francine: the banking union, the rules will be obsolete by the time we have a banking union. i am concerned we know how to deal with failing institutions if they were banks, too big to fail, resolution, recovery, liquidity planning, capital planning. what do you do when the risks migrate to the non-bank financial segments? central banks are still the core institutions that need to stabilize the financial system, but they have much less information day to day from the nonbanking world than they do from banks. we see it in some markets. credit risk is migrating to insurance companies, pension funds, market-based finance. a central bank that wants to regulate banks cannot really start of boom in credit markets just by tightening conditions. liquidity matters and markets matter more. central banks have to become more market focused on what they are doing. at this moment, many central banks have not gotten that experience. francine: where do you see the next crisis coming from? shadow banking in the u.s., china? is china pivotal? a lot of policymakers can't regulate. axel: i am not

two is the banking union. citythe central that will actually signal to the rest of the world that they are shoulder to shoulder together, and they will face the next crisis. >> on those three points, especially the banking union and capital markets union, it has been in the progress. it is in the making. will we get a real capital markets union in our lifetime? >> in your lifetime, yes. in my lifetime, probably so. in tom's, certainly. i think those are the two most likely to happen. capital markets union, i think they are close. i don't think that they should set the aim to closing and computing the job only when the banking silo has been harmonized between the states. thatshould set targets would operate as a common basis, common platform. many elements are there already. documents,d accessible to the entire markets, but they need to go further. i think it is the case given what is happening of the other side of the channel, the fact that brexit is going to happen, whatever the transition, whatever the terms

better integration of the eurozone, for an improvement of the functioning of the eurozone, for the banking unionfor the introduction of the eurozone budget — for the sake of having more investment and more convergence among the eu member states. when you're facing a crisis, you should do your best, when you're a minister or when you're a politician, to find solutions while avoiding critiques. you very comprehensively there laid out the french ambition and vision for a deeper economic integration in europe. it was a flagship policy of emmanuel macron when he came to power. the truth is, because france now has lost credibility and authority as a result of what has happened in the last few months in your own country, france is no longer in any position to persuade other european partners tojoin this vision. indeed, we've seen already, there is going to be no eurozone finance minister. the so—called ring—fenced eurozone budget is going to be tiny, not the massive budget that you wanted. you have lost the argument in europe. you like to provocate, but i am a calm guy, and i can tell you that we did n

meanwhile the head of goldman sachs said if britain didn't manage a smooth exit from the european union the banking giant would scale down investment in the u.k. david solomon made the comments at the world economic forum mirroring this year's underlying sentiment in davos lot of concern but few real answers. in just a few hours time peace and quiet will return to davos the delegates who came here to seek solutions to the world's problems will be gone for another twelve months. as usual participants at this year's gathering tackled some big issues conversations focused on trade conflicts climate change and of course the many unanswered questions about britain's departure from the e.u. ask you if you agree to anything but johnson coming back to be delayed others were less tight lipped and came up with and ologies to describe the prospect of britain leaving the e.u. without a deal it's like in a family husband and wife divorce without an agreement i have not known any such situation which ends happily so the only thing that should have been no is discard this option from the table and focus on buildi

the economic and monetary union remains a priority. the governing council welcomes and urgesg work further steps to complete the banking union and the customon. we are at your disposal for questions. >> my first question relates to your assessment of the risk of moves to the downside. what sort of indications that have for your policy, especially for forward guidance. you told us in december that at some point you will ask committees to start working on tell charts. have they already been put to work? >> thank you. today we discuss the implications. was essentially devoted to an assessment. where are we? why are we here? last.ng will the slowdown if the slowdown looks worst it will stay as the lower path. these are the questions we were asked and on the second question , several speakers raised this issue but know this issue was taken. we did not discuss policies. we were focused on the essentials. quite clearly implications about policy, but we did not discuss them. >> from reuters. two questions. given that data have disappointed on the downside fairly consistently since your last meeting, what gives you confidence your economic assessme

