the showdown on capitol hill before wells fargo ceo john stumpf and hensarling's committee. the board of the bank are record hely considering clawbacks on stomach and an carrie tolstedt. the same would who received $125 million in compensation when she retired in july. she was in charge of the all the division making up two million fake bank accounts charlie gasparino. >> we've been talking a lot to wall street analysts and people close to the company. what they still concede this is, that john stomach's performance at this hearing will determine his future. it is beyond clawbacks. they will want more. if he is able to mollify some of his critics, the last critic of the last hearing was elizabeth warren when he was in front of the senate banking committee, she one of the democrats on the committee, the person who likely on house financial services committee will be maxine water, california congresswoman, who is very fiesty, firebrand liberal and she, she is from california. as you know wells is located out in california. she will go after mr. stumpf on the stand tooth and nail.

were senator elizabeth warren grilled wells fargo ceo john stumpf. >> you should resign. you should get back the money that you took while this scam was going on and you should be criminally investigated by both the department of justice and the securities and exchange commission. amy: we will speak with nomi prins, former managing director at bear stearns and goldman sachs and author of "all the residents bankers." all of that and more, coming up. welcome to democracy now!, democracynow.org, the war and peace report. i'm amy goodman. in tulsa, oklahoma, police officer betty shelby has been looked after she was charged with felony manslaughter in the fatal shooting of african american terence crutcher. video footage shows officer shelby, who is white, shooting and killing crutcher while his hands were in the air. the criminal complaint say shelby's "fear resulted in her unreasonable actions which led her to shooting." crutcher's killing has sparked protests throughout the week in tulsa. if convicted, shelby faces four years to life in prison. meanwhile in charlotte, north carolina,

politicians it will be grilling number two for john stumpf elections 04 odd days away republicans and democrats the jump on the bank bashing bandwagon is that justified in two million phony accounts hoped some customers put through hell top management kept it on the wraps profited mightily justify you may well ask. >> going to be a banking takedown part two and you will see it all including questions from maxine waters cleared of ethics charges in another banking scandal. there is a banking crisis in europe, german's biggest brought to to mes by american authorities either way we will be affected, welcome to the world of systemic risk ♪ it's back. >> opec a deal to get oil prices up will they stick to it jury out oil prize down a faction today. and, of course,, "varney & company" is all over the election the story this morning number one, media, more apoplectic attacks on donald trump number two, liberate barrierian gary johnson another aleppo moment, three trump goes into attack mode follow hillary's money that crooked woman he says. >> just wait till you see what amazon is doing y

o'reilly about his taxes. lauren: wells fargo ceo john stumpf forfeiting $41 million in pay over the bank sales in the period we will take a look. nicole: despite getting beat by the new york yankees, boston red sox have reason to celebrate and 10 tivo gives fans a reason to cheer as well. all the highlights and sports. lauren: thursday from september 29th. also national coffee day. welcome to "fbn:am," your first look at today's markets, the latest breaking news and what to expect for thursday ahead. nicole: congress clearing a stop at any bill to keep the government operating through december 9th. 342 to 85 vote last may. this comes after republicans gave new guarantees that the city of flint will get funding to address this water crisis. it also provides one point when you dollars to battle the zika virus. lauren: president obama says congress has created a dangerous precedent with this override this veto the measure. this is 9/11 victims to sue saudi arabia after the house voted 348-77 to reject the president's veto. >> the problem with that is if we eliminate this notion of sove

fargo chairman and ceo john stumpf who is testifying before the senate banking committee later this morning over the bank's sales practices. wilfred frost is in d.c. today and he's got more on that. >> good morning. yes so the ceo john stumpf will tell the senate banking committee that he's quote deeply sorry today for the recent fraudulent account scandal. seen the share price decline 7% since the story broke on the 8th of september. the fine of $185 million has already been paid with 5 million set aside. the ceo accepted accountability but there's a sense that he and the company have not yet sufficiently placated a desire amongst consumers, press and politicians for a fuel apology. he'll say today i'm deeply sorry we failed to fulfill our responsibility to our customers, to our team members and to the american public. and that he quote accepts full responsibility for it. but still there's no clear sign that he plans to resign he says, quote i'm fully committed to doing everything to fix tissue. he's also expected to run through both the number of accounts in question and number of

there. a lot more from you, from john stumpf later. we're also waiting on a decision from the bank of japan due out early tomorrow morning according to a poll by reuters boj is seen easing policy this week, two thirds of the respondents saying japan central bank will cut rates further. and expecting more changes like more government bond purchases to come to fruition. >> also on the central bank agenda day one of the fomc two day policy meeting. landon dowdy joins us. >> at the beginning of the summer many thought it was very likely the fed would hike rates in september but a lot has happened in just a few short months. mixed economic data showing weakness in the service sector but strength in job growth has changed consensus and now it's expected central bank will leave rates unchanged for the sixth straight month but sentiment amongst policymakers is mixed. stan fisher, george, midwester, all believe the fed is likely to or should raise yates. janet yellen, dudley and dillard are the maybes. and jerome powell is the unknown. but chairman yellen's speech is the key. they are concerne

