Guilty to insider trading a decade ago. Were you aware of this before entering into a contract with him . I was not personally but as a company we were aware of it. Were you aware of all the other Credit Swab contracts he had, the lack of your specification on the contracts and the over leveraging . No, there was no Clarity Or Transparency around his positions across the strait. Given a lack of transparency would you support an Sec Rule for disclosure of significant economic interests regardless of the form it might take . For adequate disclosure, i know chairman gains are is going to be looking at this. I certainly would work with him on it. Is it a yes . Im not clearly answer. Clearly the lack of disclosure here hurt, fortunately did not hurt taxpayers or investors. It heard mr. Wayne and his family office. It heard the banks. Generally yes i think its something that should be figured out. The largest banks are earning more and more profits than ever before. But making fewer and fewe
materials, industrials hitting new intradays. the small caps doing well. the russell 2,000 at the far right side of your screen. jim, i want to know where you think we are now you have great vaccine news. it s consistently great. we re not that far from 30,000 on either day we have headwind/tailwind. each day you can make a tailwind case i can make a tailwind case that you have to buy the airlines right now. this norwegian cruise deal is done, you want to buy that group. i can make a case that you have to buy the stay at homes, the deep cyclicals, a case for the technology stocks. this is what we ve looked for. that s why i came in gunning for the armageddonists there s a fabulous piece out that covid did not rescue the armageddonists from underperformance and purgatory it s time to call them out i m asking all the panelists to call out the people who said it was the end of the world call them out. well, we ve gotten great vaccine news it sounds like to me you re saying y
5, 6, seven major stories, are driving us forward. simply an open question with all that is going on, what has your eye this morning? jonathan: the italian bond market. i know that feels a bit off the beaten road, but right now rallying aggressively over the less capital weeks. look at the spread of btp s to german debt at the moment. it is about 20 basis point. that was about 280 earlier in the year. that is one to watch in the debt markets. tom: bond price up, yield down. what is the why? is it a flight to quality? jonathan: reduced redenomination risk, i am not sure we are completely there yet where we can say that this market now trades like a proper sovereign. what that means, we used to question how long some of these countries would play into the euro zone. the risk of redenomination, moving out of the euro and being repriced in a different currency. the fiscal backstop of a couple of months ago, even though it has not been fully implement it, i think that gave people
have a durable exit from the health crisis. including amnesty international had written to the g20 finance ministers ahead of that meeting to warn that the world is facing a crisis unlike any in the last century, and that debt suspension is only a first step. the group said many of the poorest nations are spending more on debt payments than on lifesaving public services. there is growing pressure on british prime minister boris johnson to order a so-called lockdown. the opposition labor party and government scientists say it is needed to get the coronavirus under control. deaths have soared to the highest level since june. concerns are mounting that johnson s new system of restrictions will not be enough. pressure continues to see a record number of coronavirus cases. officials work reported 14,000 new cases today, the most since the beginning of the pandemic. russia has the world s largest caseload. despite a surge in new cases, russian authorities have dismissed suggestio
sales and the stock is hitting new highs. and finally tesla s tumble, why the street is mixed on what actually came out of the company s battery day event yesterday. j & j, though, jim, going to be the lead and you just called it maybe the best company we have in this country. yeah, look, i think that i like triple a balance sheet, i like a company that continues to make the numbers, i like a company that pays a good dividend, has the best pipeline, most robust pipeline in pharmaceuticals and i like a company that s not a hype company. the fact that they are ready to do their vaccine now, full disclosure i am attempting to get into the trial, i think it s everybody s duty to get into the trial they are the only one emphasizing the at-risk people they want people who we view as people who we need to protect. i don t hear that from any of the other companies. i like the fact they are willing to give it to their whole employee base. this is the way i think it should be done