and type inmepage wells fargo in the video library search box to hear committee meetings related to wells fargo. ceoday after wells fargo's appeared before the house financial service committee, two former board members what before lawmakers to testify about the bank's consumer fraud practices and why they resigned. >> thank you. this hearing is entitled holding wells fargo accountable examining the roll of board of directors and that the greatest patterns of consumer abuses. today, we received testimony from elisabeth and mr. james quigley who until earlier this week's are as chair of the board of directors of wells fargo and company's walls fargo bank respectively. both have resigned as our call for the resignations following the release of us phasing majority statute on wells fargo's compliance failures in their individual failures as board members. resignations do not absolve them of their failures. directors at wells fargo, and institutions across this country must understand that they are the last line of defense when it comes to protecting your company's shareholders, employees and

this hearing is entitled holding wells fargo accountable and ceo perspectives for the bank that broke americas trust. i now recognize myself for five minutes with an opening statement. today, wells far go ceo, charles scharf, will testify before the committee about how he plans to end wells fargo egregious battle of abuse. he's the third wells fargo ceo to testify before this committee and less than three and a half years. i will note that each time wells fargo ceo testified before this committee, he has resigned soon thereafter. mr. charles scharf, you have taken on a massive challenge and while i certainly wish you luck, it is clear to this committee that the bank you inherited is essentially a flawless organization that has caused widespread harm to millions of consumers around the nation. wells fargo has opened 3.5 million fraudulent accounts with their customers names which caused consumers over 6 million dollars. charged to consumers for insurance policies that they did not need. resulting in some consumers losing their automobiles. engaged in a legal student loans servicing pra

wells fargo bank. concurrently with his service as a director of wells fargo and chair wells fargo bank, mr. quigley served and continues to serve as the chairman of the board of hess corporation and director of the board of meramec pharmaceuticals while ms. duke and mr. quigley no longer serve on wells fargo's board, it is my expectation that they will be forth coming in their testimony and responses to members' questions today. without objection, all of the witnesses written statements will be made part of the record. before we begin, i would like to swear the witnesses in. ms. duke and mr. quigley, please stand and raise your right hand. do you solemnly swear to affirm that the testimony you will give before this committee in the manners now under consideration will be the truth, the whole truth, and nothing but the truth so help you god. thank you. let the record show that the witnesses answered in the affirmative. you may sit now. each of you will have five minutes to summarize your testimony. whe

wells fargo, miss wells fargo, why do i stays are customer?in limits terms what would that person say to them? >> the number one reason they would say is they love the people they do business with who work at wells fargo. the personal relationships that they have developed our extraordinary. i was in a branch yesterday in washington and we asked that very question. why do your customers come in? it is because of that personal connection. then it's because they believe that what we do is great for them. our products, our services, our convenience, our technology, but ultimately it has to have this rapper of what's -- we're going to do what's right by them. >> thank you mr. sharp, my time is expiring, i yield back. >> mr. the gentleman from massachusetts mr. pressley is recognized for five minutes. >> thank you. i want to recognize the diligent and good work of this committee. in 2018, large banks posted record profits that were only topped by their profits in 2019. a decade ago, the same things -- banks were rescued by trillions in bailout loan

is wells fargo profitable? is wells fargo profitable? >> i believe it is. >> you believe, 19.5 billion last year. that is profit. the bank can afford to pay tellers significantly more. do you think the hard-working taxpayers should be showing up wells fargo's salaries when they have $20 billion year and paid out $30 billion in dividends last year? >> i believe we should pay people fairly and the actions taken by raising the minimum wage does in fact do that. we also -- >> you raised the weight only in high-cost areas, not across-the-board. >> we raised our wages in four different tears. >> with that, i yield back. >> the gentleman from illinois recognized for five minutes. >> thank you, long day here. i want to shift to the recent market activities in the oil sector. i am an energy guy. i don't want to make much of one day volatility but after yesterday's news that saudi interests are not aligned with our own and we need to brace ourselves for a potential downturn, in the 2016 period, your energy fund was exposed to significant losses be

