bank in chicago. central republic was the family bank of charles dawes. it was called the dawes bank. harles dawes was former u.s. vice president. charles dawes was former president one week removed when the bailout occurred of the same reconstruction finance corporation say you can imagine the congressional criticism to which the rfc and the administration were subjected over that decision and a bout in response to play tough when another big politically connected bank came to the brink in early 1933. there was also the failure this time to anticipate how disruptive the collapse of lehman brothers would be and here too i would blame the lessons so-called lessons of the great depression. the conventional narrative about the great depression focuses on the disruptive impact of bank failures failures of commercial banks and runs on most banks by retail depositors of the sort that we see every christmas when we watch it's a wonderful life. lehman was not a deposit taking bank. lehman didn't have retail depositors so it followed if you took that great depression narrative literally that la

individuals and the banks are guilty of collusion. ik: ubs, before this announcement, disclosed to the world what it was going to face of penalties. it said it was cooperating with authorities in their pursuit of individuals. keri: they were granted immunity. it is likely there are individuals cooperating. olivia: that immunity was revoked. how about the ceos? this happened on their watch. --d: erik: many of the ceos are gone. bob diamond is gone. jpmorgan seems to be immune to this. it had not had a guilty plea before this. they had the made off settlement in 2013, their giant civil mortgage back securities settlement for $13 billion, they had a number of cases. olivia: it makes you wonder -- keri: it is an interesting point on wall street, even with this stepped-up enforcement by the doj against wall street, there is still not a call for change in leadership. it looks like the cost of doing business. investors want the shares to go up. they go up every time we settle on one of this cases. they are up quarter after quarter in general.

the bank will pay $203 million. five banks expected to announce settlements today. allegations they manipulated currency rates. janet yellen says regulators will pay debts. yellen says they will evaluate whether rules and management practices are strong enough. the collapse could lead to big losses with banks. >> let's get back to our top story. ubs will be exempt from the fx round. it looks like an interesting one. the department of justice has ripped up the agreement. they have to pay 200 million dollars for that. what do you make of the announcement? >> today is about fx fines. five banks are expected to be fined later today. exactly what they did is they got to the bottom of it fairly quickly, went to the department of justice, and got leniency. they already did that with libor. we cannot expect to get leniency for two and a row. >> it is a three-year probation. >> this follows 8 million and finds in november. it is a relative term. >> it is all relative. that is $200 million of fresh fines on the benchmark, on t

the central republic trust a big bank in chicago it was the daws bank as a former u.s. vice president one week removed with a bailout ochered of the refinance corporations you can imagine that congressional criticism that they were subjected over that decision and how they vowed in response with another politically connected bank came to the brink early 1933. there was also the failure this time to anticipate the collapse of lehman brothers and how it would be. so with the lessons of the great depression and the narrative focuses on be disruptive impact of a bank failures of commercial banks by retail depositors that we see every christmas when we watch it is a wonderful life. lehman brothers did not have retail depositors of if you check that great narrative literally that the failure could not pose such serious problems this review informed by the left had a variety of other applications with the capital accord setting standards for financial institutions with deposit insurance regulation and focusing on commercial banks of which led to the shadow banking system invest

the people's bank of china take the headlines even once again and the central bank cut of the lendingasis points. they have cut rates three times. stocks in china surged. japanese electronics toshiba. the company with injury forecast pending a probe into improper accounting. the price of oil has gained after rising for an 8th week. we can't do with the cfo of statoil saying there are unique opportunities. >> there are unique opportunities within m&a that is fair. and with a low oil prices, it might be cheaper. we are monitoring very closely. jonathan: "the pulse" is coming up. we are joined by guy johnson. good morning. guy: greece, clearly what happens next? payment tomorrow is what happens next. does it not get made? the language is it gets made. just the start i would argue of a difficult summer for greece. today's negotiations have been downplayed in terms the expectation of delivering a deal. very excited about it but i am sensing the tempo is picking up. jonathan: we have lost our faith in the political deadlines. last week last friday the best day of the year. bonds. the interv

before that, he ran the eye bank. derstand the difference between deutsche bank and deutsche land. hans: there is some commercial ending that goes out. there's also commerce bank. this was part of the strategy review. then going to trim it off and take the remaining shares and ipo than that share. you can make the same case and put it in a similar bucket as loose tom the -- as lufthansa. tom: i want to get back to the sweat in the board room and the sweat among mr. jain in his -- and his newly attended managers. what is the overlay of this american management and leadership practices or does that have nothing to do with the dialogue? hans: everyone came up through the same league. the idea that there is a distinctive american approach to the management of this bank, not sure if that is a factor. mr. jain started off his press conference speaking german and then he switched back because he wanted the clarity of english. the translation remained in english. tom: that is brilliant. brendan: hans nichols, thank you for hel

