at u.s. bank we operate a simple straightforward company with four core principles. -- opening commercial, banking payment services and wealth management and investment services. we have earned a reputation for being well managed, financially sound, and responsible in our approaches to underwriting and risk. because of this we have one of the highest ratings and have been recognized for eight consecutive years as one of the world's most ethical companies. these achievements are possible only because of our exceptional team members. we work hard to take care of their needs and invest in career growth and development. this commitment has been for the reflected in our newly expanded benefits, and recently announced increases and entry level pay. thanks to our incredible team, we provide exceptional banking experience to our customers. retail banking services are accessible when where and how our customers prefer. whether virtually or in person, one of a retail branches which we operate in 26 states.

that's what u.s. bank business essentials is for. (oven explosion) what about a new oven, can u.s. in as fast as 12 minutes. that would be a big help! huge! jumbo! ginormous! woo! -woo! finding ways to make your business boom. that's what u.s. bank is for. we'll get there together. >> yes. >> it's nice and calm. this is the lombardy i know - lake como. its sheer beauty will never cease to amaze me. merely 30 miles north of milan, just below the alps, this is lombardy's most fabled destination. >> let's go fishing. (laughs) >> i am here with william cavadini, a local textile manufacturer with a passion for fishing. >> como is a very important city for the textile business. >> yes i know, yeah. >> for silk. >> for silk, yeah. >> yes and my family is three generations of textile business. >> oh really? >> yes, yes. and for that job i travel around europe, middle east and after, i came back to como and decided with a few friends to stay together to work to help the lake. >> the few friends turned into an association of 600 fishermen. that's a nice one. >> yes, that is a nice one. >> th

tom: it is a fascinating trend win for years and years u.s. banks have been the leaders. any years european banks have been laggards they have more of a catch up effect. they haven't done as good of a job, but they have a larger margin to catch up to quickly. a lot of it is also based on individual news as well. guy: in aggregate, they are outperforming u.s. banks. does that feel logical to you? tom: when you put it in the context of the last 10 years or so, there had to be some outperformance at some point to narrow the gap. they are outperforming u.s. banks but they are valued for far less. i would say as a proud european that they have been hugely undervalued for a long while and are trying to come back a little bit at least. alix: we need 75 basis points from the ecb or 50 basis points to continue the rally? tom: some is priced in. one of those two numbers is probably -- if it is any less te go into a recession or we are already in a recession. normally the banking sector is a reflection to play on where the european economy is performing. is it that the valuation got

a u.s. bank we operate a straightforward, consumer and business banking, payment services, and wealth management, and investment services. we have earned a reputation for being well managed, financially sound and responsible in our approaches to underwriting and risk. because of this, we have one of the highest that ratings and would be recognized for eight consecutive years as one of the world's most ethical companies. these achievements are impossible only because of our sex exceptional team members. we work hard to take care of their needs and invest in growth and development. this is been reflected in our newly expanded lead benefits and recently announced increases in entry level pay. next to our incredible team that provide exceptional backing it spares to our customers. our retail banking -- whether virtually or in person our retail branches which we operate in 26 states. there are few areas of our retail banking business i want to highlight today. first, we have pioneers several digital e

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that's what u.s. bank business essentials is for. (oven explosion) what about a new oven, can u.s. elp us there? we can serve loans in as fast as 12 minutes. that would be a big help! huge! jumbo! ginormous! woo! -woo! finding ways to make your business boom. that's what u.s. bank is for. we'll get there together. polly pratts wore many hats. they came from past jobs in fact. every time she experienced something new, her stack of hats grew. she even served turkey legs with what's on tap, all while wearing a viking hat. then she found a place. her many hats would be embraced, and she couldn't hide the excitement from her face. so, polly traded in her hats to help earn her grad cap! your past experience can help you earn your degree faster and for less. get started at phoenix.edu i have moderate to severe plaque psoriasis. now, there's skyrizi. ♪things are getting clearer♪ ♪i feel free to bare my skin♪ ♪yeah, that's all me♪ ♪nothing and me go hand in hand♪ ♪nothing on my skin♪ ♪that's my new plan♪ ♪nothing is everything♪ achieve clearer skin with skyrizi. 3 out of 4 people achieved 90

