>> well, you know, i came to ubs, we looked at ubs strategy and looked at the franchise and decided tot was the core to the franchise which was a leading global wealth management franchise. we have a very important asset management in our company, and we're the largest swiss retail bank and that is supported by an investment bank that in the future will be a lot more client focused, less complex, less risk-taking and doing much less proprietary trading and doing a lot more client-related business so we decided to make an investment bank light model, the model that supports our core business. >> do you think that we will see more of a separation, bank by bank across the world? should there be an international standard? >> the industry at large will face many more challenges. there is now separating discussion between the -- between what is the utility part of the banks or the deposit taking part of the bank and investment banking. it's in the uk under the name of vickers, that is the proposal that is discussed there. there's a different proposal for the eu and a different debate in the

mainly banks gained momentum after ubs upgraded icbc. concerns over q4 earnings sent the kospi lower by .3%. the fifth straight day of losses for south korean shares. i.t. stocks and development ralliers pushed higher .4%. lastly, india's sensex in action, trading a touch below the line. back to you. >> all right. thanks, catch you later. >>> as we head to break, you should head over to our web site to find out why a number of economists believe tomorrow's ecb rate-setting meeting could mark a key moment in the evolution of the eurozone debt crisis. >>> and forget alcoa in the u.s. earnings season. watch out for europe's corporate performance. more on that story. >>> also, go to cnbc.com for the latest on the online hacking of u.s. banks and why the u.s. government thinks iran is behind it all. >>> keep your eyes that. still to come, ubs executives due to testify before the british parliament today on the libel scandal. we'll have a preview when we come back. what are you doing? nothing. are you stealing our daughter's school supplies an

they are restructuring ubs. he thinks that we'll see a real separation of plain vanilla deposit taking and the complex investment banking. >> this is a debate that's been raging in the u.k. for some time. we had the independent banking commission suggest this. we've stepped away from the full recommendations. but it's interesting that it's gaining more traction, right? >> it is. and you've got a financial tax being talked about in the u.k. >> yes. >> all sorts of different pressures on the -- in the -- facing banks now. and this is certainly not going to away any time soon. >> who's going to join us? >> right now we're going to talk to david rubenstein, the carlisle group. we'll talk about private equity. private equity has also been under attack in some ways. what i would like to know from david rubenstein is how they're allocating capital now. >> yeah. >> how do you make money in this environment, and is private equity expecting the kind of regulation that the big banks are going to face? >> and bmp -- >> yeah

ubs chief economist tells us. we will be talking markets and the economy.he presidnt puts vice-president in charge of rounding up guns. the comprehensive gun control mean controlling all guns? the "a-team" with this next. ♪@a ♪ lou: the obama administration push for more gun control intensifying. the washington post reports the administration looking to go well beyond the simple reinstatement of the inspired ban on assault weapons and i capacity ammunition. vice-president biden task force apparently considering measures that would require universal background checks for all firearms buyers. the national database that would track the sale and movement of weapons, strengthening mental health checks, stiffer penalties for carrying guns near schools. to mark the vice-president said to me with gun safety group's commander jim and executives, victims of gun violence. there's a the vice-president turns to me with the national rifle association. joining us now, fox news legal analyst and republican strategist, columnist for the hill, democratic strategist. thank yo

ubs chief economist tells us. we will be talking markets and the economy.he president puts vice-president in charge of rounding up guns. the comprehensive gun control mean controlling all guns? the "a-team" with this next. ♪ the boys use capital one venture miles for their annual football trip. that's double miles you can actually use. tragically, their ddy got sacked by blackouts. but it's our tradition! that's roughing the card holder. but with the capital one venture card you get double miles you can actually use. [ cheering ] any flight, anytime. the scoreboard doesn't lie. what's in your wallet? hut! i have me on my fantasy team. chess ♪ lou: the obama administration push for more gun control intensifying. the washington post reports the administration looking to go well beyond the simple reinstatement of the inspired ban on assault weapons and i capacity ammunition. vice-president biden task force apparently considering measures that would require universal background checks for all firearms buyers. the national database that would track the sale and

liz: this is the brand new survey for ubs.ppreciate you coming here is the silly to tell us because once you find out what the herd is thinking, it helps to seek clues. >> it does. liz: chief investment strategist at the united bank of switzerland. closing bell ringing in 38 minutes. housing has been on a tear. not only in terms of sales of existing homes, but also under construction, risen to four year highs. does that because our interest to buy or maybe consider moving to a new city? what if it is across the country in sentences go? don't you want to know what the crime rate is? to you just want to invest in the company? truly. a number of resources and that making the move a bit easier. we are speaking to the co-founder and ceo and a first on fox business interview. ♪ sfx: horn. ding. ding. how long have you had your car insurance? how long have i had my car insurance? i don't know. eight, ten years. i couldn't tell ya' but things were a lot less expensive back then. if you're 50 or over you should take a new look at your