the ex-im bank has been around for decades. ronald reagan was for the ex-im bank. the ex-im bank is directly responsible for helping sell boeing aircraft made in south carolina. 70% of the production in south carolina is eligible for ex-im financing. and there are thousands of small businesses who benefit from manufactured products sold in the developing world through ex-im financing. would i like to live in a world where there were no ex-im banks? sure. but the world i'm not going to live in is where we shut ours down and china keeps theirs open. i'm not doing that. that's not trade. that's just idiotic. that's just unilateral surrender. come to south carolina, tell the people at boeing and all their suppliers and go to greenville to the g.e. plant that hires thousands of south carolinians and all of their small business suppliers, why it's a good idea for america to shut down a bank that makes money for the taxpayer that allows us to be competitive. how you think that's a good way to grow our economy. tell those people who have got good jobs in south carolina who

the bank of japan says everything is fine. it has been delayed, but prices are going to rise, so stop worrying about it. they came out today with three separate reports saying the policy is working, inflation is rising inflation expectations are rising, nothing to see here. very confident statement from the bank of japan. the question is, whether the people in the market accept that and stop expecting further easing, and whether the data start to support that. we don't see the data supporting the bank of japan's decision and we don't see the market accepting that argument. jonathan: james, thanks for joining us. james mayger joining us from tokyo. let's get the investors take. we are joined now by james bevan. james listening to james, my colleague the expectations of more easing economists expecting another move, another polling of the trigger. what is that going to do for the japanese economy? james: it is very clear, the boj has been faulting asset prices by buying japanese government bonds. we will hold them until maturity.

a big bank in chicago. it was the family bank of charles straws. it was called the dawes bank. charles straws was former u.s. vice president and former president one week removed when the bailout occurred of the reconstruction corporation. so you can imagine the congressional criticism to which the rfc and the administration were subjected over that decision and they vowed in response to play tough when another big politically connected bank came to the brink in early 1933. there was also the failure to anticipate how disruptive the collapse of leeman brothers would be as well. this runs on the bank of retail depositors that we see every christmas when we watch it's a wonderful life. lehman didn't have deposits so they thought it could not cause such problems. this view informed by the decisions of the great depression had a variety of other implications. it is why new capital standards were set for financial institutions focus on commercial banks, deposit insurance focused on commercial banks and regulations focused on commercial banks that led to the ignoring of the other bank

deflation is not only about the bank of japan. at we need is for the government to implement the structural reforms that prime minister abe has promised. he needs to make the economy more competitive. he needs to tweak taxes to increase startup activity. he needs to get companies to pass along the benefits of the week yen. we are waiting for the government to follow suit. one of the reasons why kuroda is not moving today is saying to the government, it is your move. it is time for you to do your part. we haven't seen that thus far. jonathan: in the back half of this year, things could get interesting. you have a federal reserve bid. you've also got a series of economists from surveys that is think the boj will move again. what does the fed hike mean for the bank of japan? willie: it complicates things for the bank of japan. as the fed posts liquidity, japan will have to make up the difference. regardless of what the fed does the boj will be moving. the boj is the only game in town at this point. the government hasn't come forward w

>> i believe the banks will pass on. we have been trying to do our best and i'm sure the process of passing on has begun and if the present inflation control remains in india i have not the least doubt that interest rates will come down even more. >> yeah. >> and that's when the competitiveness starts. >> derrick, of course we saw this massive run in the bombay sensex post modhi becoming prime minister. the market cooled substantially but the indian ruby held up when you compare it to the other emerging market currencies. >> yeah when you look at funding risks and you go back to what happened in the taper tantrum in 2013 there's been a big improvement in terms of analyzing those risks and i think probably the biggest change for the currency is not modhi but the credibility brought to the central bank while tackling inflation and there has been still good demand in fixed income and there's this new confidence about inflation remaining under control going forward. the history for the rupee is double digit inflation and an a

