30 Burst results for "Citibank"
"citibank" Discussed on Opening Arguments
"Three years for assaulting a woman or ten years for defacing. A statue makes total sense. In tory britain well adopt a homeless pet and opposed declawing an ear docking day jury belly at patchy loss. That last baby andrew saddles but is the best lawyer but legal. Eagles close sectioned. Heather al jeremiah's fancy mike important in an alley dinners our ally bosnich david in brooklyn. Why are we not talking about inverted. Sentani sam yeah like bo jack sam. Donal mitchell. No commute so by an podcasts. Fun fact. there is a world's most dangerous cheese. I agree with that one hundred percent. Natasha travel wants you to support the justice policy institute sambuc and conrad michael's thank you famers. Oh no social. This firm has ever failed the bar exam. No kidding and now it's time for three home again. I've been thinking about this. I've i've What happened here. Let's see what happened. Here test portage. Let's go all right. So thomas this was a Common-law question about whether the supreme court has jurisdiction to review the merits of a steep court decision that was predicated upon the due process clause of the fourteenth amendment but in which the the state supreme court also said in several of our earlier decisions We could have found you liable under state law But that issue was not presented in this case so we don't rule Under the state constitution there were four answers. You immediately eliminated being c. Which i will tell you are good. Eliminations be was yes because the federal and state law issues in this case are so intertwined that resolution to the federal law issues is necessary to facilitate proper determination of the state law issues That that's a potential ground for when the supreme court can can review the decisions of a state supreme court so it it states an operative legal principle but that doesn't match the facts right like the fact stipulated otherwise so be good. Elimination see no because the decision to the highest steep court renders the case. Moot you're like that seems to make no sense and that makes no sense okay. Can you like that would say you can't appeal things like yeah. That's that's nonsense answer so you were torn your toward for a long time between a. In day you said if the test is not porked than a is the correct answer. Yes because the state highest state court based its decision holy on federal law grounds. And you're like. But i think i'm being screwed. I think the answer is d no because the independent state law grounds could have been used to justify the results in this case. Well thomas it's a mixed bag Port wrong yeah. It's hey and here's here's why i went down. I thought portage was so extreme. That would be but okay. All right Yeah the the standard That this was testing for when the us supreme court can review or can't review state supreme court opinion Is weather that state. Supreme court opinion rests on adequate and independent state law. Gray okay and and it's those two are are both independent tests so adequate. The state law must explain all of the result and independent. It must be clearly state law and not anything else. Yeah that makes sense. Yeah it was a. I should've had it. I just thought you hyped. Up the winning sir at calculated your winning percentage and then you were lying now you typed it takes we just a hole deep. You already wired the correct answer over to me so Know man. I was really back and forth. I think the part. Where does the court have jurisdiction. It'd be tough to say it doesn't have the ability to do that. And that's what. I started to say before i switched up i just. It's just hard because this test has been so poor that i'm always looking for a way that it's fooling me. There's a big difference in test-taking when you think like every question is a trick question versus the i two hundred questions. I did where you know. Some of them weren't some of them weren't but i just the yeah this is. I'm really really wrapped around the axle. Or whatever you say. On this. Because i i had a thought like it's every question has been tricking me every time so there must be some weird thing that will make d the right answer like oh no it could have been so there you go but no. I got it wrong. Yeah and and as i have said before the real bar screws with you like that it really does. I'm sorry the your experience again. I will tell you you have joined some pretty good company of a lot of who also experienced that. Well it's the worst when he wants something like this because it's like everybody's gal obviously i. It's like yeah. I know i know i knew it was obviously but every time like we've had ten questions where it's been obviously a and then you're like yeah but there's a really weird law that means it's not a you know so now it's it's it's tough i There you have it well. I got much streaked. Porked at one one interro is all. I can muster. We're back to losing body. But i'm sure very fine listener Got this one right. So why don't you tell us who this week's big winner is well thomas. This week's winner is andrew array on twitter who writes a trying to double bluff. The examiners is a losing strategy. The obvious answer is the right one in this case so could piece of advice short sink to the point. Lots of people got a. But i thought that was helpful advice. Everyone give andrew raya follow on twitter. That is at or p. t. r. e. and everyone congratulate him on being this week's winner and that's our show reminder. Get that stereo app. Download it on your phone. Follow at torres or at serious pod and we will come at you every wednesday at five..
AI and the Evolution and Automation of Live Chat - with LivePerson CEO Robert LoCascio
"So rob. I want to dive in to the future of a and chat in the enterprise and the little bit of your journey there. But before i even do even ryan this company for quite some time when you guys started online chat in the ninety s companies public firm for twenty years. Here when you look to your business something. Like i don't know how many seventy or eighty million conversations you're handling in any given month when you look down at your business tried to find where. Ai could layer value for your clients. How did you think through that process. Because it seems like that's almost an endless There's almost an endless number of answers. They're basically looking at the data center. We do about seventy eighty million conversation month. I kinda you know that data we could take and look at how are use cases around banking and telco and and and retail and healthcare. These are big customer bases. Come from these verticals. How can we automate those conversations and so we basically just dove into the data we aggregated. The data looked at across customer. And we could see that there were patterns that made really good conversations. So that drove is to say okay. Let's build a host of tools and a new platform called conversational cloud in which we could enable large enterprises market customers to scale their conversation. Automate them and with the onset of covid the there was a massive massive impact contact centers the contact center agents help and nope he was there. They couldn't take calls so so they went home now. They're taking calls there and so there's been a massive drive to automation now because having someone work at home and answer calls just not the way to go. How do you automate that through a digital experience. That's really what's happened and obviously with the onset of covid firms like yourself or now in this position to potentially catch the opportunity to major way when you look at serve. What's potentially automated man even there so much to get into. I mean there's for each individual business that you work with you know maybe a work in with a one. Eight hundred flowers may be. You're working with us. The citibank guys work with some of the biggest companies in america here. The use cases are relatively bespoke And i know you. You worked on building a tool. That's at least understandable for nontechnical people. We definitely need subject matter. Experts to layer context and to structure or flow flows for these conversational systems. But you determine what the bounding box would be because even that feels feels endless and you need to kind of focus in somewhere yes we. We're all this under the header of commerce. And i fundamentally believe that conversation. Commerce is going to be the next leg of digital so we had ecommerce and now we're shifting see commerce and e commerce is is a very interesting thing when you think about like show up at a website and basically every website looks the same right. I mean top nab. Yeah data and google set those rules instead of you don't do that. We won't index you and that's why everything looks the same so what you're seeing is digital each brand doesn't have its own personality now with conversational commerce. You develop your own personality and you develop your own way to engage your consumers too like chapultepec. We had obviously during covid. What happened was people didn't want to go in and get a burrito and make They don't want to sit there for five minutes. Make freedom so chapultepec turn to us said we want to build an automation that somebody could come into their mobile device to any messenger front facebook. I message app and we want to configure a burrito and or whatever they want and they built. We built this Automation called pepper. It's called pepper and you can communicate with pepper. And then you show up at the door and the handed to you. And so that's the poultry. One we've got David's bridal which also people didn't want to come and people get married but do you want to go and sit in the store and try and addressing the one of the largest bridal companies in the world. We automated looking at different things for your body type for your style making an appointment. So you're the only one that's in that store. Don't have a crowd in the store. We built all that. This is just examples during kovin but every one of our customers get the ability to create a conversational experience. That's unique to them. And that's what makes commerce Yeah i i could certainly see the argument that linear text back and forth actually has potentially less less opportunity for really robust customization than you know. Really fancy dancy website. But but i get where you're where you're coming from. I think that there is like a. There's a certain flavor of the brand that you get from talking that maybe you wouldn't get from from a website and obviously what you're saying is that we can tailor that of course with a website. There's a lot we can do with color and features and video and whatever but certainly there's personalization on the conversation side. I could kind of see arguments on both sides there with respect to working with these big brands again. You're you're dropping some pretty pretty big names here. Names of almost everybody listening in has heard of what does it look like to set up these unique systems for them because obviously chipotle's use case which by the way feels very accessible. The number of burritos you can build is not unlimited right as opposed you guys work with delta airlines. The number of things i can complain about to my airline is. There's probably two dozen. You could tackle off the cuff. But but there's gotta be another four hundred that are just we're handing this to a human being but cipolla feels. Wow that feels like almost like dominoes. Chat bot was pretty popular. Winning hundred flowers was doing some stuff. Because there's only so many purchase options but when you go into different clients you got big airlines. You got these restaurant chains. What's that process of really working with them. Because there's got to be a bespoke build out part. You got your core platform you guys are able to use. You have a tremendous amount of data and a lot of staff obviously which it looked like to hop into these big brands and build out. Something that really drives value for our platform conversational cloud. We really broken into three areas in and around the three areas of need when you're looking at scale automation. One is the intent. We called intent manager in its technology that ingests all the conversations and then organizes the intense. So we talk about intense anti-business. What is it consumers. They haven't intention to do something with you. They want to buy something. They wanna customer care question answered and that's an intention and we call that technology intent so we organized the intense and it turns out as we all know. We all asking and attentively. So i may ask a bill differently than you do. But the technologists differences aggregate them. And then what you get to see a list of all the intense in your business. And what are the contents and where the mid level. I'm usually what we say. Let's go solve the top intense bam one and is thirty percent of all the voice calls. You're having
The Role of Consumer Payments Products in Healthcare with Greg Boulton
