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tv   Countdown to the Closing Bell With Liz Claman  FOX Business  September 19, 2016 3:00pm-4:01pm EDT

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jersey. so we'll anticipate him talking about that. in the meantime, i'd love for you to go to my facebook show page @trish intel, let me know what you thought of today's show. we always love hearing from you. liz is going to take you from here. liz: yeah, indeed. it's not a surprise why it's volatile. we have breaking news, we now have the who, we can pretty much guess why, but now hundreds of law enforcement officers are feverishly working at this hour on the who else pulled that off. in a stunningly short span of time though, police captured suspect number one in the saturday new york and new jersey bombings. ahmad khan rahami was captured after being shot in the leg just miles from his linden, new jersey, home. authorities had announced a nationwide manhunt just hours before his capture after saying the explosions in new york and new jersey were, indeed, connected. and you know what? police were able to mobilize millions of citizens in both
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states by sending that to new york and new jersey cell phones of everybody who lives in the state, of his picture, what he looks like and what he is suspected of pulling off. well, today's drama unfolding as isis claims responsibility for a weekend attack in minnesota where a man stabbed nine people before being shot dead by an off-duty police officer. president obama coming before the cameras just hours ago to say u.s. law enforcement is doing all it can to protect its citizens. this as hillary clinton held a news conference to say, quote, we are going to smash isis and, quote, we are needing to get tough vetting of immigrants. something donald trump has been saying for months and may say again. you're looking at live pictures from the jermaine arena in florida where the billionaire businessman is about to take the stage. whatever he says about it, you'll hear it live right here. look, is it any surprise with so much anxiety swirling around us, the markets have fumbled 131-point gain? we're till up 55 points for the
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dow but no shortage of action on wall street today. after briefly dipping into negative territory, the dow is now looking for a comeback, currently trading higher. we can see we have the nasdaq just in the last couple minutes punched to the upside here, up about four points but, boy, did it film -- fumble a big gain. still digesting the developing news of attacks around the country, the new york and new jersey bombings as well as that knife rampage in a minnesota mall. crude oil, well, it too can be blamed here, taking stocks along for the ride. oil prices were up more than 2.6% this morning after vend wail la's president -- venezuela's president kind of bragged that opec and non-opec members were close to stabilizing prices. we've heard that before. but this is kind of interesting, venezuela's oil minister still said oversupply still a problem, almost disagreed with the president of venezuela. all this as the federal reserve
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kicks you have its big two-day policy meeting tomorrow. while nobody's looking for much in the way of market-rattling news, janet yellen and company surely bound to drive market action. with so much news, we've got the best team in the business on it. adam shapiro atl very active scene in the new york blast in manhattan, blake burman has the fallout from the presidential campaign, and lori rothman on what's turning out to be yet a very volatile day for investors. but first, it is -- it cannot be underscored, folks, how quickly this situation developed and then at least for the short term finished in the hunt and capture of the terror suspect. the breaking news too in just a few, just aew moments ago was that the brand new nypd commissioner, james o'neill, moments ago warned just because a they've gotten the suspect, no one should let their guard down. the case in both new york and new jersey are still very active at this hour. the developments have unfolded lightning fast.