and the other banks should be ok. ? not much of a risk premium in some of these share prices. not a concern for you at all otto? >> well, i think the concern for me would be more on the psychological that -- the question, well with the follow on events, if greece does not get a deal, then next question of course, does it mean it has to effectively exit the euro you know, maybe not. maybe yes. there is debates about that. but then, if one country would leave the euro, of course you the follow on question, does it mean next time there is a country getting into difficulty. etc. of course there will at least for sometime put pressure on whoever the next weakest links are. jonathan: stay with us. we're going to talk about disstressed financial sectors. russia having some difficulties of course with a lot of sanctions to deal with. russian lenders spare bank out with results a few moments ago. first quarter profit fell to 21.6 billion rubles. it was higher than estimated. ryan chilcote joins us now. give us the details p. rya

the fifth bank is ubs. other banks citigroup, berkeley, and the royal bank of scotland will plead guilty. to antitrust charges. manus: russia's military might was on full display over the weekend during the 2015 victory parade. the most talked about innovation was the battle tank described as a new generation fighting machine to replace soviet era tanks. let's take a look. >> the russian military has suffered over the last 25 years with the depletion of the soviet union. it left a large legacy of fighting vehicles from the cold war. a new system is needed. this is russia's new generation of a battle tank. it features an unmanned main or it. -- current -- turret. evident from the imagery is the introduction of a hard to kill. the tank will cost $5 million. the latest abraham tank will be in the region of 7.5 million u.s. dollars. research and development costs for the last five years and the contract -- the value of the contract. we expect it to be produced in small numbers at this point. mark: the tank made

, some of the same banks. it is never over. y: we have always had fx, are we through peak prosecution where are we? liam: i think we're through the worst of it. we know about the investigations into the precious metals. lesson able impacted. i do think as a result of these investigations banks have had to sort their act out. you would hope that the worst is behind us. guy: nice to see you. let's take a look at what else is on the radar. japanese growth has beaten expectations. the economy expanded for a second straight quarter growing 2.4%. the nikkei grew the us it has in years. suddenly medications -- sudden link expands. time warner has received an approach from all sees -- all tice.are verywhat else do we have coming up. the bank of england monetary policy might reveal clues of whether we can expect a rate increase. we will look at how marks & spencer has reported its first rise in profits in four years. then we will speak to the former chairman of the wood group a sirree and would -- sirree and would. ♪ also coming up, we w

the financial crisis just very clearly reveals that even outside the regular banking sector the shadow banking sector, non- finance, nine party financial sector we have risks that were very similar to the risks we have traditionally had in making. an example is that lehman and bear stearns the two firms in aig that got into the gravest trouble during the crisis or not regulated banking organizations at all and yet the risks that they were taking were very similar to the kinds of risks that led to runs on banks in the past. the money market all of these markets developed important sources of credit for the economy but also had run like characteristics. so when troubles of their were essentially runs in these markets. in some cases, as you mentioned, the government and the money market fund case did come in and step in so it is important that we keep an eye on and appropriately regulate the shadow banking sector. i think we're making progress. the financial stability oversight council is charged with designating some non-bank institutions as systemic and then putting them under federal r

is because of regulation on the banking services? 's not where it should be or is it something deeper that will have to be addressed in the coming term? >> the banking sector could be part of it. i don't think it is necessary the explanation. it is not just the u.k., it is a global level problem. it is been particularly week in the u.k., question here is -- of the week productivity is connected to the strength of the labor market. we have seen growth improving in the u.k. that is labor focused. we have had low wage inflation, for companies that has been worth more to higher more relative to using more capital. some of it as a substitution of labor and capital. francine: thank you so much. coming up, how ryanair and their softer approach to customer care seems to be paying off. ♪ francine: welcome back to "the polls." let's turn to airlines now. the budget carrier ryanair reported a 66% drop in earnings this morning. the company ceo spoke to bloomberg and he says the strategy to grow their customer base is working. >> i have to say fir

wall and if they want to, they can check out some of the banking options one of the things that umpqua has is outreach in the community and has after hours to hold meetings this is something that frankly people take umpqua up on their branch downtown near north beach and chinatown has a number of events i hope that all the stores can serve that purpose i want to introduce drarl jordan will briefly run through the outreach that umpqua has done in community support. >> good afternoon tailoring i've worked with umpqua bank and as todd mentioned we met with the excelsior action group and both of the groups with supportive of the bank and gave letters of enforcement and the neighborhood didn't have an opportunity to submit a letter they've supportive lastly anecdotal that supervisor avalos office have helped us to located our location on mission street and have been very helpful ♪ process and finally the outreach to the neighborhood in general we over time collected over 3 heed support cards from the residents of excelsior and the surrounding nauseous neighborh