remembered for a long time and it is not over for wells fargo ceo john stumpf, he apologized and promise to repay customers who lost must be and had credit report hammered when 2 million bank accounts were created but questions from senators on both sides of the aisle, stumpf looked unprepared when and how he heard of the scam which he argued it wasn't a scam. >> it was sometime in the may time frame of 2015 -- well, '13, maybe it was. i'm sorry i'm missing on dates here. >> you take the sergeant schultz position that you knew nothing as this was moving ahead? >> if one of your tellers took a handful of $20 bills out of your cash drawer, they would probably be looking at criminal charges for theft. they could end up in prison, but you squeezed your employees to the breaking point so they would cheat customers and you could drive up the value of your stock. >> you have done something that has never happened in the last ten years on a major topic and not in the good way. >> in the last week you and your chief financial officer have taken to the press and layed the blame squarely on low-paid r

best day since april. road map begins with wells fargo's john stumpf back on the hot seat today as he heads to capitol hill. there were fireworks at last week's grilling. what can we expect today? >> we'll have the latest news on viacom. national amusements is out with that letter saying, hey, cbs and viacom try to get a deal where both of you get together. >>> shares of pepsi getting a boost on earnings this morning. in a few moments we'll talk to the cfo in a cnbc exclusive. but first, wells' john stumpf heading back to capitol hill after being grilled by senators last week on the bank's unauthorized account scandal. in an hour from now he'll appear before the house financial services committee. during q & a yesterday, committee member lynch complained about bank execs getting off the hook. >> i think there's value in just getting after them. just getting out. i don't care if you get a conviction or not. just get after them. and make their life hell. we got to create a disincentive in this system at some point for these ceos to do the wrong thing. >> all this came along just as regu

accountable for alleged abusive accounting practices at the bank, but john stumpf is not ready to resign. >>> and colin powell calls donald trump a national disgrace. and hackers say they have more to release. "worldwide exchange" begins right now. ♪ >>> good morning. welcome to "worldwide exchange," i'm sara eisen. >> i'm willfred frost. >> let's check in on the global markets after another selloff on wall street. energy bore the brunt of selling yesterday. futures looking calmer this morning. s&p 500 futures up 6.nasdaq futures up 17. here we go again, on again and off again risk aversion. the volatility is back and moves are getting bigger. we're not seeing a triple digit move in dow futures. we saw that yesterday and the day before and the day before that. we'll see if this relative calm lasts. the futures market has not been a good indicator of the day's trade ahead. whether the futures have been green or red, we've led to some quite significant declines. do keep that in mind as we get closer to the open. yesterday big declines across the board. tech was the relative outper

might be easily. hit another thing coming. john stumpf faces of real round of questioning the same for that financial services committee today on capitol hill. the 2 million accounts could not be ruled out. we don't know if those are good accounts or not. we have already looked at 20,000 youth took 5300 good americans and turned them into a felon. i disagree with that. i'm not surprised. another dramatic moment happening just minutes ago. charlie gasper in a standing by. the breaking details. you and i had been covering this for a long time. we been hearing foxbusiness. that one buffet was ready to alert senior management inside wells fargo that he has a major problem with what's going on. when he speaks all investors listen. at first people thought he was wrong. but apparently it's true listen to what he have to say. >> have you sought his advice on this matter you are facing i have talked to a lot of our investors i've had one conversation with warren buffett. he confirmed my report here's the thing he said two things and i would leave them out of it. they got buffett to say he didn'

voters while donald trump explains to bill o'reilly about his taxes. lauren: wells fargo ceo john stumpf forfeiting $41 million in pay over the bank sales in the period we will take a look. nicole: despite getting beat by the new york yankees, boston red sox have reason to celebrate and 10 tivo gives fans a reason to cheer as well. all the highlights and sports. lauren: thursday from september 29th. also national coffee day. welcome to "fbn:am," your first look at today's markets, the latest breaking news and what to

