and compare it with the stolen money from the bank. agitated, got very upset, demanding he'd never seen that money before. >> the next morning, investigators went to the third brother's home nearby. claude bellamy was a heavy-set man with a similar build to the man in the security pictures. he was also a former policeman. he also denied any involvement in the robberies, and investigators found no large sums of money in his home. but in his bedroom closet, investigators found a black and white check jacket. >> it happened to be the only garment hanging in that closet, which was interesting to me, why he would have this coat hanging separately in a room he didn't use, in a closet he didn't appear to use. >> the jacket was sent to fbi david davies. he's a photographic technologist with 20 years' experience in garment identification. at first glance, davies knew he was dealing with a mass-produced product. >> you could have 10 million jackets that look like that. >> davies used computer enhancement software to improve the quality of the ba

>> we have the bank of boeing. t the spectrum of top tier manufacturers in the united states trying to compete in marketplaces all over the world against major export credit agents. >> thank you john hardy for putting up with me. so the odds are stacked. >> fortunately there are a few free market groups that lobbied back and punished politicians who stood for crapitalism. look forward to that next. that's a drip. now that's a leak. that is a leak! and if you don't have allstate renters insurance... game over. protect your valuables from things like water damage for as low as $4 a month when you add renter's insurance to your allstate auto policy. call 866-788-0900 now. and, if you're a safe driver, you can save up to 45%! just a few more ways, allstate is changing car insurance for good. call an allstate agent and get a quote now. iespecially when it's miralax.e really can love their laxative. it hydrates, eases, and softens, to unblock your system naturally. so you have peace of mind from start to finish. love your

you're obviously supportive of the bank. do you have any objection to looking at things we can do to reduce the taxpayer but helping it? >> helping businesses compete whether slow, large on the global stage, i'm all for that. i'm a free market guy. basically, i agree with 95% of what's been said here today. so, i mean, i applaud the delta chairman and the other members for stating that they don't want to abolish the bank. >> thank you, i yield back. >>> the chair now recognizes the gentlelady from new york, miss maloney, marketing capital subcommittee. >> i thank the chairman and all the panelists and the ranking member. i believele we live in a very inconvenient truth right now. especially in global capitalism. and as much as we would like to think that american businesses may not need any help, but what they're competing against is that total support in some cases, subsidy, in some cases, even owned by the foreign government. and if we were not, we would be uni unilaterally disarming in the international stage putting jobs

>> we are working very closely with both the banks, the world bank and the asian development bank as well as a number of the large bilateral donors which are active in these areas. so for example on the natural resources sector the world bank has been advising on the mining law which i think is just passed parliament and we've tried to complement that work by working with the government to develop a fiscal regime or tax regime for the natural resource sector that on the one side shares some of the rent with government for tax revenue and makes sure there are adequate incentives for companies to invest in that sector. >> do we have a question at the back there, young lady? okay, let me take -- two questions there. >> thank you. i'm michael caughy. i'm an interested citizen since i've been my career doing public opinion research in afghanistan. i see legal reform as being absolutely essential towards encouraging and basically guaranteeing economic reform bus one thing i've seen in my personal experience is that enforcement is often lax. my favorite story is when you fly into kabul inter

is there an office of ethics at the xm bank? office of ethics, i mean yes -- in the general counsel's office there's an office of compliance. i know there are two to four attorneys in the administrative law area. >> and they report to the -- >> they report to the general counsel. >> yes. okay. other ethics offices actually directly to the head of the operation in other parts of government. would you support that? >> well, we have a chief risk officer that this committee asked that the inspector general recommend and i committed to. the chief risk officer has reporting to him, it's more broader than just credit risk. it looks at everything. >> i understand. i just asked a simple question, the chief officer reports to me and he -- >> i understand. i asked about the ethics office not about the risks office. >> well, ethics is part of that. >> i understand but i am talk being a direct report. i move on because i understand you don't want to answer those questions i have been asking so i will ask the question, raw wear of any criminal

this is where the export-import bank comes in. i don't take issue with the historic mission of the bank. but the bank has lost its way. today, the bank is being used to provide subsidies to foreign companies. companies that don't need the financing, but use the advantage to undercut u.s. companies. recently, the house of representatives voted unanimously to require the u.s. d.o.t. to simply follow the law when it considers foreign air carrier applications. why does this matter? because norwegian air shuttle is attempting to subvert u.s. law and international policy to establish a flag of convenience operation. norwegian has also applied for ex-im bank financing that it does not need and that will hand it an unfair economic advantage that threatens u.s. airlines, u.s. jobs, the u.s. economy, and i'm going to tell you, u.s. national interests. we thank this committee for recognizing that unfair business practices such as nai should be rejected. international flying is crucial for u.s. airlines. tens of thousands of flight crews at th