at u.s. bank straightforward company consumer and business banking corporate and commercial banking, payment services and wealth management and investment services. we have earned a reputation for being well-managed, financially sound, and responsible in our approaches to underwriting risk. this is reflected in her high debt ratings. these achievements are possible only because of her 70000 exceptional team members. work hard to take care of their needs and invest in their career growth and development. this commitment has been further reflected our newly expanded benefits and recently announced increase in entry-level pay. thanks to our incredible team we provide exceptional banking experience or customers. we told banking services are better but when, where and how or customers referred by that virtually or in person or one of our retail branches which we operate in 26 states. retail banking business that want to highlight today. first, we have pioneered several enhancements in addition to our a

that's what u.s. bank business essentials is for. (oven explosion) what about a new oven, can u.s. can serve loans in as fast as 12 minutes. that would be a big help! huge! jumbo! ginormous! woo! -woo! finding ways to make your business boom. that's what u.s. bank is for. we'll get there together. everyone remembers the moment they heard... “you have cancer.” how their world stopped and when they found a way to face it. for some, this is where their keytruda story begins. keytruda - a breakthrough immunotherapy that may treat certain cancers. one of those cancers is advanced nonsquamous, non-small cell lung cancer where keytruda is approved to be used with certain chemotherapies as your first treatment if you do not have an abnormal “egfr” or “alk” gene. keytruda helps your immune system fight cancer but can also cause your immune system to attack healthy parts of your body. this can happen during or after treatment and may be severe and lead to death. see your doctor right away if you have cough, shortness of breath, chest pain, diarrhea, severe stomach pain or tenderness, severe

counselor at u.s. bank, can you write a memo persuasively that you should have a look, we'll or you think it is not necessary for a bank? >> we have a living will and a resolution planned as have been reviewed by the -- last ten years. >> do you think the fed should leave it at that or impose something different? >> i think it's been successful, we have a very simple operation. 99% of our bank is within the holding company. >> thank you very much, i yield back, madam chair. >> thank you. the gentleman from illinois, mr. foster, who is also the chair of the task force on artificial intelligence, is now recognized for five minutes. >> thank, you madam chair. i would like to just touch briefly again on regulatory capital levels. i'm amazed at how consistent your industry is. when you come to, us it's almost always with an elaborate set of logic to try to convince us that you should be allowed to lever out more. it's interesting because, you've probably all been forced to learn about the molani miller theory wh

u.s. banking industry and the outlook for the industry. to begin with, the u.s. banking industry today has reported generally positive results for this year amid continued economic uncertainty. loan growth strengthened, net interest income grew, asset quality measures improved. further, the industry remains well capitalized and highly liquid. the number of institutions on the fdic's problem bank list remains stable in the second quarter of this year at 40 institutions. that's actually the lowest number since quarterly reporting of that data began in 1986. 14 new banks opened through october 2022. including the first mutual bank in 50 years. additionally, no banks failed during 2021 nor this year as well. at the same time the banking industry referred a moderate decline of net income. the first two quarters of this year from a year ago. primarily because of an increase in provision expense at the largest institutions. that's worth paying some attention to. the increase and provision expense, that is the amount set aside by institutions to protect against future cre

with respect to the largest u.s. banks. we're told this is been an exercise of ensuring that banks understand the risks. but the data including the fed's own research shows there is no physical risk to banks from severe weather events. the only other risk is so-called transition risk here we also know that banks are fully capable of pricing risks into the business decisions including risk from changing customer preferences over time. so the real risk here is political. my worry is an attempt to somehow quantify this political risk would eventually result in regulations designed to allocate capital away from carbon intensive companies. it appears some bank regulators are already committed doing just that. for example, the fed, , the fdic and the occ have all joined the network for the greening of the financial system. this is an international group of financial regulators with the stated aim to come and a quote, mobilized mainstream finance to support the transition toward a sustainable economy, end quote. in other words, the

that's what u.s. bank business essentials is for. (oven explosion) what about a new oven, can u.s. nk help us there? we can serve loans in as fast as 12 minutes. that would be a big help! huge! jumbo! ginormous! woo! -woo! finding ways to make your business boom. that's what u.s. bank is for. we'll get there together. >>> welcome back to "squawk on the street." ahead of black friday, check out the amplify online retail etf. ticker is ibuy down 50% since the start of year it's a name in the group to watch is peloton cowen downgrading from outperform to market perform saying there's too much uncertainty around the stock peloton down more than 70% year to date. almost 80. from its ll-time high. >>> beijing has shut down parks, museums and other public spaces. as china continues to combat rising covid cases our eunice yoon is on the ground in beijing and she has the latest for us. eunice >> reporter: thanks, david beijing says as of this thursday, residents will have to show negative 48-hour covid tests in order to get into public spaces. however, unofficially, businesses have been requ