at the beginning of the year there was a bank in denver and a credit union. both backed away from it to the best of my understanding. >> does this make the cost higher. if there are people watching this programme, who own a business, and thinking about money coming in and going out. how is your cost structure different, because you sell this specific, in colorado legal product? >> well it's challenging. the regulations are in place. they have us hemmed in so we deal with large amounts of money, it taxes the infrastructure of each company. you have to create your own protocols for dealing with the money and keeping employees safe at the same time. you have to basically become your own banker where you track every dollar in and out and you are accountable for that revenue for the state and the city. you have to take on more asks where other businesses you could deposit all your cash into the bank and use a credit card to track your transactions. on top of regular day to day procedures, i think a lack of banking creates problems for money going missing, and does

the european central bank, same actor there, meeting today in frankfurt on the subject of a greek banks. the official at the ecb will discuss whether they should be tightening rules on quick access to emergency liquidity assistance. just a quick read, stephanie, we all know if they can't sort out -- the situation and grace will hurtle towards -- in that greece will hurtle towards a bad and if they can sort out the vent problem. stephanie: maybe they got to get real. we are very close, really? where #how? we will talk about burberry again after the break on unfavorable currency move and uncertainty in china. it's not like able like trenchcoats, damn currency. is the market in trouble? we will find out, next. ♪ stephanie: burberry is getting burned by currency volatility and an economic slowdown in asia. today, the company lowered its full -- it's for your guidance and they are trading down about 5% today. the question we need to answer is what does this say about the overall health of luxury market? let's ask our own editor of bloomberg luxury. chris, when we look at these numbers out of

i won't say maybe the world bank. world bank is an exception, but very few people care about poor people, and that's a big problem so they remain poor and suffering and no one wants to do much. a second kind of conflict is take the conflict in syria and iraq for example right now. governing aspects of the conflict. syria, as i mentioned, had a massive environmental crisis as a prelude to its conflict, but it was tender that set it off anyway. but why is there so much killing there? is that the geopolitical proxy war going on. the united states said we want to overthrow assad. bad idea. because when governments they were going to overthrow this one, and their allies is no, you're not coming suddenly we are in a proxy war with russia, saudi, turkey. who suffers from that? just a serious. they die. agoura hills plays politics. so did you get, when you do that, then you open up even more horrific disasters. we said it could be worse aside. now he has to go. neither is isis. i wish down the block they could think of it befo

system or the american banking system. s have been an important tool we've had diplomatically, whether it's finding assets or other players around the world. what can we do in that arena? can we expand the process? can we amend it? is there a mini version we can use with countries we don't have a treaty with? >> interesting question. we haven't really utilized outside of the world of just straight up drug trafficking the m lat process of assets that effectively. something i've advocated against, hezbollah is the use of rico which is a huge transnational resonance against terrorist organizations as criminal entities. terrorism is a specified, unlawful act, sua under the law. if you engage in more than two suas that are allowed under rico, you are engaged in a criminal conspiracy and can be prosecuted. the thing about rico, you can charge anyone. if you're in isil and say i'm a member al qaeda member people like to brag about it you're charged. it's an interesting tool. you can more go after their money. if there is a foundat

for the banks, the story does not in there. washington says individual traders may still ace criminal charges. >> european markets lost a bit of steam in midweek trading. our correspondent sent us this summary from the frankfurt stock exchange. heavier: after two days of intense endings and a jump of around 4%, it was quite difficult to keep the green numbers here at the frankfurt stock exchange. that's why we saw slight losses for the most part of the day. the good circumstances are still there, though. the euro is weaker, which is good or the german exporting companies, but there was one source of uncertainty -- the minutes of the latest meeting of the u.s. federal reserve were published after closure here, which is why investors were cautious and did not want to take any risks. experts assume there will not be an interest rate hike in the united states until 2016, but then again you know, the markets are always full of surprises. >> we stand for and for for a closer look at wednesday's numbers. in frankfurt the dax had finis

the bank has denied. porter: it was the biggest trading loss in banking history. 4.9 billion euros. the bank has insisted that the trader acted alone, making illicit bets for as much as 50 billion euros and covering them up and while admitting he exceeded his authorized trading limit, kerviel maintain his higher-ups knew about the activities. a senior police officer who live the investigation recently told the judge that he was now certain kerviel's supervisors know what he was doing. the men who worked in the bank with the management unit said he had informed senior managers in 2007, marking the e-mails with us: cross buns to alert them. when he was sentenced to five years in jail, kerviel called on former colleagues to speak out. jerome kerviel: i'm hoping that people inside the bank who have information will come forward. reporter: civil lawsuits are still ongoing. sociÉtÉ generale suing him for damages. kerviel is on parole and under electronic monitoring, suing the bank for the same amount. stephen: l

