turned down that proposal to separate the chief executive office from the chairman title, and so mr. dimon continues on as both. >> bill moyers: since he wears both hats, does this mean that jamie dimon, chairman of the board, gets to decide whether jamie dimon, ceo is doing a good job? >> gretchen morgenson: pretty much. i mean, he is essentially overseeing his own performance. which, you know, is a conflict of interest. so it's, generally speaking, ideal to have someone overseeing the c.e.o. or a strong board that can oversee and rein in a ceo. well, this is a board that had people on the risk committee who were obviously not monitoring the risks that were being taken on in the company. and the fact that they were re-elected by a majority of shareholders, i think is quite indicative of a very big problem that we have in america today. and that is that many, many large institutional shareholders who represent you and me, mutual funds, pension funds, the like, vote with management on many of these important issues. and so they're not necessarily voting your opinion or mine. >> bill moyers:

liz: not everyone is in love with mr. dimon serving both those roles. ot be bad if dimon lost ome of his power that is what my next guest would say. former new york governor, eliot spitzer in a exclusive fox business interview. you dealt with when you were attorney general talking about corporate governance and leadership as well. >> right. liz: does jamie dimon doesn't deserve the job or splitting chairman and ceo role helps the company? >> my view it helps the company. jamie dimon is superb ceo. i will credit him for that. i respect about the job he done and disagree with fundamental decisions he made. that aside this isn't about jamie, understanding too much power aggregated in the ceo position permits the ceo to dominate the board and the board of directors is only check we have on the ceo. shareholder votes, really are meaningless in corporate democracy these days. the metaphor i use if thomas jefferson were acknowledged to be the president we ever had we still would not eliminate the supreme court and congress. checks and balances is structurally i

the trend of banks carrying increasing influence is getting noticed which is probably not good for mr dimon at all and embattled hedge fund mongul stevie cohen continues to face pressure for possible criminal insider trading charges this after he recently had to pay six hundred million dollars to the f.c.c. to settle civil charges for a senior executives were given subpoenas to testify before a grand jury many are looking at this case as a bellwether for the largely unregulated hedge fund industry it seems the top dogs in this finance sector are not too big to fail and finally japan's money print money printer in chief has said he would do more to her opponents as domestic bond market convincing limo.

investors one buffett isn't discouraged he says he's one hundred percent for jamie we'll see how mr dimon holds up in our bankers cup duel at the bottom of the show. and at the annual shareholders meeting for berkshire hathaway buffett promise burning or he praised bernanke in calling four and a half years of near zero interest rates and two trillion dollars in bond purchases smart policy bizarrely he distilled leverage calling it heroin and catnip mr buffett where do you think. he's not optimistic on gold or big going and saying all of our forty nine billion dollars we haven't moved any of it to big going with the sage of omaha did report a substantial profits from derivatives when you used to call financial weapons of mass destruction well maybe you would be amenable to big point options all right let's get to what's in your interest. we often hear that social security is not broken. but the social security disability insurance program is starting to face major difficulties this program pays benefits to workers who have lost earnings due to a disability and the social security administr

the trend of banks growing increasing influence is getting noticed which is probably not good for mr dimon at all and embattled hedge fund mongul stevie cohen continues to face pressure for possible criminal insider trading charges this after he recently had to pay six hundred million dollars to the f.c.c. to settle civil charges borne of senior executives were given subpoenas to testify before a grand jury many are looking at this case as a bellwether for the largely unregulated hedge fund industry it seems the top dogs in this finance sector are not too big to fail and finally japan's money print money printer and shiva said he would do more to her volatility as domestic bond market commencing the most aggressive program in the history the yen has more than thirty two percent of its value relative to the dollar and bond yields have a spiked the most in decades with a new stock index is also up substantially until recently that is when it crashed in eye watering at seven point three percent in a single day as a tough gig for central bankers who want to have their cake. here's what's in yo

the trend of banks growing increasing influence is getting noticed which is probably not good for mr dimon at all and embattled hedge fund mongul steve cohen continues to face pressure for possible criminal insider trading charges this after he recently had to pay six hundred million dollars to the f.c.c. to settle civil charges borne of senior executives were given subpoenas to testify before a grand jury many are looking at this case as a bellwether for the largely unregulated hedge fund industry it seems the top dogs in this finance sector are not too big to fail and finally japan's money print money printer and shiva said he would do more to her volatility as domestic bond market commencing the most aggressive program in the history the yen has more than thirty two percent of its value relative to the dollar and bond yields have a spiked the most in decades with a new stock index is also up substantially until recently that is when it crashed in eye watering at seven point three percent in a single day as a tough gig for central bankers who want to have their cake and. here's what's in

