seema. >> it was interesting, i was looking at some of the charts of these steelmakers. there has been a rally in some of these names over the last couple of months on this refueled optimism on growth prospects for next year. what if growth does not meet expectations? it will be interesting to see if these names in some way sell off. >> it's not just about the u.s. growth picture. this is a global story. with names like ak steel, allegheny technologies, a lot of these steel companies do different things. they all have their special niche. when china starts growing, that's a big thing. that's the second biggest economy in the world. >> and if we see a pick up in some of the other frontier markets, as well. >> absolutely. >> ho, ho, ho, tis the season to spend and spend big. we are calling it cnbc christmas listical. >> our litt

>>> a judge has given the okay to a $160 million settlement brought against banc of america's merrill lynch00 black employees say the investment firm favored white brokers by giving them more profitable assignmentments. the bank denies the charges. bloomberg says it is the third largest race lawsuit in country. >>> bitter cold, heavy snowfall and wind advisories have been issued in a b in of states. for more now let's speak to mark snyder at the dallas-fort worth airport. mark good afternoon. i understand you have a new development to report with regard to the dallas marathon. >> yeah, not a huge surprise, but certainly a huge disappointment. it has been canceled. they decided it was in the best interest of the public, the runners, the volunteers, not to have this in these icy conditions. 25,000 people were going to be at this thing, not happening now. and the dallas christmas parade canceled after 26 years. that has never happened before. and we have folks not just trying to get on their flight, but trying to rebook on another fight. blast fort worth reports 330 flights have been canceled

for seven years she worked on wall street as a computer programmer and morgan stanley, merrill lynch,tsche bank. she later got involved with occupy wall street and is not the medications director at the other 98%. welcome back. talk about your recommendations for what these bankers should do for their bonuses. a guest on the she said 10 million people were displaced during the foreclosure crisis, often due to predatory loans, mortgages that were sold that had rates that were bait and switch rates. our suggestion is simply that they should take this money and do something about the lack of affordable housing, which we think is a problem they caused because they've essentially thrown so many people wrongfully out of their homes. we had a proposal to take $60 billion unfunded something called the national housing trust fund for two years. this program was created by george bush in 2008. it is funded at already billion dollars for 10 years could and homeless -- funded at $30 billion for 10 years could end homelessness. we are saying wall street to take $60 billion at a bonuses and help ge

now earlier i spoke with head of japan equity strategy at bank of america merrill lynch. him about this year's price movements, and the outlook for 2014. >> the stock market was very good at the very start of this year. mostly from abenomics. i mean, put down political change, the most important part of the recent market, especially from january to march, it was mostly increased by the big amount of expectation. and then, from april, actually governor froda was in position of boj, and the policies have started. the second half things are a bit changed. they tend to check and monitor what happens. so positive minutes of investors are quite stable, but no addition was done. so, second half was quite stable market for japanese equity. next year i expect a good market, mostly from the normalization of the global economy, rather than japan's specific issues. so normalization say typically in the united states is expected, starting from the fed, my year-end target is 17,700. which has, say, more or less 10% to 15% upside from now. and it is supported by export sales volume is e

after 1970 going public and then merrill lynch. even more so, even more wall street firms you change add partnership culture into a bonus culture. any of their own money at risk. >> is it realistic to get back to that partnership instead of the bonus culture we have today. >> it is now something like $100 billion market cap, no way you will put that genie back in the bottle. what kind of -- where capitol should be allocated who gets reported and fires, those people, once again, they have their full net worth on the line. and there are waying to do that in terms of creating a security, that is collateralized and making that the first thing that gets lost. >> chase tag dream is getting harder every day for people with a mortgage, kids and car payment. coming up, the income gap in america, who is falling into it and how to get out. and later you may be eligible for government money you didn't know you had coming. we are talking tens of thousands of dollars for the average family, a report you cannot afford to mis, coming up, right her

the reason i wrote this book, the true history of merrill lynch, the company that came and it was successful in 2000, a lot of vicious history was written to change it and those principles got pushed down the line, they were not in trouble to the overall operation and what happened is we got overleverett in 2007-2008, got into a business we would not have gotten into to that extent. >> the man in charge was sam o'neill, something you have been critical of but in hindsight, the culture on wall street seems, you have actually claimed that pretty well. was that really across the street? >> it was across the street, but very often we did differently and diversified the business on very strong principles. and dependent on trading profitability. >> and the recent financial crisis, at bank of america? >> in 2001, clearly -- have to make some cuts in judgment. management in my opinion cut into the bone, businesses we have spent years developing. and restore the profitability. >> un die were talking before the broadcast, there seems to be throughout the country as versus them attitude, particular inv

