morgan back america citigroup and wells fargo unbelievable just real quick bartlett do you see any sortof governor on what's going forward with the democrats in control the house starting in january well the surprise is while trump one of the wall progressives got their wallets called democratic control of the house and the incoming chair of the house financial services committee maxine waters a proven progressive champion of the consumer is likely to hold the valuable hearings to bring oversight about what's happening and of course i don't think anything is going to happen the rollback regulation coming through congress because she and the democrats in the senate i'm sorry in the house simply will not let that happen or i wouldn't do the financial policy advocate a public citizen you know i said it would just pass thanksgiving here in the u.s. and i say it all the time thank you for the work that you do but this is really important work thank you so much for doing it and thank you for sharing with us thank you. and that's it for this time thanks for being with us you can catch boom bus

but aguilar says... >> i want wells fargo to know that we're real people.re not just money. >> reporter: anna werner, cbs news, new york. >> glor: great reporting by anna. coming up here tonight, why the government nearly doubled the size of a beef recall. recall. lower premiums? extra benefits? it's open enrollment. time to open the laptop... ...and compare medicare health plans. why? because plans change, so can your health needs. so, be open-minded. look at everything - like prescription drug plans... oh, and medicare advantage plans from private insurers. use the tools at medicare.gov or call 1-800-medicare. open to something better? start today. open enrollment ends december 7th. constipation until my doctor direcommended miralax.my stimulant laxatives forcefully stimulate the nerves in your colon. miralax works with the water in your body, unblocking your system naturally. miralax. now available in single serve mix-in pax. i was on the fence about changing from a manual to an electric toothbrush. but my hygienist said going electric could lead to way

at least some of those people got a economic from wells fargo along with a -- a check from wells fargoar's case, it was for $25,000. his attorney says that doesn't begin to cover his total losses. how do you think they came up with the amounts of money that they handed out to people? >> that's what we want to find out. we want to find out what went wrong, how it went wrong -- >> reporter: alys cohen is with the national consumer law center. >> the question is, how did this happen? aren't they supposed to check their computer programs regularly to make sure they're accurate? this is clearly more than a simple computer mistake. >> reporter: wells fargo declined an on-camera interview. the company could not say how much it expects to pay out in remediation to customers. jose aguilar says it's not just about money. >> i want wells fargo to know that there's people out there with feelings and families that try hard to pay their bills and survive. and where were you people -- we're not just money. >> wells fargo plans to work with each of the customers to reach a resolution. the bank is also

wells fargo has already paid hundreds of millions of dollars for misleading investors about its salespractices. tim sloan, wells fargo's c-e-o said in a statement today his company is committed to making things right. the federal reserve will not allow wells fargo to grow its assets until it is satisfied the bank has cleaned up its act. (ken) if you're planning on a trip to the snow country this weekend we have some advice. coming up... a live interview with the c-h-p on road conditions in the sierra. (vicki) police are hoping survllance video of a carjacking in a san rafael parking lot will lead them to an escapee from san quentin prison. the latest still ahead. (ken) and a new year means new laws... see what will be different at california fast food restaurants in 2019. it's time for our lowest prices of the season on the new sleep number 360 smart bed. it senses your movement and automatically adjusts to keep you both comfortable. and now, the queen sleep number 360 c4 smart bed is only $1299. plus, 24-month financing on all beds. ends new year's day. (v9cki) three days from now we

wells fargo revealed to federal regulators, those qualified for loan modifications instead lost their homes in part because of a computer error. >> reporter: we went with jose to see the home his family lost to foreclosure. >> my kids have seen us up and down. >> reporter: it was 2015. aguilar said he and his then wife asked wells fargo for a loan modification to lower their mortgage payment because they had fallen behind. the bank turned them down. >> i gave up. >> reporter: he and his wife split up. the house went into foreclosure. with the blow to his credit, he hit rock bottom. >> my son and i had to move to the basement of a friend's house. i had a couch and my son had a bed. >> reporter: that was tough. >> i felt past september he got a letter from wells fargo. it read, we made a mistake. we're sorry. it blamed that mistake on a faulty calculation and said the loan should have been apprhe de and my life, and they're sorry? >> reporter: wells fargo said the calculation error affected some 870 customers of one eight-year period. about 545 of those customers ultimately lost their h

