mr. dimonay, he said the u.s. bank was not a fair weather friend, hasn't left places like greece and spain, and really believed in the european project. now, that's despite saying that he still felt that there was a long way to go because problems in the eurozone were fixed. mr. dimon was here in london because of jpmorgan's global cities initiative when brought together the likes of tony blair, the lobbed mayor and lord koe. i'm here now with another one of jpmorgan's executives, jose menarres. head of the corporate bank. jose, can i ask you a bit about the global cities initiative? we've had hear from today that london is very competitive in europe in terms of entrepreneurship, business friendliness and innovation. how does that stack up against the rest of the world and what will it mean if the uk decides to leave europe? >> well, helia, welcome to our headquarters here in london. london is a global leader, right? it's a renaissance city. if you look at the way it's managed to attract best i

morgan throughout the weekend so one would think mr dimon and co should have known full well whose assets those were in other words customers anyway it's time for today's big deal. thing. thing. doesn't love movie memorabilia on must the brains and bronze be on there we go some lights the brains runs like we're in a real theater for brains and brawn behind tesla and space x. he sure does in fact he likes moving memorabilia so much that he shelled out one million dollars for the lotus face submarine car from the one nine hundred seventy s. era james bond film the spy who loved me which you just saw any plants which i'm a prop into a working submarine car now as you just saw again in the clip the original james von not sean connery fact it was roger moore and he drives a car off appear to have a the attacking helicopters the wheels retract fins emerge and with a touch of another button a rocket launch is blasting those choppers that were chasing him right out of the sky but now must was apparently disappointed to learn that the prop didn't actually do this now he won most told n.b.c. news.

obviously mr. dimon has a lot on his plate. thanks, kate. >>> and raising questions about whether it's going to hurt mortgage lending, diana olick is live in washington. hi, diana. >> hi, sue. we already know credit is very site. the question is, will multibillion dollar settlements like this scare banks into tightening the purse strings even more? "we believe putting this litigation behind them will not be enough to get banks to ease mortgage credit standards." this includes apeople to repay and strict limits on how much debt a mortgage borrower can have in relation to their income. paul says that "i think jpm deals like this will tend to keep credit tight." now, the $13 billion deal reportedly gives consumers $4 billion in relief. sources that i spoke to said that they are still hashing out the details of that but it could end up being principal on interest but not in direct payment to borrowers. sue? >> diana, thank you very much. >>> crude oil prices in focus now, below $100 a barrel for the first time since the beginning o

so, when i first approached mr. dimon, he addressed how proud he is of the company and how well they're doing in one sense. >> i woke up, you've been standing here, people coming in, bright-eyed and bushy tailed. >> reporter: not happy to see united states. >> 260 people around the world doing a great job for clients. we're doing great stuff. trying to get our product behind us. >> reporter: but you know on the other hand, obviously, they're grappling with a number of legal issues, civil and criminal, even with the settlement they're close to with the department of justice and the new york state attorney general, there could be dangling criminal issues they've been unable to resolve. what dimon said about that. >> going to try to resolve every matter and then move on and over our clients. >> reporter: scott, of course, investors want to see a resolution as quickly and fairly as possible. it may be a while. they may have to continue to be patient as this unravels. >> thanks so much. good work today. kate kelly outside jpmo

you can simply say that because much of the $13 billion has to do with these two enterprises that mr. dimon purchased in the fire sale that that means that it's really not a net benefit for him. >> he didn't do it as charity, he did it because he calculated it would be a very good business investment? >> correct, correct. >> so, help my audience understand why the directors and the managers don't have to cough up. >> you know, it's what should we call it, the $64 trillion question? you know, you have shareholders who are accepting the status quo with, you know, they're fine with it. you can't have change until you have the owners start to pick up the pitchforks and say, "i am not going to stand for this anymore. someone has to be held accountable." we haven't seen that yet. and so, the question is why? well, is it because you have these large institutions such as the mutual fund organizations that don't want to rock the boat? it's my money, it's your money that they're managing. i might like them to rock the boat, but they choose not to, perhaps, because of their financial relationships wit