john: respond to the banks. >> with the import/export bank from bustling city centers and local familyarms cantor distant business possibilities into realities. international building systems makes prefabricated houses for exports they range from the swamps of nigeria to algeria and they were wary of extending loans that they felt reassured. >> they felt reassured. >> but it is the taxpayers' money on the line in not doing too diligence. it is not on their balance sheet but on the taxpayers the last i looked at national debt is 13 troy i keep the debt clock going i don't think the taxpayer once this on their balance sheets it is about the insider economy the face in my state but the true beneficiaries is fortune 500 companies that could finance themselves or lobby efforts to keep this going to create a net new jobs with testimony from the of cbo that if access umbundu's mainstream accounting, they are losing money for the taxpayer. is not right or fair and it cost the taxpayer money we ought to end corporate welfare but then the only way to help exports is through subsidies? >> regrett

>> let's respond to what the bank says here. >> with the export import bank, the u.s.orters can turn possibilities into realities. international building systems of texas makes prefabricated houses and their buyers range from the slums of nigeria to the desert of algeria and letters are wary of spending loans because of the countries involved. >> so they felt reassured. isn't that wonderful? >> what we hear is that lenders know it is the taxpayer's money that's on the line and then they quit doing due diligence. and last i looked, the national debt is $17 trillion and increasing. we will keep it going in our committee and i don't think the taxpayer once was on its balance sheet. and it's all about kind of the washington insider economy versus the mainstream competitive economy. i mean, the base is going to be some small business in my state. but the true beneficiaries are fortune 500 companies that can easily finance this themselves and instead they are financing a lobby effort to keep this thing going. and you can't even say that they create new jobs. and we just had

the sale of two banks. they also say they were fully guaranteed by the state. the first investment part was part of the deliberate attempt to stabilize the bulgarian banking system. the prime minister announced his cabinet would resign. >>> in the last few minutes, the eu approved a $2.2 million credit for bulgaria. we have to talk about the banking sector. this continues to affect the european markets. what do you make of it? >> it does seem like this is a political story rather than a financial crisis story. i understand there are a few arrests of people who are targeting banks deliberately. the eu is trying to help out potentially smaller weaker members of the community with bank lines in times of stress. it may be that we look back in a week's time and say that was a difficult period for bulgaria but was not related to the previous financial crisis. >> you don't see a systemic risk from this because a lot of times it seems like it won't have massive ramifications and can trigger for a change in sentiment

so it will have an impact on the bank but it won't cripple the bank which has also like a retail bank sudden sib -- subsidiary in the u.s. which obviously that would have put that out of business. that's the follow-on deal but that's part of the hammer. that's why in this case, you mentioned normally they don't cooperate. here they had to. for the u.s. attorney's office and the department of justice to charge these companies criminally, they need to know that they're not going to get out of business because they don't want to do that. that's where the new york banking authority comes in, because they then cut a deal saying, we won't put you out of business, but we're going to demand all these sanctions. >> what nation it so -- what pushes something over the line to being a criminal deal? >> it's a violation of criminal law. and it's basically, as michael was saying before, it used to be that banks could plead guilty to criminal charges through a deferred prosecution agreement without any of the collateral consequences. we've moved the needle a little bit on that and now they're actual

not only by what the u.s. xm bank does by financing airlines at below-market rates, but what happens, since we don't have the ability to access that along with a few other countries that manufacture airplanes, countries like the middle eastern countries not only are they using xm bank financing and putting them on routes and costing us jobs, they're also using european credit agency airbus airplanes, overlaying our routes at a number like $3 million per year per airplane. so you start out the beginning of the year $3 million behind. it's hard to catch up. we have to pull out of markets, and we lose jobs. so we're getting hit not just by xm bank practices but also by eca practices, and that's why we came before this group, to ask them to negotiate taking that down. because the middle eastern countries are taking advantage of it. >> and so mr. moak, would it be true when the other side of the aisle says that labor is for the reauthorization of the xm bank, that would not be entirely true? >> labors for reform, fair prac

