goldman, morgan stanley, goldman off 2.5%. morgan stanley, still waiting for clarity.is the unknown. how has this been handled. the exposure and what is left unwind. tom: staying on 2% down versus 4% down. are you done? jonathan: you have permission to continue. tom: we are making up it as we go on this monday. 6.56 on remember the. a little bit of foreign-exchange movement. david kelly of jp morgan will not talk about margin calls, and then we are thrilled to bring you michael nathanson on the backside of this half-hour. thread hard not hurrah should has led our coverage -- sridha -- we just had a technical difficulty. sri just hung up the phone and said i did not want to talk to them. we will get sri back. what does the management of morgan stack -- of goldman sachs or morgan stanley do? jonathan: a lot of people waking up and saying i remember, a lot of people saying i've no idea who that is. he set off on his own or once upon a time. started have a family office, which translates to we are hedge fund but we cannot take outside money. we are an investment firm. he p

morgan stanley and goldman sachs were the first to do so.friday alone. something that they transmitted to their clients and so i think this is just a case where everybody is heading for the exits. risk management dictates that you act fast >> so, bethany, i have a feeling we've seen this movie a couple of times together over the years. the question is what do regulators do about it the sec calling a meeting to discuss it >> i was just going say some things never change and as much as goldman has changed over the years, here's an instance where they haven't changed goldman was well coullateralized so, i do think even if the fallout from this seems contained at this moment it does when you look at the complexity of some of the financial instruments that were involved here like these contract for differences that really aren't that well understood and all these years later prime brokerages don't have that much insider visibility into what a big firm could be doing across its relationships and this firm was unique in the extent of those relation

we'll talk to morgan stanley's head of investment, daniel simkowitz and oakmark portfolio manager, bill nynygren >> getting back pretty much all of last week's losses. the s&p 500, this is a similar move to what we saw in late january. it touched a 50-day average and slingshot high what we do have, though, it is coming right up in this zone where we spent much of february. 3925 or so we haven't really gotten past that on a sustainable basis, so there are people who say this doesn't necessarily have the look of something automatically off to the races in terms of new highs. we talked about growth versus value. take a look at march 1st of last year through september 1st of last year in terms of the nasdaq 100 against the high beta which is cyclical stocks that's more than 40% performance, right look at the subsequent six months it's exactly the reverse you have high beta outperformed the nasdaq 100 by about 30-some-plus -- higher than that, more like 48 percentage points if we're at a place with yields backing off and everybody kind of acknowledging the economy is getting better, as to wh

morgan stanley up by 0.2% in the premarket. is down by about 2% after a 13.83 percent move lower yesterday. we trim another couple of percentage points off of credit suisse. tom: to bounce off the pendant, i did not get back to february levels, but it has reversed halfway back down. what is amazing here, on eu banking, particularly the swiss view, they are the compare and contrast at ubs versus credit suisse. it is stunning, the differential. not enough is made on this. credit suisse just isn't there at 0.59 percent. there's not enough discussion. everybody talks about deutsche bank and their travails. credit suisse is a train wreck. jonathan: in lisa's piece this morning, i think what she gets to the heart of is something further down the page. when you get to the former ceo, who had a stated goal of de-risking this bank, the credit suisse at the epicenter of the saga around >> green sill and the blow up there, and once again at the epicenter around archegos. is this coincidence? some would think not. tom: it is a partition aw

stanley arrived with a dozen europeans. we met at the consul's and he told me, we wish you to accept to become governor in the name of belgium and your voice, the belgian flying in the districts. or under your rule, i hoisted wanted stanley falls when i arrived and my men did the same. wherever we came. former slaves were enlisted in the conquering armies. weapons in hand, the french, the belgian, and the british went deeper and deeper into the equatorial forest. europeans placed peasant communities under military control and forced them to produce palm oil rubber, cocoa coffee. and of course, it's very clear. every single state used forced labor all of them. in some cases, this labor strongly resembled slavery, where they would take people from their villages and pay them almost nothing. especially for so-called public works. yet they have to provide for their own food and were later sent back home where some no longer fit in the country. do you feel in this forced labor system? missionary's became witnesses to the farmer'

stanley johnson, a hearty home _ exclusion. yes. stanley johnson, a hearty home in _ exclusion.ome repairs, you are working there, you can get away with it. otherwise you can get away with it. otherwise you are fairly dodgy ground. personally, i think £5,000 fine, cheating the system is not unreasonable. it ought to do the trick. i�*m sure many people are saying what you�*re saying, john, but i don�*t think so. you have to play the game. i don't think so. you have to play the game-— i don't think so. you have to play the name. ., , , ., , the game. the trouble is all these different exclusions. _ the game. the trouble is all these different exclusions. how- the game. the trouble is all these different exclusions. how will- the game. the trouble is all these different exclusions. how will you | different exclusions. how will you prove to some border guard that you are going to teach a school of mediaeval music?— are going to teach a school of mediaeval music? yes. but as a business meeting _ mediaeval music? yes. but as a business meeting and _ mediaeval music? yes. but as a busi

