clearly are very -- have a very international reach and therefore also, you know, u.s. banks do have stakes in a european and other banks elsewhere. that said, you know, regardless of whether it's a european bank having a stake here in the u.s. bank, the u.s. bank is still subject to u.s. laws and still subject to u.s. regulatory authorities. and in exchange for that, access the financing facilities by the u.s. federal reserve. of course, the same, you know, is true in europe for european bank banks that have u.s. banks. >> what did french voters vote against this weekend? what message were they trying to send to their government? >> i think the biggest frustration that characterized the french world this weekend is really president car cozy promised to modernize france. and yet very little action. very little was achieved under his presidency. yes, it's true the presidency was hijacked by the european crisis. in a recessionaire environment, that said, you know, there's the need for france to move forward. and car cozy didn't really pick up on that. the problem is to deliver

u.s. banking system. all we can do is make sure the u.s. banking system is in a situation where it has capital and liquidity resources to handle shocks. >> there has been a lot of talk about whether or not the big banks should be broken up. where do you come down on that debate? >> i think it's obvious we want to eliminate any doubt about this too big to fail issue. we can do that in sort of two ways. one, force large systematically important financial institutions to hold more capital, have larger liquidity buffers to reduce the probability of their failures to a very, very low level and, number two, work on the resolution side so if they were to get into difficulty they could be allowed to fail. the third option is to try to break up these banks entities but i think that's a little bit more difficult than what the proponents of this sort of argue. they just want to break them up. so how do you do it? and if you were to do it, would you actually have financial institutions that could serve global multi-national corporations that are doing b

morgan the largest and most profitable u.s. bank are resisting fed efforts to impose tougher restrictions on too big to fail firms whose collapse could hurt the broader economy the banks have pressed the fed to explain assumptions used on this year stress test and have criticized the central banks proposed rules including limits on counter party risk now here's what jamie dimon says it's great that. people get together and collaborate talk about the facts and the analysis all the interest in having a great financial system the better we do here the better it will be for the u.s. economy well let's get something clear first of all they don't they don't make profits they are gifted money from oss the taxpayer in the same bers who take money out of our pockets and stuff it into his pocket but doesn't make money in the classic sense that he's competing he doesn't compete at all the too big to fail got too big to fail or they're bigger but they're not failing even other grander scale the competition's wiped out the stock called competiti

morgan the largest and most profitable u.s. bank are resisting fed efforts to impose tougher restrictions on too big to fail

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with u.s. bank. i tell you what i can spend. i do my best to make it work. i'm back on the road safely. and i saved you money on brakes. that's personal pricing. >>> i am joined by republican national committee chairman reince priebus. let me start out with where i left off with david axelrod, and that is these outside super pac groups. you all spent about a day and a half trying to distance yourselves from the notion that reverend wright would be brought up by one of these fab lutionly wealthy people that want to come in and have their say-so in an election in the form of tv ads. isn't there just a huge problem here for you all as you move forward that you don't have or are not supposed to have control over what goes up on the air in your name? >> i think both sides have the same problem, and -- >> you have a lot more super pacs than we do. >> we don't know who's got what and how it's going to shake out. certainly obama spends nights raising tons of money whether it's george clooney and hollywood o

preserving our business models will ensure that u.s. banks can operate effectively and competitively, while protecting against negative impacts on the broader economy and u.s. employment. thank you, chairman brown, ranking member corker, for allowing me to present northern trust's views on this critically important topic. >> thank you mr. row cell. >>> thank you. i'm delighted to be here today on the behalf of u.s. chamber of commerce, the three million members, each of whom are customers of banks, so we're representing the customer side this afternoon as well. my name is tony carfang and i'm a partner with treasury strategies. we are a leading consulting firm in the area of treasury and cash management. we help corporate treasurers day in and day out manage their risk, raise their capital, fund their accounts and meet their payrolls. we also work with financial institutions, large and small, in fact around the globe, who provide services to businesses to make productive use of their capital. i'd like to leave you with four messages today. nu

