morgan and make a fortune so speaking of j.p. morgan's inner circles max j.p. morgan offers a peek into trading magic circle just daily is not going to be popular wall street's trading brotherhood the head of j.p. morgan's investment bank has broken a code of silence by revealing how much the firm rakes in as a market maker staley has as he put it opened the commo know by revealing that interest rate swaps came at top at twelve thousand dollars a pop trading loans are asset backed bonds brought in ten thousand dollars a time these amounts reflect illiquidity or the fact that trades are tailor made for clients and in both cases leaving the middle man with extra risk they only need one point five cents for executing a trade of a stock so if a client wanted to buy a stock and make no money but they made up to twelve thousand dollars for an interest rate swap they open the komodo diamond up as cologne. there's a penpal worth going to tell you should be oh my god well yeah this is just a riveted of course i was an option trader on wall street i know that you could j

morgan chase. so interesting i thought they took risk in providing the market making function in this credit default swap market you know they don't take any risk they just get the reward but that's their definition of capitalism as we went. we keep all the reward and take all the risk we get all the money you get enough and that's like up close and of course less realism so finally here on j.p. morgan fast furious at m.f. global in days leading up to firms collapse one hundred sixty five million dollars transfer okayed in a flash so apparently at four fifty three pm five days before m.f. global holdings ltd collapse an employee in a secada office asked a coworker to move one hundred sixty five million dollars from one of the securities firms bank accounts to another approved came the response one minute later according to an e-mail reviewed by the wall street journal within fifteen minutes the money moved to an m.f. global account at j.p. morgan chase but we know who approved at the compliance off

morgan had a number of conflicted rules that were could still be and. cleared and settled the trades so they want to position to pretty much see everything that was going on and probably better than us in the futures industry and in the futures industry there was significant talk about what was going on and what transpired that week before the bankruptcy that is not being made transparent to us and what is that and what role do you think it can work and has been well for you well there are a number of angles that i think j.p. morgan is interesting for one they received a significant wire transfer but what we haven't discussed is j.p. morgan's role in the bankruptcy process you know they essentially have a significant role in selecting the creditors bankruptcy trustee who my sources tell me is given the task of investigating fraud remember there's no fraud in m.f. global we don't talk about fraud that's the unmentionable topic just like in your intro you said the money vanished you know the money they. are to make that way let's get on the talking point

david morgan. ok well not to pick an argument max i first of all everything you said i agree with secondly i mean they're totally insolvent they're totally broke right now i mean they are absolutely insolvent so how do you blow up a bank that's totally blown it sucked up already it's just no one seems to realize it other than those athol it works like yours but what will happen if it goes above fifty or one hundred or whatever in my thinking it'll just be another too big to fail to print more funny money and try to cover it over but i don't think that i think that's very relevant of what eventually will happen i think more importantly is it doesn't have to get to that price of thing for people to wake out and the whole financial system to crumble in other areas i mean this whole idea that you can help out much of a short position is ludicrous i'm actually ok with hedge you know i mean all of my coin dealer or bullion dealer friends need to hedge in the market because it's a margin business so you'v

pierpont morgan was the greatest financier of his age. he also was determined to become its greatest collector. in the year that morgan formed united states steel, the world's first billion- dollar corporation, he achieved a goal equally great in the field of art. for an unprecedented sum, he acquired raphael's famous colonna altarpiece. like other wealthy americans of his time, morgan sought the company of the european aristocracy. he was part of the cultural movement known as the american renaissance, which saw the united states as the heir of the european past. adjacent to his house in new york, morgan built a library as a monument to his taste. the decoration inside the library was inspired by raphael and other italian masters. morgan's library contained his collection of rare books and manuscpts, as well as renaissance paintings and sculpture. like isabella gardner, morgan identified with a renaissance predecessor, the great baer agostino chigi. morgan even installed in his study brocade wall-covering with chigi's coat-of-arms. morga