the greek central bank. but it has to be -- it has to get approval from the governing council and for this we have rules. >> larry, a pleasure to have you on. it seems like greek optimism sending stocks higher yesterday now there's talks a greek deal won't come down and perhaps that's the reason u.s. futures are down today. why do we care so much about greece? it only makes up 2% of euro zone gdp. >> that's true and the amount of public bonds owned by investors are down substantially from 2011 levels but it's a potential change and it's weakened yield in portugal. in other words, higher yields so there's a contagion brewing and that leaking over to spain and portugal. >> but if you're hopeful of a resolution coming together do you want to get exposure to the greek bond market? because the greek two year yielding 23% given the low rate environment that we're in right now. that has to look attractive to some of the investors out there on the hunt for yield. >> one thing to watch is if the yield curve is inverte

signals that the irs may not investors do not know what to think. olivia: six banks pleading guilty to market manipulation agreeing to play -- pay $5.8 billion. all leading guilty to currency rating. ubs is guilty to manipulating interest rates. they are runs the doj's antitrust division and he'll put the case together. he joins us now. bill, thank you for joining us. we heard attorney general lynch say that the penalties were fitting. what determines a fitting penalty? bill: a fitting penalty is based on the loss each of these banks caused to market participants. these markets are $500 billion a day markets. even a slight manipulation of the rate, a few basis points is loss. to create real they created a methodology to estimate that lost and in turn we adjusted the amounts to be paid by each bank based on the length of time each participated in the conspiracy. pimm: i'm wondering if you can talk about some of the techniques you are using. the technology you're using to find algorithms that fix prices and various other types of technology used to find out who is doin

the day. criminal cases against five major banks. jpmorgan, city, rbs, and ubs will plead guilty and put the -- and pay over $5 billion in fines. betty: joining us now, expertise including market related crimes. rate see you again today. is a huge fine. but will be the impact of a settlement like this? >> the impact is significant. an enormous amount of money for these banks, and amount of money that has a real impact on the importantch is because you have conduct here that is egregious and widespread. they claim it was only one or two people. butay or may not be true, people who are handling matters that affect the entire market, libor and fx, any manipulation of that affects everything from pension funds to student lows -- student loans to everything. the word used egregious. his rigging more so because it goes around the clock? currencies except for the twice they break. >> right. whether or not it was a small group of people were not, the banks, when they set libor or fx, it impacts market tremendously. from the doj's perspective,

that the bigger banks were really intended to face. frank overshot the mark and trying to bring it back in. for example, he would raise the trigger on what constitutes a systemically important financial institution and he is also exempting small banks of having to face the poker role. he would also make changes to regulators and oversight council and make it harder for them to reach into these non-wall street big banks and impose regulatory changes or bowls on them. he says he is making life easier for those of smaller institutions. democrats say it goes too far and they are promising to oppose it and offer an alternative today. unless he gets a few democrats onboard, the bill is going nowhere and the big question is can they find common ground in certain areas and pass that later on this year? erik: at least in principle, there is not anything wrong with what shelby is trying to do. we hear all the time particularly as it concerns over the care and also as a concerns of dodd-frank, you pass the bill, see how it works, and then you modi

>> i would ask them to donate to the san francisco food bank. because they actually provide the food for us for free. we in exchange don't give them anything so i'm very thankful for that. so if they would definitely donate to a food bank, any food bank would be great, but in particular san francisco food bank. >> all right. so paul, people can volunteer, they can donate money and so many ways to help. >> they can. we have 25,000 people volunteering now and we still need more people to come in and help us do the work we do every day at the warehouse. we need financial donations, if people can make a gift, it helps keep the pantries open. and people donate through the food drive, protein item, hearty soup, peanut butter, those things can go out to a healthy food pantry and make a difference in someone's nutrition in life. >> you don't get government funding. >> not very much. we get a bit of government commodities we distribute but primarily are run by private donations. >> so we talked about the working poor, talked about the homeless and paul, y