banks that do not meet knit zero pledges. in my view, is a mistake to join this group in the first place, but for the sake of the u.s. economy, banks distancing themselves now would be a welcome step. in addition, banks have inserted themselves into contentious social issues, and in some cases even made business decisions based on these factors. for example, several banks responded to pressure from democrats in the wake of the supreme court dobbs decision by very publicly pledging to pay for the costs of their employees to travel to have abortions. this decision is certainly an individual banks choice, but it raises a number of questions, including has these -- four female employees facing unplanned pregnancies to place their kid up for adoption. notably, when it comes to the right to bear arms, which is an actual constitutional right, some banks have gone out of the way to make it harder for law-abiding americans to exercise this right. from stopping the financing of manufacturers of so-called military style firearms, and being reduced to the banking retailers that sell firearms to customers under 21 years of age, ev

that's what u.s. bank business essentials is for. (oven explosion) what about a new oven, can u.s. ast as 12 minutes. that would be a big help! huge! jumbo! ginormous! woo! -woo! finding ways to make your business boom. that's what u.s. bank is for. we'll get there together. realtor.com (in a whisper) where do we even start our house search? the house whisperer! this house says start with deep search filters on realtor.com. and all the missing socks, are behind the dryer. realtor.com. to each their home. . >>> welcome back to "squawk on the street." a unit of walgreens has agreed to buy a unit of umd summit. bertha coombs joins us with more details. >> walgreens is getting a boost and a leg up in the land grab for primary care assets. village md, majority owned by walgreens, struck an $8.9 billion to acquire summit health cigna's evernorth is making a strategic investment summit citymd has locations in new york/new jersey area and has stand-alone physician practices which is one of those things everyone is in the market for right now. the combined company will have nearly 700 provid

u.s. banking license, and was pretty matter of fact on ftx. >> was fraud, clean and simple.n of the asset class. it's not a reflection of technology. it removes trusts that had slowly been gained over the past few years. we might be see see seeing institutions that were on the slide lines about to jump in hold off on that decision and wait for a little bit longer. >> yeah, so not good for trusts and given he's the only crypto bank to ever get u.s. regulatory approval, he thinks d.c. should step in. >> it's very clear to me that out of the ftx fallouts and the alameda fallout, it's very clear we need more, not less, regulated institutions and not only that its been very clear for years that exchanges should not be doing certain activities so those must be separated and i think we're paying for not having done this earlier. >> this morning it was pretty shocking to hear the man brought into get the money back for ftx users, the man that also oversaw the nron collapse saying never in my career have i seen such a complete failure of corporate controls and complete absence, he sa

u.s. peers. this month, maybe we are delivering. 440, up .6%, banks have been part of that. prude coming back. this is the china narrative, up 2.85%. a softening of the stance when it comes to covid zero, may an easing of restrictions but a softening nonetheless. brent crude responding to that. the luxury sector also responding, lvmh of 3.5% today. we need to talk about inflation and will in a moment. alix: speaking to the oil moment, eu ministers are potentially looking at $60 for the russian oil price cap and inventory is low in the u.s. the supply story trickling in as well in addition to china. the s&p down, being outperformed in europe, but i will say the s&p will end the month higher. have not seen that in about a year. crowd strike had terrible numbers. it's recurring revenue missed and outlook missed. they are seeing an overall tech spending slow down and is taking them -- and it is taking them longer to get contracts. materials is the best index in the s&p this month, up 7%. if you get a china reopening, does that move higher? and ahead, powell and the economic data we got today. the