could you highlight the importance that wells fargo has a number of branches. does play and important role with credit access to small business? >> it's extremely important but when we think about wells has done well and not done wel well, helping underserved communities. so the branches that we have in the communities where we have been have been fit one - - have been very important and will be going forward. >> and with regards to the coronavirus and other challenges that may caught up terms on whether or not you feel you are well capitalized taking that into consideration. >> the point that i would make looking at the stress test it takes unemployment 10 percent gdp going down 8 percent so as part of that process we have to be able to continue to maintain the ratio required and then as the institution which lead us to make decisions and then to be well-capitalized. >> you are recognize. >> thank you chair lady. our banking system is the heart and soul of our financial system. in this hearing this morning atof its core is about consumer trustor wells fargo con

as board members i'm disappointed that you were not more active in positions to get wells fargo back to the strong presence that they have historically been in this country. so uncovered that the board was well aware of mr. sloan's poor performance and misleading comments about the progress yet able to still keep position as ceo. as a small business owner for 50 years i'm a car deal they are texas, i know how important the attitude at the top levels of leadership are to the employees. the ceo sets the tone. and if they are not taking the problems seriously it's hard to get other employees to change behaviors as with he will process ms. duke, quickly, why did you stick with tim sloan for so long? >> so if i'm going to answer your question if i could just respond. >> no, ma'am i've got time here, please. answer my question. >> okay. okay. tim -- we -- tim sloane we made him the ceo when we -- when we replaced john stom of. he stopped the sales practices, incentives, replaced the management in the community bank. he took action quickly. we had problems that needed to be addressed immedia

james quigley who until earlier this week's are as chair of the board of directors of wells fargo and company's walls fargo bank respectively. both have resigned as our call for the resignations following the release of us phasing majority statute on wells fargo's compliance failures in their individual failures as board members. resignations do not absolve them of their failures. directors at wells fargo, and institutions across this country must understand that they are the last line of defense when it comes to protecting your company's shareholders, employees and customers. and while ms. duke mystically said said, there resigned to quote, avoid distractions" that would be cleared and this is not a distraction, we are examining the conduct and the dereliction of duty. over the past decade, wells fargo's management and regulators have all failed to fix the company's internal control weaknesses, the cost in. for millions of consumers throughout the country. the majority report, examines wells fargo complaints with five content orders require the companies boards and management to clea

so many were 12 for wells fargo committed crimes? should they be prosecuted? . pathetic >> pathetic. i'm glad you're not on the board frankly,. presumably, by getting higher for such a fort you had an exceptional amount of experience. you are well qualified. consider so by someone who offered you to position and generous compensation package for being board members. how is the culture at wells fargo different than the presumably positive cultures that you are part of the four? or is this just endemic of all the places. should we look at all the industries that the world is looking at for wells fargo? >>. in we have stated clearly that culture changes needed. i'm pleased with the progress that is being made. these are early days for charlie, but his commitment to state to change cultures it open in my opening statement that is his top priority. >> better late than never. i think he has a lot of potential. i like his background. it is not my job to hire board members or ceos of any corporations or but i do know the culture matters. unless he is empowered the change

james quigley who until earlier this week's are as chair of the board of directors of wells fargo and company's walls fargo bank respectively. both have resigned as our call for the resignations following the release of us phasing majority statute on wells fargo's compliance failures in their individual failures as board members. resignations do not absolve them of their failures. directors at wells fargo, and institutions across this country must understand that they are the last line of defense when it comes to protecting your company's shareholders, employees and customers. and while ms. duke mystically said said, there resigned to quote, avoid distractions" that would be cleared and this is not a distraction, we are examining the conduct and the dereliction of duty. over the past decade, wells fargo's management and regulators have all failed to fix the company's internal control weaknesses, the cost in. for millions of consumers throughout the country. the majority report, examines wells fargo complaints with five content orders require the companies boards and management to clea

