the pivotal to this is pat moynihan. and i think we have a picture of pat moynihan in oval office with the president and john worked for and with pat moynihan on the issue of domestic programs and particularly the family assistance plan and then the comprehensive child development act in 1971. so can you say tell us something about pat moynihan, about nixon, and about this legislation? thank you, frank. and me. if i could go to the beginning and i have a picture from west branch, iowa, in 1937, which was given to me by the herbert hoover presidential library. and if you can throw that one up of the family the richard nixon family, 1937, they're driving home from north carolina, where he had just completed law school. duke and you'll see over on your far right with the hat on. hannah his mother and just sort of toward the middle from her a very elderly woman, elmira richard nixon's grandmother. i don't think this photo is really out in the it's not downstairs. let's put it that way. and i can i must tell you that there wa

scarlet: brian moynihan the ceo of bank of america speaking with david rubenstein.terms of where we are standing with financial markets, bank of america with 20 out of 24 members of the kbw bank index lower in the s&p 500 down .4%. the magnificent seven that i did not include on the board is in correction mode done more than 10% since its record high september 17. all of this before nvidia reports earnings tomorrow after the close. i'm scarlet fu. that is it for this edition of bloomberg markets. balance of power is next with joe mathieu and kailey leinz. the way i approach work post fatherhood, has really trying to understand the generation that we're building devices for. here in the comcast family, we're building an integrated in-home wifi solution for millions of families like my own. in the average household, there are dozens of connected devices. connectivity is a big part of my boys' lives. it brings people together in meaningful ways. >> from the world of politics, to the world of business, this is balance of power. live from washington, d.c.. joe: prove it

so moynihan in those days was highly regarded as a u.s. senator. he was a democrat in maine but in reality, he was just one of the great statesman of our times and he works with republicans, democrats, conservatives, you name it. highly regarded. and he recommended me to the president at that time, clinton. so basically i/o the judge so basically -- so basically i owe my judgeship to senator moynihan. i had a young jr. associate at the time and i would fit the conventional mold of federal court judges. they are usually members of big firms, they usually are high profile prosecutors. most of the judges at the time when i was tapped had been assistant u.s. attorney's in the ed ny or some of them were and if i remember correctly when i came on board there were 12 district court judges for the ed ny and out of the 12, 10 came from the office, meaning the u.s. attorney's office. so i was kind of a fish out of water because i did not come from the office and i was not a big time lawyer, i just had a small practice in suffolk county. peter: in your career

so moynihan in those days was highly regarded as a u.s. senator. he was a democrat in maine but in reality, he was just one of the great statesman of our times and he works with republicans, democrats, conservatives, you name it. highly regarded. and he recommended me to the president at that time, clinton. so basically i/o the judge so basically -- so basically i owe my judgeship to senator moynihan. i had a young jr. associate at the time and i would fit the conventional mold of federal court judges. they are usually members of big firms, they usually are high profile prosecutors. most of the judges at the time when i was tapped had been assistant u.s. attorney's in the ed ny or some of them were and if i remember correctly when i came on board there were 12 district court judges for the ed ny and out of the 12, 10 came from the office, meaning the u.s. attorney's office. so i was kind of a fish out of water because i did not come from the office and i was not a big time lawyer, i just had a small practice in suffolk county. peter: in your career

in 1969, harvard professor kennedy, administration official and nixon daniel patrick moynihan.mo to president nixon in his inimitable style, moynihan wrote female equality will be a major cultural, political force. in the 1970s, the fact is that we have educated women for equality in america. but have not really given it to them, not at all. inequality is so great that the dominant group either notice it or assumes the dominated group likes it that way. i would suggest that you take advantage of this in your appointments as you have begun to do, but perhaps in your pronouncements. this is a subject ripe for creative political leadership and initiative. so the president and his white house were aware of the winds of change and were ready for change. and perhaps, susan, you could give us a sense of an overview of the the context, the lay of the land, the generally in 69 and 70 years, nixon, president. when nixon became traditional ideas about women, still were really quite dominant that their primary was in the home and mother. in reality, though more than a third of all women wo