"Welcome back to the outcomes. Rocket saul marquez's here. And today i have the privilege of hosting greg. Bolton he's a corporate development executive with experience in the financial technology industry who has spent the last ten years focused on payments and payments products in the healthcare space. We are going to be discussing the impact that the financial industry technology and products can have on improving healthcare delivery knowing all the challenges that exist in how we pay for healthcare. I think today's discussion with greg is going to be a really interesting one. And so with that I wanna i wanna give you a warm. Welcome to the podcast greg. Thanks so much for joining today Absolutely so you have been focused on basically how we pay for things in healthcare. Greg what has been your inspiration to spend the time that you have in the sector. sure So i came to the healthcare space from financial services industry specifically looking at payments products so credit cards data cards prepaid cards and in a lot of respects. The industries have a lot cinemax celebrities. They're obviously very critical industries and services they deliver a critical the lives of our members our customers and inherently complicated products plex but in many ways we sort of felt like the defense industry had maybe made faster inroads into bringing automation and customization to our products in the national services industries coming into healthcare really looking for opportunities to streamline and make participating in engaging in healthcare easier for the members so And that sort of dovetail with the health care industry really getting more deeply into consumer directed health care and focusing on the members decision making and the rule that plays in healthcare and so we really saw those industries coming being well aligned a lot of the financial products in the healthcare space. Not really been around that long. Very first tax advantaged accounts around healthcare. We're in the very late nineties. Really got going early two thousand so one of the things that we did early on was to try and attach a card to assam these tax advantaged products. And make it easier for administrators to move the money and also for the members understand what they're spending and make it reduced amount of paperwork in manual actions required for them to take advantage those tax advantaged accounts. It's interesting in your right there so much that has happened in finance that just sped past healthcare and in i had a. I had an interview several months ago with the chief medical our chief information officer at phillips and he came from citibank all the innovations that they were taking advantage at citibank. Now they're getting leveraged by phillips in that company and so there's a ton that we can learn from the financial industry and so talk to us a little bit about some of those things greg and And maybe how this particular approach can add value to what we're doing in healthcare. Well i think some of the things that we've been engaging with a lot of course as i mentioned automation and debts really almost entirely contingent on standardization through a lot of advantages services. Industry has had compared to health care. There's much higher level of standardization and the bodies that would create maintain both system rules as well as as the legal constructs behind all that allowed enforcement of rules. Were so much stronger in the financial services area than they've been in healthcare so in the initial services we've had visa and mastercard had nachon had a very prescriptive. A central planning operates nash services and that's allowed all of the companies to code robustly to bill very robust infrastructure around a data said and mediation standards. That didn't have a lot of variation in the healthcare space of course do have standards. But they're far looser and there's a lot more variation variation in healthcare plans and there's a lot more variation kind of diversity of approaches across the healthcare space. That makes it all much more difficult to approach but overall approach very much has been as we're going to try and create a consumer product built on a on a mountain of technology at complexity but trying shield that and make it seem as easy to consumers possible. Make that decision point. Essentially you know in the the member of the consumer is at at a point of sale. We want them to go to the wall. No which which carving out trying to keep it as simple as that and healthcare space
"citibank" Discussed on Snacks Daily
"Just unveiled over at forbes magazine. The twenty twenty class of thirty out thirty jackie into the first rule of the forbes thirty under thirty list. I doubt what is it. You gotta post lincoln humboldt. That is a mandatory requirement. Guess who stole forbes's thunder like right alexia who stole forbes's thunder spotify. Spotify just came out with their year in review list. It's called wrap twenty twenty of your most listen to songs and podcast. I just learned. Apparently i'm trying to become the fifth son in mumford sons. Jack you've got the beard for it. By the way i stocked us listening to our very own podcast for you know a casual three thousand minutes this year. I'm flattered nick that you stocked spotify moment in the list. Spotlight only lasted like fifteen minutes. Jack you're so right because then apple announced its top absolutist of two thousand twenty congrats disney plus zoom surprise a brat and then inc magazine revealed. Its top ten list of business books for twenty twenty. Everybody's publishing list right now. Because season and the publishers know that you love a good list. Jack lists dr clicks on a t shirt. Nick do you want to see the top five reasons why someone should come up with a top twenty twenty lists list. Well we already listed are three stories list. So why don't we just hit them right now. Let's daily spoke about the rain. Food is candy. They don't reflect. The views of her family is so unlit formation just so get double recommending any securities. It's not a research report or investment advice to offer or sale security by snacks digestible. business news video financial. Llc member favors less happy c. four. I story the slack. Was edition is finally official. If you own slack. This is a huge win for you. The on salesforce it. It's a huge loss. Free mark benef-. Ceo sales stores. He is a prolific texter. Gets back to everyone not us but now he matters now. He owns a messaging company emphasis on the ad here. There's gonna be a lot of adhere here on monday knackers. We told you this was happening. Salesforce buying slack but then three wild things happened in just the last forty eight hours involving those. Two companies salesforce reported their quarterly earnings. Black also reported their curly earnings interesting. And a twenty. Eight billion dollar price tag for the deal was announced. So now that the acquisitions finally official perfect time. Jack and i are thinking to look at what actually comes next because no one talks about what comes next seems as straightforward as buying us out. Its weaker yet. Does someone gets paid but salesforce has acquisition of slack has some fascinating payouts in particular that we want to focus on first we want to announce the winner of this deal. You ready okay. We got the list going here. We got jack where we got. Who's a winner slack snappers if you slack stocks fast it was at a disappointing twenty nine dollars a share just last week. That's where it was hanging out. It was just thirty percent this year. Even though many expected that slack was going to be a pandemic winner like up there with zoom zoom sibling. Everyone thought that that was the thing in may. It's not zoom sibling but now salesforce is going to buy. Every single share there is of slack. Paying with both cash and salesforce stock. So every sheriff slack is gonna receive twenty six dollars and seventy nine cents in cash but wait. There's more yet. No cash on delivery snappers. Plus you're gonna get seven point. Seven percent of share of salesforce and salesforce is two hundred and twenty dollars a share. That seventeen bucks. That's not nothing that seven point. Seven percent of us all right. So if you've been keeping track little whiteboard board over there. We can add this effort so slack. Stock owners are going to get a forty four dollars payout for a stock that was worth just twenty nine dollars. Last week was do a little more math for you. That's a fifty one percent gain for anybody who owns lack over the course of just one week. We gotta talk the into the yang here jack. The loser in this deal well by the process of elimination. It's easy yeah. We're gonna use that. It's going to be salesforce. it's test. I was the loser here now nick. Buying a boat is an awesome thing to do. But it's not awesome if you pay way too much for that boat. That's pretty awkward. And scenarios salesforce is basically doing a total of seventeen billion dollars to slacks millions of shareholders. Right and they're paying another eleven billion dollars a brand new minty sales for stock which dilutes the value of all the existing salesforce stock or of our ward board. Here doing a little more math and this deal results in an immediate fifteen percent loss for people who own salesforce stock so on paper slack shareholders. One this deal. You got a fifty one percent. Gain and sales for shareholders lost this. You've got a fifteen percent loss in life. Salesforce is hoping that this deal makes it a more valuable company in the long term this slack integration. Even if in the short term wall street doesn't agree. So jack what's the takeaway. Our buddies over in the slack. -sition salesforce looks desperate. Desperate to keep growing knackers. Total coincidence here but salesforce in slack both in third quarter earnings just yesterday when all this was going down despite the pandemic slacks revenue growth slowed last quarter all. And it's still not making a profit and wall street's not impressed. That salesforce is paying so much for an unprofitable slack. On the other side of the cloud server sales forces revenue growth would have slowed in two thousand twenty. If not for a bunch of acquisitions that made the company bigger. And honestly jack. I checked it out. It looks like salesforce is growth would have slowed more in twenty twenty one if not for this slack was yesterday mark. Benef- co salesforce refuses to let his company's growth slowdown. But that comes at a high big huge cost for our second story. Mattress matches mattress. Citibank is not just a back check exotic secretly as one of the most successful venture capital arms outside of silicon valley. Zachary's jack and i've been thinking this for a while so we're just gonna we're going to put this out there and say it. Corporate venture capital arms are the sweatpants of venture capital. Used to be boring now. Everyone's doing everyone's doing it. They're everywhere in fact corporate venture capital arms. Which are just the vcr company. They've invested in one quarter of all venture capital deals in the last year. For example kellogg the cereal company they have a venture capital arm. It's called eight thousand ninety four because that's when the company was founded it's clever and they've invested in purely elizabeth by the way fantastic renault. If there's not a local granola baked down the road then. I do get purely elizabeth delicious and crunch it. It feels localish now. They've also invested in beyond meat. Which is one of their big venture capital success stories. Let citibank the new york city wall street firm. They've also got some employees wearing all birds in patagonia vests. They got their own corporate venture capital arm. And they've been incredibly busy. Jack and i just noticed about ten investments a year to start ups giving them about twenty million dollars each which is one of the fastest paces of investment. You see out of any corporate venture capital arm and their track record is strong. They've invested in nine unicorn. Companies worth over a billion dollars. Six of whom have exited getting citibank. A nice lucrative. Financial return is a citibank. Snatches planning millions a seat. They're reaping multi-million dollar harvest here in bountiful harvest rolls up into the parent company citigroup and their quarterly earnings. So jacqueline i jumped in snack style. And we noticed there. There's a really interesting strategy to citibank's venture capital investments and we're gonna illustrate that strategy by imagining together that we're going to buy a standing desk online. Why not you know. Actually full disclosure here. Jack and i record this pod standing. We're always standing. I only record the pod. Those dating nick. I do everything else. Eat it because i'm not like dwight trying to prove a point hit twenty two hours of the day and then two hours were standing on his standing desk. You go to jet dot com which is now owned by warmer. And then you're gonna check out so you use honey the plug in honey to get a discount code seeking that standing desk then you wanted to split the standing desk because you and your roommate at both using it so you use squares cash apt to pay him back then once you get that cash and