. many shares have come back from lows. >> and wells fargo shares under pressure. ceo john stumpf, we'll take you live to washington for the latest details. >> duncan donuts is teaming up with coca-cola. nigel travis is in the house and will be joining us here to talk about the news and what some are calling a restaurant recession. get his view of the big picture in his industry coming up in a little while. deutsche bank falling on signs that some of the counter parties are reducing exposure to europe's largest investment bank. joining us now with more on this, cnbc fast money trader brian kelly. we have kate kelly and senior markets commentator mike santoli. it started around mid day when word got out that these hedgefunds were cutting back on their counter party relationship. >> the report just to review was internal document suggesting that a bunch of hedgefunds reduced they are relationship there. and essentially this highlights concerns about deutsche bank's overall health and whether it is the right place for hedgefunds to store capital or anyone to borrow. we have been calling aro

wells fargo ceo john stumpf. federal prosecutors now looking into the bake sales practices that led to last $6,185,000,000 fine. lauren: apple ceo tim cook must be smiling because apple stock up 10% as initial quantities of the iphone seven plus are sold around the world. nicole: chicago cubs are one game away from the title. a heartbreaking loss for the yankees. other highlights coming up here in lauren: 5:01 a.m. in new york. welcome to "fbn:am" from your first look at today's market and the latest breaking news in what to expect today i had feared

. he has been covering hearings all day today. >> and the hearing was far tougher for john stumpf summed up with this exchange. >> have you returned one nickel of the money you earned while the scam was going on? >> and the board will -- >> i will take that as a no, then. have you fired a single senior executive? i don't mean regional manager or branch manager. i'm asking about the people who actually led your community banking division or your compliance division? >> we have made a change in our regional to lead our regional bank. >> i'm not asking about regional managers or branch managers. i'm asking if you have fired senior management, the people who actually led community banking division, who oversaw this fraud or the compliance division that was in charge of making sure that the bank complied with the law? did you fire any of those people? >> no. >> okay. so you haven't resigned. you haven't returned a single nickel of your personal earnings. you haven't fired a single senior executive. instead, evidently, your definition of accountable is to push the blame to low level employees

eisen. >> i'm wilfred frost in washington today for wells fargo's ceo john stumpf's appearance on capitol hill. he goes before the house financial services committee at 10:00 a.m. eastern. more on that in a minute. before we go to the markets, good morning to you, sara. >> we're like ships passing in the night. hopefully back together tomorrow where mr. stumpf goes, wilfred frost goes. a lot to cover. >> where christine lagarde goes, so does sara eisen. >> we had a good event. i'll talk more about that in a bit. let's show you u.s. equity futures, after solid rally yesterday on the back of that unexpected opec deal. energy producers are leading the way around the world. dow futures up almost 3 points. s&p 500 futures flat. nasdaq up by 2. more than 100-point rally yesterday led by caterpillar, exxon. the ten-year treasury note yield. we have some economic data today. after a whole bunch of fed speak and more to anticipate later, ten overyield below 1.60. 1.58. lower yields. ticking up just fractionally this morning. >> watching oil as well closely as we have been for the last 12 h

scott wapner. we will keepure eye on that hearing room where wells fargo ceo john stumpf is undergoing a grilling today by a panel of senators regarding the scandal at his bank. we are also going to keep our eye, of course, on the market as the two-day fed meeting begins today. so much to discuss on what is on the table before the federal reserve. what will it do and what will it mean to the markets? first, however, i want to take you to new york city. that is where my colleague becky quick is standing by with former president bill clinton at the clinton global initiative. a one-on-one exclusive interview on cnbc. becky. >> scott, thank you very much. good afternoon to everyone. like to introduce our guest today, our special guest, former president bill clinton. we are here at the cgi. mr. president, thank you very much for taking the time with us today. this is the 12th cgi, the 12th annual meeting here. this is the last one. why don't you talk about why this is the last one? >> well, i think that if if hillary wins the election, it would be impossible to do it because the cgi won't r

fargo ceo john stumpf before the banking committee. he admitted his fate greeted millions of unauthorized bank accounts. u.s. stock market futures ahead of their opening bell right now. a positive start this week printed this week. the dow pointed higher by 29. by the way, the fed meeting begins today and that is happening now. for more in the investigation into what happened in new york and new jersey bombings, right over to the main theater whose life in newark, new jersey where they have the captured suspects. tell us the very latest. >> behind this in the hospital this morning, ahmad rahami bileca been held on $5.2 million bail. he was shot in the wild west shootout about 10 miles from here, brought to the hospital but felt well enough to have his mug shot taken. we are looking more about his background and a tip that piece of the puzzle about how he became radicalized. multiple trips to afghanistan in a trip to pakistan in areas where the taliban and was known to be working to know to be active. whether he was radicalized, we just do not know. according to his high schoo

outcry? as ceo john stumpf gives up to another round of political prodding on capitol hill. >>> one of the most widely known economists dick bove will weigh in on the scandal and whether he thinks john stumpf will have to resign. interesting to see what dick bove says about that. the "countdown" is coming right back. just like that, a moment turns romantic. so why pause to take a pill? and when you're having fun why stop to find a bathroom? with cialis for daily use, you don't have to plan around either. it's the only daily tablet approved to treat erectile dysfunction so you can be ready anytime the moment is right. plus cialis treats the frustrating 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. do not take cialis if you take nitrates for chest pain, or adempas for pulmonary hypertension, as it may cause an unsafe drop in blood pressure. do not drink alcohol in excess. side effects may include headache, upset stomach, delayed backache or muscle ach

