government is using morgan chase is the agent goldmark is it possible that j.p. morgan is just going to spin off part of its operation or these other banks are going to spin off whatever they're doing in crude to some other entertain or are we just going to see a fundamental change in the commodities markets themselves because of this. it's a good it's a good question bob i i don't know i think. morgan was spinning off are planning to spend off its commodities business in large part to prevent a congressional investigation of the issue that very well might have exposed the gold price suppression scheme i think morgan hopes to prevent such an investigation and and hopes that if it simply. stays in the gold market in the solar market people will understand implicitly that they're doing this the u.s. government's request and and there will be no investigation isn't manipulation kind of just baked into the cake paid to built into the system what would a sign be if any of that manipulation is bating or becomes less is that even possible. now i think it's possible bob b

morgan chase's c.e.o. and senior management team on a part time basis drawing on his immense international experience to provide the firm with strategic advice and insight a global political issues and emerging trends one of the emerging trends of course that j.p. morgan chase's tony blair was able to identify was the possible invasion of libya because we all saw that he went to libya met with colonel gadhafi in front of the farting camel out in the desert in the tent and soon after well the country was invaded and he was overthrown and he had something stuck up his well yes tony blair wherever he goes this is a good example. libya he broke out of an introduction to goldman sachs and j.p. morgan they came and they started running the sovereign funds of libya they lost billions and billions and billions put the country on the slippery slope into oblivion colonel gadhafi eventually was ousted from power and died in ignominy of death i think i mispronounced this word mistake know me as a ignominious death in

morgan chase executives facing legal trouble. >> jane king joins us from the new york stock exchangeith more. >> good morning, j.p. morgan chase is in the glare this morning because authorities could announce charges this week against foam employees connected to allegations that they tried to hide massive losses last year at j.p. morgan chase and shares are slightly lower this morning and that is the tone overall, a little bit lower across the board on wall street with the broad earmark its, as well. the silicon valley index, it is trading in the green and 72 orchard supply hardware are getting purchased by lowe's and the next step is if them to get bankruptcy approval for the deal closing the sale he hope bit end the month. workers could find employers more likely to say yes for flexible schedule but it could be tougher for women. managers are more likely to grant flex plans to men in high status jobs. women, regardless of their status or the reason for the request, are less likely to be granted a schedule change. that is the news from the new york stock exchange for bloomberg busin

morgan chase to do their job abroad to people here who are unemployed who are being paid money on food stamps or welfare disability are being paid to not work and so detached peers are paying through the same function twice so you have a perfect example of where government is generating corporate profits that are not economic for the entire society you know call it fascism call it soviet union but whatever it is it's not economic and the question is we've created a financial mechanism in the central bank and the treasury which can continue to finance this by basically just basing security holders and currency holders round the world and the question is is there a way to change it and shift it without the whole thing having to just literally collapse because i think you're right the parasite is just draining the host ok so in the case of j.p. morgan they underwrite securities and underwrite they move of huge pieces of the industrial heartland of america to move overseas principally to china and to keep the people from revolting they also underwrite a little bit of a food stamp program b

morgan chase or just the banks but which you've been able to do is offset my experience place in with labor to tell you ations what are called a slow burn and there is a matter of policy now as people out of the work force you to serious steps as a matter policy to to offset that you know the situation one is you germanic living increase the prison populations so that so jeff some of the manual labor and then what you did was you literally between social security disability welfare unemployment food stamps and variety of other government programs you literally created a whole section the part that was no longer working age but was dependent on the federal government and so couldn't you know had no independent political character complain about what was going on so it's you know it's part of the drain and it's part of the reason we can go through a period there with economics are remarkably similar in some areas to the great depression and yet you don't see people starving because they're basically subsiding on a minimum amount of government money course what it does is that explodes a

morgan chase to do their job abroad to people here who are unemployed who are being paid money on food stamps or welfare disability are being paid to not work and so detached peers are paying through the same function twice so you have a perfect example of where government is generating corporate profits that are not economic for the entire society you know call it fascism call it soviet union but whatever it is it's not an economic and the question is we've created a financial mechanism in the central bank and the treasury which can continue to finance this by basically just basing security holders and currency holders round the world and the question is is there a way to change and shift it without the whole say having to just literally collapse because i think you're right the parasite is just draining the host ok so in the case of j.p. morgan they underwrite securities and underwrite they move of huge pieces of the industrial heartland of america to move overseas principally to china and to keep the people from revolting they also underwrite a little bit of a food stamp program but