maria: meanwhile, fox business confirmed that jp morgan ceo jamie dimon and brian moynihan will be among the major bank ceos on capitol hill today, they're doing a round table discussion with the senate banging committee on how to pre voarprevent debanking. i spoke with tim scott this week on how banks and regulators are being weaponized. watch this. >> that's what i heard from the ceos. the ceos of the bank said this to me to my face, eye to eye, that the occ and regulators were going to create a reputational risk, whatever that means, against banks who did the things like banking illegal businesses, like banking crypto. melania trump, the first lady of our country, was debanked. how is that possible in the freest land in the world? fdic just recently released a trove of documents reinforcing the fact, yes, regulators have been weaponized. maria: yeah, and you know, a lot of people speculated that this was happening that some of the major banks were debanking conservatives for example and it was all politics. i was stunned when melania trump first told me she was debanked. here she is w

don moynihan is a professor of public policy at the university of michigan.k and awe is to bewilder and overwhelm. it's important not to look away or get discouraged. try to discern the what is a big what is a big and real threat. the usual adage in these things is to follow the money and see who benefits. but we should also watch for control over data. for tech bros, data is the means of control. end quote. trump reportedly authorized elon musk's doge the department of government efficiency, which, for the record, is not a real governmental department to root out governmental waste. or at least that's the claim. but observers argue that's not what's actually been happening for the last week. in their crusade against federal agencies, trump and musk have been targeting those whom they ideological ideologically opposed, including the so-called woke department of education and usaid, which musk has described as a quote, quote, viper's nest of radical left marxists. end quote. teams of current and former musk employees have locked civil servants out of their com

well, brian moynihan, really appreciate your time today.ning us from your financial services conference. >> thank you for being here. and hopefully the team's treating you well. >> appreciate it. i'll send it back to you guys. >> lesley. thanks. great stuff. leslie picker joining us from that financial services conference. meantime market getting nibbled at a little bit. we're off of the opening lows. dow's down 345. still holding six k at 6033. and the vix really not moving around a lot. pretty much. unchanged from pretty much. unchanged from prior day levels just above 16. top line? this is a quality, comprehensive exam. come again? you asked me to topline it for you. okay. bottom line? well, the bottom line is this is an amazing value. what? get two pairs of progressives and an eye exam starting at just $159.95 at america's best. i had the worst dream last night. you were in a car crash and the kids and i were on our own. that's awful, hon. my brother was saying he got life insurance from ethos. and he got $2 million in coverage, all onl

. >> what about that senator i mean after president trump called out brian moynihan in davos bank oforgan said we don't do that we don't do debank because of politics, tell us the faction, are major banks debanking conservatives? >> this is un-american un-american to discriminate persecute based on political views you see whether education institutions or financial services the hearings, is designed to get to the bottom of exactly what is happening what are the facts. it is unacceptable we are going to understand the lay of the land in terms of conservatives being percent kooutsdz based on political beliefs services to extent that is happening, clear from my campaign trail, that the people think it is happening in pennsylvania, we need to act that is what banking committee will do we got to get facts first that is what, this hearing is all about. >> we will watch that closely your take on tariffs sir because you are a businessman you understand, the global story but china has been undermining you've states for decades, now claims to be hitting back with retaliatory tariffs beginning

brian moynihan, 64. but he's not in his 70s.eat my hat if he's not the second oldest. [laughter] liz: turns out, there are more than a dozen fortune 500 ceos and, yes, people in the financial services who are older than larry fink including, well or, we've got everybody from pensky's autos, roger penske, capital one's richard a fairbank, disney's bob iger, and not to to forget, our good friend mario gabelli of the the ga a mco funds. your choice to, balsamic or barbecue sauce. i've got the hat, and i've got the sauce. >> eat the hat. liz: i'm going to make you eat the hat. [laughter] >> eat the hat, eat, eat the hat. they're eating the cogs, they're eating the hats. i couldn't help myself. liz: many older hand larry. [laughter] -- than larry. >> well, i was right about the financial sector, he's the oldest -- liz: no, you weren't. schwartzman -- >> no, big banks. liz: richard a fairbank of capital one and mario gabelli. there are a lot of them. >> i guess 70's the new 60? i feel good being 63 now. liz: okay. [laughter] let's get