- stanley, you go to your room right now! - my room, why? - go, stanley!en months? - no! - beating off the dog is not appropriate when we have company. i mean...ever! beating off the dog is not appropriate ever. - why? what's the big deal? - stanley, don't you understand what you were doing? - i was doing red rocket to make the dog's milk come out. - no, stan, what you're doing to the dog was... sexual. - huh? - you were stimulating the dog, stanley. what came out of him was his... randy? - well, you know, when you do that to a male... you make his... stuff come out. well, jesus. haven't they taught you these things in school? - what things? - sexual education--haven't you learned that yet? - no! - oh, well, you see, stanley-- well, your school should be teaching this stuff. - yeah, let's get that damn school on the phone. - okay, parents, i know a lot of you want a chance to speak, but we have to talk one at a time. - look, our kids are learning sexual things on the streets and on television. there's no way we can stop it. the schools have to teach them s

if you are morgan stanley or goldman sachs, and it appears those firms have been able to escape this fiasco without any losses, then there isn't a good reason to change your risk-management practices because they worked. you were able to unload the stock in time ahead of credit suisse, head of numerous, head of deutsche bank, head of others, wells fargo is another name out there offering blocks. those other firms may have to examine their risk-management practices and say are we going to allow any individual or family office or private investment firm to lever up to this degree because we've have demonstrated we can't manage it properly. tim: how does one entity build up such a concentrated position and in equity without notifying anyone? erik: this is a good question. he was not a hedge fund and did not have reporting obligations. all the stock was owned or held by the prime brokers. they engaged in total return swaps with bill hwang. he would either owe them money or he would pay profits or a share of the investment profits. that is how he never had to report anything to the ftc or

it is the former home of stanley tucci. stanley takes a trip down memory lane with mhis parents.nts along for the ride. >> stanley, you actually lived in tuscany and florence for a year. it is home to rich history architecture and arts and culture. what's your favorite thing about this region? >> well, i think exactly that. that's a birthplace of the renaissance and you can walk through florence and there are parts of it that are unchanged 500 years. what i like about florence too is that, it seems to have this incredible scope because of the a architectural and richness. you can walk anywhere. you don't need a car or anything. if you want to hop on a bus, great. otherwise, you just use your own two legs and explore. absolutely maybe in some way the perfect city. >> wow. >> perfect city. i love that you visited and you traveled to florence with your parents for one of the episodes. >> what was it like revisiting the city together? >> well, it was great. i mean you know it was very strange. i have never made or done anything like this before. it is a bit nerve-racking and to be wi

tom: would you change to buy or sell on goldman sachs or morgan stanley?d: not on this news alone. when you think about what they are doing every day this type of risk is there and if you have the controls and procedures in place to mitigate the risk, we will find out if that's the case and we could separate these dealers like morgan stanley and goldman from the others if they are exposed and there's minimal or no loss that sets them apart from those with sizable losses. jon: one of the many questions is just how many bill hwangs are out there right now. what do you think the banks that fall under your coverage are doing? a reappraisal of their clients to look for more billhwangs? -- to look for more bill hwangs? gerard: they will do a deep dive to make sure their books are in order. they will make sure there are not exposures like this to other customers. they are constantly monitoring brokerage accounts, but may be a more in-depth review is warranted considering what happened ryan day. -- friday. jon: what is your topic? gerard: bank of america. you talk

you know, you've got goldman sachs and morgan stanley also serving as lenders. according to reports, morgan stanley was offering 45 million shares of viacomcbs on sunday for an uns disclosed -- undisclosed holder. goldman down about half a percent and morgan lower by 2.25%. but nowhere near the hit that nomura, japan's largest investment bank, is hitting. it is looking at a potential $2 billion in losses from this forced liquidation. this estimate ising of course, subject to change, but i want to bring in our floor show traders right now because even if you don't own nomura, goldman or sweat suisse, it is affecting -- credit suisse, it is affecting the market. have the losses been contained, or do you think there are more shoes to drop here? >> if you look at the s&p, the s&p's almost flat and not even down 1% on the year, so all this hoopla around what happened isn't affecting the individual investor if they have a monthly plan to put money into s&p funds. if you trade for a living like i do or if you're trying to invest in individual names, you need to know th

morgan stanley, still not yet. we do not know the full impacts to them.ertainty weighing down on the kbw index today. down as much as 3.4%. the question is how much of this trade is left to online? that is adding to weekly losses for these major banks after what had been a stellar performance year to date. the second-best performer within the s&p 500, part of that re-inflationary reopening trade. easing some restrictions on dividends on the part of the fed. yields rising this year. that was good for goldman sachs, allow them to have a boom in their profit map. matt: not only are people worried about there could be more to come from this leveraged, overleveraged family office, but are there other big leveraged whales out there? >> it just shows the risk of these highly leveraged bets that they are making, because archegos had swaps set to exceed 10% on some company shares, so that has a huge impact. that inducing other banks to sell their collateral holdings as well. you can see the ripple effects this kind of thing can cause here, matt. matt: thank you, r