wells fargo and b of a dow is down 190.at is boeing, caterpillar, apple see that's funny, i thought you traded options. i'm not really a wall street guy. what's the hesitation? eh, it just feels too complicated, you know? well sure, at first, but jj can help you with that. jj, will you break it down for this gentleman? hey, ian. you know, at td ameritrade, we can walk you through your options trades step by step until you're comfortable. i could be up for that. that's taking options trading from wall st. to main st. hey guys, wanna play some pool? eh, i'm not really a pool guy. what's the hesitation? it's just complicated. step-by-step options trading support from td ameritrade (tonand all thro' the house. 'twas the night before christma, not a creature was stirring, but everywhere else... there are performers, dancers, designers the dads and the drivers. there are doers of good and bringers of glee. this time of the year is so much more than a bow and a tree. (morgan vo) those who give their best, deserve the best. get up

wells fargo down 22%. only j.p. morgan has stayed in the single figure design. investors have against investing? similarink this will be to 1994 and 1995. in 1994's sentiment was negative and the yield curve flattened. in 1995 the yield curve was flatter, the fed was done raising interest rates and then we had the benefits of cost control with decent credit quality. then you had consolidation and cap return. we think the fundamentals will eventually roll out. vonnie: and there is potential that that scandal is weighing in. have said that city needs to rein its expense in, -- citi needs to rein its expenses and. value, evenle, book the recession increases, stocks will be cheaper ahead, with bank stocks creating close to recession level even without a recession. wen it comes to citigroup have company specific concerns, the cfo presented saying the citigroup will miss its target by nine basis points. we don't think they should miss it by one millionth of a basis points. that means we have to make $70 million. that means they should find a way to reduce the executiv

denise is here with wells fargo.se what a general donation. >> for over 30 decades wells fargo has had a great county partnership with the food bank. we have given over $250,000 during that time. i am excited to be here with my colleagues to celebrate this day for us to give a good check to you. we have given over 1100 hrs. with 700 team members across the bay area. these are my colleagues with me and we are super excited. >> allison tell me what this means to you. >> this contribution will go a long way to helping us serve 1 in 5 alameda county residents. you all do more than contribute, the volunteer hours is what helps us to get food on the table for families throughout alameda county. >> 31 million meals are distributed every year and if you would like more information go to our website www.kpix..com. >>> let's check your forecast. we have a little bit of sunshine and rain this afternoon. >> we have a little sunshine so let's first talk about the doppler with some locations getting wet weather right now. in the n

wells fargo's ceo said in a statement today his company is committed to making things right.he federal reserve will not allow wells fargo to grow its assets until it is satisfied the bank has cleaned up its act. coming up at eight.. an autopsy reveals new details about a guatemalan boy who died in u-s custody. plus. the government contractors who are stuck in the middle of a shutdown. the company taking extraordinary risk to keep its employees. and next. the us-china trade war in 20-18 saw broad impacts to both country's economies. a look back at how we got here. ((lawrence tease))i'm kron 4 chief meteorologist lawrence karnow.coming up, i will take a look at your 7 day forecast. details are right after the break. (ken) the u-s economy has been booming during the trump administration. but the president's tariffs... and his trade war with china... have sent financial markets on a roller coaster ride, especially lately.(vicki) some analysts say they could send the u-s economy into a recession. here's a look at how we got to this point. sarah sanders white house press secretary:

(vicki) wells fargo agreed to pay 575-million dollars friday to settle a slew of lawsuits against the company. the bank will pay all 50 states and washington d.c. after it admitted in 2016 to opening more than three million fake accounts. wells fargo has already paid hundreds of millions of dollars for misleading investors about its sales practices. tim sloan, wells fargo's ceo said in a statement friday his company is committed to making things right. the federal reserve will not allow wells fargo to grow its assets until it is satisfied the bank has cleaned up its act. (vicki) ahead at nine... 20-18 was a big political year... from the second year of president donald trump's leadership.... to the russia's leadership.... to the russia's meddling investigation... and the battle over supreme court nominee brett kavanaugh.... tonight we'll take a look at some of the stories that made major political headlines this year... (grant) plus...the number of flu cases is on the rise nationwide... how to stay healthy (vicki) and up next it wasn't an alien invasion... but a transofrmer explosion