first move and then eventually one could look at a wider cross-border merger especially because the banking union is not finalized yet it is quite handy to talk about a cross-border merger, but without an intact banking union, it might actually not really be feasible just from the laws, legal side of things it's not easy to get it done essentially where we stand now, there's a lot of noise, a lot of rumors, but my sources also from command are saying that they haven't been contacted yet from the finance ministry for now it's purely a scenario analysis it's, of course, being calculated what it means to tie them up together, and now the german finance ministry apparently wants to have those documents, to have a look at the numbers behind such a potential deal having said that, there is a growing momentum in that story because those share price and the bond side of things are putting loads of pressure on the banks, and also, the looming downturn is not making things easier going forward >> interesting about this story, and that says that there's also another angle to it, and now we know that the fin

head of goldman sachs said today that of britain doesn't manage a smooth exit from the european union the u.s. investment bank would scale down its role there goldman's david solomon made the comments of the world economic forum in davos and that mirrors a common theme in those meetings that ended today big concerns about the global economy and no clear picture of. in just a few hours time peace and quiet will return to davos the delegates who came here to seek solutions to the world's problems will be gone for another twelve months. as usual participants at this year's gathering tackled some big issues conversations focused on trade conflicts climate change and of course the many unanswered questions about britain's departure from the e.u. prosecutory theories and also i think. johnson corrected me today. others were less tight lipped and came up with analogies to describe the prospect of britain leaving the e.u. without to dale it's like in a family husband and wife divorce without an agreement i have not known any such situation which ends happily so the only thing that should have the nose discard this op

the world of banking. once britain has officially left the european union, london-east banks will the longer be able to conductperations with eu ones without being subject to a host of other regulations. one reason why frankfurt has made itswnwn video l looking to trtract those e fleeing the bret financial fallout. >> nice to meet you. my name is furt. frankfurt. >> frankfurt? oh, i have heard of you. rereporter: ththis video was pod online several months ago. it is aimed at the family of the brexit uprooted banker who is not so keen on moving away from a world-class city like london. the british capital is europe's finance center and home to some of the world's biggest banks. but to keep doing business with the eu, they will have to be located in the bc,nd that means more than just a shingle on a door or a mailbox, at least according to european regulators. it means moving personnel and capital. about 40 banks have already received a license in an eu city. a few of them went to dublin, some to luxembourg, and others to paris. but the vast majority, around three-quarters, to frankfurt. >> i am starting to actu

the banks and the credit unions should be making credit available to them.u think about these are basically government guaranteed loans because the government has committed these folks will get their back pay once this whole thing gets settled down. you're talking about 800,000 workers and while i feel sorry for the individuals that have hardship cases, 800,000 workers, if they never got their pay, which is not the case, they will eventually get it, but if they never got it, we're talking about a third of a percent under gdp. so it's not like a gigantic number overall. >> mr. secretary, there are reports that there are some federal workers who are going to homeless shelters to get food. >> well, i know they are and i don't really quite understand why, because as i mentioned before, the obligations that they would undertake, say borrowing from a bank or a credit union are, in effect, federally guaranteed. so the 30 days of pay that some people will be out, there's no real reason why they shouldn't be able to get a loan against it. >> oh, my goodness. >> unbel

. >> first of all, the banks and the credit union should be making credit available to them. when you think about it, these are basically government guaranteed loans because the government has committed these folks will get their back pay once this whole thing gets settled down. there are reports that there are some federal workers who are going to homeless shelters to get food. >> i know they are. i don't really quite understand why, because as i mentioned before, the obligations that they would undertake say borrowing from a bank or credit union or federally guaranteed. so the 30 days of pay that some people will be out, there is no real reason why they shouldn't be able to get a loan against it. >> the commerce secretary who happens to be a billionaire saying he doesn't understand why these people have to go to food banks. does he not understand the predicament these people are in in. >> i think what he is suggesting is an alternative but it is not taltable to a lot of people and does suggest maybe we don't understand how serious it is to federal workers and contractors an