jp morgan is still compellingly cheap. i think moynihan has done a great job. >> you bought jp morgan two days ago. you bought the stock ahead of that news yesterday. why bank of america? why does it stick out to you as the bank you want to buy right now? >> that's a relatively small position. >> i don't care what size it is. you like bank of america. tell me why. >> it's a good question. i think the ceo moynihan has done a good job. i don't think the street realizes how good a job he's done and they will give stock back to shareholders. if you get it up to book value, you've got a huge gain in the stock. >> i hope you use a good detergent because the tread marks on this back from this market have to come out of your shirt. >> scott, that's not true. i'm not net short the market. as a matter of fact, in equities, i'm very small net long. the main way i'm playing risk off is by being long on the u.s. dollar. i do think the dollar's rally is a huge warning sign for stocks. so i'm very skeptical of. for instance, financials,

morgan there maybe some j.p.morgan goldman sachs involvement based on the information i have in front of me a goldman sachs is a minor player in the entire amount global scan on what's to be uncovered with m.f. global is much larger than what's already been uncovered so in my opinion based on what i have seen and this is subjective it's really a j.p. morgan story but remember in lehman brothers j.p. morgan essentially took seven billion dollars out of the carcass of lehman brothers that was lehman brothers with j.p. morgan is now doing is taking money from farmers and retirees so here's my question to you if they're going to be able to take money from farmers and retirees whose next is a bank account knocks can they do this to individual savers with a checking account you know could they flip the rules around so that all someone someone one day could wake up and boom the money out of their checking account is gone i don't know just asking some questions. where is the national outrage because if you look at a grou

morgan. is now doing is taking money from farmers and retirees so here's my question to you if they're going to be able to take money from farmers and retirees whose next is a bank account nox can they do this to individual savers with a checking account you know could they flip the rules around so they also want someone when they could wake up and boom the money out of their checking account is gone i don't know just asking some questions where's the national outrage because if you look at a group like occupy wall street the protests remained pretty much silence about the senate will collapse they don't see the connection what what what what why is it just because they're illiterate financially you know i don't know i know some very sharp people that i've seen alexis goldstein occupy the s.e.c. sharp person these are the type of people that need to sort of stand up and say what is going on so you know you've got to look at this what i see right now i see the core integrity of the u.s. financ

new information about the clothes found that belong to a missing morgan hill teen. that story coming up. >>> the army staff sergeant accused of killing 17 people in afghanistan will be charged today. details coming up. >>> we'll give you a live look outside, that is san francisco in the distance right there. ladies and gentlemen, laura, christina, mike, can i get a witness? it is friday. >> it is friday. >> friday, yes. it's a beautiful thing. march 23rd, "today in the bay." >>> it is official. it is friday. it's 6:00 right now, i'm laura garcia-cannon. >> i'm john kelly. we check in with meteorologist christina loren, and everybody should be feeling good about today because it's going to be wet tomorrow. >> can't wait to see you on monday, john. keep your jacket with you, leave the umbrella at home. we've got a lot of rain headed our way. we're talking inches, upwards of 2 inches possible in the south bay. we'll time it out for you, let you know when you might be able to get outdoors because your opportunities will be limited. that's coming up. first let's check yo

we will take you live to morgan hill coming up. >> developing story. french police in a stand-off with a man accused of killing three jewish school children and a rabbi. we will have the latest. >>> a live look outside. oakland 880. traffic starting to pick up. mike will tell you about it. christine lor christina loren will tell us about it. today, march 21. "today in the bay." >>> good morning to you. thanks so much for joining us. 6:00. halfway through your workweek. i'm laura garcia-cannon. >> very happy to hear it. i'm jon kelley. >> getting funky down the road. we can say funky now that our drought whoas have been eased. last week we had a lot of rain and more on the way. we head through this weekend. tomorrow's storm, kind of a dud. by saturday we have heavy downpours in the bay area. today enjoy the sunshine and springlike conditions. 45 in livermore. i will time out the next two systems to your doorstep. first, though, a check of your drive at 6:01. >> northbound 880 to 238 there is an accident reported. no injuries there but it might affect yo