wells fargo agreed to pay more than a half billion dollars.s fargo made the deal and they'll also create teams to deal with customer compliance about it's banking and sales it admitted they opened up millions of fake accounts. >> audi, mercedes benz, porsc he recollects -- porsche, jaguar, they all plan today be debut el cars next year. there's a starting price of $75,000. all the companies will compete against tesla. several fast casual restaurants in california have made it into a ranking of some of the best chain eateries in the country. coming in 8th place, super duper burgers. number 7, five guys. in and out burger came in fifth and shake shack which is in the midst of an expansion into the bay area is third. the top restaurant chain in the nation is portello's hot dog out of chicago. sadly there's not any in the bay area and even worse i've never tasted one of their hot dogs at all. you can also reach at me my facebook page, abc 7 news.com. the hot dog place it was a big deal when they opened it down in the south area cobblers are retiri

wells fargo continues to clean house. tracy carrasco has that story for us.argo is firing around 300 district managers for failures related to the sales scandal more than two years ago. these district managers were mostly spared after they hired --dash mecca fired some 5300 employees. these are the first district manager firings. wells fargo is down 15% this year. that is right. alphabet has launched it's a self driving taxis. and that are actually generating fares the company now charging passengers to use its driverless vehicles. they had been testing in the technology the technology here since 2016. said they can download the app. and use it like other ridesharing apps. the human driver will be behind the wheel just in case. it is up less than 1% this year. i'm glad there is a human in the car. you never know. so as steve jobs did not like to give autographs but now they're worth a lot. and because of that they are worth a lot. they are worth about 51 thousand dollars. that is according to an analysis by paul frazier collectibles his autograph has jumped i

wells fargo will pay to settle claims.ves annt investigation into allegations that wells fargo opened bogus feesnts charged, improper on customers. a 50% increase in salary for 2019. that is hollywood's highest-paid media mogul. he will also get another $13.5 million in stock options. signed were in americans -- and fewer americans signed auctions for home loans. the national association of realtors said today it is pending home sales to 101.4. that is your business flash update. coming up, no thanks. we have all of the details on the attempted takeover from the cannabis retailer ceo. this is bloomberg. ♪ ♪ taylor: this is bloomberg markets. i am taylor riggs. u.s. cannabis retailer green growth brand was planning a hostile takeover bid for another company. valued at $2.1 billion. the ceo told bloomberg's reporter that it should be judged on its merits by the company's shareholders. >> there been a lot of interest in mining businesses in this last february when the cold memos were rescinded by canadianney general, license

(jrstone) wells fargo agreed to pay 575-million dollars friday to settle a slew of lawsuits against theill pay all 50 states and washington d.c. after it admitted in 2016 to opening more than three million fake bank and credit card accounts.wells fargo has already paid hundreds of millions of dollars for misleading investors about its sales practices.tim sloan, wells fargo's ceo said in a statement friday his company is committed to making things right.the federal reserve will not allow wells fargo to grow its assets until it is satisfied the bank has cleaned up its act. (jrstone) 9-1-1 is supposed to be there in case of an emergency -- but some areas across the country experienced an outage. louisiana-based century link announced technical problems friday which resulted in a disruption in service in places like boston, salt lake city, and seattle. but the problem began thursday. century link restored services to all affected areas as of friday night. the f-c-c chairman called the outage -- "completely unacceptable". the disruption also affected internet service for century link custome

fargo is 15. look at this. 20s and 30s, actually have a c are close to that as well. santa rosa 33, livermore is at 34, sfo, oakland and san says f skies. lisa says, i can't see a thing in newark, it's too foggy, that's my second report from newark, we're talking about thick fog, it's even out to the valley. thick morning fog, it should favor bay side and coast, it's versus inland. that's before the fog burns off before noon or not. it can stick around the valley fog. it's hard to break through sometimes. 30s for many, 40s for others. it's a cold foggy morning for many. we can get through the fog, a lot of sunshine today. 40s on the temperatures, one observation, 42, the city is at 43 and the southern branch of the jet stream continues to be quite active although it has dipped south, it's favoring mexico and california million i yesterday, mostly sunny and partly cloudy now for them. this if you're headed into phoenix, a cloudy pattern. 30s for many, monterey 42, santa barbra it's cold for many. that fog in the valley, if you have to drive through that, rai the north