five billion a year i bet it's happened for three years now and just this week bank of america merrill lynch's economic outlook for twenty fourteen in it they said the island alone which of n a all the only years and countries likely to see a significant in their words pick up next year. now the bank said the island's economy would grow one point nine percent next year more than twice its projection for the usa and just ahead of germany as well says dive into tito all this we always get the reality from mr across a. from the. listen tell me last time we chatted about this we develop a it's all good for you rosy and wonderful and very pretty but the reality is quite different there you go look below the top line if you look at the property market right now i think you're seeing greater relative inequality rents are being pushed up words salaries are still remaining very low obviously there's been lots of cuts so people are suffering because of the world across the board health care is probably the most inefficient health care system in europe and on top of that you've got very slow job creation

a lot of people have sort of pointed the finger at him for a sizable part of merrill lynch's near demise. he now runs a restaurant group and a very profitable and successful restaurant group with 13 restaurants. >> and he left merrill when? >> many, many years ago. he had said in a print interview that i saw at one point that he had regrets about the situation. so i asked him about what sort of personal responsibility he felt for merrill's problems. >> it was a regretful period. we all have things we would have done differently. certainly with more information, i might have known or others, you know, you would have made different decisions that would have been different for the shareholder and the clients, hindsight is 2020 these have thousands of people in audit, hundreds of people in risk and in compliance and still things ultimately happen. >> that's ahmass. interesting to hear from him, five years after the crisis on what role, if any, he thinks he directly played in what happened at merrill. >> there are plenty pointing to the team that was around as personally being responsible as

michelle meyer, getting back to bank of america merrill lynch for the 8:30 job seaport.ous apartheid state. according to john campbell, a senior fellow at the council of , nelsonrelations mandela is a nonracial democracy according to the rule of law pt is the president of the consulates of foreign relations. ambassador, this moment has been a long time coming. what is the view forward? >> south africa was the beneficiary for two grateful things. first was the peaceful transition of apartheid to a new political system and his own willingness to live -- and to give up political power after one term as president. the problem has been since then, the challenge is institutionalizing them up or see, making it a viable economy. -- institutionalizing democracy, making it a viable economy. >> what could be a positive u.s. policy e we have paid lip service but is very tangible projection of washington to benefit south africa and the rest of the sub-saharan continent? >> absolutely. africa will grow south of the , five percent. i think the real possibility is with the growing trade

the merrill lynch head of global today at 4:00.cy we will see you back here. ♪ >> the nasdaq has hadsee -- serious glitches. what made you decide to change? >> they are very persuasive. they have been encouraging us to come over here for a number of years. >> there you are, now being traded on the nasdaq. talk about africa. this is a pretty big deal. what is it that is appealing to you about africa? isin many respects what happening in africa is like what is happening in the rest of the world. we see governments get to a place of stability in many places. we see the middle class grow, commerce grow. with that, we see travel grow. folks in africa traveling outside. we want to be there in be part of it. opportunity?bigger >> i think it is like emerging markets. sub-saharan africa will see their bleak tree hundred million folks in the next 10 years or so. that makes it a substantial enough market to play -- pay really close attention to. america.at latin latin america also has great growth statistics. >> why not build hotels from scratch rather than go out and pay a premium for an exist

former chairman of merrill lynch international coming up with his take on the company's downfall. is there is such a thing? i do think there is such a thing. adam and i will introduce you to the man by the brands that bottles once is left over by some of the best figures. every day we're working to be an even better company - and to keep our commitments. and we've made a big commitment to america. bp supports nearly 250,000 jobs here. through all of our energy operations, we invest more in the u.s. than any other place in the world. in fact, we've invested over $55 billion here in the last five years - making bp america's largest energy investor. our commitment has never been stronger. yep. got all the cozies. [ grandma ] with n fedex one rate, i could ll a box and ship it r one flat rate. so i kn untilt was full. you'd be crazy not to. is tt na? [ male announcer ] fedex one rate. simple, flat rate shipping with the reliability of fedex. and this park is the inside of your body. see the ecial psylliumiber in metamucil actually gels to trap some carb to help maintain healthy blood