quintanilla on assignment today. wells fargo ceo john stumpf testifying on the hill over the bank's misconduct generally speaking. let's give you a look at futures this morning to see how we're setting up for an open that's less than 30 seconds away now. europe. what happened there? what will it tell in terms of a story for our markets? i can answer that by saying they're up over the major averages. we don't have italy or spain which we're sad about. ten-year note yield and crude oil always a key here. certainly crude has been according to my co-anchor, mr. cramer, in recent sessions, you can see the 10-year note deal a shade under 1.7. john stumpf is going to testify before the senate banking committee. he'll face questions about bank employees allegedly cheating customers by opening fake accounts to achieve their sales goals. in his prepared text, stumpf says, "i am deeply sorry that we failed to fulfill our responsibility to our customers, to our team members and to the american public. i accept full responsibility for unethical sales practices in our retail banking business and

fell to multiyear lows. this time, john stumpf faced qu lawmake over his bank's fake account scandal. me congress were just as angry this week as they were last. wilford frost reports from capitol hill. >> repor wells fargo's ceo, john stumpf, faces hig on capit days, two days after he agreed to forfeit $40 million of his pay. his challenge today, to provide more detail and conve he was sorry. >> may i respond? >> we'll give the witness an opportunity to respond. >> as i said before, i'm sorry we didt this right. i take this very seriously. i'm not in denial. and we will get this right. we will fix this. >> reporte as to the details, the 2 million fake accounts number could b as much as 75% lower based on the latest investigat also said the full board is being investi entirely, not just company executives like him. and the house committee does plan to investigate the regulato as well as the company on whom there was mixed opinion. but the focus once again was the tone of the hearing as opposed the content. lawmakers still angry and wanting more. >> the whole board needs to go

week after facing intense grilling from the senate john stumpf faced an angry house committee over the bank's shady sales practices. allen martin on what he had to say. >> reporter: liz, lawmakers from both sides of the aisle ripped into the wells fargo ceo about the scandal over unauthorized bank and credit card accounts. and for the second time in two weeks, john stumpf said he is sorry. >> fraud is fraud. theft is theft >>> reporter: regulators say facing highly ambitious sales goals, bank employees opened as many as 2 million unauthorized accounts in customers' names and in some cases sticking consumers with the fee. the bank's embattled ceo john stumpf took the hot seat today before the house financial services committee. >> i am fully accountable for all unethical sales practices. >> reporter: he said the bank is eliminating retail sales goals at the end of the week and expanding its review of accounts. >> did wells fargo employees steal from a million to two million of their customers? yes or no? >> um, um, in some cases, they did. >> reporter: so far, the board has stripped stu

grilling and i do mean the grilling of wells fargo ceo john stumpf. as you know he already had to give up $41 million of his pay, a called clawback urged by the board, embarrassed, probably humiliated more the word, give the chairman's bad performance last week before a senate committee. i got to tell you he isn't doing a lot better before a house committee. i want to dip into a little bit of this grilling here because what they're essentially saying to a man or woman, depending on their party of course he has got do go and things have to change at wells fargo. what is interesting, they're not letting him talk at all. take a look. >> -- low level employees because they almost brought down one of the greatest companies that our country has ever known. i remember wells fargo, the old wagon train days. so i'm happy you got rid of those employees. and i sam sorry for your loss, your $41 million. i'm sorry for the loss of the investors whose stock dropped. but, i am wondering what the relief his for one of my constituents? i have her letter and i want to enter it into the record. she w

about those millions of accounts, opened without customer knowledge or consent. john stumpf going before john stumpf going before the house financial services committee when he takes the stand. the committee chairman says we accounts scandal went down, and the public needs more answers. how can my office continue to entrust the public's money to an organization which has shown such little regard for legions of californians who have placed their financial wellbeing in its care?the actions come one day after wells fargo revoked 41 million dollars of the ceo's compensation package, along with his 2016 bonus. earlier this month, wells fargo admitted it created as many as 2 million fake accounts to the supreme court will take up the obama administration's appeal of lower court rulings making it harder to deport immigrants who've been convicted of crimes.the justices agreed today to review rulings striking down a provision of immigration law as unconstitutional.the federal appeals court in san francisco said the section of the law that defines a "crime of violence" is too vague. voters