>> yes, because the banks continue, the financial system continues to be fragile and the banks continueo live dangerously. and when you're speeding at 100 miles an hour, you might explode and harm other people. >> and that's what they're doing, 100 miles an hour? despite the fact that we thought after the crash that we had learned some lessons, we were going to have a discussion and institute some reforms that would prevent it from happening again? >> we have a tweak is what we have. we have some tweaks. we have messy, unfocused efforts, but we haven't really gotten to the heart of the matter and really managed to control this system effectively. >> but as you surely know, the bankers tell us, not only do we have a safer system, but it's getting even better as reforms are put into place, but you look skeptical. >> well, they are truly trying to confuse people with their narrative. they just either are speaking a language nobody can understand or they say things sometimes that are completely wrong and sometimes they are just misleading. but if you step back and look at the system, it's v

the cost here is xm bank reform. i committal our resources, everything, to work on that narrow part of the reform we need so we meet a fellow veterans needs, maul business needs, but we immediate our neither so, we stop losing jobs. i would be happy, our team will help, anything we can do, and thank you again for that day. you know where we've come from. >> absolutely, i certainly understand. mr. anderson, what would be the narrow scope of language that we could add that could address your problem? >> the bank would not finance below market wide-body airplanes for state subsidized airlines that are otherwise creditworthy form there won't be a need, and that would solve the competitive issue. because what we're dealing with is a much broader competitive issue. i think both sides of the aisle have addressed this. we don't compete in my business against other companies. in our business, we compete against government. so our big competitors internationally are governments that happen to have a department that's an airline

not only by what the u.s. xm bank does by financing airlines at below-market rates, but what happens, since we don't have the ability to access that along with a few other countries that manufacture airplanes, countries like the middle eastern countries not only are they using xm bank financing and putting them on routes and costing us jobs, they're also using european credit agency airbus airplanes, overlaying our routes at a number like $3 million per year per airplane. so you start out the beginning of the year $3 million behind. it's hard to catch up. we have to pull out of markets, and we lose jobs. so we're getting hit not just by xm bank practices but also by eca practices, and that's why we came before this group, to ask them to negotiate taking that down. because the middle eastern countries are taking advantage of it. >> and so mr. moak, would it be true when the other side of the aisle says that labor is for the reauthorization of the xm bank, that would not be entirely true? >> labors for reform, fair prac

perhaps the bank has already jumped the gun here. if you're going to borrow more than half a million pounds, it can only be within four times your current salary. they might use other tools at their disposal. they could tighten affordability test and limit the risky loans banks currently have on the balance sheets. they could go about this in a multitude of ways and it's likely the bank of england will start rolling out these ways to bring back demand and have all eyes on the financial committee getting these new houses even before they've had a chance to use the old ones. >> we will see with a will deliver later this month. president obama under increased pressure to help the beleaguered army in iraq. ryan chilcote has the details. good morning. you spent many years in iraq. >> the insurgents have made their move. what is the iraqi government going to do about it? it's clear the u.s. is looking at the prospect or the possibility of airstrikes. let's have a listen to president obama yesterday. don't rule out anything because we do ha

bank, we've got problems. a lot has been said about the way xm bank is being operated. if they won't respond to the changes that we're trying to make, maybe xm bank needs to be -- maybe we need to clean house there. but please, lets don't overreact. lets try to fix this investment. lets make it better. lets get back to the original mission of xm bank. don't hurt jobs in our districts. i'm going to have a hard time, i'm just going to tell you, going back home to my district and telling my people, my folks, that the only thing i've done is kill jobs for my district. so lets try to work this out. i think we can. again, i've got a whole list of reforms here i'll be glad to talk to anybody about. appreciate the work done, appreciate you gentlemen. we're going to work this out and make it better. yield back. >> thank you. mr. delanie. >> thank you, mr. chairman. i want to thank all the witnesses for joining us here today. mr. wilburn, captain, thank you. mr. anderson, i want to thank you in particular for joining us and for bringing so many of your colleagues. delta is an impo

the banks need to raise capital. banking analysts think that the main reason why banks are not lending enough is they don't have enough capital. there are too many loans in the periphery of europe. we need to fix that problem as well. the e.c.b. is in the process of doing so . but it took almost a year to deliver the results. we know this will come in october/november. >> are you expecting something -- a similar picture to the one that ricardo said? >> yeah. wrnk it is fair to say that the e.c.b. quite well -- it is not surprising that market participants are along similar sideline lines. i would say minus 10 basis points negative deposit rate is something i would go as well. i'm not 100% sure if they will indeed reduce the corridor so i could see a cut to 15 basis points and remain refinancing rate. that is possible. also create that q.e. is more something they have on the card for the future and i think in economic policy, it is almost always important that you have a weapon for the future. >> what he does, what he

