jamie diamond from jp morgan chase. he told investors any liability related to the assets will come with us. he praised his company for by setting aside a d.l. 28 billion rainy day settlement fund and guess what? it's raining (bleep). looks to me like this government settlement is $15 billion less than what diamond thought it might be. the only way this settlement could get sweeter is it if it was tax deductible. >> it could be down to $9 billion. >> because the majority of deal is expected to be tax deductible. >> son of a bitch n. this confirms what i said settlements for malfeasance and donations do breast cancer charities are equal in the eyes of the law. the passion and drive from so many cnbc and financial analysts goes solely in one direction and not in the direction you normally associate with journalism. here is maria reacting. >> i think any time you are looking at the greatest fine in wall street regulation it's worth asking should this guy stay in his job. >> the company continues to churn out tens of billio

jp morgan chase reached a tentative deal with the justice department on friday. it finalized an agreement that was hashed out for months, that would settle a longstanding issue of toxic mortgages leading up to the crash, but it would not keep them from being held for criminal liability. could jp morgan be held for wrongdoing. $4 billion of the settlement would go to the federal housing finance agency for mortgage back security sales. $4 billion would go to helping struggling homeowners and another $5 billion would pay fines. formerly known as washington's darling, jp morgan's payout is the biggest action to date and may set the stage for more deals with other banks involved in the mortgage securities meltdown. the american government seized two mortgage giants fannie mae and freddie mac and let lehman brothers collapse in the largest corporate bankruptcy in history. it brought about recession that saw massive job losses, wage stagnation, since then the government has set up programs to help main street's financially wounded. in february 2012 a national mortgage s

this is all about us getting to know morgan. so, morgan, how's school goin'? fantastic. i just aced my a.p. mandarin test. i told axl to drop spanish, so now he's taking it, too. ni hao. oh. i didn't know you dropped a class. so what's wrong with spanish? well-- nothing. it's just everyone knows chinese is the language of the future. uh-huh. huh. wow. i didn't know that. did you know that, mike? yep. it also looks good on your transcript. i told axl he needed to start thinking about things like that. it's not exactly like we never talk about that around here. (chuckles) i mean, we didn't just give birth to him and then walk away. well, i told axl... so it went for the next 20 minutes. i told axl he should ask for a raise at the theater. i told axl he should get those brakes fixed. i told axl he should wear more shorts. i told axl that eating too much takeout is bad for you. i told axl-- well, i told axl-- would you like some broccoli? i'd love some. oh, axl doesn't eat broccoli. oh, sure he does. i told axl it's great brain food, and now he loves it. i told axl... (gasps

morgan and. we've done it to me he's a gift that keeps on giving like herpes or aids or something he sees financial herpes wherever he goes people are infected with as is his banking virus well he's also i would say a little pew sion and a big n.d. and so we've got them all rolled up into one mccain precious justice to hold j.p. morgan executives accountable as we know j.p. morgan's jamie diamond went to meet with eric holder in person on the twenty sixth of september and in response senator mccain sent this letter he said will you seek to hold any top officer director a key employees within j.p. morgan personally accountable for the wrongdoing mccain of arizona wrote in a letter today to attorney general eric holder mccain the ranking republican on the senate subcommittee that probed j.p. morgan's record trading loss last year criticised holder's september twenty sixth meeting with chief executive officer jamie diamond calling it highly unusual now the meeting was regarding the alleged eleven bi

morgan and. we don't have jamie he's a gift that keeps on giving like herpes or aids or something he sees financial herpes wherever he goes people are infected with as is his banking virus well he's also i would say a little pew sion and a big n.d. and so we've got them all rolled up into one mccain precious justice to hold j.p. morgan executives accountable as we know j.p. morgan's jamie diamond went to meet with eric holder in person on the twenty sixth of september and in response senator mccain sent this letter he said will you seek to hold any top officer director a key employees within j.p. morgan personally accountable for the wrongdoing mccain of arizona wrote in a letter today to attorney general eric holder mccain the ranking republican on the senate subcommittee that probed j.p. morgan's record trading loss last year criticised holder's september twenty sixth meeting with chief executive officer jamie diamond calling it highly unusual now the meeting was regarding the alleged eleven bi