wells fargo also acknowledged selling customers unneeded insurance and overcharging mortgage fees.rica's oldest veteran, who also happened to be the oldest man in the country, died yesterday from pneumonia at the age of 112. richard overton of austin, texas was the grandson of a slave, and he attributed his longevity to whiskey and cigars. born in 1906, richard overton lived to be 112 years old, long enough to both serve in the army when it was still segregated, and be recognized for his service by the nation's first black president. >> and his service on the battlefield was not always matched by the respect that he deserved at home, but this veteran held his head high. >> reporter: overton served at pearl harbor, okinawa, and iwo jima. he received many honors, but didn't consider himself a hero. >> i ain't done nothing nobody else couldn't do. nobody else just wasn't able to do what i had done. >> reporter: a longtime resident of austin, texas, overton lived on a street renamed for him. >> i still walk, i still talk. and i still drive. >> reporter: he smoked 12 cigars a day, drank

so what's next for stocks in we're joined by brian jacobson vestment strategist as wells fargo asset management. thanks for joining us. nice to have. >> you thanks for having me. >> we don't have trading today. we had an almost 800-point plunge yesterday. now we have the beige book. what's your best guess how rest of the week plays out? >> well it's probably going to be a ptty bumpy week. the beige book was a lot more negative than what i wasin expe it would be. now, kind of in a weird way investors might likeca that e it suggests the federal reserve can be patient with hing rates. maybe hike in december and take a pause. the fact is that economic growth has been slowing. and that is a maj change from where we were a year ago when everybody was talking about nchronized global growth and now it's synchronized slowing. and how much slowinge will get? it seems we are having issues with optimism of business executives related to tariffs. that's one of the reasons whyth whole tariff situation between the u.s. and china is so important. >> two other events we have later this week tt will h

that's how much san francisco-based bank wells fargo agreed to pay to settle complaints about setting up unauthorized accounts and madam secretary leading customers. wells fargo also will create teams to deal with customer complaints about its banking and sales practices. trouble began for wells fargo in 2015 when it admitted employees met sales goals by opening millions of accounts without customers positions. oracle as larry ellison will join tesla's board of directors as part of a deal that demanded moreover sight of elon musk. federal regulators clashed with must have been since he tweeted that he secured to take tesla private. they paid pen a little and muvg agreed to step down as charge. >>> it is probably going to go on a lot longer from the looks of it. the outlook for negotiations is dismal. >>> this is your last chance to vote. there they are on the ultimate college college football playoff fan. go to abc7news.com/vote to choose. they each represent one of the teams from the college football playoffs. >> you're looking at them live. they're kachld out on a billboard in san j

and thanks to our friends at wells fargo, guillermo learned that it's even easier than it looks. >> aser hero. guillermo-man. i tried everything. like getting bit by spiders -- ouch! that didn't work. i drank radioactive waste. epic fail. i even tried building my own indestructible super suit. until one day -- i can help people by donating nonperishable food at any one of 5,700 wells fargo branches. >> thanks, guillermo. and don't forget we're donating $4 million and we'll match up to $1 million more. >> wow! i love helping people! >> guillermo, you're a real hero. >> finally! guillermo-man away! guillermo-man away! >> stop by to give to any of our branches. >> jimmy: we'll be right back with karen gillan. ♪ [ cheers and applause ] wrapping, ♪ they'llr ♪ but some plates are lacking, ♪ let's help spread more joy and good cheer. ♪ ♪ now with more ways to donate. ♪ there's less stuff on your plate. ♪ ♪ so just give what you can this year. ♪ ♪ it's the most givingest time of the year! ♪ (vo) give what you can at 5,700 branches. ♪ he's gonna do it! ♪ you gotta see this! ♪ owen's gonna do it

wells fargo owes california millions. and a computer virus hits major u-s newspapers.jane king is.he nasdaq with those stories and more ( jane )good morninga computer virus hit newspaper printing plants in los angeles and at tribune publishing newspapers across the country.the print edition of the chicago tribune was published saturday without paid death notices and classified ads, while in other markets a similarly slimmed-down version of the saturday newspaper was delivered on sunday.the fbi is investigating. wells fargo has agreed to pay $575 million to settle consumer-protection lawsuits filed by all 50 state attorneys general, with kentucky gaining almost 148 million.the settlement involves the bank's former practices of openinng fake accounts without customers permissions to boost sales numbers. california will receive the largest settlement amount.under the agreement announced friday, the bank will also create teams to review and respond to customer complaints about its banking and sales practices.amazon is planning to build and expand whole foods stores. the wall street jou