famous investors buffett isn't discouraged he says he's one hundred percent for jamie we'll see how mr dimon holds up in our bankers cut do what the bottom of the show. and at the annual shareholders meeting for berkshire hathaway buffett promise burning or he praised calling four and a half years of near zero interest rates and two trillion dollars in bond purchases smart policy bizarrely distant leverage calling it heroin and catnip mr buffett where do you think comes from. not optimistic on gold or big going saying all of our forty nine billion dollars. we haven't moved any of it to big callings but the sage of omaha did report a substantial profits from derivatives when he used to call financial weapons of mass destruction well maybe he would be amenable to that point option all right let's get to what's in your interest.

famous investors buffett isn't discouraged he says he's one hundred percent for jamie we'll see how mr dimon holds up in our bankers come do what the bottom of the show. and the annual shareholders meeting for berkshire hathaway buffett promise burning are he praised bernanke calling four and a half years of near zero interest rates and two trillion dollars in bond purchases smart policy.

the trend of banks carrying increasing influence is getting noticed which is probably not good for mr dimon at all an embattled hedge fund mongul stevie cohen continues to face pressure for possible criminal insider trading charges this after he recently had to pay six hundred million dollars to the f.c.c. to settle civil charges borne of senior executives were given subpoenas to testify before a grand jury many are looking at this case as a bellwether for the largely unregulated hedge fund industry it seems the top dogs in this finance sector are not too big to fail. and finally japan's money print money printer and shiva said he would do more to her own as domestic bond market commencing the most aggressive program in the history the yen has more than thirty two percent of its value relative to the dollar and bond yields have a spiked the most in decades with a new stock index is also up substantially until recently that is when it crashed in eye watering at seven point three percent in a single day as a tough gig for central bankers who want to have their cake and. here's what's in your

the trend of banks carrying increasing influence is getting noticed which is probably not good for mr dimon at all and embattled hedge fund mongul stevie cohen continues to face pressure for possible criminal insider trading charges this after he recently had to pay six hundred million dollars to the f.c.c. to settle civil charges borne of senior executives were given subpoenas to testify before a grand jury many are looking at this case as a bellwether for the largely unregulated hedge fund industry it seems the top dogs in this finance sector are not too big to fail and finally japan's money printing money printer and she even said he would do more to her opponents as domestic bond market commencing the most aggressive program in the history the yen has more than thirty two percent of its value relative to the dollar and bond yields have a spiked the most in decades with a new stock index is also up substantially until recently that is when it crashed in eye watering at seven point three percent in a single day as a tough gig for central bankers who want to have their cake and. here's wha

the trend of banks carrying increasing influence is getting noticed which is probably not good for mr dimon at all an embattled hedge fund mongul stevie cohen continues to face pressure for possible criminal insider trading charges this after he recently had to pay six hundred million dollars to the f.c.c. to settle civil charges borne of senior executives were given subpoenas to testify before a grand.

the trend of banks growing increasing influence is getting noticed which is probably not good for mr dimon at all and embattled hedge fund.

while there may be people that have personal gripes against mr. dimonition and it's more of a structural risk control prof lactic part of the board in terms of separating these two powers. >> it does highlight if he will split because he might see it as a personal slight. that may be how it's playing out within the organization to my point. >> i suppose it's possible, but, you know, if they robust engagement with the shareholders asking them what do they really want? then you will learn very quick low that many shareholders would want jamie dimon, and the shareholders are looking for is to separate these two roles and have an independent leader on that board who can provide some of that oversight and to help mr. dimon. >> robert, is there any data at this point in terms of the performance of companies that have the split role versus those that don't? >> the data is quite mixed. having these two roles helps companies and other data shows the opposite so you do fall back on some of the philosophical aspects of the board and that's why i start off with the

