morgan stanley, morgan stanley will take control in full ownership by at least june of 2015 if not sooner. >> exactly, david. we were focusing on one of my questions was what kind of write-down citi would have to take. by cnbc's calculation right now, the write-down on their 49% stake in morgan stanley/smith barney will be $4 billion pre-tax. by cnbc's calculation, that's the size of the write-down they're expected to take. you might recall earlier this summer, they submitted a filing to the sec saying because the two sides were so far about on the valuation of the joint venture that it would likely have to take a write-down in the feature, and on a pre-tax basis it likely would be $4 billion, but again, awaiting confirmation from citi. back to you. >> and of course, 49%, they had it at $23.3 billion, i believe in that filing and morgan stanley was somewhere around $9.5 billion, they end up at $13.5 billion, and we can figure out kind of what that write-down will be for citi. thank you, mary thompson. >>> meanwhile, breaking news, more breaking news, let's get to eamon. >> reporter: and g

. >>> up next, morgan stanley smith has gone wild. morgan stanley smith barn neefr has taken radical steps. the company allowed brokers and wealth managers to use social networks. as an experiment, 3% of employees were allowed to use twitter. derek fowler is one of those three percenters, a private wealth adviser. he tweeted three times, retreated once. a recent tweet, quote, investors with high yield credits may return 4%, 6% in 2010. see page 10. derek fowler has 14 followers on twitter. i don't want to make you feel bad about how many followers you have. 14 is a darn good start. are you expecting to get maybe some more? >> i think i expect to get some more, yeah. to put this into perspective, social media and financial services, i've been lucky enough to deal with corporate executives, founders and early employees in silicone valley. >> so a high quality 14. >> a high quality 14. >> maybe if you tweeted a few more times, maybe you might get a few more followers, more than three? >> yeah. i think the idea is so we started morgan sta

but i'll say, "no, morgan stanley." [ticking] >> this is shaybah, a desert wilderness where temperatures can reach 135 degrees. beneath these sand dunes lie 18 billion barrels of oil, more than four times the proven reserves of alaska. and it's costing billions and billions to tap into it. with all the talk about kicking our addiction to foreign oil, the kingdom of saudi arabia is doing everything it can to keep the oil age going. let me be blunt: is it your hope to prevent a switch away from oil? somebody said the country is the oil business. i mean, you absolutely need to do this for your own survival. >> and what's wrong with that? [ticking] >> when the u.s. oil companies came here in the '40s and '50s, the americans moved into the area with their families and developed it to suit their tastes and their way of life. they created a replica of american suburbia. today you could be in the outskirts of houston or los angeles. it's almost like it's an enclave within saudi arabia. it's--different from the rest of the count

so morgan stanley's on the full track now to take ownership of morgan stanley smith varney which, by the way, the smith varney will actually be morgan stanley wealth management. so the agreement here and the deal which values the brokerage unit at $13.5 billion actually actuallyremoves restrictions on morgan stanley to buy the rest of the company. the agreement -- citigroup, they have 5% own -- 45% owner shift and this is all pending regulatory approval. this also is a bet on morgan stanley's point as they move into wealth management even more so on some good markets ahead. so this is, it also gives some access to funds as well, $48 billion in deposits by 2015. so those are some of the main bullet points of this joint venture agreement. back to you. cheryl: all right. nicole, thank you very much. first reported here on fox business, and there is this first reported by fox business network, a former mf global executive interviewed by investigators looking into the firm's demise suggested that ceo jon corzine was culpable for as much as $1.6 billion in customer money, all that may be e