banks that have worked? patrick: good question. i can't answer on the top of my head. to the banking unionould facilitate a lot of these. it looks like there is no impetus to get that done. there's a lot of overhangs for the banks, that we don't own any deutsche bank shares in french banks right now. at six-sevening times earnings. if you multiply all those by 1.5, i still view that as fair value. i like the middle ground where they are a little bit better, but still incredibly cheap. tom: i am doing math. here is what you need to know. the combined revenues,: $39 it $39 billion. i have other ratios coming up because it is so cold in new york, on you can do in new york when it is for above zero is due math in ratios. present patrick with us. coming up, an important with us. stay with us. this is bloomberg. ♪ francine: this is "bloomberg surveillance." tom and francine from london and new york. the first official gauge from --na's economy shows president trump is expected to meet with china's vice premier today. patrick and chris are still with us. we spent so much time talking about the pi

because as i mentioned before, the obligations that they would undertake say borrowing from the bank or the credit union are in effect federally guaranteed. so the 30 days of pay that some people will be out, there's no real reason why they shouldn't be able to get a loan against it it. >> that is the most elite out of touch thing that i have ever heard in my life in all of my years ever on this earth. that is the most insulting thing that i have ever heard, and the most elitist or however you want to put it thing that i have ever heard. i could not believe it. i had to go back to say i have to find this on the internet. is this true? hey, you folks who are not getting paid, just go take out a loan. take out a loan. and here is what he is saying, okay. follow along with me, take out a loan for the money that you've earned, the money that we owe you, because we really have no idea when you are going to get paid even though a lot of you are still on the job. so, yeah, take out a loan. pay interest. just to get the money that we owe you. and the commerce secretary may know where you can get a loan, because

the city going to also on the program just one day old britain's prime minister told makers' folks today on whether to accept streets of banks controversial with the european union and this is my has warned of dire consequences if paul.

was heavily criticized for suggesting in a cnbc interview that they take out loans >> the banks and the credit unions should be making credit available to them. when you think about it, these are basically government guaranteed loans because the government has committed these folks will get their back pay once this whole thing gets settled down there really is not a good excuse why there really should be a liquidity crisis. now, true, the people might have to pay a little bit of interest, but the idea that it's paycheck or zero is not a really valid idea >> still to come here on the program, we'll be speaking to phosagro ceo, andrey >>> jeff puts his davos audience and mark concerny on the spot about his second brexit referendum >> it is a bit of a tradition in this particular panel or it has been since george osborne was here in 2016, i think, to ask the audience, actually, to vote on brexit. i think there's no point in asking you whether the brits should be in or out because i think we've done that one, but maybe i could ask you a slightly different question there is a clamber here, i hear, for the

the banks and the credit unions should be to making credit available to them. these are basically government guaranteed loans because the government has committed these folks will get their back pay once this whole thing gets settled down. so there really is not a good excuse why there really should be a liquidity crisis. put it in perspective. you're talking 800,000 workers and while i feel sorry for the individuals that have hardship cases, 800,000 workers, if they never got their pay, which is not the case they will eventually get, but if they never got it, you're talking about 1/3 of a percent on our gdp. so it's not like a gigantic number overall. >> reporter: mr. secretary, there are reports there are some federal workers going to homeless shelters to get food. >> well, i know they are and i don't really quite understand why. >> i'm not surprised you don't understand why. i can't imagine a better person to respond than senator elizabeth warren. she is now running to be the next presidenter of the united states. senator, welcome. i can know you have a big

program is funded by the us the european union and the world bank. the world bank is the world's largest development bank and is financed by tax money. the mission of the bank is to end extreme poverty and build prosperity. in ethiopia the world bank has put over two billion dollars into the p.b.s. program. the world bank is engaged in many countries that have institutional weaknesses that have ethnic tensions that have big development challenges and that's why we're there ultimately. i think development often involves trade offs and many development aspects to come with costs. people should not be disadvantaged by by a project whether they own the land all they don't own. the thing is to make sure that those projects are television or qualities way without jeopardizing the environment so. make sure that we protect people and in fact benefit society at large without necessarily creating new reserves. in the theo three million people already depend on food aid to survive now the development program seems to be creating even more hunger. how can the sm

