. >> they seem to have decided over the last few days is what mike cavanaugh said that they would take the restate the first quarter based on their at least assumption that while these marks on the cio portfolio were, quote, within bid-ask spreads, they were not in good faith. they apparently listened to hundreds of hours of tapes and different languages. >> not in good faith is another way. >> i speak english. to me, bad thing, but jamie dimon did use the word accident. you get all of these things like accident and that's different from fraud which is different from bid marks not within. >> and the optics of the situation are quite good for jamie dimon and j.p. morgan. they restated the first quarter. they have thrown out the numbers for the clawbacks, so all of it is the next earnings conference call, are we going to be talking about this? >> i don't think so. >> we may be touching on it a bit, but we're not going to be focused on it. we won't literally have hundreds of pages of different presentations having to do with it as opposed to just focusing on the numbers them. when you loo

corporate and investment bank co-ceo pointo whom dimon e said was a great fellow manager and mike cavanaughs here of jpmorgan. it is a crowded race an one only now getting started, sue. i'm sure a lot of betting going forward. >> i'm surement it's going to be interesting to see who gets the upper hand and how many people stay around. i mean, i would think that if you think you are in the running you are certainly not pursuing other avenues at other firms. >> sure. and it's an interesting mix of people. and i should note that most of that group in the 40s. gordon smith is on the bubble for the age argument but all different parts of the bank. mary erdos running the asset management division and then gordon smilt from the consumer side so it's real mix of people with a mix of expertise and they're also folks today who were sort of left in their current positions an not part of senior roles and may have surprised people including doug bronstein. >> thanks, kate. bob, over to you. >> tough time for farmers. worst drought in decades. craig forbes has 1,200 hogs, farmer on 1,700 acres. thank you

mike cavanaugh, he's been promotes as well. he's someone that jamie thinks very highly of.sting new faces aet the helm here, melissa, and think it will be worth keeping an eye on. some of them have taken very big steps in a short period of time. the other thing is i talked to jamie about glass-steagall and others. more on that at fasttime. >> we're 100 points down on the dow. >> two biotech stocks on our radar, simon. good news for both firms. amarin corp and hor design f-- horizon pharma. they were hoping these drugs would get approved. you would see if you would have invested six months ago, you would be up substantially. melissa back to you. >> thanks, see ma. coming up next why the roof of your house or pafrpt building could be part of naksal security plan, missiles and all. more details right after this. >>> welcome to tower bridge road, one of the main thoroughfares in london that crosses the thames. there's the tower bridge behind me, big double-decker bus behind me. the tower london behind that and where traffic really isn't that bad. obviously a lot of concerns abo