But how exactly can they get that done . We speak with former ge vice chairman bob lutz in a moment. It and cnbcs coverage of the coronaVirus Outbreak begins right now. Good morning and welcome, im Courtney Reagan live in times square we begin with breaking news. Stocks set to fall at the open at futures overnight hitting their limit down levels once again. We are well off the session lows at the moment. Dow jones industrial average indicated lower to the tune of 1100 points, the nasdaq down by 213 points lets check in on the etfs that track the major averages remember, these are not subject to those limit downs the dow etf is indicating a drop of 3. 75 the spy down by 3 the qqq, that tracks the nasdaq, down by almost 3 . Lets take a look at whats going on in the fixed income market and take a look at treasuries this is a closely watched barometer of everything going on with the economy and the markets. The yield on the tenyear note is sitting at 0. 38 . A rough morning in energy. Gaso
The committee will come to order. The gentleman from texas, mr. Green, who is also the chair for subcommittee and oversight for investigations is recognized for five minutes. Thank you, madam chair. Madam chair, as a practitioner, i once represented a recipient of welfare who was charged with a crime because she made more money at a job and received some benefits from the federal government. She had to be prosecuted. A crime was alleged. If this bank, where its mu was smaller, had maybe ten employees, had engaged in this type of activity, opening fraudulent accounts, creating fraudulent credit cards, someone would be prosecuted. A small bank would have had prosecutions take place within the ranks of the person within the bank. Evidence shows that small banks have had persons prosecuted. But wells fargo created 1. 5 million fraudulent accounts. Wells fargo had over 500,000 credit cards created, fraudulently. Is it the case that if you become so big and you create such a grand scheme, th
Neil. Well, you said it when you set this up at the top. The conversation here on the floor has surpassed this notion of correction which the markets have gone straight through, but now traders are talking about bear market territory. That would be a 20 decline from alltime highs. Theyre saying they hope it doesnt happen, they hope maybe a bottom is set here today. The problem is theres just so much uncertainty, and we dont know where this whole situation is going to go. You know, the comparison has been made to the financial crisis, but there was an orderly process, right, between the government and the banks that stepped in to try to work on things. There was some uncertainty, but people were working on it. With this, were not sure how bad it can get, and thats whats spooking investors. Now, the s p 500 entering correction territory, it only took six days to get there. That is pretty staggering. The last high that we saw was on february 19th. Its been the worst trading week since tha
Jeffrey we werent on a path to greatness. David if a president were to say to you, come in as a cabinet officer, what would you say . Jeffrey im n make great public servants. Woman wou fix your tie, please . David well, people wouldnt recognize me if my tie was fid, but ok. Just leave it this way. All right. I dont consider myself a journalist. And nobody else would consider myself a journalist. I began to take on the life of being an interviewer even though i have a day job onning a private equity firm. How do you define leadership . What is it that makes somebodyick . After 16 years as the ceo of ge, you have just stepped down. Is a big burden off your shoulders now . Jeffrey i do if youre doing the job well, you feel oership over everybody who is a constituency, and you wear that 24 hours a day, 7 days a week. So, look, i think 16 years is a long time to r one of these companies,d im starting to feel a little bit of decompression, lets say. David so do you think its too long to run
David if a president were to say to you, come in as a cabinet officer, what would you say . Jeffrey im not sure businepeople make great public servants. Ieman would you fix yourplease . David well, people wouldnt recognize me if my tie was fixed, but ok. Just leave it this way. All right. I dont consider myself a journalist. And nobody else would cons i began to take on the life of being an interviewer even though i have a day job of running a private equity firm. How do you define leadership . What is it that makes somebody tick . After 16 years as the ceo of ge, you have just stepped down. Is a big burden off yo shoulders now . Jeffrey i do think if youre doing the job well, you feel ownership over everybody who is a constituency, and you wear that 24 hours a day, 7 days a week. So, look, k 16 years is a long time to run one of these coanies, and im kind oke im starting to feel a little bit of decompression, lets say. David so do you think its too long to run a Publiclytraded Company