the central-bank decision. e positives and potential negatives attached. let's talk about the deposit rate. cutting the deposit rate may have a negative effect on the euro. that is good news. let's deal with the negative negatives. if you cut the positive right and you charge banks to deposit money with the ecb, they may pass that on to the customers. they may also not pass it on to the customers and that means it would hit profitability. it could also upset the money markets. the ecb is likely to make the cuts to the deposit rate very, very small. let's talk about the liquidity side. banks do not have a liquidity problem right now. they have a capital problem. see sloshing money into the system, hoping that banks will lend it out to smaller, medium-sized companies. it may do if funding for lending scheme. then there is a problem. with interest rates so low, there is not much of an incentive you can offer banks to , medium-sizedr companies. five basis point is not going to do it. we are expecting something on bo

he set up the first overseas banks. e wanted bankers that could think in french and german to deal with the situation over there. thank you very much for coming your lunch hour with me. i appreciate it. i will be over here if you have questions. >> you're watching american history tv all weekend, every on c-span 3. to join the conversation like us facebook.

attorney general and the uk banks. barclay's was the number two players in this field and some of these allegations are man th in after bob diamond seems to give the bank a fresh imagine. he is very keen on things like technology, which is supposed to be about what all things are about in the future. truth be told, a third of its investment has come from the exchange. you have this massive restructuring just a couple of months ago where they curtailed a lot of their businesses, they're borrowing a lot of people, especially in europe and asia, and their cash cow has been the u.s. and that's going to be very difficult when the regulator is breathing down your throat. so remember, it wasn't long ago we saw rbs say they are going to shrink their u.s. business so they wouldn't have to hold more capital as directed by the fed. so there is definitely something in it. u.s. regulators versus european banks. >> barclay's on the defensive once again. helia, thank you so much for that. we'll get back to you later on in the program

this as the bank wins concession to delay the clearing ban. >> the bank of international settlements says exiting emergency policy measures will be a bumpy road. iraq's major offensive. they continue their campaign to capture a northern city from the rebels and the extremist declare a new islamic counterstatement he -- counterstate. >> welcome to "countdown." >> a warm welcome to the second hour of the program. paribas isbank bnp said to be planning a guilty plea today to end the criminal probe into u.s. sanctions violations. caroline, what do we expect? >> good morning. as you were saying, we expect france's largest bank, bnp paribas, to plead guilty today to u.s. criminal charges. the board of bnp paribas, according to the financial times, met over the weekend and approved the deal with u.s. us -- with u.s. authorities. the department of justice should announce it in washington later today. according to the the french news channel, the ceo of bnp paribas also sent a letter to employees of bnp paribas warning them that mistakes were made and that we will be sanctioned heavily. the fi

up in the front of the bank, the dispatcher, on and says " attention all cars, the holdup is at the south west bank and it is now in progress." like for hair's to stand up on the back of its head because that's what happened to me. out, itopped and got told bob to take the side door and i will take the front. bank, boblose to the went to the side door. he opened the side door and as he did, he saw shoal with a gun in each hand by the front door. bob fired a shot. i am coming up to the front of the bank now at the front door. bob fired his shot and hit him in the backside and just as he opened the door and fired the through and isee saw obaraman shoot bob through the glass door and hit them in the head. at that moment, as soon as i saw him shoot him, i fired two shots through the glass at him and then i ducked. shotss i ducked down, two from his sawed-off shotgun went about four inches over my head. >> the really amazing part about this is that the southwest bank robbery was turned into a feature length movie with steve mcqueen called "the great st. louis bank robbery." the movie actu

the bank of japan maintained its record stimulus. entin consumer and signs of strength in business investment indicate that japan is weathering a higher sales tax so far. most economists forecast the central bank will increase stimulus at some point this year to boost inflation. staying with central banks, mark carney says risks remain to the u.k.'s economic recovery, including the strength of sterling. speaking in london last night, he addressed the prospect of a rate increase. >> there was already great speculation about the exact time of the first rate hike. this decision is becoming more balanced. it could happen sooner than financial markets currently expect. to be clear, the mpc as no preset course. the ultimate decision will be driven -- at this point, it is safe to conclude as the mpc has that the remaining scope first spare capacity to be used up before tightening. pricing and wage indicators should be watched closely to determine how that is evolving. >> on that note, all signs of the economy are pointing to a strengthening