this hearing is entitled "holding wells fargo accountable." for the banktive that broke america's trust. i recognize myself to give an opening statement. 's ceo wills fargo testify about how he plans to end the egregious pattern of consumer abuses. he is now the third wells fargo ceo to testify before this committee in less than three and a half years. i will note each time a wells fargo ceo has testified before this committee, he has resigned as soon thereafter. you have taken on a massive challenge. while i wish you luck, it is clear to this committee that the bank you inherited is essentially a lawless organization that has caused widespread harm to millions of consumers throughout the nation. opened 3.5 has million fraudulent accounts in their customers' names, which cost consumers over $6 billion, charged consumers for automobile insurance policies they did not need, resulting in some consumers losing their automobiles. engaged in illegal loan services and practices, charged consumers inappropriate overdraft fees, overcharged veterans for

nope wells fargo did not. he continued to serve through that role in his retirement and mid 20 teen and claim the company company should not donate to charity unless regulatory acted more favourably towards will forgo. in response to the concerns back in 2015 wells fargo's culture made no changes wells fargo made no changes and you made no changes. >> gentleman from missouri will be recognized. for five minutes. >> thank you madam chair i would like to with regards to public in report and information in there. i'd like to go back to what i think some of the problem started here for the fact of not being able to recognize it and it really concerns me from the standpoint that he can go back already 2009 when shows its regulators there was a problem with some of your employees, sales tactics. in 2013, los angeles times ran a story leading to ethical breaches at wells fargo. and in 2014 in december they broke the story that eventually broke everything out so the question you on the board when was your reaction to

at wells fargo. placing one's money in wells an the custody of organization like wells fargo is the biggest displays of trust years consumers were betrayed and taken dvantage of in order to meet sales performance goals and ultimately to improve earnings prices.e wrong.s categorically not only did wells fargo and its employees fail their customers, whom are my constituents in missouri's second congressional district. as our regulators failed well. they neither identified nor malpractice from occurring in the first place. it was the obama o.c.c. and cfpb that first uncovered this not, i should was cfpb of o.c.c. and the the previous administration that uncovered it. it was the l.a. times, the media, that first brought your practices to light. mr. scharf, your predecessor appeared before this committee ensured members that wells fargo was on track to complying regulators' l consent orders. the evidence outlined in the by d report produced committee's republicans regarding wells fargo says otherwise. was

i think it's absolutely possible to run a company like wells fargo well. there is a serious things that we have not done the categorize itself as running well and that is evident in our lack of ability to make progress in some of these activities that we spoken about today. our culture did work against us. it is not what he needs to be. we haven't had the right management structure of the company in place. we haven't had the right people in place. we certainly did not have the right priorities set across the company. then i've also spoken today about the fact that we do not have the right accountability for people then to be able to map what those priorities were to what it meant for them. i think when you put those things together you get the right people in the right seats to run the company very differently, it is possible to have a very different outcome than we've seen. last one. it's, the proof will be in the pudding. further delays are only going to be problems that continue to age and not good for the company. as a customer, i've been a customer of

plague the bay area based bank wells fargo is being called lawless. >>the bank in more troubled waters, this time from lawmakers in wasngton dc a yearlong congressional staff inveigation has d wells fargo continues to commit wrongdoing which affects thousands of bank customers. our washington coespondent alexander le mon ports today, lawmakers grilled the company's ceo. >>the nk you inherited 's organization lawmakers wantto know exactly what wells fargo's newas ceo is doing to fix abuses that congresswoman maxine waters says are still happening there currently dozens of consumerabuses that each effect more th 50,000 customerswells fargo already agreed to billionof dollars wor of settlements for violations that cluded openng accounts in customers names without their consent and recoending risky investments to senior citizens wells fargois already under 5 different consent decrees from goverent agencies at require the bank to take certain steps to correct wrongdoing. but ngresswoman katie portersays the company is ot doing enough to repay consumers r e