that's maybe because bank man freed still owns the u.s.of binance was already the richest person in crypto with a worth of $16.4 billion if the ftx deal goes through -- david, you've been talking about the risks there -- c.z's empire could expand it's unclear whether this would add to c.z's fortune or whether he would still stay at 60. c.z clearly the number one in this industry with sbf at less than a billion who knows how much less. >> robert, we've talked a lot about the lack of transparency here certainly for those of us who don't cover this that closely. were you aware of the al meade ka hedge fund that he controlled and how much he had in the coin of ftx and the enter relationship between the two >> no idea i've been skeptical all along about giving billion dollar valuations to any of the crypto guys because of the lack of transparency my take on this is, if someone is worth $16 billion and the next day is worth zero, they probably weren't worth $16 billion in the first place and the discovery of that token which they created which f

to layer yet more costly reforms on our banking system just as the u.s. navigates recession and as the fed fights the highest inflation in generations and half of this is with mid sized banks with heightened requirements. these requirements seem inconsistent with s-21-55 and the statutory mandate for capital requirements to be counter cyclical. so my question for you, vice-chairman barr, why is the fed changing direction now, that could impede their ability to support the requirement. wouldn't you agree raising capital now is not counter cyclical? >> thank you, we're overtaking a requirement for capital and firms, that includes issues about the globally systematically important bank surcharge, the counter cyclical buffer, the ratio and stress testing and the like to make sure that capital rules are fitting well together. we're not trying to design a capital system for tomorrow morning. we're trying to think about what the capital rules should be over the cycle. so, that involves-- if we change the rules undergoing a proposal and then a final rule and then

u.s. banking system is the real estate sector and the u.s.d market, one which got hit hard this year and will be limping into q1 and q2 with massive losses, unrealized for some but a big hit. real estate losses are coming down the road. that will curtail the availability of credit in the coming year. jonathan: wonderful to hear from you. kind of dodged the question about what is more important for the path inflation or growth. lisa: i was think in the same thing. jonathan: direction, is it secure question mark pace, that is the conversation we have to have. and destination, where we land next year is no clue. lisa: the reason why you saw morgan stanley and jp morgan shifting into top rated credit. just like we heard just from george, the idea that you will see default pick up the growth story and the growth trajectory will highlight itself and the underperformance of certain aspects of the market that have held in more securely. how much have we already seen that, downward revisions and how much more can we see before all of the sudden we thi

bank's restructuring plan. fedex's freight unit is furloughing workers in some u.s.kets, increasing evidence of a cargo slowdown. workers will continue to receive health benefits and some will be offered transfers to areas that are still hiring. fedex said last week it is cutting cargo flights and grounding airplanes as the air-freight market declines. tom: thank. coming up, novo nordisk president and ceo lars jorgensen . we will talk obesity drugs and insulin. that exclusive interview is next. this is bloomberg. ♪ as a business owner, your bottom line is always top of mind. so start saving by switching to the mobile service designed for small business: comcast business mobile. flexible data plans mean you can get unlimited data or pay by the gig. all on the most reliable 5g network. with no line activation fees or term contracts. saving you up to $500 a year. and it's only available to comcast business internet customers. so boost your bottom line by switching today. comcast business. powering possibilities. tom: welcome back to the open. we are 30 minutes into the

many transactions related to these businesses have raised red flags at u.s. banks. a suspicious activity report or s.a.r., is a document a bank must file when a transaction is suspected to be related to money laundering, frud or other criminal activity. according to media reports the biden family accumulated over 150s.a.r.'s. one s.a.r. generated by an american bank to the treasury department connects hunter biten and his business associates to international human trafficking along other illegal activities. the money being made from foreign principles was increasingly spent on furthering illegal activities. the s.a.r.'s show hunter biden was conducting business with suspected human traffickers. the money gain through the influence peddling was funneled to a suspected criminal enterprise, again, one link to human trafficking. we have repeat think called on the biden treasury department to release additional financial documents to committee republicans but thus far treasury has refused. we want to know what the biden administration is trying to hide from the american

u.s. bank regulars began probing sam bankman-fried's empire months before the collapse. saudi arabia denies a report saying opec-plus is weighing a production increase at its december meeting. francine: all eyes on oil, and also on the markets, we are a couple of seconds from the open and it's clear that markets are mixed. the ftse 100 gaining .2%, dax futures actually down. we look at fed speakers and covid in china. tom: we do indeed. a fifth of that economy facing covid restrictions. i would argue there is a lack of momentum. given that mix for these markets, very modest losses on the spanish ibex, similar picture in the u.k., up .3%. we monitor the language out of rishi sunak around potential easing of the relationship between brussels and london. a some pushback from the conservative party. jp morgan's kalanovich says you will need to see a cut before risk assets rally significantly. futures stateside after modest losses yesterday. fed officials saying look, we still expect hiking that has to come through and a terminal rate about 5% but we could start to marguerite