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unit of the bank of east asia. officials at the u.s. federal reserve gave the green light to the deal which will be the first to involve a chinese government-related institution. the industrial and commerce bank of china, together with other chinese firms, will buy out the bank of east asia usa. the american local operations have 13 branches in new york and california that mainly handle retail banking. its headquarters are in hong kong. the fed also authorized the bank of china to open a branch in chicago and the agriculture bank of china to set up a branch in new york. china has been asking the u.s. to let chinese banks expand in the country. >>> the trade ministers of japan, south korea and china are said to debate trade when they meet in beijing on saturday. the ministers will likely agree to speed up talks on an economic partnerships involving 16 asian nations. they also are expected to agree that the three nations should play a leading role in forging the regional partnership. a joint statement will set out those points. last month

if i had to buy a u.s. bank, it would actually be u.s. bank. >> why do you say wells fargo is not your favorite? that's one of the names that has been thrown out on this network since we came on the air early this morning on whatever show you want to mention. that's one of those names that people go back to. buy a wells fargo, it's a safer name. they don't have some of this, perhaps more risky exposure that jpmorgan does. >> you know, wells fargo is a perfectly fine institution, but if you look at how the stocks traded through 2008, if we go into a crisis mode, u.s. bank did much better. they have a much more dialed-down risk protile. that being said, frankly i'm still in the canadian banks. i own bank of montreal. you have better unemployment numbers coming out, a better economy up in canada, and you're getting a 5% dividend as opposed to not being paid dividends for most of the banks in the u.s. i would much rather be in something like. that. >> that's a perfect segway to brian, a frequent contributor to "fast money" and the halftime rep

banks is subject to u.s. laws and is subject to u.s. record tory authorities -- regulatory authorityies. the same is true in europe for european banks that are -- that have among their shareholders u.s. banks. host: what message was the voters trying to send to the government? guest: the biggest frustration this weekend is really -- president sarkozy promise to -- very little was achieved under his presidency. it is to the presidency was hijacked by the european crisis. there was a recessionary environment. the need for france to move forward sarkozy did not pick up on that. the president-elect francois hollande was more successful run the project where it was not just about budget austerity. will observed some budget austerity in france, of course. it will be about reforms and growth and not just reacting to what the french government is being told. host: with regard to austerity, what lessons can be learned by the u.s. government and the obama administration regarding spending matters in the united states and the ramifications of some

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housing market is linked to u.s. banks obviously. how would you you describe the health of the u.s. arket at this stage? >> actually when you looked at bank earnings for the last quarter, the two biggest sources of earnings growth or raw dollars was hair mortgage banking businesses and their capital markets businesses. both of those are interest rate dependent as interest rates came down, make you money in both. the mortgage banking business was profitable because of the refinancing that's taken place. there's been a tremendous amount of refinancing going on other the last couple quarters. our housing market is still very, very weak. but it's bottomed. i believe it's bottomed or it's in the process of bottoming. it will stay on the bottom for quite some time. but i think the foreclosures are going to clear the market and the banks have adjusted their balance sheets to take that into consideration. and i don't believe it's going to be a big drag on banks moving forward. >> we'll leave the bank discussion there, but a lot more coming up from from buffett. he also said that he's looking

growth has been concentrated in the largest banks, top ten banks in the u.s. grew from 68% of all bank assets in 2006 to 77% of all u.s. bank as nets 2010. are there, based upon these numbers and no sort 6 end in sight to this, that i can see, do you -- are the regulators doing enough? should -- how concerned should we be about this continuing, if in fact it is a continuing level of -- this continuing increase in concentration? >> well, i think it has obviously been a great increase in concentration. most of it took place before 2006, whenever the figure you have -- >> right. >> took place in 90s, early part of the century, aided and abetted by the end of glass eagle. but before that, it seems like yesterday i was in the federal reserve. not yesterday, a good many yesterdays ago. but at that time, banks could not branch outside their home states, by and large. the united states had one of the most decentralized banking system. it has suddenly gone from a very decentralized system into a rather concentrated system. which i think is unfortunate. in the midst of t