who would be the biggest customers for the banks? moving forward, you look at those who are holding license is. cultivation, production facilities. a lot is made of the retail on the dispensary and i think there is a lot of coverage on that, especially in colorado. that is not the industry especially moving forward. carolina is the third most popular state in the country and they have a program that is unlike any program that will be rolling out in any other state. i think moving forward, you look at these restrictive licenses, for example in new york, where they will issue five license is. those licensees are going to be the customers. those are the customers who are going to have the money that they are looking to bank. the other misperception is all the cash. we are looking at colorado and there is a lot of media cover, but moving forward by looking at nevada and what banks have done and looking for to new york on i think this will be a cashless industry moving forward, even on the retail side with kiosks and banks picking up money

prosecutors say a group of traders at the banks discussed fixing the prices of u.s. dollars and euros in secret online chatrooms. assistant attorney general bill baer. >> the dollar-euro spot market is as big as it gets. every day about $500 billion worth of dollars and euros are traded in this market. >> reporter: according to the justice department the collusion started in 2007 and lasted five years. attorney general loretta lynch says the traders increased their commissions and the bank's bottom line. >> their actions inflated the banks while harming countless con sciewmers investors and institutions around the globe from pension funds to major corporations and including the banks' own customers. >> reporter: court documents showed a brazenness of traders at barclay's bank. in 2011 one trader wrote we're trying to manipulate it a bit more in new york now. another said if you ain't cheatin', you ain't trying. four of the banks pleaded guilty to antitrust violations. in a written statement barclays c.e.o. antony jenkins said the people involved have brought our comp

national bank that was virtually nonfunctional at the time of existed as a bank. after they reached that agreement he said the president of the central bank of ecuador to iran to negotiate which bank with whom you have a correspondent relationship. they stopped in russia and the account a russian make that maintains correspondent peggy relationships. you can have your bank transfer without registering. a good and negotiate. israel sanctions banks. go ahead. >> absolutely. we are seeing now you have literally billions of unexplained dollars regular correspondent relationships multiple things that are not let these canadian bank tape thing. those joint task force would be good. they are looking at different things. what we're looking at now the state groundbreaking systems. multiple banks growing exponentially no rational explanation. thanks in panama are doing exactly the same thing. >> with any measures that we take the baby by a lifting of sanctions with respect to the uranian banks? >> i think that it would make it much more difficult. it's the sanctions are lift

roberts: richard from the world bank. -- >> richard from the world bank. i want to challenge your contention about the growing importance of countering the current terrorist threat from isil by way of looking at the finance. you yourself have described that comes at two levels. one is low-level operatives that may be self-funded, and the other one is, we have within isil an organization that controls territory and has resources and differs in almost every way from al qaeda. so is the current rules, laws and regulations, are they designed for another era and do we need to revisit them and look at how one can, or if one can challenge these organizations on the basis of their financing? mr. roberts: i think what we talk about financing there are two aspects. we have a tactical level when we are talking let the foreign fighters and the self funding in that we definitely have the strategic level as we are talking about the more macrolevel approach to disrupting their finances. in those cases, when we are talking about that macro-level approach we work with treas

for the banks, the story does not in there. washington says individual traders may still ace criminal charges. >> european markets lost a bit of steam in midweek trading. our correspondent sent us this summary from the frankfurt stock exchange. heavier: after two days of intense endings and a jump of around 4%, it was quite difficult to keep the green numbers here at the frankfurt stock exchange. that's why we saw slight losses for the most part of the day. the good circumstances are still there, though. the euro is weaker, which is good or the german exporting companies, but there was one source of uncertainty -- the minutes of the latest meeting of the u.s. federal reserve were published after closure here, which is why investors were cautious and did not want to take any risks. experts assume there will not be an interest rate hike in the united states until 2016, but then again you know, the markets are always full of surprises. >> we stand for and for for a closer look at wednesday's numbers. in frankfurt the dax had finis

they could afford it -- it would break the bank. thing with horseracing and tennis they do not show all those sports that used to be heritage events. a lot of them have moved across to the satellite. and they do that because the guys, the content owners and the participants want to be paid for what they're doing. being a boxer is a short career. a goalie can play on the senior tour until they are 70. even though manny pacquiao is a phenomenally athlete, he is coming to the end of it. they normally get to their early 30's -- mark: who is going to win? frank: i think mayweather is going to win. they have both seen better days. mark: if it happened six years ago? frank: they would be making the same money. i want to see how they do it suddenly they have captured the sporting world's imagination in a big way. in the states, their talk about 3 million buys at $100 a pop -- it is probably more than that. is huge. they haven't even put the tickets on sale. it is a $70 million game. for event that is going to an event that is going to take

