u.s. bank j.p. morgan meeting with the president on friday but the topic was partly about not so much china a bit more what happens to the free trade agreement with canada and mexico and so the businessmen they were pushing hard at the president or dragging to make a case how dangerous it would be to impose tariffs for example mexico is that this would really be hurtful to the u.s. economy when it comes to china the u.s. president does not seem to be in any rush to get a deal done and here we have 2 topics on the table one question is will the terrorists that are already in place be dialed back if there should be a deal with china and the other question is if there might be even a new terrorist but we will have to wait and see till the g. 20 meeting at the end of the month so this story develops. but that's not the only thing that markets are waiting for of course next week also promises to be a big week for the markets with all eyes on the federal reserve what do you think is expected. yes on wednesday we

u.s. bank j.p. morgan has come up with something called j.p.n. coin. process of the products already on the market there's no doubt that bitcoin is leading the way with its increasingly being used in the same breath as more traditional currencies if you watch all ticket here on the screen you see you see bitcoin a moment of the other currencies like the dollar and the euro for some time now so where to go with bitcoin is a just a toy for adrenaline junkie trade us as here is disruptive to the way we do business let's bring in someone who knows a thing or 2 about bitcoin. she's the head of strategy development at casa crypto security company and i welcome to d.w. 1st of all very briefly what does cause i do that provides security services and advisory software and hardware a complete package for people who wish to invest in bitcoin and feel secure ok bitcoin why is it so takes is it taking so long for bitcoin to to get a stop list i don't think it takes a long it's only been 10 years and we have roughly well that's of office nation about a 100000000 use

u.s. banks programming a dividend, j.p. morgan doing the buyback and the bank of america.management, thank you very much. now, bitcoin's rise was meteoric this week, then it declined. a frenzy over cooked a currency push the price to nearly 14,000. right when we were on air, that was the highest price since january. it has been plunging ever since and bitcoin is at the same price it was five days ago. to help us make sense, joining us from san francisco is andy bromberg, cofounder and president of a financial services platform. thank you for joining us. what happened? is the only answer here for what happened with bitcoin that that is crypto for you? >> i think part of it is. less that's crypto and more that is an early-stage asset. we will see massive cycles. tension is building around it right now. bloomberg did great reporting on this yesterday. this time, there were some large buyers driving the price up over time. we reached a point that felt unsustainable and we saw it crash back down. that will happen over and over. what is interesting here is that it was not retail

banks and it competes with banks on wall street as a currency and it will do a better job than the u.s. dollar the u.s. dollar is challenged by libra jamie diamond of j.p. morgan will be challenged by a libra jerome powell of the federal reserve bank will be challenged by a liberal those are the guys who are put on notice if you notice the reaction in the financial press was immediate the finance ministers in france the folks in washington immediately came out and said we need to hold hearings were afraid about this we're not sure about this because they know instinctively that they're going to be disinterred mediated out of existence because you can create a much better free our currency that's accessible all over the world as a medium of exchange with 0 transaction fees so it puts the u.s. dollar as we're all reserve for germany out of business which is great for bitcoin needs now i'll be back at the top of the hour with more global updates so don't go away. oh hi there guys a report here are i guess wow you are right again. i don't know if you're taking notes about this stuff but there seems to be a divergence between what you hear on the mainstream media a

banks on wall street as a as a fee at current c. and it will do a better job than the u.s. dollar the u.s. dollar is challenged by libra jamie diamond and j.p. morgan will be challenged by libra jerome powell at the federal reserve bank will be challenged by a labor those are the guys who are put on notice if you notice the reaction in the financial press was immediate the finance ministers in france and the folks in washington immediately came out and said we need to hold hearings were afraid about this we're not so sure about this because they know instinctively that they're going to be disinterred mediated out of existence because you can create a much better fee out currency that's accessible all over the world as a medium of exchange with 0 transaction fees so it puts the u.s. dollar as world reserve germany out of business which is great for a big coin. and i'll be back around 30 minutes time with global update so stay with us. so what we've got to do is identify the threats that we have it's crazy for and let it be an arms race is often spearing dramatic development only personally i'm going to resist i don't see how that's threatened will b

