tv The Intelligence Report With Trish Regan FOX Business September 20, 2016 2:00pm-3:01pm EDT
neil: i passed on the biggest news of the day, angelina jolie filing for divorce fighting irreconcilable differences, one wants to watch fbn, the other not, joking, it is very tacky, asking custody of six kids. >> said stuff, very sad indeed. john stump blasted on capitol hill for opening 2 million phony accounting customer names in an effort to rake bankruptcies and meet sales goals. i got to tell you it was unbelievable to watch today, tipple court capitol hill hearing, the ceo gets raked over the coals, his expense for lawmakers so they can take a victory lap but this was all that and some more. what wells fargo did is really
bad. they are stealing customer information, customers got robbed and executive got paid hundreds of millions of dollars, this testimony was so extraordinary to watch i will play it again. >> how do you explain this to your own shareholders? >> the process the board goes through, and we won't -- >> i don't understand, the board, these are strangers you met in a dark alley, under bylaws of wells fargo, the chairman shall preside at all meetings of the board. you were able to make changes, why can you not make a change here? >> i'm not on the human resources committee of the board, they have their own government structure, we want
that to proceed in the process in which we have. >> we will do this your way with our letter asks a number of questions about clawback, and other executives. wells fargo's answer to the letter was you punted, the decision is up to the board. you are chairman of the board, will you personally support client back all or part of miss tolls that's pay. >> i never try to influence or prejudice the board. >> you have no opinion? >> i won't opine on that. >> you will say get out, defraud, lie, cheat and steal and i have nothing to say? >> i never said and would never say go out and do any of those things.
>> if you do you can count on chairman stump not to stand up for the incentive bonus. >> it is a process. >> you started this by saying don't tell me what you say, tell me what your actions are. people do this and you won't take a step to shut it down. i can ask this question again. where you supporting client back any or all of the pay for the person in charge of compliance. the person who was supposed to be responsible to make sure the bank is following the law. >> any recommendation about that person? >> the board will do -- >> you have no recommendation at all at any point in the process? >> whatever the board accepts, i will accept and support. >> you are not passive here. if you have nothing to do what are you doing serving as
chairman of the board? >> no opinion on the most massive fraud that his the bank since the beginning of time, how can it be you continue to collect the paycheck? >> i disagree this is a massive fraud, the board will do their work and i am not going to prejudice their work and accept, what they come up with and support it. >> you accepted all along as fraud built up, massive fraud, accepted all the bonuses based on cross-selling that is at the heart of this, you watched your own stock go up $200 million based in part on the massive fraud. we are doing such a great job cross-selling at wells fargo.
you turn around and say i shall remain passive and simply accept what wells fargo wants to do, in 2008 wall street promised change but it looks like it is business as usual, a giant bank cheats the little guy and executives line their own pockets. you make it clear that wall street won't change until we make it change. thank you. trish: joining me with the latest in dc is peter barnes. she went after him really hard, regardless what you think about elizabeth warren she makes pretty points. >> she definitely had her prosecution down cold, i have been coming to a lot of hearings with top executives, i can't member one this tough and this
was not just senator warren but a bipartisan grilling, john stump had no defend her's among republicans or democrats and it was over these 2 million accounts the bank owned without the customers's approval or authorization. senator warren was toughest on him, here's what else she had to say. >> you should redesign, you should give back the money you took while the scan was going on and be criminal investigated by the department of justice and securities and exchange commission. this just isn't right, a cashier who steals a handful of 20s is held accountable but wall street executives who almost never hold themselves accountable. >> stump scrambled through the hearing to find what went wrong, he was deeply sorry, apologizing
numerous times, he said he should have acted sooner to stop all this. >> i accept full responsibility for all unethical sales practices in the retail banking business and i am fully committed to fixing this issue, strengthening our culture and taking necessary actions to restore our customers's trust. two weeks ago as you recall, regulators find wells fargo $180 million for these practices which hit customers fr 2011-2015 and refunded 100,000 of them $2 million in fees, the bank blamed dishonest employees and managers for all that is in place, reforms but these senators wanted to know whether john stump would resign, he did not say he would resign but he
did say independent compensation committee is evaluating whether or not those millions of bonuses he and made during this time should be clawed back. >> people are looking for accountability, the woman who ran the division walked away with $100 million and there was no clawback despite many said she probably knew because they fired some employees for this practice earlier. i am joined for more by elizabeth mcdonald and charlie gasparino, inc. is going to happen? does he need to leave over this? >> he is going to be fired i believe. what will probably happen is he will finish this hearing today, there is a house committee hearing, i think he will do that and what i heard from inside the