the banking industry. (john stumpf/wells fargo ceo/sept. 20th) "i accept full sales practices in our retail banking business." john stumpf was contrite last week ... as lawmakers quizzed him on wells fargo's hyper-aggressive sales tactics. oscar garza was a personal banker for a chase bank outside dallas. he says aggressive sales tactics aren't just a problem at wells fargo. (oscar garza / former chase personal banker) "it's across the industry it's systematic. it is not specific to any branch." he says he made under 12 dollars an hoa to make extra cash was to meet certain sales goals set by managers -- even if that meant signing up customers for financial tools they didn't want. (oscar garza / former chase personal banker) (ov) were they sales goals or were they quotas? did they have to be met? (og) they were quotas. they had to be met and there were consequences for not meeting those quotas. (ov) what were the consequences? (og) termination. he claims a manager in his branch was aware employees used questionable i-d's to open accounts. (oscar garza / former chase personal banker) "

think john stumpf will argue that a lot of this is untrue, that the bank founded itself, that the bank has fired a lot of people, including managers who were involved. i bet, john, when we ask him about who's going to have to pay in management, will defend upper level management and, therefore, you get the situation where the secretary said they. and i think that the key issue for me to try to evaluate tonight is who is they. is they the bank managers and it stops there or is they the board? is they john stumpf. there's such a level of outrage for it to stop at who has so far been caught, so to speak, will be unacceptable to washington. >> i don't know what to make of a fact that it was $1.5 million over five years. such a small amount of money. this is something that andrew pointed out in his column and yet the numbers, the other numbers, the 5,300 employees, the hundreds of thousands of fake accounts. >> okay. >> the number is tiny. >> maybe that number is wrong. >> okay. >> maybe that's wrong. maybe it's unsubstantiated but not fake. i think that is what i have to find out. i agree

and the suspected shooter./// ((kirsten joyce)) >>> wells fargo ceo john stumpf is sitting on the hot seat concerning the scandal over unauthorized bank and credit card accounts. regulators are saying that more than 5-thousand bank workers and branch managers have been fired for unethical practices. the bank's ceo finally took the blame. (john stumpf/wells fargo ceo) >> "i am completely responsible for all of our unethical sales practices ((kirsten joyce)) >> the bank is eliminating retail sales goals at the end of he review of accounts. so far, the board has stripped stumpf of 41-million dollars in compensation. while some lawmakers are demanding for the ceo to resign. and regulators have fined wells fargo 185-million dollars./// ((kirsten joyce)) >>> the chicago teachers union gave the school board the required ten-day notice of a strike wendsday. that means the union and the board have until october eleventh to reach a deal. according to the union-- teachers have been working without a if the two sides don't reach a deal-- the union posted on facebook it would begin its third strik

statesman coming up in a bit. >>> wells fargo ceo john stumpf is forfeiting millions of dollars, and wilfred frost joins us with more on that. >> thanks. that's right. $41 million to be precise. the bank also announcing last night that the company's independent directors launched an investigation into the company's retail banking practices, and that former head carrie tolsted will forfeit about $19 million. this was announced by steven sanger late last night. of course the decision comes some time after the issues were first discovered by the bank a couple years ago. some weeks after it became public knowledge that the fines were announced, $185 billion to be precise. the timing making it intentional to come out before lawmakers quiz mr. stumpf again, which begins tomorrow. that issue of executive claw backs has been crucial. so they're trying to preempt that. speaking late last night in a statement, the head democrat on the senate committee making it clear that this was a step in the right direction. but there are many more questions to be answered. many unanswered questions, he say

that we expect them to be sticking around for. >> this is it. wells fargo's ceo john stumpf back in the hot seat this time facing the house financial services committee after giving up $41 million of his pay already. wilfred frost is covering the hearing on capitol hill. >> reporter: good morning. despite wells fargo's ceo john stumpf agreeing to forfeit $41 million in pay late on tuesday, under any comparison that's a massive amount. pressure on him and the company increased yesterday. even before the move had time to resonate, senator elizabeth warren tweeted that stumpf should still resign and return every nickel he earned since 2011, which, by the way, would equate to $175 million. the day ended with the state of california suspending business relationships with wells fargo for one year. it's a major symbolic move rather than a hit to their earnings. about 0.1% of 1% or $22 million to wells fargo. california state treasurer john chang highlighting that things could get worse still if they don't improve. >> these sanctions will be in place for 12 months. however, should wells fargo f

fargo's ceo john stumpf just finishing his testimony in capitol hill. he has been fielding questions from a very hostile house financial services committee over the scandal that put wall street back into the political spotlight. wells fargo is accused of creating 2 million phony accounts using customer information to create those accounts, john stumpf forwarded $40 million in compensation but for a lot of people that just isn't enough. we have a lot going on, it will be a busy hour as we tackle this. you are watching the intelligence report. many questions as to how and why the new jersey transit train crashed into the terminal during morning rush hour. i want to go straight to hoboken where adam schapiro is standing by with the latest. >> i want to bring your attention to what your pointing out, that is the person operating the train, the engineer is in critical condition but the key is the governor also said the engineer is cooperating. they obviously have been able to talk to the engineer about the investigation, what we don't know is why the train was traveling at a high rate of