morgan. >>> last month, j.p. morgan agreed to pay nearly a billion dollars in a so-called london whale scandal. if you add up all of the fines j.p. morgan has paid this year alone t equals 14 billion, $730 million in total. >> more austerity cuts are coming to europe, and it's renewing outrage and anger across the continent. demonstrations got underweight in portugal and in lisbon, thousands protested planned cuts to civil services salaries and pensions. some 400 buses were used across the famous april 25th bridge after officials refused to allow them to cross on foot. over in litaly, similar anti-austerity demonstrations turned violent as protesters clashed with police. sonia gagalleo is in rome. >> a showdown charges that security officers and seating off smoke bombs and fireworks. many of the protesters fled the area when the trouble kicked off. early in the day, the march had started fooefls. they came from all over the country, tens of thousands of protestorspivalates. they came from all over the country, te

morgan stanley did awfully well. what names are you looking at right now to set the tone for, perhaps, the current quarter? >> an excellent question. we have been investing what we think of as high quality lower variability companies that have sustainable advantages and existence is all around the world, companies like three am, companies like united technologies. we have been looking to see what they have to say this quarter with respect to what the rest of the world, what business has been like. we know that the emerging markets have slowed, have been in a bit of a funk. we know that some parts of the world are still below recovery, if you would. no companies are admitting that has been a problem. we are anxious to see what those companies say. the quality companies having trouble, that strikes us as the most companies must be as well. that is the kind of thing we're looking for. some of those are coming up next week. liz: specifically three am and united technologies, you happen to be adding to your portfolio. uni

morgan's most recent ten q. filing were actually announcement earning their earnings announcement they have set aside an additional fifteen point seven billion dollars to cover future losses and like you said there are criminal charges remain pending here you know to put things in perspective we have a graph of actual bailouts during the crisis here and we have the same lines as before to put everything in perspective tarp twenty five billion dollars and then we have maiden lane loans that's twenty eight billion dollars that's regarding various sterns another forty billion dollars from the f.b.i. see finally from the federal reserve itself sixty eight billion dollars in september of two thousand and eight having it all together j.p. morgan got at peak lending periods over one hundred sixty billion dollars from these various government agencies wow hundred sixty billion and i mean that's just tremendous so there's you know if you're looking for a motive. now it seems as though jamie dimon still seems to be operat

the compound had fled, just as morgan had predicted. his guards-- unarmed and terrified-- sounded the alarm, but they were instantly overwhelmed by the attackers. >> jones: they said, "we're here to kill americans, not libyans," so they'd give 'em a good beating-- pistol whip them, beat them with their rifles-- and let them go. >> logan: "we're here to kill americans." >> jones: that's what they said, yeah. >> logan: not libyans. >> jones: yeah. >> logan: about 30 minutes into the attack, a quick reaction force from the c.i.a. annex ignored orders to wait and raced to the compound, at times running and shooting their way through the streets just to get there. inside the compound, they repelled a force of as many as 60 armed terrorists and managed to save five american lives and recover the body of foreign service officer, sean smith. they were forced to fight their way out before they could find the ambassador. not long afterwards, morgan jones scaled the 12-foot-high wall of the compound that was still overrun with al qaeda fighters. >

morgan. this represents half of morgan's profits over last year. >> we have heard about these fines and negotiations. is main street any safer from these bad mortgage practices? >> of course, you know, that is big question and not only are they any safer from bad mortgage practices but wrongdoing in general. when we take a look at these raft of probes. and of the people we have talked to and i have talked to the general consensus is no. the general consensus is that until a senior manager is held to account that we really won't see a fundamental change. >> patricia, appreciate that. we'll continue on this vein just a moment here. much more on this story coming up a little later in our program. we should tell you that patricia will have much more about the j.p. morgan story tonight on real money with ali velshi. the reported settlement for j.p. morgan is a record for a bank. but how will that help homeowners? jonathan betz is here with more. jonathan. >> it's a record $13 billion settlement fo

morgan chase c.e.o. jamie dimon will ask if wall street with all its reckless behavior should be advising the white house then the top leaders of the u.s. intelligence agencies are back in the hot seat on capitol hill senator saw more information about the n.s.a. surveillance and ways to limit its expansion more on today's hearing later in the show. it's wednesday october second four pm in washington d.c. i'm same saxon you're watching r t and we begin with day two of the u.s. government shutdown more than eight hundred thousand federal employees remain furloughed and countless services and government functions around the nation remain shutter the national institutes of health is shutting down its cancer trials this week and definitely moving forward as the government remains shut down roughly two hundred patients including thirty child cancer patients were to begin cancer trials this week now they won't also while states food stamp programs are still up and running the federal program is non operational

