a tentative $13 billion settlement. if finalized, the largest penalty against a bank since the 2008 financial crisis. and yet many are saying that this punishment against jp morgan stanley chase for its roll in sales is simply not enough. some feel that there needs to be a face to this crime, and that that face should be jpmorgan s ceo, jamie dimon. and while this settlement doesn t necessarily close the door on criminal charges, if history is any indicator, it seems unlikely. for his part, well, mr. dimon, doesn t seem too concerned at all. we re gaining market share, doing great stuff, trying to get behind us. i am so damn proud of this company. that s what i wake up thinking every day. for more, i m delighted to say we re joined by dennis kelliher, president and ceo of better markets, a nonprofit
well thee and well-connected, there is a different standard for them. but there isn t there has been, but there shouldn t be. crime unpunished rewards crime and incentivizes more crime. if everybody here gets away with what they did, and what they did was absolutely wrong, greej rousely wrong, almost certainly criminal in many cases, if that is not punished and punished clearly, at the individual level, and at the ceo, supervisory and executive level, you re going to see it happen all over again. and why not? the rewards are huge and the down side is zero. they respond to incentives like everybody else. absolutely. and should be culpable. dennis kelliher, thank you, sir. thank you. new details on another shooting on an american school campus. but first, mandy drury has the cnbc market wrap. good afternoon. good afternoon, martin. mixed close for the markets today. the dow losing 7 points, but the s&p closing just fracturely higher after a record high. the nasdaq adding almost
i want to bring in imogen lloyd webber. if you ask dennis a question and he has a rebuttal, he ll say it s a good point and completely demolish your premise. is there anything the administration can do to counteract the speculators? like releasing more oil? it sounds crazy they are allowed to get away with this. there s plenty they can do and should do. the first thing they should do is start an investigation of the commodity hedge funds and the money flowing in from wall street into the markets. you don t have to have enforcement, but it s not manipulation. the real problem is access speculation. not all speculation. it was around 30%. we d see the markets functioning more stable with less volatility. the administration ought to get the department of justice and ftc to get the documents. let s look at what wall street s
prices. our pain at the pump may result in pain at the polls for the president. two-thirds of americans disapprove of how the president is handling gas prices. dennis kelliher is the president of better markets. what has changed in the commodities markets from say ten years ago? speculators in the market have overtaken the commodity markets. it s important to remember that commodity markets aren t like equity markets. they are designed for commercial producers to hedge their products. unlike the equity markets, everybody speculates as much as they want. what you are supposed to do is be able to hedge your future sale or purchase. ten years ago, somewhere between 70 and 80% of these markets were controlled by commercial