i know you expected it, e know that you were supportive of mr. dimones this put to rest the whole let's take his chairmanship away? >> liz, i think it does in the short term. i think when you see corporate governance issues, you see a lot of people that are investor that most people would think they want return as their number one objective seep to have all -- seem to have um tier yore motives. jamie won by 20% versus last year, he won his board members, he won everything, i think a lot of people are going to say, okay, let's see what he can do for now, and i think he is clearly in the driver's seat, and i think he is, obviously, very happy with the decision. liz: matt, you just threw out ulterior motives. what do you mean? these are some pension funds, these are some shareholder groups, activists. when you say that, what exactly do you mean, what motives? >> sure. you look at a stock that's roughly up 22.5%, you look at a stock that is up, you know, roughly 20% versus the other money center banks -- liz: yeah, but what's ooh the all all tier your moti

mr. dimon's chairman and ceo roles. it's just the latest salvo broad sighting american board rooms on this very issue. in fact, legendary investor warren buffett told our becky quick this morning that even though he holds both those roles at berkshire, chairman and ce oo, he sort of agrees they should be split up. >> i think either system is okay. but the one advantage of having the chairman separate from the ceo is that it becomes easier to change the ceo if you have the wrong person in the job. >> more on this issue now with our very own herb greenberg. also cnbc contributor jeff sonnenfeld. herb? >> there are exceptions. if the ceo is a big shareholder in the company maybe you can make sort of an exception in that point. i think, mandy, the bigger issue is this. the board's roles, one of its roles is to hire and fire the ceo. the chairman of that board is the chairman of that board, how is he going to be involved in the situation of firing himself? i know there are exclusions. i get the recuse. >> the point you've be

jessica, you got to spend some time with mr. dimon last summer. you wrote an caller and asked him the question, did he ever consider resigning and he said, no. people in companies will make mistakes. i guarantee we'll make a mistake next quarter. so what? businesses make mistakes, hopefully smaller and fewer. unfortunately, they've made a few more mistakes during that time. but how do you think this unfolds for him? >> i think one of the things that we really liked about jamie dimon during the crisis and one of the reasons that he was sort of elevated was that he seemed like this very reasonable person. and we haven't seen that from him in a long time. he's sort of become unreasonable. and this whole now threatening to leave because of this largely like titular change, it seems not only not becoming of a ceo, but not adult in a lot of -- >> he's saying, i'm going to take my ball and go home. >> and has it impeded his effectiveness as a ceo? >> i think this whole thing is about his ego. i don't know why he cares so much, quite frankly, about the ch

i think mr. dimon has been a great -- one of the great leaders of our corporate world.ce issues. like most things, you know, like any shareholder meeting, you know, ten years ago people just maimed in the votes. i think people in tougher times like we're living in are being more careful. i think our banks, our world changed in 2008. obviously we're under much more scrutiny. i agree with ben. i don't think breaking up the big banks is the answer. we're in a global marketplace, maria, as you know. where only four of the top 50 banks in the world are from the united states. china has six. germany has five. france has five. i think breaking up the big banks in our global environment is not the answer. what are we going to do, ma rhee wra, when caterpillar or any other major u.s. corporation goes to the bank of china for a loan? i think congress then will have hearings to find out what happened to us. and so we've got to be very careful. what we really need to concentrate, maria, on are our community banks and regional banks being drowned out by the regulation of dodd/frank.

mr. mayo's question about a successor for jamie dimon. and when i spoke to mr.d him what did you think of about the back to you. lori: adam, okay, thank you. there is so much more ahead on this busy news day. gop senator orrin hatch joins us. he says the outgoing irs chief lied by omission to congress. senator hatch is our special guest. that is just ahead. ashley: apple ceo tim cook on the hot seat over billions of dollars of offshore tax savings. business roundtable chief john engler says, apple is not the problem. owe explains ahead. let's check out hoyle -- oil is doing toward the break. we'll be right back. [ shapiro ] at legalzo, you can ta care of virtually all yourmptant legal matters in just minutes. protect youramily... and launch your dreams. at legalzoomom we put the law on your side. [ whirring ] [ dog barks ] i want to treat mo dogs. ♪ our business needs more cases. [ male announcer ] where do you wa to take your business? i need helpelling art. [ male announcer ] from broadband to web hosting to mobile apps, small business solutions from at&t have

the trend of banks growing increasing influence is getting noticed which is probably not good for mr dimon at all and embattled hedge fund mongul stevie cohen continues to face pressure for possible criminal insider trading charges this after he resign.

