ryan -- robert albertson is a sandler o'neill banker specializing in none other than banks. robert, thrilled to have you here this morning. your response to bnp paribas and what it means for their american operations. >> it means what it means. it is a modest restriction for a file, a narrow one, commodities only. presumablye is defendable based on the history of the action. maybe it is the first time regulators got in the act and said let's make these fines tied to something. in that sense you sort of feel better that we are finally maybe , chase theof this banks and punish them. the seem to deserve punishment. what i take away from it, what bothers me most thomas is that the french authorities -- what bothers me most, is the french authorities wanted to defend them. it tells me we have little international cooperation. that kind of shocks me. himselfnce minister said we have looked at this stuff and it is perfectly ok. >> the word that comes up here is macro prudential regulation. is macro prudential, if you have internet seen work share? >> what we are talking about here d

robert albertson tomorrow morning on bloomberg television. see him, but tomorrow will be particularly important given what we have seen from making this week. >> recently especially with morgan stanley. the hour,host of robert nardelli and stephen howe . some company news from the files of bloomberg west. apple recently paid $450 million to settle price-fixing charges. the company was headed for trial. prosecutors say apple conspired with publishers to fix prices. the money would go back to customers. a major security breach could be hurting ebay. the third-quarter outlook missed analyst estimates. they asked users to change passwords two months ago after the company broke into its system. up to 12,000 microsoft workers could get pink slips today. that is, according to the "new york times" in the largest lay off for microsoft in its history. microsoft at last count had 120 5000 employees. that is your company news from the files of bloomberg west. -- 125,000 employees. that is your company news from the files of bloomberg west. microsoft, 12,