your cash app you're going to transfer it to your bank account using a service platt and then you might move that money to your betterment account so you can investigate but all those companies we just mentioned in that transaction chain they all were investments by cities venture capital and each of those represent juicy profitable returns because city invested early in all of those booming companies. And some of them. Ipo seven of them have been acquired. Ironically one of those companies they invested in square is now nearly as valuable as cd group itself. Just eight years after citigroup's investments. So jack what's the takeaway. Our buddies over at city doesn't matter what kind of investor you are invest in the things you know snacker cities venture capital arm didn't just invest in startups because they were just related to finance get this two-thirds of the companies that city has invested in they are vendors of citibank like docu sign for example. A company city has invested and is using on a daily basis so citibank works with companies before investing it uses the products and so new the products it dated basically before poppy investment question. This strategy works for corporate venture capital non corporate venture capital even regular old buddies like you and a regular investors. You can invest in what you know best which may be just what you've used the most for our third and final story. The nasdaq stock exchange wants way. More diversity on corporate boards asap so they're trying to force companies to do so or else they can pack up all their stock and go home pretty much the deal here now snacks. Here's the funny thing about nasdaq. It's a publicly traded company in the business of trading publicly traded stocks ticker symbol end dak. They're listed on their own nasdaq stock exchange. Jack ticker symbols should be a good call. they also manage. The famous nasdaq composite index which tracks the stock prices of a bunch of tech companies. But then as actress came in and said you know what companies are two white and their two males so they proposed a new rule to the sec. Here's where it gets creative. Ya gotta have at least one woman on your directors and one person who identifies as either underrepresented minority or lgbtq plus and if you don't you must explain why which is which is awkward but the nasdaq is actually gonna make you publicly. Explain wa very very strange letter to put on paper and then they're going to give you like one or two or three years to change your ways and comply with the new rule if you don't get delisted from the nasdaq and then you go to the new york stock exchange which is gonna feel awkward for the new york stock exchange and we wonder if the new york stock exchange is going to pass a similar rule. If this comes in act all right so jack. I'm just threw out some ideas here. You ready food critic pro hockey player. Pf tm board member. We're talking hashtag job goals because board members nick they can get paid like a few hundred thousand dollars per year to attend like ten meetings to fly these things you zoom two years ago. You could zoomed into these meetings. Here's the thing. Though about board of directors in america's corporations they are overwhelmingly white an overwhelmingly male so jackson. This next out of the top thirty five hundred publicly traded companies only twenty percent of the board members are female and only ten percent of those board members are non white so nasdaq than sites. Like two dozen other studies that are showing better diversity leading to better financial results on top of all that one specific example boston consulting group did a study last year showing that diverse management teams have nineteen percent better innovation than non diverse management. All right so add it all up. We know what you're thinking. So what's like the current situation with all of nasdaq's companies right now. According to nasdaq's were view which they announced yesterday with his new proposed rule. Three quarters of the company's listed on nasdaq would fail if the rule was in effect today. That's right if three quarters of the companies on nasdaq. Don't make this change. If this becomes a rule they would technically have to delist from nasdaq. Now it's up to the to decide if this rule is okay before it becomes reality so jack what's the takeaway for buddies over nasdaq. Big corporations have become defacto. Lawmakers in america snack pop on over to germany. Any board with over three people on it must have at least one woman. That's the law in california passed a similar law for companies based in california at the state level. But nationwide here in the us. Congress hasn't done anything like this but nasdaq has the power as the gatekeeper to stock markets. They're like a bouncer. Who can check your id before leading you into the stock market. And then if you don't get it on nasdaq stock market. The only other bar in town is the new york stock exchange. You're kinda stuck. Yeah it's pretty much to major stock mark. So if nasdaq things company should have more diversity on their boards. It can require that. Oh and it can make that happen. That's kind of the role of congress because it sounds like a legislative policy kind of thing but congress hasn't done anything all right so when we look at it a little bigger picture here. Apple's taken stance with online privacy amazon's taken some stands with sustainability and now nasdaq is taken stance with diversity. We're seeing companies. That are big enough to act as gatekeepers. They're setting defacto laws in america. Jack in your whip up the takeaways force over there. Salesforce just got the company at wanted to get. It came a big cost and wall street. Judge that decision negatively by fifteen percent for a second story citibank does banking and venture capital. They invest in what they know and what they use and it's working for for a and nasdaq is taking leadership. In the fight to diversify corporate america the corporate gatekeepers right in their own laws. Now time for our snack factor today. This one sent in by angela shannon lovely vancouver canada and bradley freeman from fantastic los angeles. When you're auditioning for a show nick. Someone might tell you before your audition breakaway. Yeah we've all heard break a leg break like you've been saying this for years and it's it's disconcerting it's awkward but you say there's a reason though they are hoping that you end up getting in the cast let it sink in. It took us a minute of a cast. One word meanings. That's called a homonym perfect. You're heading it's like the takeaway snack fantastic smackers. You guys look fantastic today jack. I love the schambori designated asked about his age. Why did you had your snacks daily. You can i'll see you tomorrow. Can't wait you know and before. Go snappers big. Happy birthday to julia. Augusta nucci over and wrong and happy birthday to back to your asimov in tashkent. Who's becca stanton. Alex ellison and shreveport louisiana and corey ireland in indiana pennsylvania and happy birthday to meredith hair in atlanta. Jared san diego and clear higgins and bend oregon and a poor the ati poly in hyderabad india and congrats to david. Molly just had their anniversary intervene. California and congrats to michael calman and erica diddy combs who just.
Are We Being Forced to Buy Stocks
"Last week in the insiders guide email newsletter I pointed out the expensive valuation of US stocks. Specifically I showed that the forward price to earnings ratio the P. E. based on earnings estimates over the next year was twenty, two point nine. That's three standard deviations above its average of sixteen times going back to two thousand, three at data from Ned Davis. Research. In reply to that email, Andrew wrote regarding stocks being expensive on a forward e true but there's no alternative. What do you do with bond yields near Zero and the vanguard total stock market? Index. Fund. Yielding two percent. By VPI, the vanguard total stock market ETF. JASA forwarded to me a paper by Bridgewater says, which I'll discuss in more detail later in this episode. I had a similar question from a plus member in the money for the rest of US plus member forums. He wrote. So the Fed signals that it wants to keep rates low for three more years. Canada's pension. Fund is reevaluating bond-holdings and you've got an army of small and large investors bidding up companies like Tesla and snowflake to absurdly hype. All this combined to make me think are we as individual investors now forced to buy equities? Is this the mother of all bubbles in which there's literally no other things suitable for purchase. There is a lot of speculation in stocks right now. Jim. Bianco Bianca Research pointed out that small traders are dominating the options market. Bear most of the trades right now and seventy five percent of that volume is an option contracts expire in two weeks. So short term bets. Look at South Korea and article from Bloomberg pointed out that day traders in South Korea have accounted for eighty seven and a half percent of the total value of stocks traded in the first part of September. You. Some men chief strategist at Samsung Securities said retail investors appear to be seeking short-term profits after hearing their next door neighbors earned lots of money from stocks after the March selloff. Receiving a similar situation in India. The Financial Times reports that the number of individual investor accounts rose twenty percent from the start of the year, the twenty, four million, and they point out that around the world, an influx of investors are investing in stocks for the first time. Are. We in a bubble? Is it a speculative frenzy? Are we forced to buy these stocks because there are no alternatives with also? One of the things I like to do investing is think about what's different this time what's unusual? What what doesn't fit the pattern? I had two instances of investing this past week where something didn't fit the pattern Lebron, I were driving up in the mountains of Montana and a small bear cub really bolted right in front of us no idea what it was running from. My son suggested he was running from the year twenty twenty. And then few days later at our front door, there were seven cows drinking water from the driveway eating our bushes. There are no cows around us. We live in an area that nobody keeps cows but there they were right in front of my house. Turns out. They had strayed from the National Forest, which is not very far some outfitters have grazing rights and drop off the cows and leave them there all summer pick them up come late October, and they had straight down because some of that newly cut barley fields, but it didn't fit the pattern. Cows at your front door. Don't fit the pattern. What's different now on investing front that could justify more expensive valuations for stocks. Well, for the first time, ever US interest rates are near zero from short term out to ten years. This is known as a flat yield curve, which is an unusual. We've had flat yield curves in the past. But it's flat near zero. There was a flat yield curve where ten treasury bonds and cash for yielding similar back from two thousand and five to two thousand seven. But yielding four percent. And from two thousand to two, thousand, two cash and tenure treasures were yielding five to six percent. Today, the ten year Treasury yield is zero point, six percent and cash is zero. The Federal Reserve intense to keep it that way. The recent policy statement suggests that they will keep their policy rate. What's known as the Fed funds rate near zero until labor market conditions have improved. The. Unemployment rate has dropped close to to to maximum employment and that inflation has risen to two percent is on track to moderately exceed two percent. They included their economic and rate projections and all, but four officials on the committee. Expect the Fed funds rate is still be near zero at the end of twenty, twenty three. Rates are low across the board. It is a different investment environment than we have ever faced before. And that's what this paper by bridgewater associates was about. It was titled Grappling With the New Reality of zero bond yields virtually everywhere. It was written by Bob Prince Greg Jensen Melissa fear, and Jim Haskell. I. Discussed Bridgewater Associates Founder Ray dallies views back in episode three, hundred changing world order in this paper bills off that. Before we continue let me pause and share some words from one of this week sponsors masterworks. I've shared on the show how low interest rates are on bonds and yields and cash about zero money has to be invested somewhere in preserving your wealth is as hard as it's ever been. That's where masterworks comes in. If you're looking to diversify out of the traditional public markets, then take a look at masterworks. They make blue chip art investing possible works by artists like Banksie, 'cause and Warhol. Art is a one point seven trillion dollar asset class that has performed better than s five hundred by one hundred and eighty percent between two thousand and two thousand eighteen according to Citibank.