and it competes with banks on wall street as a as a fear of currency and it will do a better job than the u.s. dollar the u.s. dollar is challenged by libra jamie diamond at j.p. morgan they'll be challenged by a libra jerome powell at the federal reserve bank will be challenged by a libra those are the guys who are put on notice if you notice the reaction in the financial press was immediate the finance ministers in france and the folks in washington immediately came out and said we need to hold hearings were afraid about this we're not sure about this because they know instinctively that they're going to be disinterred mediated out of existence because you can create a much better free our currency that's accessible all over the world as a medium of exchange with 0 transaction fees so it puts the u.s. dollar as world reserve germany out of business which is great for bitcoin. and there's on the headlines for you for this hour but we are back in 30 minutes with all the latest to see that. the accounting fraud at deutsche bank is only now just being revealed. at the tip of the iceberg this they're sitting on a. half a quadrillion worth of worth close to rivet that if

u.s. banks have passed interesting that j.p. morganir capital return plans a little bit the next question is how much they have requested and usually released over night and could be any minute and banks say this is how much will be returning a reminder we do have a chart on this the estimates beforehand before barclay how much the big six could return as much as 17% cash back yield for wells fargo very high we learn overnight how much those banks will be returning to the shareholders. >> i guess we expect a wave of buy backs and dividends? >> a wave of buy backs and dividends. if you put the two extremes in terms of their price, jpmorgan toward the top do we see a breakdown? i guess a lot of total return tilt toward buy back suggest they think our stock is cheap and jpmorgan -- >> it works very well when you do that. >> exactly i think that kind of balance could be interesting tom brown is with us and thank you both for joining us. jared, what is your immediate reaction >> the reaction is that it's one of expectations. they met our ex

with banks on wall street as a as a fee at currency and it will do a better job than the u.s. dollar the u.s. dollar is challenged by libra jamie diamond and j.p. morgan will be challenged by a libra jerome powell at the federal reserve bank will be challenged by a libra those are the guys who were put on notice if you notice the reaction in the financial press was immediate the finance ministers in france and the folks in washington immediately came out and said we need to hold hearings were afraid about this we're not so sure about this because they know instinctively that they're going to be disinterred mediated out of existence because you can create a much better fee at currency that's accessible all over the world as a medium of exchange with 0 transaction fees so it puts the u.s. dollar as world reserve a gemini out of business which is great for big coin great for big coin big coin now guaranteed goes to $100000.00 and above guaranteed now with the emergence of libra just those government people you're talking about the ministers a lot of criticism they're also saying that 2 currencies the health facility to elicit money flows the overall pict

j.p. morgan chase. j.p. morgan saying stop the tinkering. the bank index in general had a .5%. day in general down all eyes are on the trade war between u.s.. crude oil today down another .2% in new york. gold futures higher by almost 1%. the yen is also stronger today. the commodities index is down .2%. we were at the cma earlier and our trader told us it was going to be a better month of june. let's look at how we are faring in the united states right now. the s&p struggling for direction. it is positive now. the 10 year yield backup to 212. chipotle was one of the companies that came out and said we are going to see a hit from the u.s.-mexico tariff. $15 million worth of hit for the moment. aaa also facing higher avocado facing --aa also chipotle also facing higher avocado costs. muchrs not buying so chemicals at the moment today. today is the first day of trading post spinoff from dow chemical. that is a look at markets right now. guy: let's turn back to what is happening in london. the president of the united states donald trump in the u.k. in the early stages of this week and he's already been causing to a certain extent some politic