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first, the bombs began in the new jersey shore area saturday morning at a marine running race this weekend. a trash can bomb exploded. thankfully, nobody got hurt. then saturday night the bombings continued in chelsea, manhattan, where that bomb exploded in a dumpster injuring 29 people. but within just a day and a half, here's how capture went down. early this morning in elizabeth, new jersey, five explosive devices were found near a train station, one of them blew up -- and you're looking at that right now -- as the bomb squad and a robotic arm were trying to investigate it and then disarm it. by 11:25 a.m., stunningly, police had their man. fbi technicians were still on the scene of the bomb blast at chelsea, manhattan, at this moment. situation across the country remains fluid with news coming in fast and furiously. let's take it a bit west to minnesota. that mall there, the security being beefed up today after isis complained -- claimed responsibility for the attack. authorities say 22-year-old
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tahir addan was dressed in a private security uniform as he made references to allah while attacking his victims. let us go back to new york, bring it here to adam shapiro. he's been on the scene all day. mayor de blasio said they're not looking for anybody else. does that surprise you? >> it does surprise me, and i'll explain why. we're going to let you hear him in his own words. but, liz, this is still an active crime scene. the fbi is searching for ed actually in the trees across the street from where the bomb exploded saturday night. that was believed to be a pressure cooker-type bomb, and that was on west 23rd street. now, want to show you the video of the man that was taken into custody this morning, that would be 28-year-old ahmad khan rahami. police have not 100% confirmed that the device on west 27th, they have not charged him with planting that device, but that was the device that was found and did not detonate, and it is
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believed his fingerprints were found on that device according to sources who have told fox news that his fingerprints were on that device. and, of course, that helps in the apprehension of mr. rahami who was shot this morning by police officers during a shootout. when you talk about him, you talk about the crime scene here on west 23rd street. you have to ask the question, as you did at the beginning of this, are there other suspects? first, let me let you hear what mayor bill de blasio had to say about that. >> there is no other individual we're looking for at this point in time, and that's very important, to answer your question. second, vigilance is called for. >> reporter: no other individual that they're looking for, but the fbi did take into custody sunday evening five men riding in one car. they were said to be from one family, and the initial reports were that there were weapons in that car. those men have not been charged with a crime, they have not been officially tied to mr. rahami,
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nor have they been called suspects. but the fbi has not yet released them. so those five men are still in custody and, of course, mr. rahami is in the hospital as well as in police custody. liz? liz: pretty stunning that a they're actually searching in the trees. you can't mess with nypd investigators or the fbi, because they're going to find that evidence. adam, thank you very much. donald trump, as we mentioned, is just moments away from speaking in estero, florida. we can only imagine he will probably, right off the bat, mention it. we're not sure, but the minute we hear him talking about it, we will take you live to florida. earlier president obama gave a statement regarding this weekend's attacks. here's what he said. >> you know, at moments like this i think it's important to remember what terrorists and violent extremists are trying to do. they are trying to hurt innocent people, but they also want to inspire fear in all of us and
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disrupt the way we live to undermine our values. liz: let's get to blake burman. he's really keeping an eye on the campaign trail right now and, obviously, everybody has to drop what they were doing and focus on this, do they not, if they're going to calm americans and get them to figure out what exactly is going on the here, blake? >> reporter: absolutely. it's the issue and the story of the day, and both hillary clinton and donald trump earlier today, liz, jumped in with their many takes. both thanks the first responders and law enforcement community for their response to the bombings in new jersey, new jersey, and then they really turned the story on each other. it started with clinton this morning. you see her there before departing for her first campaign event of the day. she made a statement and took a handful of questions from reporters, and at one point clinton was asked if she feels isis or potentially its sympathizers might be trying to influence the presidential race. that is when clinton said she would not speculate, but she did contend that trump has been used as a recruiting tool for
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terrorists. listen here. >> we've heard that from former cia director michael hayden who made it a very clear point when he said donald trump is being used as a recruiting sergeant for the terrorists. >> reporter: and this afternoon trump fired right back to that response, he put up a post on social media. here's what he said, quoting from trump: hillary clinton's weakness while she was secretary of state has emboldened terrorists all over the world to attack the u.s. even on our own soil. they are hoping and praying that hillary clinton becomes president so that they continue their savagery and murder. that from trump this afternoon, liz, and he will appear before the cameras momentarily in florida. liz: and we are keeping an eye on that, of course. thank you very much, blake burman. okay, we have about less than 24 hours before we have the kickoff of the two-day september federal reserve meeting. i mean, can you believe -- what
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is the market looking at? not the terror attacks, but most likely what the fed may or may not say. now, in this morning we pretty much had a 131-point rally, and then we've endured a turn around. look at this intraday picture. right now data from the c america e, which compiles this stuff, shows just a 12% chance of a rate hike wednesday. that's unchanged from yesterday but, boy, does it spike up for december. what should investors be watching for, what are the traders saying? let's get to lori rothman on floor of the new york stock exchange. >> reporter: traders are telling me they are deeply frustrated by the mixed signals coming out of the fed. it shows a lack of leadership by the federal reserve. so to answer your direct question, what are traders watching, believe it or not, they're not watching the fed, they're watching the bank of japan which is also holding its latest monetary policy meeting. and as you know, target rates are negative which basically means there's so much money floating around that there's no place to put it. japan is a significant buyer of u.s. treasuries, so the outcome