Latest from the Stock Market
"I'm Melissa Leo Best Carter Worth Tim Seymour's Karen fighter men and guide dominated Tommy. The countdown is on its apple's big event tomorrow. Will it be enough to convince enthusiasts the world over to trade up in the middle of trade war also ahead activists investor. Elliott management taking a three billion dollar stake in at and T. A. Saying ix nay on the bank they see a sixty percents upside potential traitors take a second look and Boeing pausing using stress tests on its new triple. Seven after issue is discovered. We've got the details ahead. We begin with the Big Bang breakout on the day. The S. and P. Five hundred ended in the red checkout. He's he's moves from City Bank. America Wells Fargo David Morgan all firmly in the green for wait a minute. It was just a few days ago. The racer plunging yield curves inverting cats and dogs living together together and now look so the banks turned a big corner guy this desk by the way cats and dogs living together guy who's not sorry sorry who had a cat or a dog. I guess well how good question to answer on TV well. Let's go to the marketplace Sultana think they've turned the corner at all but what happened is everything got a little ahead of itself and it's not like we haven't talked about this. We're not saying this in a vacuum. Go back Tuesday. I think before Memorial Day we actually power-pitch some of the banks specifically it was city saying that you know what boring markets slow week into a holiday markets probably GONNA rally the toto's probably gotten and ahead of itself when city trades that discount to tangible book historically over the last couple of years. It's been a buy and that's pretty much what's happening. I mean I don't think again. The landscape has gotten better for the banks. Necessarily just the trading landscape in the short term has so the city have more room yeah probably overshoot seventy two like it undershot to sixty one but I think the the headwinds that they faced still exists today are some rays of sunshine based on what the CFO told the Barclay Financial Services Conference today that they expect growth in the back. AH The year that there are other parts of the business that can offset some of the losses or the softness in sort of the rate sensitive businesses so can you sort of extrapolate that some of the other brings thinking. Maybe things aren't as bad as people thought yeah I think I think that what the price they were trading at before. Two days ago really reflected a lot of things so I don't think I more that a lot of bed extra too much penalties there. I think if you think about where Citibank was trading you know well under ten times earnings a three percent yield. JP Morgan tend to change times earning a three and a half percent yield Bank of America under ten times earnings. I mean that's a lot about news priced in and their business models aren't all interest income right. There's a lot of other income in there as well so I think you know the market just saying Oh the whole book of Big Money Center banks is a giant two year tenure spread it must be going to zero didn't make sense. I'm not selling them here. I think they're still attracted. I'll actually question because we've had one kind of from a market position. Technicals Protective Talk and fundamentals. I'll talk to you the context of the overall market this this could you could make a comparison to the first quarter twenty sixteen when we're worried about global growth and banks essentially got through this period where once we got the sense that recession was off the table banks want on argue a very historic run for them relative to at least the cycle. Citibank's up thirteen percent eight days. It's up close to sixteen percent in sixteen days if you look at the X. L. F. It's basically kept pace with the SNP. Despite all of the things things that have happened to bank so the most important thing that happened today and I hate hyperbole may but I will tell you I think this is one of the most extraordinary trading days of the year that no one's talking about impressive was flat and yet you had banks three percent. You had expertise three and a half percent. You would transfer this is a major day for the march is not about the banks banks right. It's a behavioral thing. Is You look at the one hundred. What was the best performing stock the more beaten down. You were the better your slumber J. Lead. You Got Simon Property. You've got things like I mean in hindsight which is literally down eighty percent. Ge in the top ten so it's it's not a bank story although it is that's part of the story because they matter the most. It's simply dead. Cat bounces and dead cats do bounds but do they really come to life. No they're still dead heartbeat. It was more about deflation isn't as bad as you thought. I'm not going to tell you that deflation because I believe it's there's some stuff as leftover from the crisis but but deflation as it was exemplified and illustrated through bond yields around the world through gold going through the roof through everything else that was related to acid replacing going through the floor. The rally today are asset based their reflationary based and that's very exciting sites the retail these are retails that won't exist at some point in three five seven whether it's an urban outfitters. Tayo Ay and it's again it's it's it wasn't specific the banks the fact that it was craft. Ge tells you it was just an unwinding. If there's two sides here on this side of the desk extraordinary training day or just dead cats that's bouncing to make extraordinary trading day in terms of the move in yield terms everything he pointed out was extraordinary the context of what we've seen but I tend to sort of I I well. It should come as no surprise ten more with Carter Worth. I do think these are bounces within the framework of things that have just been oversold. I mean you mentioned Simon Properties. These go back and look where it bottomed out in April. Two Thousand Eighteen look where recently bought them at so you can understand the bounce slumber. J. has been left for dead. I mean we've talked about it. Seemingly for a year and a half trying at least I have tried to ascertain when the bottom would be unsuccessfully. We've seen moves like this before. This will be so again. I guess the fact that the SNP when he was unchanged today bowls could say what that someone constructive bears could say it should have been up twenty five handles on a day like today the other flipside of what happened today was growth oath at any price which had been where everyone wanted to go no matter what terrible complete reversal names like crowd strike or zoom right just absolutely getting annihilated highlighted today so you're just a rotation is just everything that didn't work now pile into that everything that did work time to bail but the question is exactly. I can't can't be in a crowd strikers in there too expensive. They're expensive. Yes two days ago even down ten percent too expensive for me. I think would momentum goes out. Those kind of names have were down to maybe more it's not. It's not terribly surprising that a crowd strike in company and their ilk are going down. Maybe on a daily today or just not rallying as much what's been interesting. Is that Koogle Amazon anything. That's been defensive relative momentum but actually you know they. They tend to be low momentum. Stocks in in difficult times in the market are under performing to Carter cares rights talk about. I don't know anything changed slumber J. in the last week in fact I think lenders as got some tough times ahead of them but when I look at some of the other parts of the market including the transports that are very real companies that are not going out of business that I don't think they're dead. Cat bounces. I'm not saying the world has gotten better in two days. I'm I'm telling you that it's always about positioning. It's always about where I think. The market momentum is we've got an ECB meeting coming up in a few days it's also going to I think help tell the tale of work. Global yields yields go because I think that the European Union is the one that was dragging global yields down and we know that the machines momentum is on both sides momentum down or some momentum up in if I go and when it flips. It's the you get these levers going on both sides but it doesn't usually last that long. At what point do you think I mean. Would you would take a lot of time and a lot more of this kind of thing. Because we saw the bouncing we saw in the certainly bouncing today. You just need in a lot more than I I agree cars. I don't think anything can you can't say suddenly it's it's all good for all these things that have underperformed for long time but for the last three weeks we've seen the DAX ax outperforming the machine emerging markets outperformed so This isn't a one day phenomenon today. It was a bit of an exclamation point on things that really suffer from deflation all right her neck. Scott says you may WanNa pump the brakes on the banks especially ahead of next week's. Fed Meeting joining us now. Steve chaperone equity strategists portfolio manager at Federated Investors Steve Great Great to see you again. so is it just the banks or is it all of these sectors that were dead cats bouncing Carter. I don't know if I'd do as far as the dead cat I. I'm somewhere in between I think Carter and Tim here and what I mean by that is it's very enticing when you look at the move in the banks today and you put it in the overall context then that context has rate rates bottom two weeks you go and have moved higher. The city surprise index bounced into positive territory week ago and value in general has moved up so there's an inclination to want US okay this is. This is the move in the value cyclicals that we've been waiting for. I think you need a little bit of confirmation on that. I think you need see what the Fed does in a week. I think they need to deliver against market expectations I think. ECB similarly has to at least provide some some delivering. I think this meeting is not as important as the one that comes in November when Christine lagarde takes over but move the ball forward and then I think you need the data that continue to come in strongly. If what we're talking about is a global reflation trade because the stimulus that's been put in the system helps the economy to move in the in the back half of the year. That's incredibly bullish and so I'm enticed by it but I'm not willing to kind of jump all in on it just yet so how are you. How are you positioned in the market right now. It sounds like like your you want to see how the data plays out. It sounds like you think I mean the federal probably cut twenty-five deliver on something that's sort of in the expected realm the the data is a little bit of a question mark at this point. So what do you do you think about the market right now is really a battle between the P and the right the P. should be higher. We've taken the discount outrage for stocks and we've cut it in half the only reason why the market isn't higher is because the market's concerned about recession and so they're worried about that e part so I think what it really comes comes down to is how our earnings gonNA come through and that's why trade matters. That's why Hong Kong brexit matters our view. Is that our base case. Scenarios earnings are going to be okay. They're going to be flat right to slightly up. You're going to get a revaluation higher because of those lower yields and that's where you play out over the next six to twelve months however over the course of the next month or so. I WANNA WANNA see how that goes. I want to see how the Fed goes. I WANNA see how earning season so when we were here earlier in the year we were eight percent overweight.