for his part, well, mr. dimonncerned at all. >> we're gaining market share, doing great stuff, trying to get behind us. i am so damn proud of this company. that's what i wake up thinking every day. >> for more, i'm delighted to say we're joined by dennis kelliher, president and ceo of better markets, a nonprofit organization that acts as a watchdog of wall street. good afternoon, sir. >> hi, martin. good to be with you. >> thank you for joining us. jpmorgan and jamie dimon, as its ceo, has a reputation for being one of the more responsible banks on wall street. many of the securities in question were actually inherited, and they were bought from bear stearns, washington mutual. so is jpmorgan the right target for this record-breaking settlement, or are they just the first of what you think will be many others? >> well, let's hope they're the first of many others, not just for us, but all the americans who have paid the price for the worst financial crash since 1929, and the worst economy since 1930, which they cau

i asked mr. dimon about this just momenting as as he came into work. here is what he said. >> we're going to try to resolve everything we can and then we're going to move on and serve our clients. i am so dam proud of this company. that's what i wake up thinking every day. >> reporter: i hear you. >> these other things, i know we have to fix. >> reporter: carl, you can hear a lot of pride in the company. jpmorgan is reaching some peak performance levels. the legal they added to a tune of $9 billion. this most recent quarter swung it to a lost. some still yet to be resolved. we do think we will have some closure on the civil aspects of these housing issues within the coming days or a week or so from what i'm told. it is the biggest civil find in history. it is half of last year's profits. >> i think it is a win for both sides. i think the american people cannot feel that they got ripped off by jpmorgan. shareholders might feel that way. this was a jihad against jpmorgan. it was on every month. the justice department was going to sue them everywhere. thi

mr. obama is happy to give them jamie dimon's head. with regard to the money in the deal, the initial deal, customary, fdic does this all the time when, a bank goes belly-up, they merge it with another bank and give it sweeteners, because the bank will not absorb all the losses. they give them enough sweeteners, to the deal. they did some due diligence and not nearly enough to warrant this kind of acquisition. tough look at the time span, that a former treasury official is overlooking. this was a hurry-up deal, what happens when we have another financial crisis? you have to be out of your mind to do treasury a favor. melissa: what about, steve moore, are they going to get involved next time around? >> here is the point i want to make when which i think is so important. 4 billion quote for consumer relief? what the heck is that? melissa, nobody put a gun to these people's head to take out these mortgages. somehow -- >> nobody put a gun to jamie dimon's head you have to buy bear stearns. >> that is nonsense. the nation's top regulator as

dimon's ideank mr. that he's not responsible for the company he acquires is specious. average businessman buys a company and there is something wrong with it, he's responsible for that from that point forward. the whole problem with this topic seems to be that it is rampant throughout. you have the original lenders to happened witht chase, it happened with bank of america, and so on. they did the origination, we - mathematician. whales, who have created these fake securities that are fraudulent when delivered to the public. worldwide money- laundering. why in the world of these organizations even allowed to continue to operate? supervisory suggestions would suggest that the higher it goes, the more they are fined. idea that there is not any jail time is unrealistic. barred andbeing paying fines instead of being banned from the industry. for the common man, none of this would be tolerated. one subject that has gotten a lot of attention is when eric holder said that some firms are too big to jail. there's been a lot of speculation about whether that was an off-the-cuff r

mr diamond for his financial expertise. j.p. morgan is one of the best managements there is jamie dimon the head of it is one of the smartest bankers we know this is the best or one of the best managed breaks where you could have a bank that isn't as strong isn't as profitable making those same bets and we might have had to strip him. of the meeting with president obama and mr diamond comes as the bank finds itself in hot water the justice department is now investigating j.p. morgan for allegedly misrepresenting toxic home loans it sold according to the wall street journal the bank is offering the government three billion dollars to settle regulators are reportedly looking for a levin billion dollars it would be the largest fine in u.s. banking history and this is the first legal snafu for j.p. morgan under diamond he had to go to the hill to defend the london whale the billions of dollars of trading losses the banks suffered after a very risky head that did not pay off but lawmakers seem to be forgiving. you're obviously renowned rightfully so i think as being one of the most you know one of the best c.e.o.'s in the country for fi