if we look at the status of corporate balance sheets, household spending, the u.s. bankdicting a shallow recession in 2023 because the u.s. economy is interconnected with the rest of the world which we expect to rebound in 2024. lisa: how much does that reflect your willingness to lend? the u.s. is in a difficult spot, how do you decide how loose to be with your purse? jean-yves: you have to be selective with the clients you support. it is around three dimensions lending, because of the higher cost of funding. lisa: this is really important, you are taking it on your books, you will lend out a lower rate to have them wait until rates are lower? jean-yves: a combination of lower rates or to have them pick the right window. second important need is risk management and hedging. this is across currencies. tom: i took a cup of coffee with a corporate officer in bnp paribas usa , how will china extricate itself from this mess? jean-yves: if you expect this economy to go through a recession, china provides some growth. we expect that to be around 2%. in china, it will be gettin

coming up, eric freedman, u.s. bank asset management cio. bloomberg. ♪ alix: we are about one hour into the u.s. trading session. abigail doolittle is tracking those moves. abigail: chips weighing on that. a low-volume decline. with see how this plays out. the dow has been higher. also weighing on stocks, discretionary. interesting to note that oil is background $85 a barrel. this could be seen as a negative if you see it as a move down lower in another risk asset or may be a positive because of the inflation that it releases, meaning it's coming in essentially. let's look at the 10 year yield over the last several days and we will see a downtrend. prices rallying as you have that 10 year yield go back to 372. this should help stocks as it takes some of the pressure off of valuation and off of the dollar. we are not seeing that right now but this could be a haven play. one other reason, so many uncertainty factors right now but one other reason going to the bloomberg terminal, former president trump yesterday did announce his candidacy for th

as your bank seen an escalation in financial attacks on the cyber sector? start with u.s. banker. >> we have not seen any indication of an attack. >> dnc? >> same. >> jp morgan? >> i think of the united states government credit for working closely with the banks. we expected a lob we've not seen a lot, very little bit but that doesn't mean it's over. >> city group? >> we have not seen that in the united states. >> bank of america? >> we haven't seen a major increase, but the question is what happens next. >> truist? >> we have not seen a major increase specifically related to that. >> wells fargo? >> same answer as my colleagues. >> i'm just curious, what's the size of your budget for cybersecurity in each of your bank's? pnc? >> i don't know if the top of my head, i would assume it's close to the sides of u.s. banks. >> jp morgan? >> $700 million directly, a lot more indirectly. >> citigroup? >> same, almost $800 million. >> bank of america? >> roughly one billion dollars and a lot indirectly with our partners. >> truist? >> several hundred million dollars, directly ended

among the subpoena might be the 150 suspicious activity reports flagged by u.s. banks over financial transactions, the millions of dollars that was flowing into the biden coffers, 40 million from russians, 30 million from the chinese, 11 million from ukraine. treasury department normally hands that over to congress upon request. joe biden reversed that tradition and refused to hand it over. so will merrick garland enforce a subpoena with 150 sars reports? i wouldn't count on it. >> congressman buck, there are a myriad of things to look at this. what else shows up on your radar that perks your interest that you believe congress has really a responsibility to look at from the judiciary committee? >> look, jason, i think what's critical, you mentioned it earlier, that is the biden administration has set the tone and there's now press tent for how they have enforced subpoenas. they have charged steve bannon for failing to comply with a congressional subpoena, they threatened mark meadows and others in this regard. if they now because it is a republican congress don't enfor

has executive authority to take a range of steps to end new cofinancing starting with preventing u.s. bankshen this one. we would be grateful for a little bit of time to discuss as we see this as one of the major political outcomes. how about that. all right, here is another quote. you will like this from senator the great state of wyoming, he says this about john kerry pushing the agenda of left-wing special interest groups, "the american people need to know the administration officials are looking out for the interest of our own nation. it is clear that john kerry is pushing the agenda of left-wing special interest groups." by the way, that email exchange took place september 2021 ahead of the u.n. climate conference, john kerry, the president and top officials attended. this is something that may have talked. a lot of people want to know about this and i promise to pass it along. >> todd: we know you will kevin corke live in d.c., thank you. the fbi working actively to censor hunter biden laptop story. to suppress misinformation on social media. in the interest of that, officials at the