fireworks on capitol hill? senator elizabeth warren calling wells fargo ceo john stumpf gutless and said he should be criminally investigated for the bank's fake account scandal. more on her words. plus you'll hear from the chair of the senate banking committee as soon as he comes free from the hearings, richard shelby of alabama. slamming the brakes on driverless cars, why the head of audi america is raising serious concerns today and you think you have what it takes to be the next fed chair? prove it. got an insanely addictive gain for econ nerds everywhere. "power lunch" starts right now. >>> welcome to "power lunch." econ nerd brian sullivan with three hours left in the trading session. stocks, as you can see, at session lows, mildly in the green. but if this recent trend continues, it may not be for long. trying to lead the dow higher at this hour, you got merck and other names out there. as you can see, the dow is up just 19 points. goldman sachs doing okay. and we're pleased to have seema mody riding shotgun with us today. >> hi, everyone. i'm seema mody. here's what else is up on "p

>>> good morning. wells fargo ceo john stumpf is giving up $41 million in unvested equity. this as the bank launches a probe into retail practices. >>> market alert. oil prices rally on an unexpected draw down on u.s. inventories but could a meeting of of opec ministers change the game? >>> and new statistics on the showdown between hillary clinton and donald trump. it's wednesday, september 28, 2016. "worldwide exchange" begins right now. ♪ >>> good morning. welcome to "worldwide exchange" on cnbc. i'm wilfred frost alongside morgan brennan this morning. good morning. >> good morning. congratulations on being halfway through a busy "newsweek." >> we're not until we're halfway through the show today. almost there. >> almost there. >> lots of news to cover. lots breaking in europe on deutsche bank. headlines on wells fargo. sara not here this morning. on assignment in chicago. she'll bring you an interview with imf head christine lagarde, 11:45 a.m. eastern time. sara with christine lagarde, talking about the woes in europe with the imf cheap. let's check in on what markets are do

update. >> next, wells fargo ceo john stumpf testified before the senate banking committee for two hours and 45 minutes. >> the committee will come to order. today, we'll learn more about the events and the circumstances, that led to the enforcement action against wells fargo by the city attorney, and the occ and the c.f. pb. but first today, we'll receive testify from john stumpf, he's the c.e.o. and chairman, who is was us. >> welcome. >> we will then here from the los angeles deputy cheer whose office was the first for commence the action and finally from the occ and. c.f. pb. we look forward to hearing from both panels because much remains unclear about what transpired at wells fargo and the regulators response. it appears that wells fargo's own analysis concluded that think seanlsd of its employ piece opened more than 2 million account that's may not have been author raised. subsequent licks wells fargo terminated 5,300 employees and has agreed to pay 185 until fines, and 5 million in customer remediation. sales dated take show they have been an industry leader to cross sell p

nowhere in this prepared testimony does john stumpf tackle two of the hot issues that you can be certain will, today. lawbacks on pay, perhaps his own pay or that given to other wells fargo executives, and nothing about whether more heads will roll. you know elizabeth warren will ask that question. david: there will be some sacrifices and apologies going on. will we learn anything new about what actually happened? >> there are a number of days in figures in this testimony that i had not seen before. about thes a lot scandal we did not previously know. we know it began in 2011. that much is known. of the 5300 people that wells fargo terminated for these abuses of customer trust in opening fake bank accounts and credit card accounts happened over five years, starting in 2011 and ending in march of 2016. what this testimony tells us is that wells fargo did not begin to remediate this issue, which is to say offer customers credits or send them a check or even a letter of apology for five years. that raises a question as to whether this was really an issue of. wells fargo treated it a

problems for wells fargo ceo john stumpf. federal prosecutors now looking into the bake sales practices that led to last $6,185,000,000 fine. lauren: apple ceo tim cook must be smiling because apple stock up 10% as initial quantities of the iphone seven plus are sold around the world. nicole: chicago cubs are one game away from the title. a heartbreaking loss for the yankees. other highlights coming up here in lauren: 5:01 a.m. in new york. welcome to "fbn:am" from your first look at today's market and the latest breaking news in what to expect today i had feared trade jay donald trump in your quest is expected to outline the full plan. the nominee says it is completely paid for through economic growth and proposed federal budget savings. fox business will have live coverage of term speech. speaking of the economy. terms attacks for terms attacks forward at an ohio rally for latest production decision. >> forward is moving all, all of its small vehicle reduction to mexico. boot nine [booing] i've been talking about this for five years, long before i said let's run for president. nicole:

when you go to wells fargo -- the wells fargo website there your picture is, john g. stumpf, the vision and values of wells fargo and it features you. you say you started with wells fargo in 1981. mr. stumpf: 1982. oore: ok, myve m math is not that good. you were trained and you knew what the culture of this norwest company, i guess there was a merger of wells fargo and norwest and so, did you receive training or do you know if the employees received training on this going for great program that we have talked about here today where most of your customers only had five accounts in your bank and that there was an effort to get at least 8 accounts for customers, was that part of the culture? mr. stumpf: that was an aspirational goal and most of our customers totals had 14. and so, as your predecessor noted, there is this abundant growth potential in the wells that onetomer base and of the sayings around the place .as we expect what we expect so, whether constant monitoring's to see if people were meeting these goals? we expect what we expect, what does that statement mean? mr. stumpf: it