. >> reporter: well fargo bank confirms to abc 7 news it stopped offering mortgages for homes adjacentl shipyard where cold war era toxic contamination is still being cleaned up. chase has also stepped lending to the-air due to concerns about safety. >> if there's going to be a problem with environmental cleanup then it's a big issue for me. >> reporter: leo has lived in hunters point for eight years. >> i don't think the issue is as severe as people tend to perceive it. >> reporter: the pause in bank lending could complicate efforts by the city and developers to transform 500 acres of waterfront property. david knows it could impact owners like him. >> everyone knows in san francisco the living costs are higher. >> reporter: his shipyard made headlines after -- >> it's also about the lack of concern about people of color who live un october the lawsuit against him has no merit and will ultimately so neibo a not sure w tothink. >> it's hard to filter i guess the hype from the facts. but my understanding is that, you know, it's safe to live. >> reporter: we reached out to homebuilder le

and then banking lay ahs, why wells fargo is firing regional managers, the stock is down this morningouse danger, robot working at amazon facility sent two dozen people to the hospital, wait till you see what happened as a result of the robot's actions, all the details coming up. but first this, we are remembering 41 this week, private funeral held today for then president george h.w. bush. he will be buried on the grounds of presidential library. hillary vaughn in houston where the proceedings will take place, hillary. >> good morning, maria, former president herbert walker bush came home for the last time last night for his final ceremony in home state of texas, yesterday a massive gathering from 3,000 people from all over the world, leaders friends and family came to mourn america's 41st president, former presidents jimmy carter, bill clinton, barack obama along with wives joining sitting president trump and melania. george w. bush said that dad taught us to age in dignity, humor. >> at age 85 a favorite past time was firing up boat the fidelity and opening up the 300-horsepower en

showing that they have problems as they are look at a morgan stanley look at a goldman, even a wells fargo today. they're all trading off and they broke lows they broke lows in october when other sectors were retesting >> mike santoli is frequently with us down at the new york stock exchange to join the conversation mike, what do you make of this >> reporter: you know, on one level coming into today, the s&p was up wouldn't it make sense to back off even if you didn't see any other news flow. i think you also got this sense out there much like after the one-day pop following the mid-term elections that people were kind of forcing a rally yesterday because we got mostly what we expected and we've been thinking that we just needed to get a few things out of the way, these nuisance items which could be a big deal, any one of them. the perception of a very aggressive fed, the election and then some kind of a deferral the late cycle anxiety hasn't gone away. i think tactically today it got too high pressure in a hurry the transports and the banks together tanking, apple falling on a pure pile-o

we'll be right back. >>> "gma's" season of give something sponsored by wells fargo.are. >> we can't top that. ♪ i'll be there >> you have no idea what a privilege it is to be able to say good morning to america every single morning. >>> how about this family reunion right here. se >>> how about this family reunion right here. sergeant thomas black, holly and will. i think we need a little more of will before we go. >> hit it, will! [ applause ] >> do part two. yes. >> have a great wednesday, everyone. have a great wednesday, everyone. >>> good morning, bay area. let's get up and get going. >> this is abc 7 mornings. >> good morning! it's 8:59. i'm reggie aqui from abc 7 mornings. mike nicco has your forecast. >> thank you, reggie. hi, everybody. waves still raking our coast, up to 30 feet. that's the exception, mainly around 15 to 25. but it's still possible. and you can see sheltered areas like santa cruz doing okay, but everywhere else, be careful. if you're out and about today, expect very kind temperatures. look at this, low to mid-60s with increasing sunshine. w

invest in itself by buying back some of its shares this is also happening to other companies like wells fargo or citigroup as the latest a slump in the u.s. the stock markets it's showing that some companies overpaid when engaging in programs early this year actually be. poised to top one trillion dollars these year where dick and jean of growth here in wall street as specially in the first half of the year you know we've got the trade war worries we've got worries about a slowdown what about this shut down in washington any sign of a compromise. no actually six days on counting ben u.s. senators are biking to capitol hill but there is no sign of a compromise or a plan or a bolian in sight so it seems that the shutdown will continue i need could go well into the new year hopefully not affecting consumer confidence and as usual drawn back into it in accusing democrats of obstruction to a much needed wall tone ben that does not even buy to any resolution or agreement any time soon i think a bit of a rethink is needed on that front thank you jose. a couple of big events have german exporters wir