of merrill lynch an occupy wall street activist and general know everything wall street. thank you for being here and now i want to start off by asking you under the volcker rule only three percent of the banks total assets can be invested in hedge funds and private equity funds however you see a problem with this and you say it's because of the way that bank employees are paid and they're paid for something that is carried interest can you explain the issue that you have with carried interest so carried interest is basically the way that private equity fund managers get paid in the ideas instead of taking some of their money and investing in the fund as a part of their compensation they actually get to share in the profits of that company so if the company that they're managing does really well they get a chunk of the issue that i have is there's a little bit of a double standard so in the vocal world that carried interest is not treated as an ownership. interest in that three percent limit you mentioned is how much the banks can invest in these funds but that compensati

president and founder of trading the street previously worked in the merrill lynch and and a group.your time. m&a group.lynch is your reaction? >> it's very popular and its comparables are doing very well. it's a fantastic brand. >> our colleague stephanie ruhle was on the air and she noted blackstone was leaving money on the table. what does that mean for momentum tomorrow? >> could build good momentum for that. there is an adage that there is make money. bills get money. picks get slaughtered. you don't need to be greedy the first time. it trades up well and blackstone still owning 76% of the company can sell down in the future ideally at a higher price. >> this is the strategy. >> it's a pricing strategy. it is oversubscribed but they want to make sure it trades up and continues to trade well. >> talk to me about the hilton turnaround. they were like the one lighted stepchild in blackstone group and now they are a record because of hilton and this deal that's looking pretty favorable. savvyckstone is a very investor with lots of expertise. they would rather time this well. loadte

we have a loser, micron technologies, bank of america and merrill lynch.fit and people are going to start selling it as well. people, now they're fighting about the on-line comments about phil robertson's comments in gq, but fistfights are breaking out in stores over sneakers. nike's limited release of jordan's gamma blue, these have caused intense fights across the country. want to go back to you, juan. a lot of people are saying nike is to blame because they hyped the sneaker and put out a limited amount. i say they're apologieses and not what is going n. >> they have become a cons standpoi constant reaction to a new sneaker, it's not the first time. this happens on a regular basis. nike knows this. it's like a sensation, people look forward to it. you can go into some shopping malls and people are lined up the night before, charles, for what? why are you spending that much money on sneakers? these are not upper income people who are lined up, for the most part poor minority kids. charles: what do you say? juan, you defend all the programs that go to put

investors were not informed about that and bank of american owns merrill lynch. >>> authorities struck a deal with jp morgan chase in the ponzi scheme. the deal faults jp morguen for ignoring the sign and gaps in safe guards. $2billion in fines. much of the money will go to the victims who lost $17.5 billion. >>> people looking for a job had a chance to meet today with companies that have openings. 14 companies signed up for the job fair held at the doubletree hotel from 11:00 a.m. to 2:00 p.m. this afternoon. national career fairs put on the event. some of the companies, k fax and k dow, dynamic office, digital media technology services and sleep train. >>> citrus growers will delay packing their crop after the cold snap, that will give inspectors time to assess damage from freezing temperatures. they don't know how much damage the cold weather did but they think the worse is over. >>> more now about our weather. it has been cold for so long here. are things warming up? >> yeah. they are. we got nowhere to go but up. low 60s tonight. over night lows last night were down there again. t

i got out of business school, out of wharton, i got a job on wall street at merrill lynch. my summer there's where i met my husband. i went back as a full time associate in 1999. my least favorite part was unpredictability of the hours, you were on call 24/7 even once you were at home you never knew when you were get that e-mail or phone call to come back immediately. 9/11 happened. there were lots of layoffs in the investment banks. i was one of those candidates. >> she took another job and continued to work in the industry but while she was working there she decided to take a wine class. she decided to create a consulting business around wine. >> i found more and more that i loved my night and weekend job wasn't loving my day job any more. >> a friend of a friend called up and said he heard a license might be available in montclare. >> i called my husband. that's great. honey i just bought a liquor license. we're doing it. in sat down in a weekend and built a financial model. i love to teach and i want to educate consumers as much as they want to be educated. >> remember

merrill lynch launched the stock with a sale. merrill chose to use traditional security analysis and found the stock wanting. the others didn't, though. and we have a real case being made for the stock that i think is incredibly expensive by any stretch of the imagination and should be sold. but that's the kind of launching that propelled amazon to nearly four po hundred dollars this morning. again, logic, compelling. if you're a growth manager, and many are, in this stock amazon fits your growth portfolio. that encompasses the rigorous discipline i'm describing. i'm saying i can recognize what a very important cohort of money managers wants to do, which is buy the fastest growing stocks. i can recognize that in a low growth world, the high growth ethos will attract the most money in. the growth oriented managers are not bound by traditional methods of valuation that you and i are think are right. they're the marginal buyers of stocks up here. they control the prices, and they decided in their wisdom that many years from now amazo