Hong Kong police fire tear gas at protesters
"Morning. The big story of the morning half a world away in the streets of Hong Kong. Police fired tear gas and used rubber bullets. I am reading from a Wall Street Journal piece that published an hour ago. Police fired tear gas and used rubber bullets on protesters in Hong Kong in attempt to drive away thousands of demonstrators blocked roads and forced the closure of the city's legislature before lawmakers could debate controversial extradition. Bill protesters. Many them quite goggles, face mask and helmet. Fled to different eras running through plumes of smoke. Some hold objects at police further back from the barricades protesters rapidly, ferried umbrellas gloves bottles of water, and sodium, chloride a treat injury from pepper spray through the crowd to the front police said in a press briefing that some protesters, her weapons such as metal barriers and bricks at the. Observe leaving them with no choice but to contain the crowd with rubber bullets serious. Baton pepper spray, and beanbag gun trouble erupted, midafternoon Wednesday, which was early this morning in the United States, when hundreds of protesters attempted to push barricades towards the city harbor then retreated under a bridge after police deployed, tear gas against them. Earlier crowds, but mostly young people, some dressed in black wearing face masks, drag metal barriers linked arms across the protests and surrounding government headquarters in scenes, reminiscent of the Seventy-nine day protests that paralyzed parts of downtown Hong Kong, twenty fourteen all access roads leading the central government office, which house the legislature, where blocked the government's statement. Some financial services were also disrupted HSBC holding PLC close to banking service outlets in the admiralty area, other banks, including standard. Chartered Bank, Bank of East Asia LTd, China's CitiBank temporarily suspended operations debate on this extradition. Bill was postponed earlier Wednesday lawmakers have been due to start to bait on the Bill. So that could be held by the evening of June twentieth in an unusual move the president of Hong Kong's, mostly pro government legislature. Andrew lung scheduled extra sessions for the Bill to proceed more quickly than usual. Nancy Pelosi of all people offered. Support for the protesters saying the proposed lie. Imperils US, Hong Kong relations, if it pass it the choice has no, the US has no choice but to reassess whether Hong Kong sufficiently, autonomous under the one country, two systems, framework. These protests, followed a massive demonstration on Sunday. A million people marched against this legislation that do not want Hong Kong sent to the mainland and not want citizens of Hong Hong sent to the mainland for the purposes of trial. It's China things blow up quickly and the New York Times again reporting on the same thing protesters. Threw bricks bottles umbrellas at riot guard police deploy tear gas police chief tilt protesters leave you regret it. You might regret your decision for your entire life, thinly veiled reference at Tiananmen Square. They're small businesses. Appointed protesters major firms or staying quiet. The opposition's getting angrier and bigger critics say that the Bill places anyone at risk of facing trial in the mainland, and they don't like that. They know it's a
Big US bank CEOs grilled on Capitol Hill: What does it mean for the markets?
"We start off with the banks near their judgment day. The CEOs of the big banks revived me a grilling on the hill as they Europe earnings at the end of the week. JP Morgan will kick things off on Friday. It is the worst performing of the big banks. So far this year up elite percents CitiGroup. Goldman Sachs Morgan Stanley. They're all up double digits. Of course, the sector has been mostly dead money for the last year. So we'll miss quarter's earnings be the catalyst to set the financials on fire guy. Well, I think the question is. Yes, I just don't see it happening. I for the life, man. I don't understand. How all of a sudden you get this reacceleration and earnings for the banks and they're going to be off to the races. Now. I think earnings it'd be okay earnings have been fine J P Morgan Cernan, quite frankly, have been very good. But what's already priced in? When you're getting towards one point eight times price to tangible book in terms of J P Morgan I said, maybe it's just a tad ahead of itself. Yes. S up the fallen question. Why CitiBank trading effectively tangible book, why is toy shop Bank in Europe? Despite this whole Commerce Bank thing continue to go down. I still think the banking woes in Europe at a certain point manifest themselves. Here resident Bank bullet, he's got another reason guided to to really be angry with the fed. It's look it's negative interest rates that I think are killing the global central banks. It's certainly killing the European banks and for someone that's been constructive longevity. Morgan, I'm won- CitiBank. I'm long Bank of America. And I can be long with those valuations with a capital deployment approach now that I think is actually investor-friendly. With a balance sheet that's fantastic with a business model that I think is conservative and not reckless. And so, but is there going to be anything extraordinary in? This course numbers. No. And in fact, I think you're gonna see downward tick in terms of their net interest margins. You can see downward ticket sales and trading. You're gonna see a downward tick probably in mortgage origination. But nonetheless, JP Morgan continues to print record profits record profits. You brought up a good point that they're they're, you know, there's nothing special about the Bank threatening to their kind of safety type of thing. They're utilities. That's affectively. What they become as utilities, so they should trade at one times book. So if you look at the ones that aren't trading at one times book, it's J P Morgan the ones that are. It's a CitiBank CitiBank might even be a little bit below that. So that's probably why it's up more than the others are one of the leaders this year, the only thing in my view that is going to change this. If you get a steeper yield curve, and that can happen to as the economy accelerates, which it doesn't look like it's necessarily gonna do or the fed decides to steepen the yield curve by with their balance sheet. So to me, that's the bet your. Making if you're buying banks right now, here's absolutely nothing. That excites me about the banks right now. It's really really difficult for them to make money with either a flat or an inverted yield curve. We do own J P Morgan. I think JP Morgan's best to breed. There are oh we is really head and shoulders above the rest of their peers, and you get some good revenue. Diversity diversification from them in the AM revenues that they're collecting as well as the investment banking fees as well as talking to Mike mayo this morning on talk box. For the first time. He's that. He's bullish all five banks that he covers all the five major.
Who should take the hit when identity theft occurs?
"I live in Berkeley, California. It's a peaceful place for an American city in twenty years. I've never so much notice the police station never occurred to me that I even needed to know where it was. Yes. Zoe. But now here I am inside the place surrounded by cinder block walls, in pictures of legendary police officers in across the table from me, there's a living legend officer Joe do. So I'm going to tell you what happened to me. Okay. And why I'm here so beginning last year, we started to get calls at eight in the morning from CitiGroup big back. And I was getting the kids out the door for breakfast in the phone ring. And this happened ten times twenty times three times fifty times. I mean, it was just like harassment, and they said, I the money, and it was absolutely bizarre. Because I didn't never any any business with CitiGroup. I mean, no credit cards. No, nothing. But he said we had like fifteen thousand dollars of outstanding loans. I just wanna say that again. So you hear it city group said I owed them fifteen thousand dollars. And so Finally, I said look quit calling us just driving crazy in the mornings, and whatever they stop. Calling. Okay. The next thing. That happens is I got a note from American Express saying my credit score has collapsed because I have Wellstone a debt to city group. So American Express call me and says we're gonna put a limit on your account because you're like, oh, scores declined. And I call them and said, well, how's this happen at a, you know, this a credit aggregate name experien- has sent a report saying you've got some bad debts. I didn't even know what experience was or what it did as it turns out there a bunch of companies that make their money by gathering up, whatever anyone Bank or credit card company has to say about you. And then spreading the word to the others. So that if one Bank thinks you owe them money all the others. See you as a problem? Experience one of those companies and odd become one of those problems someone claiming to be me opening a credit card account with CitiBank in Sioux Falls, South Dakota. And he gave as his address street in Miami. But it's a street that doesn't even exist credit. Limit was fifteen thousand somehow he managed to borrow sixteen thousand four hundred and six dollars and repaint. None of it fifteen thousand four hundred and six dollars when I called experience to say how come you have this on my credit report? They said, well, we can't do anything about it to city group said you of this money. So I called city and city roof said they didn't know who I was and at no record of my social security number. We was just a mass. I was I was in stuck in on hold for hours. And they gave me no joy. I mean, no joy at all. Finally, experien- tells me that I need to file an identity theft comp-. Plate with the FTC the Federal Trade Commission, which I did. And they said I had to go come to the police station and file report for them to take seriously my claim that my entity had been stolen. So to summarize myself, just they're a big New York Bank hands fifteen sixteen grand to someone pretending to be me. Michael Lewis, then some credit agency broadcasts, a total. I about my behavior. And now I need to drive down to my local police station and bother a local cop. So that's why I'm here. I wanna file a police report for identity theft. And I wanna ask you a couple of questions about before. I do it. The first is how often do you all have people filing identity reports with the police very frequently. Also, it's not this is not where it's not completing common owner. But that isn't the question. I most wanted an answer to I'd been doing another question for so long. It's almost hard to put it into words. I mean, just as a lot. Horseman officer. Does it not strike you as strange that? I've never had any do with either one of these parties, and they wrote me into this. And and it's my problem. All of a sudden, it seems to me that CitiGroup should be filing some sort of complaint with the police, not me, and I shouldn't have to deal with this at all. It's very odd that its frame this way, the whole notion of identity theft noticed I'm still me for the first time officer la- do is looking a little dubiously. Like, I'm crossing some wine. Like, I'm gonna start asking him for his opinions about animal rights or about the local native American burial ground, somehow wound up under the parking lot of a fish restaurant cups. Don't control the rules of the game. They just enforce them. The very idea that I should have to spend a minute having to deal with this seems just a little odd. I mean, if you take it out of the financial sector, and you say I managed to persuade Zoe that I'm Audrey in. I get her lemme ten grand. Arteries, my producer on this episode Zoe is my associate producer. They're here at the station with me recording just standing there in their headphones. Expressionless dead. I'd. Is always not gonna have any ability to disrupt my life or get me. I mean, it's an odd thing that the financial system has now put this sort of strain on police resources. It seems to me. So let me put it as a question. If people are coming in filings reports taking your time and all the rest is never struck. You that seem to little crazy to have the police in the middle of this to answer it. It's interesting in the fact that it's a different type of victimization, right? I don't think of myself as a victim. But if you want me to be one, I want you to be. But it turns out I have to be the victim. At least if I want him to file his report, if I'm not a victim that I'm to blame for whatever fake Michael Lewis has been doing at his fake address. Here's the funny thing I feel victimized not by whoever that guy dude wasn't Miami. But by city Rupe like they present themselves as someone who has been victimized by essentially, my of inability to prevent anybody from stealing my identity. But really if they'd never done the dopey thing in the first place, we wouldn't even be here. And that's the thing that that kinda gets under my skin is that the financial sector has figured out a way to shift the burden of this problem onto people who have nothing to do with the problem. Let me get you a casing, right? I've never had a case number. Can you put me on the boarding generate numbers for thirty five to nineteen? Numbers me talk. Just like another language. Six zero one six. Thank you. Like, I. So I'm gonna give you a business karma the case number and also many give you a victim of identity theft family. I already said this, but I'm the real Michael Lewis, and this is against the rules a show about the decline of the human referee in American life, and what that's doing to our idea of