of morgan stanley. >> i haven't stayed involved at all with morgan stanley. i've enjoyed my freedom in retirement. >> i say that in regard with being back with smith barney and the move towards having a big retail presence which is what dean witter was to some. >> yes, it was. while i'm not involved, i think that the actions that have been taken at morgan stanley recently are very positive for the shareholders. it hasn't been reflected in the price yet. >> you still own morgan stanley stock? >> i own some, not nearly as much as i used to. as morgan stanley leveraged up after i left and started to taking more risk, i decided i would take less risk and sell most of my shares which i did. but the direction the firm is going today in my opinion is the right direction. it's a difficult market. it's hard for everybody, not just morgan stanley. you guys follow all the investment banks. you know it's not easy today. less deals. europe is very hard at the same time i think what they did with the smith barney acquisition, it should be a rye turn rent. i applaud what th

know, you might see a spike in morgan stanley shares. conversely, if it looks like they have to take a bigger hit than already announced, i don't know how much citi goes down -- that's an ugly chart on morgan stanley. i think you sell the stock there too, you know? this could have -- there's a trade implicated. by the way, the way these charts are moving, nobody is pricing this in. i guess they're just splitting the difference. but that's how i would play this thing if you have any inkling. my best guess is leave it alone, it's going to be split down the middle. liz: i mean, when you look at citigroup stock, this is just -- people are waiting for this thing to get back up to where they first split. >> you understand something called dilution. when we talk about -- and when we talk about companies like knight capital, what makes knight capital such a crappy stock right now? well, guess what, it's going to be stuck at $3 a share. liz: if that. >> forever. because, you know, when they brought in the new investors that recapitalized it after

cheryl: liz: morgan stanley possibly laying off. it is hire. charlie: because of what is going on in europe. that would be a net positive by the stock you are investing. liz: thank you very much. we have got to get to the amazon story. breaking news. the first look at new pictures of amazon's kindle fire. let's go to adam shapiro who is inside the announcement area in santa monica, what is going on? >> talk about putting a v-6 team in a volkswagen bug the. this $499.32 gigabyte memory and you get that fur $499 and this is direct competition to the ipad with comparable features would run close to $759 saying amazon is in the business not of selling you a product but want to tell you something to use to so -- kelly the content you use on that device. there is the kindle fire hd which comes in $299. the kindle fire hd and smaller screen comes senate $199 and then the ecb readers which wants all of this in 2007. the kindle illegally introduced the kindle paperweight at $119 and the baseline, you also have the kindle paper like is their name for the

morgan stanley smith barney. the value of the business has been a sticking point between the two banks as morgan stanley moves to become the sole owner. today's deal values the brokerage at $13.5 billion. after the deal, citi's stake will be reduced to 35%. shares of both banks were gher on the deal. morgan stanley gained 3.9%; citi rose 2.6%. under today's deal, morgan will own all of the brokerage by the middle of 2015. it was a management change at asset manager legg mason that got its shares moving. the stock jumped 5.4% after announcing c.e.o mark fetting will step down october 1. the fund company has suffered from investor withdrawals from its funds while facing activist shareholders. higher insurance premiums may not be good news for customers, but they are for shareholders, at least today for travelers. shares were up 2.5% to a new high after the company said it continues to enjoy pricing power with business and individual insurance premiums. at an investor conference, the traveler's c.e.o said business i

this is an acute problem inside morgan stanley. what is going on, greg fleming, head of the wealth management division with a fox business network has learned, launched a seven city tour, just finished up last week miami, l.a., dallas, boston, new york obviously, atlanta, san francisco. yes. san francisco. and basically trying to prevent a sort of massive defection. we do know as of right now there has not been a massive defection. they're not losing assets in droves. they're not losing brokers, but the potential for that to happen is huge. and here is the bank. if you own morgan stanley stock and follow this company, this is one of the biggest wall street firms. they may gamble. they bet the ranch and brokerage. they are transforming his firm from what used to the arrest taking firm that the investment banking and the site to one that is more about dispensing advice to small investors, morgan stanley has the biggest british firms as they did that deal with smith barney, buying the smith barney brokerage from during the height of t