en isto clausurar un tercio de sus cents wells fargo sigue pagando fortunas en multas por malas prÁcticasarte de un importante acuerdo. cambiamos de tema y nos vamos con las pÉsimas comisiones del tiempo en algunas zonas del paÍs. una tormenta que arrojÓ hasta un dÍa de lluvia en luisiana y mississippi. azotÓ hoy a alabama a tennessee y el oeste de carolina del norte. el servicio nacional de metrologÍa emitiÓ advertencias de iglesias repentinas para gran parte del sur de luisiana hasta el suroeste de virginia. ♪ cuando regresemos, la comunidad inmigrante se queda sin un gran aliado en el congreso. veremos quÉ harÁ luis gutiÉrrez. Íbamos a un recorrido por un poblado salvadoreÑo donde el talento por la artesanÍa se encuentra a cada paso. ♪ fÉlix: una de las voces que mÁs se ha alzado dentro de la cÁmara de representantes en los Últimos aÑos en favor de los inmigrantes es la del demÓcrata luis gutiÉrrez quien ahora dice adiÓs al capitolio pero aclara que alejarse de su cargo no significa que abandone la lucha en favor de los indocumentados. claudia uceda hablÓ con este activo legislador que

wells fargo writes in their recent note that these rebalancing amounts are among the largest that theyfargo said they're looking for a respite from market gyrations in late may may have to deal with a seismic bout of volatility before 12/31. and, of course, that's today there was a holiday week in which there were fewer market participants than normal, meaning it would take less to move stocks up or down a holiday today, it may continue throughout the trading day today. guys >> yeah. there could be an important buyer there in today's action. leslie, thank you. >>> renewed hope on trade disputes with china. president trump tweeting just had a long and very good call with president xi. deal moving along and very well. deal is moving along very well if made, it will be very comprehensive, covering all subjects, areas, and points of dispute. big progresses be being made carlos gutierrez is with us. do you think the president is talking up hopes or there's a for real solid hope for a deal >> i hope this is for real i can't think of a better piece of news for 2019 in that the u. u.s./china t

morgan chase morgan stanley citi group and wells fargo according to a statement confirmed that they are quote full liquidity available for lending as follows u.s. stock markets worst week since the financial crisis ten years ago uncertainty over the partial government shutdown has added to concerns he indices how wiped out all their gains for the year. meanwhile a christmas surprise on european markets shares in the london stock exchange fell nearly four percent on news that pan-european exchange operator euronext is the talks to acquire. a region socket change for six hundred twenty five million euros the company is currently seeking the support of the board of directors it has already secured support for its offer from oslo bar shareholders representing almost half of outstanding shares your own next which operates furs and paris amsterdam brussels london lisbon and dublin that also boris position in seafood derivatives and oil services and shipping attractive. the royal bank of scotland r.b.s. has applied for a german banking license ahead of brags that that would help the bank retai

morgan chase morgan stanley citigroup and wells fargo who according to a statement confirmed that they have ample liquidity available for lending the calls came as u.s. stock markets experienced their worst week since the two thousand and eight financial crisis uncertainty over the partial government shutdown has added to concerns key indices tough wiped out all their games for the. for a what's driving the markets in these last few days of the year i'm joined by two pundits jim bellew my colleague of course will phone call do you think come markets well i mean cerned about the liquidity that he had to discuss with those six banks yolles in the u.s. that he spoke with yesterday and of course today he'll be having a meeting with the leading market participants in the u.s. regarding the current market volatility among other things and saw investors are wondering if there's more to be concerned about not really reassured at this point so everybody's i actually kind of wondering they want to be probably listening in on those phone calls and that's the issue right now i mean those phone cal

oracle, walgreen's, they ever significantly reduced their shares outstanding wells fargo has, appliedial as well so this whole argument plays into the hands of two major groups number one, there are those who have been critical of the tax cuts in general arguing that the money is used for buybacks and dividends that only enrich share holders. and those who dislike the whole trend toward what is called financial engineering in the wall street community using money to make earns and earnings growth look better rather than growing revenues and deflects money from investing in capital expenditures to growing the bit. there is truth to both arguments. here is the question will these criticisms coupled with this decline in the stock market suddenly make all these corporations embrace expenditures don't bet on it. buybacks will likely pick up with the remaining money that is available and the short term thinking of most of these corporate americans that are out there make it far more likely that immediate gratification will continue to prevail over longer term investments. two points about t