. >> y esto es por la situación económica de la familia, ub 30% de los hispanos no tiene sefguro médicoque tenga tratamiento. >> ella trabaja con familias latinas en la ciudad. >> también dependiendo de si son bilingues. >> la falta de exceso es aún más, esta hija traumatizada por violencia domestica espero meses después. >> es inumano que a uno lo tengan esperando que es una emergencia la ayuda. >> contrario a lo que algunos, y para california el desafio es proveer servicios a la poiblacion que crece. >> residentes de new town conecxticut y representantes de la masacre e sandy hook participaron en un acto a factor del cxotnrol de armas, >> la policía de nueva york encuentra un aliado en la ola artica, no se han cometido crímenes desde hace días, después del asesinato de jeniffer rivera y su tio que fueron baleados. >> en el mismo periodo la cifra fue de 23. >> las bebidas energizantes son más populares entre adolescentes y jóvenes, el estudio sugiere que las visitas por el consumo de este tipo de bebidas al doctor se duplica. >> son bebidas muy populares pero su consumo es un problema

. >> this is a big call by ubs here.ding a report thinking, they are tough on this company. >> yeah. >> ubs cutting it, saying there is a deteriorating outlook. there are emerging signs ever cash flow distress. that's never good to hear about, right? you got to have free cash flow to pay the bills. ubs says jcp needs significant changes to its turn around strategy and that sales appear to be below plan. that is a bad call. i don't mean bad, but bad for jcp. >> i think it is clear what their thoughts are on this retailer. absolutely. >> yeah, sell it. >> video games, stocks have said video games are getting a bit of a boost today. julia boorstin has been digging in opt surge. what's behind it. >> handy, here is the thing. stocks are getting a boost. but video games sales plummeted 22% last month according to new numbers just out. but activision is up. reporting its black ops 2 is the best performing game of 2012. that makes the fourth straight year that activision has been the top. electronic arts had the second biggest g

you are looking at ubs, barclays, higher than that. but well below their 2008 and 2009 levels. i think there's better valuations there. i think if you look at the fact that rotation into a number of these global institutions in europe hadn't happened yet. there's still room for that and i think this is a better place to play. >> if you look at the euro crisis banks, too, one of the hottest sectors today. the euro crisis banks up about 4% today. you take a look at the ones, whether you want barclays or deutsche bank or ubs, when they were the poster child for all the bald stuff that was going on in spain and b.k. was right. i'm not saying he's wrong. that stock was upside down. you look at it now, it's up, what, 13% in the last month? and then you look at big banks like barclays, up 19% over the last quarter, up 33%, so, there's a big surge here, to answer your question that you posed about, are they going to outperform, they already have. >> i mean -- >> that's outperformance already. >> the ticker change, from std, just to -- >> san. >> made this a safer place to play. >> on s

according to ubs. guys? connell: thanks. let's go to a chief investment strategist at raymond james who is with us now from st. petersburg florida. one of the things if you look at the stock chart, is that over and over here it continues to find support around the $500 level. it is at 506 and change today. what do you make of that? >> i think you do have support levels in between 450 and 500 bucks on the shares. i mean, what's happening, i think shibani had it right, it's no real surprise. we downgraded -- i spoke to my analyst this morning, we downgraded apple in jjly of last year from a strong buy to an outperform because you were getting slowing growth, and you basically gone from a hypergrowth company to a more of just -- i don't want to say moderate growth because 20 to 25 percent growth is still pretty strong. but if you look at the tech sector in aggregate, they always tend to overorder parts going into a new product launch and then throttle back after the product launch. so travis doesn't think there's a whole lot of