heading home but of course you can't have 10 demick without arts and that's why behind me you see wells fargo on fire of course that means we're going to be speaking in the 2nd half to alex schaefer of burning bank fame so that's one of his works that he's working on right now but in terms of this pandemic and the day globalization that we see about it of course this is something that kaiser report has been warning essential a about this crisis for the past 10 years we've said all of this just in time globalization would basically cause us to be very fragile when one thing goes wrong it all falls apart and we've seen that we've seen that with now the medical supplies all those masks are made in china anti-biotics are made in china vitamin c. is made in china all sorts of pharmaceuticals are made in china and they have the monopoly on it so fears of a supply shock are rattling stocks and global markets as outbreak continues investors are more used to dealing with the occasional threat of negative demand shocks an unexpected hit to demand for goods and services but the potential for a negative

morgan or wells fargo or h.s.b.c. or barclays you're going to have to learn how to be adults no go away now in terms of supply shocks you and i went through one and that was in the seventy's as the last famous supply shock big negative supply shocks are rare eric neilson group chief economist at unicredit bank said with the oil shocks of the early and late seventy's often perhaps the most well known examples of their supply shocks would be storm and tsunamis earthquakes wars embargoes and strikes the problem is that there is little that looser monetary policy or additional fiscal stimulus can do to offset the impact because those stimulus measures work by boosting demand yet their air dropping money on everybody but the fact is that you know there's nothing to buy i tried going to amazon try ordering hand sanitizer and there you can't get any try ordering a mask you can't get one like a lot of things are out of added stock at the moment and they're going to keep on pushing more money so you know that's all there solut

the chairwoman of wells fargo has stepped down just days ahead of a congressional hearing in which case that will. well break down the shake up at one of america's largest banks a lot to get here on a very busy day so let's get started. on oil lost as much as a 3rd of its value monday in its biggest drop since 1901 gold war fell to $30.00 to $30.00 per barrel as saudi arabia launched a price war with russia after the 2 failed to come to an agreement at its vienna meeting russia declined to agree to production cuts that have artificially kept oil prices steady officially russia said it wants to wait and see what the coronavirus impact on demand is before agrees to cuts on officially russia is angry about u.s. sanctions of russian energy company rosneft and attempts to stop the north stream to pipeline to germany by flooding the market and sinking prices russia sees an opportunity to crush the us shale industry which is dangerously levered to the hilt russia is also fed up with cutting production outputs timeout that time while u.s. shell producers each time up production to fill in the m

you know with such a big scandal with those fake accounts the bank wells fargo had to agree to a number of fines if you will is also regulatory changes that they need to make both within the company the way they manage their employees as well as how they dealt with their customers so they just want to follow them make sure that they're taking that next right step to make amends and rebuild trust with the american public i mean they are one of the main 4 big banks and didn't i guess from a financial regulatory regulators point of view that they continue to do well as long as they're doing well in a legal way and not profiting off of illegal sales tactics like they were before which caused a lot of harm financial harm to customers so again they've paid several billions in fines and they've agreed to make these changes to ensure that won't happen again and part of this oversight from these lawmakers is to make sure they're doing that and so far it doesn't really seem like they're getting a whole lot of. good marks in that category water said that some of the. several regulators are basical

just yesterday they sued the bank for the same type of bank accounts scandal as wells fargo. it was for the couple here pure code and also a deputy at the fdic he would have known about the bank account investigation do you know about the scandal when you hired them? >> is a long-standing public servants that served in the fed who was the head of regulation. >> you brought the action. did you know about his role in that when you hired him? you didn't know about his role as you did? people were investigating a third of the time and you hired him. did you know of his role, yes or no? >> it is confidential information with respect to the privacy right as well so happy to follow up with you with any information we could provide. >> you knew of his involvement. i don't know what to make of the fact. thank you mr. chairman. thank you for your service and for what you do it is a difficult job. we discussed the importance of utilizing the cost-benefit analysis in order for the agency's to effectively achieve intended policy outcomes. ultimately consumers bear the cost of regulation.