nikkei average in the korea and accept better than 1% fox business has learned jamie dimon and brian moynihan will be among the big bank ceos on capitol hill for roundtable on preventing the banking over politics. we are on it, joining the conversation strategic while partner mark tepper, pollster and president of lonski and partners leak carter and staff writer caroline downey. "mornings with maria" is live right now. ♪ ♪ ♪. maria: we kick it off with a hot topic of hour president trump putting focus on negotiating peace between russia and ukraine vowing to end the war as part of his campaign. brooke singh met with the latest. >> that's right president trump says russian president putin in ukrainian president zelenskyy want peace after holding separate phone calls with each of them. trump writing this we want to stop the millions of just taken place in the war with russia and ukraine we agreed to work together very closely including visiting each other's nations and follows a prisoner swap between moscow and washington that trump's that could mean better relationships between the countries t

unbelievable this is different than what president trump was calling out bank of america ceo brian moynihanlitics and the political backdrop do you say this is something else? >> this was clearly discriminatory against an industry. it's called operation 2.0 because there was 1.0 and that was a program under the obama administration focusing on the series of industries that that administration didn't like. 2.0 was a revamp only targeting in addition to those prior industries a crypto industry. >> white house crypto czar david sachs as his first priority will be stable going legislation he said that on capitol hill last week lawmakers has vowed to pass a bill with the regulatory framework with stable coins with president trump's first 100 days in office what he expected from the regulatory framework there. >> clearly we need stable coins legislation and regulation that effectively allows for stable coins for payment and digital currency like usdc and others allow for companies to operate 24/7 365 and do payments. the banking system as most people are aware operates on banking hours at 90 back

. >> today, a federal judge hastily scheduled a hearing for tomorrow in the daniel patrick moynihan federalnlike any hearing ever held in american history. the judge will be considering a justice department motion to dismiss the criminal case against new york city mayor eric adams, who is facing the charges of bribery and other federal crimes. such hearings are usually pro forma, and the judge goes along with the recommendation by the prosecutors to dismiss, but not this time. federal judge dale e ho already knows that seven prosecutors have resigned from the justice department because they refused to file the motion to dismiss, believing it to be based on a lie. the acting u.s. attorney for the southern district of new york sent an eloquent resignation letter to the acting deputy attorney general, who was one of donald trump's criminal defense lawyers. danielle says son's letter said, quote, i cannot fulfill my obligations effectively lead my office in carrying out the department's priorities or credibly represent the government before the courts. if i seek to dismiss the adams case on thi

a strong national immigration policy, like the kind i worked on when i was a staffer for senator moynihanrats. i still have hope that there can be a bipartisan approach to dealing with this and have our borders protected. but let's deal with what has happened already. we have people who are in our communities, and children are not going to school now because they're afraid of being their parents, being swept up. if they pick them up and people are cowering in church bases. this is the state of new york. we're not going to let this happen here. we will work with law enforcement. we'll make sure that the criminal element is gone. we all want them gone. but we also have a place in our state, and we can take care of people who have already been here, who are already contributing to our tax base. they're doing jobs that so many others didn't want to do. so let's recognize that as well. >> governor kathy hochul, thank you very much for your time this morning, folks. don't you go anywhere because there is another really great hour of the weekend coming up. we've got national security attorney ma

tonight we have lydia moynihan taking on adam klotz. all right, ladies and gentlemen, behave yourselves. of course. category is man crush. romance is in the air at the nation's capital. which member of the trump administration admitted he's in love with elon musk this week? was it stephen miller or howard lutnick? all right, let's see the answer. >> i'm in. >> love with elon because. >> he's going to cut a trillion. >> wow. and you are a business lady. >> i even saw him. >> i didn't make anybody. >> i don't believe that. stephen miller loves himself. yeah. there you go. categories. back to bed. the left is having trouble keeping up with the pace of trump's progress. they find him absolutely exhausting. which democrat says it was better when we had sleepy joe because she could sleep at night. was it aoc or jasmine crockett? okay, both going with jasmine. >> maybe sleepy joe is what we wanted because we could at least sleep at night. >> whew. >> that's tough to admit, but she's fine with it. on thin ice. that's not me. which liberal gover