mike ryan, ubs chief investment strategist, next. ♪ this happy couple used capital one venture milesheir "destination wedding." double miles you can "actually" use. but with those single mile travel cards... [ bridesmaid ] blacked out... but i'm a bridesmaid. oh! "x" marks the ot she'll never sit. but i bought a dress! a toast... ...to the capital one venture card. fly any airline, any flight, anytime. double miles you can actually use. what a coincidence? what's in your wallet? [ all screaming ] watch the elbows ladies. [ male announcer ] to hold a patent that has changed the modern world... would define you as an innovator. to hold more than one patent of this caliber... would define you as a true leader. ♪ to hold over 80,000... well, that would make you... the creators of the 2013 mercedes-benz e-class... quite possibly the most advanced luxury sedan ever. see your authorized mercedes-benz dealer for exceptional offers through mercedes-benz financial services. ♪ lou: stocks moving higher on wall street today, mike ryan will join us here in just moments, but, first, the dow up 62.

. >>> a spectacular fire burned for most the day at a northern california air force face in ub ashgs uba, county. >>> crews battled flare-up it is for hours. >> it was clear the building was lost. >> our electrical shop, our structural shop was lost. >> a fire like this, what does it do to base operations. >> we have contingencies in place. >> normally about 2,000 people work here, but for the holidays, just 1 employee was inside when the fire started this afternoon. he got out okay but 1 firefighter was rushed to the hospital with minor injuries after something fell on his head. >> had it been a normal head, there would have been more people inside. i don't know that we would have any quicker response. >> as spokesman said the building dates back to the 40s and have undergone several renovations. >> what's most precious is preserved. >> there's vaults for special documents, so there's classified information that was protected. >> there will be miner impacts but operations will return to normal. >> we have some folks that have been in the building for 30 years and i'll have level mom

mike ryan, ubs chief investment strategist, next. ♪ ♪ lou: stocks moving higher on wall street today,an will join us here in just moments, but, first, the dow up 62.5 points. the s&p gained six and a half, both indexes at the highest levels in five years. the nasdaq up eight points, and volume more today, a half billion shares, and after the close, google reported earnings up 36%. google beating targets and moving higher in after hours trading as expected. maker of blackberry, research in motion, hot up more than 12% today, more than 50% since the beginning of the year. not a bad ride. apple up after earnings after the close tomorrow, and the investigation continuing into the battery's powering boeing's 787 dreamliner. the japanese made lithium battery packs believed to be the cause of the fire on two aircraft. the company also making lithium batteries for hybrid and electric cars that has implications beyond boeing. advanced battery technology at the heart of objections to the sale of battery maker a213 #. the strategic council, a private sector group, focusing on national security i

. >> they have agreed to pay a multimillion-dollar settlement after a case in which the swiss bank ubs was fined a record sum this. it is quite common in the financial landscape in switzerland. you're going to potentially seymour fines being paid and more names of tax evaders being given to the authorities. >> what about the american customers who put their money in to avoid paying taxes. >> they have broken u.s. law. i suspect there will be drastic fines. also, they are going to have subsequent tax payments for those people who tried to get around it in the first place. >> it took them one year to make this case. why is it taking so long in europe? >> the u.s. authorities seem more determined. they seem to be quicker results down there is one aspect that may contribute to this picture. it is a big financial market and there's a lot of capital to be invested so you need financial firms to go there and do that kind of business. if the authorities go to the banks and threaten to make their lives more difficult in the u.s., these foreign banks, that is quite deleverage. it is understandab

this with hsbc and ubs which got a similar settlement later it's been shown we can't throw them in jail, any of them because they are too important as people to put them in jail. >> stephen: so they are like 007 licensed to kill our economy. >> exactly. >> stephen: you famously called goldman sachs a great vampire squid wrapped around the face of humanity. >> yes. >> stephen: so you are an objective journalist. >> right. >> stephen: what mullet would you compare to hsbc. >> when i said that about goldman i got flack from zoologists who said i was slandering that particular animal. i'm going lay off any mollusk. >> stephen: okay. fine. what is the problem with superwealthy people or organizations being able to buy themselves out of trouble? i mean, our nation needs cash. >> the problem is that, you know, when the rule of law doesn't aemploy if everybody, then you don't really have the -- apply to everybody, then you don't really have the rule of law anymore. if we can't arrest these people because they are too important what does that say to somebody carrying a joint. >> stephen: again,