you have at least the threat of mr. dimon -- >> i'm going to vote against jamie. is that? >> we haven't gotten to a lot of stocks that are mr. cramer's radar, we're talking best buy, home depot. we have "the mad dash" coming up next. take a look at futures before we head to break. but we can still help you see your big picture. with the fidelity guided portfolio summary, you choose which accounts to track and use fidelity's analytics to spot trends, gain insights, and figure out what you want to do next. all in one place. i'm meredith stoddard and i helped create the fidelity guided portfolio summary. it's one more innovative reason serious investors are choosing fidelity. now get 200 free trades when you open an account. all stations come over to mithis is for real this time. step seven point two one two. verify and lock. command is locked. five seconds. three, two, one. standing by for capture. the most innovative software on the planet... dragon is captured. is connecting today's leading companies to places beyond it. siemens. answers. [ agent smith ] i've found

mr. fix it, frank bisignano, the top lieutenant of jamie dimon and now he is the ninth person to leave theng committee since our last year. what is going on? piles of "money" straight ahead. melissa: who is is says mr. fix said the man jaime dimon when to when he had a big problem whether turning around the rtga business in integrating fare restaurants aftethe london debacle he got tough job stand now he is tackling a brand new project as a ceo fifth of all worlds largest payment processing company first-aid tent off to limit the first official exit interview frank, thank you for coming john. we started to list the things that you did as the clutch player at jpmorgan but the show is not long enough. when integrated bear stearns you got them to run the copper wire under the street to connect the bank and in a time of crisis you were putting things together. you turned around the mortgage business. that was in a disaster disaster, jamie calls, you have a problem and you fix it dealing with regulators after the london wailes debacle. this is a blow to jamie morgan -- jpmorgan? >> first of all

mr. fix it for jamie dimon, the biggest name yet to leave jpmorgan after the london wale debacle.hat sparked his exit? he joins us exclusively. next, facebook earnings are out. the profit is under way. we may have found the defendant finds face books impending doom. here is my intimately. more "money" coming up. @ everybody has different investment objectives, ideas, goals, appetite for risk. you can't say 'one size fits all'. it doesn't. that's crazy. we're all totally different. ishares core. etf building blocks for your personalized portfolio. find out why 9 out of 10 choose ishares for their etfs. ishares by blackrock. call 1-800-ishares for a prospectus, which includes investment objectives, risks, charges and expenses. read andonsider it carefully before investing. risk includes possible loss of principal. ♪ melissa: facebook conference call under way following first quarter earnings. it was a mixed picture for the company. regardless of what the earnings say we may have discovered the real sign that the company's days of coolness are very much numbered. from our we hav

so that is in response of course to the call for perhaps mr. dimon both roles within the bank. so keep an eye on what comes from that. >>> all right. coming up with making money with charles payne. that is always good with charles money. he is coming up four, count them, four of his previous picks. find out how much money you could have made if you listened to his advice. tracy: a little friday afternoon victory walk. more on the business of real estate. we'll take you to a town in illinois saved by a single company. this is cool story. we'll introduce you to the man referred to as the king of rental housing. we'll be right back. don't go anywhere we went out and asked people a simple question: how old is the oldest person you've known? we gave people a sticker and had them show us. we learned a lot of us have known someone who's lived well into their 90s. and that's a great thing. but even though we're living longer, one thing that hasn't changed much is the official retirement age. ♪ the question is how do you make sureou have the money you need to

mr. jamie dimon. congratulations. you won a big one today. we'll be back tomorrow night. hey, look!k!g s st! mamake a wish!h! i wish w we could lie e here forevever. i wish thihis test dririve was , so we e could headad back to thehe dealershihip. [ [ male annououncer ] it's p practicallyly yours. testst dri! bubut we stillll need your s signature.. vovolkswagen s sign then d drie is back.k. and d it's neverer been easisir to get a j jetta. that's t the power of german n engineerining. get $0 dowown, $0 due at t signing, $ $0 dep, anand $0 firstst month's p pt on any n new volkswawagen. visit vwdedealer.com t today. ...amelia... neil and buzz: for teaching us that you can't create the future... by clinging to the past. and with that: you're history. instead of looking behind... delta is looking beyond. 80 thousand of us investing billions... in everything from the best experiences below... to the finest comforts above. we're not simply saluting history... we're making it. you get 5% back, on everything. everything. everything. everything. everything? [ all ] everything? everything. [