i am stanley tucci, i am fascinated by italy.nd i'm traveling across italy to discover how the food in each of these 20 regions is as unique as the people and their past. sicily is a mythical land of contrast -- fire and water, dry and fertile, refined -- that's very french -- and rough. how did one of the poorest regions in europe -- i love it! -- create the richest of cuisines? get ready. >> this is delicious. >> i want to take a bath in it. >> every mouthful here is an eruption of flavor. >> oh my god they're so good. oh my god! ♪ before i arrive in sicily, there is one delicious food ritual that i have to experience. it's a tradition to eat these while you're on a boat passing this statue of the madonna. these are arn cheeney. the story goes that the arabs dropped these in sicily, hand rolled rice with meat filling and breaded and fried. that's good. the taste of arancini i am told is the taste of home for all sicily. just a few miles off the booth off the toe of the boot offettely lies sicily, its southernmost region. and wi

morgan stanley become the first big u.s. bank to offer some clients access to bitcoin funds. we have the exclusive details. right now it's show and tell or if you're on the radio, we call it tell and tell we'll show you a chart and tell you a story. today's chart is disney. stock making a move after ceo telling julia when disney land in california will reopen. here he is >> after a year of being closed, i am absolutely thrilled to say that we're going to be welcoming our guests on april 30th back to disney land. it's been a long, long time since we have been able to create magic for our guests and put our cast members back to work and help the associated businesses around the anaheim area it's going be a great opportunity for us to bring the magic back to everybody involved ♪ ♪ it's a wishlist on wheels. a choice that requires no explanation. it's where safe and daring seamlessly intersect. it's understated, yet over-delivers. it is truly the mercedes-benz of sports sedans. lease the 2021 c 300 sedan for just $449 a month at your local mercedes-benz dealer. ♪ ♪ bike shop plea

and morgan stanley's name was bandied around as one of the players in that.swaying you, you still think that morgan stanley is maybe a deep-value stock. why? >> one, financials are one of my favorite sectors within the value basket they're in general, the sector is trading at about a thrust% discount in valuation. which is unusual, financials typically trade at a discount towards the bottom market but it's more like a 20% discount in a low-rate environment so there's still room just purely on valuation appreciation basis. and i actually think that morgan stanley, particularly was a little harder hit yesterday, is -- presents a real buying opportunity. i think they have -- being diversified financials are my favorites because they're able to take advantage of lots of ways to make more money with higher yields. higher yield curves. as well as being one of the earlier traders -- or earlier companies that got out of the block trades on monday i think they were overhit yesterday and that makes them more attractive today. >> the market has spoken and the market has

stanley, how are you?expensive it was never eaten by those who made it, and it became the local currency. each of the cheese wheels can cost up to $850, making it one of the most expensive cheeses in the world. the secret to this extraordinary cheese is that it's made from the milk of cows that graze on alpine grass at different altitudes throughout the summer. >> can you tell by the smell -- >> really? that's amazing. he saved the cheese from extinction when the european regulation led to cows being given industrial feed. >> this is a cheese to meditate upon. oh, my god. it's quite beautiful. >> oh, my god, 12 years. he said it opens up his heart. wow. wow. wow. that's delicious. this incredible cheese would not exist were it not for the hard work of a near extinct community of alpine herders. cheers. thank you. his determination to protect their tradition is inspiring and now i am inspired to cook with this cheese. anyway, i think it's time to feed the film crew who have been watching me eat all day. i d

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an offering for viacomcbs, also from morgan stanley. all of that raising questions in the market as to whom much more needs to be offloaded, and how much more selling might we see. that is the permeating micro thesis here. credit suisse off a touch by 15%. s&p taking it a bit on the chin, off by 0.5%, but we closed really high on friday. the vix still relatively calm. crude up by over 1%. the ship in the suez seems to have shaken loose, but is it really free up the suez? let's get more on those individual stocks that have really been impacted by the hedge fund, in terms of the blowup of the block trade. abigail: if we take a look at the shares of nomura, down 6.3%. the shares of credit suisse plunging down 15.5%. this on the unknown exposure to those bad bets made by archegos. lots of derivative action -- oughts of derivative action here. -- lots of derivative action here. viacom one of the stocks linked, the banks. both credit suisse and nomura saying it could result in losses, possibly showing up on the quarter. as for the stocks invo

stanley. >> nice to meet you.is one of milan's most in demand mixology. >> let's order you a drink? >> what are you going to have? >> i am going to have the martini black saffron. >> he's known for creating incredible drinks with a twist. they are cite specific. >> de cabon. >> oh wow. >> oh, i see it is black. maurice invented a drink to honor the history of this building. >> that's beautiful. this was once the residence of co-workers. remarkably despite being among milan's poorest residence, they all survived the plague of 1630. >> they thought it was the witch but it was the cold. >> so this is going to keep me very healthy. that's the best martini i had in a long time >> thank you. wow. >> you came to milan when? >> i came here three years ago because my father is italian and my mother is from carmen. >carribean. sorry. >> no, it is okay, don't let him in. i would not let that guy in. [ laughter ] >> so many people -- >> they're all from everywhere, all over. there is a lot of work . >> you are fantastic. you