joining me right now, as promised to achieve ubs economist for research, maureen harrison.nse of this pullback in gdp. the economists were expecting growth. the first pick of three quarterly reads on gross domestic product. government spending can weigh in, especially in the defense sector. is this something to get concerned about? are we on track for a recession which would be two consecutive negative quarters of growth? >> well, you ask yourself, how could the market shrugged off a report that was superficially this week? the reality was that we knew look underneath the hood, so to speak, and look to some of the details, the consumer spending was decent. the housing was booming. most importantly, businesses started dong capitol spending again. they pulled back in the third quarter, with the camera back in the fourth quarter even though there were all these concerns about this bill cliff. and what it tells you is, there is a lot of resilience in the private sector. ." lori: you are taking a positive spin on this to looking at the bright side, but we are still facing seques

. >>> david palmer, ubs raises the price targets.teresting things, raising estimates through 2014. now it's in positive territory. scotty, also price target increase for green mountain at suntrust today as well. so some optimism on the coffee space. is they do give you a small dividend. i think this thing goes higher based on what they're doing in china. >>> weiss, a choppy chart. >> yeah, it's kind of full from a value ways standpoint. green mis, the new machine by starbucks isn't a threat. by the way, consumers equate starbucks with expensive, so i think you have to go with the keurig and green mountain. >> also the reusable cups from starbucks has been a resounding success, according to the company. >> i'm still old school. >>> the hottest global trade is coming from japan, driving the stock market to 22-month highs. let's bring in paul richards of ubs, great to see you again. how are you doing? >> great. thanks. >> it is a popular and crowded trade, but you're elbows your way in there, still. >> this trade is not crowded. it's go

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we'll ask ubs' steve milunovich. will tonight's profit report get investors excited about the stock again? two traders, two opinions, one heated debate is coming up. >>> welcome back. the guys at five were told that the price target on apple could be hit soon following the company's disappointing earns. >> well, i think it is coming this year for sure. that's an awfully long time window. i think the way it is looking now, it should happen this quarter. >> talk like that raises the question, where is the bottom in apple? let's ask one of the top rated analysts on the street. steve milunovich joins us live from new york city. steve, always a pleasure. welcome back. >> thank you for having me. >> are you surprised the stock sold off as sharply as it has. >> i am surprised. 10% drop seems a little extreme. the company has issues, but it is performing well. in retrospect i think the problem was that so many people are bullish on the company, sell side, uniformly bullish, few short positions in the stock, just, like, nobod

claim they attacked the gas cam plex yesterday as a result of france allowing their airspace to be ub -- tosh used on attacks in mali. >>> and explosion on a university campus sent a researcher to the hospital this morning. this prompted police to evacuate the building. police say chemicals were located inside the apartment where the explosion occurred but declined to specify what type of chemicals. investigators say researchers suffered hand injuries from the explosion and was treated at a hospital. >>> battery problems have grounded all of boeing 787 dream liners. european safety regulators were the latest to pull the plug today following similar moves by the u.s., japan and india. concerns were raised after a nippon flight was forced to make an emergency landing after emergency lights came on and there was a smell of smoke in the cockpit. >> from what we understand that from leaders in the industry, it's probably a one or two-hour delay. >> in san jose, a flight that was supposed to fly to tokyo tomorrow has been canceled. the faa says carriers must prove the batteries are safe bef

has ubs changed products for better or worse? what should the drinking age be? e-mail us, worldwide@cnbc.com and tweet us, @cnbcwex to get involved. >> it's 16. or 18? >> i think is 16 old enough to invest in etfs, do you think? you can be any age to invest, right? >> we've been asking guests on the program, and this st one of the debates that, yes, they have ach lower cost, they allow you to invest across products. >> and it's very complicated because then you're getting into accounts party risk and you're supposed to be -- you know, these are pretty plain vanilla safe options. as with anything, the derivative side, it's very hard to work out, actually, how these things work out. >> and the debate is to whether managers outperform over a long period of time. >> now they do. >> but then you're wondering, i'm paying to actively management my etf. >> anyway, we'll take a short break. still to come, the federal reserve is expected to keep policies on hold. it's kicking off its two-day meeting today. >> we'll bring you the very latest when we come back. >>> welcome