david rubenstein sitting down with the bank of america ceo of brian moynihan. bloomberg tv. ♪ ♪ (three little birds remix) ♪ ♪♪ [breathing of man through a mask] [woman exhaling] [flames crackling] ♪♪ [water crashing] [scrubbing] [salt falling] [fire crackling] [cheering] [flames roaring] [liquid flowing] [water rushing] [water droplets falling] [water falling] [water running] [wind ruffling] [waves crashing] ♪♪ [seagull screeching] [waves crashing] [frog chirping] [birds chirping] ♪♪ [waves roaring] >> the market is very quick and change a reactor narrative that we are in angle you lock scenario and then, no we are recessionary. >> we have also seen a broadening in terms of earnings growth. >> in terms of the earning story of the united states relative to the rest of the world, is been driven by big tech. >> the tech sector is vulnerable not because they are making money but because their valuations are too high. >> ultimately a good environment for stocks but it will be a little bit more difficult. >> this is bloomberg surveillance with jonathan ferro, lisa a

out jamie dimon and brian moynihan, the. ceos of jp morgan chase. >> and. >> bank of america.s the. >> cfpb that. >> is making sure that banks are closing. >> fake accounts. >> and keeping open. >> real accounts. >> so i don't really understand. how this is meshing. we do. know that there are a lot of. big tech companies. facebook. >> google. >> they want to. >> get into banking and payments. >> we know. >> that twitter or x has inked a deal to start turning itself into. >> a payments and. banking operation. >> and many. >> people are. >> wondering if that's the reason why, that they want to shut down this agency. >> that has done so much. >> senator warren, elizabeth warren created the cfpb. she's been a huge proponent of it. she's very vocal about it. i want to play her speaking to morning joe on tuesday, talking about the need for the for the agency. >> donald trump ran. >> for. >> office saying he would. >> lower prices. >> for american consumers. he was going to cut costs. he said he would do it on day one. he said right. >> after the. >> election that he was elected. on

also, i'd like to thank denis moynihan of democracy now! who was very helpful in arranging this and. sarah bushnell of penguin press is here and she is the editor without whom this book would be much less readable and, accessible. so we're here tonight because you know this this book, myth of american idealism was released. i coauthored it with professor noam chomsky. it was one of the highlights of life, my writing life. but unfortunately, i mean, during the process near near the end of putting this book together with professor chomsky, his health declined and he is unable to continue making public appearances. so when the came out, when it finally came out, we thought, well, one thing we could do is we could convene a panel of people who are intimately familiar with his life and work to talk about it and talk about why they find his contributions. so valuable. i just want to say why, you know, for me for me personally, what that is just to give you a little bit of the of the background, i run this magazine current affairs. we can subscrib

so he comes into the senate and you have people like ted kennedy, daniel patrick moynihan, bob dole, bill bradley, all sorts of people, john glenn, people who had really made their mark in american life in all sorts of different ways, including in the senate. so he took a seat in the far rear of the chamber where the newest members had to sit, but he immediately looked down and saw where dole was. and in his mind, he thought ahead and he thought, that's what i want to do. always had his eye on leadership then. and one of the reasons i think he eventually got there was unlike 99 out of 100 senators, he didn't want to be president. he had no desire to do that. he was fixated on that. and i think it made his strategic maneuvering easier within the senate, and it also made his path easier because he could take jobs that other people didn't want because it wasn't going to cost him in any kind of national campaign. you heard lamar alexander say you're smash him in the mouth strategy. explain what that is. and how did he apply that strategy not just to his own races? well, it's interesting

moynihan said the same thing in particular about ipos, that they are starting to see that activity boile surface. it's interesting juxtaposing that with the actual performance, though, because as you mentioned, sailpoint did decline on its debut. you had smithfield and venture global. none of those were really kind of these remarkable debuts that would say that the buy side is really clamoring for more of these types of deals. you had. techcrunch reporting, i believe that. truro withdrew its plans for an ipo, ending a three year wait there. but another interesting dynamic, i think, with sailpoint in particular is the private equity aspect of all of this, because there was an ftc story that really honed in on thoma bravo, at least paper gains from this deal, which is really, really important because so much of the backlog is comprised of private equity backed companies. so if you see someone like thoma bravo making $4 billion on a listing, at least. on paper, they didn't sell in the ipo, that can kind of help turn that flywheel back on for others to maybe want to do the same, right. >> o