michael kushma, morgan stanley global fixed income cio. in about five or six basis points, a bit into this bond market. lisa: the uncertainty michael kushma was talking about is really important, this idea that emerging-market nations are raising interest rates. we saw that in turkey of course, a unique story with the recent ouster of their head of the central bank. but they are not alone. this is the story, tightening policy for ultra low yields around the world. do we see a story where yields can creep higher because you don't have a race to the bottom? that is a huge shift. jonathan: and a fiscal impulse as well. how permanent is that fiscal impulse? is it something that stays with us? that comes down to politics and elections which is why we should continue to have that conversation with kevin downing washington. -- kevin down in washington. lisa: although i will say you are getting more people talking about how to pay for it, and the more this seems like a temporary impulse. that is the reason why you've got some of the democrats tryi

elizabeth stanley, the star of "jagged little pill" joins us when we come back.n to lexus sales event. lease the 2021 rx 350 for $429 a month for 36 month's, and we'll make you're first month's payment. experience amazing. not everybody wants the same thing. and we'll make you're first month's payment. that's why i go with liberty mutual — they customize my car insurance so i only pay for what i need. 'cause i do things a little differently. hey, i'll take one, please! wait, this isn't a hot-dog stand? no, can't you see the sign? wet. teddy. bears. get ya' wet teddy bears! one-hundred percent wet, guaranteed! or the next one is on me! only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪ psst! psst! allergies don't have to be scary. spraying flonase daily stops your body from overreacting to allergens all season long. psst! psst! you're good. to be a thriver with metastatic breast cancer means asking for what we want, and need... and we need more time. so, we want kisqali. living longer is possible and proven with kisqali when taken with a nonsteroi

at morgan stanley, a global collective of thought leaders offers investors a broader view. ♪♪ we seepanies protecting the bottom line by putting people first. we see a bright future, still hungry for the ingenuity of those ready for the next challenge. today, we are translating decades of experience into strategies for the road ahead. we are morgan stanley. ♪♪ into strategies fodad, i'm scared.. ♪♪ it's only human to care for those we love. and also help light their way. ♪♪ it's why last year chevron invested billions of dollars to bring affordable, reliable, ever cleaner energy to america. ♪♪ your doctor gives you a prescription you could use free 1-to-2 day delivery from cvs... but aren't you glad you can also just swing by to pick it up, and get your questions answered. that's healthier made easier. from cvs. >>> shares down 10% after he sold his stake in the company. virgin galactic calling nearly 27% this week. pete, you traded this one. >> yeah. and i open the stock still, mel. it's been a great trader now me and part of the reason is for option people, and you know i am, the i

and i don't think morgan stanley was much in the line of fire here by the way, look at morgan stanley's chart. it is not the same as viacom, but morgan stanley has had a massive run and sometimes you don't need a lot of reasons to take profits and maybe this is enough of a reason to say i'm a little concerned about systemic risk that is always one of those hind site and i think that is the question here. to what extent is leverage run amok, when liquidity is absolutely free and then you throw in the derivative element which are swaps and in some cases you don't have to show ownership when you have more than minority positions and so that is a case where i think in some cases you don't really know who are behind a lot of trades and in fact part of the reason for using swaps is so you can be anonymous. that is why big hedge funds use them, because they are trying to do this away from the street so, look, i think this -- what i would call the risk factor for the last couple of days, what worried me is the vixner 20 and the ten-year is breaking out and the dollar is up 4.5% and doesn't show

morgan stanley, at least its rich clients, with bitcoin. what about the poor clients?lly the rich clients can get access to bitcoin. and that has been the story for a while, people talking about the diversification. even saying, this is the new 60/40. romaine: who said that? joe: i literally made that up when i saw the chart. i want to bring in coin shares team strategy officer, milton. is this the new thing, just add 1% of your portfolio to bitcoin and everything suddenly takes care of itself? >> j.p. morgan says wind and we did some research where we saw you are better off with four, so i'm going to be aggressive and safe for, which is four times one, believe it or not. romaine: this is interesting move here, we have already seen this sort of move already with folks adding this to their portfolio and has a legit asset and as -- if you have a big portfolio and also trying to balance out the risk, do you think there is adjustments that still need to be made given some of the volatility we see in crypto right now? >> absolutely. our research team has found in a 60/40 po