morgan chase c.e.o. jamie dimon if wall street with all its reckless behavior should be advising the white house and the top leaders of the u.s. intelligence agencies are back in the hot seat on capitol hill senator saw more information about n.s.a. surveillance and ways to limit its expansion more on today's hearing later in the show. it's wednesday october second two pm in washington d.c. i'm sam sachs and you're watching r.t. and we begin with day two of the u.s. government shutdown now in just the last hour a meeting at the white house between president obama and congressional leaders wrapped up and the result no deal i believe based on what we have seen the performance of the tea party driven cruz led. house now no longer in the senate it's now in the house. i think that. it looks like these people are headed where they want to go michele bachmann said finally finally we're where we wanted to be we've closed down the government she's not alone. and so the shutdown continues for many more than eight

morgan? >> you said you are there with a health-care worker who is signing people up today, can she tell us about what families can look forward to with these exchanges? >> reporter: absolutely. joining me now is an agreeia bell. thank you so much for joining us. >> absolutely. >> reporter: this is a day you guys have been preparing for quite a while. there is a lot to look forward to and a lot of different exchanges. can you go over that? >> yeah, absolutely. michigan has 14 different health plans that people can choose from and four different levels of coverage. so people need to take some time and think about what their current health plan needs are, gather their information and start looking at their different opti options. coverage isn't going to start until january 1st, so take your time and look at the different options on healthcare.gov. >> reporter: and that is important. this takes effect in january, so i imagine there are going to be a lot more -- >> i'm sorry it sounds like we hav

morgan would step up in front uncle sam the money or remember this. morgan is admitting it violated laws in the london whale scandal j.p. morgan and others are driving up the price of aluminum to company was accused of misleading buyers of complex mortgage investments j.p. morgan facing a record fine the allegation did energy markets we made a terrible agreed. almost no excuse for. now of course jamie dimon he was referring to the fallout from the london whale débâcle so by offering to front social security benefits is this just a brilliant p.r. move it sounds like one to me bob when you complete oracle question of course it is and can i just add that only today the c f.t.c. is finding j.p. morgan another one hundred million dollars they had yet to find them for anything related to the london whale debacle but yes anytime we have a situation of extreme political intransigents the wall street will smell blood and they're going to use it to whatever benefit they can and of course here j.p. morgan it needs all the goodwill that it can from this you kno

morgan faces the music other big banks continue to get their way the new york federal reserve bank is now in the middle of a lawsuit filed by a former employee carmen sahara who claims that the new york fed fired her after she refused to falsify documents that if left untouched would have exposed illegal practices at goldman sachs some of the new york fed's most powerful executives are former goldman employees and in many people's severe as case looks like yet another example of regulators looking out for banks instead of looking out for the american people to help us break all this down i'm joined now from our los angeles studios by richard aska senior fellow at the campaign for america's future rich or welcome back always good to be here in town and thanks thanks for joining us richard let me let me by the way i meant to mention the set up that you guys have this big gala dinner coming up here and in washington d.c. in november and it's really really worth checking out get over to to. the web site our future dot org. right there thank you so. j.p. morgan this is the largest fine eve

how far morgan stanley has come. charlie: that is what it was yesterday, that is what got people talking. what is interesting is that is 115 rather than 155. that may have been my fault, but i think 115. liz: what should our viewers take away from that? >> premiere of oa brokerage fir. we deal with people average investors, this is what is going on in wall street. these are sophisticated investors saying the wall street firm that has a right business model starting with morgan stanley. if you are an investor, this is saying the risk management is better. and that basically it has got the right mix of what it does, mean the advice they brokerage channel and investment bank as opposed to the trading model that is out of favor with regulators. liz: this has taken more than a year. >charlie: he took over in 2010. announced switching over in 2009. it is a fairly interesting, i know james is feeling really good on friday because morgan stanley stock was up. better earnings then goldman sachs, which was worse than expected.

morgan we're sacrificing j.p. morgan we're willing to throw j.p. morgan on the boss and let the stock go to zero like enron or world com like the dangerous ponzi scheme that is absence i know i'm not saying that it's because ultimately the financial markets if everybody's willing to ascribe a value to it then it doesn't really matter what you're talking about here is a central bank has negative equity when you actually do this central bank basically loses enormous amount of value now if you don't correct it with a lot of thinking you're saying these actual collateral these bonds of no value because a central bank issuing them hasn't got any substance but the real issue is we can all pretend that's not an issue and then we can still ascribe value to it and as long as we can keep the banks liquid because ultimately banks fail because a lack of confidence and lack of liquidity as people withdraw money as long as we can maintain that because it's more comfortable for everybody to maintain that we can keep it going they will come a movement which is the