mr. jamie dimon's roles as chairman and ceo.resting article pertaining whether or not that is good or bad idea in the "wall street journal." often successful companies don't separate. lori: thanks for the update, nicole. ashley: it is merger monday for yahoo! taking over tumblr for a billion dollars and actavati joining me now. jack hough senior editor with barron's, who won and might have lost out on today's deals. let's get to the one that is starting a lot of conversation, yahoo! taking over tumblr. pretty aggressive move. will yahoo! get what they want out of it and will tumblr be hurt by its association with yahoo!. >> this has the revenue of lemonade stand in a good neighborhood. this goes back to the dot-com days about eyeballs. with so many companies talking about monetizing massive traffic using ads, how many ads will we sell? how much stuff will people buy as we find out new ways to monetize this massive number about pages? it brings ad rates down. i don't think these companies will ever recognize as much revenue as th

mr. fix-it. at jpmorgan chase. one of jamie dimon's top lutz for a long time.join us exclusively. lori: great guest. we'll be watching that. we're watching the fed minutes away from the fed statement on the economy and its future plans for stimulus. seven minutes away. the decision comes out at the top of the hour today. and ahead of that we want to show you bond market. melissa: look at that. look at that? lori: 10-year note yielding 1.61%. a class being flight to safety. soft economic data here. the stock market selling off. gold is breaking down. so there are your market gyrations ahead of the fed. tracy byrnes and ashley webster will bring you the decision plus all the following market reactions to the decision with their all-star panel. that is next. stick with us here on fox business. ♪ [ cows moo ] [ sizzling ] more rain... [ thunder rumbles ] ♪ [ male announcer ] when the world moves... futures move first. learn futures from experienced pros with dedicated chats and daily live webinars. and trade with papermoney to test-drive the market. ♪ all on thinko

dimon is very valuable, perhaps too valuable. that is the important point the board needs to take >> do you believe that mr. dimom might leave? >> i am not sure if he is bluffing or serious. let's take that remote possibility seriously and that creates a new degree of management risk under certain circumstances if he were to go you would see the stock price decline i think by about 10%. >> does this vote really matter? from what i understand it is a nonbinding share holder vote, even if they vote in favor of splitting the role it is up to the board to decide whether or not they accept it? >> if over 50% say they want to see it split i think the board has very serious decisions to make. i don't see the splitting of the two roles as my issue. the bigger issue is does the board ensure enough transparency, accountability and oversight? i am going down to tampa at the meeting to ask the directors, be reassured that they have that proper oversight. i think that issue transcends the issue of the chairman ceo separation. >> does it tell you anythingt that 8 of 11 of the direct reports have left in the last couple of years? >> you hav

mr. dorsey, the ceo -- liz: the founder. >> reporter: right. he deals a lot with jamie dimon on this. liz: when is the ipo?ey want to make sure -- is uncertain. the wall street sources that i talked to, he has been in contact with jamie dimon. they're talking about it. one of his problems is looking at what happened with facebook. the ipo was such a you know wha show, not just the fact that nasdaq, you know, there was escrow by the nasdaq. liz: i love how they're putting my twitter feed over you. >> reporter: you still have to catch me. a long way to go there. liz: when is the ipo? >> reporter: they don't know. liz: they don't want another facebook. >> reporter: they don't want another facebook. the nasdaq thing was insane. the overpriced. they basically gave all the bes information. and this was a mess. the last thing that twitter wants is that of rain. i will tell you, the overhang haunts that company's stock price to this day. a lot of people, lot of underwriters, that thing did no go off the way they did come ages would not have been, it's just -- the price would be higher. that said, i think he is tak

. >>> still ahead, jamie dimon was not the only one winning at the shareholder meeting. why? mr.got a big shoutout as well. >>> and time to geek out. microsoft unveiling the newest xbox. we'll speak with the man in charge of the xbox business which "street signs" returns. >>> time now for today's "return on rye tirmt" tax deductions or automatic saving plans? what works better when it comes to getting people to sock away more money for retirement? the results may surprise you. find out, next. thank you orville and wilbur... ...amelia... neil and buzz: for teaching us that you can't create the future... by clinging to the past. and with that: you're history. instead of looking behind... delta is looking beyond. 80 thousand of us investing billions... in everything from the best experiences below... to the finest comforts above. we're not simply saluting history... we're making it. it's delicious. so now we've turned her toffee into a business. my goal was to take an idea and make it happen. i'm janet long and i formed my toffee company through legalzoom. i never really thought i w