>>a developing story that we're following its been 3 years since wells fargo admitted to opening usernts without their permission and some other of uses side congressional investigators say the practice has happened fully stopped in fact our washington dc correspondent alexander takes a closer look at explains what's being done to try to stop them. >>the bank you inherited it's essentially a love this organization lawmakers want to know exactly what wells fargo's new as ceo is doing to fix abuses that congresswoman maxine waters says are still happening there currently dozens of consumer abuses that each affect more than 50,000 customers wells fargo already agreed to billions of dollars worth of settlements for violations that included opening accounts in customers names without their consent and recommending risky investments to senior citizens wells fargo is already under 5 different consent decrees from government agencies that require the bank to take certain steps to correct wrongdoing. but congresswoman katie porter says the company is not doing enough to repay consumers for exa

are no longer with the board you believe that some of the criminal actions taken by employees at wells fargo should be prosecuted by federal officials? sword do you believe the fines already implemented provide enough redress for consumers? >> i appreciate the ability to respond to what i wanted to respond twice before. when we did our investigation of sales practices we delivered all of the evidence that we found to the fcc and the doj's civil and criminal. >> in the plea agreements as a corporation you acknowledge crimes were committed. >> that is correct. we don't have the ability to prosecute but what we did do with the individuals we found

outbreak the wells fargo foundation says a million dollars will go to the cdc's emergency relief fund. the cdc says that money will go towards emerging needs including support for state and local health departments. wells fargo says it will also donate up to million to help address community specific needs in the coming months. also tonight border patrol agents seized a shipment of counterfeit. >>toothbrushes us customs and border protection says they confiscated more than 1400 fake oral b toothbrush heads. the load would have gone for more than $12,000 at the suggested retail price. this is the second world be toothbrush head seizure in 5 months. agents say this latest caesar seizure came from turkey had no i did those things were such a hot commodity. now remember those plastic green soldiers e went up late with us a child a lot of them are probably mail and that wind maker of those soldiers say that is going to change this coming holiday season. bmc toys says the new female soldiers. well common 15 poses the figures are the result of the plastic army women's a project to the owner

members of congress question his ability to move wells fargo's forward and can -- consume

but he's continued to not worry about wells fargo. do you think that he's scooping up more shares or is he scooping up entire businesses? >> i'm so glad you brought that up. wells fargo has spent the last two or three years cleaning up the company in the same kind of way that a starbucks did in 2006 to 2008 or home depot did from 2006 to 2008 and then when we were coming out of the financial crisis, those companies that had to clean up their act ahead of time were in the best position to take advantage of the new environment. i would argue that in many ways, wells fargo is going to be dramatically stronger going forward because of all the things they've had to do. they have a new ceo now, charles sharpe, and the stock was just below $29 back on the 13th and to me that says a lot. that's the kind of thing buffett would look at. liz: are you sure right now, could you say because you are such a buffett watcher and study of him, can you say right now that he has been buying on the worst days that the market has seen? >> i would think cert

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theng up, we will hear from president of wells fargo. this is bloomberg. ♪ is is bloomberg. ♪ ♪ david: this is "balance of power ." it would take an oracle to explain what happened in the markets this week, and fortunately, we have the next best thing. he's darrell cronk, wells fargo president and chief into smith officer. so take your best -- chief investment officer. so take your breasts out, what is happening here -- take your best shot, what is happening here? --ry: what you tend to see darrell: what you tend to see is risk off assets being sold. gold sold off, u.s. treasuries sold off. those are typically good signs that you've got what we call trapped longs in the business, and they needed to get out at any price. david: when do we know that is the gelation as opposed to people needing cash desperately -- that is capitulation as opposed to people needing cash desperately? darrell: once those get reconciled, you can start getting viable positions coming back in at probably cheap how you wish and's and fundamentals. that is a bit of