the fifth bank is said to be the europe base bank. expected to plead guilty to raking antitrust rules. guy: parliament has a tight runoff election. there was a sharp defeat in the first round. his support has plunged to just 32.6% in a few months. he has responded by announcing plans for a referendum on public financing of political parties. francine: the king will be a noticeable absentee. his decision to stay away may be seen by some as frustration over washington's iran policy. guy: still to come on the program, russia flexes its military might as angela merkel visits for the the celebrations. what is next for vladimir putin? we will discuss when we return. ♪\ francine: welcome back to "the pulse." we are streaming live on bloomberg.com. guy: russia's military might was on full display this weekend. the new battle tank is a new generation of fighting maciel -- machine. take a look. >> they have suffered over the past 25 years of investment. there is a long legacy of armored fighting vehicles with over from the cold war and a new sy

>> all of banking is based upon the same fallacy, i go to the bank and give them my money. we know that the bank takes your money and loans it out long term. if everybody comes at once and says i wants my money back, no way the banking system can honor that pledge. >> i know you're a good lawyer because i don't agree with everything you say but i love listening to you. >> shock to hear. >> richard farley, thanks for joining us. up next, why you may never look at your supermarket the same way. and may take an omega-3 supplement, such as fish oil. but when it comes to omega-3s, it's the epa and dha that really matter for heart health. not all omega-3 supplements are the same. introducing bayer pro ultra omega-3 from the heart health experts at bayer. with two times the concentration of epa and dha as the leading omega-3 supplement. plus, it's the only brand with progel technology proven to reduce fish burps. new bayer pro ultra omega-3. ly not alo if you struggle with type 2 diabetes you're certainly not alone. fortunately, many have found a different kind of medicine that lo

more pain for the banks. you have to consider that all of the individuals with been caught in this are likely to face criminal charges as well. so far it is focused on the institutions but the individuals involved are probably next in the sights of the authorities. pimm: i'm wondering if you could talk about what liam is describing. might there be other banks that are going to get caught up in this investigation? rosa: i believe there may be more banks and there may be other types of manipulations. the manipulations that we have been talking about involve the , there mayn of fraud be other ongoing manipulations in effect which we may end up learning later. probably still much to be learned. pimm: you -- betty: you wonder whether the sediment addresses -- the settlement addresses the underlying problem. how could this manipulation go on for so long and to such an extent? does the settlement go toward addressing that problem? rosa: i think the settlement was show that authorities are serious about deterring futu

asher led on the lebanese bank type thing. the chairman's first question was in latin america, what would the joint task force be good? those guys are looking at pocket literature and different things that did very well at what they did. what we're looking at now is state run bank systems, where we have multiple banks in central america growing exponentially with no rational explanation. we have banks in panama doing exactly the same thing. >> would any measures we take, though be moot by a lifting of sanctions with respect to iran's banks? >> i think that it could -- i think it would make it much more difficult. once the sanction is -- as selena said, once the sanctions are lifted, the snap back is not going to be very rapid or nearly as forceful. >> let me bring the professor in there, because in your testimony, one of the measures that you identified to counter these networks were to maintain a vib vigorous sanction regime against state sponsors, transnational criminal organizations and narcotic kingpins and designated natio

they said the justice department failed to prosecute the bank after the investigation into libor. was month, deutsche bank set to pay a fine. meanwhile, they say they are still in talks with prosecutors over another investigation, one talks about rigging foreign currency, and they say is settlement in that case could involve a guilty plea. welcoming the progress made on the greek bailout, but they say there is more needed to resolve the differences. the finance ministers want an economic reform plan from greece before they release any more money. earlier, they downplayed expectations. >> there is no final outcome. we can just take stock of what progress has been made, and hopefully that is positive what we will hear. greece will have to pay $840 billion tomorrow to the imf, and a warning from former secretary all sin, talking about creating asset price bubbles if low keep asset prices too for too long. he said that is not alone a sound policy. i've clearlylson: been a fan of the bernanke monetary policy, because we delivered in the u.s. while rolling in the third quarter from 2009