this is the latest of many settlements for jp morgan. in july the government announced the bank would pay $410 million to the federal regulatory commission, for manipulating electricity prices in california and the midwest. last month jp morgan agreed to pay $1 million to u.s. and british regulators, admitting that the traders acted recklessly. the same day regulators ordered jp morgan to pay more than $3 million to customers hurt by illegal debt collection. wednesday the bank agreed to pay $100 million to the comodd dis futures trading commission for the london whale deals. now the $13 billion penalty for selling bad mortgage bonds to investors. that's $14,730 million since july. jp morgan could face criminal charges for mortgage bonds and an investigation over practices in asia. it's one of several banks being sued for rigging interest rates charged to other banks. >> after a summer of destructive wildfires australia is battling dozens of their own, burning near sydney in the blue mountains. hundreds of firefighters are working to cont

here is the thing that rick and morgan forget that. is you can't force an employer to hire somebody. so if the wage goes up, there will be fewer dollars left to hire people. you know, the -- >> i'm not for the wage going up. >> people might be paid higher but unemployment will go through the roof. >> morgan is not for wage going up. >> i'm not for the wage going up but i'm not for doing away with minimum wage altogether. the bigger issue is you have a bevy of unskilled workers and adulting filling the position. >> we have something to help them. the earned income tax credit. let's not skew the labor markets. help those who need it. >> that is the last word. now that the showdown in d.c. is over, our informers have the stocks ready to pop up. >>> and we are back with the stock ready to take off now that a d.c. deal is done. home depot, why do you like them? >> this is a surge in the last two years and there is still room to squeeze out returns. pays 2% dividend and analysts have been upgrading it. >> mike, you must use home depot. >> i

this is al jazeera america and i'm morgan radford in new york. america's closest allies are and inning answers over the lathest spying allegations. so they're bringing the debate right to america's doorstep. a delegation from the european union will arrive in washington monday to question u.s. officials over this week's revelation of spying, including access to tens of thousands of french phone records and even monitoring german chancellor angela merkel's cell phone. now merkel is demanding the u.s. sign a no spying agreement with germany and france. same as what they have with great britain. but u.s. officials say this is really nothing new. >> all are aware that collection on their high level political leaders is always a possibility. >> and now, mike viqueria brings us the latest from the white house. >> while u.s. officials are still not commenting publicly on the substance of these allegations, spying on america's closest allies, including the cell phone of angela merkel, president obama has been on the phone with officials including merkel

. >> my top three picks, as you heard before on this show, are morgan stanley, morgan stanley, morgan stanley. >> all right. well, mike mayo is live on the phone. mike, welcome back. >> thanks for having me. >> you talk the talk. gorman walked the walk, right? >> well, this is the last management margin, at least a decade, doubled from a level two year es ago, getting the synergies from the smith barney acquisition, and i'd go further. i'd say this is the best time in a 16 years since the dean ritter acquisition that they're getting it all together. >> you have to feel pretty good, like the colts drafting andrew luck and having the number-one pick perform up to expectations, right? >> well, it's not over. they're just midstream. and i pressed the ceo on the conference call, james gorman. he said it's just beginning in terms of the pickup and the benefits from the acquisition of the joint venture. and if you look at the last year, they've certainly taken out a lot of cost in terms of downsizing branches by 8%. but on the other hand, this was confirmed on your show two times ago, scott.

is jp morgan still a buy or is bank of america a better one? legal problems are pretty much behind it. >> jpm has certainly been hurt worse, so it strikes me as jpm and the analogy that i would use is goldman sachs. both jpm and goldman sachs were the leading banks and as the leading banks unfortunately, you're the one who gets shot at by the regulators. in terms of regulation, the issue is to make sure wall street finds out who is in control. that's very much what is going on here. yes, yes, there were -- there were problems in terms of the mortgage backed business, but, you know, jpm the well-run firm is the one being focused here. >> talk to us a little bit about the changing sort of environment in which banks are doing business today. interest rates have been rising. the other bank that came out with numbers today, wells fargo, the largest mortgage organize nay tore, with chase, how is that changing their business? when you look into their segments, fixed income, commodities and currencies, that wasn't doing that well, trading wasn't doing