am i right in saying that you like current ceo of wells fargo, have been buying wells fargo stock in the last couple of weeks? and on tther bank stocks as weli your case? >> again, none of us know what's going to happen with the economy. but certainly, the banks are, pe ratios are low dividends, yields are good they're in great shape from a capital standpoint and one of the areas we're having trouble with is loans and looks like we're making lots of loans now i think they're at a bottom and they would be one of many areas of that the market is today that if and when you decide to go in the market, it should certainly include banks. >> as always, a pleasure thanks for joining us. >> my pleasure >> all right we've got just about 36 minutes left of trade. and we've seen an improvement in the markets here dow down only 325 points. i say only because at the lows, we were down 1,083 s&p 500, down 1% still looking at double digit percentage gains for the week. up next, unintended consequences clinical trials for non coronavirus drugs are getting delayed amid the ongoing athaemic here. wh tt

our team at wells fargo has been negative on high-yield for a while -- same basic argument, probablyore of the speed. 130, 140 basis points quickly is somewhat scary. i doubt that alone will disconcert the fed too much. jonathan: the last time we had both a growth shock and an oil shock, high-yield spreads were around 900. there were north of 800. a completely different world. do you see the parallels at all between what we are experiencing right now and the growth scare of, say, 2016 where high-yield really fell out of bed? subadra: well, i think 2016 was you need, because he had this very sharp correction in oil price. oil prices got down to $25. it was this global growth stability type situation, demand destruction. we are not there yet. oil prices are still holding up, for the most part. and also, this time around, the thing that is different between spreads widening this time versus last year is that, as treasury yields are rallying, the magnitude of the widening has been a lot more this year relative to last year. last year, we saw some widening of high-yield by this time aroun

former wells fargo ceo tim sly y sloan losing out on $15 million after wells fargo decided to claw back shortly after a fake account scandal was revealed and he faced criticism for handling of the matters. the nfl starts its free agency period after making negative comments about kirk cousins earlier in the day. stefan digs was traded to the buffalo bills. it's being reported that omare cooper re-signed with the dallas cowboys. bill de blasio is facing criticism after being photographed hitting a public gym last night. the mayor of new york, who told fellow new yorkers to stay home and ordered the closure of gyms by 8:00 p.m. tonight, he defended that decision, saying he needed to stay healthy for the people of the city. while the coronavirus pandemic dominated the news everywhere, there are still some in germany who don't have any idea of what's going on. the residence of big brother germany haven't been told of the outbreak, according to the show's producers. those participating in the show were cut off from the outside world during filming. after outcry from critics, producers announ

wells fargo will not be the only one on the east coast. branches without its drive-thrus. we don't do them on the west coast so not an option to many branches. tesla is doing what pretty much every other company has done and is shutting down effective on monday. a crucial industry, the city of fremont, the county of alameda disagreed. ford and gm, meanwhile, joining tesla in offering to build ventilators if the government asks. the machines will breathe for patients and the fear is we will have more people that cannot breathe on their own than we do machines to do it for them. today is the last day of floor trading on the new york stock exchange. it was going that direction anyway. i used to work on the floor of the chicago board of trade and i was replaced by a computer. that was many, many years ago. you've heard of the netflix show "love is blind" where singles go into these pods and can't see each other and date by voice only. a lot of people are binge watching that. it's inspired a couple guys to create a new service called love is quarantine where you sign up with yo

one for you hold your nose get this this is going to shock you i need you to think about buying wells fargo. yeah, it has a new ceo smart. he is honest he's clever. by the way, he's funny i think the stock's worth buying it the fella's name is charlie sure he's a regular raymond shaw. he used to run visa. he transformed the company into a technological powerhouse i used to think he was scary that's what the broken wells fargo needs. why risk it? because despite all of the misdeeds, the customers still love it. while it will take time to clean things up, it's encouraging that the lightning rod quit this week why buy it now when the banks are so hated because after the stock's hideous decline, wells is paying you. buy some maybe it goes to 80% buy some not a bad guy. nice guy fifth, we need a utility i like dominion utility. letter d it owns liquefied gas in a year where many people believe natural gas industry is in the corner dominion's told us that they have ironclad contracts. i actually believe them. i believe tom farrell is the bankable ceo that's why i reach for the 5 point be point 3%