the bank markets have really dried up after the economic reforms. and there's still some bank finance ng but by and large it's both public market equity financing and public market secured financing secured financings and public market financings. i will note that in the bank they compete all the time. so we own at stake in a company called aeromexico and they bought some boeing airplanes and after it was over with, general electric was competing against the xm bank to finance the fleet. ge has a foot in both camps. they fight -- they're the largest aircraft -- they're the largest aircraft financer in the world with gcass and at the same time, they make engines and they are a participant in xm bank financing and then they compete all the time against the xm bank financing arm to see if they can get the airline business around the world. >> there's been -- i guess my question is this. couldn't these companies find traditional financing? and we had put up the emirates air situation, i think it's 100 million wealth fund they sovereign wealth fund that t

the b.n.p. dispute now right now french bank b.n.p. perry ball is being investigated for a laundry money for the sudanese and the iranians u.s. authorities are looking into whether b. and p. evaded u.s. sanctions between two thousand and two and two thousand and nine and whether the bank stripped out identifying information from wire transfers in order to pass through the u.s. financial system without raising any red flags and allegedly covering up forty million dollars in transactions now u.s. regulators are currently working out settlement terms with the banks which are expected to him. roughly eight or nine billion dollars in fines the fines will settle charges that the bank was doing illegal business however on top of the cash payments the french bank is also being pressured to plead guilty to a crime that crime being conspiracy to violate the international economic power act now a guilty plea will consequently allow regulators to temporarily bore b.n.p. from processing any dollar payments at all now this is a very big deal the abil

what other tools does the bank of england have? >> this has been the other key take away from the mansion house speech. it is not just mark carney who talks to the banking industry. , the handles on the first of the u.k. he was trying to say, we are hearing you, imf, european commission. there is concerned about the housing price increase in the u.k. really, london is where the concern lies. house prices at eight times the average salary in london. people spending more than half of their salary, at the moment, in terms of mortgage repayment. you can see the chart in front of you in terms of house prices. george osborne spoke to those concerns and how they would be hurting in the future. >> does the housing market pose an immediate threat to financial stability today? no, it does not. could it in the future? yes, it could. especially if we do not learn the lessons of the past. do we act now to ensure ourselves against future problem before they can materialize or does economic security come first? >> react now. when he says we, he me

first announced this it looks like the banks could borrow as much as four hundred billion euros which is roughly the size of the l.t.r. oh when you when you just for you know when the banks took the long term we probably helped offset it by reducing the a boring of shorter term operations and so net net it looked like the european banks borrowed about five hundred billion euros from the from the l. taro's and now they're going to be offered four hundred billion from these t l t r o's and we don't think that the banks will be taking that much of it my own personal guess would be about half of that will be taken up probably more by southern banks peripheral banks rather than core banks like germany or finland or the netherlands so are these if these actions going to weaken the euro. i think the e.c.b. wishes they would but you know when the week that the e.c. made the announcement the euro got down about one thirty five we haven't taken out that level the low for the year with said earlier this year in february at about one thirty four seventy five or so we're not at those levels i that

so hear from the bank of england today. d between governor mark carney's view that the rates are still needed and those leaning towards higher borrowing costs. we kick off with the boe at midday followed by the ecb. we will bring you these live and 130 p.m. london time. french president francois hollande says the potential fine against bnp could hit european bank stability. $10 billion to settle there is a that violation of trade sanctions. he wants to raise the issue when he meets with u.s. president barack obama tonight in paris. getting some breaking earnings intreau.i contr that is a big brand suffering from a slowdown in the demand for cognac in china. nothing is crossing the bloomberg terminal as of yet, but the company already announced a warning on its profits in april. they said they expected a profit on its core basis to plunge between 35%-40% this year after reporting sales fell more than analysts had estimated. still nothing crossing the bloomberg terminal from remy. it's all about china. as i said, spending on e