"citibank" Discussed on WHAS 840 AM
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What the Dow coming close to a death cross means
"One of the most feared technical indicators rearing its head the tenure yield officially entering into the dreaded death cross. That's when the fifty day moving average falls below the two hundred eight moving average. So are we about to see a fallout in rates beakers? No, I don't think. So first of all the death cross. I yeah, I'm doing it. And I'm beating to death because it doesn't work if it works. None of us would be sitting here betrayed them. The death cross all day long. So number one. It does work number two. The fed has already told you they do not wanna flat yield curve. So if you think about the way that they're going to structure their balance sheet over twenty nine thousand nine they wanna steep, you'll Kurth they already told you that they want to do a thing called reverse operation twist where they end up buying these short end of the curve and selling out the long occurred yield curve steepening yields are going higher on the ten year. Well, except for that the fed I don't think controls the long end of the do what their balance sheet. Well, except for the fact that if the market is taking a long rates down as much as that might imply. No, you don't believe in in. Death cross the Fed's not going to be able to be as aggressive on their balancing as they wanna be. So it's a it's a reverse. Oh, so they sell off the long end. And they by the shore that and then you have US government, issuing tenure? You got a ton of supply on the ten year. That's if they're selling off their balance sheet. I mean the way I look at it as they can't be as aggressive in terms of. But they take whatever they sell off on the long end. They buy on the on the short. It's like upper it's reverse operation tryst rock. That's what it is. It's remember in the top gun when when maverick explains I was looking at the MiG. But he was inverted. That's what that whole thing. That was inverted. Pick your clothes for missiles on which into guns. Fantastic at any rate. I would say this in order for me in order for the yield club. Not to invert. They're going to have to lower rates in the front end. And then ain't happening because the back end I think continues to lower. So I think I'm in Tim's camp and think that the curve actually will invert and will happen soon following rates and potentially inverted yield curve. Just another headwind for financial CitiGroup. Shares though up after a rough year the big Bank now embracing activists value act capital, giving the firm more access to its books and board of directors the to entering into what it is called an information sharing and engagement agreement which will allow for deeper level of engagement and cooperation so what can make CitiGroup rally, what should value try and do in your view, in my opinion, cities got to come clean. I'm not suggesting they're not, but they got to come clean with every European exposure they have and put it out there for the market understand. Because I think the reason why CitiBank is trading below tangible book value is a concerns with what they have in Europe. And that's and that's stems. For me with all the problems at Deutsche Bank.
Worst passwords list is out
"I love, you admin football monkey and password one. And I'm also sad to report that the password sixty nine sixty nine sixty nine hasn't made to listens. Twenty fourteen. Stop ready. Stop being so mature American. I mean, come on. How dumb do you gotta be to use your oh wasn't Leon Panetta who got hacked because his password was password. I mean, here's the deal. Let's let's be real. There are so many sites that we all need passwords for and it's very hard to remember every single password. And by the way, I'm the worst. I said I'll give an example, I set up an account for CitiBank on Saturday night. I wanted to get one of those cards are the Costco city card. No, I do not know. But okay, they used to take American Express. And now, they only take a visa MasterCard. And no American Express. And if you get the city Cosco card, then you you
Markets bounce back; Chinese exports jump; Bank earnings
"Was strong. Both at home and abroad exports rose fourteen point five percent higher than the forecast of eight point two percent imports up fourteen point three percent now China's trade surplus was thirty two billion dollars. But with the United States, it widened to a record thirty four point one billion economists still expect exports to slow, but they've been strong all year in Hong Kong. I'm Bryan Curtis. Bloomberg daybreak. All right, Brian. Thank you. Bye US futures gain Wall Street is looking to earnings from J P, Morgan Citi group and Wells Fargo to shape sentiment today. We get a preview from Bloomberg's Ramy Inocencio for the third quarter. Analysts seem to agree that you shouldn't hold your breath. Not much is expected in terms of any fireworks. There may be some interesting lines about better cost control, but revenue just isn't expected to make major headlines revenue for J P Morgan and CitiBank are expected to rise for city card. Revenue growth will be in focus, but for Wells Fargo revenues expected to fall by two percent. And it's really going to be about executing. On core costs skulls Ramey delivered. His New York takes Remy. Equities in Europe are staging attempted recovery with the stock six hundred up a third of one percent. The sectors posted yesterday's biggest losses are leading the way. Today industries like autos technology and mining still this is just the first gain for European equities in three days with stocks still headed for their worst week since March Italy remains in focus at the parliament voting in favor of the populist governments fiscal plan that sets up a showdown next week when Italy's budget is doing Brussels John Rowe is head of multi asset funds at a legal and general in London. This is the crucial moment we've been waiting for in the talent situation. So they will always going to put in numbers that we're going to rile the EU, and we were going to get the standoff were to some degree the Italians need to cave to some pressure which. It'd be a good outcome from all showing that the checks and balances work or you got to kind of playing chicken with city knowing it's too big to be allowed to fail at the same time the EU needing credible threats to keep spending under control, and Reuters reports the European Central Bank will not come to Italy's rescue effort either government or banking system ran out of cash unless Italy first secure as a bailout from the EU, and it's stock sold off this week. Hedge funds have
British PM Theresa May facing potential pincer movement on Brexit
"Start your day let's get a check of the top headlines now with that christine harvey the editor who is live with us out of dubai this morning christine greats have you with us as always let's kick it off with brexit because theresa may's woes they are continuing as she's facing fresh attacks from four former ministers boris johnson and david davis plus this call for a fresh referendum talk us through all of the details here jeeze well there is so much to unpack as they're usually seems to be on a monday morning when it comes to brexit or just all the time general really so there's three things that are really focusing on here today and i guess that would be as you said some of the calls that we're seeing out there at a trails written over the weekend from boris johnson and david davis attacking that softer brexit policy that theresa may's out there touting but theresa may was out in the papers on sunday she spoke to the bbc's she spoke to some of the other papers basically saying that her plan is the only way forward when it comes to brexit and she was really encouraging britain's out there to just get behind the plan or face risking no brexit at all if they choose to act out and vote against her current plan in parliament we will get a sense of where she stands where the uk government stands on this softer stance on brexit this week when bills on a post brexit trade agreement and customs union returned to the house of commons the third the third thing really is that we're going to see theresa may speak to the farnborough airshow today she's expected to talk about brexit say that her plan will create jobs for the industry and she's also expected to announce some investment so those are some key things shaping up the votes that we see in the house of commons this week are really what's going to be crucial going forward for theresa may to get back to farm farnborough christine we we see typically a lot of contracts published here deals announced sales especially any news so far yeah so it's shaping up to be a big week for farnborough is one might expect out airbus seems to so far be dominating the headlines we got some reports of the weekend that it's close to a deal with air asia for twenty three billion dollars worth of planes also in final talks with jet blue about some orders and it confirmed that it's also security deal with taiwanese startup airlines star lux and so this gets the industry events off to a busy start remember this is when we see airbus and boeing usually go toe to toe for major deals in the industry is so it will be interesting to see what both of those companies are able to come away with especially as they're in a competitive environment these days also today we are expected to see the uk unveiled plans for a fighter jet that would compete with models being developed by france and germany this has been a topic of contention for airbus who was involved in the deal but may be adding more so that will be of interest as well there's going to be a lot that's going on yeah absolutely a lot that's going on and as you say that fighter jets is going to be interesting an interesting one to watch will the u k kind of go it alone in these brexit times we also need to talk about earning season us investors they're going to be focusing in on bank earnings once again this week this off today p morgan and citibank's slipped out on friday or they they came out on friday what are we expecting well when it comes to bank earnings there's there's so much that you can really focus.