where morgan stanley sees the best retail opportunities. we'll get the best dressed retail stocks coming up. ♪ [ male announcer ] introducing a reason to look twice. the entirely new lexus es and the first-ever es hybrid. this is the pursuit of perfection. the entirely new lexus es and the first-ever es hybrid. ♪ forz(power!) andiamo! andiamo! (let's go! let's go!) avanti! avanti! (keep going! keep going!) hahaha...hahahaha! you know ronny, folks who save hundreds of dollars by switching to geico sure are happy. and how happy are they jimmy? happier than christopher columbus with speedboats. that's happy! get happy. get geico. fifteen minutes could save you fifteen percent or more. retail stocks coming up. > >>> i am right there in the enclosed, sealed headquarters of cnbc. the stock has been getting crushed. now groupon unveiling a bold new mobile payment plan. will it be enough to turn around the stock? we'll have a live interview with the ceo, and the brand new forbes 400 list, the grand daddy of the wealth list. i am not on it but w

. >>> citigroup and morgan stanley agreed to value their joint brokerage venture morgan stanley smith barney at $13.5 billion as morgan stanley begins to buy out citi's stake in the firm. >>> facebook's ceo mark zuckerberg admitted yesterday he's disappointed with his company's crumbling share price, but his comments about company's morale and mobile growth prospects pushed facebook's share higher in late trade. >>> meanwhile, the ceo of zynga, the struggling social gaming company behind popular facebook games like farmville, resigned this week. >>> luxury retailer burberry issued a profit warning tuesday citing slowing sales to china. brands ralph lauren and tiffany and company. >>> u.s. regulators issued a rare warning to lancome parent loreal over claims its anti-aging skin care products alter the way the human body works. the fda says that language requires classification as a new drug and, in turn, fda approval. >>> finally, move over, jared. a 66-year-old virginia woman says she lost 85 pounds in two years eating every single meal at starbucks. she credits the nutrition info on

i'll say morgan stanley trades at approximate book. i was looking at a little history, i went back to the may june period of 2008 when people were recommending morgan stanley trading at 1.4 times quote. you get to what, where are we some hideous -- >> yeah. >> it hasn't meant anything. >> no, not at all. >> and mayo, let me be critical for a second. i haven't made a lot of money following mayo. he's excite, interesting, but so is the series of movies. i find that avengers was interesting. >> that's a good point. he may not be somebody you want to follow in terms of -- that may be the case, but i'll take interesting because that's more than you get from most. >> it's a meredith whitney interesting? >> yes, she's thought provoking. she may be wrong. may have been very wrong on municipal bonds, but it forced a discussion. that's something. >> clint eastwood. >> yes. >> and outliar argument. >> made it more exciting. no judgment being made here other that be seemed crazy. >> did he have to something to say of munis? >> illinois gos, like t

>> i wouldn't go to morgan stanley. i think buy ins are not going to come back in the markets. if i were to play a broker it would be goldman sachs because they are still the top performing bank in the business. >> but steven doesn't work there any more. >> i would point out that when you have a big retail sales force, they become a weight in the high cost space during low volume markets. >> you could make the argument that they have had a little bit of a breakout and that is one of the reasons you would want to own goldman over morgan but morgan is in prime position to have the technical broke out. >> time to hit the cnbc below t. >> seem m seema has been monito the top tweets? with the fear factor, the hot topic on twitter is what what's driving the market lower. i'm short some of the bearish names like katcaterpillar, cumms and as it moves lower, it will take these names with it. >> i took my money out of the calls and purchased vertical puts and bought tiffany and coach. and have no fear, apple is here. and brings u

ubs downgrading citi group, goldman sachs, and morgan stanley from a neutral to a buy. we have a billionaire, self-made, who is not shying away from the financials. jeff green tells us in a fox business exclusive why he's tuning out the noise and betting big on the banks. jeff greene coming up. day two on what i decided to call can't decide trading. a lot of movement, but no real definitive moves. traders at the new york stock exchange and the cme. to have seen a deficit of 71 points and then to mark it all the way back up, cross the flat line 17 times at last check, what's that say about the psychology of the markets now and for the investor who is watching you? >> well, i have to tell you, traders are confused as to why we have the rally. numbers were not good. i think overall, news out of europe and china has not been good. we have a little bit of a disconnect. clearly, i think the housing market is still the thing pushing us. we have real estate, and four ipos did well, the first being over 40% at one point today. i don't know where it's at now, but it was almost 45