bank was his future particularly whether he is at the bank for two years are set to retire depending how well he did at this hearing. it is a gentleman's c-he did very badly. he did not answer questions, he came in prepared. if you give these guys rope they are going to hang you. trish: this was rope with red needle. >> amy diamond was speaking on a more esoteric topic about a trading loss a couple years ago. these guys were trying to whip up the class warfare stuff. jamie was smart enough and prepared enough, stump had no idea what he was walking into so my guess is he is gone. trish: let's talk about what happened. if i had an account at wells fargo might i be vulnerable to this, to million of them were
created. liz: we had a guest on varney's show who said her daughter had a bad credit score, didn't even apply for a credit card, the bottom line for the bank, stump revealed the testimony he knew about this, this becomes a sarbanes-oxley issue did you disclose it in filings? the other thing, whether or not he will give back his compensation because under dodd-frank they don't have to do a clawback because it is materially affecting earnings, 155 million in penalties than the other 5 million going back to consumers. john stump's argument is they don't have to do clawbacks. trish: stock is getting affected. the question at the hearing was should you have given back your
compensation? senator warren pointeded out three years before telling wall street, it is great for the stock. trish: i want to bring you into this. a lot of americans wondering this is exactly why donald trump is doing as well as he is and bernie sanders did as well as he did because people feel the system is stacked against them and the little guy has no voice, executives who do bad things like the woman running this division walking away with $100 million and the ceo stands there and says i have no opinion, no recommendation to even give the board. isn't that effectively what is now wrong with the system when these things go unsaid? >> right this second it is less what they did but their reaction. imagine the person most responsible for overseeing this,
walking away with $100,005,300 people who don't get paid a lot get fired and no senior management, no problem, just keep on keeping on. bad optics and they earned the right, this guy earned the right to be put in front of elizabeth warren. this was chum for somebody like that. this affects the company for a very long time. he is out of a job, i don't know if it is today or tomorrow or in 3 weeks but that has got to happen. warren buffett, i guarantee you he will be in their in conference with the company because he owns a ton of stock and he wants to get in front of it. >> you would think warren buffett who opines on every scam in the world would be pining here, he is silent and that is critical. one other point the root cause of this is dodd-frank. that is something none of these lefty centers including elizabeth warren, when they created dodd-frank they forced banks out of major moneymaking
business that had nothing to do with the financial crisis, proprietary trading, hedge funds went on the retail side. the commercial bank, and how do we start that? created incentives. >> on top of that you have major banks that can't be regulated internally, no one can manage a bank of that side, jamie diamond had no idea. >> this is -- the investment side. good to see you. political implications of today's grilling in this election now. how do the banks pay $185 million in fines for opening up phony accounts into million customers names and executives overseas instead of being fired
trish: elizabeth warren blasting wells fargo ceo john stump saying he should be criminally investigated by the justice department over allegations bank employees opened customer accounts with no permission from the customers in an effort to meet aggressive sales quotas was the only punishment is tiny because it is a big bank, $185 million fine. isn't this why voters are so fed up with cronyism? joining me for a rare moment we
are on the same side of an issue, alan colmes and katrina pearson for the trump campaign. wells fargo, what happened here? >> seems like another example of these big corporations taking advantage of the little guy. i think i want to hear your thoughts, this is one of the reasons donald trump and bernie sanders saw the success they have seen. >> absolutely an example and this is what we know about, we are talking about entities who are too big to fail so there is no incentive to do what is right but here we are talking about fraud and hidden profits on the back of the consumers. this is absolutely absurd and at the same time over 5000 low-wage employees lost their jobs, the executives and their $100 million bonuses are walking around scot-free. the system is rigged and this is
why people are standing up to this. trish: this is what bernie kept saying over and over. why is this happening? >> it is big-money, whoever has got the money, that is where you follow the bouncing ball, i would not put donald trump in the same camp as bernie sanders because he has benefited from cronyism. 355,$000 in tax breaks during his career helped him build the things he built. trish: one thing donald trump -- legal versus illegal. >> probably would be first to tell you he benefited those, he recognizes that the system is set up in a rigged way that only those who can afford to take advantage of it. >> the fact he is alleged to have given money to pam bondi and greg abbott. at trump university.