"citibank" Discussed on The Tom Leykis Show
"No i told you about the four thousand seventy two dollars and fifty cents i'm going to be getting now vanguard now how much would i be getting on my two hundred and twenty five thousand dollars if i stayed with my let's say i went to your bank got point zero one percent which is i always love to tell you is point zero zero zero one that's the number at represents times two hundred and twenty five thousand and that means i would be getting instead of four thousand seventy two dollars and fifty cents harvey getting twenty two dollars and fifty cents a year in interest on almost a quarter million dollars i so if i was at chase citibank bank of america or the other one i'm free wells fargo instead of thousand plus dollars a year getting twenty two dollars and fifty cents and if i stay with my current bank i beginning ten times as much but how much is that two hundred twenty five dollars a year versus over four thousand dollars a year that's a huge difference and i have to say something else you know things are changing which payment at two you use do you use then mo do you use the pay pal app pay pal owns ben van mobile there's also a pay pal app to use chime or zell or google pay or samsung pay what he uses an app all right the fact is most of us don't need a bank or we don't need a bank for all the services they're trying to sell us essentially we need a place for money to arrive and then we need to send it out somewhere else where we can get real interest why would you leave money in the bank my case it's thousands of dollars difference thousands of dollars and the fact is that there are other ways to shift money around or to get money their debit cards like the one at chime like the one at pay pal there's other ways to do this you don't need the bank in reality the bank is an aggressive marketing machine that's trying to you've seen it when you go in now they want to sell you homeowners insurance at the bank.
Attorney General Sessions hits out at Philadelphia over 'sanctuary' status
"A federal judge in seattle has again blocked president trump's ban on transgender military service from taking effect komo's jeff pohjola has the latest marcia pacman who is one of four judges that granted a preliminary injunction against the ban on friday upheld her ruling saying the trump administration offered no new arguments or evidence that hadn't already been considered and rejected by the court abc legal analyst royal oakes the court system is saying essentially for sorry mr president but you really haven't made out a case for an emergency that would justify your transgender ban the ruling says the injunction against the transgender ban will remain in effect until the policies worked out through the courts jeff pohjola komo news man police say was behind a domestic violence shooting in south seattle has killed himself around ten this morning a woman called nine one one reporting her ex boyfriend's showed up and started firing gunshots at her house she escaped with minor injuries when police were searching for the gunman someone called police saying they found a body in a nearby greenbelt attorney general jeff sessions using the scripture to defend the practice of separating parents and children at the border is angering some members of the clergy apostle paul and his clear and wise command romans thirteen to obey the laws of the government because god is dying our government he piscopo alien bishop michael curry who spoke at the royal wedding disagrees twelve is very clear it says do not be overcome by evil but overcome evil with good is not good to separate children from their parents ship curry was speaking to church elders in seattle today citibank has agreed to settle a case with washington and forty two other states because of its alleged actions during the financial crisis a decade ago washington attorney general bob ferguson says the bank manipulated the information about a certain type of interest rate thereby getting paid more than it should have the one hundred million dollars settlement will be spread among the forty two states involved this is the third major case settlement of this type stemming from the meltdown president trump will impose tariffs on some chinese goods coming into the united states it's a move drawing next reaction here in the northwest president says trade with china needs to be good for both countries something he says isn't happening right now we're putting tariffs on fifty billion dollars worth of technology.
"citibank" Discussed on WGTK
"For citibank member fdic here's your nine seventy am the answer kentucky ana forecast showers and possibly thunderstorms die with a low fifty four rainfall amounts between one and two inches possible then on sunday cloudy and cooler with showers likely and possibly a thunderstorm in a high fifty eight mostly cloudy on sunday night low thirty five cloudy on monday and a high of only forty eight thanks for listening to intelligent conservative talk nine seventy am the answer america's number one show on pop culture and politics this is the michael medved show and another great day in this greatest nation on god's green earth another great week as we march in extra ably forward toward a climactic and very significant congressional elections coming up in just a matter of months from now the democrats are expecting that they're going to win win win win win that they are going to take over the senate of the united states that's a long shot particularly with the strong at new candidacy to challenge democratic senator in the state of florida with governor rick scott announcing his candidacy today he will be a formidable candidate and deserves to be but aside from the senate the democrats are very confident they will take the twenty four seats they need to take over the house of representatives and install nancy pelosi as speaker house we've covered this before their confidence is a little bit premature it seems to me and even the new york times has recognized that the republicans have actually devised a key new issue that can work to mobilize the republican base to unify people on the right and in the center and to turn back the dreaded blue wave what is the issue the issue is.
citibank and march for our lives
"Only days before the two thousand sixteen election experts say this payment may have violated federal election law banking giant city grew says it will no longer work with retailers who sell firearms to people who haven't passed a background check or younger than twenty one the move takes city make city the first major bank to move to restrict gun sales in the wake of last month's massacre at marjory stoneman douglas high school in parkland florida this comes ahead of saturday's march for our lives protests in washington dc which is expected to see hundreds of thousands of students teachers and others rally for new gun control this is a lie eastman a student survivor of last month's massacre speaking thursday ahead of saturday's march unfortunately i lost two people in my class in six were hit i was on the wrong side of the class and no students should have to cover themselves with the deceased classmate to survive but i was that student we can't only focus on school shootings though urban communities and low income communities have always have always been hit with gun violence forever i lost my uncle due to gun violence in brooklyn fifteen years ago and nothing has changed columbine happened nothing's changed sandy hook happened nothing's changed park wouldn't happen nothing's changed democracy now will be in washington dc with a special four hour broadcast on saturday from noon eastern standard time to four o'clock covering the march for our lives you can go to democracy now.
"citibank" Discussed on KPNW 1120AM Newsradio
"First of all the citibank tank comes as no surprise that started in the obama era where he was urging banks just not do business with gun stores i also happen to own a gun store and it's very hard to get a bank even accept our business which is just asinine we sell a constitutionally protected item and they don't want to do business with us and that that was an era thing now seeing banks like citibank and stuff like that coming out with these policies sadly it's not surprising but we we have to fight back one of the things that we're doing in the firearms community four or five years ago i saw this coming this isn't really new they've been harassing us for years striking are channels doing all sorts of stuff this is a big assault and what we've done is we've gone out and we built an alternative called foal thirty dot com and now if you go and look at that you'll see all the channels that are threatened right now or posting over there and that's what we've had to do to protect ourselves so when youtube inevitably pulls our plug which they will just taking baby steps in that direction we have someplace to go but the ultimate goal alex is you know is to silence us because these corporate giants like facebook and youtube they have a political agenda and they'll tell you they don't they say oh no no no it's it's not a political agenda we don't have a political agenda and we both leagues their total exactly i mean look what look what you did they hire ten thousand moderators from the southern poverty law center alex you and i both know that's a radical far left group that has a political agenda sarin intelligence agency that may be true as well but i do know that there left political activist group and they've passed them with moderating our channels and that's why we're seeing account strike after count strike and all we have to do as accumulate three of them you know this is a youtuber three account strikes and.
"citibank" Discussed on WMAL 630AM
"Couple of weeks comes from citibank or your direct deposit or what have you he's trying to placate the mob they're looking ahead to saturday when there's going to be a whole bunch of people bussed in because of the millions of dollars that the hollywood types have sent to these kids through their filtered through their front groups of the women's march planned parenthood and everything out to try and get you to voluntarily give up or get congress to rip away your right to own a gun and they see that and they go through this is a wave if you watch the media coverage there is no doubt this is a grassroots organic massive massive movement even though it's not and so citibank decides to get out in front of this the blog post reads quote for too many years in too many places our country has seen acts of gun violence that have resulted in heartbreaking losses we are all too familiar with them and there is no need to recount them here over the same amount of time we have waited waited for our grief to turn into action to see our nation adopt common sense measures that would help prevent firearms from getting into the wrong hands i haven't been waiting we have laws on the books as evidenced by the parkland florida tragedy we had all the procedures in place just the people charged with implementing them following them dropped the ball they didn't do it from the fbi the sheriff down there everybody in line had ample warning and they chose to do nothing they just blew it off it never was even run up the flag pole deceive anybody saluted but what we need you know government failed so what we need is more government is the logic here that action back to the letter that action has heavily never come and as the weeks pass after the most recent mass shooting it appears we are stuck in the same cycle of tragedy and in action you can see where they're going here as a society we all know that something needs to.
"citibank" Discussed on Bloomberg Radio New York
"The fault it's not just not just you know not reinvested moments we vested office it's their networks why to prevent them from playing the bubble trade because if the fund loses money they suffer as well they suffer as well as clawback is not sufficient you need the person to have the sound like you need someone who cooks of food to taste it some cases poison but there are still let's talk about hedge funds for a moment though begets there are still a symmetrical qualities to the way hedge funds are structured in other words if the hedge fund if the hedge fund makes money i as the investor make money yes but the hedge fund itself gets to keep the management fees share of the profits s and the traitor gets paid a percentage yes of those profits hit the hedge funds subsequently loses money it's not like the hedge fund gives me money back man it's not like the traders surrounds money to the hedge fund or to the client many hedge funds have 'clawbacks and then consider the other situation where the hedge fund loses money then they got a weight to recover back to the highwater mark exactly so they are things but the essential attribute the risk attribute is handled by forcing the person to eat his or her own cooking okay so the argument to make is that the risk has been transferred from previously banks spicer he trading desks to hedge fund but that's only really in the securities business yeah thanks for still in the business of making loans exactly the problem has as many bankers have said there's nothing you can nothing riskier you can do the make alone yet at citibank the current chairperson of citibank successor successor i was making one twenty thousand bonuses one of those banks citibank of make a difference was still in situations where.