there's morgan stanley. was that it. was its banks what do you think that that are here and in times square and where women are going to be with her because you're going through because i mean i know that is the bank of america but this burkhard out of our more serious with us great reporting or is there markets his parents or the snow there the thinking about sprays the fixer image up i think i assume that the more especially of the more problems up for geragos or how nice the more problems there is a court are in big trouble aren't i mean so slow to think that's actually what i do and then the character you're serving i reserve because you don't even ask for it but i want to get our next story could you eat meat. right up there and i. am nothing to another one of those electric. lights on a plane and there was a new york post today i was looking to not keep her in new york by any. damn thing everyone is talking about it on my own i think we're making fun of oh ok still time for time. so. making fun of something that we

there is morgan stanley. was that it. was at its banks what do you think that that are here and good times here and where women are going to be with her because it broke because i mean i you know i think that is the bank of america but the big word out of our more serious with us great reporting there is there are markets whose parents are this know they're thinking about sprays the fixer image up i think i assume that the more exposure of the more problems up for example more holidays the more problems there isn't called are in big trouble aren't i mean so slow to think that's actually. an indicator of her yourself to your iris or because you don't even ask for it but i want to get our next story could you eat meat. right up there and i. am i'm not going to another one of those electric. lights on a plane and there was a new york post today and i was looking at the not paper that's going to new york by any of them but it's talking about it on my own i think making fun of oh ok still time for time. so. i'd make fun of som

there's morgan stanley. was that it. was its banks would think that that are here and because france where women are going to be with her because it broke because i mean that you know that is the bank of america but this burkhard out of our more serious with us great reporting right there markets whose parents are the snow there the thinking about sprays the fixer image up i think i assume that the more especially of the more problems up for example more holidays the more problems are is in court or in big trouble all right i mean so. it's actually. an indicator of her yesterday i received a copy you don't even ask for it but i want to get our next story could you eat there. right up there and as i. am i'm going to another one of the. electronic one and there is a new york post today i'm looking at the not paper the new york five any. damn thing everyone is talking about it on. i think making fun of oh ok still time for time. so. making fun of suckers that waited to get my money went on our merry way and want to believe

here is what morgan stanley says. they're predicting a drop of 15% from today's level by the end of the year to 1214. let me get out the pen here, guys. i will show you 1214 would be a level we haven't seen since late last year. on the other hand bears private bank is talking about 1450. they say this rally this year will continue off the charts to 1450 but they're also saying if we get there, take some money off the table and hit the sidelines because they think that is time to take some profits. mole list sachs lori, a lot of questions as we hit the lofty levels in the s&p. lori: i like the football-style report with the telestrator and the play-by-play. sandra, thank you. melissa: congress is back in session after a five-week break but will anything get done with a month left in the fiscal year? rich edson has more. rich? >> we'll avoid a government shutdown next week. that's about it. billions in automatic spending cuts and failing postal service will wait until after the election. white house says the failure to

stanley, where was morgan stanley who is in the process of evolving to a client driven business model with the acquisition of smith barney. why didn't someone stand up and say wait a minute, $38 makes no sense based on what our internal analysis is now teg us. >> ken, if you're the ceo of the company and your bankers come to you to you and say we can support $38, which they were able to support for a day, do you not take that bid? >> getting the highest price you can get speaks for itself. let me say one thing that nobody's talked about, there's a clear rule in underwriting about so-called preconditioning the market. we've got all of these laws, sarbanes-oxley and all these things to react to what wall street did to abuse people, in corporate america. where the hell was the sec? this was the most egregious example of preconditioning the market i have ever seen. >> how so? >> the way it was promoted. >> you mean the company doing it or from other people? >> everybody. here is where the sec didn't have the guts to do it, should have stepped in and saying we're canceling. we're not going