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 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

wells fargo ceo john stumpf yesterday on the hill. >> you should resign. you should give back the money you took while the scam was going on. you should be criminally investigate investigated. >> mylan's ceo seat later on. heather bresch will be talking about the epipen price hikes. meg terrell has more. >> reporter: heather bresch will testify in front of the house oversight committee today at 2:00 p.m. we'll be at that hearing covering it. she is going to be asked about the rising cost of the epipen, the price for a two pack has risen to more than $600 from less than $100 a decade ago. in her prepared testimony bresch is sort of expected to break out what the cost of the epipen s sort of what she did with you a couple weeks ago. they say after rebates and the cost of goods, the total profit is $100, or just $50 per pen. she says in her testimony that price and access exist in balance and we believe we struck that balance. also going through a lot of the access programs they laid out to help patients pay for the drugs. they says looking back i wish we had better anticipated the m

. >>> when we come back wells fargo ceo john stumpf grilled on the hill. there's a couple of big takeaways. we have that story. >> is this field of dreams for donald trump or hillary clinton. we'll find out when we "squawk" the vote right here on "squawk box". guess what guys, i switched to sprint. sprint? i'm hearing good things about the network. all the networks are great now. we're talking within a 1% difference in reliability of each other. and, sprint saves you 50% on most current national carrier rates. save money on your phone bill, invest it in your small business. wouldn't you love more customers? i would definitely love some new customers. sprint will help you add customers and cut your costs. switch your business to sprint and save 50% on most current verizon, at&t and t-mobile rates. don't let a 1% difference cost you twice as much. whoooo! for people with hearing loss, visit sprintrelay.com. what would help is simply being able to recognize a fair price. truecar has pricing data on every make and model, so all you have to do is search for the car you want, there it

steal from a million to two million of their customers? yes or no? john stumpf: in some cases, they did )) ((paul joncich)) >> wells fargo c-e-o john stumpf apologized again today on capitol h more details about the two million unauthorized accounts bank employees created without customers knowledge. the financial giant was fined 185 million dollars and stumpf has been stripped of millions in compensations because of the scandal./// ((christianne klein)) >>> oil prices are soaring... after opec decided to cut oil production. that means higher gas prices are likely on the way. this is the first time since 2008 that oil production has been slashed. countries--- and energy companies here in the u-s. the global oversupply saw the price of a barrel drop to a low of 26- dollars back in february... it's now hovering around 47- dollars a barrel./// ((christianne klein)) >>> we asked you to 'sound off at six'... paul says "no matter what happens we are continually being ripped off." christopher is skeptical saying "this always seems to happen around election time." jared has his own plans th

people say, you know, john stumpf has to throw a hail mary to survive. other people say, well, maybe he can still make it. i'd say as of this point, it's a toss-up. they have to come through with more, you know, repercussions for management and the board, i think, for him to survive. >> mike, i appreciate the time. i know you're trying to catch a flight, but thanks for spending some time with us. pete, what do you do here, wells fargo? >> well, i think the difficult thing is whether we like it or not, whether it's deserved or not, i'm in the camp that i think that he's probably under -- going to be looked at as somebody who's going to have to go, scott. this is nothing like the financial crisis. he has not put this company in jeopardy in terms of leveraging them like we had seen in the financial crisis. as a matter of fact, this was the name everybody pointed to, including warren buffett, as the clean bank. so is this black eye enough? unfortunately, it might be because it's turned into a bit of a witch hunt. >> if he goes, do you need to rethink the way you look at wells fargo as a com

on capitol hill for wells fargo ceo john stumpf. senators, especially elizabeth warren from massachusetts, unloaded on him over his oversight. bank's 2 million bogus customer accounts. more live from the newsroom with details. lyanne. >> reporter: a lot of people are post willing and tweeting about the comments made by senator elizabeth warren. first she said it was gutless leadership referring to the ceo of wells fargo and other top executives. then she said stumpf should resign. >> i am deeply sorry. >> reporter: following those words wells fargo ceo john stumpf faced a barrage of accusations including fraud. >> how does falsely signing a customer up for an account they don't want, how does that not meet that dev in addition. >> i can tell you this. it's absolutely wrong. we found this out and got rid of those people. >> reporter: stumpf was interrupted several times as he tried to explain how wells fargo opened millions of accounts without the customer's possession. 5,300 employees have since been fired. >> i accept full responsibility for all unethical sales practices in