lauren: another bank is accused of opening fake accounts similar to wells fargo.r financial protection bureau filed a lawsuit against fifth third bank accusing employees of opening the accounts in order to meet pretty aggressive sales targets. the suit alleges the bank knew of the practice since at least 2008 and it continued until 2016 when wells fargo admitted to doing the same thing. this on the heels of the wells fargo board chairwoman elizabeth duke resigning one day before she was scheduled to testify before the house financial services committee today on the company's accountability in the scan car. cheryl: it is decision day in several states today. more than 350 del gets are up for -- delegates are up for grabs on this mini super tuesday. >> we want you. we need you. there's a place in our campaign for you. >> which campaign is best able to defeat donald trump? and let me say without any hesitancy, any hesitancy, our campaign together is the campaign. lauren: brian llenas is in lansing, michigan, the state with the biggest prize, 125 delegates. brian, goo

wells fargo's new chief and the chair set to testify before congress for the first time during thesescheduled in washington many well. wells fargo paid out more than $7 billion in fines and penalties related to the fake accounts scandal. lauren: federal prosecutors want a upo ponzi scheme mastermd to stay behind bars. he asked for passionate relief last month. prosecutors say he should not be released early, citing letters they received from more than 500 of his victims. bernie madoff ran a $65 billion decades long scam, costing his victims everything they had. cheryl: and a big move by the judge to accept the witness statements or the victim statements. that was pretty big. lauren: president trump is confident in his re-election campaign after joe biden's super tuesday sweep. the president speaking on hannity last knight about the new democratic -- last night about the new democratic frontrunner's weaknesses. cheryl: we have all of the details. >> reporter: both camps are crowing over the turnout levels this week, saying it's a sign of enthusiasm for their candidates. republicans po

gorge was not, wells fargo -- george rusnak, wells fargo, and rick bensignor, bensignor investment strategiesjoining me. is this convincing? rick: it is convincing to see the fed doing anything they can. to me, the question has continually been, what is it going to take change the psyche of the market? you are dealing much more with fear now than anything rational. if you thought about the market in a rational way and what the fed is doing with all of the money they have injected, you would at least have some and perhaps not any dumps in price. it is good to see the futures have come back. i would really like to see the s&p hold around 2400 by the end of the month. we are not that far away in the way the market moves down. in 10 minutes, you could be there. here.l: there is so much i am still working my way through it. the fed in its commercial bond , song will go down to bbb- they are going right to the edge of junk to be able to take some of these corporate bonds off of people's hands. in the secondary market corporate credit facility, they are going to be able to buy u.s. listed etf's, who

wells fargo, spoke to them.stomers to continue making their payments if they can, but we are granting an immediate 90-day payment suspension for any wells fargo home lending mortgage or home equity customers who request assistance. bank of america deferring payments for clients on a monthly basis until the crisis is over and at this point, the timing could be up to 90 days or longer. you know what, cheryl, we got back to jpmorgan chase and what they said was they just need to reach out. that is so critical. don't think it's automatically going to be deferred. you have to make contact with the bank, explain your situation, probably present some documents, fill out some forms, but then you get some breathing room. now, these deferred payments go back to the loan and you will have to pay them later, but breathing room is very important right now. cheryl: ashley webster, thank you so much. that's it for "making money." "the claman countdown" starts right now. cheryl: i'm cheryl casone in for liz claman. liz is worki

wells fargo is in the midst of a $23 billion stock buyback as if they artheir executives and allf theirriminality into bad decisions as if they've earned it that money would be better spent in a medical research. they keep the communities of flow when we have crisis like this. it's time for all of this to come together in the senate, the white house, communities across the country and guess, on wall street. that means we don't leave this building until we have done everything we need to do to put the academic under control and to get the epidemic under control to get the communities attesting capacity and tools they need to manage the crisis and to support the workers that howere going to get hurt. the responsibility is i don't care how he votes in the end but to make the decision to put the house bill on the floor so we can vote on it. and the day that he gets it he needs to sign it. let's give help to the people we serve, not next week or two weeks from now or tomorrow. let's do it today. i note the absence of a quorum. >> mr. president, last week congress provided billions in funding