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of the meeting may very well have a bigger impact on the of u.s. market. as for the message in u.s. markets as to what to expect from the fed, look at the treasury yield curve. you've got shorter, shorter short-term rates and higher long-term rates. the higher long-term rates reacting to japan, the shorter-term rates are reacting to the u.s., and they're falling today. the benchmark which is the benchmark ten-year yield which is what the treasury market looks at is about 1.7%. so that's where we are, not a whole lot of movement. but look how that yield moves as we get closer to the announcement of the fed's wednesday decision and the accompanying statement. back to you. liz: thank you, lori, very much. keep it right here for the best coverage of decision or non-decision wednesday from the decision at 2 p.m. eastern to janet yellen's news conference at 2:30 p.m. to the postgame analysis right here on "countdown," 3 3:p.m., we're going to bring it all live to
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you, and we will be watching the markets every tick of the way because that means we're watching your money for you. we have the closing bell, 49 minutes away. look at 3m, minnesota mining and manufacturing. merck is the laggard. terror attacks in new york and new jersey and minnesota, though, really putting the nation on edge. what's our government doing to protect us? well, we've got one of the members of government. congressman lee zell din of new york -- zeldin of new york, he's a major in the u.s. army reserves as well, served on the house foreign affairs and veterans committee, and he's going to tell us what our nation is doing right and wrong in fighting terrorism. and as we mentioned, donald trump is about to make comments in florida regarding the latest attacks on american soil. we will take you live. that's estero, florida. as soon as he takes the stage, hear what he has to say. the dow is up 39 points. ♪ ♪
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built for business. liz: breaking news, and this is just coming in on the wirings. we believe and we're actually hearing from wells fargo that their risk manager, her name is claudia ruse anderson, made a, quote, personal decision to take a leave of absence. why does this matter in because wells fargo is under massive fire for firing 5300 employees and allowing them, at least over
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a period of some several years, to set up things called solutions or, basically, cross-selling which, in essence, means that it convinced these employees to pull off fake ghost accounts for customers to meet aggressive sales goals. they were, in a way, pushed to meet aggressive sales goals. very tough make them, by setting up these sham banking accounts and now, of course, the ceo is just one day away from appearing before the senate banking committee. this is john stumpf, he's the ceo who has to be in the hot seat tomorrow. but here's the problem, this was going on for years. they paid $185 million settlement to the consumer financial protection bureau, and that, of course, was just september 8th. the stock has been hit, it's up just a little bit right now, but let me get to charlie gasparino. oh, now we have the risk management person, charlie, stepping down for personal reasons. >> reporter: yeah, i mean, you know, it has the sort of air of
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more than just personal reasons. here's what we do know, and it's, you know, there's going to be an issue at the top of this firm, liz. mr. stump of, who's the ceo, is going to be giving testimony to the banking committee. people are saying to me that his future is going to be dependent largely on this hearing. we don't think he's going to leave in the short term, i mean, that would be a major disruption for a systemically important bank if he was blown out, you know, this week which, believe it or not, there is some talk about that on wall street. but i hear just from people close to him, close to the bank it's more of a longer-term thing. don't expect any major changes soon. you know, expect, you know, if he bombs tomorrow and bombs at the end of the month when he speaks before the house financial services committee, that it'll be, you know, later this year you might see something happen with him including him stepping down. now, they apparently have a success session plan with a decent number two -- succession plan, so this is not going to be
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that much of a hassle for the bank. mr. stumpf has a lot of support from the wall street community, analysts, investors, they think he's done a good job generally on risk management. but, you know, you have a battle here right now between wall street. the analysts love him, the investors love him, we get that, and main street where literally both sides, both sides of the political aisle are very critical of the bank over this policy. i mean, this is a little different than the scandal than what happened with jamie dimon and the london whale trading error which they didn't see coming. this was literally establishing accounts that affected small investors -- excuse me, their depositors and their small customers. it's not an esoteric thing that affected, you know, a trade and whether the risk management of the trading desk was up to par. so that's the problem that mr. stumpf had. it's a longer-term thing, they don't think he's going to get
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blown out immediately, but that will all depend on tomorrow's hearings. how does he handle the questions, and mainly, liz, does he basically show that, you know, the people that are directly reporting to him didn't tell him about it or he had no idea that those direct reports had any idea or that the direct reports didn't know? that's the whole thing. if he can delineate himself, he's going to buy himself some time. if he can't, you know, he's done. i think it's safe to say that he's not going to be there for the duration. i think he's set to retire in a couple years, in 2018, but it might happen -- if he doesn't handle these questions better, it might happen sooner. liz: charlie, thank you very much. in just a few minutes we're going to have the ceo and president of the independent banking association, the little guys in the world who have gotten hammered way more than the big, big banks like wells fargo by the regulators. look at the closing bell, we're just about 40 minutes away, and we're up 23 points for the dow. this market is all over the map.