the head of goldman sachs says if britain doesn't manage a smooth exit from the european union the u.s. investment bank would stale down expenditure in the u.k. goldman's david solomon made the comments at the world economic forum mirroring this year's underlying sentiment in davos a lot of concern but few real answers. in just a few hours time peace and quiet will return to davos the delegates who came here to seek solutions to the world's problems will be gone for another twelve months. as usual participants at this year's gathering tackled some big issues conversations focused on trade conflicts climate change and of course the many unanswered questions about britain's departure from the e.u. ask you three days and that's all i see you know my then fiance come back to be delayed others were less tight lipped and came up with and elegies to describe the prospect of britain leaving the e.u. without dale it's like in a family husband and wife divorce without an agreement i have not known any such situation which ends happily so the only thing that should have the nose discard this option from that they

doesn't manage a smooth exit from the european union the u.s. investment bank would scale down its role there goldman's david solomon made the comments at the world economic forum in davos and it mirrors a common theme in the meetings there that are enduring today big concerns about the global economy and no clear picture ahead. in just a few hours time peace and quiet will return to davos the delegates who came here to seek solutions to the world's problems will be gone for another twelve months. as usual participants at this year's gathering tackled some big issues conversations focused on trade conflicts climate change and of course the many unanswered questions about britain's departure from the. prosecution. fifty five johnson come back to be delayed others were less tight lipped and came up with and ologies to describe the prospect of britain leaving the e.u. without to dale it's like in a family husband and wife divorce without an agreement i have not known any such situation which ends happily so the only thing that should have been no is this card this

russian bank in twenty seventeen and used a swift system to steal six million dollars and in february twenty eighth hackers tried to steal nearly two million dollars from india's city union bank the bank said there were similarities with the bangladesh case. on the trail of the missing millions are visited many places from the heart of the global financial system to developing countries old with different levels of technological sophistication but their banks all share one thing the messaging system swift and hackers have realized its users can make themselves vulnerable. maybe she's a victim but but it is at the cost of the global payments this is improving but in forcing the highest standards internationally is a challenge where i think the vulnerability is if there isn't a global a more global a coordinated response to these threats and the hackers have not gone away the bangladesh heist was a wake up call for the international banking system changes have been made the distract from hackers is constantly evolving and many institutions regard cyber security as the biggest risk they face today. headlines warned the streets of melbourne australia are by. its citizens under threat

first of all, the banks and the credit unions should be making credit available to them. when you think about it, these are basically, government guaranteed loans. because the government has committed these folks will get there back pay once this whole thing gets settled down. >> and we know the government programs are so speedy and effective. democrats are claiming that the let them eat cake moment. but if damaging the economy. the white house now admits if the government does not open soon the nation could see zero percent economic growth in the first quarter of 2019. will the shutdown not only create this for federal workers but the rest of us?tra', professor at the king's college, brian -- i have missed that this get into! wilbur ross. who does he remind her of? krista montgomery burns of america. he is proving it time and time again. why don't they get some loans -- [laughter] no! i do not want a loan i want to get paid for my job. i'm out there working and no one is paying me. he is so out of touch and the problem is, the theme of our leaders being out of touch is g

listen to what he said when asked about government workers who have been furloughed >> the banks and the credit unionsbe making credit available to them. when you think about it, these are basically government-guaranteed loans because the government has committed these folks will get their back pay once this whole thing gets settled down. so there really is not a good excuse why there really should be a liquidity crisis. >> he later tried to clarify by saying i was trying to encourage people to know they could go to their -- what do you guys think is going to be the impact of all this >> i think it also leaves out the 4 million federal contractors who are not going to get back pay it seems tone deaf i just know how it sounded >> i was going to use that word. tone deaf. something like eight in ten americans in general live paycheck to paycheck that's a lot about a third of americans only have about a thousand dollars in their savings account. i'm not saying that is the case with all the federal workers that aren't working right now. >> but it's probably a good cross section of america. >> exactly and u