people are sick and tired of it. >> the reason alan calls once to diver this is very simple. hillary clinton is the wall street candidate, the recipient of wall street money, she went around lobbying for the banks, voted for the bailout and continues to work for 6-figure speeches he has given to many banks, she is the protector and admitted that when she was running against bernie sanders by claiming the reason she supported the bank bailout was to support the people. >> tim kane just days for he was named as vp pick came out with a letter advocating on behalf of capital one and other banks in his region so he looked in bed with the banks. final thing to add, don't know how familiar you are with this
but viewers to keep them informed, had something called the glass-steagall act in place for many years since the 1930s designed to prevent banks from getting too big and able to take on too much risk. bill clinton is the guy who got rid of that way back when and in 2008 in the aftermath, blamed on the fact that you had banks with the ability to invest using your funs and my funds so they became more and more aggressive. can we blame bill clinton for the whole thing? seems there were policies that existed for decades quite well, once they were gone we got in a lot of hot water. >> you can blame politicians on both sides of the aisle in bed with wall street corporate america for a long time which is
why you see this uprising by the average worker who say enough is enough, bill clinton and those who follow him and hillary clinton continue to push for bailing out the banks, too big to fail deemed by the government and little people i getting hurt. if this were a smaller bank, mom and pop shop someone was going to jail. >> it is disingenuous to blame this on hillary clinton and let donald trump off the hook, and inside player. you had a lot of time to speak here. donald trump was an inside player with the government, got all kinds of largess in the government, wouldn't have had a career had he not done things, sue the government and did tax breaks and that is how he built his career on the backs of taxpayers, don't act all innocent. >> he didn't vote for a single bailout for these banks. trish: i thought i might get you to agree. the cronyism we have seen in
corporate america. thank you so much. we are learning new details about the 28-year-old suspect ahmad khan rahami, the suspect in that string of bombings that happened in new jersey and new york over the weekend, his father telling fox news he called the fbi about his son two years ago because he said he stabbed his brother, his father had misgivings about him all along. why law enforcement act on it earlier? we have the latest. i know you're my financial advisor, but are you gonna bring up that stock again? well you need to think about selling some of it. my dad gave me those shares, you know.
ahmad stand one of his brothers. he's in a new jersey hospital, refuse to go speak to authorities, but according to high school sweatheart with whom he had a child, he hated america. let me bring you up to speed. the suspect is being held on more than $5 million bail. he has been charged with five accounts of attempted murder of a police officer in new jersey, federal charges have yet to be filed and he's expected to make first court appearance as early as this friday. we also know that rahami, his family first came to the united states of america in 1995 when he was age 7. the family arrived as asylum seekers from afghanistan. he made multiple trips to afghanistan and pakistan and he's married to a pakistani woman.
days before the bombings, his wife left the country. she is now being detained in the uab. i want to go straight to adam shapiro who has more information coming to us from elizabeth, new jersey. he has the latest, adam. adam: and the thing that's key about everything you've just said is that mr. rahami's own father called the fbi two years ago and reported his son to authorities as a terrorist. his own father called him a terrorist. the fbi apparently opened up an assessment but then the father recanted his story and it went no further. a lot of people are going to have questions as to why it went no further. let me let you listen to what the father had to say of all this. >> two years ago i called the fbi. they checked.