research from ubs finds that growing traffic problems in cities such as beijing and shanghi may soon spur government action. the bank expects the chinese government to soon place restrictions on car ownership, which could cause sales to fall in the world's largest auto market. a judge is okaying the punishment for bp's historic oil spill. the oil giant will pay a record $4 billion in criminal penalties, plus plead guitly to manslaughter for its role in the 2010 oil disaster in the gulf. 11 workers were killed in the explosion onboard the drilling rig deep water horizon and more than 200 million gallons of oil gushed into the ocean. bp will be fined for lying to congress about the spill's size. the oil company is expected to shell out $7.8 billion to residents and businesses along the gulf goast. among stocks making major moves off of earnings news, ford shares stalled out yesterday, falling 5.8%. the car maker rattled investors by saying it will lose $2 billion this year from sluggish business in europe. shares of vmware plunged $20 in panic selling. the software company's revenues f

ubs downgrading the stock. concerned about its cash flow. turnaround strategy and for the past 52 weeks, jcpenney down 44%. i want to show you the big winner, best buy. volume here is tremendous. more than two times the average daily volume. this could be a bullish signal we're starting to like best buy again. stocks up 15% even though down by about 15% over the past 52 weeks. the news out of best buy today its holiday sales didn't decline here in the u.s. they were flat. sometimes flat is good. we'll take it. back to you. tracy: we'll see you in a few minutes. ashley: lauren, thank you. tracy: well the debt limit, weeks away, washington might not be paying attention yet but american businesses are tackling the issue head on. former council of economic advisors members matthew slaughter will weigh in next. ashley: first, let's look how the dollar is moving right now with the dow essentially flat. we're seeing it, well, fairly mixed on the currencies. the euro pushing higher, 1.33, almost 1.3350. the pound also a little lower today. we'll be

it's rare that we get the big headlines such as we had out of ubs with 10,000 layoffs over the next few years, etcetera. it's rare that we get that. these things are slowly happening behind the scenes. >> all right. thank you for joining us. ubs now, banking chief andre olson, former executive, they're expected to be asked about samsung culture after the record 1.5 billion fine ubs faced last month for involvement in the libor rate rigging scandal. >>> shares of pingan insurance dropped sharply in hong kong today. the state run china development bank has expressed concerns about the tightened conglomerate cp group to expire the stake in shares. that chinese bank is rethinking its decision to back the $9.4 million deal. >>> aig meets tomorrow to discuss whether to sue the u.s. government over its bailout which it just finished paying off. aig may join a $25 billion suit filed by former ceo hank greenberg. it argues the nature of the bailout in which the u.s. took a 92% stake in the company and made aig's wall street clients whole deprived shareholders of billions of dollars and violated

encourage, i guess, or make it mandatory that any further community involvement in the project takes place ubs, but that is certainly something that some of us are looking for. >> commissioner moore. >> both comments by commissioner suguya and commissioner wu are spot-on. it is something that none of us have experienced. however, the guidance given to us and the interpretation to us by the zoning administrator that this should follow the typical timeframes by which projects come back is what indeed i feel comfortable supporting because that is by the rules that we work and that is what the public is expecting. i would suggest that it is indeed changed and movement on the project. however, until the process has been fully worked out with the neighborhood regarding all of the issues that were briefly touched on by the people presenting, it's time to do it right this time. as we always said, every project has neighborhood support and the department's guidance has indeed created that and we're agreeing with it, then the project should hopefully be on successful way for approval. >> commissioner su

although ubs is out this morning saying it's old news. saying, it's hard to tell what is true from fiction. >> this is what happens when a stock's got kind of a questionable base, and the analysts are trying to figure out how to put a distance between themselves, and the news reports are very disjointed. and the company, of course, is closed now. we'll have a quarter coming up. we'll talk a little more. but i keep waiting for the big product. i keep waiting for the product that just says, wow, are they back. as david said, that product comes out, then they'll be back. >> by the way, that is the first time below 500 since february. i believe 16th. that's a long time. and since the iphone 5 came out in september, it's down 29%. >> yeah. we should note, too, take a look at some of the chip suppliers. the apple supply chain is feeling the impact as well. take a look at broad com or qualcomm, each trading down by more than 1%. the ripple effects are far and wide when it comes to the tech space. >> obviously samsung has just gotten so much mome