. >> coming up morgan stanley goes crypto, investment banking banking on big banks - us williams-sonoma12%. that's next. i knew about the tremors. but when i started seeing things, i didn't know what was happening. so i kept it in. he started believing things that weren't true. i knew something was wrong, but i didn't say a word. during the course of their disease around 50% of people with parkinson's may experience hallucinations or delusions. but now, doctors are prescribing nuplazid. the only fda approved medicine proven to significantly reduce hallucinations and delusions related to parkinson's. don't take nuplazid if you are allergic to its ingredients. nuplazid can increase the risk of death in elderly people with dementia related psychosis. and is not for treating symptoms unrelated to parkinson's disease. nuplazid can cause changes in heart rhythm and should not be taken if you have certain abnormal heart rhythms or take other drugs that are known to cause changes in heart rhythm. tell your doctor about any changes in medicines you're taking. the most common side effects are swe

ellen's and near of morgan stanley will be sticking with us -- ellen zentner of morgan stanley will be sticking with us. secretary janet yellen is now speaking with imf managing director christine georgie abba -- director christina georgieva on the age of ritika: let's check in on the bloomberg first word news. goldman sachs predicts the u.s. is on track for unemployment boom this year. the chief economist says reopening the economy, fiscal stimulus, and pent-up savings should fuel very strong demand growth. the jobless rate will fall from the current 6.2% to 4.1% by the end of the year. president biden will formally create a gender policy council within the white house, part of two executive orders he plans to send today to mark -- to sign today to mark international women's day. he will also direct the education department to re-examine a trumpet adminstration rule that deals with the way sex discrimination in schools is handled. global news 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i'm ritika gup

i'm stanley tucci. i'm traveling across italy to discover how the food in each of this country's 20 voyages as unique as the people and their past. [ speaking foreign language ] >> sicily, is a mythical land of contrasts. fire and water. dry and fertile. refined but very french. and rough. [ speaking foreign language ] >> how did one of the poorest regions in europe -- >> how is it? >> i love it -- create the richest of cuisines. that's so good. get ready. this is delicious. i'm going to take a bath in it. every mouthful here is an eruption of flavor. oh, my god, that's so good. hmm mm that's so good! before i arrived in cicely, there's one delicious food ritual that i have to experience. >> it's a tradition to eat these while you're on a boat passing this statue of the madonna. these are orangini. look at that. they have rice, saffron, peas, meat. the story goes that the arabs brought these to sicily in the ninth century. hand rolled rice with a meat filling. breaded and fried. that's good. the taste,

is elizabeth stanley from "jagged little pill" and joins us to talk about bringing new york's theaters back to life. >>> and some joyful reunions. grandparents are seeing their grandkids for the first time in months. we'll share a few of your stories. from nbc news world headquarters in new york, i'm joshua johnson. welcome to "the week." ♪♪ >>> this week marks one year since the pandemic changed the way we all live. on thursday, president biden marked the anniversary by signing his $1.9 trillion american rescue plan. that night, mr. biden delivered his first prime time address to the nation. the speech outlined a new timeline on vaccine distribution. >> i will direct all states, tribes, and territories to make all adults, people 18 and over, eligible to be vaccinated no later than may 1. i need every american to do their part. if we do this together, by july

morgan stanley updating revisions. morgan stanley doing the same., deutsche bank doing the same thing. what does that all mean for equities after we've already had a massive six months from the end of october, early november? tom: commodities pull back a little. e.m. having a little more difficult time. can't get out of its way. we get a briefing now which has been extremely anticipated for all of our viewers and listeners. amesh, all of the media love the charts of cases, they are dramatic, emotional, easily countable. the pros look at deaths and hospitalizations. when you assume the public will finally shift onto your territory of deaths and hospitalization dynamics? dr. adalja i think: they are already starting to -- dr. adalja: i think they are already starting to. they're starting to understand that the concept is not to get to covid zero but contain the virus and be thankful it doesn't have the ability to cause hospitalization and death. i think they are going to get there. eventually that is all everybody will be looking at. this is what figh

. >> i'm stanley tucci. i'm fascinated by my italian heritage.o i'm traveling across italy to discover how the food in each of these 20 regions is as unique as the people and their past. the creations of famous tuscans are known the world over. >> mick anglo, i think if he were to walk around today, he would be able to walk around florence. it hasn't changed. >> but it's the hands of the ordinary people that have crafted the incredible food here. >> it's like christmas in your mouth. >> yeah. >> this is a place built on human ingenuity, mind-boggling riches, and an insane amount of bread. i really don't know how they each this much bread. >> it's delicious, but it's so hot. ♪ all great love affairs start somewhere. [ speaking italian ] >> and for me, my love of italy started right here in florence when i was just 12 years old. >> that's delicious. you have to taste that. >> like this tartlet filled with rice pudding. i mean, come on. there is always something wonderful to discover in florence. the city is the capital of tuscany. 500 years ago, it