. >>> citigroup and morgan stanley agreed to view their joint venture at $13.5 billion as morgan stanley begins to buy out citi's stake in the firm. >>> facebook ceo mark zuckerberg admitted yesterday he's disappointed with his company's crumbling share price but his comments about company's morale and mobile growth prospects pushed facebook's share higher in late trade. >>> meanwhile, the ce zynga resigned this week. luxury retailer bur berry issued a profit warning citing slowing sales to china. >>> u.s. regulators issued a rare warning to land co parent loreal over saying their antiaging products alter the way the human body works. that requires classification as a new drug and in turn fda approval. >>> finally, move over, jared, a 66-year-old virginia woman says she lost 85 nountsz two years eating every single meal at starbucks. she credits the nutrition info on the packets which made calorie counting ease ji. >>> the oriole's slide, the sox spanning the yanks and will bieber take the ice? plus there's no place like home for team u.s.a. >>> and many of us have been enjoying a very e

stanley about morgan stanley smith barney. morgan stanley is going to buy another 14% of it. but the two sides point to perella's firm, perella weinberg, to determine the value of what it actually is worth. >> is it what they have to pay? >> citi had it marked at a much different value. if it gets marked at that far lower value, will it be $11 billion or $13 billion, may force a writedown for city to some extent. and it's only 14% that morgan stanley is buying of whatever that valuation is. then they have to go through this potentially all over again when they want to exercise their next option. they hope they can get it all over with -- >> when we talk about morgan stanley, we think global investment bank. but people forget that wealth management, such an important part of that company. >> and a stable business. >> right. >> aig is down by 1.8%, perhaps less than what one might think on hearing of the announcement of a massive share sell by the u.s. treasury. $18 billion worth of stock potentially. >> i had some expectations

not. >> morgan stanley in europe goes better, morgan goes up. europe looks better, morgan goes down? >> i think that's absolutely true. particularly the larger investment banks really are risk on, risk off and they will move with that. morgan stanley trades at half tangible book value. at some point either normal lie zags happens but morgan stanley doesn't have a giant cap anymore. it could some day become attractive to somebody. i think that is something that in the future if the valuation doesn't rise dramatically. >> you say ride them for the long term? >> absolutely. >> anton, it's great to have you on the show. thank you very much. >> absolutely. >> i like these investment banks a little bit more. i would stick with jpmorgan. i've seen nothing but upside. bank of america as well. people are expecting to see these banks continue this run. the run has been going on for a month and i think it will continue. >> are you still in jpmorgan? >> no, i am not. but i am in aig which is nonbank financial and they keep buying back the stock, shrink the

there is morgan stanley. does it clear that it. has its banks what do you think that that are here and good times where women are going to be with her because it was something that you know the bank of america but the burglar got a are more serious with us great reporting or is there markets cranks or the snow they're thinking about sprays the fixer image up i think i assume that the more exposure of the more problems up for geragos or holidays the more problems there isn't court are in big trouble all right i mean so it's like third that's actually . an indicator of where you're serving i really serve because you don't remember but i want to get our next story you keep it. right up there and that's. something you know that one of the. electronic ones and there was a new york post today i was looking at the not paper at the new york buy anything about how they're never going to talk about it on our i cut i think we're making fun of oh ok still time for time. so. i'd make fun of something that waited to get my underwear on i mean wh

you look at the likes of a morgan stanley or a goldman-sachs, and these things have appreciated 10 to 15% just over the last couple of weeks. there are lots of up-side called buyers in there because the feel out there is that if we get some sort of easing, or not even easing, but just some sort of extension of that window, who is going to benefit from that? the banks, who were so beaten up, but now on a road to recovery, are going to benefit. so we're seeing lots of call buying out to december and january, especially in the likes of a morgan stanley. > > and we'll hear more from the fed on thursday. good to have you on the show today. that's scott bauer of trading advantage. the head of the association for manufacturing technology says the u.s. is at a turning point - a shortage of skilled trade workers and tough global competition. in our cover story, the push for a national manufacturing strategy. there have long been advantages to offshoring - cheaper wages, closer to foreign markets - but that's changing. wages in china and brazil are going up, so a lot of manufacturers are recons