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we're watching it very closely. we will come right back, and as soon as we see donald trump go to the podium, we'll take you there. he may very well make comments about latest attacks on u.s. soil. as soon as he gets out there, "countdown" will be with h. stay tuned. ♪ ♪ there's a lot of places you never want to see "$7.95." [ beep ] but you'll be glad to see it here. fidelity -- where smarter investors will always be. if only the signs were as obvious when you trade. fidelity's active trader pro can help you find smarter entry and exit points and can help protect your potential profits. fidelity -- where smarter investors will always be.
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liz: breaking news, so the new york d new jersey bombings might not technically bear similarities to recent attacks, but one aspect is strikingly exact, and it is the people who have pulled it off. the massacre at the pulse nightclub in orlando, florida, the deadly shooting in san bernardino, california, and the bombing at the boston marathon, all of these attacks were perpetrated by americans. naturalized citizens or born-in-america people. it begs the question, are we at greater risk from the people already around us than from foreigners overseas? during an address today, hillary clinton said she thinks we need to do a better job vetting who we let into the nation.
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>> i am absolutely in favor of and have long been an advocate for tough vetting. we need a better visa system. let's remember what happened on 9/11. these were not refugees who got into airplanes and attacked our city and our country. so let's not get diverted and distracted by the kind of campaign rhetoric we hear coming from the other side. liz: let's bring in national security adviser to the white house jim neil, former, joining us now to talk about, i guess, just what hillary clinton has said, what donald trump has been saying and where the investigation is right now. and i want to begin with that, sir. mayor de blasio was saying we're not looking for anybody else. a lot of us find that hard to believe that this person was a, quote, lone wolf. what's your gut feeling telling you? >> thanks, liz. it's hard to know right now. it's very early in the investigation. but, you know, often times these
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people have support around them whether that's family or friends who are aware of what's going on. in the case of the san bernardino attacker, his wife knew, other people may have known. so they may have support networks around them, that's why it's important to get their phones, their devices, get access to the information they have and, frankly, interrogate this individual. is so one big question that'll come up now as he comes out of surgery is will he be given miranda warnings or interrogated as an intelligence suspect to determine whether he has more information about other attacks in the offing. liz: national security feels like it's under attack. new york, new jersey, old, what happened in -- orlando, what happened in san bernardino,s it is so disturbing what all is happening here. you've been at the highest levels when incidents like this have happened. what's happening right now at the highest levels of government? what are they talking about? what are they doing? what kind of action are they taking? >> the intelligence community is looking at whether this individual and the individual, frankly, in minnesota have
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connections to oversea terrorists, what those connections might be, who else might be in the united states, what they might be planning and doing. right now the biggest concern is are there other copycat or related attacks in the offing. assuming that there aren't, that's great, but the key question that i think the nation and the commander in chief and everyone around him is trying to decide is, is there something else going on, is something larger going on, particularly with the u.n. general assembly here in new york, a lot of things going on in new york, so we want to be cautious. liz: well, yeah. i agree, caution, and certainly not letting your guard down. we also have new york republican representative and house foreign affairs committee member congressman lee zeldin with us right now. congressman zeldin, something happened this morning at 8 a.m. eastern in both new york and new jersey. every single person's cell phone who has a registered cell phone -- it's rather stunning -- went off with an announcement of the suspect they were looking for. it went through every single person's phones. people on trains, i was on the gw bridge with both my children,
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both their phones went off, mine did too. it's the first-ever use of the national wireless emergency alert system. it turned me and everybody else into citizen eyes and ears and, boom, just a couple of hours later, they caught this man. how important is this tool? >> i've heard nothing but great feedback all day long. people very impressed, and etch wants to know. -- and everyone wants to know. in order to empower people within our communities to be helpful of law enforcement in trying to complete the task of getting the suspect, it's important to let the public know exactly what it is to be on the lookout for. liz: well, look at it. it was a wireless electronic wanted poster that went out to two, no less than two million people simultaneously, and shortly after the suspect was found sleeping in a doorway. he was spotted by a businessman who didn't approach him, walked up, called police and said there's a guy sleeping there, this is all very weird. the minute the police showed up,