the big six banks in this country today controlled 84% of the deposits of all the fdic insured banks so, therefore, probably most of your accounts as well as 85% of the assets of all banks as well as 96% of derivatives. that's a phenomenal concentration of capital and leveraged capital and once at the fans. this is after the financial crisis but it didn't just get the asked italy. so i did was i looked at this idea of the big six and i have been coming was going on in washington and said there's a lot more to this than just what's going on with the big six. six is this interesting number in history because i have done a novel before called black tuesday and which i did less research than it did for this book but found a meeting that happened on wall street in 1929, on october 24, at noon wit where market was starting to fall, were all downgraded speculation that it happened during the '20s was coming to a head and this man named thomas lamont was the acting chairman of the morgan bank at the time, because jack morgan was the chairman at the time was off like partying in your. and he g

outside the bank. lots of innocent people in the way. mancer mel stein was the who shot the main robber in this take robbery. he is 100 years old. we tracked him down. he came in and gave the story and he remembers it as clear as day. just like it were yesterday. >> we pulled up in front of the bank, and just as we pulled up in front of the bank, a dispatcher comes on and says, "attention, all cars. these southwest -- a holdup at the southwest bank is now in progress ."this section of the i know what it is like for -- like for theis hair to stand up on the back of your head. bank, boblose to the went to the side door. he opens the side door. as he did, he showed a gun in each hand. bob fired a shot. now i am coming, and i'm coming bank now,front of the the front door. bob fired a shot. he hit him in the backside. just as he hit him, as he opened the door and fired the shot, i was -- i could see through, and him shoot through the glass door and hit him in the head. at that moment, as soon as i saw shotso

let's look at the other asian banks. it is the third straight year that we have seen asian banks top the list. the singaporean banks, unexpectedly -- as expected, rather, very well. nordic, german, and canadian banks. the very conservative lender's, a big chunk of the business is retail, most are cooperatives . >> interesting that hang saying was 10 -- hang seng was 10 last year number really shooting up to the top. not bad. what criteria was used? at both publicok and private. you have to have assets of at dollars. billion u.s. you look at risk weighted assets. 40% of your score comes from not. you have nonperforming assets as a percentage. it is reserves. and then you go for -- >> it is the quality of your ability to look at -- >> how strong your balance sheet is. , it compares -- >> with investors say that would be there number one criteria? >> we're not talkingabout the one with the most explosive growth. those tend to be those banks with the aggressive expansion policies. which is why you do not have an investment ba

let's talk about a stock on the move. bank of ireland. big stake in the business and a lot of people thought he was crazy. if you look at a rate of return on the trade, 300%. not a bad bit of business. it is down but climbing all. you look at where the irish debt is right now. well above the united states. certainly on the path of recovery. maybe the pricing disaster has been and he is moving on. let's move on as well. -- mario -- francesco renzi is in asia. it is one of the major international trips since becoming the prime minister. talk about the significance of it. it is pretty significant. renzi came about a few months ago but he was not elected. he came through palm entry maneuvering. -- parliamentary maneuvering. he had a big electoral win and his party did in recent elections. this,ing a trip like raising his profile is probably a good thing for him right now. -- i get about the china angle. vietnam and kazakhstan, anything in particular about those countries that stand out for you? >> know a tight prime minister has visited vietna

the community banks way out way to the big banks and the community banks said we will oppose any bill that puts us into the same regulators. that was the reason. that is what stop that and we could not have overcome that. it was something i thought about before but it was just no way that you can pass a bill over the strong objection of the community banks. they refused and were ready to lobby hard against bidding -- getting put in the occ because they want to be put with the big banks. 2009, i proposed a draft, a discussion draft of a bill that did basically consolidate and provided a single attentional regulator. -- potential regulated. or. in the midst of all of this, the political considerations. you have to get enough votes to pass anything and the reaction to the single regulator was overwhelming for a number of reasons. the regulator didn't want to be out of the job so they were opposed to the idea. there was no constituency interest in the matter at all. i say respectfully of our knowagues, they didn't what they were talking about so the idea of consolidation -- we got rid of

the bank of england figures that april we are down. on that approvals may be even lower in the next quarter and the last quarter. it does seem to me that a lot of the restrictions that have been theght into the market, market review for, they suspect this is already beginning to put the brakes on the market. >> what are the politics of this? >> the politics? i think both are extremely interesting. king said, i don't want to be in charge of the housing market. if these decisions are going to be made, let the politicians make them. but mr. carney seems more than happy to accumulate all sorts of power. the bank of england has never had these powers before. >> king created some of this opportunity. he was an aggregator of power. >> he was. particularly what you saw when he first came in. meantime, they are coming up with more and more controls of the banks. they certainly are tightening up on the banks big-time. the other thing is what is going to happen to interest rates? ratest is the interest connection? carney has said that when it come