hold, i'd say likes of southern company, a utility, likes of bank of america, because i think merrill lynch is not getting its fare due in the company. i would look at some things going on on the other hand with nvidia, a big consumer electronics show next week. i think their seven inch tablet supposed to be the fastest out there. that will get buzz. those would be holds. ones i'd fold, too easy to value, at least too easy in my mind to value. twitter, that's tough to value, but i think garmin's easy to value, tesla, and i think netflix are fairly easy to value. all are overpriced. >> why do you say tesla's easy to value? are you looking at as an alternative energy stock, automobile company? >> no. automobile stock, and i'm also look at bmw and volkswagen, two companies making cars for about 100 years, and doing a fabulous job, by all reports, with their new versions of plug-ins or hybrid electric cars. i think that will bring these guys back to earth. you have a benchmark to measure them against. as everybody else starts doing this, forget about those two for a moment and go to audi and me

process has been bogged down in a lot of ways -- i spent 16 years in private practice representing merrill lynch. i have a lot of friends on the street. everyone wants certainty. if they know the rules, they will make money. they need rules by the government. no one will hold back, i'm letting them do trades and i'm not because it's immoral. that's not the way it works. >> no good deed goes unpunished of i have to have you in a recent issue of "vanity fair," donald trump, someone we do not get give a loot of air time to but i would love to get your thoughts called you disgusting human being, crook, sleaze bag, driving business out of new york city. nothing in this interview shoes you have antagonistic relationship with the street. >> i think you're giving too much credit to mr. trump. i'm not sure he's making intelligence commentary on regulatory systems. i sued him for fraud. he had a phony trump university. it's laid out in the k his prosecutors are used to people who are in trouble when we catch them hurling insults, trying to distract from the merits of the claim. he's got a big mega phone.

monday on our web show talking numbers mcneil curry the technical strategist of bank of america and merrill lynchoking for a correction of up to 20% early next year. joining us now to talk about that, barry glassman, got herb greenberg also with us, barry, overall, do you think we could have a 10 or 20% drop to kick off next year? >> i don't know whether it's to kick off next year or some time next year. anything that goes up 45% in two years or 24 months or so, can easily see a correction of 10%. the question is why. and for me, it has to do with the actual fundamentals of the market. we are seeing this year a stock market up 30% or shy of 30% and earnings are up 5% or so, revenues up 4%. all that's happened this year is that the stock market has gotten more expensive. >> but why only 10%. why wouldn't you go for the full 20 like curry did? >> well, i think that what we have right now is a by fur cated market and the statistics i sent along earlier today show that the lower quality companies, the up withes that s&p actually ranks at c or so, those companies are up about 57% year to date. >> you'

>> southwest airlines got an upgrade over at bank of america merrill lynch.ited continental, delta, plenty of them, jetblue had a great performance as well. oil of course pulled back a little i think. david: actually, a couple of pennies ahead. just a little bit. >> i will take that back. go ahead. lori: i think we have time to talk homebuilders. hovnanian particularly leading the industry higher after reporting earnings today, nicole. >> we've been watching homebuilders. the hope trade going into the spring season. hovanian came out with numbers. profit increased and delivery. [closing bell ringing] david: just in time for the closing bell. there we see it. it is not a pretty day on wall street although those dogs were pretty. we love the st. bernards. don't have the little kegs around the neck. lori: sure did? david: it did? good. lori saw it. have the eagle eyes. russell 2000. we had one gainer. all the others doing, not so bad. kind of an inverted pyramid. biggest loss at the top. at the end you end up with a gain in the russell 2000. dow jones taking it

there are some who, frankly, point the finger at you for some of the issues that took place at merrill lynchad where you yourself said, i have a lot of regrets and things i wish we would have done. can you expand on that, how you view what happened in that period and what sort of personal responsibility you may feel? >> well, look, i think this was a very difficult period for many firms, many individuals. at the end of the day, i'm gratified that the businesses that are with bank of america, that were very important, that i was a part of building and with other colleagues, the international business, is doing very well for them, the wealth management business. and, also, that a lot of the individuals that i care about and that i've known are doing very well in many other parts of the industry. so ultimately, i think, you know, it worked itself out. of course, it was a regretful period. we all have things we would have done differently. but at this point in time, i'm gratified to see that, you know, the ceo of ubs and deutsche bank and morgan stanley and others that are in the market are doin