bank operates. but you call yourself a u.s. dollar-based bank, earlier you had $12 billion worth of deposits are those dollars in -- are those deposits in u.s. dollars or are they in some form of cryptocurrency bitcoin >> yeah, tyler, great question and they are absolutely u.s. dollars. we do not trade in any digital asset. we hold u.s. dollars our flagship product is referred to as the silver gate exchange network. and importantly it is not a cryptocurrency exchange, but rather it is a -- the silvergate exchange network is a network of exchanges and other market participants, primarily institutional investors, who are interested in purchasing and selling bitcoin and other digital ssets. and when they want to purchase or sell, they're likely going to engage with a digital asset exchange, or an otc desk and they're going to want to send dollars to that exchange or otc desk and when they do that, they're going to use silvergate for that functionality for the u.s. dollars once the u.s. dollars hit the recipient, at that point the o

u.s. banking system. which she co-authored with doctor rob johnson. an advocate for economic justice has appeared on many mainstream media outlets. from nbc to fox news. they are both tax the rich, how lies, loopholes and lobbies make the rich even richer is the >> of tonight's talk. please help men work welcoming morris pearl and erica payne. select thank you so much we are so delighted to be here. first of all, i am erica as megan said. we could not be more thrilled to be here. thank you so much for folks at townhall for hosting us. he sunk a fantastic organization. in this pandemic it's over with will come out and see you. couple other people we want to think about this book, sam quigley is the communications director at the patriotic millionaires. he was a fantastic research or writing partner to me and maurice during this process. the publishers of the book to be our tax the rich nationwide campaign with a conference in washington two years ago, and the and came tolerated to turn this into a book a guidebook look to jump in our third group is the

we do have u.s. bank corp. not really wounded by that, it's up about a third of a percent.im thing his stake in chinese electric vehicle maker byd. the stake has gone down to, it's really a trim with nail scissors, down to 6.6% from 17.. investors rolling the dice on u.s. casino es operating in maca u. quarantine times have now been shortened from seven days down to five days for those who have had close contact with a covid patient, and the penalty on airlines for bringing in infected passengers has now been eliminated. >>> walgreens boots alliance getting a pop after deutsche bank upgraded the stock from a buy to a hold and put a price target of $50 on it. it's about $41.52 right now for a gain of 7.8%. the move to acquire health care provider summit health which is the owner of city md urgent care centers is kind of thrilling deutsche bank team. intel, let's take a look at that one. this is up 2.25% after jpmorgan resumed coverage of the chipmaker, well, this is faint praise, an underweight rating. jpmorgan also cut its 12-month price target to $32, it's at $30.43. jpmor

elizabeth: we have 14 fbi whistle-blowers. 150 suspicious activity reports filed by u.s. banks.esn't sound like conspiracy mongering. if an hunter biden was such a tragic figure with a drug problem why does the president let him jet around on air force 2 doing individuals linked with the chinese and russia communist party all on taxpayers money. >> i feel bad foreviewers of those networks when they saw the clips. they're not being told the truth where they're in bermuda news triangle. god forbid they fun their channel to fox news their head would explode. they're being denied accurate information. one of the things congressman comer stressed at a press conference, powerful press conference, this is not an investigation of hunter biden. this is really an investigation of joe biden, the extent joe biden is involved in his son's overseas business dealings. does that involve compromising him as president of the united states. that is the brass tacks. everything else, forget about it. elizabeth: biden has been in d.c. since the knicks on era. chair of foreign relations. obama team sa

u.s. banking system, which she co-authored with dr. rob johnson. and payne has appeared on mainstream media outlets. please join me in welcoming morris pearl and erica payne. >> thank you so much, we're so delighted to be here. first of all, just, i'm erica, as meghan said, and we couldn't be more thrilled to be here, thank you so much to the folks at town hall for hosting us. she sounds like a fantastic organization and when the pandemic is over we'll come out and see you. a couple of people we want to thank for the book. sam quigley the director the patriotic millionaire and he was a fantastic partner in writing for me and morris in process, and the crowd at the new press, the publishers of the book. the book exists because of them and after we launched our tax the rich nationwide campaign with a conference in washington two years ago, diane came up and said, please turn this into a book. a guidebook for people who really need to understand what's happening in the tax system, so, this book exists because of her, thank you. and then the third grou

