If its covid19 vaccine is effective. Jim, i know that citi news popped for you. Yeah, i candidly mike and donna are friends of mine and friends of my executive producer so i have to reveal that because i say its not about friends its about money this is jarring for those of us older than mike who is 60 but he did work there for 38 years, not retiring until february, but how great. When i spoke to him this morning, how great, jane fraser coming in. The Glass Ceiling in banking maybe a is finally cracking and its a great legacy for mike a period where net income increased from 7. 5 billion to 19. 4 billion, tangible common equity 12. 0 to 12. 5 and returned 80 in capital during mikes reign all those numbers havent necessarily led to great performance a of the stock but they are great numbers mike is a much loved figure as is donna, his wife and i regard them as a team and i know he wants to do many, many things in life and this is a soul searching time, he appointed jane last year, he ma
Weve seen the dow and triple gains. S p in positive territory too. Down 22 points, s p futures are off by four. Yesterday was a good day for the markets. You had the nasdaq wed been watching closely was a big outperformer gain of 293 points the first day out of the last four both the nasdaq and s p have been in positive territory. Those three days before that give you something to worry about . Futures had been higher. Down a lot but come off the highs in the session looking at the treasury market where the 10year stands right now. Just below 0. 7 . Oil prices which really fluctuated and sold off sharply. This morning are down again. Wti off 1. 5 andrew thanks, becky a couple big stories to talk about. The senate set to vote on that slimmed down relief bill today talks between the white house and House Democrats and a report that President Trump may step in with more executive actions to try and fill the gap if something doesnt get done joe . There are other places in the world too. We
Have the same expertise. I think its regrettable and a what youre saying but i think there are tools for pushback and they need to be used. Its hard to go to the public and say to the people are buying houses and pretending to flip them, we will take away your credit because we dont think buying a home is a good idea. I think it would have been a lot of political support. Now there is but not back i mean, the public is basically saying, as we all know, people who speculate in the middle of it and thought they were doing the right thing. Based on what we discussed this morning, what is the one recommendation you would give to each of the following participants, the government, Financial Service providers and consumers . Give a sort of a short, snappy response to that question if you can. May i go first. Sure. Well on the government, balance the budget. Simple. There you go. One other one of the reasons why balancing the budget is so important because that would give us more room to fina
Transparency. One of the things its much too widespread. And that leverage is one of the things that grows out of the derivatives and other highly structured complaints. But they do a better job within the industry and trying to get more effective disclosure particularly as it surrounds the concept of leverage. Getting the fiscal house in order he also said Monetary Policy only accomplishes so mu much. We have to do it in a way thats fiscally possible. Those are the kind of discussions we need to be having if we need fiscal policy to get more robust growth in our economy. I wish the congress with all of the unemployment there isnt a greater focus on jobs in the economy i dont know but i think that is a benefit for everybody including the Banking Sector to get this economy going in a way that we have been used to in the past. For Financial Service providers i think things for the long term in terms of the longterm Customer Relationships, think of making money by providing the value not
Our road map begins with a 20 billion deal. Freeport mcmoran getting into the Energy Business making two acquisitions. Plains exploration and mcmoran exploration. Concerns over the u. S. Economy as adp misses estimates. The blame goes to superstorm sandy. Goldman says the party is officially over for gold. Starbucks at an investors conference will add 1,500 stores in the u. S. Over the next five years. Wait until you hear what they said about china. A big day in media. Pandora ceo joins us live later this morning as the stock fell nearly 20 on weak guidance and netflix signs a big exclusive with disney. How much are they having to pay up for that . Lets deal with this big deal. As ive been telling you well see a lot of big deals i was wrong. Here we are. Freeport mcmoran buying not one but two companies. The combined price if you add it all together gets close to 20 billion. That does include debt. Lets go through some of the details. Its somewhat complex. Lets start with bigger of the