wells fargo has already been ordered to pay more than $1 billion in penalties and face stricter regulations. a troubling sign today for president trump's withdrawal from syria. it may have left an opening for a serious president to an opening. the trump administration's new plan has support from former senior obama administration officials. >> syrian forces moved to the outskirts of the critters held said he captured from isis putting hundreds of american troops and potential danger. the syrian president's forces closed in ten days after president trump order the full withdrawal of the u.s. forces from the country. but the kurds say they welcomed the syrian troops as protection against a potential turkish invasion after the u.s. allies leader. and, if terror organizations lead, there is no more for us anyway. president trump whom i'm spoke to recently continuous hopefully. >> president trump made the decision to pull out of syria this month. the former u.s. ambassador to syria under the obama administration supports president trump's decision to pull out, to leverage any important concessio

that is scott wren from wells fargo.ay powell will be appearing with janet yellen and ben bernanke for a joint interview at the annual meeting of the american economic forum in atlanta. still ahead, president trump tied the rising stock market to his administration. what happened now that has taken a tumble? we will take a look at the year that was in markets. life from new york, this is bloomberg. ♪ david: you are watching "balance of power." i am david westin. president trump has touted the stock market as a symbol of his success. it doesn't look like quite the symbol at the end of the year as it it in the beginning. abigail doolittle is here to take us through what turned out to be a difficult year in the markets. abigail: president trump was happy to address the gains for the market. it to my knowledge, hasn't been talking about the recent tumble. sums up the year we have had. here we have the major averages and we see through september 30 we did have the major averages all higher, a continuation of the bull market o

. >> the case during wells fargo hearings, i remember she asked chairman sloan, do you want to step downhat point, that is tell straight -- telestrating how tough she's to get on banking. the wells fargos of the world, other who are considered add actors they see pinching the average consumer. david: what about connection that presumed change of house financial committee with banks herself, remember heathe her hud was a shareholder of a bank helped out during financial crisis of 2008, and she made a special effort with treasury secretary back then to make sure they got a little bailout, headlines -- it happen helped her family, do you think they will go back that far. >> it has not slowed down, maxine waters is determined, one of original we need too impeach trump ad advocates, this is they she thinks it will help. david: it is all about trump. >> yes all about trump. >> this is scaring the stock holders. there is terrible for the banks is plorbanksmore regulation ande democrats and maxine waters in particular. david: is it all about trump? there is stuff that needs to be done, do you th

was fargo -- wells fargo will pay $75 million to settle a scandal.nvestigations into wells fargo's practices from 2002 to 2017. this included staff opening focus accounts, charging improper mortgage fees and in charts -- insurance fees on customers. juliette: goldman sachs poised to be the best bank for takeover advice for the second year in a row. they will exceed 28% for dealmaking. morgan stanley, j.p. morgan and archelaus round out the top 5 -- citigroup and barclays round out the top five. this fell short of a record set in 27 -- in 2007 as they put takeover aspirations on hold. the: aquaman remains champion for the second week running. the d.c. comics based movie collected an estimated $51.6 million, beating mary poppins returns which retained second place in the listings, bringing in $27 million. juliette: that is a must it for daybreak australia. trading in new zealand is underway. looking like a positive start for the final day of the year. this is bloomberg. ♪ is is bloomberg. ♪ place, the xfinity xfi gateway. and it's strengthened by xfi p

. >> some banks like chase and wells fargo are willing to work with federal employees whose accounts are in good standing and as questions linger how far president trump may be willing to bend on border security, his outgoing chief of staff is clarifying one point. more from sarah westwood. >> reporter: alex and alison, the president is holding firm on the shutdown as it drags into the second week. the president's allies are muddying the waters with the wall and border security. it is not clear what the president considers an actual wall. john kelly said this administration abandoned the idea of a concrete wall early in trump's presidency. he told "the los angeles times" it is not a wall. the president still says wall. he will say barrier or fencing. now he is tending to steel slats. we talked about the wall early on in the administration. senator graham came to the white house and said he pitched the president on what he described a breakthrough to trade $5 billion in wall funding for temporary protections for the dreamers protected by daca. >> the president did not commit, but i th

wells fargo asset management global soy. jessica. jessica: thank you. theresa may is giving herself four weeks to save the brexit deal. may faced a hostile house of commons as she tried to explain why e.u. leaders rebuffed her last week. she is hoping to offer new assurances. labour says it's not good enough and is calling a vote of no confidence. >> has cynically run down the clock. trying to maneuver parliament into a choice between two unacceptable outcomes. her deal or no deal. the country workers and businesses are increasingly anxious. jessica: the may government is on the point of agreeing a post-brexit immigration policy that's expected to favor high earners and citizens of nations deemed close to the u.k. they're likely to include australia, canada, japan, new zealand and the u.s. plus, countries that agree trade deals. the home office proposals were expected to be published back in september but has seen frequent delays and rewording. u.b.s. says the trade war is increasingly taking its toll on china. it says factories are being forced to cut