it follows recent staff cuts at both citigroup and ubs. the darden company is cooking up management changes. darden, which owns popular chain restaurants olive garden, red lobster and longhorn steakhouse, just named 3 executives to top positions. darden had a bout of bad pr last year after admitting it was testing a system to cut worker hours to offset the cost of the affordable care act. the company relented following public push- back. mcdonald's is hoping italians will show the golden arches some love. mcdonald's is opening 100 locations in the european country. calling the euro crisis "temporary," mcdonald's' italian chief executive said the plan will create 3,000 jobs. along with its business in brazil, russia, china, and other countries, mcdonald's predicts its business in italy will grow over the next decade. a record number of people will be able to afford homes this year. that latest piece of encouraging news about the housing market comes from the national assocation of realtors. the group's index of housing affordability hit a r

the suit accuses barclays, ubs, bank of america and 19 other banks of manipulating interest rates that are set in london. it alleges that the manipulation costs the california entities billions of dloors, east bay mud, the county of san mateo and the city of richmond are among the plaintiffs in this suit: on wall street stuff bounced back from two days of losses. the dow industrial gained 61 points thanks in part to oo positive earnings report. nasdaq rose 14. >>> meantime america international group or aig has decided it will not join a lawsuit against the federal government other the 2008 bail out that saved the company. it would be like biting the hand that feeds you. aig's former ceo filed the suit saying strict government conditions for the bail out were unfair to shareholders. federal government eventually sold its stake in aig and made a 23 billion tlr profit. >>> tonight cleanup is underway in a bay area hospital after sewage overflowed into the facility. crews were busy today grinding the tree roots out of a suer line at the oakland campus. those roots blocked a pipe sending s

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cronkite was a fuses and was guy and for the kansas city ub text. boyle had only a little bit more experience than that. rooney had never written a real news article in his life before the joined stars and stripes in the fall of 1942. bigert was basically a metro text, city desk reporter for the new york herald transcribe bound that had never really distinguished himself. of the five the only one with real credentials was a.j. liebling, and he was a failed newspaperman. he found his niche writing essays, bull -- but all five guys found themselves and really defined journalism for america during the war. >> host: they've had been older, more established, would they have been in the theater? >> guest: yes. for the most part the guys who were assigned to the european theater were young, like crone excite rooney, but there were experienced reporters as well. what that experienced, the way they were able to capture it, they way they were part of the war, to define their lives and define their careers. >> walter cronkite, a book was written about crop cit

valley index z internet radio service rap soddy teamed up that means drivers with the cars will be able0@úbrhapsody with voice commands. clear channel i heart radio announced it will ad apps to chrysler and gm vehicles. and pandora says it's services are available in seven car models. i want to correct something earlier. google did confirm the move that have button that let's users know in china when the terms become targets of chinese sensors but did not elaborate on that move. back to you. >> emyil'lc year, thank you. >> we are going to get a chance to dry out this week, looks like. >> we. surviving weekend rains and now, back to work. >> that is right aichl big chance coming mid week. the western sky that is beautiful right now. you can see a good bit of sunshine reflected off the waters of the bay. here is a look at live doppler 7 hd. we do have breaks of sunshine here. it is going to be a beautiful sunset. temperatures into low to mid-50s up to 57 here in san francisco. and in redwood city. sheer look at forecast features. sunnier conditions tomorrow, colder mid week with a slight chan

ubs chief in business strategist among our guests. page, twitter, send us an e-mail. again, facebook, twitter, and e-mail. we love hearing from you. but coming right back. stay with us. officemax can help you drive supply costs down... and down. use your maxperks card and get a 10-ream case of officemax multiuse paper for just 4.99 after maxperks rewards. find thousands of big deals now... at officemax ♪ lou: vice-president biden closing of his first term with another of his gaps, shall we say. hours before he was sworn in for a second term over the weekend the vice-president give himself a promotion at the iowa state society inaugural ball. >> proud to be president of the united states, but i am prouder to be -- [applause] lou: he picks up three quickly. to you think he's really going to run? it's a safe bet that rapper lupe fiasco amply named will be performing at no more inaugural parties for this president. i know, there won't be any more. kicked off the state's last night after bashing the president's foreign policy. here is just