face charges related to bad trading bets that racked up more than $6 billion in losses for jp morgan chase. iksil is called the london whale because he was based in jp morgan's london office and put on monster-sized trading positions. the justice deparmtment and sec are still investigating the bank, but the whale trader is said to no longer be the focus. things are looking up in the u.s. according to bruce flatt. he's the ceo of brookfield asset management and is often refered to as the warren buffett of canada. brookfield already has $100 billion in u.s. assets, and flatt tells cnbc there continues to be a lot of investment opportunity in america. flatt says he's bullish on the u.s. because housing, retail and manufacturing are all making a comeback, and he sees possibilities in the shale gas revolution. flatt also mentioned he's looking for value plays in europe and emerging markets. it's always fascinating to know how billionaires are investing *their money. insider monkey reveals warren buffett and others are buying shares of davita. the company owns kidney dialysis centers. billionair

this time it's jp morgan chase. the biggest u.s. least in terms of assets today announced it's under investigation by the civil and criminal divisions of the justice department. that from the bank's quarterly filing buried down in there with the securities and exchange commission. j.p. morgan chase reports that a preliminary justice department investigation found the bank did indeed break the law while selling residential mortgage bonds from 2005 to 2007. that covers the months before and possibly during the financial crisis. this all comes a day after the justice department sued bank of america over the red bank's sale of residential mortgage bonds during the crisis. well, if you haven't refinanced yet, you are not alone in an interview today the president revealed that he and michelle hasn't either. >> benefit from refinancing right now. i would save some money. when you are president, you have to be a little careful about these transactions. so we haven't refinanced. >> shepard: president obama took other questions from users on

more questions for jp morgan chase are reportedly coming from the justice deparment. lawyers are asking about bear stearn's mortgage bonds. jp morgan bought bear stearns during the financial crisis. a judge is ordering a stay in the sec cases against sac's billionaire hedge fund manager steve cohen. he's accused of failing to supervise ex- employees allegedly involved in insider trading. and the white house put out late notice president obama will hold a press conference today. on this friday morning, we find chris gersch of altimus capital good to go at cme group. good morning, chris. - good morning, angie. - a lot of interesting things happened in the market yesterday. one of them was gold. gold back above $1,300. is this a safe-haven play, or is something else going on here? - angie, it is not a safe-haven play. i believe it's about a two week trade. china came out with some great numbers, and i think it's a brilliant opportunity for copper and platinum, which rallied, to continue to rally. but, in the long-term, i think it's going to come out that the qe3 concerns

priced think tank consultant, but i'll tell you in alabama, jefferson county, 80% or more of jp morgan's chase'soans to that county were canceled, were just liquidated, canceled completely because of the unclean hands. they had been bribing officials to say that bankruptcy should just look forward is incorrect. a bankruptcy judge has to applied equity and fairness, and if someone carried out crooked operations in detroit, and you can look at senator levin's 2011 senate sub committee on investigations report, 600 pages on the criminal actions of all the big banks, not to mention the fact that we bailed them out for $700 billion without any accountability back in the early days of this decade. >> one more thing i want to get to in this segment, jim, when we talk about judges there is something going on here between state and federal judges. michigan does not allow bankruptcy protection from municipalities, but the federal government seems to be indicating that the state can apply for bankruptcy protection. if you had to look into the crystal ball here, who is going to prevail? jim? >> well, it is

they are back in the spotlight, and so is jp morgan chase. the bank revealed it's facing two investigations by the department of justice, both criminal and civil involving the sale of mortgage backed securities. as jackie reports, jp morgan isn't the only one under scrutiny as they ramp up investigations of the largest banks. >> reporter: the government is turning up the heat on banks about their dealings with mortgage backed securities. in a filing yesterday it's the target of parallel, civil and criminal invelst gages. the probe relates to low quality mortgages packaged and sold in securities between 2005 and 2007. the california prosecutor came to a preliminary conclusion jp morgan violated certain securities laws in connection with the products but it's too soon to say if they will result in either criminal or civil charges. jp morgan shares today fell on the news. investors like charlie of aerial investments saying lawsuits are a fact of life for the bank. >> there is no doubt about it the share price for jp morgan is lower than it would

