Discount. Wall street is facing bank stress tests. Lenders including citigroup failed to pass the scrutiny. I am joined by Erik Schatzker for more on the results. The highlights were citigroup, unexpected. What went wrong for them . We can only tell you what the fed told us they scrutinized citigroups balance sheet, and the methods in which they conducted their own stress tests. The fed found qualitative in the way, for example, citigroup anticipated losses and projected revenue across its business. Citigroup operates in 100 companies. Countries. It is complicated. Michael corbat was brought in to straighten the ship after the vikram handed era vikram handed area. Still had a lot of capital, but the fed is not allowing citigroup to return more of it to shareholders aboute they have concerns the way citigroup is not so much managing its business, but its capital. And perhaps its risk what that means Going Forward . No question. Subject toapital is the ability to make or lose money in th
Latest mckee has the it has come down some but needs to come down further. More people need to move into the labor force. Top, mentioned at the inflation is too low, janet yellen said. That is another reason the fed will stay on hold for the time being. She is trying to push people back to the data dependent stage, the idea that it is the data that will make the call. She cited a number of data points that were not very good. Numbers do not lie. What does it mean for investors . That is the funny thing. It does not mean anything in the end. If things were really bad in the economy, the fed will be talking about stopping the taper and adding more stimulus to the economy. It means the policy is status quo but the idea that there is a specific date is off the table. Do not take me at my word and say it will be in june of 2015 pair wait to see how the data develops but we will not change anything between now and then. Michael, thank you. For the first time in decades, the u. S. Supreme cou
Gerri we begin tonight with new concerns over reverse mortgages. As the market grows and grows there is mounting criticism the way some banks handle the deals. Across the country people finds out hopes they thought were theres are taken away. It happened to laura when the bank sped up bidding on her fathers foreclosure. We have mark from stern cool school of business who studies the issue. Laura, i will start with you. A lot of folks dont know what a reverse mortgage is. It is exactly like what it sounds. Instead of you paying the bank for a house, the bank pace you. It is an arrangement more and more seniors are doing. Laura, your father had a reverse mortgage. What happened when you tried to buy back the house . Well, i was one of the lucky ones. I was there with my father when he filled out the paperwork and, right now, our issue is not buying back the house at this moment. We were promised that i would, he was promised that i would have 12 months to be able to figure that out. As a
Answer . I want the yes or no. No. The issue is whether the republicans force a Government Shutdown over the imple main tigs of the obama care. The conservative wing of Congress Called the suicide congress doesnt want to be bothered with trivial things like govern iing. According to the hill they are ratcheting up opposition against representative mitch oconnell, and those who dont want to shutdown the government dont seem like people who should be in congress. In fact, it is a revelation when a republican congressman like louisianas david vitter says he will do the job he was elected to do. Is your office going to help constituents who might simply want to buy insurance . Well, we are helping folks in any way we can to get them good information. We field calls e everyday in my offices around louisiana to try to help people with individual questions and circumstances, and i would encourage folks to call our office to try to get that guidance and help. Suicide caucus take note, a republ
And what is behind President Trumps Andrew Jackson obsession . This is mtp daily and it starts right now. Good evening and welcome to mtp daily back in washington. Where the republican draft bill to repeal and replace obamacare is been assailed from almost all corners of the gop with no simple solution in sight. But prident trump has an opportunity to do what he can do best tonight, sell his vision to a large, boisterous group of supporters. The president is set to hold a Campaign Rally in nashville, tennessee tonight with a chance to use the bully pulpit for the First Time Since the plan was put on paper. And mike pence was dispatched to the hill today to get the deeply divided republican conference on the same page. The question tonight, how how much Political Capital is the white house willing to spend to get a win on this bill . Conservatives dont think that the house plan goes far enough. Some spoke at a rally on capitol hill today. You need to tell them you want them to stand fir