her mother's plea to the people in morgan hill. that story coming up. >>> a standoff ends overnight with the death of a gunman in france. see how it ended after more than 30 hours coming up. >>> a live look outside, a little moisture on the roads. mike says be careful, christina says more is on the way, we're getting closer to the weekend. thursday, march 22nd, "today in the bay." >>> good morning to you, and thanks so much for joining us. 6:00 right now, i'm laura garcia-cannon. >> good morning, everybody. glad you joined us. let's check in with christina loren to find out what's happening in the world of weather. >> you can safely leave that umbrella at home. if you do get any showers, they are going to be very light. let me show you the impressive front. that's all that's left this morning, yeah. fizzle, fizzle. but maybe a little drizzle on your way. we do have a stronger onshore flow and fog out there. give yourself a little extra time for that, but yeah, that's it. that's our storm system. you're welcome. see how that's impac

morgan here j.p. morgan claims number one for government debt after jefferson county so j.p. morgan has emerged from the worst financial crisis since the one nine hundred thirty s. as the most profitable u.s. bank has parlayed crisis era loans to cities and states and a willingness to outbid other firms and local government bond auctions into becoming the top underwriter of municipal debt last year this is a turnaround they say for j.p. morgan's municipal bond department which has been marred by its involvement into the biggest scandals in the history of u.s. public finance a so-called pay to play scheme in jefferson county alabama that contributed to the biggest ever u.s. misapplied bankruptcy and a federal probe that uncovered bid rigging of municipal bond investment products well. you can maybe twenty or thirty. it's an assembly line. yes but i know you're talking to josh brown of who wrote backstage wall street and he talks about the bucket shops of the nineteen eighty's and ninety's who got put out of business once they were caught defrauding customers so why is it that

morgan hill, santa cruz mountains through the bay. steadiest and most widespread through the north bay where our next chunk of energy is moving through showers lining up across it from roanoke park, petaluma, novato up to st. helena. novato boulevard, lucas valley road, up to -- areas receiving wet weather. east bay valleys we have showers pulling out of the east bay hills from orinda, lafayette, moraga way to walnut creek from concord into clayton. one last stop, all moving from west to east expect it to be a little wet during the morning and it is causing problems. >>> in fact, we've had several new problems within the last 10 minutes this has been out there for a while oakland maze, westbound 580 towards eastbound 80, chp has been running traffic breaks one of the cars was driving too fast and caused a second accident in the same area, the right lane is blocked, crews are there. we could see some delays. new crash san jose north 101 at tully, four cars in one lane, traffic gets heavy there. northbound 13 past 580, a tree down block

morgan. these arrangements served as a financing tool for mf global. as noted in my written statement we worked hard with our client when it began experiencing problems. these efforts which would in turn benefit mf global's customers included several actions. we sent the j. p. morgan team to the offices from renacci to assist with its ongoing efforts to unwind its securities lending arrangements. by doing so mf global was able to regain access to the securities it posted as collateral and sell those securities to generate additional liquidity. j. p. morgan also facilitated and auction of a portfolio of $4.9 billion in securities held by mf global involving multiple market participants. this is another way to assist mf global in its ongoing efforts to generate liquidity. we also agreed to provide same day liquidity for the auction sales where j. p. morgan was acting as an agent for mf global with respect to security and custody of j. p. morgan. this measure provided liquidity on the fastest po

morgan yeah absolutely j.p. morgan stole one point two billion from the m.f. global clients and this is the exact amount that they are claiming that they've made a head of goldman sachs over on their desk of death apparently there's this really lovely girl life masters is competing against isabel he let who is the goldman sachs head of commodities trading and isabel according to blith masters can't cope with our superior platform in industry connections a certain dark mistress of the universe has been heard to say if you are the queen you don't make markets you own the markets and everyone including goldman sachs pays exactly they own the market it's a rent seeking proposition they have a monopoly pricing there's no free market there's no competition they simply bludgeon these markets you know most spectacularly in the markets you know they would for example last week there was eight hundred million ounces of silver traded in one single day this is more than all the silver that's mine during the course of a year this is directly out of blights corrupt lawyer i