glor: on the "cbs evening news" this wednesday, at least five are dead after a mass shooting inside a florida bank. and the speaker tells the president he will not deliver the state of the unionn the house floor. all that and much more beginning with the headlines in 60 seconds. >> breaking news right now in florida. >> the deadly standoff at a lyntrust bank. >> a man is in custody after police say he killed five people. >> we suffered significant loss at the hands of a senseless criminal doing a senseless irime. >> house speaker nancy pelosi nsels it official-- the president is disinvited to make the state of the union address. >> why not invite him on that day? t because government is closed. >> she doesn't want to hear the truth. >> michael cohen has indefinitely pos h

unnamed russian bank in twenty seventeen and used the swift system to steal six million dollars and in february twenty eighth hackers tried to steal nearly two million dollars from india's city union bank the bank said there were similarities with the bangladesh case. on the trail of the missing millions i visited many places from the heart of the global financial system to developing countries old with different levels of technological sophistication but their banks all share one thing the messaging system swift and hackers have realized its users can make themselves phone ripple. maybe she's a victim but but it is at the cost of the global payments this is improving but in forcing the highest standards internationally is a challenge where i think the vulnerability is if there isn't a global a more global a coordinated response to these threats and the hackers have not gone away the bangladesh heist was a wake up call for the international banking system changes have been made the distract from hackers is constantly evolving and many institutions regard cyber security as the biggest risk they face today. business of. business.

as lawmakers continue to argue about how the country should move the european union. bankso move $850 billion of balance sheet assets to frankfurt. u.s. says the u.k. would lose out on a new deal brexit. we fail in the brexit negotiations, we will be stepping back or at least the to awill be something back time before it was a member of the e.u. and singles market where customs were part of the day today life of businesses -- day-to-day life of businesses. the white house congratulated ordinary venezuelans who demand he step down and put washington backing behind the current head of the opposition led national assembly. he has already declared himself interim president. global news, 24 hours a day, on air and at tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. i am ed ludlow. this is bloomberg. shery: thank you. china has used the world mountic forum in davos to a defense of protectionism. the vice president offered a thinly veiled rebuke of president trump's economic policies. tom mackenzie joins us from beijing. give us som

the shutdown drags on. president trump delays his state of the union address. the bank of america ceo is optimistic about the economy. >> if the u.s. consumer is strong and they are making more money, the u.s. economy has a good position. we see a slowdown, less growth rate. we don't see what other people are seeing yet. a big week for central banks. for the first time in a decade, the ecb is facing a slowing economy with no planes for stimulus. european leaders brush aside slowdown. -- slowdown fears. >> i am confident of that. president trump recognizes venezuela's opposition leader, putting maduro under pressure. bolsonaroresident says he wants to repair relations with the u.s. >> it is a tradition in brazil that we elect presidents who are enemies of the u.s.. on several occasions i have met with the american authorities and have had to tell them we are friends with the u.s. we want trade common to all. manus: batting away the blues in tech. microelectronics beats even the highest of estimates on the fourth quarter numbers. net income, $418 million. estimate, $376 m