wells fargo senior economist joins us now as we fake a looking at futures mark.re seem to be doubts about this. there were reports in asian papers especially the south china post that -- you know chinese wanted all they wanted was an extense but that they're going to delay and delay, and delay why the concerns about the u.s. and china coming to an agreement? >> well i think that initially there was sense of relief that things are not going to intensity or jack up tariffs more on january one. pane i think that's why markets rallied yesterday and today and really even by mid morning yesterday folks realize there's a lot more wood to chop this it not yet and we have a way to go but i sense that this is more positive of the markets realize right now. i remember when i realized that trump had a very good shot at winning after he won the republican nomination i went out and bought art of the deal. probably should have read it before hand. but as you look at the art a of the deal and look at trump and trump negotiate stance, i sense a pivot here and i sense a change fro

. >>> wells fargo has agreed to pay more than half a billion dollars to settle lawsuits from a phoneyccount scandal. the money will resolve claims that the san francisco-based bank violated consumer protection laws in all 50 states. wells fargo will pay $575 million, will also create a new restitution review program to reimburse customers. wells admitted two years ago that its employees opened more than 3 million fake accounts to meet sales goals. it has already paid hundreds of millions of dollars in federal fines for misleading investors. >>> oracle co-founder larry ellison will soon be keeping an eye on elon musk, one of two new independent directors named to tesla's board today. it's part of a settlement with u.s. regulators demanding more oversight with the company's ceo. also named to the board walgreen's h.r. chief and former kellogg executive kathleen wilson thompson. this is fallout from musk's tweet in august when he was accused of misleading investors about taking the company private. >>> delta airlines says its new fleet of jets is bringing a first class feeling to folks w

last year when we were here in the bank we also had several cases of wells fargo getting caught in the net with a person or so on several occasions we had to cut up the net to be able to save their lives and their belief system then tangle men from the net and that is also a beautiful feeling when you see the welfare of the men wave in the name. i had a great education a good job and a family that loved me. i never had to worry about how i would eat some where i would sleep. i'm facing christmas alone out on the streets of london. well you looked. up to the lorry load of those you know to simulate it still give us food for the harvest. because you don't really feel like human being in that. and then. the guy just came over to me saw me and gave me just this book. headlines that shaped this week they get over sweep through paris again in another round of anti-government protests police used tear gas to disperse crowds during a sixth consecutive weekend of riots with almost one hundred fifty arrests made. also the president vladimir putin shares his stance on the threat of nuclear war uk

wells fargo robbed of their customers. they created fake accounts and distant strangers come if the ie people that came to the bank so they rubbed their customers and we gave them a fine per billion dollars. then in this tax bill we gave them a tax rebate of 3.8 billion. wells fargo was the biggest winner from the tax bill. it's just unbelievable and i can see where people would lose faith in their government when stuff like this happens. i know we can't solve everything at once but there are some suggestions about tackling social security for instance. right now the limit on taxable income for the purpose of social security is like $128,400 above that we don't ask anybody. you've done a lot of work on this. what would it take to rebalance things and extend the life of social security if we agree to raise that limit so people making 300,000 or a million dollars had a pay social security tax on that money as much as everybody below 128,400. >> it wouldn't be lifting the cap from the beginning that isn't going to be as much.

hartmannew york is kirk wells fargo. but the start with you.ortant is it what happens in the trade talks? kirk: extremely important. i'm optimistic. i think a trade deal might get done. that might be the surprise of the year. they have an awful lot at stake. i think at the end of the day, you might see some middle ground. david: does it matter what it says? is it important that there is just something there? kirk: there needs to be some kind of peace in terms of protecting technology. that's the real issue. the protection of patents and u.s. industries is something the administration is going to demand. alix: when you have a fat tail and when it comes to fed policy, how do you deal with that kind of volatility? walter: as we were discussing earlier, having more cash than you would normally have a portfolio to take it vantage of is volatility we will be in one way you can do that. i think if kirk is right, if we have a trade deal that is meaningful, there is some significant areas. we talked about semiconductors. you would think they would see a