u.s. banking system so i do think it will be contained within the crypto hemisphere, if you want to call ite always said that crypto is, frankly, a hoax and the good thing about this, another good thing is finally we are all starting to look at this with much more scrutiny and i have been imploring people to do that for the past two years. it's sad that this thing has caused that focus but as we see now, there is an intense focus on this as i don't even call it an asset class. i think we'll see much more fallout and it's a very serious situation. >> it's mark tepper. good morning. as we talk about this crypto contagion, it seems like at least for right now those companies that are most negatively impacted seem to be the crypto lenders, genesis, gemini pausing withdrawals. if you go back to i think june or july, su summertime, and this didn't get a lot of attention but voyager digital went belly up in the summertime. that might have been the first sign that things were wrong but people didn't pay attention to it and i feel like a lot of crypto investors kind of got blind-sided by this ftx ev

was important, investors are heeding a warning from goldman sachs' global financing group about u.s. banks' balance sheets, and that is yanking financial stocks down. all this ties to recent wild moves in treasury yields. take a look at the bank etfs, baskets of stocks that are chock full of financials both big and small. kbw, nasdaq banking index, down about 1.5%. i shares down 1.6% and the most bullish, 3x is down 5.1%. goldman's beth hammock, who also hairs the treasury borrowing advisory -- chairs the treasury borrowing advisory committee saying treasury yield volatility has started to strain quite acutely, those are her words, on bank balance sheets, noting that this year there have been 51 days where yield withs moved more than 10 basis points. okay, you guys, by comparison back in 2018 there were none, zero. yields moving higher right now, the 10-year at 4.45 -- sorry, that's the 2-year, 4.45%. 10-year yield, 3.77%. the yield curve inversion gap between the two has touched today a stun ising 70 basis points, the widest in 32 years -- 22 years, and that might be the a mod to the fed

u.s. banks spending more than a billion dollars on ransomware payments last year.geles with more now. >> new data from the treasury department showing banks and financial institutions paid $1.2 billion in ransomware related payments in 2021. that's a few record. and almost triple the amount from the previous year. over half of the attacks were connected to suspected russian hackers. aldi is turning back the clock for its thanksgiving price rewind promotion, the grocery store chain is matching prices from three years ago to help customers struggling to keep up with inflation. and it was a big night in the city of brotherly love. the phillies pounced early on the houston astros starting with a massive two run blast from bryce harper, the ph phillies gg yard four more times, completing a dominant 7-0 shutout. game four is tonight only on fox. maria: the u.s. saudi arabia and other middle east nationses on high alert as the saudi kingdom warms of an imminent attack by iran, tehran reportedly expected to carry out attacks on the saudi kingdom, if an area of iraq where a

macromavens president stephanie pomboy, freedom works economist former trump economic advisor steve moore u.s. bankt group chief investment officer eric freedman former council economic advisories acting chairman, fellow at hoover institutions stanford university, job creators network president ceo alfredo ortiz, plus david nelson christian whiton still here stephanie pomboy, tee us up what are you waiting for watching for here? >> well, i think, you know without getting too deep into the weeds there is some interesting stuff going on, behind-the-scenes with these payroll numbers. in terms of the seasonal adjustment and that can have a huge impact on these reports over the next three months. basically, behind-the-scenes, bls adjust swings seasonal factors like hiring for christmas, et cetera, school year-end heing teachers leaving, et cetera, the issue is that the seasonally adjusted numbers reported first 9 months of the year have been one million hi than raw count. the issue is that over the course of the 12 months those two numbers have to, the slonl adjusted unadjusted data have to have showing