more stimulus is the central-bank. re the infrastructure side and more spending on building roads and public works. trying to make up the 7% target. jonathan: asian correspondent enda curran. let's check in where markets are trained. stoxx 600 a touch lower than last time i looked. a ugly week last week. the worst for the stoxx 600 this year. the euro was stronger against the dollar. we hit 112. z10 year, the yield surging last week, big moves. -- the 10 year come the yield surging last week, he moves. up next mcdonald's trying to put gold back into the arches. it may not be that easy. more on the missteps after the break. ♪ jonathan: good morning and welcome back. i am jonathan ferro. it is time to talk about autos in germany. the shareholders meeting on tuesday in berlin. it will be the first one in more than a decade you it will not to be overseen by the former chairman. our reporter in berlin joins us. do you expect a new chairman to a but -- to be announced this week? reporter: no, it will be chaired by an interim

the biggest u.s. bank, j.p. morgan has been consolidating back office, cutting mortgage workers and reducing the ranks of tellers as most customers use mobile phones and the internet. google has unveiled the latest enhancement to its drind mental system. it included making its google services available at all times. including when users have another app open on their phone. as consumers spent more time on mobile devices, google hopes the changes will allow them a bigger share of their attention. president francois alaund said france wants the u.k. to remain part of the european union that came as he hosted david cameron yesterday. cameron will continue his tour later today. we are there. caroline is probably in like flynn. i'll find something to tweet. caroline: you go and put your penny's worth in about japan and the latest thing catching your attention. coming up after the break, we take a look at those japanese inflation figures or the lack thereof with swiss growth banks ahead of market strategy. caroline: ne

the issuing bank makes them whole. there's a secondary process managed and run by contract between the payment networks and various networks that gets resolve ed resolved through merchant ak kwiers, the issuer, which people take issue with how that all works from time to time, but that is how it gets sorted out after the fact. >> i would just add to that, yes. the merchant ultimately pays for fraud in the wake of a data breach, should it have occurred at a retailer. they also pay a variety of fees. if first one on every fee ever processed. the component is a prepayment of fraud, prepayment of a data breach, and then post breach there's a fee associated with reissuing the cards. >> and that's why the banks have to pay the 15 bucks or whatever it is to send me a new card. >> the merchant repays the fees -- >> really i've heard different from that. >> i've included a statement in my written testimony. >> i got a card that have a little chip on it and also to be clear on this, putting this chip on the card may help to some

the buyers and sellers are the central banks. redict the behavior of the central banks -- personally it looks a little bit better than it did a month ago. i am more pro-bond markets now. mark: thank you so much. caroline: coming up, energy crisis in nigeria. we will talk about the fuel shortage that is grounding airplanes shutting banks, and crippling africa's biggest economy. stay tuned. meanwhile keeping a close eye on the oil prices today. how these markets continue to play after we reopen after the bank holiday in the u.s. holiday. ♪ manus: you are very welcome back to "countdown." let's check in on the foreign exchange markets. are you a dollar strength trader or a euro weakness traitor? -- trader? janet yellen said she is going into the federal reserve meeting for june with an open mind. the dollar, of course -- the question is, how dovish will the tightening be? consumer confidence comes in today. we are expecting that to dip ever so slightly. us home sales come in today along with durable goods so the fed goes with an open

what leverage to the banks have? as they are seeking these waivers, they in theory said stop doing business in certain lines, but they get these waivers. how do they get them? keri: the waivers come from the regulators and the regulators do not have -- they have been a little vocal about this. they do not want the waivers to be enforcement tool. that is also a new issue that the regulators and the banks have to figure out. it is not clear that the banks have any leverage when it comes to this. the regulators will issue the so they can continue doing business. tom: what will you look for at 10:00 a.m. this morning? keri: i think we want to listen for clues on what is next. this is an unprecedented case on wall street. tom: will you go back before drexel vernon more? keri: drexel was a drop in the bucket compared to the spirit we want to see what is going to happen next. tom: kerry gardner will be with us -- kerry geithner -- ker i geiger will be with us in the next hour, as well. tom: this is "bloomberg surveillance" o

to rival the investment bank. countries are signing up in the face of american opposition, including u.s. allies france, germany and britain. china's goal is to raise $100 billion and raise money for infrastructure projects across asia. ali velshi recently discussed this with chin an asia fellow at the milken institute. ali asked is the position clear? >> the united states poks is clear, that the united states has chosen not to join the asian infrastructure investment bank because they're not certain yet what sort of standards will be applied on the loans that the bank makes. and i think that's a very fair point, you know. do we want to join a bank that is not going to do great things. missed opportunity by the united states in getting there from the beginning and shaping what this organization could all be about. >> most americans won't know what the aieb is or necessarily not the adb. world bank, from a a development bank perspective what are these organizations meant to did? >> sure. let's focus first on the wor