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with u.s. bankhildren with 11 different women and he's 30 years old. he's begging the state to help him with child support. sunny, i know. i know. some of the moms are only getting a couple of dollars for month for child support. do you actually think the state is going to say okay, buddy, you've got 30 kids, we're going to help you. >> i don't think so. we talk about a lot of things on this program. and i am rarely stumped and don't have much to say, but it's a stumped moment for me. the bottom line in tennessee, he is supposed to give 50% of his paycheck to the 11 women he fathered his children with and they're supposed to divide it equality. some of the women are only getting $1.49 because he does work minimum wage. just this week, he's asking the court to give him a break on those payments. on the $1.49 that he's giving to help support his children. i don't think the judge is going to help him out. i was reading recently, one of the news reports that perhaps he needs to now do the cost benefit a

the top ten banks in the u.s. grew from 68% of all bank assets in 2006 to 77% of all u.s. bank assets in 2010. are -- based upon these numbers and no, no sort of end in sight to this that i can see, do you -- are the regulators doing enough? should -- how concerned should we be in fkt it's a continuing increase in concentration? >> i think it has obviously been a great increase in concentration. most of it took place before 2006. >> right. >> it took lace in the 90s and early part of the century. it was aided and abetted by the end of glass see gel. yesterday i was in the federal reserve, that time banks could not branch outside the home states. the united states has one of the most decentralized banking system. sst suddeny from a decentralized system to a concentrated system. which i think is unfortunately. in the midst of the crisis it got worse. how do deal with that you may have people on this panel that are much more aggressive than i. i don't know how to break up these banks very easily. but some of the things reduced trading will reduce the overall size of the bank,

chris pendley says he forged 4,000 bogus mortgage documents a day for major u.s. banks. and your previous experience in banking? >> none. [ticking] >> it started out as a mortgage crisis. then it slowly evolved into a credit crisis. now it's something entirely different and much more serious. >> this is a full-blown financial storm and one that comes around perhaps one every 50 or 100 years. this is the real thing. >> and much of what went wrong on wall street could be traced back to something called "credit default swaps." they were traded in a risky shadow market, and they were at the heart of the financial meltdown. [ticking] >> it has tentacles as wide as anything i've seen. i think, next to housing, this is the single most important issue in the united states and certainly the largest threat to the u.s. economy. >> meredith whitney was talking back in 2010 about a then- looming financial crisis involving state and local governments across the country. it was a debt crisis which some people believe could derail the recovery and require another big bailout package that

it has approved the fed that is has approved acquisitions of u.s. banks by a chinese bank.being bought outright by a chinese bank. buying an 80% stake in new york east of asia. icbc and cic and hujin will become partners via this acquisition. and icbc's operations will be remain subject to revision. the largest bank in china with $2.5 trillion in assets. it's supervisor will continue to be the chinese banks authorities there. in the order of consent, the fed made a detailed argument about improvements that have been made to china's banking system in the last couple years noting standards to that means icbc is subject to comprehensive consolidated supervision by home country. >> i wonder if this is going to open the flood gates. i would imagine there are a lot of chinese banks and companies interested in getting a further foothold in the u.s. maybe it's a furthering. >> they can buy rockefeller center because it worked for the japanese. >> everything has its bubble. >> market top. did you see the chinese demographic profile in 30 years what they're going to look like because

with u.s. bank let's get the wheels turning. our strength & stability to open new opportunities. to lend, and lift ...every business...every dream... to new heights of prosperity. good things are happening. just look up. with u.s. bank. >> oh, to have a seat at this dinner table. the leader of one lgbt glup allowing one of its loudest opponents to break bread with her family. i interviewed tony perkins and i asked him this question -- >> have you ever been to the home of a married same sex couple? >> no, i have not been to the home of a same-sex couple, no. >> if you were ever to do so and you're sitting across with them over dinner, how would you convince them that their life together, either two men, two women hurt straight couples. what would you tell them? >> first, brooke, we don't make public policy, what's good for me and my family or me and -- >> i'm just asking on a personal level. >> we're engaged here on a public policy, what's best for the nation. not anecdotes what one couple likes. >> but this issue is personal. >>

mainstream whether it can do that or not i don't know we'll have to see what role do you see for u.s. banks and u.s. corporations how else if not through them can the economy get. overcovered well the the not only are we not in a recovery i mean the the the banks are playing some very dirty game the fact that we've not regulated the banks the fact that we bailed out firms like goldman sachs and are in essence lending them free money what's the big zero one percent interest or something means they're all back to the speculative games and that's what they are games they don't produce anything they bed against one of the reasons the price of petrol is rising is because they're buying up futures and hoarding which is what they do with commodity prices you know basic staples of food rice and everything else and we are headed for another implosion and some of our most respected financial reporters gretchen morgenson and others at the new york times walking around saying this we've done nothing to curb them we have permitted the largest transference of wealth upwards in american history the lootin

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