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he had a gun, and he shot at one of the police officers who is expected to live, thankfully, but they got at least one of their men. so let's talk about what's happening on the congressional level. please tell me that something is going to change, that top law enforcement authorities will have more teeth to pursue people. what's going on? >> well, what we have seen working so well since saturday is the interagency efforts. it is insuring that the different levels of government -- federal to local here at nypd -- working as closely as possible. having all the tools that they need at their disposal. part of, or the main effort here since saturday night was to get to the bottom of what happened, to capture the suspect and hopefully be able to gain actionable intelligence for what's next. but this is so much bigger than any one incident. and my hats go off to all of our law enforcement, our police, our first responders to their response -- liz: yeah, they did the job. they got it done. >> and the off-duty law enforcement officer in
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minnesota. but because as we look at the bigger picture here, it is so important that we are identifying the threat. because you cannot eliminate a threat you're not willing to identify. part of the debate in congress right now is we have a lot of members of congress who aren't even willing to identify exactly what that threat is here at home and abroad. you can't eliminate it if you can't identify it. liz: well, georgia meal jaffer had co-authored an article, and in it he wrote, time to remove the surveillance blinders. now, i'm all for privacy, but when you look at certain people in our communities who are us or have had any relation at all, any dealings with local -- because this person, i'm not -- i saw another newscaster call him a gentleman. not a gentleman. this person had some type of local law enforcement dealing. his family owned a chicken restaurant, they thought they used the system because they wanted to close it at 10 p.m. because it was a noise problem.
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this guy and his family fought it. there were all kinds of issues. on the surface they looked normal, but when you pile and compile certain factors, it makes you look like omar mateen in florida. he'd had multiple dealings with the fbi, but they had to let him go because a they don't have the teeth or the leashes that are enabling law enforcement to really bring these people in. >> and it's hard to convict someone of a crime that they haven't committed yet. but we, wherever law enforcement needs additional tools -- and, by the way, also movement of these individuals. we are worried about being mittically correct to the point where at -- politically correct to the point at the airport we will search the 08-year-old woman -- 80-year-old woman in a wheelchair. liz: got to be smarter about this. thank you so much, congressman lee zeldin of new york. by the i what, the dow -- by the way, the dow just turned negative again. the nasdaq has fumbled much of
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its gains, at the high point, it was up more than 30 points, and it is just not there right now. oil is a real problem here but so are jitters. i have to believe that. the nasdaq is down 11 points with the nation on high alert after the latest terror attacks on american soil. it's an issue that, no doubt, will have significant impact at the polls in november. at any moment donald trump is expected to make comments in florida about the latest attack. we will take you live to estero, florida, as soon as he takes the stage. and we're going to take it up with former governor of new york david paterson along with pete loaf have. countdown coming right back. please, stay with us.
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liz: top i can of terror
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dominating campaign trail. we're waiting to hear what donald trump may say. he is expected to speak in estero, florida. our cameras there. he calls himself the law and order candidate. you heard hillary clinton, you played the sound, where she said we need tough investigate of immigrants. bring in former republican congressman from michigan, pete hoekstra. he serves as security advisor to donald trump and former governor of new york, dave paterson. i begin with you, governor. you ran this state. what do you think about the developments brought to us this hour? >> nothing frightening and governing a state than this type of situation. not just the actions but threats. i remember in 2008, right before the thanksgiving holiday i was told by the homeland security director there might be attack on new york city subway system. the day before, the date, have
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you heard what happened. i thought that is what happened although i couldn't tell them i knew about it. it was the attack on the hotel in mumbai. as bad as i felt for people there, you breathe a sigh relief. every day could be another september 11th. that is what we fear. liz: it is. congressman hoekstra, donald trump, we're waiting for him to speak. he just issued a statement. he saying i'm grateful for the quick action of law enforcement capturing the terrorists responsible. we're all very grateful. i couldn't agree more. while our president referred to them as the jv team and hillary clinton calls them our determined enemies, i have been willingt they are, radical islamic terrorists. you are advising him on national security. i'm not sure people in new york right now really look at this as a race to be the first to identify or use specific verbiage. what they care about is action. what action would you push