. >> the banks and credit union should be making credit available to them. nment guaranteed loans. we are painfully aware that there are hardships inflicted on the individual workers. all i was trying to do is make sure that they are aware that there are possible other things that could help to somewhat mitigate their problems. >> john: the administration is trying to take the moral high ground to say we know the workers are hurting but it's important we get border security and wilbur ross says i don't know why they can't get a loan. >> i think he cut the ground up from under the president. he can call up his banker and get a loan for almost anything that he wants but the federal government workers cannot do that. it's one thing to say you work for the federal government, it's bankrupt, what do you expect there's times when they can't pay their bills -- it's another thing to say what's wrong with you? go borrow the money, nobody accepts that is a reasonable response. >> john: the president had his heels dug in, he said i'll see you on the 29th, she wrote him

has an essentially happened yet is having a very real impact on the walls of banking and once britain has officially less the european union london based banks will no longer be able to conduct operations that the ones without well being subject to a whole host of other regulations one reason why frankfurt has made video looking to attract those fleeing the brakes its financial fallout nice to meet you name is . frankfurt. friend. of uni modern architect the video was posted online several months ago it's aimed at the family of the briggs it uprooted banker who's not so keen on moving away from a world class city like london or nightlife the british capital is europe's finance center and home to some of the world's biggest banks but to keep doing business with the e.u. will have to be located in the block and that means more than just a shingle on a door or a mailbox at least according to european regulators. it means moving personnel and capital about forty banks have already received a license and you city. a few of them went to dublin some to luxembourg and others to paris but the vast majority around three quarters to

politics of the ninety two it's to committee how is the union this movement called it's of involved with the policy is bricks and negotiations and i know this is the deal being or do you agree. banks in negotiations that are arguably threatening to break up the union well my party recommended remain vote reluctantly but on the basis that there were two major issues one was the border because we didn't even when we went to see former prime minister cameron before the campaign we didn't get the impression that number ten firmly understood the implications for the quarter the second thing was you've got your volvo not explaining it to him well we did our best five sure you and the second thing was you've got to remember we were two years closer to the scottish referendum so at that particular stage the decision of scotland to remain in the union would have appeared to have been final but within a matter of weeks the nationalists were starting up again and we felt there was a great risk of.

the mayor says the money for the loans could come from the airport funding and says that other banks and credit unions have also offered low-interest loans. >> the longer this goes the more they will be struggling and if you have to choose that will have to be driving for uber in order to feed their families and we cannot put them in that position. >> if the proposal passes it would help 500 tsa employees, air traffic controllers, customs inspectors and other federal workers. >>> in kentucky one priest, the father treated dozens of tsa officers and air control traffic controllers to pizza. breakfast and lunch for employees at albany international. in hon and in upstate new york after the pilot treat, williams brought breakfast and lunch to the airport employees at albany. the restaurant, l and l is giving away thousands of dinners to families. the atlanta food bank is also providing help to those in need. >>> it is 4:38 am. >>> attorney general nominee william barr facing day 2 of nomination hearings. he says if he is confirmed he will protect these special counsel robert mueller t lls it- hunt. >> re

the company like deutsche bank does. reporting it seemed that deutsche bank, bank of handles and jpmorgan some of danske bank's transactions. of: this was money out russia, the former soviet union, and forwarded on to the united states? exactly. some people with knowledge of the situation have indicated that deutsche bank was handled more than those two u.s. thanks that i mentioned. a whistleblower from damsky side has said that deutsche bank operations handled some of the cash. so, it is more hot water. one interesting thing that happened today was that mr. savings, the guy running deutsche bank right now, is in dollars and he made a speech where he said that the worst is behind us in legal faces, but to referring particularly the panama papers. for him to say that, perhaps he thinks that is a bigger problem for the banks than the damsky affair. vonnie: keith, there are many it idiosyncratic problems -- many idiosyncratic problems for the european banks, many of emily to be sailed out and merged with other banks. what is the next step for troubled banks in europe? >> there is a lot of speculation on bank mergers. one year ago people speculated that this could be the big year f

banks,"i know they are and i don't really understand why. because, as i mentioned before, the obligations that they would undertake - say of borrowing from a bank or a credit union are, in effect, federally guaranteed (catherine)the talk on capitol hill tonight is about a bipartisan agreement to reopen the government for three weeks without conditions. the two sides will use the time to try to hammer out a compromise on the border wall. in a few minutes political analyst michael yaki will join us with his insight on the new developments. (grant) in the east bay... fremont police are looking at ways to go green... and one of those... could mean moving to electric police cars. they're using tesla's... saying it was the only electric vehicle to meet certain specifications for law enforcement. here is what they could look like... it's a converted 2014 'model-s .' this is a pilot program to see if if would really to see if if would really work and help reduce the police force's greenhouse gas emissions by 25 percent. they're also hoping electric vehicles will last longer since they typically have fewer mechanical issues. (vicki) although the stormy weather, for the m