[inaudible] adam: and so mr. rahami, the father, said the son got into a fight and hit his wife and stabbed his brother, mr. rahami's other son. he has been in jail briefly and that's how they were able to match and identify mr. rahami. trish: you're standing outside the family's first american fried chicken. adam: that is correct. trish: issues with authorities regarding the timing of when it could be open. i want to go right now to world renown terrorist sebastián goerka. we know this guy wasn't on a terror watch list but the father had contact with the fbi about him. we do know that he spent a lot of time traveling to afghanistan.
should he had been -- should there been warning signs that the authorities could have caught? >> indeed, if we have in place the kinds of programs that have been very effective since september 11th, the kinds of programs that the nypd did to protect new york and mayor de blasio are trying to shut down. these individuals follow a very clear pattern and this is exactly the same in this case. they are individuals who aren't radicalized. it's not something done through them. they choose the life of jihad. in many cases we saw this way back years ago with richard reed, with the tsarnaev brother, they traveled to asia, either pakistan or afghanistan or caucuses in the case of the tsarrnaev older brother where they come in contact with organizations and receive often
training in how to make eid's and handle weapons. none of this should surprise anybody, trish. trish: is the answer in trying to combat this, we are looking at your passport, you are of this particular decent and seem to be traveling to pakistan, afghanistan, now you're getting flagged? how do you know? >> well, you have to have tactical awareness of the individual and what they're doing. we now have reports, this man was blatant in antiamericanism and home phobia -- homophobia and you have him going for extended periods that should be a red flag which should be intelligence interview when coming back. trish: profiling? >> yes, it's -- when you're looking for a 6'3 white robber
you don't hassle african-american grandmothers. jihadi's are 99% from a time from a certain country and a certain faith system and a certain region, it pays because we have limited resources to look in those communities for the bad guys. trish: makes sense, common sense, thank you, sir, as always. >> thank you, any time, trish. trish: we will be right back. trish: we will be right back. i will see you right back inat. two. ok at your financial plan and see what we can do. ok, so we've got... we'll listen. we'll talk. we'll plan. baird. when a moment turns romantic, why pause to take a pill? or stop to find a bathroom? cialis for daily use is approved to treat both erectile dysfunction and the urinary symptoms of bph, like needing to go frequently, day or night. tell your doctor about all your medical conditions and medicines, and ask if your heart is healthy enough for sex.
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trish: clinton and donald trump both playing the blame game when it comes to the terrorism. watch them here. >> anybody who cannot condemn the hatred oppression and violence lack it is moral clarity to serve as our president. our system of government is the best in the world and as your president, i will defend our values and speak out against those who assault our values. it's also time to remember one very important word, accountability, all this disaster with isis happened on hillary clinton's watch. happened with her. her bad judgment, her bad decision-making, her policies in iraq and libya and syria. >> we know that a lot of the rhetoric we've heard from donald trump has been seized on specifically isis because
they're looking to make this a war against islam rather a war against jihadist, violent terrorists, people who number in the tens of thousands, not the tens of millions. trish: all right. well, what do we need to do? right now to get tough on terror and make sure these things don't happen anymore, is it time to abandon this administration's strategy of political correctness? joining me right now walid phares foreign policy adviser to donald trump and fox news security analyst katie mcfarland. when you start to say profiling, people get freaked out because it doesn't sound good. maybe it's just a little common sense. if you're looking for a 6'3 bank robber, you're not going to go for the 80-year-old little african-american woman, you have to think about who you actually
are worried about and employ some of that otherwise you're scattered. >> he did very good job in research, but let's be clear, it's not always religion and ethnicity. it is about ideology. i spoke with religious leaders, they have vetting, jordan has vetting, t basically to detect the ideology. this is what the obama-clinton administration refused to do. trish: this is basically a different course? people say you can't scrutinize, look at religion in that way, but islam in its extreme form kt has taken more than religion, it's become ideology. >> i once met the man who set up the security system at the israeli airport. i said how do you guys do it?