stanley. >> nice to meet you. the martini black safford. >> yes, please. they are sight specific. >> oh, i see, it's black. >> morris has invented a drink to honor the history of the building. there were coal workers, and despite being among milan's poorest residents, they escaped the plague of 1930. >> they thought it was her, they thought it was the witch, but it was the coal? so this is going to keep me very healthy? that's the best martini i have had in a very long time. >> thank you. >> wow. and you came to milan when? >> i come here after my father is italian, and my mother is from canada. sorry. >> that's okay. >> don't let him in. i wouldn't let that guy in. it's really interesting. there's a forward-thinking aspect to this city, one that i have not seen in other italian cities. so many people -- >> yeah, they come from all over. >> there's a lot of work. introducing fidelity income planning. we look at what you've saved, >> you're fantastic. you're just fantastic. for cash flow that lasts, even when you'r

two back-to-back episodes of "stanley tucci, searching for italy." >>> i have driven to italy quite a bit. i have said to a guy i don't see stoplights that much. he said "no, no, stoplights is just a suggestion. there is nowhere on earth like tuscany. the art is devine. food is out of this world. oh my god, it just melts in your mouth. i am stanley tucci, i am fascinated by my italian heritage, i am traveling across italy to discover how the foods in each of this country's 20 regions is as unique as its past. the congregation of famous invof tuscans are known. it is the hands o f the ordinary people. that crafted the incredible food. >> it is like christmas in your mouth. this is a place built on human ingenuity and insane amount of bread. i really don't know how they eat this much bread. >> it is delicious but it is so hot. ♪ >>> all great love affair starts some where. for me, my love of italy started right here in florence when i was just 12-years-old. >> that's delicious. you have to taste this. like this tartlet filled with rice pudding. come on. just aus wonderful to discover. t

tom: anticipated this morning, a block trade of viacom maybe through morgan stanley.'ve got to look for debris through these other prime brokers as they unwind this busted trade. jonathan: the operative phrase, we don't know. there is still a lot we don't know this morning. tom: we will monitor it through the day. we've got a terrific 8:00 hour. kevin cirilli wouldn't know way swap if it -- wouldn't know a swap if it hit him over the head. [laughter] kevin, you've got to be on time every time, like the airlines of years ago. today with us, on time, every time. how would you do legislation in a boom economy? forget about the republican/democratic idiocy. how does washington respond to a boom economy? kevin: i think the democrats are saying infrastructure. republicans are saying tax cuts, and let -- and let's keep the tax cuts going. the newly confirmed trade representative over the past couple days said essentially that president biden is not going to lift tariffs against china right now, but that they are holding the door open for talks with china. i think it is amazi

goldman sachs, morgan stanley knew with a group meeting of the prime brokers including morgan stanley goldman sachs-- goldman sachs and the like in a new bill and archegos were in trouble, but instead of these investment banks did was started liquidating ahead of everyone else's dumping shares friday so goldman and morgan will come out a bit better than everyone else as they already started selling first and that's why stocks are down 30% friday. the ones left holding the bag, they were the ones selling last. they will be feeling a lot of pain from this. stuart: no wonder you got some calls and people are angry here to get out first, save your own neck. if you are last, you lose big-time. susan: also brings up the question about goldman and morgan and how they treat their clients because you are dumping shares to clients and knowing there are more block trades to come in the price will go down further so what is that say about the client relationship? you are dumping stocks under them knowing the price will fall further from their. stuart: its eruptions within the wall street communit

matthew hornbach, morgan stanley had of -- morgan stanley head of microstrategy.ted to be a gradual ash of macro strategy. -- of macro strategy. you expected it to be a gradual move, and it has been a massive one. matthew: we think the economy is going to grow faster than most expect, and that real yields are starting to wake up to this fact. yes, we have been expecting a gradual move, and over the past six months, it has been gradual. but over the last week, the nature of the move did in fact change. on thursday, mentioned earlier on your show, thursday really was a violent move where the fed probably for the first time in the past six months got a bit of a rude awakening. jonathan: i think it is really important to nature the character -- important to mention the nature, the character of the move. how do you think that shakes the approach of said speakers this week, particularly chair powell on thursday? matthew: we think it serves to highlight a disconnect between the pricing of had policy in the bond market and where the fed thinks appropriate policy thinks po

just heard ben say that this is going to be a trillion dollar industry by 2040 according to morgan stanley now how exactly are these companies going to make this profitable because i feel like so many on lookers see this says it's really a vanity project for some of the world's wealthiest people. i actually have 2 things working for him to kind of cost on the supply side and increasing demand on the user side so today have the development of these reusable rockets that are providing a turning point in the industry so these reusable rockets are kind of like an elevator to low earth orbit and then exceed to access a lower cost so space actually basically shut the global marketplace with a low cost an unprecedented wandering of its falcon 9 rocket where historically rockets sound like satellites and other marks space x. where x. and the ball and the boosters were discarded to oceans after each lot so the lower cost of space x. rockets has now created new opportunities for what you can launch and there are also new competitors like blue origin who are creating this whole ringback ecosystem of