morgan chase is negotiating final terms. to end a yearlong probe of those derivatives. prepared to say that they oversaw. executives are not likely to admit mistakes beyond but that have already disclosed. also told of how much the bank pays to settle is being debated. stocks dropping this midday. rising home prices are sure making it harder to buy. data from the national association of realtors shows housing affordability fell for the fifth straight month also higher interest rates. if you get a call from somebody saying that they are a cut or tax collector. usa today reports and a growing scandal that callers are pretending to be police and threatening people with arrest if they do not pay their debt. >> that is the latest in business. >>what a treat. he has sold millions of albums. tomorrow catch him at north halstead. >>thank you for being here. >>we are so honored to having you here. so good to have you back. you were the youngest solo artist to have 4 top 40 hits. >>i went and played with musicians and stuff. >>did you realize the enormity? >>initially it was like

at jp morgan chase-- a top litigation lawyer is said to be leaving the bank in the wake of a slew of lawsuits and investigations against the firm. about 13-hundred american airlines employees have been permanently banned from trading the funds available to them in the company's 401-k plan. another 800 have received warning letters. according to an investigation done by reuters, at issue is the practice of collective trading by a group. this can force fund managers into buying and selling securities at inopportune times. an investment advisor told the chicago tribune it was akin to "taking a chain saw to an ingrown toenail." in other news about american airlines- -- the carrier's profits doubled in july -- to $292 million. 2 trading exchanges are merging to take on the new york stock exchange. bats global markets and direct edge are combing to become the second largest trading exchange in the u.s. behind the new york stock exchange. bats- and direct edge -- hope to have a competitive edge with high speed trading.even though trading volumes are falling. traders are keeping an eye on bi

morgan chase says they are facing a criminal probe by the justice department over bad mortgages. this week the government sued bank of america over messy mortgages. a new toyota recall, front seatbelts could malfunction in pickups from 2004 to 2011 with 324,000 trucks affected. a new front end crash tests for small cars and half did well including the honda sick, dodge dart, and focus. that is america's but at this moment, she's fighting a brain tumor. announcer: please take a moment and join st. jude in finding cures and saving children. visit stjude.org. >> covering san rafael, south bay, pleasanton and all the bay area, this is abc7 news. >> vallejo police are warning residents to be careful who they let if their homes after two men posing as pg&e workers commit add home invasion robbery yesterday morning. we have details on the men that investigators are looking for. >> there were nine police cars and ambulance. >> monica caught the aftermath of the robbery at this house. the two men responsible said they were with pg&e and needed to check on a gas leak. one was wearing a pg&

. >> that's joe, a global market strategist at jp morgan chase. >>> a federal judge is speeding up a trial objecting to a huge airline merger. challenging american airlines and u.s. airways will start on november 25th. that's good news for the two carries since the justice department wanted it to start next march saying it needed more time. >>> it's called a black budget and no one is supported to know what is in it, however, top secret documents disclosed by nsa leaker edward snowden show a massive amount of money set aside for u.s. spying operations outside the cia or the nsa. amen jaifers joins us with me. sounds like a spy novel. >> absolutely. this is one of the most grossly held secrets of the intelligence, how much does it spend on the things that it does, how many employees does the united states intelligence community actually have? they want to keep that secret. thanks to this leak from edward snowd snowden, "the washington post" broke a blockbuster story and detailed for the first time what exactly is in the budget for the intelligence committee, including more than 21,000

jp morgan chase is back in the headlines.. this time the "justice department" is investigating whether the bank manipulated u.s. energy markets. jp morgan was accused earlier by the federal energy regulatory commission of manipulating energy markets in california and the midwest. the bank settled by paying $410 million dollars. now the justice departments want a closer look according to the wall street journal.. jp morgan responds: 'we're working hard to address regulatory concerns." the bank is said to face at least 6 ongoing investigations. a hedge fund manager who was once a star on wall street-- will be fined and banned from the securities industry. the sec says philip falcone will admit to wrongdoing,be banned from the industry for at least 5 years and his fund harbinger capital partners will pay more than $18 million dollars. the original deal for 2 years and no admission of wrong doing was reportedly considered too lax by the new sec chairwoman mary jo white and others and was toughened up. a disturbing story out of lond