well, we can't ethically profile. we can't tell a jew from an arab or lebanese. we are all the same. what we do is profile for behavior, which is your point. we profile to see who is acting funny, we are not touching them, we are not patting them down, we are just looking to see what we observe and we get information about them. sure, we profile, we don't ethically profile but behavior profile and that's the difference. trish: i'm actually talking should we be ethically profiling, if you're of afghan decent and been going back and forth to afghanistan, pakistan, 20-something category, should we be paying attention? >> if you have a swedish guy with blue eyes and has been radicalized -- trish: i hear you.
right now it feels like the threat is not exactly coming from the -- >> that's why we are -- this is the last line of defense. they're coming from that region therefore the 1% chance. i would say, i will give you the 1% chance and that's what the obama administration refuse to do it. >> if you concentrate with everything a priority, nothing is a priority. we are treating everybody aligning because of political correctness and grandmother with grand rapids michigan and they get the same kind of pat down as some young male that goes back and forth to the tribal regions of pakistan who is traveling with the one-way ticket and they pay in cash and has no luggage. you never know. [laughter] trish: anyway, you're right.
we don't have that much time and resources so we better use them smartly. thank you so much, walid, kt. quick break and we will be right back. >> thank you. is it a caregiver determined to take care of her own? or is it a lifetime of work that blazes the path to your passions? your personal success takes a financial partner who values it as much as you do. learn more at tiaa.org
siriusxm's free listening event that's might be over,ckin'. but now you can turn us back on with packages starting at $5.99 a month, plus fees. just call 855-874-7746 to keep hearing all the things that make you love taking the long way home. ♪ so call 855-874-7746 or visit siriusxm.com/getsxm to turn us back on. and up. trish: i want to check out the markets, a rally on our hands. 47 points, markets trading higher, investors await the fed's big decision on interest rates tomorrow. will they or won't they? they probably won't but we get excited about anyway.
43.44 a barrel a moments ago. the oil market remains oversupplied for about 10% but they managed to recover. shares of allergan are tumbling after announcing buying liver drug maker for $1.7 billion. we will be right back with president obama taking a victory lap at the un today saying the world is now less dangerous, what do you think? is he right? [laughter] trish: we will be back in two.
>> the depths of the greatest financial crisis of our time we coordinated a response to avoid further catastrophe and return global economy to growth. we have taken away terrorist safe havens, strengthen the nonproliferation regime, resolved the iranian nuclear issue through diplomacy. trish: all right, that was president obama there speaking at the un making remarks today. his last remarks, i should point out, as president of the united states there before the un. obama used the speech to highlight his accomplishments over the past eight years claiming to have lifted the u.s.