. >> i am stanley tucci. i am italian on both sides and i am traveling across italy to discover how the food in each of this country's 20 regions is as unique as the people and their past. >> anger, religion and death. it has everything in it. i am here to discover why this is home to the gastric superstars of the nation's food. >> this is made with love. >> and how people here really know how to wait for the best things in life. >> slow, slowly, slowly arrive at the point of excellence. >> right. >> and because we've waited -- >> 25 years. >> wow, really is good. oh, my god. i don't have to. so good. it's just one of the most delicious things on earth. for a greedy man, this place is the gigantic deli of my dreams. but don't fret, i have the metabolism of a teenager. the capitol of bologna, it's cocooned between the adrianic sea. no wonder, it's also bred one of the world's best chefs. buckle up. i know you can only see a blur with glasses, but that's me in the car tearing around the roads of the provence in

you have goldman sacs and morgan stanley, the prime brokerages in the world.the greatest scale and most sophistication. getting out of this trade, even before the time they had to disclose they're experiencing material losses. this shows really the difference in sophistication. it shows that perhaps at least at the very top of the league charts that the biggest prime brokerages are have learned a lesson from previous low belowups and from the 2009 crisis and that if you're outside of the top five or six, and you're seeking to break into prime brokerage and the lead on price and to lead on maybe we'll take less collateral, that sometimes that comes back to bite you >> yeah. i'm curious. you're starting to see the reports that obviously not all banks were created equal and in terms of how this margin call played out these liquidation events across the different banks. is it really sort of a race to be first in terms of placing those sales and if so, is that something that now changes i mean, could you potentially see more communication, or not >> well, so morgan

ilar of warner media presenting at morgan stanley. it seems the entire world is presenting at morgan stanley this week and they believe in the future most households will have six to seven streams services and at&t believes they will have one of them. >> hbo max which has started to pick up in terms of momentum but we're keeping a close eye overall, just what is going on at warner, and you know, how much time will they sit with that asset, and continue to focus on growth, or what will happen, you know, conceivably over the next year or two, we could see a lot of tumult in media, but that's, i don't know, six or seven, i think i'm already there, jim, in terms of streaming services >> i am, too and it's already enough. i mean i don't, you know, after a while, they've got, there's got to be a better search function >> i just want to know where my click, you know, david, we didn't talk about the tv, the nfl package. >> no. >> the sunday -- >> the most valuable thing on earth. >> yes. >> if you're a fantasy football fan. >> you're talking

stanley arrived with a dozen europeans we met at the consul's and he told me. we wish you to accept to become governor in the name of belgium and of your voice the belgium flying in the districts or under your rule i hosted one it's time he falls when i arrived on my man did the same wherever he came. former slaves were enlisted in the conquering armies weapons in hand the french the belgian and the british went deeper and deeper into the equatorial forest. europeans placed peasant communities under military control and forced them to produce palm oil rubber cocoa coffee and of course. it's very clear every single state used forced labor all of them. in some cases this labor strongly resembled slavery. where they would take people from their villages and pay them almost nothing especially for so-called public works yet. they had to provide for their own food and were later sent back home where some no longer fit in. really between the feel. in this forced labor system missionary's became witnesses to the farmers abuses armies bankrolled by the belgians terroriz

. >>> cnbc exclusively learning morgan stanley is becoming the first major u.s.ccess to bitcoin funds. two on offer are from galaxy digital, a crypto firm a third is a joint effort from asset manager fs investments and bitcoin company nydig. morgan stanley is allowing wealthier clients access only considering it acceptable for people with an aggressive risk tolerance who have at least $2 million in assets held by the firm for more on the story, head to cnbc.com back in just a minute. >>> in the meantime, keep your eyes on amazon baird says the stock is undervalued. i think the target is $4,000 yeah that's the pras tice rgtaet ♪♪ in boxing or any other business, one day, you're gonna take a hit you didn't see coming. do you stay down? or do you get up? [announcer] and this fight is a long way from over, leonard is coming back. ♪♪ ♪♪ so you're a small business, or a big one. you were thriving, but then... oh. ah. okay. plan, pivot. how do you bounce back? you don't, you bounce forward, with serious and reliable internet. powered by the largest gig speed network in

stanley. >> nice to meet you. in-demand mixologists. >> let's order you a drink? what are you going to have? >> i am going to have the martini black saffron. >> he's known for creating incredible drinks with a twist. they are site specific. [ speaking foreign language] >> oh wow. >> oh, i see it is black. maurice invented a drink to honor the history of this building. >> that's beautiful. this was once the residence of coal workers. [ speaking foreign language] >> remarkably, despite being among milan's poorest residents, they all survived the catastrophic plague of 1630. [ speaking foreign language] >> they thought it was her. they thought it was the witch, but it was the coal. >> it was the coal. [ speaking foreign language] >> so this is going to keep my very healthy. that's the best martini i've had in a very long time. >> thank you. >> wow. you came to milan when? >> i came here three years ago because my father is italian and caribbean and my mother is from cameroon. sorry. >> that's all right. no, don't let