still to come, we'll talk to a morgan executive about the smith barney name change. >>> morgan stanley and smith barney and being renamed morgan stanley wealth management. mary thompson sat down for an exclusive interview with greg fleming on the company's launch of its new ad campaign. >> this is the largest ever integration of two brokerages and it's been ripe with complaints. in an exclusive interview, fleming acknowledges the problems, but remains confident he can keep key brokers in the fold. i've spoken to a number of people and there were a lot of complaints about this integration in large part because of the problems associated with the new technology that was introduced. are those problems behind you right now? >> so takes new car. it doesn't have a lot of the bells and whistles that it needs. there are things like the longer statement, things that haven't worked as quickly as they need to for clients and for financial advisers. we're very aware of that and we're very focused now on making sure that we add all of those features back to this new car and not all of it will happe

morgan stanley also lifted its price target on the shares to $50, from $45. vivus shares gaining some weight, as the company rolled out its obesity drug, ahead of schedule. quseemiah, was supposed to debut next quarter, the company says it's now available for prescription. that early release, sending vivus shares up 4%, to $3.85, a one-month prescription costs $184. as for our most acti excnge tradedunds and notes, the i- path short term futures note, leading the way lower, down 1.2%. and that's tonight's "market focus." >> susie: gold has been shining recently: prices have jumped more than 10% in the past two months. gold closed down slightly today at $1771 an ounce. what's outlook from here, and what's the best way to invest in gold? so tonight's word on the street: gold. joining us, joe "doe" reporter from the street.com. where do price goes from here on gold? >> well, in the very short term like this week yo might see gold just trade sideways but people can't forget global troubles, specifically the eurozone, there is a lot of talk about stimulus in the e

i want to focus on one company there, morgan stanley. i think few would argue it is a difficult year in terms of some of the news that's been associated with morgan stanley, obviously suffering like the other investment banks and low m&a volumes and just general trading market conditions and obviously the facebook we'll say politely disaster and then also obviously recently you have seen a lot of press in terms of some of the problems in terms of technology with the morgan stanley venture and i will get to that in a minute. i think this will all change come monday. i will be out tomorrow and i wanted to make this point now. on monday as many of you know we talked about it before, you will get the valuation in terms of what is morgan stanley smith barney worth? citigroup says the joint venture is worth $22.5 billion. morgan stanley says 9.5 billion. will you get the numbers and the results on monday. i think this is a case as i have said before, i will reiterate is now, where you will get the low number, the value that this joint venture

there are reports that some may bring lawsuits against morgan stanley. do they want different retention clauses? do they want bigger bonuses? >> they are not looking for any of those things. these advisers are looking to make sure that the technology platform works on a day to day basis. >> more on squawk box and more with greg fleming where he talks about buying the 35% that morgan still doesn't own sooner rather than later. >> as you know the s&p 500 up more than 14% since early june. the question is how long can this rally last? let's hit some slow money strategies with the chief market strategiest at banyan. great to have you with us. >> thanks for having me. >> the key to whether or not this ral ey continues is the earnings for q 3. will it be enough? have estimates started coming down? >> i don't think we have fully seen that really factored in. i think this coming quarter will be very similar to the past quarter. there is a lot of expectations that companies weren't going to be able to sort of fulfill their promises and analyst estimates being tak