government is demanding $6 billion from jp morgan chase to settle allegations it misrepresented the risks of some mortgage backed securities sold to fannie mae and freddie mac before the financial crisis. later, many investments went back. in a lawsuit against jp morgan and other banks, the finance agaency said the bank over statd the ability of the borrowers to repay their mortgage loans, end quote. in this article, jp morgan is saying it will resist paying that big a penalty. >>> more good news to tell you about in housing. home prices in june shot up 12.1% from the same month last year. nearly matching a seven-year high. that's according to the latest s&p case shiler home index that keeps track. las vegas saw the biggest gains, soaring nearly 25% from a year ago. but the pace of growth may be slowing. 14 of the 20 cities posted smaller gains in june compared with may. now robert shiller co-founder and economics professor says increases in home prices is part of an up and down pattern and prices will eventually turn lower again. >> the housing market has gotten very speculative and goes

. >>> prosecutors in new york city charged two former jp morgan chase employees in connection with the massive 6 billion-dollar trading loss orchestrated with the london whale. the two traders who were both based in london are accused of false flying records to conceal the size of the bank's losses. here is part of what the u.s. attorney of southern district of new york had to say about the charges he filed today, and the impact on investors. >> the defendants deliberately and repeatedly lied about assets on the books to cover up massive losses that mounted months after month ps at the beginning of 2012. those lies misled investors, regulators, and the public and they constituted federal crimes. >> a tragic day for ups. a large ups cargo plane crashed and burst into flames killing the pilot and co-pilot this morning. nobody on the ground was injured. no december streistress calls w the cause is under investigation. >>> the political turmoil erupted into violent and deadly confrontations between military police officers and supporters of the ousted president mohamed morsi overnight. a n

. >>> another day, another investigation into jp morgan chase. this time the justice department is looking into allegations that bank employees manipulated u.s. energy markets. last month the bank agreed to pay $410 million to settle charges from the federal agency regulatory commission it ma nip laled markets in california and the midwest but never admitted wrongdoing as part of the settlement. that prompted the u.s. attorney in new york's southern district to look at the company's energy practices for civil or criminal charges. >>> a passing grade for a for profit provider. the federal department of education shows the company remains financially sound enough to participate in student aid programs without any other qualifications. shares up 11.5% today. >>> no matter where you go to college, the price of getting a degree keeps going up, and so does the amount of federal financial aid students are receiving. scott cohn takes a closer look how many more graduates, under graduates are getting some form of aid and where the money is coming from. >>

. >>> jp morgan chase is facing for federal fines. the largest bank may have to pay as much as $600 million in penalties as a part of a global settlement over huge trading losses last year in the so-called london whales scandal. today, word the government's consumer financial protection burro is expected to fine the bank $80 million for selling a credit card identity theft protection service that didn't deliver on promises to customers. >>> another big fine, this one against a huge casino operator, las vegas sands agreeing to pay more than $47 million to settle a federal investigation after it failed to stop money laundering when a gambler with known links to drug trafficking made millions in money transfers through gameling operations. >>> colleges everywhere are back in session this week and tonight, nig"nightly business report" looks at new and creative ways people are paying for school and making that college education really pay off. in the first of three reports this week, marry thompson tells us how some schools are letting stu

both j-p morgan chase and wells fargo have recently announced lay-offs affecting a total of 53-hundred mortgage lending jobs. a sudden dip in new home sales could be a sign higher mortgage rates are causing homebuyers to think twice before taking out a loan. sales of "new" single family homes plunged 13.4% in july. however-- those sales are up 6.8% compared to last year. the dollar amount banks have already spent defending bad behavior is reaching into the billions. the tab - so far - is reported to be $66 billion dollars -- as the nation's big banks to defend themselves in the wake of the 2008 meltdown. the money was spent on litigation in just the past three and a half years. the analysis was done by snl financial.the banks' legal bills are expected to keep going up because the sec and prosecutors are not finished investigating possible wrongdoings. the statute of limitations on such crimes is 5 years. a goldman sachs trader has been arrested and charged with rape. jason lee, a managing director at the firm, was charged with sexually assaulting a 20-year old woman at a home in the ea