is jp morgan still a buy or is bank of america a better one? legal problems are pretty much behind it. >> jpm has certainly been hurt worse, so it strikes me as jpm and the analogy that i would use is goldman sachs. both jpm and goldman sachs were the leading banks and as the leading banks unfortunately, you're the one who gets shot at by the regulators. in terms of regulation, the issue is to make sure wall street finds out who is in control. that's very much what is going on here. yes, yes, there were -- there were problems in terms of the mortgage backed business, but, you know, jpm the well-run firm is the one being focused here. >> talk to us a little bit about the changing sort of environment in which banks are doing business today. interest rates have been rising. the other bank that came out with numbers today, wells fargo, the largest mortgage organize nay tore, with chase, how is that changing their business? when you look into their segments, fixed income, commodities and currencies, that wasn't doing that well, trading wasn't doing

you're also seeing, for jp morgan, this resolved a number of investigations, but this resolved about five different investigations against jp morgan, one of which was an actual lawsuit from the federal housing finance agency. that was for losses that fannie and freddie incurred on bad loans that they bought from jp morgan, from bear stearns, from washington mutual that they bought from those two entities during the crisis. so you're seeing a very dramatic and very tough stance in washington against bankers in general. >> so part of that is defined as $4 billion released for consumers. what's that mean? >> we're not quite sure how that's going to be structured yet. what we do know for sure -- well, what we're trying to figure out, really, actually, is how it affects bondholders. because the people who lost money on these investigations are the bondholders. but it doesn't look as good if the u.s. government gets money back for billionaires like bill gross at pemco. so what we believe they've done is they've structured some sort of mortgage release, maybe principal reduction, maybe inte

morgan we're sacrificing j.p. morgan we're willing to throw j.p. morgan on the boss and let the stock go to zero like enron or world com like the dangerous ponzi scheme that is absence i know i'm not saying that it's because ultimately the financial markets if everybody's willing to ascribe a value to it then it doesn't really matter what you're talking about here is a central bank has negative equity where you actually do this central bank basically loses enormous amount of value now if you don't correct it with a lot of thinking you're saying these actual collateral these bonds of no value because a central bank issuing them hasn't got any substance but the real issue is we can all pretend that's not an issue and then we can still ascribe value to it and there's long as we can keep the banks liquid because ultimately banks fail because a lack of confidence of lack of liquidity as people withdraw money as long as we can maintain that because it's more comfortable for everybody to maintain that we can keep it going they will come a movement which i

here is the thing that rick and morgan forget that. is you can't force an employer to hire somebody. so if the wage goes up, there will be fewer dollars left to hire people. you know, the -- >> i'm not for the wage going up. >> people might be paid higher but unemployment will go through the roof. >> morgan is not for wage going up. >> i'm not for the wage going up but i'm not for doing away with minimum wage altogether. the bigger issue is you have a bevy of unskilled workers and adulting filling the position. >> we have something to help them. the earned income tax credit. let's not skew the labor markets. help those who need it. >> that is the last word. now that the showdown in d.c. is over, our informers have the stocks ready to pop up. [ male announcer] surprise -- you're having triplets. [ babies crying ] surprise -- your house was built on an ancient burial ground. [ ghosts moaning ] surprise -- your car needs a new transmission. [ coyote howls ] how about no more surprises? now you can get all the online trading tools you need

think of kinder morgan as the road. kinder morgan partners has made a big move into the pipeline space via the acquisition of el paso. and this business is growing like a weed. kmp reported last night, came in 51 cents versus 61 cents that wall street was looking for. i think there was a lot to like about this quarter including the fact that kmp's revenues rose 33% year-over-year coming in much better than expected. more importantly, boosted bringing the yield to a colossal 6.7%. this stock has gotten hit hard over the last six months. i think kmp may have been punished, overly punished i should say, plus even the recent weakness, stock giving you 132% return with reinvested dividends since i got behind it in april 2007. let's talk to the chairman and ceo of kinder morgan partners, get a better sense of where his business is headed. welcome back to "mad money." >> thank you, jim. glad to be here. >> right now there's kind of prevailing view that kinder morgan may have run out of the great growth opportunities that has g

morgan stuff looks like pretty mundane. they make it sound like the london blitz, they lost money in london but a trader named the london wale . >> they tried to you know, cook the books in terms of how they marked trade without getting into the we'd. neil: have you been saying, they are hardly free of sin -- but does not mean there are others ? >> not only that, they were prodded as part of a bubble, all about housing, we should expand, who created that bubble? it was the federal reserve, taking interests to zero or close to zero that creates cheap money on part of the banks, and number two the direct government policy, the people that created that government policy from guys that ran fannie and freddie to andrew cuomo who ran hud during clinton years, and demanding, now new york state government, they want fannie and freddie to do more subprime lones to jack lew, now treasury secretary. then he basically went to citigroup, one of the banks -- >> you say there are many culprits. a lot of people say, are just. you say if yo