he's charlie reinhard, deputy chief investment strategist at morgan stanley smith barney. hi, charlie so, are you saying that investors should take the cash out of their mattresses and put it into the stock market? >> well, that's one of the places where it should be. we're recommending that they have balanced portfolios, that for moderate risk investors consist of global equities, global bonds. a little bit of cash and other investments as well. >> you know, a number of market strategists were saying that with these drastic moves that the fed is making it gives the sense that the economy is not in such great shape. so maybe this is a time to get out of stocks, what are your thoughts on that? >> well, there is an old saying on wall street which is don't fight the fed. and the fed is clearly trying to lay out accomodative conditions so that people will take on a little bit more risk. remember, the sequence of events is first you get the policy response and then you get the reaction in markets. and if it's pronounced and strong enough then ultimately you see a revival in eco

stanley and all the you know twenty thousand brokers stand up to salute the new head of cracker been nicolo all psychos. the theme here however is important to keep in mind max here's a guy who ok he actually worked his way up a bit from nothing and this relative to the likes of mitt romney and gina rinehart but there's this revolving door he's now in and you know definitely his children are just like assigned oh you be the mayor of new he you be the head of this bank you you know they all have like like tony blair's children as well if you happen to be born to hillary clinton and bill clinton and you suddenly are working at goldman sachs and might possibly run for president you know the sort of sense that who are these people who we allow to rule the world why do so many people want jeb bush to be president and said of mitt romney you know what is the sense that we just this untitled aristocratic. the class that we give so much power nepotism you know yeah except for maybe carla bruni you know i saw her on the show as elisa a i think she's a bag lady now and then so filing max tying

stanley for two hundred thousand pounds he just has to speak to them for a bit and do fifteen minutes of photos the article mentions that blair earns two point five million pounds from rival for j.p. morgan yeah rival these cartels really are rivals frenemy. right well sort cozy to follow up with a cracker bay theme here if you're talking about baywatch remember that t.v. show with pamela anderson so cozy wants to be the pamela anderson in this remake of baywatch called cracker bank where it says x french president gives a speech at morgan stanley and all the you know twenty thousand brokers stand up to salute the new head of cracker benny nicolo all suck cozy. the theme here however is important to keep in mind max here's a guy who ok he actually worked his way up a bit from nothing and this relative to the likes of mitt romney and gina rinehart but there's this revolving door he's now in and you know definitely his children are just like assigned oh you be the mayor of new we you be the head of this bank you you know they all have like like tony blair's children as well if you happe

stanley for two hundred thousand pounds he just has to speak to them for a bit and do fifteen minutes of photos the article mentions that blair earns two point five million pounds from rival for j.p. morgan yeah rival these cartels really are rivals frenemy. right well sort cozy to follow up with a cracker bay theme here if you're talking about baywatch remember that t.v. show with pamela anderson so cozy wants to be the pamela anderson in this remake of baywatch called cracker bank where it says x french president gives a speech at morgan stanley and all the you know twenty thousand brokers stand up to salute the new head of cracker barrel nicolo all suck cozy. the theme here however is important to keep in mind max here's a guy who ok he actually worked his way up a bit from nothing in this relative to the likes of mitt romney and gina rinehart but there is this revolving door he's now in and you know definitely his children are just like assigned oh you be the mayor of new we you be the head of this bank you you know they all have like like tony blair's children as well if you happ

you compare that to morgan stanley. some of the names did a little better today, but key levels broken through for goldman sachs. >> tremendous run. thanks, brian, for that. we've seen unusual activity across the board in the financials in today's session. bank of america is what caught your eye. >> bank of america, huge call spread. 100,000 options worth. somebody wants to own bank america. they sold the upside calls at ten. like i said, 100,000 times. that's enough to catch your eye, karen. then you look at goldman, which for the last three days has traded five times normal option activity. clearly people are trying to lever into these financials, and if europe, indeed, is saved by what mario draghi is doing, then these guys are certainly betting there's a big push to the upside for financials. >> morgan stanley was up. mike, you noticed a big trade. what did it tell you? >> morgan stanley among the financials seeing a lot of call activity over the course of the last couple days. what's interesting here is it looks li