the president here was a managing directer at ubs, and every day he would wake up at 4:30, and he would to the office after going through tremendous commute from new jersey, spending a ton of money on gas, on tolls, on parking, finally got into the office, and getting home late in the evening. what that did was it -- it disallowed him to enjoy his child's or that period in his child's life. he basically missed out; right? he didn't see them grow up, missed them because of the commute and workload. whereas, here, he's able to come to work at 8:30, go home at 5:30 and enjoy the time with his children that he otherwise would not have been able to have. gerri: wow. i can relate to that. don't push all the prices in florida through the roof on real estate. i might join you. >> it's still low. gerri: thanks so much. >> my pleasure. thanks foraving me. gerri: what do you think? here's the question tonight. would you move to cut your taxes? log on and vote on the right hand side of the screen. i'll share the results at the end of the show. more coming up in the show. wait until you see the outr

coming up tomorrow, home depot co-founder, ubs chief economist with us to give us his outlook on thisrkets former ambassador to the united nations, john bolton. stay with us. when we come back, the president making too big national defense, national security nominations. the "a-team" takes a look at the confirmation battle that lies ahead next. ♪ at a dry cleaner, weeplaced people with a machine. what? customers didn't like it. so why do banks do it? hello? hello?! if your bank doesn't let you talk to a real person 24/7, you need an ally. hello? ally bank. your money needs an ally. ♪ lou: journey me now, the "a-team", pulitzer prize-winning journalist, former clinton adviser, former deputy assistant to president bush. good to have you all year. let's start with the presidents appointing a republican, and the chief opposition seems to be coming from the republicans. what is that about? >> are you sure he is a republican? lou: a big old -- look, i think the problem, if anything, is comments obviously about the middle east. lou: refusing to declare them a terrorist organization, telling

david palmer is senior analyst at ubs. good morning.the quarter, at least from our standpoint. maybe you differ. i wonder if you got color on how january is shaping up. certainly from others, looks like we were in for more chop this month than in december. >> the company implied on their conference call that momentum continued into january. one of the things you can reflect back on in the quarter it was 7% same store sales. the u.s. retail business carried the quarter. that's fuel bid cool things they are doing in the starbucks card and loyalty. the reloads on the cards which are one out of four purchases are going through the cards, 36% growth in the reloads. that's fuelling the way above retail type of comp growth. it's probably the secret sauce on the core division for the company. >> when you're looking at record numbers of dollars loaded onto cards, why now? why is it catching fire now? >> some of it has to do with the mobile payment technologies out there. on iphone you can get the automatic reload and certainly the company made a

ubs is expected to do the same. the question is how big is the cut going to be? credit suisse has cut its bonus pool for the last three years. this year, it will be capped at around 2.3 billion. so that will be a cut of 20%. but if you go back to, you know, the hay days of 2009, the bonus pool was a whooping $7 billion. so the days of the big, fat bonuses for bankers may just be over. but this is a big result of the cost cutting guide that's going on at the bank. credit suisse is aiming to cut costs by around $4 billion by 2015. so all in all, not a big surprise. rots, a little bit later on the show, we're going to be focusing on another big story today. watch group, one of the big watchmakers in the world has bought the u.s. business of harry winston. >> i love that story. we want, though, to stick with the financial news in a moment and give you an update on goldman sachs. that company may avoid paying uk bonuses until after the 26th. goldman is among a handful of banks considering the move despite a hostile attitude towards anything that looks like cash avoida

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businesses, ubs having similar profile. morgan stanley, let's not forget, it is an asset manager more than anything else at this point, or a wealth management company with all those brokers. they're going to be taking full control of that joint venture. >> yeah. they met their margin goals for wealth management. they've been in the news regarding compensation, gorman said they're done with job cuts for now. but there are still, in his words, sporty compensation packages on the street. regardless of how these bonuses are being spread out. >> i like a guy who comes on and says, we didn't do a good job and gives a line item. i think that was terrific. >> let's talk about shares of intel, those shares are falling in pre-market. the largest chipmaker 27% decline in fourth quarter profits by weaker demand for pcs. projecting a bigger than expected increase in capital spending for 2013. jim, it was aparent in tracking the after-hours action in intel, what was funny is the intel release came out a couple minutes before the closing