i talked to stanley about that region of italy and the food. >>> so, stanley, this week you're takingto be the food capital of italy. everyone loves italian food. the bofood in italy must be delicious. what kind of food do they make there and why is the food so good? >> it's really interesting, bologna, because it sits in this place that almost straddles what is the beginning of northern italy. and you -- because of the topography and geography, there are winds -- it has its own microclimate. and it has the largest number of, i think it's d.o.c.s of anywhere in italy. so this is where pro sciutto is made. this is where mortabella is made. this is where so many incredible foods that we know -- that we know are so distinctly italian are made. and it's the sort of cream of the crop. and the wheat that's grown there is very different than the wheat that's grown in the south. it's a softer wheat because the climate is different. you don't have the sun. at times you get a real winter up there. so that changes everything. >> so, then, what's the difference in taste with the difference in whe

the work you guys are doing at morgan stanley, it is interesting.here are we in the cycle already? you talk about shorter, tougher cycles at morgan stanley and you think it has gone through the first phase. vishwanath: there is a forward thinking behind it. if they want to be more patient and -- in terms of tightening the policy rates, that means behind -- when they start to react by raising rates, inflation could have picked up to a high level and therefore, they would have to catch up by hiking more frequently or faster than they would otherwise. and that could result in the cycle being shorter then -- i would emphasize here that this cycle, it is not exactly a big surprise that this cycle will be shorter considering that the last cycle was among the longest to be had. i think the way we are thinking about this is that if there is a consequence of patients, that we might -- the fed might need to do catch up, and that catch-up can end up shortening the length of the cycle. jonathan: then they give you the final word on that, megan. megan: i am not

morgan stanley is trying to answer that question. let's turn to this pandemic.illion vaccines per day in america right now. the president is saying we can open up eligibility for everyone may 1. let's get an answer from a professional. dr. jennifer nuzzo joins us now. based on the trajectory we are on right now, is that likely? jennifer: what the president is saying is by may 1 we will have enough supply for everyone who wishes to receive it and all the adults who wish to receive it. can we distribute it? we are making good progress in expanding the number of vaccinations per day. the goal was to vaccinate one million per day originally, then it was 1.5. many think we are on track to hit 3 million per day. what the next bottleneck will be is how quickly we can get that supply into the arms of everyone who once it. jonathan: there was a worry about acceptance. do you think we have done -- we have pumped up against acceptance -- bumped up against acceptance? jennifer: yes, hesitancy is probably muted because demand is outweighing supply. but the people who want to

jpmorgan morgan stanley would everyone have to address this, david? will everyone have to say here is my loss from this as if it is some sort of whale because these stocks are being carried out. not everyone could have been hurt -- could everyone be hurt by this? >> i don't know. still early days of the story. and i think you're right, i think all of them will have to address it and this is our potential loss and what it could be as a result of unwinding these positions. and that's whatis so interesting here, is that we still don't know how much more stock there is to sell and they may not even know again, back to what i'm hearing this morning wells fargo may have more stock to sell. or wells fargo, that's not, okay, on viacom, we'll see, i haven't confirmed that with well but i want to make it clear, i have been talking to, due -- you don't even know, did he have another prime brokerage account at another firm we are not aware of and we are just not sure. we just don't know. >> carl, i think what this does is create another level of distrust, it's be

we are morgan stanley. lately, it's been hard to think about the future.nking about the future, fois human nature.. at edward jones, our 19,000 financial advisors create personalized investment strategies to help you get back to your future. edward jones. >>> all right man welcome back now to the vaccine update. maybe the most important story in america and the world right now. making steps to try to end the pandemic and lockdown. the latest -- cnbc and cdc whatever cdc data 85.4 million americans have had at least one shot. 44% of those in the highest risk category, those over 65 years old, are fully vaccinated. 70% of those with at least one dose higher in many states. despite concerns of variants and spring breakers, the actual data in the facts have been favorable. according to the new york times, average case down is down 7% florida has seen a drop. including the most important states of all and stats. 14% drop in hospitalizations 51% drop in fatalities. don't focus on it will take how many months to get back to normal this is important. the cdc estim

tracy jan, democratic congressman ro khanna of california, russell jeung and stanley mark, thank you all for this incredible conversation. >>> by the way, coming up at 6:00 p.m., "american voices",a special report with alicia menendez and richard lui. >>> coming up, everybody, another group that is under attack across this country, the rights of transgender people are being threatened by legislation in dozens of states. >>> and later on, new restrictions going into place in south beach as spring breakers are taking over the hot spot. a live report on what's being done to help people stay safe from the coronavirus as crowds are getting out of control there. we'll be right back. we'll be right back. ♪ cold beer on a friday night ♪ ♪ a pair of jeans that fit just right ♪ ♪ and the radio up ♪ get 5 boneless wings for $1 with any handcrafted burger. only at applebee's. here you go, let me help you. hi mr. charles, we made you dinner. ahh, thank you! ready to eat? yes i am! alice loves the scent of gain so much, she wished there was a way to make it last longer. say hello to your fairy god