worked at the bank. >> she was bank official. she got wired 100,000 dollars. the nigerian businessman ascended to her when he requested the money from his own bank he said this was a solicitation payment. it was pretty cut and dry. >> yesterday at the bank hearing

in the banking system which credit provision and the affect public confidence in banks, the strategy requires developing financial infrastructure, improving banking and anti money-laundering and terrorism supervision and enforcement as well as developing an interbank market. the minimum capital requirements have been increased, but some banks need more capital because of the loan portfolios not performing well. further, financial markets need to start to be developed because they will not only improve the effectiveness of monetary policy but they also provide more liquidity management and better liquidity management for the banking system as a whole. the new banking law will provide a better legal basis for financial sector development and improve bank and corporate governance, supervisory oversight, strengthened core and enforcement measures and the bank resolution. central bank financial division department has adopted a five-year strategic plan. the central bank is prepared qualities to enhance the protection of supervisory staff. new laws on making money laundering and the countin

eric schneiderman accuses the british bank of mr. y of its anonymous trading platform known as dark pools. barclays says it is cooperating with the investigation. says thel minister crude export will accelerate next month. it is another sign that violence in the country is not affecting the oil in the south. a report showed next month oil exports from iraq will be close to a record high. and the bank of england's mark carney unveils the financial stability report in a few hours. economist forecast it will unveil new measures to cool the housing market. carney said rising mortgage debt could threaten britain's recovery. now for more on what we can expect from mark carney, let's bring in a chief economist. simon, thank you for joining us. so you are not expecting much from the fpc, much in the way of change, are you? >> i don't think so. one of the interesting features of our most recent survey, the one before that was not so -- the london market was coming off the boil. i know this is one of the features of the discussion going on. we

at the higher level, we might see some regional banks in the u.s., but the bigger banks are or to eveno merge acquire. they are too big. the too big to fail issue is very much up there in priority, keeping them from anymore acquisitions. so it is not completely gone. the m&a story is still there. it could bring better environments for regulators. forward, as i say, the south of europe is the main area where we could see some m&a. at the you look different models that are endging, we have ubs at one of the spectrum, barclays kind of in the middle and they cannot figure out what to do. jenkins keeps getting hit from every side. but he is basically traveling in that direction. deutsche at the other end of the spectrum. do we know yet what the future of european investment banking is going to be? the risks seem enormous and the prophets seem incredibly low. income is being regulated out of existence. does investment banking have a future on this side of the pond? >> i think it has. .here may be 20 players investorsthink that will reward companies with the right business model. if we talk a

jgb portfolio to the central bank. and, you know, where do we go from here? what happens if and when, you know, the economic recovery actually, you know, gains further credibility. you know, where is the end game plan here? we'll have to discuss this in 2015, 2016. right now, again, the focus is still on getting private institutional investors to commit to more risk assets. that's, you know, the window that we're in right now. >> would you look at the future. thank you so much for your insight. head of japanese equity research at jpmorgan securities japan. >>> we've had some comments or further comments out of iraq. sunni militants apparently controlling now 75% of iraq's buy due refinery. that's an official at the refinery speaking. we'll continue to bring you further developments. jack lew, the treasury secretary in the u.s. is on his middle east tour. speaking from jerusalem, he's saying the next step for u.s. in iraq is not a military challenge. the u.s. is not focusing on a military challenge right them. we'll keep

now negative deposit rate charging banks to store money with the central bank. you have more easy access to credit if you are a company. by giving that 400 billion euros in liquidity. not moppingthey are up the extra cash from the system anymore. they are intensifying work on an asset-backed security purchases. nothing yet. no quantitative easing means the ato continues to trade 1.3660. he is trying to get the euro lower to boost exports. not working. we saw the stoxx 600 up more than 1% at one point yesterday and it just closed up 0.4% higher. up.y, ftse 100 germany trading up 0.2%. we are now caught between the awkward moment of mario draghi and the u.s. nonfarm payrolls. what will they unveil? will they disappoint like adp did earlier this week? private payrolls coming in under expectations. jobse looking for 215,000 to be added in america for the month of may. will it help the unemployment rate? let's have a little dig into italy and see if the luxury stocks are moving. maybe just looking across asia ada. pr prada did come out with numbers slowing. the euro w