mr. tease see. from the very simple point. i will play devil's advocate here, under jamie dimon's watch several filings by the occ consent orders bank agreed they do not have the proper controls in more money laundering. they're not complying with the bank secrecy act. they have had problems with loan processing before they got slapped today by the california attorney general. they have had all kinds of problems under his watch. shouldn't he suffer the consequences? even said in the shareholder letter in april, may wrau -- mea culpa i take responsibility for this. what is the consequences of this. >> everyone knows that captain smith went down with the titanic. everyone knows the president, ceo, they run the show and are ultimately responsible. but again, from a prosecutor's perspective and standpoint, irrespective whether or not he holds one position, he holds a combined position, the decisionmakers, the people with the ultimate authority, have to make the decision. whether it is in one place or two people or four people as to whether or not as a corporate culture you're going to put the safeguards, practices and procedures in

mr. chairman and ceo? >> that is up to the stockkolders, the board of directors. my view is jamie dimon is one of the best leaders of financial institutions, i a very small stockholder of jpmorgan and strongly for keeping him as chairman and ceo. i see no reason to separate that, it is very complex and very significant, needs leadership and he is a very strong leader. it is really corporate political correctness to try to separate these rules arbitrarily and for no good reason and you could end put a lot of disruption and dysfunction if you do that and increase the risk to the shareholders their assets will go down instead of a. if you look at jpmorgan if you our shoulder you have to be happy, they have gone up 18%, dividend goes up. connell: repaving -- whether it is an arbitrary discretion on not there are those who argue that this shareholder meeting and at other banks that there's a conflict of interest. >> i find that not defensible. the simple fact is there are a lot of institutions starting with the president of the united states who is commander-in-chief and president where you

dimon can remain as both chairman and ceo. >>> and apple avoids paying billions in income tax through offshort entities. mr.tim cook is in the spotlight at a senate panel hearing today focusing on the company's tax practices. seema has more for us in the united states. >> apple's tim cook testifies at 9:30 a.m. eastern. in a 30-page report, the panel says apple used an ee van rat web to avoid paying taxes of $44 billion in the past few years. the report says three subsidiaries in ireland claim to have no abdomen investigation to pay taxes in any country. one unit has no employees, but reported $30 billion of income between 2009 and 2012 and hasn't filed any tax return in any country for the past five years. >> apple is not satisfied with shifting profits to a low tax offshore haven. apple then sought successfully the holy grail of tax avoidance. it created offshort entities holding tens of billions of dollars while claiming that it was a tax resident nowhere. >> today's hearing is the second to be held by senator heavyin shedding light on the weakness of the u.s. corporate tax code. u.s. based multi nationa

mr. boyd, you do occupy ceo, chairman and president of your company. there's a big debate centered around jamie dimone split. what would you say as sn incumbent on the status quo? >> it's important to keep in mind that organizations that are as complicated as a modern multinational business corporation, one answer is not the right answer for every different company. you think jamie dimon is a world class executive and done a fabulous job at jpmorgan and i don't understand what's separating the roles would accomplish there. outstanding corporate governance and truly independent board. you have to look at each company on a case by case basis. >> it's nice to see you again, mr. boyd. thanks for doing an interview. an exclusive interview with the ceo of price line. >> simon, thanks so much. when we come back, the irs apologizing to the tea party. we'll explain why after a break. [ male announcer ] with free package pickup from the united states postal service a budding artist can ship like a big business. just go online to pay, print and have your packages picked up for free. we'll do the rest. ♪ we'll d

dimon has dominated and after yesterday's vote is still in a very strong position over. host: larry in rockville, maryland, independent. caller: hi. you said a lot of things i agree with, mr. summers. one of the things that you said was these organizations are so to and so complicated, have a pyramid into one guy is just and reasonable. it is not practical. that is partly what caused the problem we are in right now. jamie dimon as far as ceo is probably one of the brightest. he kept jpmorgan out of this mess because even though they developed a scheme they could of purchased these defaults ops, which is different than the whale problem, they could have made big investments but they chose not to because they knew they were risky and he kept his company away from them. that part of why they ended up in a good position. he himself is one of the best managers, if you read its history, he's a great manager. however, the organization's are way too big. not just his. it is citibank and all those banks. they need to being somehow or another broken up in a managed way. guest: yes, i think you captured a lot of the public opinion. guy, very very smart accomplished. a lot of people