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donald trump to make right away on this if we president? the. >> we need to get control of the situation domestically, but more important we need to get control of the situation internationally. in the last five to seven years isis has been able to grow and expand. it has safe havens in syria, iraq, libya, where it can plan, prepare an train for terrorist attacks. where it can run its propaganda machine. we don't know exactly what happened here, how this individual became radicalized those types of things. clearly isis gained significant momentum over last number of years. we need to stop the momentum. we need to gain the initiative internationally and domestically. take the fight to isis. liz: governor, these people are here already. many are naturalized citizens but accident, some people, 800
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people, already had deportation orders, get out of this country, do something nefarious, were instead given citizenship. those are perhaps some of the people who are here in new york, here in new jersey pulling off nefarious deeds. how disturbing is that to somebody like you who ran this state and or to anybody? >> it is horrendous. multiplies people that could be source of next attack. the big problem in this country there are homegrown terrorists. terrorists don't have an address. congressman where we could do to stop isis but these individuals, many of them are not even exhibiting any type of behavior like the couple in san bernanadino who actually killed the people who held a baby shower for their own child. it is really disturbing, almost nilist way some people in this country are reacting to this and i don't really know how to stop that. liz: congressman, that is the
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point, is stopping it. you were the former house intelligence chairman. how, why is it so hard to find these rogue citizens before they commit the crimes? they're quiet certainly and then everyone is disinclined to say their cells have become active? one cell is enough, is it not? everybody figures that you need a group of people. >> no, it can be a very small group of people w can have tremendous impact. we've seen that over this weekend. you know, it is hard to identify and capture these people and to stop them. they're protected with u.s. constitutional privileges. so they have those types of protections in place and we want to make sure that the constitutional protections we have in place stay in place for americans. you know one of the other things that you know, you talked about what happened with the homeland security department allowing these 800 people, because we weren't integrated and we couldn't vet people right here in this country. you heard secretary of state
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clinton say it today. you've heard donald trump saying it for months. we need extreme vetting of people that we allow into this country because if we can't even vet people here in the united states, imagine the poor state of vetting from people coming from syria and iraq and these other places in the middle east? liz: i'm so glad you brought that up. >> we don't know who is coming in. liz: i'm glad you brought that up. governor, these bombs had hallmarks of exact ieds, improvised explosive devices we've seen on the battlefield in afghanistan. flip phones, ball bearings, christmas lights, in the dumpster. the big dumpster was industrial strength probably helped limit the damage. here it is on the street of new york city. >> it wasn't enough to stop 29 people going to the hospital. but a whole lot less than it obviously could have been.
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one other thing, some of the people who have struck, the person who shot out the orlando case, that person had exhibited the kind of conduct i changes in regulations might have taken him off the street. person assassinated policeman and almost killed protesters in dallas, he was blowing things up in his own backyard. we need a national number to report the situations even if it makes the citizen feel we're responding more quickly. liz: i can't say it enough, the emergency alert system, for those not in new york and new jersey, it was stunning and dramatic moment for everybody. 8:00 a.m. person every single person with a registered cell phone heard a buzz you never heard before unless you were there during hurricane sandy. it is first time they ever used it to mobilize citizenry become almost an army, look out for the suspect. they used it as an electronic
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wanted poster. they put up that information about ahmad khan raw -- rahami. >> governor, thank you. thank you very much. representative hoekstra, thank you very much. the dow trying to hold on to green here. we are up 11 points by being higher more than 130. waiting on donald trump, we should mention that. besides today's terror developments, we're watching a fast-developing story in the banking world. wells fargo ceo john stumpf long portraying his company as the most trustworthy community bank in america but now his stagecoach has been caught rolling over its customers. we have the small bank protective executive who says it is time for mr. stumpf to take the same heat that community bankers have faced for years. independent community bankers of ceo camden fine here live on
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♪ liz: real developing news here. the wheels appear to be coming off one by one wells fargo stagecoach. senate banking committee is to talk with john stumpf. wells fargo is saying that risk manager, claudia anderson made a quote, personal decision to take a leave of absence. bring in camden fine, ceo of independent community bankers of america. you're the little guys, not the big behemoths like wells fargo. what do you think is going on with wells fargo?