j.p. morgan in cutting their year-end forecast for yields on the u.s. 10 year, now 21.75. the global rally in yields is likely to continue, driven by accommodative central banks, near-term weakness in data and in asymmetric sets of risk. in the u.s., we believe reassuring growth data and an eventual reduction in trade war risks are probably necessary for the fed to cease using once it begins. look at that 1.75. , we are at 2% now. do you assume the path is lower for longer and we dipped down below two? ken: it is possible. right now the weakness in the manufacturing sector. they are getting press into a rate cut this meeting because we have almost 100% certainty priced in. whenever it is over 50%, they tend to follow markets. they will cut rates here and get the yield curve positively sloped, but they have a tough job. the economic data is not that bad, as we heard. the surveys are weak, but the actual data is not. you could argue consumer spending, two thirds of the economy, is accelerating in the second quarter compared to the first. the weakness is in manufacturing. there is a lot of hesitancy because of the uncertainty of trade. there is a lot of confusio

u.s. banking and financial industry. all the major actors of wall street want a piece of the song crime part of. goldman sachs. lehman brothers morgan stanley merrill lynch bear stearns j.p. morgan citigroup and so on. the friends extended itself on loans were sought by the public by falsifying their own financial situation on loan applications. therefore the public and banks were complicit committing bank fraud. my name is richard none. i was senior vice president and business chief underwriter for citigroup.

u.s. plans to add as many as 50 branches in new and existing markets, part of a push to build out its retail presence. last year, bank of america and j.p. morganreds of branches. thinking of bringing the defunct gas guzzling hummer brand back to life, only this time it would be electric. bloomberg has learned that the hummer name has been mentioned. spiking gasoline prices killed hummer sales a decade ago. romaine: joe, you've got to be in the market for this. what do you drive, ford f2 50? hummerthink of the old as the ultimate 2000's car. romaine: it got 10 miles to the gallon, which is crazy. caroline, you drove in this morning on what, the company issued rolls-royce? caroline: phenomenally eco-friendly, the rolls-royce. i asked for bentley. romaine: is that still made in britain? caroline: i'm not sure anything is made in britain. they still have an iconic british history. but i think we can do better than 10 miles to the gallon. joe: i'm all in on the electric hummer. coming up, going private. one tech titan taking sotheby's private. this is bloomberg. ♪ romaine: telecom titan patrick drahi is buying auction house sotheby's for $2.7 billi

bank that could take on the u.s. ones? jonathan: now. -- no. if you said who are the two or three best banks in the u.k., lloyds. in terms of j.p. morganne: should we? jonathan: europe is still 27 countries with a different agenda. they are lending, reserving, in the bad debt situation, different from germany and the north countries. i don't see that we ever will have that. tom: i want to set you guys up for the reality, transatlantic battle over the future of banking. how far out front are the american banks? gerard: i would say in the capital markets business, they are certainly the leading providers in that area. when you take a look at a bank of america merrill lynch, j.p. morgan chase, and citigroup, and of course morgan stanley and goldman sachs, all of those players are global players and because of the downturn in 2008 and 2009, they were able to get the capital infused into their banks faster than the european banks and have been able to take market share the last 10 years. they are tough competitors for the players over here. tom: i see deutsche bank under a six handle. it goes on and on for the european banks. which institut

u.s. banking and financial industry. all the major actors of wall street want a piece of the song crime part of. goldman sachs. lehman brothers organ stanley merrill lynch their sterns j.p. morgan citigroup and so on. the friends extended itself the loans were sought by the public by falsifying their own financial situation on loan applications. therefore the public and banks were complicit committing bank fraud. my name is richard on. i was senior vice president and business chief underwriters for citigroup. at the time citi group was the largest bank and. it was my responsibility to make sure that the $90000000000.00 a year that we were purchasing were going to loans that were originally aided by other banks and mortgage companies these map our policy standards. in early 2006. i discovered that over 60 percent of these mortgages did not meet our guidelines they were by definition defective when i discovered this in this was june of 2006. silly me i thought it was my job i started issuing warnings because i was supposed to make sure that these met our policy guidelines. and i sent an e-mail i put it in my weekly report i made committee presentations i mean i'm not a shy guy i