"citibank" Discussed on AM 870 The Answer
"Loans only this added that carson and i'm a small company route in yolk in comparison to to some of the big big lender so majan imagine what that is and the cfpb his job was to fund themselves by by putting finds out there so you you know the for wells fargo chase and citibank in and i'll think of the chase citibank bank of america i think gmac basically should have put them out of business for as much gazillions of dollars that they paid in fines and the end set so what did this do the to the consumer nothing what did it do for the consumer nothing and made everything bit more expensive all these people are watchdog out there you know hey wells fargo got all these fight fines for opening up extra counts so what i have a couple of wells fargo savings accounts that i didn't know i wanted opened up checking account they added a savings count on it then i changed my check again i had to a different kind of account there the savings and a little bit of money comes out of my account every every month that goes into my savings yeah but i can his transfer back in but it's forcing some saying so what who cares not sought gears so so that that's what they did so the cfpb made everything more expensive and that doesn't include what did the banks and every financial institution this country so let me let me continue with keeping that in mind so so the same move lee andrew english so so as courtray steps down because he wants to run for governor ohio on the way out he said he he promotes leandra english as his lieutenant director and say hey until the rules say that if he's donald tinder director takes over well if he quits if you quit your job you get to a point who takes your position i mean i have people that have have left and i say yet the trainer train replacement before you before you go but you know if if you just up in quit guess what if so hey i.
"citibank" Discussed on Clark Howard Show
"To get through the roadblocks the your bank is trying to keep you prisoner with a move your money to someone that will treat you better because it's just a fact that the biggest banks in the country want to see you as just a checkbook walking in the door someone that they can charge money too not pay money too and it's up to you it's your money is your choice you know i love credit unions but in recent years you know i've talked a lot about the value of the online banks they have no normal overhead no branch networks and reality is people under forty don't care about branch networks and that's because they're used to doing everything on their phones and going to deal with the human is like why would anybody do that so if you are of that mind regardless of your age and you're still doing business with one of the four giant monsters wells fargo chase citibank bank of america you're wasting money and they're charging you money in so many different ways even if supposedly everything's free there's opportunity cost him what they don't pay you on your savings and the things they don't do for you you can do otherwise if you have a good amount of money you should instead of looking at any of those choices look at moving your money to a brokerage the brokerages specifically your set up to offer great deals two people who move all their quote unquote banking to a brokerage is an example at charles schwab those atm fees of just send a record nationally you never pay and atm fee if you have your checking account schwab.
"citibank" Discussed on WLAC
"Meeting occurs an ended up riding in a bank vault in long island it's like wait a minute i grew up in long island how weird is this it says in the citibank branch on broadway and hick long island that with my parents bank that with the bank i had my first bank account in very branch yes so at that here we go again start doing this nafta taking over yep and i woke the first time i thought it was having all these messages from jesus now i think i'm having on the messages from june main so as to your question the the gospel of judah is the only well you know it's a it's a not get by voters and uh gospel they had been hidden and it's the only gospel that is not the other gospel jesus then hear jesus alone with officials there with a crowd is through the eyes of the apostles right yeah that retelling of what what event what had happened this is all esoteric spiritual information that jesus supposedly imparted to juda including where he came from about the story about the universe about resurrection about thing fat some crazy guy in the desert quitting a made up two thousand years ago and when i when i kept researching it i realized that he was talking about the stars kim syria he was talking that he says away human life began in the star ferry i almost fell off my chair that's a great story i almost fell off my chair and why wonder we didn't so you know they save history is written by the victors and i think the victors where the other apostles who who went ahead and created religion and they created by religion and they got rid of cheese or his family and the interm and i believe that gene was in fact jesus his closest adviser and friend and at some point i'm in tunis judas was the treasurer.
"citibank" Discussed on WTVN
"The citibank branch on broadway and hit phil long island gap with my parents bank that with the bank i had my first bank account in very branch yes so at that here we go again start doing this now state taking over yet and i welcome first time i thought i was having all these messages from jesus now i think i'm having on the messages from june man i ask you a question the the gospel of judith is the only got well you know it's it's enough fiber is evident uh gospel it had been hidden and it's the only gospel that is not the other gospel jesus when here jesus said this though it's a legitimate the fish is there with a crowded through the eyes of the apostles yes we telling of what what event what had happened this is all esoteric spiritual information that jesus supposedly imparted to judaize including where he came from about the stores about the universe about resurrection about things that some crazy guy in the death it couldn't have made up two thousand years ago and when i when i kept researching it and i realize that she was talking about the star system syria he was talking that he federal way human life began in the star system serious i almost fell off my chair that's a great story i almost fell off my chair now why.
"citibank" Discussed on Hot Talk 1080 KOAN
"A land programs and if you're a solo travel traveler you want to inquire about special savings there they're phallic through september thirty as he steals so i think now would have other silly deals out i don't know where to begin a citibank will give you fifty thousand thank you points and wave the first years 95 dollar fee if you get their citibank card this offers you one one point transfers to air france and kale m's programmes ever air edson berlin's cathay pacific so 50000 nd point if you spend four thousand dollars in three months you'll also get triple points for travel expenditures gas double points on dining concert sporting vincent movies so check out the citibank's premier card omni hotels now this is a this is a change you don't hear a lot about but they've got several dozen us and canadian properties which tend to be plate lavish schori topnotch urban facilities lavish country properties this summer you'll get ten percent off one night stays fifteen percent of united states twenty percent of the united states and 25 percent off four night states there's some blackout dates and capacity crude controls but the sale rates are valid until september tents while we were just up in boston and the ali parker how such a great place to go so if you want to julie new england omni parker has get those famous roles and that's where the ice cream pie and cream pie a great it is that were park arose in yes it is an iconic royalist okay all right well quit real quickly delta is celebrating canada's one hundred and fiftieth birthday with some major league discounted tickets to eleven cities within canada their starting at one hundred and nine dollars one way travel dates are between september fifth and december twentieth and he's looking deals endjuly.
"citibank" Discussed on Clark Howard Show
"Uh what bank is doing this oh that us citibank is doing one that will allow you through the phones as is bank of america is rolling out atms that will work through your phone but it will be at least the gate evict the gateway technology to something more secure is your phone is a more secure way anna this is weird some more secure way to pay for things then the plastic card issued by your bank said don't be frightened of it just know the you'll probably get a notice at some point about being able to use your phone and they'll touted as being good news for you and all that it's really just to try to protect vulnerable payment system in your phone with the one time use code is a far more secure way now does bring forward the danger that if you lose your phone and it falls in the wrong hands that a criminal now has the keys to your bank account and that coming full circle ties had eaten even more to what i set up front that having a separate segregated account for your walking around money is a superior idea an often you might wanna do that with one of the online banks no fees with them they can be linked typically for free two days to move money back and forth from your main account at a banker credit union to one of the online fee free banks and that will you've got a safe zone.
"citibank" Discussed on FT News
"It stands for capital asset quality management liquidity and sensitivity to securities risk and that's i think a pretty reasonable and thoughtful list of all the things that make for a sound bank and the problem with it is the capital thec is the part that's the easiest to quantify because you can boil it down to a single ratio and you can just try to push it up up up but if you reflect back to the crisis in 2006 or kkob had higher capital ratios than jpmorgannationalcity had higher capital ratios then us bank remind as well having a national sushi they nearly failed and were sold to pnc was swallowed up i well sponnerabdel isn't the be all and in the capital isn't the be all and end all it's clearly important but the thing is even in the heart of the crisis jpmorganandwellsfargo were able to raise capital because they had the other things they had good asset quality they had good management they had good liquidity and they weren't sensitive to securities whereas whereas citibank and countrywide they didn't have those things and so they couldn't raise capital in the longrun if all you do ever is push capital up the banks have to respond by raising prices tightening credit and spending less money on deliveries so you're going to shrink the bank's sphere of operations if all you ever do is push up capital so by pushing down capital of is good news for who showers for equity and vessels what what about consumers but by that logic than if the.
"citibank" Discussed on WTMJ 620
"Is just an abomination citibank one of the four giant monster megabanks is having to pay one hundred million dollar fine for aiding and abetting money launderers how clark rages laws clarke wages moment so over a fiveyear period citibank look the other way well various bad actors used here it to be able to launder money so if the least you've got gangs and drug dealers embezzlers whoever let's hope no terrors or using the bank is a way to wander now what drives me bonkers is there paying one hundred million dollar fine for not having was those internal controls just looking the other way see no evil kind of thing and they were permitted in spite of the fact the nine billion dollars was laundered nine billion dollars they didn't have to admit any fault i thought we were done with that with the banks and by the way why is no one going to prison so the feds said the answer to that is that once they got caught redhanded that the bank was cooperating okay islami try this i'm gonna go out and i'm going to rob banks undergoing stick him up and then the fbi is going to close in and say we've caught you say well let me tell you everything i did so in this day i went rob this bank in this day i went back bank and i'm being so cooperative okay so we'll drop all charges really that's not happening right so why is it happened the other way you're listening to the clark howard show.
"citibank" Discussed on CNBC's Fast Money
"This is why i want to own citibank whether or not those for reasons come up there they are for all of those reasons i want to own citibank which i do own guy kate fund would be why do you think is under the instance why do you think city is traded it's such a discount prices attendance will book versus a jp morgan or wells fargo i think we'll city as we all know was the disaster by far in the financial crisis and they deserve to be in the penalty box for a really long time they were burden whilst it with a very expensive structure when you look at jp morgan as you know i think it's run by the most extraordinary banking executive out there who stuck you didn't choose tonight but an idea no she's on it it should trade at a discount to j p morgan they've done an extraordinary job i still own j p morgan but you can't really say that it's super cheap right here citibank i think you can say that it's cheap right here at all concerned about litigation wrists or you know see carr re its regulatory environment question i think that we're actually with the trump administration one of the easier things for them to do is going to be easy for them to do but one of the easier things i think is to decrease the burden of regulation on banks so i dunno the doddfrank wall exactly be dismantled but i think we're going to see an easy environment for banks that's part of the reason why think banks are out of the dog house right now and i think see car will be a positive for citibank let's vote buying or selling cairns hitch for say ten.