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>> wells fargo tarnished the name of every community banker in this country. i can tell you this, liz, wells fargo is lot of things but they're not a community bank. if they were a community bank, mr. stumpf and his executive team would be in very hot water professionally and with the bank with the bank regulatory agencies. liz: he a at least in simmering water. starting tomorrow he faces senate banking committee. what do you think should happen to him? he is in charge. very hard to believe the accusations of setting up fake ghost accounts just to charge customers without their knowledge over five years didn't somehow cross his desks at some point. 5300 little employees, smaller guys, i read about one on reddit, they're making 11 bucks an hour. >> right. liz: 5300 of those people stepped down but no top
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executives. they made a $185 million fine. >> right. liz: stretched out over five years the behavior was somehow not noticed by him? what should happen to john stumpf? what should he do? >> this is typical what happens at all senior executives at several of the megabanks around this country. mr. stumpf and his senior executives should be held to the same standards that a community bank ceo and their executives are held. liz: which are what standards? >> which the. the bank regulatory agencies come in. they look at the executives personally. they can fine them or refer them to the department of justice or local prosecutors to see if there is any civil or criminal wrongdoing. all these things happen to community ceos. mr. stumpf and his executives should be held to the same legal and regulatory standards that
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any other bank ceo and bank executives are held to when there is wrongdoing in their organizations. liz: by the way, does it surprise you, carrie tell set, she was wells fargo community bank chief. she exited in july with $125 million pay package. should some of that be clawed back. >> all of that should be clawed back. that is just disgraceful. when a community bank ceo is charged with wrongdoing or any kind of i impropriety in their bank. not only are their assets seized they are referred to the local prosecutors. they not only lose income with the bank but lose home, car, prosecuted. their name is in the local paper. they're disgraced. liz: we're watching the stock. right now slightly higher by 1 1/2%.
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it has been hit in the wake of this. good to see you. >> good to see. >> i know you'll be watching like we'll watching. >> i will. liz: independent bankers ceo and president, camden fine. we have committee chair jeb hensarling, demanded that john stumpf appear as well. he will hold a hearing with the wells fargo ceo later this month. we'll get his reaction to the outcome of the senate banking committee hearing. meantime, here we go. the dow is up a measly 11 points. we'll be right back with much more. don't go away. if you have medicare
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go long. hthis bad boy is a mobile trading desk so that i can take my trading platform wherever i go. you know that thinkorswim seamlessly syncs across all your devices, right? oh, so my custom studies will go with me? anywhere you want to go! the market's hot! sync your platform on any device with thinkorswim. only at td ameritrade. liz: if this were the super bowl, we have really fumbled all of the gains here but you're looking right now at estero, florida. estero, florida, is where donald trump is expected to speak. he has issued a statement in advance of this. it is strongly-worded but how we need extreme vetting of any
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immigrants coming into this country. earlier hillary clinton said we need tough vetting. as people pull apart the semantics. we await donald trump and we'll take you to it as soon as it becomes available. we fumbled it all. nasdaq was up about 36. we're up nothing. i want to bring ernie cecelia with bryn mawr investments. what can you point to here? we have had very nerve-wracking moments here on the eastern seaboard and oil is jumping all over the place? >> hi, liz. thank you for having me. the main issue jumping around, unfortunately events you mentioned are very serious. what is causing the market to jump around uncertainty to monetary policy. you have the doj meeting right now. we'll hear something tomorrow morning. that is why the market is
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jumping around and ending rather flat on the day. the issue ills monetary policy is late in the economic market cycle. the ability of monetary policy to drive earnings and revenue is questionable. any impact or change there. late in the cycle. monetary policy. we think it is the time to take risk off the table. liz: risk off but you're more bullish on stocks versus bonds, correct? in doing so you have to sort of keep an eye out above you for any gray clouds because at some point this starts to feel very bubbly and frothy? >> right, exactly. bubbly and frothy are good words liz. the bubbly and frothy, if you will, driven by cheap rates, easy money and corporations during this period of time have borrowed money and paid back or have bought back stock. m&a activity, et cetera. taking the risk off the table, we think equities are more attractive than bonds.
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however, taking risk off the table means looking at companies that can generate more of their returns to dividends and dividend growth. [closing bell rings] liz: great to have you, ernie. 10 billion in assets. markets too close to call ahead of the start of the fed meeting. let's call it down. we had a gain of 131. down about three for the dow. david, melissa. david: we couldn't hold on to the gains, thanks very much, liz. stocks fighting to the end to stay in the green. looks like they couldn't succeed. i'm david asman. melissa: i'm melissa francis. this is "after the bell." we have you covered on the big market movers but first here is what else we have for you coming up this hour. the nation on edge. the hunt for answers as the authorities look for motives behind the attacks across the country. a shootout with police end with one suspect wounded and in police custody. he is believed to be directly linked to the bombing devices in new york and new jersey.


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