the topics being discussed now if britain didn't manage a smooth exit from the european union that of goldman sachs for the banking giant would scale down investment in the u.k. he thereby mirrored this year's underlying sentiment in davos a lot of concern but few real answers. just a few more hours and then the peace and quiet of the swiss alps will return to. the many delegates who visit the small town every january to seek solutions to world problems will be gone for another twelve months as always this year's world economic forum meeting saw no shortage of big issues to discuss conversations focused on trade conflicts climate change and of course brics it with its wider ranging consequences but many questions remain unanswered johnson come directly relate. to german chancellor angela merkel was among those promoting international cooperation in davos most welcomed her message also a veiled rebuttal to u.s. president donald trump who had stayed home due to the u.s. government shutdown. brazil's new president and arrow however was in davos marking his first appearance on the world stage while international coope

banks to make ends meet. >> i know they are and i don't really quite understand why. as i mentioned before, the obligations that they would undertake, say borrowing from the bank or a credit union, are in effect federally guaranteed. so the 30 days of pay that some people will be out, there's no real reason why they shouldn't be able to get a loan against it. >> ross, who is estimated to be worth $700 million, seemingly out of touch with workers who will soon have missed two paychecks. but after several hours of scrutiny on social media and cable tv, ross tried to clean it up. >> all i was trying to do was make sure that they're aware that there are possible other things that could help somewhat mitigate their problems. >> reporter: his comments coming after this, from the president's daughter-in-law and campaign adviser, lara trump, talking about the impacted federal workers. >> it's not fair to you and we all get that, but this is so much bigger than any one person. it is a little bit of pain, but it's going to be for the future of our country. >> democrats pounced on the seemingly tone deaf comments. >> many of these federal employees live paycheck to paycheck. secretary ros

. >>> new at 6:00, the bay area bank is reportedly serving cannabis customers. the north bay credit union has been handling marijuana related financial transactions since the drug became legal a year ago in california. the credit union ceo says this carries a risk of potential legal action. he says the bank could face prosecution from the justice department for facilitating an illegal business since cannabis is still illegal at the federal level. >> new at 6:00, incredible video of a pod of whales off the coast of oceanside and southern california. there it is. this drone video shows at least five gray whales together. they are on their annual migration to the warm waters off of baja, california. >> wow, that is beautiful every time. >>> next at 6:30, breaking news. pg&e filing for bankruptcy overnight. what the decision means for customers and the pushback from a powerful investor group this morning. >> the government shutdown is over. federal workers are back on the job. the reason some popular areas are still off limits to the public. >> plus the heads u the latest inisn't just a store

banks,"i know they are and i don't really understand why. because, as i mentioned before, the obligations that they would undertake - say of borrowing from a bank or a credit union - are, in effect, federally guaranteed (catherine) again, the idea is to reopen the government for three weeks ... and let all the workers collect their pay. meantime republicans and democrats will try to come to an agreeement on paying for that wall.ken and pam? (ken) president trump's former personal lawyer, michael cohen has been subpoenaed by the senate intelligence committee to testify in mid-february. that's according to a source close to cohen. this is video of cohen leaving his new york apartment today -- he declined to comment. he announced yesterday that he's postponing his appearance before the house oversight committee hearing citing "ongoing threats against his family" from the president and his attorney rudy giuliani. senate intelligence traditionally interviews behind closed doors, not publicly. a committee spokeswoman also declined comment. (vicki/landing) san jose police are hunting for a driver who left the scene of a fatal accident early this morning. as kron four's