that have been used to describe elizabeth warren's cross-examination of john stumpf this morning. >> you should resign. you should give back the money that you took while this scam was going on and you should be criminally investigated by both the department of justice and the securities and exchange commission. >> reporter: she pointed that john stumpf's own stock holdings rose in value $200 million all while customers were being defrauded and hasn't paid a dime back. >> here's what gets me about this. if one of your tellers took a handful of 20-dollar bills out of the cash drawer, they probably would be looking at criminal charges for theft. they could end up in prison. but you squeezed your employees to the breaking point so they would cheat customers and you could drive up the value of your stock and put hundreds of millions of dollars in your own pocket. >> reporter: california state senator mark leno agrees. he says it's an outrage that a ceo can just claim he didn't know what was going on. >> the banks get away with murder. and will anyone go to jail for this? how can the

. "john stumpf" will go before co >>> wells fargo ceo will be on the hot seat again today. john stumpf is going before congress. last week it was the senate, now it's the house. lawmakers are expected to grill him on the bank's aggression sive sales practices. all this comes after california leaders took action against the banking giant. the state treasure announced yesterday that california is suspending all business with wells fargo. penalties accuse them of -- >> just as lehman brothers and bear stearns learned the hardware that no bank is too big to fail, those banks that survived the great recession must now learn they are not so powerful as to be untouchable. >> that move is estimated to cost wells fargo millions of dollars. >>> is someone targeting some of the most vul neeshl people in san jose. at least three homeless people have been stabbed to death this year. officers are questioning people after the body of a man found stabbed to death on tuesday. there are two others who died the same way in san jose. now police are investigating whether they're connected. crime stoppers is o

high: 67 dewpoint: 51 wind: e 5-10 mph wells fargo c-e-o john stumpf says he'll forfeit 52 high: 67 dewpoint: 51 wind: e 5-10 mph wells fargo c-e-o john stumpf says he'll forfeit 41-million-dollars in stock awards as the bank launches an investigation into into the company's fraudulent sales practices. this comes ahead of another wells fargo hearing tomorrow on capitol hill... wells fargo employees say they were pressured to meet unrealistic jobs. sales goals -- and they opened the bogus accounts to keep their jobs. space-x c-e-o elon musk says he believes mars will be colonized within the next 50 to 150 years. musk revealed his colonization plans tuesday at an international space exploration conference in mexico. space-x is already planning an unmanned trip to mars before 20-18 -- and to send the first humans to the planet in 20-24. but he warns ay colonization depends on reducing the cost of a mars trip to around 100- thousand dollars per person -- as well as making rockets reliably reusable. "i suspect you would see mars transit times as little as 30 days in the more distant futu

washington. wells fargo ceo john stumpf testifies before the house finance oversight committee at 10:00 a.m. eastern. we will be carrying that live. jonathan: the intent -- impact of deutsche bank's downfall, alix steel spoke with morgan stanley ceo. a strong bid for european equities, a crude rally from yesterday. opec agreeing to agree on something in a couple months time. futures flat. ♪ alix: this is bloomberg , i'm alix steel. street,30 a.m. on wall 12:30 p.m. in london. plans to cut more than 9000 jobs and reduce dividends. they have been hurt by volatile markets and negative interest rates. wells fargo's ceo faces lawmakers on capitol hill after saying he will give up $41 million. he will fight to keep his job amidst a scandal. european confidence unexpectedly rose. eurocb president saying area's economy is showing signs in themodest recovery." markets, the big story is opec. opec optimism fueling markets in europe. jonathan: yesterday we had the oil exploration stocks higher. points in the dax up by 78. the story from the commodity market, check out crude, wti down by 1/10

. never mind that john stumpf began his testimony with an apology. that wasn't enough for lawmakers. they wanted red meat. some pushed him to resign, others said he needs to be criminally i for his bank's creation of as many as 2 million unauthorized bank and credit card accounts. and along the way, there were new revelations. stumpf said the illegal activity which was believed to have started in 2011 may have begun even earlier. also, there was some concern today that the alleged fraudulent activity may have damaged customers' credit scor wilfred frost reports on the .all street, main street and >> reporter: wells fargo's ceo, john stumpf's senate hearing started as he had planned, with his opening remarks. >> i am deeply sorry that we failed to fulfill on our responsibility to our customers, to our team members and to the american >> reporter: but very quickly, things turned against him as he failed to echo that apologetic and genuine tone in the q & a, particularly as he damaged questions of whether he and other executives should return their bonuses. >> when it all blew up, you