morgan. so basically i'm a global had transferred a substantial portion of their assets into a sort of global u.k. subsidiary so we could take advantage of things like the absence of a right to. underscore zines watch. it was about thirty to one. on european sovereign debt for us ok and so then how did that and up in the two hundred million margin call and j.p. morgan. basically. this year there were concerns about greece defaulting. basically increased the amount of margin that was required to keep these positions and course i was utterly in love with it and rather than just reduce the sizes positions he wanted to keep the trades on and for which my. collateral from anywhere that he had the firm prove it and they got it from customers to work with a locally ok let's talk about how publication allows for this so you mentioned they had global had transferred funds to its u.k. subsidiary and from what i understand it's very it looks it's very desirable for us firms to move money to the u.k. int

we're standing here in morgan hill. and this will be near where sierra was supposed to catch her school bus last friday morning. they're trying to see if drivers remember anything unusual about that morning when she disappeared. now, we just spoke with her parents who are trying to keep their hopes up, but they admit it's hard, especially after news yesterday the sheriff's office confirmed they had found some of sierra's belongings in a field not far from her home. on sunday, searchers came along her pink purse and a pair of pants folded along with undergarments. her mother believes sierra was wearing that jersey when she left the house because of a picture she took of herself last friday morning on her computer. the lamars realized that something is not right. that abduction is a strong possibility, but they tell us, they don't even want to go there. >> we love you so much and everybody loves you so much and, you know, we -- our hearts are really aching -- aching for your safe return and we're all praying and we know t

pierpont morgan was the greatest financier of his age. he also was determined to become its greatest collector. in the year that morgan formed united states steel, the world's first billion- dollar corporation, he achieved a goal equally great in the field of art. for an unprecedented sum, he acquired raphael's famous colonna altarpiece. like other wealthy americans of his time, morgan sought the company of the european aristocracy. he was part of the cultural movement known as the american renaissance, which saw the united states as the heir of the european past. adjacent to his house in new york, morgan built a library as a monument to his taste. the decoraon inside the library was inspired by raphael and other italian masters. morgan's library contained his collection of rare books and manuscpts, as well as renaissance paintings and sculpture. like isabella gardner, morg identified with a renaissance predecessor, the great baer agostino chigi. morgan even installed in his study brocade wall-covering with chigi's coat-of-arms. morgan's

they put a blind morgan hill man behind the wheel of a self-driving car.t took him on errands including picking up fast-food at a drive threw window -- drive threw window. it was using the patented autonomous technology. it relies on laser, range finders, radar sensors and video cameras to navigate the road ahead. this is video provided by google. the company says it has completed 200,000 miles of safe computer guided testing. just remarkable. >> that is incredible. one day that's what we will all do. >>> the mega millions jackpot is half a billion dollars. that's the largest in u.s. lottery history. no one has picked the winning numbers in the past 18 drawings. but some lucky people in mill valley came close. 12 employees matched five of six numbers and one more than $300,000 -- and won more than $300,000 in the process. one laid off worker won $13,000. the next drawing is friday night . it is half a billion dollars. that's the one you want to win. >> you just have to get a ticket so you feel like you are in the game. >> i hope it gets to a billion. >> yo

they put a blind morgan hill man behind the wheel of a self-driving car. it took him on errands including picking up fast-food at a drive threw window -- drive threw window. it was using the patented autonomous technology. it relies on laser, range finders, radar sensors and video cameras to navigate the road ahead. this is video provided by google. the company says it has completed 200,000 miles of safe computer guided testing. just remarkable. >> that is incredible. one day that's what we will all do. >>> the mega millions jackpot is half a billion dollars. that's the largest in u.s. lottery history. no one has picked the winning numbers in the past 18 drawings. but some lucky people in mill valley came close. 12 employees matched five of six numbers and one more than $300,000 -- and won more than $300,000 in the process. one laid off worker won $13,000. the next drawing is friday night . it is half a billion dollars. that's the one you want to win. >> you just have to get a ticket so you feel like you are in the game. >> i hope it gets to a billion. >>

