In a german newspaper interview. Durables just ahead of estimates and still looking for definitive headlines out of opec. Inventories at 10 30. Yellen back on the hill answering lawmakers questions about the banks, what shes expected to say about the troubled sector. And speaking of banks, wells fargo ceo john stumpf is forfeiting 41 million ahead of his next appearance on capitol hill tomorrow. And what should you expect as an investor . Shares of nike falling in the premarket on yesterdays earnings numbers. Whats dragging that dow component down . But first, a lot of news involving the banks today. Wells fargos john stumpf to forfeit 41 million in equity awards while the companys board investigates the banks sales practices. Deutsches john crion saying the bank did not need increase or capital interest. About an hour from now fed chair yellen will testify on Bank Supervision and regulation before a house panel on capitol hill. Of course when she starts making headlines, well try to t
Good wednesday morning. Welcome to squawk alley. Im Carl Quintanilla with jon fortt. Joining us is seema mody. Good to have you back. Busy, busy day, markets have gone into the red. We continue to monitor janet yellin testifying on capitol hill. In fact, on that front, lets get back to Steve Liesman on capitol hill. Steve . Its a scintillating issue here on the issue of Bank Regulation and dodd frapg, trying to be a little sarcastic, but she was asked about Monetary Policy and said theres no timetable for raising rates. She expects the Unemployment Rate to fall further and that most of her colleagues do expect a single rate hike this year. She was grilled on this issue of politics at the fed. Scott garrett talked about something that i have not heard before, and were trying to run down this issue. Im going to repeat it, brainerd and the clinton campaign. But anyway, she said theres yellin responded, there is no politics in the decisionmaking at the Federal Reserve. A lot of this coming
The first, monday, september 26, on the campus of Wright State University in dayton, ohio. The second debate on a sunday, october 9th, 2016. At Washington University in st. Louis, missouri, and the third and final debate on wednesday. One Vice President ial debate on tuesday, october 4th, 2016, in farmville, virginia. Joining us on the phone this cochair of the commission on president ial debates. Ty for being here. Pleasure. What led to these four universities . Well, in the 2728 years we have been doing this, we do the year before the debates, we send out to all the colleges and universities in the country in effect a request for bid. We indicate to them what they have to do, what they have to produce. So many hotel rooms within a certain area because of the reporters there, and then we get in bids elm originally narrow what we lad for this year or next year, down to 16 schools. And then we have a team of technological people, camera people, lighting people, et cetera, who go out, so
I should know that we an Important Role on the floor this morning, so i, and other members, will likely need to step out briefly to participate. We may briefly paused a hearing proceedings, although sometimes necessary,ot become dependent on the order in which people ask questions. We are here, to discuss the proposed mergers between four of the nations five Largest Health Insurance Companies. In early july of this year, aetna announced it had reached a deal to purchase rival humana. If you years later, a few months later, at them i now sit sigma. L to purchase the Department Justice is currently reviewing these transactions. The industrys big five will be reduced t the big three. United care, and send, and aetna hem, and aetna. These acquisitions raise the questions is the Product Offerings will impact the market. That antitrust inquiry is whether the combination will lead to a market concentration that make substantially lessen competition. , and thensactions concurrent review, also
The word imbusineeciles, referro members of congress. But no testimony. The leader of turing chemicals refused to testify today. The man known as pharmas bad boy for raising the price of an older drug by 500 cited his fifth amendment right against selfrecrimination. But as meg reports from capitol hill he was anything but silent. Reporter representatives from valiant pharmaceuticals, fda, and the pharmacy benefits manager industry group, were all invited to testify today at a congressional hearing on drug pricing. But the star witness was the infamous martin shkreli. His former company, turing pharmaceuticals, gained notoriety for hiking the price of a 62yearold drug by more than 5,000 . Shkreli is separately facing federal charges of securities fraud. He managed to steal the show while not answering any questions. I intend to follow the advice of my counsel, not yours are i invoke my fifth amendment privilege against selfincrimination and decline to answer your question. On advice of