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u.s. bankdium in minneapolis, caesars superdome in new orleans, lucas oil stadium where the colts play, and paycor stadium, home to the cincinnati bengals. now the league and the players association contracted a third party to compile and analyze data, that committee presented its findings to owners last month, focused on noncontact injuries, as recently as 2019 were notably higher than artificial turf fields, the differences began narrowing. players are speaking out against the turf, travis kelce, kansas city chiefs tight end saying, i'd rather practice in sleet, snow, thunderstorm with a chance of getting struck by lightning than run inside on the turf. l.a. rams wide receiver cooper kupp, tweeting, i believe that we and all teams should be playing on grass. however, the nfl does not agree, in statement released saturday the league saying, in part, while slit-film surfaces have two to three more injuries per year, most of those are ankle sprains, a low-burden injury, having said that, the lea

executive authority to take a range of steps to end new coal financing, starting with appreciating u.s. banks. another group we would be grateful for a bit of time to discuss as we see this as one of the major political outcomes. of course, time and very short supply here with the midterm elections just a week out. and, guys, the oil and gas industry says without fossil fuels we would still be burning wood for fuel and a hell of a lot more trees would be cut down, guys. >> brian: absolutely. that's what they're doing in europe, lucas, thanks so much. they are collecting wood because they are out of gas. just so amazing to me where the president has done the impossible. he has alien nateed the saudis, 2 million less barrels of oil a day. he has alienated -- he stopped oil and gas, he has discouraged investment in oil and gas and then is he going to vilify the oil and gas companies for being in existence and making a profit because they are not allowed to drill substantially, causing the problems to go up. >> steve: his administration is not allowing the issuance of permits. it's at the lowest

u.s. banking system, which she coauthored with dr. rob johnson. ... >> when this pandemic gets over with, we will come out and see you. a couple of other people we want to thank about this book, the communications director of the patriotic millionaires, and he was a fantastic amazing research and writing partner to me and morris during this process. the crowd at the new press, the publisher of the book. the book exists because of them. after we launched our tax the rich nationwide campaign with a conference in washington two years ago, diane came up and said please turn this into a book, a guide book for people who really need to understand what's happening in the tax system. this book exists because of her. thank you. the third group is our folks, our patriotic millionaire members who are out there every day, working hard to make sure we have a system that everybody can live in. now, i will say there are 500,000 people in the country who make more than a million dollars a year, which is our level for membership, a million dollars of

many transactions related to these businesses have raised red flags at u.s. banks.picious activity report is a document a bank must file with the treasury department when a transaction is suspected to be money laundering, fraud or other types of criminal activity. according to media reports the biden family accumulated over 150 sars. one saar generated by an american bank connects hunter biden and his business associates to international human trafficking, among other illegal activities. the money that was being made from foreign principles in the same room as joe biden was spent on furthering illegal activity. the sars show hunter biden was conducting business with suspected human traffickers. the money gained through influence peddling was funneled to a suspected criminal enterprise one linked to human trafficking. we have called on the biden treasury department to release additional financial documents to committee republicans but thus far treasury has refused. we want to know what they are trying to hide from the american people and why they aren't being transpa

u.s. centric bank. so how do u.s.tors get on board with this geopolitically with the thought of a potentially problematic middle east investor in a u.s. business? he tried to sidestep that saying that it is a profit institution, and even discounting geopolitics, does credit suisse have to adjust how they look at these markets with different risk profiles? this segues into the china discussions as well as we see u.s. and china tensions rise. he is in china this week for the hkma event and i asked him about the prospects for him for asia. he said that there is inherent growth still in the region paid he seemed to push back against if they were considering dallying back on their commitments in greater china or even in asia despite the slowdown we are seeing in the mainland and those geopolitical tensions. dani: thank you so much. bloomberg's yvonne man bringing us that exclusive interview with credit suisse's chair. let's get the first word news with simone foxman in doha. simone: brazilian president jair bolsonaro is st

coming up, bank of america is still a believer in the fed pivot, as are many folks. officials at the u.s. central bank are signaling their resolve for tight policy next year. we will get into that next. this is bloomberg. ♪ >> we are stressing longer rather than higher. when we get to 5.5, they will relent and sit there and wait for that restrict of monetary policy to slow the economy down, generate more slack in the labor market, and that will push wage inflation and services price inflation down. dani: the former new york fed president bill dudley on the u.s. right path. the st. louis fed president echo the call for additional rate hikes to a level that will restrict economic growth. this, as we are set to get jay powell's speech today. all investors will be tuning into that and see whether the market will finally react the hawkish fed speak. manus: indeed. let's put it in context. a strategist joins us now. listening to dudley, and to bullard, the rates market seems to be on a different track. with that in mind, we are expecting a peak rate of around five, 5.25%. how quickly will we g