it was really warm in livermore, 76 in morgan hill. as we go into tomorrow, there will be a few more clouds as part of an onshore flow. 46 in san jose, 48 in morgan hill, and a bit of fog out there. not a lot. thursday, not a bad day. the clouds will be out there, but temperatures will be dropping off a few degrees. the weekend is what we're staring at right now. the saturday storm has legs. it has some wind with it. and we'll probably also see some snow in the mountains. cold air from the north and warm air from the south will link up right over the bay area. it's going to deposit a bit of cold air, and that cold air is going to establish some shower on sunday, and snow continuing in the mountains. tomorrow morning, early, some sprinkles, okay? and tomorrow afternoon's commute, dry. and friday, dry. friday afternoon, commute will be cloudy but dry, and here's what i'm tracking right here. it shows up about 7, 8:00 a.m. saturday morning. this is a deal-breaker for a lot of us. baseball games won't be happening in most areas around the

will tran is live in morgan hill. i know that you have a great sense of this story in the the pain this family is feeling. it has been a week but that is forever to this family. >> on tuesday we saw the girl's mother of year passing out fliers. between the vigil and her reversal with passing out fliers thomas she is a thesis death of the face of the investigation. investigators will be out here to once again go through this remote area looking for any possible new evidence in the case. so far this cellphone as well as the computer have not turned up any new leads. in the meantime, family and friends are heartbroken and desperate to find sierra. last night, they held a vigil in fremont. it a couple of months ago, she lived there before moving to morgan hill. she still have friends and classmates in that area. here is what the girl's mother had to say. >> just stay strong. keep your strength. moths wherever you are at, use that strength and pray, do not give up. >> i spoke with marlene who also says there is no way that

live in morgan hill where the search continues for a missing teenager.he latest coming up. >>> and police end the search for a missing mother concluding she's another victim in a tragic murder/suicide. >>> first the rain, then the wind, a lot of winter weather moving through the bay area. find out what your week looks like coming up. >>> and a live look outside. golden gate bridge. did you surf vaif the storm this weekend? what's in store for this week? for monday, march 19th, this is "today in the bay." >>> good monday morning, everyone, it is just about 4:31, i'm john kelly. >> and i'm laura garcia-canon. let's check that forecast with rob in for christina. >> good morning to you, as well. a chillily start this morning. the winds have backed off, but you're going to need a nice winter coat as you step outside. mid-30s in the north bay valley, 44 san francisco, 42 in san jose. and for now, the winds have backed off at sea level, not the case in our bridges which mike will talk about in a moment. and here's the good news. no rain for your morning commute

morgan c.e.o. jamie diamond find yet another way to cash in on attention as a drama queen or king i guess soundings gets a friend on regulation wall lashing out at us the u.s. media we'll tell you what we think let's get to today's capital account. the u.s. commodity futures trading commission is having roundtable talks they won and today they'll go on tomorrow to talk about how to protect customer money in the aftermath of the m.f. global collapse you know remember the eighth largest bankruptcy in the u.s. where they are still looking for a reported one point six billion dollars in missing customer money the firm run by former goldman sachs c.e.o. senator also new jersey governor john corazon well james to les is our guest he's a lawyer representing eight thousand and the global customers in the bankruptcy proceedings pro bono mind you so he tells me and he has told me that any new u.s. regulations won't be very effective as long as firms can just skirt them skirt u.s. regulators by going through

keep heading south morgan hill, gilroy hollister low 70s monterey bay upper 60s inland to salinas.pper 40s, drops falling from the sky here's how it plays out, high pressure keeping this cold front at bay finally posts east, allowing the front to move to the northern part of our state where rain stays today ahead of it warm weather and not much in the way of moisture other than clouds you can see cross the north bay and along the coast today overnight rain moves into the north bay midnight through the bay right at 7:00, exits south bay to the south about noon we'll see increasing sunshine tomorrow afternoon and with the clear sky cooler friday morning into the afternoon hours here's our next wet weather maker more impressive with the yellows and oranges. heavy thunderstorms are possible saturday and ling gathering showers sunday, temperatures in the -- lingering showers sunday temperatures in the 50s. >>> two new injury accidents right now one is in walnut creek southbound 680 near treat. you can see with this live shot here that they have the middle lane blocked traffic jammed now