i think you've been among those who have asked brian moynihan straight to his face. make of berkshire getting out of your stock? and i think his response, reasonably terse, was like, why don't you ask him? >> yeah, basically berkshire can do what they want essentially. but it's a good question because that is one of the few banks that we're seeing actually an upturn in net interest income predictions for the year. and so they're they're seeing kind of this inflection change. now when rates are higher, that does put pressure on their underwater security. so if you look at market rates right now where the treasury is, that continues to put pressure on some of those securities that they'll never sell those securities. but it's something that the market does seem to pay attention to. >> green for the month, but relative to the gains of the others, it's by far the underperformer. >> yeah. very interesting. coming up, the sector's most at risk of a pullback here according to barclays. and what tariffs have to do with it. we're back in a moment. >> with real time exchange s

president trump called out bank of america ceo brian moynihan and jpmorgan ceo jamie dimon at the worldng conservatives complain banks are not allowing them to do business. both those companies have denied that they make banking decisions based on politics. but following that exchange, the senate banking committee called for a hearing on so-called d banking that's going to be taking place tomorrow. and joining us right now to talk about it is senate banking committee chairman, senator tim scott. senator, first of all, thank you for being here. second of all, why don't you explain why you're holding these hearings? >> well. >> i actually announced this part of my agenda in late december that there was a need for us to take a. look at the d. >> banking strategies. >> that was used by the biden administration. think about it. this is black history month. i grew up in the deep south. i understand. the unbanked. americans are so often. minorities because there was redlining. back when i was growing up. the good news is today. >> is less. >> about black and white, but unfortunately, today is

sounds like to the left, and i mentioned this because president trump specifically called out brian moynihantical ideology? >> yeah, i've. >> seen some of that. sometimes there is a fragmented regulatory environment in the us and some some of the regulators do do things like say. >> well hey. >> i don't want you banking this gun firm or i don't want you banking this cannabis firm. that's another one that's tough. so i think this has been a hot issue, especially for community bankers. and you know, i don't think you want to enforce rules through the regulatory channel. you want if you if you don't like a particular industry, then you should make a law about that. >> but here's the question. my understanding of it is that, you know, to the extent that regulators have told banks either not to bank folks in the in the gun industry or in the cannabis industry, which obviously, i think there was a question about the legality of the cannabis industry to begin with, maybe oil. i think that was less. so i was going to go with i was going to go crypto where i was going to. and but underneath it, at le

. >> can you saw obviously, president trump go directly at brian moynihan from bank of america and evenng to get on these platforms. do you think that people are genuinely being debanked for their political views? >> i feel like this has lately come to the forefront of, you know, the public consciousness, but it goes back around 50 years of financial regulation, you know, all the way back to the, you know, the original bank secrecy act in in 78, where we have started to kind of the financial system has started to become more involved in financial policy enforcement. and then you tend to get these occasional flare ups from time to time, you know, as the case in the uk of natwest and nigel farage and, you know, all these various cases that that tend to, to come up to, to prominence, you know, our philosophy is that we would, broadly speaking, like to be as, you know, as permissive, as practical and as permissive as we can in terms of who we can, you know, who can use stripe. but, you know, i think it probably would be good to get more clarity on those questions. and so it's sometimes a us

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it is a fact that the redevelopment of moynihan train hall is a fact. >> the redevelopment of laguardiament of javits center. >> is a fact. >> and so. >> we as new yorkers, every day we live and see the legacy of andrew cuomo as a great builder of new york city. can i ask you just about atoms right now? sure. and how you think about him? i have made the comment that he that our mayor is being held hostage by the white house. i mean, it's sort of a remarkable situation because he could be prosecuted at any moment if he does something that this white house doesn't want. >> the congressman is probably in favor of the you call it a quid pro quo. the quo that, that that trump wants from adams. you one as well. and that's tightening up immigration and crime. >> i want a. >> mayor. >> who can. >> govern independently of the far right. and donald trump. >> represents the far right. and i found it. what i find. >> striking is that donald trump. >> made the decision not to pardon. eric adams or to or to permanently drop the charges, but only to do so temporarily. and so the fear of a re indictmen