economy out of recession and successfully fought terrorism in the middle east, but the truth is the middle east is less stable now than it was eight years ago and the american economy, you know as well as i do it's stuck, stuck in the mud, struggling to push wages past a decade of stagnation, joining me right now is fox news military analyst and retired four star general jack keane. i know you're not a political guy, we can leave the politics aside. president obama feels as though he needs to stretch his accomplishments and we understand that, that's what you do and he doesn't want to look back in the last eight years as a failure, politics aside, president obama aside, when you look at the world right now, do you think we are safer now than we were before? >> oh, absolutely not. as a matter of fact, i don't think we've been facing the kind of global security challenges we have right now except when you
go all the way back to the end of world war ii with the rise of the solve -- soviet union. radical islam has morphed into a jihad. thousands of people being killed and more countries expose today this terror, political and religious ideology and we have three revision as powers, trish, russia, iran and china all seeking some form of regional domination and all having some success at that at the expense of u.s. and global interest and then we've got -- we have technology states who are using cyber espionage to rob intellectual property at alarming degree, there are no international norms and there's no public eye cry about it. it is clearly a more dangerous place right now today than it was eight years ago and it's getting worse. trish: it is getting worse and,
you know, whether you want to blame it all on this administration or not, we will save that for another day, but you just think about the changes as a society, right, that we are undergoing, you point to technology, for example. you point to the economy, the fact that china is -- they're going to become more and more successful economically speaking with each and every year as their population engages in that economy more. so what are we to do? do we just say, okay, enough, we are no longer the power in the world and we are going to see that to the likes of china or even russia or do we need to stand up to this and take a more active more engaged role right now general keane? >> this is fundamental about america leadership. the world wants america to lead. all of our allies are saying the same thing. we need strong american leadership. when american leadership is strong in the world, the world is a safer place. i actually think it's a better place, when it's not, perceived
to be weak itself, which i think it is now, adversaries are embolden. our friends our intimidated by their enemies because they don't believe the united states has their back. what it leads to sometimes is our friends make lousy decisions because they're operating out of fear and they don't have the strong support of the united states. that makes the world a more dangerous place and we've got to stop it. we have to shut that down, america has got to step forward. i'm not talking about muscular military intervention, i'm talking about strong american leadership that helps to lead the world and face our responsibility as a prosperous nation. trish: you're right. you know, whether you're talking about corporation, i come from a business world, when there's a vacuum of leadership, stocks are challenged, companies challenged, when there's a vacuum of leadership in the world, the world is challenged.
general keane, always good to have your insights, we will take a quick break and we will be right back. at old dominion, we see freight... ...as a combination of products and customers. every on-time arrival is backed by thousands of od employees, ...who make sure the millions of products we ship arrive without damages. because od employees treat customer service... ...like our most important delivery. od. helping the world keep promises.
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call now, request your free decision guide and start gathering the information you need to help you keep rolling with confidence. go long™. ♪ >> we have to do profiling and if we don't do profiling which is politically correct foolish people. israel does profiling. nothing nice about it. they want you to look at a woman in a wheelchair that's 88 year's old and barely making it and let's say comes out of sweden, she's supposed to be treat it had same way like the guy that just got captured who is central casting for profiling. >> amen. >> we have no choice about this. we have to start profiling. trish: that was donald trump repeating calls for profiling
following bombings in new jersey and new york and minnesota. take a look how cnn pointed out. is the media getting desperate to stop trump. what do you think of that racial implication that they made? >> well, not only is it factionally inaccurate, bill o'reilly asked whether he was going to single out muslims, now, this is a debate to be had which it would amount to racial profiling, that's not what he said. you can't put it in quotation marks if it's not true. trying to fact-check in
real-time the campaign, by my account that i have all been aimed at trump. trish: you look at the -- we have a banner on the screen that the viewer is looking at and i always tell our team, be careful when you put in the barn because when it's there it's in writing, not open to interpretation, not hearing now someone is using the words, you need to be extra vigilant that that stuff is correct. does cnn not employ the same kind of strictness on that rule or do you think they are solding for their own bias? >> look, i hope the barn has my name spelled right. trish: it does, you better believe it does. >> trump calls obama founder of isis, parenthesis, he isn't. trump was using shorthand, and hillary clinton, by the way. that does suggest to me that cnn
and others have decided donald trump doesn't always tell the truth and it's our jab to fast-checking, it's hard to do accurately in a five to six word caption on the bottom of the screen. trish: it's amazing to see the kind of bias that has come out on the election, for sure, it's on display every day, howie? >> i look at the stories, some of the news stories in the way trump is treated and they seem editorials to me. this is increasingly happening because the polls are tightening. trish: tracking out. thanks so much. make sure you watch howie on the media buss, i will see you in two.
day, actress angelina filed for divorce from brad pitt. check your local listing on where to find it. liz claman. liz: senator after senator from the house banking committee sat on him for the phoney account scandal but none more than democratic senator from massachusetts liz warren. she demanded resignation. senate committee member bob me menendes joins me live and jeff